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City announce 2020/21 Accounts

Bristol City Holdings Limited made a pre-tax loss of £38.4m for the 2020/21 financial year.

The results for the year ending May 31st, 2021 compare to a pre-tax loss of £10.1m for the 2019/20 financial year and reflect a Covid-hit season without crowds and a significantly impacted transfer market.

With the 2020/21 season played behind closed doors, ticketing revenue reduced by £4.1m on the previous year, while the profit from the sale of players was down £19.4m.

Non-match day revenue from Ashton Gate Stadium was also impacted due to lockdowns that heavily restricted the conference and events programme. The revenue from non-match day events, commercial sales and retail income reduced by £7m.

City Chief Executive Officer Richard Gould said: “The financial impact of Covid has resulted in extremely serious losses for the last year.

“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.

“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.”

During the year 26,255,935 ordinary shares were allotted for an aggregate consideration of £26,255,935 by way of a debt-to-equity swap, which is reflected in the Bristol City Football Club Limited accounts.

KEY POINTS FROM BRISTOL CITY HOLDINGS LTD*

  • Pre-tax loss = £38.4m (2020 = £10.1m loss)
  • Profit on disposal of players = £6.2m (2020 = £25.6m)
  • Matchday revenue = £0.7m (2020 = £4.8m)
  • Net liabilities = £19.1m (2020 net assets = £5.1m)

*Bristol City Holdings Limited incorporates Bristol City Football Club Limited and Ashton Gate Limited

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