Bristol City Financial Results 2023/24
- Matchday Finance
- Jul 16
- 7 min read
Bristol City finished the 2023/24 season in eleventh place. It was their tenth consecutive season in the Championship.
Bristol City have spent most of their history fluctuating between the second and third tiers of the English Football League, with a brief spell in the top-flight in the late 70's. They are also known for producing talented academy graduates such as Lloyd Kelly, Joe Bryan, Antoine Semenyo, and Alex Scott.
In season 2023/24, the club never mounted a serious challenge for the play-off places, spending most of the campaign around mid-table. Even so, it marked their best league finish in five years. In the FA Cup, they enjoyed two notable ties: a win over West Ham and a penalty shootout defeat to Nottingham Forest. Both fixtures boosted matchday and commercial revenues.
The results presented in this report are for Bristol City Holdings, which includes the football club itself plus Ashton Gate Limited, which earns income from the Bristol Bears rugby team and the Bristol City Women’s team as both use Ashton Gate as their home ground. Alongside other stadium events this ensures commercial revenue plays a leading role for the club. In fact, the club generates the highest proportion of commercial income in the Championship, reflecting effective use of its stadium assets.
Ownership of the club has rested with Pula Sports, controlled by Steve and Maggie Lansdown, since 2014. The club has long depended on the Lansdowns to cover operating losses and investments, which had reached more than £250 million by the end of 2023/24. While many Championship clubs rely on owner support, this average outlay of around £20 million per year here is very significant.
This report examines the financial results for the 2023/24 season, the latest set of published accounts.
Financial Highlights Season 2023/24
The 2023/24 financial results contained several encouraging signs. Turnover increased while staff costs declined. Although operating expenses rose—likely reflecting additional events hosted at Ashton Gate—the decisive factor was the sale of Alex Scott. This transaction reduced annual losses by £21 million, bringing the deficit down to just £3 million. which significantly reduces the pressure from Profit and Sustainability regulations.
Turnover
Revenue grew by 16% to £42.4 million, ranking sixth in the Championship and the highest among clubs not receiving parachute payments.
Broadcasting income totaled £10 million, consistent with clubs not benefiting from parachute payments.
Matchday revenue rose by £1.5 million to £7.7 million, driven by increased attendances.
Commercial income rose 21% to £24.9 million—the third highest in the league, behind only Leeds and Leicester—reflecting the benefits of Ashton Gate’s multi-use model.
Staff Costs
The wage bill fell slightly to £35 million, the eighth highest in the league.
Amortisation charges fell sharply from £6.9 million to £3.2 million, reflecting limited player recruitment over the past two seasons.
Total staff costs of £38 million equated to 90% of turnover, among the lower wage-to-revenue ratios in the division.
Player trading delivered a profit of £21.8 million, driven primarily by the sale of academy graduate Alex Scott to Bournemouth.
Profitability
The club reported a pre-tax loss of £3.3 million, the seventh-best result in the division, supported by the profitable sale of Alex Scott. This marked a major improvement on the previous season’s £22 million deficit.
Player Trading
The club invested £3.7 million in player acquisitions, bringing in Jason Knight and Ross McCrorie.
Player sales generated £21.6 million, largely from the transfer of Alex Scott to Bournemouth, resulting in a net player trading position of -£18 million.
Football Debt
At the end of the 2023/24 season, Bristol City had £92 million in outstanding loans from their parent company, Pula Sports, the majority of which carry an interest rate of 3%. This is partially offset by loans receivable of £2.9 million.
The club also maintains an overdraft facility with a carrying amount of £2.5 million.
Following the sale of Alex Scott, Bristol City is owed £15.9 million in outstanding transfer payments.
Cash Flow
With operating costs exceeding revenue by approximately 40%, operating cash flow before investment and financing was a negative £15.1 million.
During the year, the club received £12 million from player sales, spent £4.5 million on new signings, and invested £1.3 million in facilities.
To bridge the funding gap, loans were increased by £13 million and subsequently converted into shares. Additional loan repayments of £4 million were also made.
Financial Summary
Financial Outlook
With the business model unlikely to change, the club is expected to continue recording losses in the £15–20 million range. Future sales of academy graduates may help offset this, although none are expected to match the proceeds received for Alex Scott. As a result, the owners will continue to provide financial support. Since the publication of these results, they have sold a majority stake in the Women’s team to Mercury13.
Next Read
For a full breakdown of the EFL Championship’s 2023/24 financial results, check out our recent blog: EFL Championship Financial Results Season 2023/24
Turnover
The chart below highlights the significance of commercial revenue to the club through the multi-use of Ashton Gate, which accounted for 58.8% of total turnover in 2023/24—the highest proportion in the division.
Their total revenue of £42 million was the sixth highest in the Championship, and the highest outside clubs receiving parachute payments.
