Bristol City Financial Results 2024/25
- Matchday Finance
- Jan 5
- 10 min read
The 2024/25 campaign marked the 127th seasons in Bristol City’s history and their tenth consecutive year in the Championship.
In recent decades, Bristol City have moved between the second and third tiers of the English Football League, with only a brief spell in the top flight in the late 1970s. More recently, however, the club has established itself in the Championship, where it has now spent the past 10 consecutive seasons.
The 2024/25 season marked a fourth successive year of improvement in league position. Bristol City finished sixth—their highest placing in almost 20 years—and qualified for the play-offs. The play-off campaign, however, was disappointing, ending in a heavy 6–0 aggregate defeat to Sheffield United. Domestic cup competitions provided little consolation, with elimination in the third round of the FA Cup and a first-round exit in the Carabao Cup.
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 2024/25. While many Championship clubs rely on owner support, this average outlay of around £20 million per year here is very significant.
Financial Results 2024/25
Bristol City are one of six Championship clubs to have published their financial results.
Financial highlights:
Turnover
Total revenue fell from £42.6 million to £40.3 million, but this still likely ranks among the highest for clubs outside the parachute payment system.
Commercial revenue fell by £5.0 million, largely due to a reduction in non-football events, although this was partially offset by a £3.6 million increase in broadcast revenue.
Matchday revenue decreased slightly, reflecting a lower number of cup matches compared with the previous season.
Staff Costs
Salaries and wages rose by £1.0 million to £35.9 million, while player amortisation increased by £1.7 million following further player acquisitions.
Total staff costs reached £41.0 million, equivalent to 101% of turnover and likely around the tenth highest in the league.
Profit from player sales fell sharply from £21.7 million to £6.0 million, with the sale of Tommy Conway the only significant disposal.
Profit/Loss
Losses rose from £3 million in 2023/24 to £19 million in 2024/25.
Net Assets
Net assets remained negative at -£33 million, mainly due to £96 million owed to the owners.
Trading
The club invested £11 million in player signings, the highest level of spending in five years, with Twine, Mayulu, Armstrong and McNally joining the squad. This was partly offset by £6 million generated from player sales.
As a result of these acquisitions, the squad’s net book value increased by £7 million to £12 million.
Debt
Total net debt rose by £1.4 million to £90 million, the bulk of which is owed to Pula Sports at a nominal interest rate of 3%. In addition, the parent company is owed £5.4 million in accrued interest.
Cash
The owner injected an additional £7.5 million through a loan, which was subsequently converted into equity.
Financial Outlook
Off the pitch, City are once again targeting a play-off place in 2025/26 and, at the time of this report, sit 10th, just two points shy of the play-off positions. Financially, the season is expected to show a boost in commercial revenue, driven by hosting fixtures for the Women’s World Cup in September 2025. However, with little income generated from player sales so far, the club is likely to record another loss similar to previous seasons unless additional players are sold during the winter transfer window.
The club has also sold a controlling stake in the Women’s Football Club for £4.4 million to Mercury13, who also own Italian side Como Women.
City have indicated that they remain in a strong position with regard to EFL Profit and Sustainability rules, largely due to the 2023/24 sale of Alex Scott. However, as compliance is assessed over a three-year period, the absence of further player sales could tighten their financial position heading into the 2026/27 season.
Turnover
Key revenue sources include matchday income (ticket sales), central broadcasting distributions from the EFL, Premier League solidarity payments, and commercial income such as sponsorships, merchandising, and other business activities.
The chart below highlights the continued significance of commercial revenue to the club through the multi-use of Ashton Gate. In 2024/25, commercial revenue represented 48.5% of total turnover, slightly lower than the previous season.
Bristol City generate one of the higher revenues in the Championship, excluding clubs receiving parachute payments.
With only six clubs having published their results so far, the chart below compares their figures with estimates for the other clubs.
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 22,279 supporters per league game — 84% of capacity — and the eleventh-highest attendance in the Championship.
