The results cover the year to the end of May 2021, – which saw all league games played behind closed doors due to Covid-19, except for the final home game of the season, which was is played in front of a reduced crowd of 4,500 people.
Wolves said the loss of revenue due to no fans at games and deferred broadcast revenue were reflected in the results.
“Such circumstances have resulted in permanent losses to matchday revenue streams such as ticketing, corporate hospitality, matchday catering, sponsorship, advertising, mascot experiences and matchday schedules,” the club said in a statement.
The news comes a day after Premier League rivals Villa revealed losses of £37million for the same period.
Wolves, however, were in the dark and despite the effects of the pandemic, Wolves saw their overall commercial revenue increase to £194m from £132m in 2020.
However, they spent £10m more on players than was brought in by sales during a period that saw Diogo Jota, Matt Doherty and Helder Costa leave Molineux.
Some £60.8m was generated from player sales, but £71.5m was spent on new signings including Fabio Silva, Nelson Semedo, Ki-Jana Hoever and Fernando Marcal.
However, in what the club described as a ‘show of commitment from owner group Fosun’, the Chinese conglomerate turned £126.5m of loans it had given the club into equity in the company. This effectively cancels the debt burden owed by the club to the Chinese owners.
The profit made by the club in 2020-21 follows a loss of £39million in the previous financial year.