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Jan 3 • 11 tweets • 5 min read
Detailed review of West Ham's financial results for the 2021/22 season is in my Substack blog, but a few highlights to follow #WHUFC
#WHUFC swung from a £27m pre-tax loss to £12m profit, a £39m improvement.
#WHUFC revenue rose £60m (31%) from £193m to a club record £253m.
Club record £41m match day revenue for #WHUFC after playing games behind closed doors the previous season.
Club record £164m broadcasting revenue for #WHUFC boosted by reaching the Europa League semi-final.
Club record £48m commercial revenue for #WHUFC
#WHUFC had the 3rd highest transfer spend in Europe last summer.
Thanks to a £125m capital injection from new investor Daniel Kretinsky, #WHUFC gross debt reduced from £109m to just £56m, as previous shareholder loans were repaid in full.
#WHUFC vice-chairman Karren Brady’s remuneration rose 68% from £1.3m to £2.2m, including a one-off £1.0m bonus “in respect of the new investment”. 4th highest in the Premier League.
Sullivan and Gold were paid £4.6m interest as part of the loan settlement. The #WHUFC owners are not paid a salary or dividend, but they have trousered £23.3m interest over the years.
More details available on my (free) Substack.

swissramble.substack.com/p/west-ham-fin…

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More from @SwissRamble

Swiss Ramble Profile picture
Dec 12, 2022
Analysis of Manchester United's first quarter financials for the 2022/23 season. Loss increased, as operational improvement wiped out by higher interest. No dividend payment. Gross financial debt up to £680m. Highest ever PL transfer debt £307m #MUFC swissramble.substack.com/p/manchester-u…
A few points from the detailed analysis of Manchester United's Q1 2022/23 results #MUFC
Gross financial debt increased £44m to £680m since year-end, so is now £76m higher than the £604m owed after the Glazers’ leveraged buyout nearly 20 years ago. Largely due to the weakening GBP, as most of the debt is denominated in USD #MUFC
Read 8 tweets
Swiss Ramble Profile picture
Nov 28, 2022
Sensational news emerging off the pitch this evening, as the #Juventus board, including President Andrea Agnelli, has resigned amid "legal and technical/accounting matters", citing issues which the club referred to as "salary manoeuvres”.
This relates to players waiving part of their salaries in response to the COVID pandemic in 2019/20 and 2020/21 plus subsequent loyalty bonuses.
Although #Juventus said that a review by independent experts said that the accounting treatment used "falls within those allowed by applicable accounting principles", they now believe that a more prudent approach would be appropriate.
Read 10 tweets
Swiss Ramble Profile picture
Nov 14, 2022
#CelticFC 2021/22 accounts cover a season when they regained the Scottish Premiership title under new manager Ange Postecoglou and also won the League Cup, but were eliminated from the Europa League after the group stage.
#CelticFC swung from £11.5m pre-tax loss to £6.1m profit (£5.8m after tax), as revenue rose £27m (45%) from £61m to £88m and profit on player sales increased £20m from £9m to club record £29m, partly offset by £25m (29%) higher operating expenses and no repeat of £5m insurance.
Main reason for #CelticFC revenue increase was match day, which rose £22m (107%) from £21m to £43m, due to the return of fans to the stadium, while commercial grew £3m (11%) to £32m in a more normalised trading environment and broadcasting was up £2m (18%) to £13m.
Read 45 tweets
Swiss Ramble Profile picture
Nov 11, 2022
I’ve had a few questions on the revenue impact of Barcelona’s exit elimination from this season’s Champions League after the group stage. As is often the case, the answer depends on how you look at it #FCBarcelona
As per my model, #FCBarcelona have earned €70.2m from this season’s Champions League, comprising participation fee €15.6m, prize money €7.0m, UEFA coefficient €34.1m and TV pool €15.9m less €2.5m COVID rebate to broadcasters. Image
As we can see, #FCBarcelona have benefited from their previous good record in Europe with their UEFA coefficient €34.1m payment accounting for nearly half their total €70.2m distribution. This is currently the third highest in Europe, only behind #RealMadrid and #FCBayern. Image
Read 12 tweets
Swiss Ramble Profile picture
Nov 9, 2022
Manchester City’s 2021/22 accounts covered a season when they won the Premier League for the fourth time in five years (their sixth title in 11 years) and reached the semi-finals of the Champions League and the FA Cup. Some thoughts follow #MCFC
#MCFC chairman Khaldoon Al Mubarak noted that it was also the most successful financial year in the club’s history with chief executive Ferran Soriano highlighting that City broke the club records for both revenue and profits.
#MCFC pre-tax profit improved from £5m to £42m, as revenue rose £43m (8%) from £570m to £613m, thanks to recovery from COVID and the return of fans to the stadium, while operating expenses only increased £11m (2%). Profit from player sales was almost unchanged at £68m. Image
Read 49 tweets
Swiss Ramble Profile picture
Nov 7, 2022
After #Benfica won their Champions League group ahead of PSG and Juventus, I thought it might be interesting to take a look at their finances. The 2021/22 accounts cover a season when they only finished 3rd in Primeira Liga, but reached the CL quarter-finals #SLBenfica #SLB
Benfica pre-tax loss widened from €34m to €42m (€35m after tax), despite revenue rising €75m (80%) from €94m to club record €169m, as profit from player sales fell €46m from €88m to €42m and expenses increased €37m (17%). Image
Benfica revenue growth driven by Champions League participation, which led to broadcasting increasing €48m (73%) from €66m to €114m, and match day, up €25m from €0.5m to €25m, due to the  return of fans to the stadium. Commercial also rose €3m (10%) from €28m to €31m. Image
Read 42 tweets

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