Bristol City have announced losses in excess of £11m for the financial year ending 31 May 2011. The Championship club reported a loss of £11,454,525, compared to the record deficit of £11,808,085 for the previous financial year. City have now lost close to £30m in the past three years.
The Bristol City chairman, Colin Sexstone, intends to cut the wage bill. "The thing that stands out in this set of accounts is that our costs are far too high for the level of income we are taking. That is not acceptable and, clearly, we have to reduce our wage bill," he said.
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