Rovers have announced losses of £6.6m in the year to June 2021, the lowest since 2017, due to the sale of their Senior Training Centre.

The figures include the entirety of the 2020/21 season which was played behind closed doors due to the coronavirus pandemic.

Losses have fallen by £15.3m from the £21.9m recorded in the year to 2020, yet that is down to the sale of Rovers’ Senior Training Centre at Brockhall in June 2021.

The operating loss before the trading of intangible/tangible assets stood at £15.6m.

The accounts state: ‘Profit on sale of tangible fixed assets was £13m (2020 – nil), wholly due to the sale of the Senior training ground and houses.’

They add: ‘In June 2021 the company sold the Senior training ground and related property for £17.3m to Venkateshwara London Limited, a subsidiary of the ultimate parent company, Venkateshwara Hatcheries Pvt. Lrd. The proceeds are due for settlement by June 2023 and carry interest at four per cent above the State Bank of India base rate and interest arising on the loan in the periods was £13,603.

“The company has entered into a lease to continue to use the Senior training ground and rent of £6,827 arose for the periods to June 30 2021.”

The accounts also add: ‘During the year the company converted £29.583m of parent company loan into equity shares to comply with Financial Fair Play rules surrounding owner funding.”

Current net liabilities fell by £33m to £135m – with the share capital standing at £176.6m.

Turnover increased by £1m to £14.5m, while wages increased slightly from £25.6m to £25.7m, a rise for a third consecutive year.

With all of Rovers’ home games having been played behind closed doors, matchday income decreased by £1.8m to £0.8m, though media income increased by £1.9m to stand at £8.7m.

Commercial income increased by £0.8m to give a figure of £4.8m for the year.

The number of staff employed by the football club fell by eight to 217, with half of those coming in the Academy.

The salaries of Rovers’ three directors rise by £20,000 to £489,450.

The club’s wage to turnover ratio did fall, but still stood at 177 per cent.

The accounts do not include the sale of Adam Armstrong to Southampton last summer. That took place in August 2021 and will be included in the accounts to June 2022 which will be published in March 2023.

The accounts state: “Since the balance sheet date the company has entered into transfer agreements amounting to net transfer fees receivable of £9.2m.”

Rovers also took out a business interruption insurance policy, with a payment of £2.5m having been agreed on. They also received £773,000 in furlough payments.

Take out a subscription...

Gain unlimited access to the Lancashire Telegraph website with a premium digital subscription - we are running a £2 for two months special offer