Bristol City are one of the most investible clubs in the Championship, according to a large academic study untaken across clubs in England and Scotland.
BetVictor have crunched the numbers that rank the club's infrastructure, utilisation of stadium, their digital footprint and financials to analyse whether a side would be a good investment opportunity.
City owner Steve Lansdown, who is embarking on his 25th season as part of the Robins, has effectively put Bristol City up for sale, revealing last year he is looking for outside investment. It remains unclear whether he would prefer a full sale or to retain a stake in the club.
City's financial situation which transpires across the Championship and football in general, means buying football clubs and being asked to take on a heap of debt is far from inviting for potential suitors.
The Robins' accounts for the financial year ending 2020/21 showed debt levels had risen from £72m to £72.9, although the pandemic was a huge catalyst to the ongoing issues. City also posted losses of £38.4m meaning they are working hard to fall with the EFL's Profit & Sustainability rules for the upcoming season.
However many across England, especially in the Championship remain in a similar boat and it's suggested that they are a number of clubs in the league who remain up for sale - with American investors looking to advantage.
The latest study, conducted by football finance expert Dr Rob Wilson, determines which sides remain a good opportunity for investment based on the opportunity for growth in four areas. It is calculated using a weighted scoring model to determine the final score out of 100.
Areas of the club that would argue City remain an investible club include the training facilities at the Robins High Performance Centre, which remain some of the best across England rivalling those of top Premier League clubs. Ranked out of 20, City's scores 16.5 which is equal to that of Southampton and Wolves. It ranks 18th out of 108 sides compared, ahead of Cardiff and Reading.
City opened the High Performance Centre last year in March with landscaping and construction of the facility taking 13 months in total with the entire project lasting six years.
The club's youth facilities (14), youth recruitment (13), stadium condition and corporate facilities at Ashton Gate all rank highly. However, it was their financials that meant City dropped down the rankings.
According to their most recent accounts, City's revenue was £16.7m, the 14th highest in the division and with total revenue loss over the past two years to £18m. With club-record wages at around £35.3m, their wages to turnover ratio stood at an unmanageable 212%.
Although the club and Nigel Pearson have been working hard to address this with the manager emphasising the importance of wage equality across the squad and reducing the wage bill. City are confident it's now closer to £25m are still keen to make further reductions.
Gross debts also hit £96m, although £89m of that is owed to Lansdown having invested through his own Pula Sports company. Another £6.8m was an interest-free loan from the Football League.
The data also claims City rank 34th across England for stadium utilization with average attendances hitting 81% before the pandemic.
Coventry are apparently the most investible club across the Championship, ranking highly for their financials and infrastructure ahead of Wigan and Luton. One of the key reasons why they believe the Sky Blues are the most investible is down the lack of revenue their current 32,000 seater-stadium is generating. City sit ninth in the table behind Hull and Preston. Rankings in each area are calculated based on the opportunity for growth.
According to the survey, Arbroath of the Scottish Championship are the most investible because "their degrading infrastructure and lack of stadium utilisation could offer steady returns if properly managed at a cut rate price." The most investible club in the Football League is Cheltenham Town who have one of the healthiest wages to turnover percentages in the league pyramid.
Top 10 Championship sides for investment
- Coventry
- Wigan
- Luton
- Rotherham
- Millwall
- Blackpool
- Preston
- Hull
- Bristol City
- Burnley
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