BREAKING: Portsmouth report £2.9m losses after coming through coronavirus

Although the Blues remain debt free, following the latest additional £9m of investment from owners Tornante.

Accounts filed at Companies House for the year ending June 30, 2022, detail the Blues’ financial performance coming out of the Covid period.

Pompey have now recorded a loss in successive seasons, with latest figures for the financial year showing a deficit of £2,908,230m, rather than £3.86m in 2021-22.

However, Tornante’s decision to invest £5m in November 2021 and a further £4m in June 2022 helped fund these losses, while at the same time enabling ongoing Fratton Park renovation work.

Crucially, though, the absence of significant player sales, coupled with £716,375 spent on transfer fees, have impacted the operating losses.

That’s despite turnover rising from £7.38m to £11.95m following supporters being allowed back into Fratton Park after the behind-closed-doors existence under Covid.

Consequently, the return of the Fratton faithful drove ticket sales to £5.34m, increased hospitality income from £58,643 to £732,888, while income from sponsors and partners slightly rose to £839,129.

However, with the commencement of stadium work in the summer of 2021, temporarily reducing the North Stand’s capacity, the average attendance for the 2021-22 season was 15,005 – around 2,000 below pre-pandemic numbers.

Elsewhere, Pompey’s Football League Basic Award dropped by £1.33m, compared to the previous year when Covid bail-outs from the Premier League meant the club received £2.76m.

In addition, with all matches having been made available on iFollow to a home audience during coronavirus, its subsequent removal affected broadcasting and related income by £1m, with Pompey posting figures of £485,829, compared to £1.38m collected in 2020-21.

Elsewhere, disappointing progress in cup competitions saw other football-related income fall to £413,896, a drop of 44.7 per cent.

Pompey lost in the first round of the Carabao Cup at Millwall, while were dumped out at home to Harrogate Town in the FA Cup second round, although did reach the third round of the Papa Johns Trophy.

Other non-football revenues showed a leap to £1.09m from £142,945, primarily driven by gym membership from the newly acquired Pompey Health & Fitness Club, albeit it operated at a £100,000 loss.

Meanwhile, the £12m Fratton Park project is ongoing, with current work on the Milton continuing, representing the final phase of the scheme.

The latest accounts do not include Tornante’s investment of an additional £9m into the club, which was announced earlier this month.