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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
Read 35 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
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).
Read 6 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
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
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
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
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
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
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.
Read 40 tweets
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.
Read 39 tweets
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.
Read 41 tweets
Ok, I don't have time to write a comprehensive #Souček analysis, but since I'm getting a few requests, let me quickly outline a couple of points I'd like to get across (thread) #whufc:
Ad. mobility (1/2):

His body frame/running style is decidedly awkward, his stop-start is not explosive by any means, but the issue gets overstated. I remember Daily Sport having a coach of professional runners pinpoint him as a potential top notch 800m runner. Seems on point.
While not a great north-south runner and sprinter, he's one of the smartest players I know (Czech or not) when it comes to lateral movement and coverage. He doesn't need to be out there catching anyone out of breath; and he's hardly ever out of breath too, often topping 11/12km.
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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.
Read 50 tweets
Deloitte have published the 23rd edition of their annual Football Money League, which ranks the world’s leading football clubs by revenue, this time covering the 2018/19 season. Some thoughts in the following thread.
Barcelona £741m overtook Spanish rivals Real Madrid £667m to claim top spot for the first time, becoming the first club to break through the £700m barrier. #MUFC £627m and Bayern Munich £582m retained 3rd and 4th ranking, while PSG £560m (5th) and #MCFC £538m (6th) swapped places
There are no fewer than five English clubs in the top ten, also including #LFC £533m, #THFC £459m, and #CFC £452m. However, #AFC £393m dropped two places to 11th, their lowest position since 2000/01. Lyon and Napoli were new entrants to the top 20, replacing Milan and #NUFC.
Read 39 tweets
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.
Read 44 tweets
Borussia Dortmund 2018/19 accounts cover their first season with Lucien Favre as manager when they finished second behind Bayern Munich in the Bundesliga and reached the Champions League last 16. Some thoughts in the following thread #BVB
#BVB profit before tax decreased €13m from €35m to €22m (profit after tax €17m), despite revenue rising €60m (19%) from €317m to €377m, as profit on player sales fell €49m from €126m to €77m and total expenses were up €26m, but net interest payable was €3m lower.
All #BVB revenue streams increased, though the largest growth by far was in broadcasting, up €45m (37%) to €167m. In addition, commercial rose €9m (6%) to €157m, match operations €2m (6%) to €45m and other operating income €4m to €8m.
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A previous 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 has been spent. This thread will look at how this works for each of the 20 Premier League clubs in 2017/18.
#AFC went from £52m operating profit to £42m operating loss, due to lower revenue after failing to qualify for the Champions League, compounded by higher wages and player amortisation plus Wenger pay-off. However, £120m profit on player sales resulted in £70m profit before tax.
#AFC cash flow boosted by favourable £58m movement in working capital (increase in creditors). Spent £29m (net) on players (purchases £110m, sales £81m). Paid £20m for Emirates loan (£11m interest & £9m debt) plus £12m tax. Net cash inflow of £51m was highest in Premier League.
Read 42 tweets
One of the questions most frequently asked by football fans is “Where’s all the money gone?” The answer is only partly found in a club’s profit and loss account, so we need to also look at the cash flow statement to get the full picture. Some thoughts in the following thread.
A club’s profit and loss account is easy to understand, as it is basically revenue less expenses (mainly player wages), but this is an accounting profit based on the 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 39 tweets
We get every Premier League player to sit down on camera and say how they want their name pronounced - and there’s LOADS I did wrong. So here’s a thread so you don’t make the same mistakes I did!
First of all - Norwich City’s Teemu Pukki. His first name is actually pronounced ‘TAY-mu’ #ncfc
How about Chelsea’s #USMNT star Christian Pulisic? His surname is ‘puh-LISS-ick’, no Eastern European style ‘itch’ on the end #CFC
Read 11 tweets
There is much talk about the so-called “Big Six” pulling away from the rest of the Premier League financially, but is this actually true? This thread looks at this question from the perspective of revenue, wages and total player costs #AFC #CFC #LFC #MCFC #MUFC #THFC
For the purpose of this analysis, we will take the 7th highest club in terms of revenue and wages for each season between 2010 and 2018. This means that the 7th placed club is not always the same. For example, for the last 4 seasons’ revenue this was #EFC, #LCFC, #WHUFC & #NUFC.
The highest revenue in the 2018 Premier League was #MUFC £590m, followed by #MCFC £503m, #LFC £455m, #CFC £448m, #AFC £389m, #THFC £379m and #EFC £189m. The highest growth since 2010 came at #MCFC with £378m (or 300%).
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