Premier League side Swansea City are preparing to announce a profit of £14.6m.

The Swans, who almost went out of business in 2002, recorded a loss of £8.3m during their promotion season from the Championship in 2011.

However, despite almost doubling the wages that they pay out, the Welsh club have benefited from playing in England's top division.

"Swansea City is set to confirm a profit of £14.6m following their debut campaign in the Barclays Premier League," read a club statement. "The club is shortly due to release its full accounts for the year ending May 31, 2012, which reflects the club's successful first season in the Premier League with a 11th-place finish.

"The directors' review of the business is set to reveal a turnover of £65.2m, which aptly demonstrates the reward of achieving Premier League status, and a net profit after taxation of £14.6m, despite operating costs, particularly wages, being double those of the previous year.

"The directors will reiterate their resolve to continue to manage budgets which should produce a level of profit capable of generating sufficient cash to fund future growth and capital investment plans."

It was also confirmed that £5m of that profit was received from Liverpool as compensation for manager Brendan Rodgers.