WORCESTER Warriors has reported a pre-tax loss of £5.8million for a “challenging” 2017-18 season.

But the club’s financial position has improved compared to the 2016-17 campaign when they lost £8.1million.

Turnover also increased by £1.4million to £12.2million courtesy of a further £1.2million in central funding and extra sponsorship.

Administrative expenses dropped from £16.4million to £15.3million which includes wages of £10.7million.

The latest accounts, published two months after the deadline, cover the year ending June 30, 2018, when the club was still up for sale.

It read: “Our 2017-18 season was challenging but after an impressive performance in the second half of the season we retained our position in the Premiership for a fourth successive season.

“The owners of the club are committed to investing in the coaching of all teams, the improvement of the stadium and facilities and ensuring funding the first team to the full salary cap.”

A year after being put on the market by Sixways Holdings Limited the club was bought by a consortium led by Jed McCrory on September 28, 2018.

According to the 38-page Annual Report and Financial Statements for WRFC Trading Limited, the majority shareholding was “purchased by Militibus Quanco Limited for consideration of £1”.

It added: “All land and property was transferred to WRFC Trading Limited.

“The land and property was subsequently transferred to MQ Property Co Limited for £6.25million before then being leased on a 999-year term to Link Corporate Trustees (UK) Limited and then leased back to WRFC Trading Limited on a 175-year lease.”

Following the takeover in September, Cecil Duckworth, John Crabtree, Anthony Glossop and Gus Mackay resigned as directors with immediate effect before former chairman Bill Bolsover stepped down in January this year.

Colin Goldring and Jason Whittingham, who also run Morecambe Football Club, were appointed onto an executive board in October and named co-owners along with McCrory.

The latest financial report stated: “Since 28 September 2018, the majority shareholding was transferred and the immediate parent undertaking is now Militibus Quanco Limited.

“There is no controlling party.”

The report also revealed how much money the club had received from private equity firm CVC Capital Partners which secured a partnership deal with Premiership Rugby earlier this year.

It read: “On March 29, a deal involving CVC Capital Partners Fund investing in a 27 per cent stake in Premier Rugby Limited was finalised and the club has received a significant cash inflow from this transaction.

“The inflow amounted to a net amount of £8.2million.”

The Worcester News has previously reported that Warriors are proposing to build a new North Stand with a hotel that could increase the capacity at Sixways from 11,500 to 16,500.

Under the title ‘Future Developments’, the directors’ report stated: “The business remains committed to the long-term vision of becoming a sustainable Premiership club with aspirations of competing at the very highest level by continued investment in the first team, development of the academy and a fresh approach to nurturing and developing the women’s team.

“Whilst focusing on all rugby team’s activity we will also look to now develop the non-rugby related commercial activity including major events along with the entire Sixways site building a sporting and commercial hub that will return a significant income for the club ensuring we work towards self-sustainability.

“We will also invest into broadening the support base and improving the fan experience, in and around the stadium, working with the community and our foundation to develop an all-inclusive experience.”