Swiss Ramble Profile picture
Jul 27, 2022 15 tweets 11 min read Read on X
As a follow-up to yesterday’s thread on how the “Big Six” in the Premier League fared during the COVID era, here is an alternative view for each club. I’ve also added a few other clubs which needed more financial support over the two years of the pandemic (2019/20 and 2020/21).
#AFC posted a huge £181m pre-tax loss, though this was inflated by interest payable including a once-off £32m refinancing fee, as around £200m external bonds were redeemed and replaced by a loan from Stan Kroenke. Net cash outflow of £148m was funded by reduction in cash balance.
#CFC enormous £294m operating loss was partially offset by £171m profit from player sales, but they still made £120m pre-tax loss. However, net cash outflow was restricted to £20m, mainly due to relatively low net player purchases plus £50m share capital from Roman Abramovich.
#LFC £114m operating loss was largely offset by £66m profit from player sales, so their pre-tax loss was “only” £51m. After spending £145m on net player purchases and £41m on infrastructure (training ground), the cash loss was mainly funded by £77m external loans.
#MCFC significant £218m operating loss was partially offset by £108m profit from player sales, but they still made £120m pre-tax loss. Even after £23m capital injection from the owners, the net cash outflow was still £85m. Funded by reduction in cash balance from £130m to £45m.
#MUFC £45m pre-tax loss was smallest of Big Six, mainly due to low operating loss of just £57m. Highest cash loss of £203m, mainly due to £285m net player purchases, but still paid £34m dividends and £21m share buyback. Funded by big fall in cash balance plus £56m external loans.
#THFC £148m pre-tax loss included £80m interest payable on loans for building their new stadium. This project also led to £110m capital expenditure (albeit much lower than the £474m outlay in preceding 2 years). Funded by £191m external loans, taking gross debt to £854m.
Although the Big Six appear to have coped relatively comfortably with the effects of the pandemic, other clubs have been less fortunate and have required significant additional financing, though some of this is linked to the usual ambitions (and not just driven by COVID).
To illustrate the differing requirements, I have looked at a few other clubs in the Premier League. This is not an exhaustive list by any means, but should be sufficient to make the point (plus I don’t have unlimited time 🙂).
#EFC £261m pre-tax loss in the past 2 years was the highest in the top flight, as their £347m wages accounted for 92% of revenue. In cash terms their loss was £200m, which they funded with £150m from owners (£100m share capital and £50m loans) plus £93m bank loans.
#LCFC £188m operating loss was partially offset by £107m profit from player sales (mainly Harry Maguire to #MUFC). Their £134m cash loss was largely down to £110m capital expenditure (new training ground), which was funded by £162m loans from the owners, King Power.
#WHUFC £121m operating loss was partially offset by £43m profit from player sales, but £14m interest payable meant a £92m pre-tax loss. The £53m cash loss was covered by £30m share capital from a rights issue (mainly Sullivan and Gold) plus £31m external loans.
#AVFC £137m pre-tax loss was almost identical to the operating loss, as they only made £1m from player trading (though next accounts will include Grealish sale to #MCFC). Very high £194m net player purchases funded by £191m share capital from owners Nassef Sawiris and Wes Edens.
Although elite clubs have not required much additional financing in the last 2 years, other smaller clubs have not been so fortunate, having to rely on the generosity of their owners or the banks – even though their COVID losses were smaller (due to lower pre-pandemic revenue).
That said, it does look like much of the money provided has simply been used for “normal” activities, i.e. to finance expenditure on players, either in the form of transfers or wages. In other words, business as usual for most clubs.

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More from @SwissRamble

Mar 20
Review of Bayern Munich's financial results for the 2023/24 season, when for once they did not win the Bundesliga, but they did reach the Champions League semi-finals. Image
Bayern's finances remain solid, as they have now been profitable for a barely credible 32 years in a row, generating an amazing €429m pre-tax profit in the last decade alone, even including the COVID impacted seasons. Image
Bayern set a new revenue record for the second year in a row, which means this has grown by €105m (16%) since the pre-pandemic peak of €660m in 2018/19. Including income from player sales, the increase was even more impressive, rising €201m (27%) from €750m to €952m. Image
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Mar 17
Review of Wolverhampton Wanderers' financial results for the 2023/24 season, when they finished 14th in the Premier League and reached the quarter-finals of the FA Cup #WWFC Image
Wolves’ pre-tax loss significantly reduced from £67m to £14m, as profit from player sales increased from £44m to £65m, while revenue rose £9m (5%) from £169m to £178m and operating expenses were cut by £18m (7%) from £269m to £241m #WWFC Image
One big reason for Wolves’ need to focus on player trading is their inability to grow their revenue. Indeed, this has only increased £5m (3%) compared to their first season back in the Premier League in 2018/19 #WWFC Image
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Jan 24
The recent sale of Khvicha Kvaratskhelia to Paris Saint-Germain for a reported €70m once again highlighted Napoli’s ability to make big money from transfers #sscnapoli Image
In fact, Napoli have four of the top ten player sales profits ever in Italy, also including Higuain, Cavani and Jorginho. Furthermore, they have made the highest profit from player sales in Italy in the last five years with nearly €300m #sscnapoli Image
This has helped Napoli generate an incredible €209m of profits in the last two seasons, which is in stark contrast to the losses registered at most of their rivals. They have fully recovered from the COVID-impacted seasons #sscnapoli Image
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Dec 16, 2024
While Manchester City have hit some bad form on the pitch recently, their financial results for the 2023/24 season were pretty impressive, featuring a new Premier League revenue record of £715m and a substantial £74m profit #MCFC Image
City's revenue slightly increased to £715m, which means that this has risen by more than a third (£180m) in just five years from the 2019 pre-pandemic level of £535m. Growth has been led by commercial, which now accounts for 48% of total income #MCFC Image
Player trading has become increasingly important to City, having made £122m in 2022/23 and £139m in 2023/24. Up until 2019/20 the club had not generated more than £40m, so they have significantly improved this area of their operations #MCFC Image
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Nov 11, 2024
Review of Rangers' financial results for the 2023/24 season, when when they finished as runners-up in the SPFL Premiership for the third year in a row, were defeated in the Scottish Cup Final, but did win the League Cup. Also reached the Europa League last 16 #RangersFC Image
After two years of small losses, when they very nearly broke-even, Rangers lost £17m before tax, mainly because profit from player sales dropped from £24m to £6m #RangersFC Image
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Rangers' revenue rose £4.5m (5%) from £83.8m to a club record £88.3m, which means that this has grown by an impressive £35.1m (66%) in the last five years from £53.2m #RangersFC Image
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Sep 16, 2024
Review of Manchester United's financial results for the 2023/24 season. As always, #MUFC are the first Premier League club to publish their accounts.

The period included official confirmation of the deal whereby Sir Jim Ratcliffe acquired a 27.7% stake in United. Image
On the plus side, revenue rose £14m (2%) from £648m to a new club record of £662m, while profit from player sales increased from £20m to £37m, United's best result for 15 years #MUFC
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However, the pre-tax loss quadrupled, widening by £98m from £33m to £131m, the second worst in United’s history. Club has posted a loss 5 years in a row, compared to healthy profits in five of the six years up to 2018/19 #MUFC Image
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