Blackburn's Debt Burden Continues To Grow
Thu 8th Jan 2015 | Money & Finance
Blackburn Rovers’ debt burden continues to rise despite increased turnover and player wage reductions.
The Lancashire club, now in their third season in the Championship following relegation from the Premier League in 2012, have seen net debt rise to £79.8m, up from £54.5m the previous year.
The club, owned by Venky’s the Indian poultry firm, were one of three clubs handed a transfer embargo by the Football League for failure to comply with Financial Fair Play rules in December 2014.
Current rules permit clubs to lose no more than £8m per-season, however it’s understood Blackburn lost £42.1m during the reporting period.
Speaking on BBC Radio Lancashire, Managing Director, Derek Shaw said the club’s owners were working hard to regain promotion to the Premier League and that they would not sell club assets to reduce losses.
"The owners know that we've been changing a lot of things around at the football club," he said.
"We came down with a Premier League squad that was very well paid and it's just been too much [money] to lose - we've been unable to move enough people out.
"We have a lot of work. We could sell assets, but our owners don't want to sell assets. Our owners want us to get promoted."
Turnover increased from £26.9m to £30.4m and wages decreased from £36.6m to £34.5m
Image: Action Images / Paul Currie Livepic
Posted by: Aaron Gourley
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