Villa losing millions even though Randy waives interest

Aston Villa lost £18m last year; income £12m down, gates 3,500 down, £27m made selling players, and they cut costs - presume wages. Unhappy.
— David Conn (@david_conn) March 1, 2013

Aston Villa say Randy Lerner waived £20m interest on £107m loans to the club in 2011-12. He must be delighted with how it's all gone....
— David Conn (@david_conn) March 1, 2013

Aston Villa cut wage bill by £13.8m in 2011-12, also made £26m selling players. Cut losses from £54m to £18m, but it looks like downsizing.
— David Conn (@david_conn) March 1, 2013

Aston Villa announce loss of £17.7m for year to end May 2012. That's a big improvement on £53.9m loss the previous year.
— Nick Clitheroe (@NickClitheroe) March 1, 2013

Aston Villa: turnover down by £11.6m but operating expenses reduced and Randy Lerner waived interest on loans to the club too. #avfc
— Nick Clitheroe (@NickClitheroe) March 1, 2013

"These results represent a further step towards club's objective of long-term sustainability." Chief financial officer Robin Russell #avfc
— Nick Clitheroe (@NickClitheroe) March 1, 2013

Villa's chief financial officer, Robin Russell, said: "By managing costs effectively, the club managed to cut losses by more than half during a period which continued to be challenging economically both globally and especially in the West Midlands.

"In this respect, despite a disappointingly low performance level on the pitch in the 2011-12 season, these financial results represent a further step towards the club's objective of long-term sustainability.

"Having appointed Paul Lambert as manager in June 2012, he is building a youthful, progressive first-team squad and we continue to offer our season ticket holders and supporters in general some of the cheapest ticket prices in the Premier League.

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