Bristol City accounts show difficult year
Tue 29th Nov 2011 | Money & Finance
Bristol City Football Club have announced a loss of £11,454,525 for the year ending May 31st 2011.
The latest accounts, which are available to view on the club’s official website show a decrease in the club’s overall losses which stood at £11,808,085 for the previous financial year (2010).
In his statement on the accounts Chairman, Colin Sexstone wrote, “The financial results for the year ended 31 May 2011 once again reflect a disappointing and difficult year for the club.”
The accounts showed that the club’s the turnover rose from £11.1m to £11.9m for the last financial year, but staff costs also rose from £13.8m to £15.9m.
“The loss of £11,454,525 illustrates how much work needs to be done to reduce costs and grow income. It also shows how fixed-term contracts for players ensure there is no easy or quick solution,” Sexstone added.
“In addition, the ongoing delays to our new stadium development (now over four years) have been expensive and very frustrating. We are faced with yet another hurdle as our opponents launch a judicial review to challenge Bristol City Council’s decision to register only half the land as a village green. A further delay is, I’m afraid, inevitable.
“Of course the year began badly (as reported last year) with Steve Coppell resigning after just two months. His resignation put the club in a very difficult situation and the Board asked Keith Millen to take over having been very successful at the end of the previous season.
“This year also marked Stephen Lansdown’s decision to stand down as chairman after nine hugely successful years. Stephen has been a truly exceptional chairman, providing ongoing financial support of the club and the stadium development, as well as a drive and determination to make the club successful. I am delighted to report that he is still our main investor and remains totally committed to Bristol City Football Club.
“I am honoured to have been given the task of leading a new Board of Directors at a time of significant change for the club, and this means it is a challenging but extremely exciting period. In this respect, Guy Price takes over as chief executive, and, with a number of new senior executives, I firmly believe that we have the right team in place to take us forward.
“The main challenge facing the Board will be to reduce our losses, whilst remaining competitive. This will not be easy and there is no short term solution, whilst the likely introduction by the Football League in 2012 of new regulations to control losses through the Financial Fair Play Scheme, makes this imperative.”
Visit bcfc.co.uk to view the accounts document in full.
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