Football - Rovers record hefty losses

Blackburn have announced staggering losses of £36.5million in annual accounts which lay bare the full cost of their futile pursuit to instantly return to the Barclays Premier League.

PA Sport
Football - Rovers record hefty losses
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Blackburn have a net debt of over £50million

The Venky's group-owned Rovers had warned for some time that these financial reports, made up to June 30 2013, would make for bleak reading yet the eye-watering figures, which also shows the net debt has risen from £24.5 to £54.5million, displays the true extent of last year's disastrous campaign both on and off the pitch.

The club had a total of five managers last season, including those who took charge on a temporary basis, with Steve Kean, Eric Black, Henning Berg, current boss Gary Bowyer and Michael Appleton all at the helm, and they spent heavily in a bid to win promotion back to the top flight, breaking their transfer record to sign Jordan Rhodes from Huddersfield.

Scotland international Rhodes was one of the few success stories as he struck 30 times to ensure Rovers did not suffer the distinction of back-to-back relegations, something they only ensured would definitely not happen on the penultimate day of the season.

Rovers have worked hard this summer to limit the damage of last year's frivolous spending with higher earners such as Morten Gamst Pedersen, Danny Murphy and Nuno Gomes jettisoned from Ewood Park, yet these accounts show their wages at 136.1 per cent when related to their current turnover.

Managing director Derek Shaw recently warned a fans' forum that worse could still be to come with the advent of the forthcoming Financial Fair Play rules potentially resulting in a transfer embargo should Rovers not be promoted this term.

In comments made in these accounts, Shaw said: "The club's owners and management remain determined to get back to the Premier League. Although we need to be competitive, we have to aim to be within the Financial Fair Play regulations.

"Despite an overhaul of the playing squad over the summer, we still have some big wage earners at the club and we are working hard to put our house in order.

"In Gary Bowyer we have a manager who cares greatly about the club and who is prepared to put his trust in young talent."

Shaw added: "The club is turning a corner after what has been a difficult couple of years both on and off the pitch, and we sense that the supporters share that belief."

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