Discover and read the best of Twitter Threads about #Boro
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Stoke City’s 2020/21 accounts covered a season when they finished 14th in the Championship under manager Michael O’Neill, one place better than the previous season, but the third year in a row they have finished in the bottom half of the table. Some thoughts follow #SCFC
#SCFC pre-tax loss narrowed from £88m to £10m, despite revenue falling £10m (19%) from £50m to £40m and profit on player sales decreasing £2m to £1m, as they made £33m profit on the sale of stadium and training ground. Operating expenses down £55m (39%). Loss after tax was £8m. 
As a technical aside, these figures relate to Stoke City Holdings Ltd. The pre-tax loss in the football club was much higher at £43m, mainly because those accounts do not include the £33m profit from the sale of the stadium and training ground.
Sheffield Wednesday’s 2020/21 accounts cover a season when they finished 24th in the Championship and were thus relegated to League One (after a 6-point FFP penalty). Manager Garry Monk replaced by Tony Pulis, then succeeded by Darren Moore. Some thoughts follow #SWFC
#SWFC loss slightly increased from £24m to £26m, as revenue nearly halved from £20.9m to £11.6m and profit from player sales fell from £6.2m to £0.6m, though these decreases were largely offset by a significant £14m (26%) reduction in expenses.
Due to COVID, #SWFC match day decreased 98% from £6.6m to £0.1m and commercial was down a third from £5.7m to £3.8m, while broadcasting fell £0.7m (8%) to £7.8m. Note: match day and broadcasting not separated in accounts, so I have estimated these based on similar sized clubs.
Swansea City’s 2020/21 accounts covered a season when they finished 4th in the Championship, thus reaching the play-offs, but were beaten in the final by Brentford. Head coach Steve Cooper since replaced by Russell Martin. Some thoughts in the following thread #Swans
#Swans swung from a pre-tax profit of £2.7m to a loss of £4.6m, as revenue fell £22m (45%) from £50m to £28m and profit from player sales dropped £5m (30%) to £12m, partly offset by total expenses reducing by £17m (26%) and £3.3m insurance claim. Loss after tax was £4.1m.
The main reason for #Swans £22m revenue decrease was broadcasting, which dropped £17m (44%) from £39m to £22m, mainly due to lower parachute payment, though COVID also drove reductions in match day, down £3.0m (63%) to £1.8m, and commercial, down £1.8m (31%) to £4.1m.
Middlesbrough’s 2020/21 financial results covered a season when they finished 10th in the Championship under manager Neil Warnock, who has since been replaced by Chris Wilder in November. Some thoughts in the following thread #Boro
#Boro reduced their pre-tax loss from club record £36m to £31m, despite revenue dropping £4.9m (25%) from £19.4m to £14.5m, as other income rose £2.7m to £4.6m, operating expenses were cut £5.7m (10%) and profit on player sales rose £0.8m to £4.3m. Loss after tax was £27m.
#Boro revenue was “significantly” impacted by COVID, leading to reductions in gate receipts, down £4.5m (99%) to just £36k, and commercial, down £1.6m (26%) to £4.3m. However, broadcasting increased £1.1m (12%) from £9.0m to £10.1m, partly due to iFollow streaming.
#CardiffCity 2020/21 financial results covered a season when they finished 8th in the Championship. Manager Neil Harris was replaced by Mick McCarthy in January 2021, since succeeded by Steve Morison In November 2021. Some thoughts in the following thread.
#CardiffCity pre-tax loss narrowed from £12m to £11m, as revenue rose £9m (20%) from £46m to £55m and operating expenses were cut £3m (4%), though profit on player sales fell £11m from £14m to £3m.
#CardiffCity broadcasting income rose £11m (31%) from £37m to £48m, as money deferred for games played after 2020 accounts offset lower parachute payments. Match day fell £2.5m (68%) from £3.7m to £1.2m, as games played without fans. Commercial slightly increased to £5.6m.
#WatfordFC 2020/21 financial results covered a season when they finished 2nd in the Championship, securing immediate promotion back to the Premier League. Head coach Vladimir Ivic was replaced by Xisco, since succeeded by Claudio Ranieri and Roy Hodgson. Some thoughts follow.
Despite impact of relegation and COVID, #WatfordFC pre-tax loss reduced from £36m to £22m, even though revenue fell £63m (52%) from £120m to £57m, as profit on player sales shot up from £18m to £56m and expenses were cut £35m (21%). Other income included £2.5m insurance claim.