Matchday Revenue
Matchday revenue is influenced by factors such as the number of home games, average attendance, ticket prices, and the club's ability to generate income from hospitality events and corporate boxes. The only exception to this is domestic cup matches, where revenue is shared between the clubs and the FA.
Ashton Gate, the club’s home for more than a century, has a capacity of 26,462. In 2023/24, City averaged 22,703 supporters per league game — 86% of capacity — a 12% rise on the previous season and the twelfth-highest attendance in the Championship.
Higher attendances, combined with two cup fixtures against Premier League opposition, drove a 17% increase in total paying fans. The club generated an average of £13.00 per fan—below the Championship average of £15.80 but up 4% on the previous year. Together these boosted matchday income by 23%, from £6.3 million to £7.7 million, ranking tenth in the division.
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Broadcast Revenue
For Bristol City and other clubs outside the parachute system, broadcast revenue is made up of:
A share of the Championship’s domestic TV deal, typically worth £3–4 million per year.
Appearance-based fees, which can add between £500,000 and £1.5 million.
A share of international broadcast rights, usually around £1–2 million.
In addition, each Championship club receives roughly £5 million in solidarity payments from the Premier League, designed to support teams outside the top tier.
Combined, these sources usually generate £9–10 million annually for non-parachute clubs. Bristol City’s £10 million in broadcast income was in line with this.
Commercial Revenue
Bristol City benefit from the multi-use of their stadium, notably income from the Bristol Bears rugby team, who played 11 home fixtures at Ashton Gate. Combined with other commercial activities—including sponsorship, merchandise, hospitality, and events—total commercial revenue rose 21% in 2023/24 to £23.6 million, the third highest in the league behind only Leeds and Leicester.
Staff Costs
Salaries and wages decreased from £36 million to £34.9 million. Additionally, the club’s limited investment in new signings reduced player amortisation—the accounting allocation of transfer fees over contract lengths—which fell from £6.9 million to £3.4 million in 2023/24.
Bristol City’s total staff costs of £38 million were the eleventh highest in the Championship, and with the club finishing 11th in the table, their on-pitch performance broadly matched that level of spending.
Total staff costs are 90% of revenue which is one of the lower ratios in the division.
As the chart below shows, their staff costs were less than a third of those of relegated sides Leeds, Leicester, and Southampton, underlining the huge financial advantage provided by Premier League parachute payments.
Profit on Player Sales
The departure of academy graduate Alex Scott to Bournemouth generated £21.8 million in profit.
Profit and Loss
City’s turnover reached £42 million in the 2023/24 season. Operating costs—including salaries, wages, and other day-to-day expenses—totalled £58 million, resulting in an EBITDA of -£16 million. Amortisation and depreciation added a further £6 million, but the profit from the sale of Alex Scott reduced the overall loss to £3 million.
The club consistently records operating losses (before player sales) exceeding £25 million. It relies on profits from player sales to offset these losses and remain compliant with EFL Profit and Sustainability regulations, which permit a maximum annual ‘adjusted’ loss of £13 million.
Most Championship clubs—including those receiving Premier League parachute payments—generally operate at a loss. Only four clubs reported a profit, all driven by player sales, with Bristol City achieving the seventh-best result in the division.
Bristol City Full Profit and Loss
Profit and Sustainability
The sale of Alex Scott has substantially eased the pressure on the club in relation to compliance with EFL Championship’s Profitability and Sustainability (P&S) regulations.
Player Trading
Over the past six seasons, City have been net sellers, reflecting, in part, the club’s ability to successfully develop players through their academy. In addition to Alex Scott in 2023/24, notable sales include Antoine Semenyo and Lloyd Kelly to Bournemouth, Adam Webster to Brighton, and Josh Brownhill to Burnley.
Player acquisitions have been limited in recent seasons, with Jason Knight and Ross McCrorie joining the squad in 2023/24.
Bristol City were among the lower spenders on player acquisitions in the 2023/24 season.
Football Net Debt
At the end of the 2023/24 season, Bristol City had £92 million in outstanding loans from their parent company, Pula Sports, most of which carried an interest rate of 3%. This was partially offset by loans receivable of £2.9 million. The club also held an overdraft facility with a carrying amount of £2.5 million.
Overall, Bristol City’s total debt of £92 million ranked as the seventh highest in the Championship.
Following the sale of Alex Scott, Bristol City is owed £15.9 million in outstanding transfer payments.
Cash Flow
Bristol City’s substantial operating loss translated into a negative operating cash flow of £15 million, slightly improved from an outflow of £17 million in the previous year.
During the period, the club spent £4.5 million on player acquisitions and received £11.9 million from player sales, while investing £1.4 million in facilities.
The resulting funding gap was covered by a £13 million increase in loans from the parent company, which were subsequently converted into equity. Additional loan repayments of £4 million were also made.
At a broader level, all Championship clubs recorded negative operating cash flows in 2023/24, totaling £422 million for the year. This meant the league required capital injections of £417 million just to cover operating losses, highlighting the scale of the financial challenge of the league.
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