Bristol City post record losses

03 November 2009 06:35
Bristol City have reported a record loss of £6.5m for the year to 31 May 2009, compared to pre-tax losses of just under £2m from the previous year.A rise in wages and money spent funding their new stadium project are among the reasons given for the heavy losses. [LNB]City chief executive Colin Sexstone told BBC Radio Bristol: "Not far short of £2m of it are the professional fees for the new stadium. [LNB]"Another £1.3m of the loss is on players' transfers." [LNB]Sexstone continued: "Even those figures, in the Championship, are on the modest side but to be competitive you've got to stay in that ball park. [LNB]"Most of this goes on wages and our wage bill even now is in the lower half of the Championship table. [LNB]"We only stay in this division because we have a very supportive board of directors who continue to pump money into the club to make it viable." [LNB]The club's plans for a new 30,000-seater stadium go before the city council on Thursday. [LNB]"It emphasises that, to be a competitive football team in the current market place, you need a new stadium," added Sexstone.

Source: BBC_Sport