Bristol City Holdings Accounts 2022/23.

Bristol City Holdings Limited made a pre-tax loss of £22.2m during the 2022/23 season.

The results for the 13-month period ending June 30th 2023 compared favourably to a pre-tax loss of £28.5m for the 2021/22 financial year ending May 31st 2022.

The reduction in loss occurred despite lengthening the reporting period by one month, a decision which was taken to better align with the financial reporting dates adhered to by the English Football League and the wider Bristol Sport Group.

The transfer market showed clear signs of returning to its pre-Covid levels and the sale of Antoine Semenyo was the primary factor in the profit on disposal of players’ contracts rising to £9.5m. Although Alex Scott was sold for a significant sum of money, this transaction occurred in August 2023 and therefore does not fall into the figures for the 2022/23 season.

Total revenue earned from ticketing amounted to £6.3m as the 2022/23 season saw an increase in average league attendances to 20,573. In addition to the rising league attendances, the total ticketing income was boosted by a sell-out tie in the Emirates FA Cup Fifth Round against Manchester City.

Staffing costs increased due to a like-for-like rise in the playing budget, and the enhanced number of non-matchday events resulted in greater levels of permanent and casual staff being required.

City Finance Director and Chief Operating Officer Tom Rawcliffe said: “A loss of £22.2m is not insignificant but it does continue our recent trend of reducing losses each season. A recovering transfer market is a cause for optimism and the strong and growing levels of support we receive from our loyal fanbase is something we remain ever thankful for.

“Despite the upturn in financial performance, there is still a large amount of work to do to reduce the levels of losses we incur. On a positive note, we have worked closely with the EFL over the course of both the 21/22 and 22/23 seasons and we are no longer in a position where the threat of EFL sanctions for failing to comply with financial regulations is a realistic proposition.”

During the year 22,500,000 ordinary shares were allotted for an aggregate consideration of £22,500,000 by way of a debt-to-equity swap, which is reflected in the Bristol City Football Club Limited accounts.

Rawcliffe added: “The financial support provided by the Lansdown family is substantial and vital to our ability to compete both on and off the pitch. We are extremely grateful for their ownership and continued backing.”

KEY POINTS FROM BRISTOL CITY HOLDINGS LIMITED*

• Pre-tax loss = £22.2m (2022 - £28.5m)

• Staff costs = £36.0m (2022 - £30.3m)

• Profit on disposal of players = £9.5m (2022 - £1.3m)

• Ticket revenue = £6.3m (2022 - £5.2m)

• Net liabilities = £31.7m (2022 - £32.1m)

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