EditorSWANS ACCOUNTS: £21.6m loss as owners pump in £21m to keep club afloat — before Snoop Dogg, Martha Stewart and celebrity investors came on board
Swansea City have reported a £21.6 million pre-tax loss for the 2024-25 season, with the club’s owners injecting £21 million in fresh investment just to keep the operation running — even as a growing roster of celebrity backers adds glamour to an increasingly pressured financial picture.
The accounts, filed at Companies House for the year ended June 30 2025, show the loss has grown significantly from the £15.2 million reported for the previous 11-month period. It is the latest in a series of substantial annual losses that have become the financial backdrop to the Swans’ ongoing push for promotion.
Turnover grew slightly to £22.3 million — a 3.3% increase on the prior period — but operational costs surged from £47 million to £51.3 million over the same timeframe, widening the gap between what the club earns and what it spends.
Player trading produced a profit of £8.1 million for the year, down from £10.5 million in the previous period when the sale of Joel Piroe to Leeds United had boosted the figure. That profit on transfers continues to serve as an important financial cushion — without it, the headline loss would be considerably larger.
To bridge the gap, the ownership group injected £21 million into the club through an equity share issue during the 2024-25 season. The accounts were approved by the board on March 30 this year, with Brett Cravatt signing off the report. The club has confirmed that further investment has been made in the current season, suggesting the ownership group remains committed despite the ongoing losses.
The accounts were filed under the small companies regime, meaning the directors elected not to publish a full profit and loss breakdown — making detailed analysis of where the money is going more difficult for supporters and observers.
The filing covers the period before the arrival of the club’s most eye-catching investors. As Swansea Bay News has reported, rapper Snoop Dogg joined as a minority investor last summer with an ambitious ten-year vision for the club, followed by American lifestyle entrepreneur and billionaire Martha Stewart, who became a co-owner after attending a match at Swansea.com Stadium. Their financial contributions and any commercial uplift they bring fall outside the period covered by these accounts.
The Swansea City Supporters’ Trust acknowledged the figures and confirmed that football finance analyst Kieran Maguire — host of the popular Price of Football podcast — would be joining them in the coming days to help members make sense of the numbers in more depth. The Trust noted it was “pleased when investment is in exchange for equity rather than through loans” — a distinction that matters significantly for the club’s long-term financial health, as equity investment does not need to be repaid in the way that debt does.
The ownership group itself has changed significantly since the period covered by these accounts. As Swansea Bay News has previously reported, long-serving American investors Steve Kaplan and Jason Levien sold their majority stake, making way for the current era led by Cravatt and Jason Cohen.
The financial picture at Swansea reflects a wider challenge across the EFL Championship, where clubs routinely spend at levels they cannot sustain from their own revenues in pursuit of the enormous financial prize that Premier League promotion represents. The gap between Championship and Premier League broadcasting income remains vast, and the Swans have previously called publicly for a new revenue-sharing deal between the two divisions.
The club has said player trading profits helped ensure compliance with EFL Profitability and Sustainability regulations for the season — a crucial reassurance given the significant sanctions clubs can face for breaching those rules.
For supporters, the accounts underline how dependent the club remains on the continued generosity of its owners. As long as that investment keeps coming — and the new ownership group has shown no sign of stepping back — the club can continue to operate. But with losses accelerating and operational costs rising, the pressure to find a route back to the Premier League has rarely felt more acute.
Related stories from Swansea Bay News
‘I AIN’T PLAYING’: Snoop Dogg reveals ten-year plan to make Swansea the ‘Vegas of Wales’
The rap legend’s ambitious vision for the club — and why the owners are investing so heavily despite the losses.
American businesswoman Martha Stewart joins Swansea City as co-owner
The lifestyle billionaire who joined after the period covered by these accounts — part of a growing celebrity ownership story.
Majority stakeholders in Swansea City Football Club to sell shares
The ownership change that reshaped the Swans’ boardroom and set the stage for the new era these accounts reflect.
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