Bristol City owner Steve Landsown has provided an injection into the club’s finances.
As per BristolLive, Lansdown has written off £15.3 million pounds worth of debt by converting it into club shares.
BristolLive report that a notice was posted on Companies House on Thursday for Bristol City Holdings detailing that 15,305,640 shares had been issued by the company for £1 each.
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This is something that has become normal at Ashton Gate over the past few seasons.
On the same date last year, £14 million pounds worth of debt was also converted into shares, and the same was also done in 2020 and 2019, although for different amounts.
Lansdown’s latest move come as the club faces tremendous difficulty in tackling their debt following the financial impact of the last few seasons.
As per BristolLive, the Robins accounts for 2020/21 revealed that the club’s debt had rose to £79.1 million pounds, with a “significant” amount being owed to Lansdown’s company Pula Sports.
Having posted losses of £38.4 million pounds for the last financial year, CEO Richard Gould has warned that the club are potentially in danger of breaching the EFL’s profit and sustainability rules, which could see them given a points deduction.
It seems as though this has become a regular occurrence at Bristol City over the last few seasons.
Lansdown has made this move on a consistent basis, and Robins fans will hope it provides the club with some financial relief.
Although they are not there yet, even talk of a points deduction should worry those at Ashton Gate, but let’s hope it does not come to that.
We have seen the impact points deductions can have at Derby and Reading this past season and it would be a crying shame were another club to get themselves into another situation like the aforementioned clubs.