Birmingham City lost £720k a week
Birmingham City's gamble on promotion in the 2017/18 season cost them more than £720,000 a week, the club’s accounts have revealed.
Blues, who are facing action from the EFL for breaking Financial Fair Play regulations, recorded a pre-tax loss of around £37.5m for the financial year ending June 30, 2018.
With an EFL ruling expected next month, and a possible fine and points deduction to follow, Blues owe their parent company Birmingham Sports Holdings Limited £73.1m – a figure director Xuandong Ren forecasts will rise by a further £39.1m before the end of December 2019.
After narrowly surviving relegation in 2016/17, Blues went on a spending spree the following year that saw them fork out £12.1million on transfers and their wage bill rocket by £15.7m to £37.9m.
They brought in £2.9m from player sales.
Blues’ wage bill was more than twice the £18.8m revenue they made during 2017/18.
