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Bristol Rovers president offers assurances after accounts reveal £24m debt

:Headline: Bristol Rovers president offers assurances after accounts reveal £24m debt:
The accounts do not cover the period since the start of the coronavirus pandemic.

Bristol Rovers president Wael Al-Qadi has told fans he is doing all he can to protect the club and staff after the Sky Bet League One announced debts of almost £25million, which do not take into account the long-term effects of the coronavirus pandemic.

Accounts filed this week for the year ending in June 2019 showed a loss of £3.4m, slightly up on the previous year, from an overall debt of £24,069,114.

The largest part of that debt is £16.2m which is owed to Dwane Sports, an offshore company owned by the Al-Qadi family.

In an open letter to fans on the club website, Al-Qadi wrote: "Like you, I am following the government advice and staying inside, but despite the isolation, we are continuing to work around the clock to ensure that the club comes out of these tough times in a strong position.

"I write today following the release of our most recent set of accounts, which further demonstrate the investment that has been made into the club since we took over in 2016.

"The main focus of this investment has been in the first-team squad, with a highly competitive League One budget which has continued to be provided for all managers.

"These accounts see a 10 per cent increase in the club's revenue streams, however despite this, due to the levels of investment on the squad, the club has still been running at a significant operating loss.

Ben Garner's Bristol Rovers side sit 14th in League One (Nick Potts/PA)

"I understand that many supporters may be concerned about the increasing level of debt, however, I want to reassure them that this position in the current football climate is not unusual. The debt amounting is internal debt so doesn't affect the day to day running of the club and my commitment to the club and its long term aims remains as strong as ever.

"The impacts of this virus will hit all areas of the economy hard and football clubs are no different. We have lost all forecasted ticketing, retail, catering, bars, events and hospitality revenue.

"However, along with our executive team, I am doing all I can to ensure that everyone within the Bristol Rovers family is as secure as possible.

"I also wanted to thank all of our staff for their continued efforts and adaptability in these difficult circumstances."

Rovers, managed by Ben Garner who took over following Graham Coughlan's departure to Mansfield in December 2019, currently lie 14th in the League One table.

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CCoventry CityCoventry341813348301867
3Oxford UnitedOxford Utd35179961372460
5Fleetwood TownFleetwood351612751381360
6Peterborough UnitedPeterborough351781068402859
8Wycombe WanderersWycombe3417894540559
9Doncaster RoversDoncaster341591051331854
10Ipswich TownIpswich3614101246361052
12Burton Albion351212115050048
14Bristol Rovers35129143849-1145
15Lincoln CityLincoln35126174446-242
16Shrewsbury TownShrewsbury341011133142-1141
17Accrington StanleyAccrington351010154753-640
18MK Dons35107183647-1137
20AFC Wimbledon35811163952-1335
RTranmere RoversTranmere3488183660-2432
RSouthend UnitedSouthend3547243985-4619
RBolton WanderersBolton34511182766-3914
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Premier League Table
2Manchester CityMan City32213881334866
3Leicester CityLeicester32167960312955
5Manchester UnitedMan Utd321410851312052
6Wolverhampton WanderersWolves321313645341152
7Sheffield UnitedSheff Utd32121193332147
9Tottenham HotspurSpurs32129115144745
12Crystal Palace32119122837-942
13Newcastle UnitedNewcastle32119123343-1042
15Brighton & Hove AlbionBrighton32712133444-1033
16West Ham UnitedWest Ham3286183856-1830
18Aston Villa3276193660-2427
20Norwich CityNorwich3256212560-3521
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