Discover and read the best of Twitter Threads about #THFC

Most recents (24)

Last week Arsenal announced that they will redeem their outstanding bonds, which had been part of the debt taken on to fund the construction of the Emirates Stadium. This will be financed by owner Stan Kroenke’s company KSE. The following thread explains what this means #AFC
The first thing to appreciate is what this transaction does not mean. It will not make #AFC debt-free, nor does it mean that Kroenke is finally investing into the club. Instead, it is simply a restructuring of the club’s current debt by changing the lender.
This is similar to where you take out a mortgage at a certain interest rate with one bank, but a few years later realise that interest rates on new mortgages are much lower, so decide to remortgage with another bank – even though you have to pay a penalty for early repayment.
Read 35 tweets
Hi fellow Spurs fans, wondered if you could do me a favour and ask around the Afro Caribbean community with regards my wife’s grandfather. He lived at 66 Cranwich Road N16 during the late 1950’s. His name is Raymond Gibson aka Lloyd Raymond Gibson from Trinidad....1/2
2/2 he went back to Trinidad on the SS Colombie, 15/1/1960, he would be 87, born 1/5/1933, we believe he came back to the UK as he had a son left in care and may have taken him back to Trinidad. His child was born 16/8/1959, Any help would be great, thank you..
Read 5 tweets
Now that Liverpool have been confirmed as Premier League champions under Jürgen Klopp following the previous season’s Champions League success, I thought that it might be interesting to see how #LFC finances have developed since the big German’s arrival in October 2015.
In the season before Klopp arrived (2014/15) #LFC generated £59m pre-tax profit on £298m revenue with a £166m wage bill. 2018/19 profit was around the same level at £42m, as £235m (79%) revenue growth to £533m has been offset by £243m (83%) higher expenses, including £310m wages.
All three #LFC revenue streams have grown since 2015, especially broadcasting, up £138m (113%) from £123m to £261m, followed by commercial, up £72m (62%) from £116m to £188m, and match day, up £25m (43%) from £59m to £84m. Profit on player sales fell £9m from £54m to £45m.
Read 38 tweets
Last week UEFA announced a series of emergency changes to their Financial Fair Play (FFP) regulations to “neutralise the adverse impact of the COVID-19 pandemic by allowing clubs to adjust the break-even calculation for revenue shortfalls reported in 2020 and 2021.”
Current FFP rules limit club losses to a maximum €30m over a 3-year monitoring period, so long as €25m of that loss is covered by the owner via an equity purchase. Otherwise, the maximum loss (“break-even deficit”) is just €5m. So 2021 monitoring period is 2018, 2019 & 2020.
The changes mean that the 2021 monitoring period will now only cover 2 years (2018 and 2019), thus excluding the COVID-19 impacted 2020. In addition, the 2022 monitoring period will cover 4 years, though 2020 and 2021 will be assessed as a single period.
Read 22 tweets
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.
Read 36 tweets
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.
Read 50 tweets
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.
Read 44 tweets
Manchester United have announced financial results for Q3 of 2019/20, incorporating the first 9 months of the season. This covers January to March 2020, so provides some early insight into the impact of the football lockdown. Some thoughts in the following thread #MUFC
#MUFC swung from £11m profit before tax to £29m loss for Q3, as revenue fell by £28m (19%) from £152m to £124m, partly offset by £15m (18%) reduction in wages to £69m. Hit by interest payable rising £22m from £3m to £25m (forex losses). Loss after tax £23m due to £6m tax credit.
The main reason for #MUFC £28m revenue reduction was broadcasting, which more than halved from £54m to £26m, due to £15m provision for COVID-19 rebate and playing in the far less lucrative Europa League, compared to the previous season’s Champions League.
Read 47 tweets
Yesterday’s thread explained the differences between a football club’s profit and loss account and its cash flow statement, as it is important to understand where the money is spent. This thread will look at this in a bit more detail for each of the Big Six Premier League clubs.
#AFC £395m revenue (TV £183m, commercial £116m, match day £96m) was not enough to cover £428m expenses (including £232m wages, £91m player amortisation and £85m other expenses), leading to £33m operating loss. Offset by £12m profit on player sales, but had £12m interest payable.
#AFC cash flow hit by adverse £44m working capital movement. Spent £62m (net) on players (purchases £118m, sales £56m), £19m on Emirates loan (£10m interest + £9m debt) and £13m on capex. Only Big Six club with net cash outflow £64m, partly due to delayed season ticket renewals.
Read 14 tweets
One question often asked by football fans is “Where has all the money gone?” The answer is partly found in a club’s profit and loss account, but the cash flow statement is also relevant here. Of course, cash is particularly important now with the challenges presented by COVID-19.
A club’s profit and loss account is easy to understand, i.e. basically revenue less expenses (mainly player wages), but this is a technical profit based on the accountants’ accruals concept, which can be very different from actual cash movements.
This is important, as the main reason that football clubs fail is cash flow problems. It does not matter how large your revenue is (or your profits are), if you do not have the cash to pay your players, suppliers or indeed the taxman, then you will find yourself in trouble.
Read 43 tweets
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.
Read 39 tweets
During the lockdown I’ve been playing with the presentation format of a football club’s finances to provide a “cut out and keep” overview. This is a 2-pager with one page showing all the key figures for the last 2 seasons, the other showing graphical trends for the last 5 years.
In terms of financials, the first page includes revenue, expenses, wages, player trading, profit, debt and transfers.

It also shows key standing data, sporting performance and details of the main sponsorship deals.

Finally has rankings against other clubs in the division.
I’ve opted to include 6 graphs as a trade-off between coverage and ease of reading:
- revenue
- expenses (wages and player amortisation)
- operating profit (plus EBITDA)
- profit before tax (plus profit from player sales)
- debt (plus cash)
- transfers (“net spend, fella”).
Read 12 tweets
Burnley’s 2018/19 financial results covered a season when they finished 15th in the Premier League, securing a fourth consecutive season in the top flight, and competed in Europe for the first time in over 50 years. Some thoughts follow #BurnleyFC
#BurnleyFC profit before tax dropped from a club record £45m to £5m, mainly because profit on player sales fell £24m from £31m to £7m, though revenue was also slightly lower at £138m and expenses increased £15m. Profit after tax was down from £37m to £4m.
#BurnleyFC £1m (1%) revenue fall was very largely driven by broadcasting’s £7m (5%) decrease from £122m to £115m, due to lower prize money for finishing 15th (against 7th prior year). In contrast, commercial rose £4.6m (39%) to £16.5m and match day was up £0.7m (13%) to £6.3m.
Read 39 tweets
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.
Read 44 tweets
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
Read 39 tweets
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.
Read 49 tweets
Spurs made an operating profit on day to day trading of £101 million in 2018/19. Player sales, tax and interest on loans turned this into a net profit of £68m #THFC
Spurs had over £120m in the bank at 30 June 2019 as well as profits made over the years of £357 million #THFC
Spurs borrowed £195 million in 2018/19 and spent £420 million cash on new stadium & infrastructure #THFC
Read 10 tweets
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
Read 41 tweets
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.
Read 42 tweets
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.
Read 39 tweets
#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.
Read 40 tweets
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.
Read 41 tweets
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.
Read 46 tweets
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.
Read 48 tweets

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