Aston Villa, of English soccer’s top-tier Premier League, lost almost £120 million ($152.2 million) in the 2022-23 financial year.

The club, despite an impressive on-pitch performance last season in which they qualified for the pan-European UEFA Europa Conference League, lost £119.6 million during the 12 months up to May 31, 2023.

This also came despite the Birmingham-based side seeing their revenue rise to £217.7 million in 2022-23, up from £178.4 million in 2021-22.

The club has cited “improvements in gate receipts, sponsorship, and commercial revenues,” as the main reasons for their revenue boost.

Villa have said the figures are still “in line with the strategic business plan,” and within the profit and sustainability rules (PSR) imposed by the Premier League. Those regulations allow clubs to lose up to £105 million over a rolling three-year period.

Villa will be able to deduct investments in infrastructure, the academy, charity foundations, and their women’s soccer team, from those PSR figures, however.

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These PSR rules have already seen two teams – Everton and Nottingham Forest – charged for alleged breaches in their accounts up to and including 2022-23.

In December, V Sports, the multi-club ownership group that owns Villa, unveiled a strategic partnership with US-based investment firm Atairos.

Through the deal, Atairos is becoming a minority partner in V Sports, with its capital investment primarily being used to “fund growth and infrastructure projects,” the club has said.

In terms of the potential infrastructure projects the investment might go towards, meanwhile, Villa are currently in the stages of drawing up a plan for the development of their Villa Park home stadium, with a first stage (based around the venue’s north stand) scheduled to be completed by mid-2025.

The total capacity is thus set to increase to over 50,000, and Villa Park will also be one of the UK and Ireland venues to host games from the UEFA men’s national team European Championships in 2028.

In January, meanwhile, Villa were reported to have agreed to a new kit deal with German sportswear giant Adidas, while still under contract with UK manufacturer Castore.

According to UK news outlet The Telegraph, adidas will take over as Aston Villa’s kit manufacturer from the 2024-25 season, with Villa’s association with Castore ending after a controversial two seasons.

Aston Villa chairman and co-owner Nassef Sawiris owns a stake in Adidas and was appointed supervisory director of its German business in 2016.