Bristol City FC announce losses of £11m
Thu 4th Nov 2010 | Money & Finance
Bristol City Football Club has announced losses of over £11m in its latest financial statement released today. The figures audited to the year ending 31st May 2010 show a significant rise in losses from the previous financial year of more than £5m.
In the report Chairman, Steve Lansdown wrote: "The results for the year ended 31st May 2010 reflect the difficulties we have encountered as we seek to establish Bristol City as a major football club.
"The loss for the year of £11,808,085 reflects the investment made in the playing squad, management structure, training ground and stadium developments”.
The club hopes to become one of the host venues should England win the right to host the World Cup in 2018 and are pinning their hopes on a new stadium at Ashton Vale.
"The delays to our stadium project have not helped our position either” Lansdown continued.
“By now we had hoped we would have started the construction phase and been able to draw down on the facility we have arranged for this purpose. Certain fees have been incurred by the group pending construction and should be recoverable against the project when it gets underway, which will help our cashflow. However, until there is certainty over the project it would be wrong of us to draw any funds down”.
The results do not make good reading and fans will be quite rightly worried at the significant increase in losses over the last year.
But Lansdown remains bullish: "In the short term the support of the board will see the club through these difficult times; in the longer term, however, it needs to increase its turnover and control its costs.
“The building of the new stadium is an important part of this as well as success on the pitch, and you can be assured that the Board as well as the staff, whom once again I thank for all their hard work over the past year, will be working tirelessly to achieve this.
"Of equal importance is the backing of our supporters. We need fans coming through the turnstiles, not just from a revenue point of view, but also to ensure the team receives vociferous and passionate support on the pitch, especially in difficult times."
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