Aston Villa received a multi-million cash injection from its billionaire owners to help keep the club afloat in the Premier League, it has been revealed.
The club’s latest accounts reveal how Nassef Sawiris and Wes Edens ploughed £126.4 million into the football club last season, helping it to remain debt free.
This is up from £105.7 million the pair invested the previous year.
But the club also took a £36.1 million hit in missed revenue due to the pandemic and the suspension of the Premier League between March 13, 2020 and June 17, 2020.
BirminghamLive reports Aston Villa said: “The club’s share of rebates due to broadcasters is expected to amount to £9.9 million… a loss of match day ticket revenues of £1.3 million and refunds to season-ticket holders of £2.7 million.
“As a result, £36.1 million of revenue that was expected to be recognised in the financial year will now be recognised in the financial year ending May 31, 2021 together with the remaining £3 million of rebates payable to broadcasters.”
Match day hospitality revenues were estimated to be impacted by £1.5 million as well.
Despite this, Aston Villa still managed to invest £155.9 million in the acquisition of new players upon promotion – up from the £31.2 million the club spent the previous year.
The club – which turned over £168.4 million in its first year in the Premier League – also paid out £86.3 million in wages and salaries, up from £78.3 million in 2019.
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In Villa’s report, director and CEO Christian Purslow outlined: “The key risk facing any club is the deterioration of on-field performance and results.
“The board mitigates this risk to the best of its ability by providing the manager with first-class training facilities and appropriate payroll and transfer budgets, and through generous support to the academy.
“The acquisition of players and their related payroll costs are deemed a core activity risk and, whilst assisting the manager in improving the playing squad, the directors are mindful of the pitfalls that are inherent in this area of business.”