Bristol City Post Loss Despite Increase In Matchday Revenues
Bristol City Holdings Limited, which incorporates Bristol City FC, made a pre-tax loss of £28.5m for the 2021/22 financial year.
The results for the year ending May 31st 2022 compare to a pre-tax loss of £38.4m for the 2020/21 financial year and reflect a return to crowds being allowed in stadiums, a reduced playing budget and the continuation of a significantly impacted transfer market.
With the 2021/22 season being played in front of full crowds – with an average of 19,000 at Ashton Gate – ticketing revenue increased by £4.5m, total staff wages fell by £5.0m, while the profit on player sales fell again by £4.9m.
Bristol City Chief Executive Officer, Richard Gould, said: “An improvement of £9.9m on the prior season loss is a step in the right direction.
“However, although we are pleased with the resilience shown in bouncing back from the Covid-19 pandemic, recording a large loss again this year demonstrates that there is a lot of work left to do.
“We benefitted from our supporters being able to return to Ashton Gate, from both a financial and an atmospheric viewpoint and we are forever grateful for their support, but the transfer market has shown only minimal signs of returning to the level it was prior to the Covid-19 pandemic.”
City Board Director and Pula Director of Sport Gavin Marshall, added: “The loss is still significant but it is encouraging that the strong conference and events programme at Ashton Gate following the easing of lockdown restrictions helped with revenue from non-match day events, while commercial sales and retail income increased by £8.9m.”
During the year 15,305,640 ordinary shares were allotted for an aggregate consideration of £15,305,640 by way of a debt-to-equity swap.
Marshall, added: “The financial support provided by the Lansdown family is significant and we are extremely thankful for their ownership, particularly at a time of continued losses and economic uncertainty.”
KEY POINTS FROM BRISTOL CITY HOLDINGS LTD*
Pre-tax loss = £28.5m (2021 – £38.4m)
Profit on disposal of players = £1.3m (2021 – £6.2m)
Ticket revenue = £5.2m (2021 – £0.7m)
Net liabilities = £32.1m (2021 – £19.1m)
*Bristol City Holdings Limited incorporates Bristol City Football Club Limited and Ashton Gate Limited
Image: Nathan Rogers on Unsplash