Main driver of #WatfordFC revenue decrease was broadcasting, down £45m (48%) from £95m to £50m, as TV deal is much more lucrative in the Premier League, though also big falls in commercial, down £13m (76%) from £17m to £4m, and match day, down £5.7m (78%) to £1.6m.
#ReadingFC 2020/21 financial results covered a season when the #Royals finished 7th in the Championship, just missing out on the play-offs under Veljko Paunovic, since replaced by Paul Ince and Michael Gilkes (interim managers). Some thoughts in the following thread.
This was the fourth season that #ReadingFC were under the control of Chinese businessman Dai Yongge (and his sister Dai Xiu Li), who own 96% via Renhe Sports Management Co Ltd. However, in that time the club has struggled both on the pitch and with Financial Fair Play rules.
#ReadingFC loss narrowed from £42m to £36m, despite revenue dropping £4.0m (23%) from £17.8m to £13.8m and profit on player sales falling £0.9m to £0.7m, thanks to an £11.2m (18%) reduction in operating expenses from £61.3m to £50.2m.
Queens Park Rangers 2020/21 financial results covered a season when they finished a creditable 9th under Mark Warburton, their highest in the Championship since 2013/14, though the campaign was badly disrupted by COVID. Some thoughts in the following thread #QPR
#QPR pre-tax loss narrowed from £16.4m to £4.5m, despite revenue falling £3.8m (21%) from £18.3m to £14.5m, as profit on player sales rose £11.7m to £17.6m and there was no repeat of prior year’s £4.5m write-off of previous training ground development.
#QPR £3.8m revenue reduction was entirely due to the COVID driven £3.8m fall in match day income from £4.0m to just £207k. Broadcasting rose £0.1m (2%) to £8.6m, including iFollow streaming income, while commercial was flat at £5.8m, thanks to furlough payments.
#Millwall 2020/21 financial results covered “a strong season, despite the challenges of the COVID-19 pandemic”, when they finished 11th in the Championship and reached the fourth round of the FA Cup and third round of the Carabao Cup. Some thoughts in the following thread.
#Millwall pre-tax loss widened from £10.9m to £13.8m, largely due to revenue falling £3.9m (24%) from £16.4m to £12.5m, though operating expenses were up £0.7m (3%). Partly offset by profit on player sales increasing £0.6m to £0.7m and other income rising £1.2m to £2.1m.
#Millwall £4.0m revenue decrease was largely driven by match day falling £3.0m (67%) from £4.4m to £1.4m, as COVID meant games being played behind closed doors, while broadcasting also decreased £1.0m (11%) from £9.4m to £8.4m. Commercial income held steady at £2.7m.
After I put together a thread looking at the financial trends in the Premier League over the last 10 years from 2011 to 2020, a few people asked me if I could do the same for the EFL Championship. So here are the finances for England’s second tier over the last decade.
This analysis comes with caveats, as not all Championship clubs published accounts in the last decade, e.g. Derby County in 2019 and 2020. Also no accounts for clubs in administration, e.g. Portsmouth (2011 & 2012), Bolton Wanderers (2018 & 2019) and Wigan Athletic (2020).
Nevertheless, the themes and trends can still be highlighted, including the impact of COVID in the last three months of 2020. We will also feature some comparisons with the Premier League to illustrate the immense differences between England’s top two divisions.
Charlton Athletic’s 2019/20 accounts covered a season in the Championship following promotion from League One, but they were then relegated after finishing 22nd. New owner Tomas Sandgaard said it was “a difficult one for fans, as they feared for the future of the club.” #CAFC
#CAFC have faced many ownership issues, starting with the deeply unpopular Roland Duchâtelet, who bought the club in 2014. Six years later he sold Charlton to East Street Investments Limited, though it was not long before their owners, Tahnoon Nimer and Matt Southall, fell out.
EFL said that the ESI takeover was not approved and imposed a transfer embargo due to funding issues. In June 2020 ESI was taken over by a consortium led by Paul Elliott, but they failed the Owners and Directors test, leading to Thomas Sandgaard acquiring #CAFC in September 2020.
Sheffield Wednesday’s financial results for 2019/20 cover a season when they finished 16th in the Championship, though they have since been relegated to League One. Manager Garry Monk since replaced by Tony Pulis, in turn succeeded by Darren Moore. Some thoughts follow #SWFC
#SWFC swung from £19m profit to £24m loss, largely due to prior year including £38m profit from selling the stadium and a £6.5m “confidential settlement payment”. Revenue fell £1.9m (8%) from £22.8m to £20.9m, while expenses were flat. Profit on player sales rose £3.4m to £6.2m.
