Bristol City announce losses of £11.45 million
Bristol City have announced for the year ending May 2011, that they have recorded £11.45m in losses.
The deficit, which follows losses of £11.8m in 2010 and £6.5m in 2009, has been said to have come from the rising wages for players and the delays in the development of their new stadium.
Chairman Colin Sextone explained that ‘It is a big problem’ and that ‘it's a lot of money over three years.’
"Wages in the Championship are far too big and at Bristol City in particular they are just too much." said Sextone.
He continued: "We've certainly got too many players. Keith Millen thought that and I'm sure Derek [McInnes] does too, and some of them are earning too much."
Last season saw the Robins struggle at the wrong end of the Championship table for much of the campaign, and they also saw Steve Coppell quit his job just four months into his new job.
However Millen helped the Ashton Gate outfit steady the ship, and they finished the season in 15th place.
But, much in an uncanny resemblance to last season, they have found themselves in the relegation zone at the start of this term, and saw another change in management; McInnes now taking the reigns, however he has lightened the mood around City, with his side currently on a five match unbeaten streak.
Off the field, the club’s ambitions of their £92m development of a new stadium has suffered by a number of severe delays.
"We've faced a couple of difficult years and the income has dropped as well," added Sexstone.
"There's a feel-good factor at the moment and it shows you how quickly things can change. Having a 16,500 crowd makes a big difference.
"In most businesses if you want to reduce your wage bill you have to pay redundancies. In football that's not really possible - you have contracts that need to be honoured.
"That's why it takes time but we will turn this around."