League Championship side Blackburn Rovers' net debt has risen to £79.8M ($120M) from £54.5M ($82M) as it struggles "to comply with Financial Fair Play rules," according to the BBC. The club is currently "under a transfer embargo for breaching FFP regulations." Under existing rules, clubs "were permitted to lose" no more than £8M in total last season, but Rovers recorded losses of £42.1M. Managing Dir Derek Shaw said, "The owners know that we've been changing a lot of things around at the football club. We came down with a Premier League squad that was very well paid and it's just been too much [money] to lose -- we've been unable to move enough people out" (BBC, 1/8). FC BUSINESS reported the club, owned by Indian poultry firm Venky’s, "were one of three clubs handed a transfer embargo by the Football League for failure to comply with Financial Fair Play rules in December 2014." Turnover increased from £26.9M ($41M) to £30.4M ($46M) and wages decreased from £36.6M ($55M) to £34.5M ($52M) (FC BUSINESS, 1/8). In Lancashire, Paul Wheelock wrote the accounts also show net debt shot up from £54.5M to £79.8M, £58.6M ($88.6M) of which "is owed to Rovers owners Venky’s in the form of an interest-free loan which has no fixed date for repayment." Media income "was up" £4.2M ($6.3M) due to an increase in central distributions by the Premier League but matchday revenue was down £1.6M ($2.4M) due to a decrease in cup competition income. Commercial income was up £600,000 ($907,300) "due mainly to the increase in academy grant income received as a result of achieving category one status" (LANCASHIRE TELEGRAPH, 1/8).
