Swindon Town released its third annual financial report for the 2024/25 season, revealing a £2.57 million net loss and technical insolvency. The report also shows the club ranked seventh in revenue and costs among League Two clubs.
Financial Overview
The independent review, compiled with Fair Game UK and Goal Assist Limited, examined the club’s accounts beyond the standard Companies House filing. It found that Swindon generated the seventh-highest revenue and incurred the seventh-highest costs among the 24 League Two clubs for the 2024/25 financial year. Despite this, the club’s wage bill represented only 65 % of revenue, the second-lowest proportion in the division.
Wage Structure
Swindon’s wage expenditure was below that of Grimsby Town, Tranmere Rovers and Walsall, and only AFC Wimbledon spent less as a percentage of revenue. The club’s focus on agent-fee discipline and controlled wage growth was highlighted as a strength in the report.
Debt and Insolvency
The report confirmed a net loss of £2.57 million for the year and a net debt that exceeds many League Two peers, leaving the club technically insolvent. Total debts were reported at more than £10 million, primarily owed to owner Clem Morfuni. After adjusting for Notts County’s exceptional ownership loan write-off, every League Two club in the profitability sample recorded a loss for the year.
Club Leadership Comments
Chief executive Anthony Hall stated that the club is not yet financially sustainable, noting that Morfuni is investing around £200,000 per month to keep the club operational. Hall also acknowledged that cash remained low at year-end and that the balance sheet continues to show technical insolvency.
Conclusion
The report praised Swindon’s discipline in controlling agent fees and maintaining lower cumulative losses compared to peers. However, it also warned that the club’s net loss, low cash reserves, and high net debt require continued attention, even as these pressures are common across the division.
