While a date in the Champions League against Arsenal awaits, Real Madrid midfielder, Luka Modric, is getting major business done off the pitch after it was revealed that the Croat is set to become a minority owner of English championship side Swansea City.
39 year-old Modric joins Andy Coleman, Brett Cravatt, Nigel Morris and Jason Cohen among the ownership group, having purchased the shares of former majority owners Jason Levien and Steve Kaplan last November. The Welsh outfit put out a statement accompanying their annual financial status.
“The board acknowledges that whilst the magnitude of the operational loss is a product of the highly competitive environment within the EFL Championship in which the club currently competes,” Swansea wrote in a statement.
Swansea added, “The club will continue to focus on achieving operational efficiencies in order to maximise the resources which can be invested into the first-team squad. The costs of operating a stadium and two training facilities are significant and are growing.
“In the absence of any immediate prospect of a redistribution agreement between the EFL and the Premier League, the club will continue to be reliant on the support of its ownership group as the main source of funding.”
Swansea, who currently occupy 12th spot on the Championship standings, posted a pre-tax loss of £15.2m in the latest financial year. That was a drop of £2.7 million compared to the pre-tax loss of £17.9 million posted for the previous financial year. The club posted a turnover of £21.5m for the year ending 30th June, 2024.
Despite Modric’s move into football ownership, he will continue to play for Real Madrid, though his current deal with the Spanish giants runs out this summer.