Bristol City: Championship side report losses of £38.4m for 2020-21 financial year
Last updated on .From the section Bristol City
Bristol City have reported a pre-tax loss of £38.4m for the 2020-21 financial year.
The total is significantly up on the losses of £10.1m the Championship club reported for the previous 12 months.
They blame the increased loss on the impact of having to play behind closed doors because of the coronavirus pandemic and a big drop in profits from selling players.
Chief executive officer Richard Gould called the losses "extremely serious".
He told the club website: "Operating without crowds for a whole season has not only had a huge negative effect on revenue but has also resulted in crashing the transfer market and player trading, upon which we have been heavily reliant."
Paying tribute to majority shareholder Stephen Lansdown, Gould added: "We remain ever thankful for the support of the Lansdown family, particularly as we feel the financial effects of Covid.
"We are obviously very conscious of the impact this loss will have on compliance with the EFL's profitability and sustainability rules and we continue to work through this, including the dispensation for losses occurred as a result of Covid."
Nigel Pearson's side finished the 2020-21 campaign in 19th place and are 18th after 23 games this season.
