Bristol City reveals 'serious losses' of nearly £40 million for 2020/21 season

The company that runs Bristol City has announced losses of nearly £40 million for the 2020/21 financial year.

Bristol City Holdings Limited posted a loss of £38.4 million for the year ending May 31, 2021- £27m more than the previous year.

The Chief Executive Richard Gould pointed to the impact of playing last season behind closed doors and a "crash" in the transfer market as reasons behind the loss.

Revenue from tickets was down by £4.1m on the previous year and the amount lost through the closure of Ashton Gate's was £700,000, a drop of more than £4m.

The biggest hit for the club though was in the transfer market where profits fell from £25.6million to £6.2million.

City Chief Executive Officer Richard Gould said: “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.”