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Nothing should come as a surprise in football, but it was still a shock when Wigan Athletic entered administration this month immediately after the new owners, Next Leader Fund (NLF), took control. This thread looks at how this happened, including #WAFC latest financials.
First up, in November 2018, after 23 years as owners, the Whelan family sold #WAFC to Hong Kong based International Entertainment Corporation (ICE), a company that runs hotel and casino business in the Philippines, for £22m (price £15.9m plus taking on £6.5m loans).
More recently in June 2020, ICE sold #WAFC to NLF for £17.5m, giving ICE a nice £1.6m profit, plus the repayment of the £24.6m they had invested. However, the club was immediately put into administration, as a result of the new owners not putting any more funds into the club.
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Earlier this week I posted a thread on the 2018/19 financials for the Big Six Premier League clubs. Today I am going to look at the numbers for the Other 14 clubs #AFCB #BHAFC #BurnleyFC #CardiffCity #CPFC #EFC #FFC #HTAFC #LCFC #NUFC #SaintsFC #WatfordFC #WHUFC #WWFC
Obviously, there will be a significant impact on these numbers in the 2019/20 season (and probably 2020/21 as well) as a result of the COVID-19 lockdown, which has resulted in clubs earning much less revenue for a few months, but how did it look before the pandemic struck? ImageImage
Other 14 Premier League clubs generated £2.2 bln of revenue, but £2.6 bln of expenses (including £1.5 bln wages and £0.6 bln player amortisation) meant £393m operating loss. This was improved by £241m profit on player sales, offset by £35m interest, giving £188m loss before tax. Image
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Now that all the Premier League clubs have published their 2018/19 financials, we can compare the results, but we will do this a little differently by separating the analysis into two parts, as the numbers are so different for: (1) the Big Six clubs; and (2) the Other 14 clubs.
Today’s thread will focus on the 2018/19 financial results for the Big Six Premier League clubs #AFC #CFC #LFC #MCFC #MUFC #THFC. Clearly, there will be a significant impact on these numbers in 2019/20 following the COVID-19 lockdown, but how did it look before the pandemic?
Big 6 Premier League clubs generated £3.0 bln of revenue, but £3.1 bln of expenses (including £1.7 bln wages and £0.7 bln player amortisation) meant a £97m operating loss. This was improved by £193m profit on player sales, offset by £23m interest, giving £33m profit before tax.
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Newcastle United’s 2018/19 financial results cover a season when they finished 13th in the Premier League, 3 places lower than the previous year. Steve Bruce replaced Rafael Benitez as manager after the season ended. Some thoughts in the following thread #NUFC
#NUFC profit before tax improved by £18m from £23m to £41m, very largely due to profit on player sales surging from £4m to £25m, as revenue dropped £2m (1%) from £178m to £176m. There was minimal expense growth of just £1m. Post-tax profit increased from £19m to £35m.
The largest #NUFC revenue decrease was broadcasting, which fell £2.5m (2%) to £124m, mainly due to the worse finishing place in the league, though commercial was also down £0.5m (2%) to £28m. In contrast, match day rose £0.9m (4%) to £25m.
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Crystal Palace’s 2018/19 financial results covered a season when they finished “in a respectable” 12th place under Roy Hodgson. This secured a seventh successive year in the Premier League, their longest ever spell in England’s top division. Some thoughts follow #CPFC
#CPFC improved from a £36m loss before tax to a £5m profit, very largely due to profit on player sales (mainly Aaron Wan-Bissaka’s move to #MUFC) surging from £2m to £46m, though revenue also rose £5m (3%) to a club record £155m. Partly offset by expenses increasing £8m.
All three #CPFC revenue streams grew, led by broadcasting, which rose £3.2m (3%) to £124.4m. There were also increases in commercial, up £1.0m (6%) to £16.4m, and match day, up £0.9m (7%) to £14.6m. Note: this revenue split is taken from the club’s Annual Review.
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#ReadingFC 2018/19 financial results covered a season when the #Royals finished 20th in the Championship for the second consecutive year. Manager Paul Clement was replaced in December 2018 by José Gomes, who was in turn succeeded by Mark Bowen October 2019. Some thoughts follow.
This was the second season that #ReadingFC were under the control of Chinese businessman Dai Yongge (and his sister Dai Xiu Li), who own 95% via Renhe Sports Management Co Ltd. Bowen said, “He has spent a hell of a lot of money on the club and still wants to spend money.”
