Aston Villa look to future after their £53m loss

Aston Villa today claimed their financial future is bright despite revealing losses of £53.9m for last year.

Owner Randy Lerner yesterday came under fire from supporters after the stark financial figures for the year ending May 31, 2011 were laid bare.

But the club are optimistic with UEFA's Financial Fair Play regulations on the horizon.

Also, the figures do not include large fees recouped for Stewart Downing or Ashley Young following their summer moves.

They do take into account the club record £24m fee for Darren Bent, plus the £6m for Jean Makoun during Gerard Houllier's reign.

The club's wage bill rose by £3.4m to £83.3m but that has been offset by record revenues, with commercial income increasing by 15.9 per cent year on year and total income by 1.3 per cent, resulting in record income of £92m.

"Given the challenging economic environment that we have been experiencing in the West Midlands and indeed globally, we are pleased with the positive trends in our financial performance," said chief financial officer Robin Russell.

"The board of Aston Villa are confident that the actions taken since the end of the 2010-11 financial year have galvanised the long-term sustainability of the club and have also given us a better financial platform on which to build for future success.

"Our objectives are to compete strongly on the pitch and to achieve sustainability as well as compliance with UEFA's Financial Fair Play requirements."

Lerner continues to fund the club and in the document submitted to Companes House it was revealed that he ploughed a further £25m into the club which took his overall investment to £133m.

Villa also confirmed they spent £12m in "exceptional charges" in 2010-11 relating to changing the club's "management personnel" which relates to Martin O'Neill, who left in August 2010 and subsequently achieved a financial settlement at a tribunal.

There was also compensation paid to the departing Houllier and to Birmingham City for Alex McLeish, although those changes happened in June 2011 after these accounts.