Rovers have posted losses of £18.2m for the financial year to June 2019, an increase of £1.4m from the previous year.

There was a substantial rise in turnover, up by to £7.7m to £16.7m, following promotion back to the Championship.

That was largely owed to the increased television broadcast deal, with Rovers pocketing £7.4m compared with £1.9m in the year to June 2018 when they were in League One.

There was a rise in commercial revenue of £1.2m to £5.5m, and a seven-figure increase in matchday revenue, from £2.7m to £3.7m.

Those increases were offset by a substantial rise in wages, up by £5.6m to £22.4m, upon the return to the Championship, though the wage to turnover ratio did fall to 134 per cent from 187 per cent.

Rovers say the losses were also due to the increase in turnover being offset by reduction in player sales of £1.9m, an increase in wages and salaries of £5.6m and in operating costs of £1.5m.

Current net liabilities stand at £146.3m, but the accounts state that ‘the club remained compliant with the Championship’s profit and sustainability rules during this period’.

Wages and salaries at the club stand at £22.3m, up from £16.7m in League One.

There has been a rise in the number of staff, from 217 to 226, largely on the playing side. The number of senior players and management rose from 70 to 81, though there was a drop in Academy players and staff on the payroll, down to 50 from 57. Other areas of the club largely remained the same.

The salaries of the club’s three executive directors rose by £282,000 to £570,000, though the accounts do state that in 2018 two directors were members of a money purchase pension scheme.

Figures owed to debtors stood at £5.1m, up by £0.1m on the previous year, with total creditors standing at £3.3m.

On player contracts, ‘the maximum potential payment for amounts due to football clubs and other third parties for first-team players’ was £3.9m, compared with £2.1m 12 months earlier.

Since the publication of the accounts, which run to June 2019, the club have entered in to transfer agreements that leave them with a net spend of £1.9m, compared with £7.6m in 2018.

The accounts state: “At June 30 2019 the company had net current liabilities of £146,358,625 and reported an operating loss before changes in intangible fixed assets of £16,099,497 for the year.

“In common with many football clubs, the company may continue to make operating losses and incur net cash outflows depending on a number of variables including the success of the team in the league and cup competitions and the level of transfer activity.

“The company is funded through a bank overdraft facility, and shareholder loans, and in view of the current financial position, the company remains reliant on its ability to maintain existing and obtain additional funding when necessary.

“In managing the finances of the company, the directors remain mindful of the need to ensure the company will comply with the Championship’s profit and sustainability rules.”

They go on to add that the directors have ‘prepared detailed cash flow forecasts for the period to the end of June 2021’ which indicate ‘the company will require significant funding in addition to the current facilities available to the club’.

“In view of this the directors have received confirmation from the ultimate parent company (Venkateshwara Hatcheries Pvt. Ltd) that is has sufficient funds and is willing to provide such additional financing as may be required to fund the company, to the extent necessary for the company to continue to trade and pay its liabilities as and when they become due, for the 12 months following approval of these accounts and thereafter for the foreseeable future.”

Attendances at Ewood Park averaged 14,508 for the 2018/19 season, their highest since 2014/15 (14,930) and significantly higher than their previous Championship in 2016/17 (12,688). The club was shown seven times live on television.

Payments of £400,000 were made to achieve player disposals in 2018/19, with profit on player sales totalling £1m, but down on the 2018 figure of £1.5m.