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Crystal Palace chairman Steve Parish promises to continue to spend money wisely
Crystal Palace chairman Steve Parish has vowed to continue to run a tight ship after the club’s latest accounts were published.
The co-chairman was speaking after the latest accounts were published which has seen other clubs such as Cardiff City and Hull City post massive losses.
CPFC 2010 Limited, which is the club’s trading company, posted a £1.6 million trade profit for the 2012/13 season, with a further £1.7m of tax losses added on.
Player sales including the likes of Wilfried Zaha to Manchester United and Nathaniel Clyne to Southampton brought in nearly £14 million to the club.
There was also added expense for promotion, with £4.6m worth of bonuses being paid out.
The report also adds that after the accounts had been submitted, Palace purchased the Beckenham training ground for £2.3m and spent £16.26m on players.
Staff costs also rose from £11.7m in 2012 to £18.75 in 2013, with the size of the playing squad, coaching staff and the club’s commercial and administrative team also rising.
Parish said he and fellow owners Stephen Browett, Martin Long and Jeremy Hosking have been careful with how they have spent the club’s money and will continue to do so.
He said: “I made assurances to our investors that we would be careful with what we spent and that is what we have done and it is what we will continue to do in this transfer window.
“We are not going to mortgage the future of the club, it is as simple as that.”
He added: “I run the club in the way I think it should be run. It is important we have a football club to support and we don’t put ourselves through the things we have been through in the last few years.
“That is the primary objective, to stay in business.”
On the club’s accounts, Mr Parish said: “Obviously we are probably more pleased to get promoted. It shows that a Championship season costs you in between £5m and £7m to be competitive.
“It is a £1.6m trading profit and there is £1.7m of tax losses which you treat as an asset but they are a non cash item so they are for future use against profits. It is not a £3.5m profit, which is what I have seen banded around.
“We still injected capital last year to keep the club going.”
In terms of matters on the field, Parish said Palace’s first half display against Tottenham was one of the best he has seen this season.
He said: “The first half was very very good. It was as good as I have seen us play but we couldn’t get a goal and there you go but the rest is history.
“Puncheon has taken a bit of stick but it doesn’t matter if he puts it into row z or hits the post really, it is still a miss.
“He had the bottle to take it and we have loads of time for him at the club. He has done a great job so far, he works his socks off for us.
“He gets us up the pitch and he has a great left foot on him, it is just one of those things.
“All that matters now is Stoke and Hull at home as games at Selhurst are important for us. It is really important we do well in those games.”
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