#ReadingFC loss increased by £9m from £21m to £30m, despite revenue rising £3m (18%) from £18m to £21m, and increases in profit on player sales (up £1m to £2m) and property disposals (up £2m to £8m). In contrast, other operating income fell £8m to £2m and expenses were up £7m.
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Here are a few more of the new two-page financial fact sheets for Premier League clubs, based on requests from some fans. Today it’s the turn of Everton, West Ham, Brighton & Hove Albion and Fulham #EFC #WHUFC #BHAFC #FFC
#EFC have had significant investment from owner Farhad Moshiri, driving large increases in debt, transfer spend, wages and player amortisation. Revenue relatively flat in last 3 years, leading to highest loss in the Premier League in 2019 (2018 benefited from high player sales).
#WHUFC have 7th highest revenue in Premier League, but little growth in last 3 years. Wages have steadily increased, so profitability has declined. Relatively low debt, but high interest payments to Gold and Sullivan. Transfer spend rising (5th highest net in PL in 2019).
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Southampton’s 2018/19 financial results covered a “second consecutive difficult season” when they finished 16th in the Premier League. Manager Mark Hughes was replaced by Ralph Hasenhüttl in December 2018. Some thoughts in the following thread #SaintsFC
#SaintsFC went from £35m pre-tax profit to £41m loss, a swing of £76m, mainly due to profit on player sales decreasing by £48m from £69m to £21m (Virgil van Dijk sale prior year). Revenue also down £3m (2%) to £150m, while expenses grew £25m. After tax, £29m profit to £34m loss.
#SaintsFC £3m revenue fall was driven by broadcasting’s £4m (4%) decrease from £117m to £113m, mainly due to fewer Premier League shown live. Match day was also down £2.2m (11%) from £19.2m to £17.0m, but commercial rose £3.4m (21%) from £16.4m to £19.8m.
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This thread revisits the impact of the coronavirus pandemic on the football world, specifically focusing on the Premier League. Although England’s top flight may be in a stronger position than lower leagues, it still faces immense financial challenges, due to lost revenue.
First, the usual caveat that many of the numbers used are estimates, based on figures that are not current (largely 2018/19 accounts), but they should give a decent indication of the impact. As John Maynard Keynes asserted, “It is better to be roughly right than precisely wrong.”
On the face of it, Premier League clubs should be fine, given that they generate an impressive £5.2 bln revenue between them. However, this disguises the fact that the Big Six account for £3 bln of this total, i.e. around 60%, leaving £2.2 bln shared between the other 14 clubs.
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Huddersfield Town’s 2018/19 financial results accounts cover a season when they finished 20th in the Premier League, so were relegated after 2 years in the top flight. Manager David Wagner was replaced by Jan Siewert in January 2019. Some thoughts in the following thread #HTAFC
After these accounts closed, chairman Dean Hoyle sold a 75% controlling ownership stake to Pure Sports Consultancy Limited, a previous shirt sponsor, owned by lifelong #HTAFC fan Phil Hodgkinson. Danny Cowley was appointed manager in September, assisted by his brother Nicky.
#HTAFC profit before tax fell £26m from £30m to £4m, as revenue decreased £6m (5%) from £125m to £119m, profit on player sales halved from £6m to £3m and expenses rose £17m. After tax, prior season’s £26m profit was down to £3m, as the tax charge dropped from £4.1m to £0.5m. Image
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Tottenham Hotspur’s 2018/19 financial results covered a successful season when they reached the Champions League final, finished fourth in the Premier League and got to EFL Cup semi-finals. Home games played at Wembley until new stadium opened in April. Some thoughts follow #THFC
#THFC profit before tax dropped by £52m from £139m to a still excellent £87m, as revenue rose £80m (21%) to a club record £461m, but profit on player sales fell £62m to £11m and expenses increased £70m. Profit after tax decreased £44m from £113m to £69m.
All three #THFC revenue streams had significant growth: broadcasting rose £43m (22%) from £201m to £244m, due to reaching the Champions League final; commercial increased £26m (24%) from £109m to £135m; while match day was up £11m (15%) from £71m to £82m.
