I'm going with yes.
Purely down to the 1.2 million per year rent, is 100k per month.
10,000(average attendance) x £18 (average price) = £180,000 x 23 = £4,140,000 per season in gate receipts.
So the rent is just 29% of the gate receipts.
Then say our average wage was 2,000 PW last season for the first team (of 18 players) : £1,872,000 per year (if players get payed for a full year, not sure what happens on close season?)
So the Gate Receipts minus the rent = £2,940,000. Then minus wages equals £1,068,000 left over.
I'm not an accountant nor a mathematician, but without including sponsorship, merchandise, FA CUP/League Cup games etc, (then taking off matchday costs etc), I make that a profit of £1,068,000?