Saddlers post profit

Walsall today posted a profit of £9,000 and reduced their net debt by £241,000.

The Saddlers' accounts for the year ending May 31 2011 show the club have a debt of £2.559m – down from £2.8m last year.

The sale of Troy Deeney to Watford in August 2010 and a £200,000 loan from director Leigh Pomlett – who joined in 2010 – helped the club make a profit.

Rent on the Banks's Stadium and training ground rose from £415,000 to £427,000 but the Saddlers, who made a £5,000 last year, paid £145,296 back to chairman Jeff Bonser who is now owed £1.7m.

Bonser said: "I believe this represents a considerable achievement in what continues to be a very difficult financial climate and reconfirms our promise to reinvest all profits into the playing side of the business.

"I would like to say a big thank you to our supporters for their continued loyalty and commitment to the club and to assure them all our efforts and hard work are focused on continuing to give them a club and team to be proud of."

Board members Nigel Bond, Clive Welch and Richard Tisdale are still owed £200,000, £300,000 and £10,000 respectively.

Chief executive Stefan Gamble added: "I believe this represents a considerable achievement in what continues to be a very difficult financial climate and reconfirms our promise to reinvest all profits into the playing side of the business."

The club's AGM will be held at the Banks's Stadium on February 6 at 9am.