Blackburn Rovers have achieved a £3.3million profit in their current set of accounts, up to June 30, 2024.
The club has been in the red with its end-of-year finances for the past four years. However, with the sale of Adam Wharton, they were able to steer themselves into the black.
These stories also mentioned the exits of Thomas Kaminski and Ash Phillips. Rovers were expected to post a profit after the parent firm, Venky’s London Limited, made £1.8 million in November. The financial reporting was dated March 31, 2024.
However, without the club-record sale of Academy talent Wharton, Rovers would have lost an additional £17.2 million. That is marginally lower than last year’s £17.4 million, but it underscores the reliance on Venky funding and/or player trading.
As part of the strategic assistance, it is reaffirmed that Blackburn Rovers has financial backing from Venky. Detailed estimates over the next three years demonstrate the need for owner investment, which Venky’s has stated they will deliver.
The ongoing court case in India was again highlighted. It was stated that these are specific to the parent company, Venkateshwara Hatcheries Private Limited (VHPL), and not Blackburn Rovers.
Venky’s were granted a ‘No Objection Certificate’ in March 2024, which grants them free reign to distribute £15m to Rovers under set conditions. That is for equivalent funds to be paid into a bond, matching each £ sent to the club. Chief Executive Steve Waggott has spoken multiple times about this agreement.
The owners are in court to have this removed, with the latest hearing dated for March 25, though it has been postponed multiple times in the last 12 months. As a result, ‘directors are satisfied the company has sufficient funds to pay its liabilities for the foreseeable future’.
In general, the football team’s expenses decreased in 2023–2024. While earnings and salaries decreased by the same amount, turnover increased by 0.4 million. At 118.7%, Rovers’ pay to turnover ratio is at its lowest level in five years and has been declining annually.
Despite a more challenging season on the pitch, average league attendance increased from 14,819 to 15,584.
Rovers fell 12 spots from seventh to 19th, and Sky Sports broadcast them nine times instead of 23 during Jon Dahl Tomasson’s first season.
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