Their average revenue per fan rose slightly to £13.50 from £13.00 the previous season. Although the club played one extra league game after reaching the play-offs, they participated in four fewer domestic cup matches with shared revenue, leading to a decline in matchday income from £7.7 million to £7.4 million.
City’s matchday revenue is likely to rank around the middle of the league. Among clubs that have published accounts, they sit below Derby but ahead of Hull City.
Broadcast Revenue
Broadcast income is derived from EFL central distributions, Premier League solidarity payments, and revenue from televised cup matches. An increase in EFL TV rights, following the new deal with Sky, raised central distributions to £7.2 million (up from £4.0 million the previous year), with solidarity payments of £5.3 million. Total media revenue for the year reached £13.3 million, a notable rise from the £9.7 million earned in 2023/24.
Commercial Revenue
Bristol City benefit from the multi-use of their stadium, particularly through income from the Bristol Bears rugby team, who played 13 home fixtures at Ashton Gate, making the club’s commercial revenue among the highest in the division. However, total commercial revenue fell sharply from £24.9 million to £19.6 million, primarily because the stadium hosted no concerts while preparing for the Women’s Rugby World Cup fixtures in September 2025, the impact of which will be reflected in next year’s accounts.
Bristol City’s main front-of-shirt sponsor was initially Hubbo, but this deal was terminated in February 2025 for failing to meet its terms. The Robins Foundation, a local charity, temporarily took over the front-of-shirt sponsorship for the remainder of the season, before events company Fever assumed the role from March 2025.
City’s commercial revenue is the highest among clubs that have published their results and is likely second only to Leeds United across the entire division.
Staff Costs
Staff costs cover salaries and wages for all employees, the amortisation of transfer fees (which spreads a player’s acquisition cost over the length of their contract), and any impairments (recognised when a player’s estimated market value falls below their book value).
Salaries and wages rose from £34.9 million to £35.9 million. At the same time, several player acquisitions increased the squad’s book value, pushing amortisation up from £3.4 million to £4.9 million in 2024/25.
Compared with other clubs that have published results, City’s total staff costs of £40.8 million are considerably lower than Norwich’s £60.2 million and likely to be less than a third of Champions Leeds. Based on 2023/24 staff costs, City would rank ninth.
The club’s total staff costs represent 101% of revenue, posing potential profitability challenges if player sales do not generate additional income. Bristol City is not alone in this regard; in the 2023/24 season, 16 Championship clubs had staff-to-revenue ratios above 100%.
Profit on Player Sales
The club generated £5.9 million in profit from player sales, a significant drop from £23.3 million in the previous season. The only notable departure was Tommy Conway’s move to Middlesbrough.
Profit and Loss
Whilst overall revenue fell by £3 million, this was offset by lower operating costs, which declined by £4.7 million due to hosting fewer events, resulting in a slight increase in EBITDA (earnings before interest, taxation, depreciation, and amortisation). However, the reduction in profits from player sales caused losses to widen from £3 million in 2023/24 to £19 million.
These losses must be covered by the owners and remain within EFL profitability rules, which permit an adjusted loss of £13 million per year over a three-year period. Adjustments account for spending on youth development, women’s football, and infrastructure. City do not publish their ‘adjusted’ figures, but it is reasonable to assume that their adjusted losses over the past three seasons remain within the EFL limits.
Losses are common in the Championship. In 2023/24, only four clubs reported a profit, all driven by player sales. Of the clubs that have published 2024/25 results so far, only Plymouth avoided a loss, while Norwich recorded the largest at £20.7 million.
Net Assets
Net assets represent the difference between total assets and total liabilities and correspond to the club’s net equity.
Assets include fixed assets—such as player registrations, facilities, and goodwill—as well as current assets like trade debtors, transfer fees receivable, and cash.
Liabilities comprise loans (from banks, shareholders, or group companies), transfer fees payable, trade creditors, deferred income (for example, advance season ticket sales), and other financial provisions.
Bristol City report negative net assets, indicating that their total liabilities exceed their assets. This is largely driven by shareholder loans, which are often converted into equity over time.
