Latics returned to profit in year they were relegated

They made a net profit of £4.3m for the year ended May 31 2017, when they were relegated from the Championship.

That figure compared to a loss of £2.3m in the previous 12-month timeframe.

Their financial results released today also show turnover increased by £9m to £25m, mainly due to £17m parachute payments from the Premier League - the last year they will receive those payments as a result of their relegation from the top-flight in 2013.

The profit, their first since 2014, was achieved primarily due to the sale of Yanic Wildschut to Norwich, the club said. In total, the club made a profit of £4.6m on the sale of players during the year.

Club chief executive Jonathan Jackson said: “The 2016/17 season was the final year that the club received the financial benefits from being a Premier League club.

“During the four years since relegation, the club has worked hard to return but without success.

“The unpredictability of football requires us to take a prudent view of our longer-term strategy for the club, which includes a continual review of player and other operating costs to create future sustainability and build for success.

“Despite posting a £4.3 million profit, relegation to League One was a huge disappointment for everyone after the success of the previous season. Many Championship clubs sustained huge financial losses in their pursuit of promotion to the Premier League and it is an extremely difficult environment to achieve success without significant owner investment.

“The continued financial support of the Whelan family has helped the club to compete at the top levels for many years. The challenge is to ensure that the club have the financial foundation to achieve results on the pitch and replicate that success in the future.

“The club remains committed to achieving success. The core of the squad from last season has been improved with new players and a new management team. The team are currently enjoying an excellent season so far and are in a strong position to achieve our first objective — promotion back to the Championship.”

Player salaries were again the most significant expenditure and total salary costs increased to £16.6m compared to £11.9m in the previous year.

Last October it emerged a Chinese consortium was close to agreeing a takeover of the club. The deal is subject to due diligence and approval from the Football League.

Dave Whelan bought Wigan Athletic in 1995 and, a decade later and in a new stadium, he fulfilled his ambition of guiding them to the Premier League.

In 2013, the year they were relegated from the Premier League, Latics won the FA Cup at Wembley.