Swindon Town Are Carrying £10m of Debt Through the Bottom Half of League Two

In the 2024-25 season covered by these accounts, Swindon Town competed in the lower half of League Two, continuing a period of instability that has followed the club since its relegation from League One in 2020 amid a series of contentious ownership changes.

The accounts don't disclose a turnover figure for the period, but a pre-tax loss of around £3m for the year, alongside estimated borrowings of around £10.5m, shows a club still carrying significant financial baggage from its more turbulent recent history.

Net assets in deficit by around £11m reflect years of accumulated losses, a position that continues to limit what the club can invest in the squad regardless of ambitions to climb back toward League One.

Staff costs aren't separately disclosed in these filings, but the scale of the ongoing loss suggests a wage bill still not fully aligned with the club's League Two-level revenue.

Swindon's history includes a Premier League season and multiple promotions, but these accounts show a club still working through the financial consequences of a much rockier recent period.