League OneSheffield Wednesday have confirmed a pre-tax profit of £15.8million for the year ending May 2011. The annual figures show a remarkable turnaround for the Owls, who had been crippled by debts of over £40million before current owner Milan Mandaric bought the club for £1 in December 2010.

A club statement read: "The main highlight that we are pleased to report is the removal of over £41million of debt from the club.

"Last season, as part of the takeover strategy our operating losses were offset by the waiver of the intercompany debt (of £21.4million) and although no money changed hands, the accounting treatment saw the eventual profit reach £15.8million.

"As well as a major overhaul of the business both on and off the field, we are also able to report the net assets of the business at the end of May 2011 were a healthy £11million compared to the net liabilities of £31million reported at the end of May 2010."

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