#SWFC match day fell £2.0m (23%) from £8.6m to £6.6m, while commercial was down £0.4m (7%) from £6.1m to £5.7m, but broadcasting rose £0.5m (6%) from £8.0m to £8.5m. Note: match day and broadcasting not separated in accounts, so I have estimated these based on similar clubs.
Fulham’s financial results for 2019/20 cover a season when they were promoted to the Premier League after just a single year in the Championship, finishing 4th, then winning the play-off under manager Scott Parker. Some thoughts in the following thread #FFC
#FFC pre-tax loss widened from £20m to £48m, as revenue fell £80m (58%) from £138m to £58m, due to relegation to the Championship and the impact of COVID, partly offset by profit on player sales rising £23m to £25m, while expenses were cut £29m (18%). Loss after tax was £45m.
#FFC £80m revenue fall was largely driven by broadcasting’s £65m (60%) decrease from £109m to £44m, due to lower TV money in Championship, though commercial also dropped £9m (52%) from £18m to £9m and match day fell £5m (48%) from £11m to £6m.
#CardiffCity 2019/20 accounts cover a season when they finished 5th in the Championship following relegation from the PL, losing in the play-off semi-final. Manager Neil Warnock was replaced by Neil Harris in November 2019, since succeeded by Mick McCarthy. Some thoughts follow.
#CardiffCity swung from £3m profit to £12m loss, as revenue fell £79m (63%) from £125m to £46m due to relegation and COVID, partly offset by profit on player sales rising £12m to £14m, while expenses were down £33m and no repeat of prior year £20m provision for the Sala transfer.
#CardiffCity £79m revenue fall was largely driven by broadcasting’s £70m (66%) decrease from £107m to £37m, due to lower TV money in Championship, though commercial also dropped £5m (48%) from £10m to £5m and match day fell £4m (53%) from £8m to £4m.
Stoke City’s 2019/20 financial results covered a season when they finished 15th in the Championship, two years after relegation from the Premier League. Manager Nathan Jones was replaced by Michael O’Neill in November 2019. Some thoughts in the following thread #SCFC
#SCFC pre-tax loss widened from £15m to £88m, as revenue dropped £21m (29%) from £71m to £50m and profit from player sales fell £15m (83%) from £18m to £3m. Total expenses increased £37m, mainly due to £43m impairment charge (reducing player values). Loss after tax was £86m.
The main reason for #SCFC £21m revenue reduction was broadcasting, which dropped £20m (39%) from £51m to £31m, mainly due to lower parachute payment, though match day also fell £1.6m (25%) from £6.4m to £4.8m. In contrast, commercial rose £0.9m (7%) from £12.9m to £13.8m.
#BarnsleyFC 2019/20 accounts covered the club’s first season back in the Championship following promotion from League One, when they narrowly avoided relegation by finishing 21st. Head coach Daniel Stendel was replaced by Gerhard Struber, since succeeded by Valerien Ismael.
#BarnsleyFC are owned by a group of international investors, led by Chien Lee of NewCity Capital and Paul Conway of Pacific Media Group, who follow the “Moneyball” approach of fellow investor, Billy Beane. They bought 80% from former custodian, Patrick Cryne, in December 2017.
Following promotion to the Championship, #BarnsleyFC reduced their loss from £3.4m to just £0.3m, as revenue increased £6.4m (83%) from £7.8m to £14.2m and profit on player sales rose £2.0m to £5.8m, partly offset by expenses growing £5.6m (37%) to £20.5m.
Queens Park Rangers 2019/20 financial results covered a season when they finished 13th in the Championship, an improvement on the previous year’s 19th place, though the campaign was disrupted by COVID-19. Some thoughts in the following thread #QPR
#QPR loss widened from £10m to £16m, as revenue fell £16m (47%) from £34m to £18m, though expenses were cut £11m (24%) and profit on player sales increased £3m to £6m. Also impacted by £4.5m write-off of previous training ground development.
The main reason for #QPR £16m revenue reduction was broadcasting, which dropped £14m (62%) from £22m to £8m, as parachute payments stopped, though gate receipts were also down £1.4m (25%) from £5.4m to £4.0m, while commercial fell £1.4m (19%) from £7.2m to £5.8m.
