Crystal Palace have announced a loss of £2,228,231 for the year ending June 2012.

The accounts, published today for the period from July 2011 to June 2012, show the net loss is down by more than £7m from £9,482,704 in 2011 and that the Eagles' turnover has risen to £15,022,059 from £12,706,503 - for which the club cites the successful Carling Cup run to the semi-finals as the main reason for the increase.

The Eagles earned a profit of £342,340 from player sales, having spent £1,333,660 on signing players and received £1,676,000 from selling players.

Wages for players, managers, coaches administration and commercial staff are up to £10,283,938 from £8,363,200 but directors Steve Parish, Steve Browett and Martin Long took no salary.

The accounts also show that, if the Eagles were promoted to the Premier League, they would be required to pay £3,625,180 to other football clubs in respect to player transfers and to current players.

Meanwhile, the club has listed under post balance sheet events that they are expecting £13,344,437 in respect of player sales - the majority of which will come from the sale of Wilfried Zaha to Manchester United.