Total assets stood at £84 million, with over £50 million in fixed assets, including the stadium, training ground, and associated facilities. Player assets accounted for £11.7 million, with a further £11.7 million in transfer fees receivable, alongside cash and other short-term assets.
Total liabilities amounted to £117 million, including £89 million owed to the parent company Pula Sports, £7 million in transfer fees payable, and various other short-term liabilities and provisions.
Based on the latest available results, only 11 of the 24 clubs report positive net assets.
Player Trading
The club spent £11 million on player signings, the highest outlay in five years, bringing in Scott Twine, Fally Mayulu, Sinclair Armstrong, and Luke McNally. This was partly offset by £6 million from player sales, with Tommy Conway the only significant departure.
The club’s £11 million spending is likely the 13th highest in the division last season.
Squad Net Book Value
The squad’s Net Book Value represents the total acquisition cost of players minus accumulated amortisation, which spreads the cost of a player over the length of their contract. Following this season’s acquisitions, City’s Net Book Value rose to £12 million, likely placing them around the middle of the division on this measure.
Football Net Debt
Football net debt represents the total amount a club owes to external parties. It includes bank loans (net of cash holdings), funding from owners, loans from related entities such as a parent company, and outstanding transfer fees payable to other clubs, minus any transfer fees the club is due to receive.
At the end of the 2024/25 season, Bristol City reported £89.4 million of outstanding loans from its parent company, Pula Sports, the majority of which carried a nominal interest rate of 3%. This was partly offset by £2.4 million of loans receivable. The club also utilised an overdraft facility with a carrying value of £3.1 million.
In addition, the club owed its owner £5.4 million in accrued interest on these loans, which is not classified as debt in the accounts.
Overall Net Debt was 89.6 million.
Total debt across the Championship reached £1.4 billion in the 2023/24 season, equating to an average of £58 million per club. More than £1.1 billion of this relates to loans from owners or owner-related entities which, as in Bristol City’s case, are frequently converted into equity rather than repaid. Outside of a club sale, there are very few examples of owner loans being settled in cash.
Based on the latest published figures for Championship clubs, Bristol City’s debt is the fourth highest in the division.
Player transfer fees are typically paid over several years, resulting in amounts owed between clubs. At the end of the 2024/25 season, City were owed £12 million in outstanding transfer receivables, likely relating to the sale of Scott to Bournemouth. They also owed £7 million to other clubs in respect of their 2024/25 player acquisitions.
Cash Flow
Cash Flows are reported in three categories:
Cash Flows from Operations refer to cash generated from the club’s core activities—revenue minus day-to-day costs such as salaries, rent, and utilities.
Cash Flows from Investments include cash spent on player acquisitions and facility improvements, net of player or asset sales.
Cash Flows from Financing cover new loans or equity raised, less repayments or buybacks. If operational cash flow cannot fund investments, the shortfall is usually met through financing.
Like most Championship clubs, Bristol City has consistently reported negative operating cash flows. Over the past seven seasons this has averaged more than £18 million of cash outflow per year. This has been partly offset by net player trading, which has generated around £4 million per year on average. The resulting shortfall has been funded by the owners. While these funding levels are lower than when the club was first acquired, owner support still amounts to around £14 million per year.
While these are significant sums, there has not been heavy investment in the playing squad; as noted above, the club has been a net recipient from player trading. The owner has recently confirmed that this approach will continue, with the emphasis remaining on developing home-grown talent.
In 2024/25, the owner invested a further £7.5 million—one of the lowest annual injections for some time—provided initially as debt and subsequently converted into equity.
Information
This information is based on the entity Bristol City Holdings Limited for the period 1st July 2024 to 30th June 2025.
Bristol City Holdings Limited is part of the wider “Bristol Sport” group of related companies which all have Pula Sport Limited as a parent company and Pula Limited as ultimate parent company. The “Bristol Sport” group also includes Bristol Sport Limited, Bristol Flyers Limited, Beggar Bush Lane Sports Facility Limited, Bristol Rugby Club Limited and Bristol Bears Women Rugby Club Limited. The ultimate controlling parties are Mr and Mrs S Lansdown.
Comments