Bristol City’s financial reliance on owner Steve Lansdown has been laid bare once again after the club published its latest accounts.
The Robins have posted a substantial £20m increase in losses for 2017/18–with the figure ballooning to £23.5m from £3.5m the previous year.
That notable increase is a result of lower profits from player sales and a higher wage bill.
Kieran Maguire, a football finance expert and lecturer at the University of Liverpool, took a closer look at the finances. He reported that the club relies too heavily on owner Steve Lansdown. He further added that the club’s losses, published on Wednesday, October 31, is the reason for the sales of key men Aden Flint, Joe Bryan and Bobby Reid for a combined fee of about £23m in the summer.
“Steve Lansdown is the club’s biggest asset. At the same time he’s also the biggest concern and biggest risk should something happen to him.” He said.
Steve Lansdown is owed £65m in interest free loans by the club, and has also invested £58m in shares to take his total commitment to £123m.“He’s lent a further £19m this year on top of £46m at the start of the year, which makes £65m.” Maguire added.
However, Maguire believes the Robins’ losses are only just a reflection of how competitive the Championship is, with several bigger clubs spending money and gambling on promotion.
“It shows how expensive it is to compete in the Championship. Practically every club is losing money.” He said.