Neil Warnock’s #Boro are the strangest team in the Championship for me (Blackburn run them close) I’ve seen them a fair bit this season, and I kinda think they underachieved a bit. Warnock is great at certain things, and has adapted more than people give him credit for (cont)
But they seem so dysfunctional as a club on and off the pitch - I’ll elaborate on the pitch. Depending on what site you use (wyscout, infogol - I’ll be using wyscout) Boro’s numbers has them play offs wise, and their numbers seem different from the performances
So I looked at this - Warnock at his disposal has the 5th youngest squad in the league, they’re 5th per 90 for passes per def action (pressing intensity basically) - which is fine, but then they’re 18th for defensive duels per 90 (cont)
Swansea City’s 2019/20 accounts covered a season when they finished 6th in the Championship under head coach Steve Cooper, thus reaching the play-offs, but were eliminated in the semi-final by Brentford. Some thoughts in the following thread #Swans
#Swans swung from a pre-tax loss of £7m to a profit of £2.7m, despite revenue falling £18m (27%) from £68m to £50m and profit from player sales dropping £12m (41%) from £30m to £18m, as total expenses were reduced by £40m (38%). Profit after tax was £1.7m.
The main reason for #Swans £18m revenue reduction was broadcasting, which dropped £13m (25%) from £52m to £39m, mainly due to lower parachute payment, though commercial was also down £2m (26%) to £6m and match day fell £1.7m (26%) to £4.8m. Player loans were down £1.7m to £0.2m.
West Bromwich Albion’s 2019/20 accounts covered a season when they finished 2nd in the Championship, thus securing promotion to the Premier League after a 2-year absence. Manager Slaven Bilic was subsequently replaced by Sam Allardyce in December 2020. Some thoughts follow #WBA
#WBA pre-tax loss widened from £7m to £23m, mainly due to promotion bonuses and COVID. Revenue fell £17m (24%) from £71m to £54m, while operating expenses increased £19m (22%), partly offset by profit on player sales rising £19m to £29m. Loss after tax up from £6m to £21m.
The main reason for #WBA £17m revenue reduction was broadcasting, which dropped £12m (23%) from £53m to £41m, mainly due to lower parachute payment, though gate receipts also decreased £2.5m (34%) to £4.8m, while commercial was down £2.4m (22%) to £8.4m.
#ReadingFC 2018/19 financial results covered a season when the #Royals finished 14th in the Championship. Manager José Gomes was replaced in October 2019 by Mark Bowen, who has since been succeeded by Veljko Paunovic. Some thoughts in the following thread.
This was the third season that #ReadingFC were under the control of Chinese businessman Dai Yongge (and his sister Dai Xiu Li), who own 96% 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 from £30m to £42m, largely due to no repeat of prior year’s £8m from sale of the training ground and £2m other operating income. Revenue dropped £3m (16%) from £21m to £18m, while profit on player sales fell £0.8m to £1.6m. Expenses cut £2m (3%).
Leeds United’s 2019/20 accounts cover a season when they won the Championship under Marcelo Bielsa, thus securing promotion to the Premier league after a 16-year absence, despite unprecedented challenges posed by the COVID-19 pandemic. Some thoughts in the following thread #LUFC
#LUFC paid a price for success, as their pre-tax loss widened from £21m to £62m, despite revenue rising £5m (11%) from £49m to £54m, as significant investment led to expenses increasing £44m (52%), including £20m promotion bonuses and £7m TV rebate to broadcasters.
The main reason for #LUFC £5m revenue growth was £7m (25%) increase in commercial income from £27m to £34m (largely merchandising), as gate receipts fell £1.2m (9%) to £11.4m and broadcasting was down £0.5m (5%) to £8.7m. Profit on player sales dropped £6m to £10m.
Brentford’s 2019/20 financial results covered a season when they narrowly missed out on promotion, finishing 3rd in the Championship before losing the play-off final to Fulham. Some thoughts in the following thread #BrentfordFC
#BrentfordFC swung from £24m profit before tax to £9m loss, as last year benefited from £14m sale of land. Revenue dropped £1.3m (9%) from £15.2m to £13.9m, while profit on player sales fell £2m to £25m. Investment in the squad meant expenses increased £14m. Loss after tax £10m.
Main driver of COVID-impacted #BrentfordFC revenue decrease was broadcasting, down £1.6m (18%) to £7.3m, while ticketing also fell £0.3m (9%) to £3.1m, partly offset by commercial rising £0.5m (18%) to £3.6m. Other income fell £1.6m to £1.0m, including job retention scheme £635k.
