Lack of player sales behind Bristol City's £18.6m loss

Bristol City have published their annual accounts for the 2024-25 financial year which show pre-tax losses of £18.6m.

The figures represent a significant increase on the £3.3m loss recorded the previous year, with the club citing "the lower profit on the transfer of players" a key factor in the increase.

In the summer of 2023, midfielder Alex Scott left Ashton Gate for Bournemouth in a £25m deal, while Antoine Semenyo was sold to the Cherries for more than £10m in the previous window.

The only significant transfer out of the club since then was striker Tommy Conway's move to Middlesbrough in the summer of 2024 as the Scotland international entered the final 12 months of his contract.

City CEO Tom Rawcliffe said: "Although the loss is evidently larger than last year, it is in line with expectations and highlights the positive financial impact a large player sale and successful player trading model can have."

Under EFL profit and sustainability rules, club losses are not permitted to exceed £41.5m over a rolling three-year period.

City maintain they are in "a strong position" but stated "in the absence of further player sales, the club will be much tighter to the threshold in the 2026-27 season".

Bristol City Holdings Limited's revenue fell by £2.5m, which the club attributed to a lack of summer concerts staged at Ashton Gate as the stadium was preparing to host matches for the Women's Rugby World Cup.

Revenue earned from that tournament will appear on accounts for next year.

Staff costs also increased by £1m from the previous year because of a larger playing budget and higher employer national insurance contributions introduced by the Government in April 2025.

A decline in ticketing revenue for matches at Ashton Gate was another factor which fell by 4% to £7.4m. The report mainly attributes that to lower crowds for Bristol City Women following relegation from the Super League.

Bristol City Women were sold in September to multi-club ownership group Mercury13 with City majority shareholder Lansdown now no longer having a controlling interest.

Guernsey-based billionaire Lansdown - who also owns rugby union club Bristol Bears and basketball team the Bristol Flyers - had £7.5m converted from debt into equity during the year through a share issue to help support the club financially.

"As ever, there is a commitment to increasing revenue and managing costs to ensure we can provide Gerhard Struber with the resources he needs to continue building on the positive campaign last year," Rawcliffe added.

"The financial backing provided by the Lansdown family continues to be significant and we remain extremely thankful for their ongoing commitment."

Bristol City currently sit ninth in the Championship table and are two points off the play-off places. They visit 16th-placed West Bromwich Albion on 26 December.