Bristol Rovers say they have reduced annual operating losses by almost £1million ahead of the publication of their 2020/21 accounts, with Wael Al-Qadi committing further financial support.
A press release published late on Friday evening stated the accounts are due to be published on Companies House soon, and Gasheads have been told to expect operating losses to fall by £959,000 when the figures have been published. The operating loss in the 2019/20 accounts was £2,436,286.
Owner and president Al-Qadi has also committed to capitalising £3.5million of debt into shares in the club as a measure to "limit the club debt and further safeguard our future," a statement said.
Further analysis of Rovers' accounts will be carried out by Bristol Live once the figures are made available on Companies House
The club's statement on Friday said: "The 2020/21 year was arguably the most challenging in the club’s history and the main focus was survival, given the fact that we faced the prospect of no supporters and limited revenue streams. To that end, we are pleased to reduce our operating loss by almost £1,000,000 from the previous financial year.
"Despite the uncertainties that the financial year produced and the loss of the final fixtures of the season, all employees received their full wage throughout the pandemic.
"Going through tough times reminds us of what we have, and everyone at the club is incredibly grateful and thankful for the continued support of our fanbase.
"Furthermore, we wouldn’t have been able to continue through the year without the unbelievable dedication and support of all of our staff, who have continued to innovate and drive standards to help us work towards reaching our potential.
"Finally, operating at the level we do currently is only possible due to the continued investment of our owner, Wael Al-Qadi. In a further demonstration of support, Wael is delighted to confirm that conversations are already underway to convert a further £3,500,000 of club debt to equity, limiting the club debt and further safeguarding our future."
Al-Qadi has converted debt into shares in the past, capitalising more than £18million of loans owed to Rovers' parent company Dwane Sports in 2020.
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