Aston Villa record £69m financial loss including £30m bonus payment to former owner Randy Lerner
Last Updated: 28/02/20 4:39pm
Aston Villa have recorded a loss of almost £69m for the last financial year.
The deficit includes a £30m bonus payment to former owner Randy Lerner which was due on their return to the Premier League.
The club also outlined "exceptional promotion-related costs" of £45.8m as a significant contributory factor in the £68.9m loss for the financial year ending May 31, 2019.
The results showed turnover was down by £14.3m on the previous year to £54.3m - mainly due to a reduction in Premier League parachute payments.
Villa, who had a loss of £36m the previous year, revealed new owners Nassef Sawiris and Wes Edens invested £30m into the club to cover the bonus due to Lerner.
However, despite the losses, the club insists cash injections made by the new owners mean Villa are now debt-free and in compliance with Financial Fair Play regulations.
A club statement read: "During the year, the ownership group introduced £105.7m into the club all of which was in the form of capital injections which resulted in Aston Villa remaining debt-free.
"Aston Villa can confirm that in the three-year period ending May 31, 2019, the club complied with the EFL's Profitability & Sustainability Rules.
"After promotion, The Premier League reviewed and confirmed compliance in accordance with their own policies and procedures."