Bristol City have announced a pre-tax loss of £3.3million during the 2023/24 season, down from £22.2million the year before. Despite that reduction, finance director and chief operating officer Tom Rawcliffe insists that the Robins’ inability to turn a profit shows the “unusual nature” of the footballing industry.
This season’s reporting period covered one less month than the 2022/23. That season saw the period run from May 30, 2022 until June 30, 2023, while this set of accounts covers the 12 months between June 30, 2023 and June 30, 2024. The primary driving force behind the reduction in loss was the sale of Alex Scott to AFC Bournemouth in the summer of 2023. The attacking midfielder departed Ashton Gate for the south coast in a deal that is understood to be worth £25million to the Robins.
Tommy Conway also left the West Country to join Middlesbrough this summer, however the timing of his exit means that his deal does not fall into this set of accounts.
Revenue earned from ticking grew to £7.7million, an improvement of 23 per cent from the previous season. That increase was a result of strong season ticket sales, the highest average attendance at home since 1979 and two sold-out FA Cup ties at Ashton Gate, the first a win over West Ham United and the second a draw with Nottingham Forest.
The development of Ashton Gate has also been a big driver of City’s uplift in revenue, with football finance expert Kieran Maguire suggesting the Reds generate more revenue than any other club without parachute payments in the second tier.
The Robins’ playing budget remained similar to the previous set of accounts. The average weekly wage at Ashton Gate is believed to be £16,000, which Maguire has labelled “very competitive” for a side without parachute payments. Although the playing budget remained static, the costs related to terminating the contracts of Nigel Pearson and his coaching staff are included in the Reds’ general staffing figures.
Operating expenses on the whole increased by £4.7m, however City insist this change should be expected given the Robins’ rise in revenue and the compensation paid to Oxford United for Liam Manning and his coaching staff to make the move to Ashton Gate last October.
According to Maguire, Bristol City’s underlying losses were the lowest they have been since 2017. However, the Championship club still lost upwards of £430,000 a week, with that figure subsidised by the sale of key players and investment from the owner. Because of these losses, the accumulated figure on the red side of Bristol is now £225million, all of which Steve Lansdown has underwritten in the form of shares and loans.
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Over the course of the year, 13,000,000 ordinary shares were allotted for an aggregate consideration of £13m by the way of a debt-to-equity swap.
Discussing the accounts, Rawcliffe said: “It is encouraging to see the loss reduce so much over the past 12 months, although not being able to show a profit despite one of the club’s largest ever player sales highlights the unusual nature of the industry we operate within.
“The level of support received from our fans has been fantastic, with the average attendance of 22,554 being the highest since we were a top-flight team in the 1978/79 season. Whilst we can be pleased with this set of financial results, we know a large sale is not easily repeatable, and we must therefore continually strive to obtain the best value for money throughout the business.
“The financial support provided by the Lansdown family continues to be significant, as evidenced by their commitment throughout the 2023/24 season, as well as their investment during the 2024 summer transfer window. We remain extremely thankful for their ownership. We would also like to thank our fans for their continued support of the club.”