Swindon Town Wage Spend Ranks Second Lowest in…

Swindon Town released its 2024/25 financial report in March, revealing a net loss of £2.57 million and a wage bill that is the second lowest in League Two, with 65 % of revenue spent on player wages. The independent review, conducted by Fair Game UK and Goal Assist Limited, places the club seventh in revenue and costs among League Two sides and highlights ongoing insolvency and net debt exceeding many peers.

Financial Snapshot

Swindon Town published its 2024/25 annual financial report in March, following a partnership with Fair Game UK and Goal Assist Limited. The independent review shows the club recorded a net loss of £2.57 million for the year and remains technically insolvent, with net debt higher than many League Two peers. The club’s wage expenditure, at 65 % of revenue, is the second lowest in the division, only above AFC Wimbledon.

Ranking Among League Two Clubs

The report ranks Swindon seventh for both revenue and costs among the 24 League Two clubs. While the club’s wage bill is comparatively low, it still trails behind Grimsby Town, Tranmere Rovers and Walsall in absolute terms. The analysis notes that, after adjusting for Notts County’s exceptional ownership loan write-off, every League Two club in the profitability sample reported a loss for the year.

Strengths Highlighted

The review praises Swindon for disciplined agent fee management and lower cumulative losses relative to some peers. It also commends the club’s strong supporter base, sizeable stadium and commercial platform, which provide potential for future growth. Cost per seat and agent fee discipline are cited as areas where the club compares favourably with other clubs.

Ongoing Challenges

Despite the positives, the report warns of serious financial challenges. Cash reserves remain low at year-end, and the balance sheet continues to show technical insolvency. Net debt remains above many League Two clubs, a situation that requires sustained attention. Chief executive Anthony Hall confirmed that the club is not yet financially sustainable, with owner Clem Morfuni investing roughly £200,000 per month to keep operations running.

Context and Next Steps

Swindon’s annual accounts, released in February, revealed total debts of more than £10 million, primarily owed to owner Clem Morfuni. The independent review is now in its third year, aiming to give supporters a clearer view of the club’s finances and long-term sustainability. Supporters can read the full report online.