Crystal Palace make £23m profit on Premier League return

James McArthur (left)
Record signing James McArthur (left) joined the club for £7m from Wigan last summer

Crystal Palace made a pre-tax profit of £23m and enjoyed a record turnover in their first season back in the Premier League.

The club were promoted from the Championship in 2013, when they made only £3.5m profit on a £14.5m turnover.

Financial results for the year ending June 2014 show turnover rose to £90.4m.

"The improved profit stemmed mainly from increased broadcasting income, combined with prudent financial planning," chairman Steve Parish said.

Broadcasting income accounted for £74.1m of turnover.

Last season was the first of a three-year record £3bn TV rights deal for Premier League clubs.

Parish added: "The club also spent close to £26m of cash investing in players and infrastructure, acquiring the training ground, laying a new pitch with under-soil heating and developing the academy, as well as building modern bar and restaurant facilities whilst also improving catering areas at Selhurst Park.

"The profit from 2013-14 has largely been reinvested, with a further £22.3m spent on player acquisition. This figure includes compensation paid to Newcastle United when we hired Alan Pardew in January."