Blackburn Rovers' parent company, Venky's London Limited, have announced a loss of £20.8m in the year to March 2023, taking their total loss above the £200m mark in 13 years.
The Venky's have filed their latest accounts to Companies House which takes them up to date for last year's accounting year. Rovers finished seventh in the Championship, narrowly missing out on the play-offs.
Venk's London Limited (VLL), who own a 99.9% stake in the club, made a profit of £2.7m the year before, however, that was down the the sale of the Brockhall Senior Training Centre to a different company also registered to the owners, Venkateshwara London Limited.
The training ground is being leased back to VLL at the cost of 300K per year, down from 400K. Adam Armstrong's move from Rovers to Southampton was also a big factor in the club avoiding an overall loss in 2022 but there was no sale of a similar ilk this year.
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With no major player sales, the club have lost £20.8m in the financial year. There were positives despite the major cash loss, with turnover up from £17.1m to £19.9m.
That increase is likely due to the regularity Rovers found themselves on Sky Sports, as well as competition prize money from their extended runs in the Carabao Cup and FA Cup. The account states an increase of £1.8m in gate receipts, 400K in hospitality, sponsorship and merchandise and 600K in TV money.
Wages to turnover also dropped from 139% to 130% and will fall even further in the next accounting year after the exits of Bradley Dack, Ben Brereton Diaz and Daniel Ayala. However, they rose £1m overall from 2022 to £25.8m.
Operating costs increased from £20.3m to £21.5m whilst £800K was made from the sales of intangible assets (players). It was £10m before due to Armstrong's move to the South Coast.
Average league attendance rose from 13,501 to 14,816 and the club says that improving revenue streams is a core part of their vision moving forward.
It also states that the directors have 'received assurances' from VLL that it will provide 'additional financial support as is necessary to meet the obligations of the group'. The Venky's financial issues in India have been well-documented this summer.
The number of employees rose from 209 to 219 with six extra coming from the football management and players. Interest on bank overdrafts and loans rose from £554K to £883k.
The club remains compliant with Financial Fair Play and did not have any trading restrictions placed on them during the accounting year. It leaves Venky's with a loss of circa £205m in 13 years of owning the club.
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