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Fulham’s financial results for 2018/19 cover a season when they were relegated back to the Championship after just one year in the Premier League (finishing 19th). They dismissed two managers: Slavisa Jokanovic in November & Claudio Ranieri in February. Some thought follow #FFC
#FFC reduced their loss from £45m to £20m. However, the club still lost money, despite revenue rising £100m from £38m to £138m following promotion, as competing in the Premier League increased expenses by £63m, while profit on player sales fell £11m to £3m. Image
The main driver of the #FFC £100m revenue increase was broadcasting, which rose £87m from £22m to £109m, due to the significantly more lucrative Premier League TV deal, though commercial also grew £8m (88%) to £18m, while gate receipts were up £3.7m (53%) to £10.7m. Image
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The shutdown of football until at least end-April due to the coronavirus pandemic will have a severe financial impact on clubs, particularly those in the Football League, though even those in the top flight will not be immune. The following thread looks at the implications.
This is an unprecedented event, so it is impossible to be definitive about the financial impact, not least because many of the figures that we have are not current, but there is enough data available to prepare some “educated estimates”. Note: clubs are shown in 2018/19 divisions
Even before coronavirus, football did not look like a particularly healthy business, as few clubs actually made any money. Premier League clubs earn a lot of revenue (£5.2 bln), but make a net loss of £160m, averaging £8m a club. Half of the 20 clubs have reported losses.
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AFC Bournemouth’s 2018/19 financial results covered a season when they finished 14th in the Premier League, securing a fifth consecutive year in the top flight. Some thoughts follow #AFCB
#AFCB loss before tax almost tripled from £11m to £32m, very largely due to higher staff costs and a small £4m (3%) drop in revenue from £135m to £131m, though profit on player sales rose slightly from £1.3m to £3.1m.
#AFCB £4m revenue fall largely due to broadcasting income dropping £3.6m (3%) to £116m, due to a lower finish in the league, though match day also fell £0.3m (6%) to £5.0m, partly offset by commercial rising £0.2m (2%) to £10.2m. Other income (player loans) up £2.8m to £8.0m.
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#CardiffCity financial results for 2018/19 covered a season in the Premier League following promotion, but their stay in the top flight was brief, as it culminated in relegation to the Championship after they finished in 18th place. Some thoughts in the following thread.
Unfortunately, the 2018/19 season will also be remembered for the tragic death of striker Emiliano Sala in a plane crash following his transfer from French club Nantes. #CardiffCity are disputing the payment of a transfer fee, but have “prudently” booked a £19.5m provision.
#CardiffCity swung from £39m loss before tax in the Championship to £3m profit, thanks to revenue surging £90m from £35m to £125m, though competing in the Premier League increased expenses by £31m. Still reported £0.8m loss after tax, due to £3m tax charge.
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Leicester City’s 2018/19 financial results covered a season when they finished 9th in the Premier League for the second year in a row. Brendan Rodgers replaced Claude Puel as manager in February. Some thoughts in the following thread #LCFC
Despite the tragic loss of club chairman, Vichai Srivaddhanaprabha, in a helicopter accident in October 2018, #LCFC have made great progress since King Power International acquired the club in 2010 with “a renewed commitment to investing growing revenues back into the club.”
#LCFC went from £2m profit before tax to a £20m loss, even though revenue rose £20m (12%) to £178m and profit on player sales was up £20m to £58m, as costs grew £61m, due to investment in the squad and the “transfer fee” for Brendan Rodgers. After tax, club posted a £17m loss.
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Liverpool’s 2018/19 financial results covered a season when they won the Champions League for the 6th time and finished runners-up to #MCFC in the Premier League with 97 points, the most scored without winning the title. Some thoughts in the following thread #LFC
#LFC profit before tax fell from £125m to £42m, as profit on player sales dropped £79m to £45m, though revenue rose £78m (17%) to a record £533m. This was offset by £83m cost growth following significant investment in the squad. Profit after tax down from £106m to £33m.
All three #LFC revenue streams increased, particularly broadcasting, which rose £41m (19%) to £261m, mainly due to the Champions League triumph, and commercial, up £34m (22%) to £188m. Match day was slightly higher at £3m (4%) to £84m.
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Arsenal’s 2018/19 financial results covered a season when they finished 5th in the Premier League, while reaching the Europa League final. This was first season in 22 years without manager Arsène Wenger, who was replaced by Unai Emery. Some thoughts in the following thread #AFC
#AFC swung from £70m profit before tax to £32m loss, a £102m deterioration, very largely due to profit on player sales falling by £108m from £120m to £12m, though revenue rose slightly by £7m (2%) to £395m. After tax, went from £57m profit to £27m loss (£5m tax credit).
Highest #AFC revenue growth came from commercial, up £4m (4%) to £111m, while there were also increases in broadcasting, up £3m (2%) to £183m, and player loans, which doubled to £5m. On the other hand, match day dropped £3m (3%) to £96m. Property contribution was down £5m.
