Premier League football has certainly reaped dividends for Crystal Palace with the Eagles recording a £17m profit after tax from their first season back in the top flight.

It is a huge turnaround in fortunes for a club which was on the brink of going out of business just five years ago.

The Eagles’ turnover for the 2013-14 campaign was £90m, a dramatic rise on the £14.5m figure posted just 12 months earlier when Palace were still in the Championship.

The pre-tax profit of £23m only showed a huge increase on the £3.5m from the previous year.

Co-chairman Steve Parish told cpfc.co.uk: “The improved profit stemmed mainly from increased broadcasting income, combined with prudent financial planning and management.

“Gate receipts grew as attendances increased and we also achieved record income from commercial activities, catering and hospitality.

“The club’s £90.4m turnover was up from £14.5m in 2013. Broadcasting income accounted for £74.1m of turnover.

“During this accounting period, the club spent close to £26m of cash investing in players and infrastructure, acquiring the training ground, laying a new pitch with under-soil heating and developing the academy, as well as building modern bar and restaurant facilities whilst also improving catering areas at Selhurst Park.”

He added: “The profit from 2013/14 has largely been reinvested, with a further £22.3million spent on player acquisition  - this figure includes compensation paid to Newcastle United when we hired Alan Pardew in January - and about £4m on various stadium and training ground improvements.

“We believe that these investments will continue to reap benefits for the club in the future.”

Parish also confirmed neither he or any of his fellow owners have taken a penny out of the SE25 coffers in the past 12 months.

He said: “The directors of CPFC 2010 received no remuneration or pension benefits during the year.

“They have recommended that no dividend is paid and all the proceeds are reinvested into the club.

“Since the end of the financial year, the club has continued to improve the stadium with new seats, a new lounge and new media centre. 

“The size of last year's profit is unlikely to be repeated as first-team wages rise and we continue to strengthen the squad.

“However, I do expect to post a small profit this year.”

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