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Swansea City have confirmed a loss of £14.6million in their latest set of annual accounts.

The club had recorded a profit of £1.1million in the previous figures for the 14-month period up to July 2015.

Chairman Huw Jenkins had warned earlier this season that the latest set of accounts would show a significant loss for the year ending July 2016, and that has proved to be the case.

Turnover was £97.2million compared with £103.9million from the previous accounts, with total operating costs also down to £117.5million from £120.8million.

There was a profit made when it came to players sales, with Jonjo Shelvey’s £12million move to Newcastle contributing to a £6.1million figure.

(Image: Alex Morton/Getty Images)

The club state there are several reasons behind the amount lost, which is the highest the club has recorded since promotion to the Premier League in 2011.

They include the fact that the sales of Ashley Williams and Andre Ayew fall outside the current figures, but will be represented in the next batch of accounts, as well as the cost of terminating the employment of Garry Monk and several of his coaching staff during the 2015-16 season.

Additionally, the loss in revenue from a lower Premier League finish (dropping from 8th in 2015 to 12th last season), a larger playing squad and continued investment in the club’s training facilities and academy set-up.

However, the club claim they are on course to post a profit of over £10million for the current financial year, which concludes at the end of July.

Swansea City chairman, Huw Jenkins, commented: “Running a financially sound football operation remains paramount to the football club.

“At the same time, we recognise the importance of continued investment in the infrastructure and playing squad, as we demonstrated during the recent January transfer window with the acquisition of Martin Olsson, Jordan Ayew, Luciano Narsingh and Tom Carroll.

“As we have done for many years, we will continue to work hard to find the right balance between growth, success on the football field and sound financial practice.’’