One Win From Twickenham, £44m In The Hole

In the 2024-25 season covered by these accounts, Bristol Bears finished 4th in the Premiership with 58 points, level with Sale on points but edged into the final play-off spot on the head-to-head. They travelled to the Rec for the semi-final and led Bath 13-6 at half-time, only for four unanswered second-half tries to send the hosts through 34-20 and end Bristol's title dream at the final hurdle.

Off the pitch, the picture was less dramatic but no less serious. Turnover held at around £11m, with a pre-tax loss of close to £6m, in line with recent years. Net assets stand at roughly minus £44m, by some distance the weakest balance sheet of any Premiership club in this dataset, reflecting years of losses absorbed by owner Steve Lansdown rather than by the business itself.

Staff costs of around £11m funded a squad still built for a title push, and the club's own statement pointed to continued investment in "high-performance rugby" as the reason for the loss, alongside a three-year plan aimed at reducing costs and growing revenue from matchday and retail income, including a one-off "Big Day Out" fixture at the Principality Stadium.

Cash in the bank was minimal, under half a million pounds, leaving the Lansdown family's continued backing as the club's real working capital. Bristol's story this year is a familiar Premiership one: an ambitious, competitive squad, and a business that only balances because its owner keeps writing cheques.

Turnover vs staff costs, FY2024-25