Cardiff City and Swansea City have both recorded significant financial losses for the year of 2022/23.

Unfortunately, it's the norm in modern-day football. Even in the second tier of the game in this country, multi-million-pound losses are par for the course.

The two Welsh clubs will perhaps have slightly different perspectives on what their full-year financial reports reveal. Cardiff recorded losses of PS11.09m, however that was a significant reduction from the PS29.03m losses from the previous season, with much of the saving coming from the club slashing their wage bill by PS8m.

Swansea, meanwhile, saw their losses jump from PS13m to PS17.9m for year ending July 31, 2023. Crucially, though, that number does not include the significant sale of Joel Piroe to Leeds United last summer in a deal believed to have been around the PS12million mark.

So, where do Cardiff and Swansea sit among the 22 other teams in the Championship? Well, there are caveats which must be considered. For example, the likes of Leicester City, Leeds United and Southampton were all in the Premier League for the season these reports account for.

Leicester have recorded an eye-watering loss of almost PS90m for the season they were relegated from the Premier League. It could see them start next season - again in the top flight after earning promotion out of the Championship at the first time of asking - with a points deduction if they are found to have breached Profit and Sustainability rules.

Southampton, similarly, have recorded a whopping pre-tax loss of PS87m. Should they miss out on promotion this season then next year's accounts will make for interesting reading. Leeds United, the other relegated team from last year's top flight, also saw a pre-tax loss of PS33.7m, despite player transfers - notably Raphinha and Kalvin Phillips - earning them PS73m. The deficit was largely down to their increased operating loss of PS105m.

At the other end of the scale, three of the five teams with the healthiest pre-tax profit/loss played their football in League One that season. The pre-tax losses from Sheffield Wednesday (PS6.5m), Plymouth Argyle (PS3.4m) and Rotherham United (PS1.1m) prove the huge financial leaps which come as you progress through the leagues.

The outlier in all of this is Watford, who proved the only team to record a profit for the year. The PS24m is PS25m better than the next-best team, Rotherham, in purely financial terms. The club cut expenses from PS152m to PS94m and raked in cash from player sales, earning PS59m from selling their footballing assets. Without those player sales - such as Hassane Kamara to Udinese and Emmanuel Dennis to Nottingham Forest - the club would have made a PS28m loss.

Championship clubs' 2022/23 pre-tax losses in full Leicester City - PS89.7m*

Southampton - PS87m*

Leeds United - PS33.7m*

Norwich City - PS27.2m

Birmingham City - PS25.4m

Bristol City - PS22.2m

Hull City - PS21m

Blackburn Rovers - PS21m

QPR - PS20.3m

Ipswich Town - PS18.2m

Swansea City - PS17.9m

Millwall - PS13.7m

Preston North End - PS12.2m

Cardiff City - PS11.09m

West Brom - PS11m

Stoke City - PS11m

Sunderland - PS9m

Middlesbrough - PS6.7m

Huddersfield Town - PS6.6m

Sheffield Wednesday - PS6.5m**

Coventry City - PS4.9m

Plymouth Argyle - PS3.4m**

Rotherham United - PS1.1m**

Watford - PS24m (profit)

*Denotes accounts from teams relegated from Premier League

***Denotes accounts from teams promoted from League One