Bristol Rovers’ debt has increased to almost £25million after the club's latest accounts were published on Friday.

The Gas filed their finances with Companies House this week, posting a loss of £3.4million in the 12 months preceding June 2019.

That figure is slightly up on the 2017/18 accounts, and it appears the club have a long way to in their effort to become a more sustainable business.

The club’s debt to offshore-based Dwane Sports – owned by the Al-Qadi family – has increased to £16.2million, accounting for much of their £24,069,114 overall debt.

The loss was funded by loans from Wael Al-Qadi, who recently became the sole director of another of his family’s firms – Dwane Developments – following the resignation of his brother Hani Al-Qadi.

Wael Al-Qadi, Rovers’ president, is just one of two directors on the club’s board alongside chief executive Martyn Starnes after supporters’ club representative Ken Masters was exiled from the boardroom.

If not for the sales of Ellis Harrison, Rory Gaffney and Tom Broadbent in the 2018/19 season, Rovers’ losses for the year would have been in almost £4million.

In a fans Q&A earlier this month, Starnes revealed the clubs losses would be down year-on-year, enabling the club to be “increasingly more sustainable.”

He said: “The club has been losing money and quite heavily over recent seasons and we’ve been looking to reduce those losses without affecting our competitiveness on the football pitch and we’ve had some success in that this year and thanks to the business plan that has been put in place.

“Our overheads and losses will be reduced this season which is good news.”

The figures show a slight increase in the loss category, but Rovers hope to make ground in the 2019/20 accounts.

A strategic report penned by Starnes recognises the club are in an “unsustainable trading position”, but they hope losses will fall by “at least £1.7million” in the next accounts thanks to cost-cutting efforts in recent months.

(Image: BristolLive)

But it appears there is a long way to go before becoming self-sufficient with the club heavily indebted to its president.

The inability to deliver a new stadium, and the financial benefits it would bring, remains a point of frustration of all involved with the club, which was guilty of overspending in the early days of Al-Qadi ownership.

Falling attendances and overspending in the transfer market have also contributed to Rovers’ financial strain.

And the financial hit caused by the coronavirus suspension is expected to total £500,000, which will have to be covered by the ownership.

Bristol Rovers have been approached for comment.