Bournemouth were relegated in July after five seasons in the Premier League
Championship club Bournemouth have recorded pre-tax losses of more than £60m for the year ending 30 June 2020.
The Cherries, who were relegated from the Premier League last July, saw their losses almost double from £32.4m the previous year due to Covid-19.
Turnover dropped by £35.7m due to a fall in final league position in 2019 and the effect of Covid-19 on income.
The figures do not include more than £50m in transfer fees earned after the end of last season.
The club, which is owned by wealthy Russian businessman Maxim Demin, sold several players including Nathan Ake, Callum Wilson, Aaron Ramsdale and Harry Arter after their relegation.
Manager Eddie Howe also left the club, who have since sacked his successor Jason Tindall.
Bournemouth spent £38.7m on new players in 2019-20, down from £94.2m in the previous 12-month period.
They suffered a £7.2m cut in television money caused by the delay to the end of last season, with £5.9m of those losses being included in the figures up to the end of June.
"During the financial year, the club's focus was to consolidate its position in the Premier League through targeted expenditure on assets and expertise in the playing squad and supporting infrastructure," chief executive Neill Blake said in a statement on the club website. external-link
"Contrary to the hopes and expectations of all at the club, the goal of retaining Premier League status was not achieved.
"The directors continue to maintain close control over cash flow and continue to develop and maintain policies with the aim of ensuring the club is run in a sustainable and successful manner.
"These policies are seen as vital in order to keep control over all expenditure that the club commits to in order to go some way to mitigating the risks arising from the inherent uncertainty over league status in the following season.
"After the year end, the club sold three players for a profit of £50.8 million.
"Clearly, if these sales had been made before 30 June 2020, this would have removed a large portion of the loss for the year, and in an ordinary year such sales would have been possible prior to the year end."
Source: bbc.com