Rovers ‘very dependent’ on owner

reduced this season, which is good news.”

The figures show a slight improvement in the loss category, and Rovers hope to make further ground in the 2019/20 accounts.

A strategic report penned by Starnes recognises that the club are in an “unsustainable trading position”, but they hope losses will fall by “at least £1.7m” in the next accounts thanks to costcutting efforts in recent months.

But it appears there is a long way to go before becoming selfsufficient with the club heavily indebted to its president.

The inability to deliver a new stadium, and the financial benefits it would bring, remains a point of frustration of all involved with the club, which was guilty of overspending in the early days of Al-Qadi ownership.

Falling attendances and overspending in the transfer market have also contributed to Rovers’ financial strain. And the financial hit caused by the coronavirus suspension is expected to total £500,000, which will have to be covered by the ownership.

The figures have prompted one football finance expert to explain that Rovers are “only sustainable as a trophy asset”.

Lecturer and author Kieran Maguire believes the club is in a “tough position” financially.

He said: “The Gas are in a tough position, losses over the last few years have been rising rapidly, offset partially by player sales.

“However, the post coronavirus transfer market is likely to be very subdued in terms of prices.

“As a consequence, the club is very dependent upon owner loans to cover the rest of the losses.

“It is only sustainable as a trophy asset with an owner who is prepared to cover the day-to-day trading issues. Should the owner lose interest or be unwilling or able to continue to lend sums in respect of the losses then there would have to be at best drastic cuts in spending.

“The loans to Dwane Sports have gone from zero to over £16m in a few years.

“Many clubs do have wealthy owners who are prepared to invest in the club in the form of loans and shares to keep them afloat, so Rovers are not alone in that regard.

“Historically, Bristol Rovers have always produced excellent sets of accounts in which they broke down their revenues and costs to allow the figures to be analysed in a fair amount of detail. It appears the club has changed auditors since the 2018 accounts were published and is publishing far less information now. This is disappointing in terms of transparency and being open with the fans. The motives for hiding so much detail that was previously disclosed is unclear.

“For most clubs the core costs are relating to players in terms of wages and transfer fees.”