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Swansea City’s 2018/19 accounts covered a challenging season when they finished a respectable 10th in the Championship following relegation after 7 years in the Premier League. Manager Graham Potter left for #BHAFC in May ‘19, replaced by Steve Cooper. Some thoughts follow #Swans
#Swans loss before tax widened from £3.2m to £7.0m, as revenue almost halved following relegation from £127m to £68m, despite parachute payments, and profit on player sales fell £16m to £30m, largely offset by cutting costs by £72m. After tax, loss increased from £2.9m to £6.0m. Image
The main reason for #Swans £59m (46%) revenue reduction was broadcasting, which more than halved in the Championship from £105m to £52m, though commercial was also down £6m (45%) to £8m and match day fell £0.8m (11%) to £6.6m. Player loans up £1.7m to £2.0m. Image
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Wolverhampton Wanderers 2018/19 financial results covered a “successful” season, when they finished 7th in their first season back in the Premier League since 2012, reached the FA Cup semi-final and qualified for the Europa League. Some thoughts in the following thread #WWFC
Since being bought by Chinese investment group Fosun International in July 2016, #WWFC is a club transformed, helped by a close relationship with super-agent Jorge Mendes. Under charismatic manager Nuno Espirito Santo, Wolves can realistically compete for European qualification.
#WWFC swung from £57m loss before tax in the Championship to £20m profit in the Premier League, a £77m improvement, as revenue surged from £26m to a club record £172m and profit on player sales was up £4m to £12m, though costs also increased significantly in the top flight.
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Watford’s 2018/19 financial results covered a season that the club understandably described as “successful”, improving their position in the Premier League from 14th to 11th and reaching the FA Cup Final (beaten by #MCFC). Some thoughts in the following thread #WatfordFC
#WatfordFC made a £9.8m profit before tax, compared to a £31m loss in the prior year, as revenue rose £19m (15%) to a record £148m, and profit on player sales increased from £3m to £22m. Also boosted by a £4.5m settlement following Marco Silva’s acrimonious move to #EFC.
#WatfordFC £19m revenue growth was mainly due to a £15m (14%) increase in broadcasting to £124m, thanks to the higher Premier League finishing position and FA Cup run, while there were also rises in commercial, up £3m (28%) to £13.6m, and match day, up £1.3m (16%) to £9.2m.
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West Ham’s 2018/19 financial results covered a season when they finished 10th in the Premier League and were eliminated in the 4th found of both the FA Cup and Carabao Cup. Manuel Pellegrini replaced David Moyes as manager in May 2018. Some thoughts in the following thread #WHUFC
#WHUFC swung from £18m profit before tax to a £28m loss, a £46m deterioration, despite revenue rising £15m (9%) to a club record £191m, as profit on player sales fell £17m to £13m and investment in the squad led to a £45m increase in expenses.
The main driver of #WHUFC £15m revenue increase was broadcasting, which rose £9m (7%) to £127m, due to a better Premier League position. There was also useful growth in the other revenue streams: commercial was up £4m (12%) to £36m, while match day was up £3m (11%) to £27m.
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Everton’s 2018/19 financial results covered a season when they finished 8th in the Premier League for the second year in a row. Marco Silva replaced Sam Allardyce as manager in May 2018 #EFC
As a technical point, it’s worth noting that #EFC changed their accounting close date from May 31st to June 30th, so the 2018/19 accounts covered a 13 month period with little impact on turnover, but an additional month of expenses, which adversely impacted the bottom line.
#EFC loss shot up from £13m to a club record £112m, as revenue fell slightly (1%) to £188m, still second highest in club’s history, despite dropping out of the Europa League, and profit on player sales fell £68m to £20m, while player investment meant expenses increased by £46m.
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Chelsea’s 2018/19 financial results covered a season when they finished 3rd in the Premier League, thus qualifying for the Champions League, won the Europa League and reached the League Cup final. Coach Maurizio Sarri replaced by Frank Lampard in July. Some thoughts follow #CFC
#CFC swung from £67m profit before tax to a £102m loss a huge £169m deterioration. Although revenue slightly increased by £3m (1%) to a record £447m, the damage was done by profit on player sales falling £53m to £65m and expenses rising by a hefty £119m. Loss after tax was £97m.
Commercial income increased £15m (9%) from £165m to £180m, but there were reductions in the other revenue streams, mainly due to impact of playing in Europa League instead of Champions League: match day down £7m (10%) from £74m to £67m and broadcasting £4m (2%) lower at £200m.
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