City Suffer £6.56m Record Loss
City have revealed record losses of £6.56m as their annual accounts went public today.
The accounts recorded up until 31 May 2009 show the biggest single annual deficit for nearly 30-years.
Just last year, the Robins recorded a more sustainable loss of just under £2m for the same period, but that had the money-spinning Wembley Play-Off Final appearance to soften the blow.
However, the loss is not as bad as it seems with £1.7m accounted for the new stadium project, further funds were released for the completion of the club's new state-of-art Failand training ground and the £2.25m splashed out on record signing Nicky Maynard.
Chairman Steve Lansdown played down the significance of the loss when issuing a club statement.
"The club is in a very exciting phase of its development and, with excitement, comes risk," he said.
"We recognise the need for further investment in the club by the board. There is no doubt that we have adopted an aggressive strategy, but the board is committed to ensuring the club is not put at risk because of this.
"The Group is setting down firm foundations to establish a top-class football club with stadium facilities to match. Our expenditure to that end is reflected in an increased loss for the year of £6.56m."
Lansdown and fellow director Keith Dawe will continue to back the club financially to ensure the club's future as the club aims for the Premiership over the next few years but it is my suspicion that these were timely released, 24-hours before the Council decide on the new ground, to show that the club will not survive without Ashton Vale going ahead.
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