CHERRIES have announced a recorded loss of £32.4million after tax for the year ending June 30, 2019 – compared to £10.9m the previous year.

Chief executive Neill Blake did however state “directors consider the financial position of the company to be satisfactory”.

The club announced turnover was down £3.8m, from £134.9m in 2018 to £131.1million in 2019 - mainly attributed to a lower Premier League finish of 14th place compared to a 12th-place finish in 2017-18.

Player registration cost additions for the year were £94.2m, up £38.4m on the £55.8m spent during the previous period.

Staff costs also increased from £101.9m in 2018 to £110.9m.

Blake said: “The 2018-19 season saw the club competing in the Premier League, finishing in 14th place with 45 points. That was enough to secure Premier League status for a fifth consecutive season.

“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.

“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.

“The club sees retention of key staff as a key ingredient to success and the directors consider the financial position of the company to be satisfactory.”

He added: “Shortly after the year end, the club sold three players for a profit of £22.6million.

“Clearly, if these sales had been made before June 30, 2019, this would have removed a large portion of the loss for the year.”