LONDON, United Kingdom, Mar 18 – Premier League strugglers Bournemouth made a loss of Sh3.9 billion (£32.4 million) after tax for the financial year ending June 30, 2019.
Eddie Howe’s side were fighting to avoid relegation and sat in the bottom three before the coronavirus pandemic forced the season to be halted.
Off the field, their finances are no more healthy after the announcement of losses that grew from £10.9 million for the same period last year.
As well as the increase in loss, club turnover was down by £3.7 million, from £134.9 million in 2018, to £131.1 million in 2018.
Bournemouth said the decrease was “mainly attributed to a lower Premier League finish of 14th place”.
The Cherries’ spending over the period was £94.2 million, compared with £55.8 million in the previous period.
Jefferson Lerma, David Brooks and Dominic Solanke were among the costly arrivals, which the club said “demonstrates the board’s commitment to the continued development of the playing squad”.
Wages were also up from £101.9 million in 2018 to £110.9 million in 2019, but results have not improved despite the spending.
The figures did not include the income from Tyrone Mings’ £20 million switch to Aston Villa and Lys Mousset joining Sheffield United for £10 million
Commenting on the results, Bournemouth chief executive Neill Blake said: “During the financial year, the club’s focus was to consolidate its position in the Premier League through targeted expenditure on assets and expertise in the playing squad and supporting infrastructure.
“The directors continue to maintain close control over cash flow and continue to develop and maintain policies with the aim of ensuring the club is run in a sustainable and successful manner.”