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Brit blogging from Switzerland, usually about the business of football.
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Jun 20 45 tweets 30 min read
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.
Jun 16 25 tweets 20 min read
Recently on Talk Sport Simon Jordan @Sjopinion10 claimed, “Klopp’s net spend is £28m-a-year, Pep’s is £100m-a-year.” This thread will look at #LFC and #MCFC accounts to see whether this statement is correct – and whether we should assess their expenditure in a different way. Klopp arrived at #LFC in October 2015, i.e. after the 2015 summer transfer window, so the 2016/17 season is his effective starting point. Guardiola started at #MCFC in 2016/17, so it’s the same for him. This analysis will therefore look at the 5 years up to the 2020/21 accounts.
Jun 14 44 tweets 28 min read
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.
Jun 13 43 tweets 33 min read
Crystal Palace’s 2020/21 financial results covered a season where they finished 14th in the Premier League for the second year in a row in a campaign “enormously impacted” by COVID. Manager Roy Hodgson replaced by Patrick Vieira in July 2021. Some thoughts follow #CPFC #CPFC pre-tax loss narrowed from £58m to £40m, despite revenue falling £8m (6%) from £142m to £134m, due to profit on player sales increasing from £1m to £10m and expenses falling £17m (8%), mainly due to a change in the accounting date (two fewer months).
Jun 7 39 tweets 40 min read
There have been a few analyses of football club debt published recently, which are at best misleading, if not downright incorrect. So it’s once again time to wheel out my explanation of why debt figures should be treated with caution, as there are so many different definitions. For the purpose of this review I will take the 2020/21 audited accounts of those clubs featuring in the Deloitte Money League (with the exception of Zenit St Petersburg, where I have not managed to source the details).
Jun 6 44 tweets 28 min read
Birmingham City’s 2020/21 financial results covered a season when they finished 18th in the Championship, a slight improvement on previous season’s 20th place. Head coach Aitor Karanka was replaced by Lee Bowyer in March 2021. Some thoughts in the following thread #BCFC #BCFC loss narrowed from £18.2m to £4.8m, largely due to profit on player sales rising £15m to £27m, thanks to Jude Bellingham’s move to Borussia Dortmund. Revenue dropped £9.1m (40%) from £22.8m to £13.7m, due to COVID, partly offset by expenses falling £7m (14%).
May 30 40 tweets 26 min read
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.
May 27 24 tweets 15 min read
Manchester United have announced financial results for Q3 of 2021/22, incorporating the first 9 months of the season (July 2021 to March 2022), so these are boosted by the return of fans to the stadium. Some thoughts in the following thread #MUFC #MUFC swung from £18m pre-tax profit to £58m loss (£45m after tax), despite revenue increasing £65m (16%) from £400m to £465m and profit on player sales rising from £0.3m to £18m, as expenses were up £109m (27%) and net interest went from £18m recoverable to £31m payable.
May 24 9 tweets 5 min read
The Champions League final between Liverpool and Real Madrid on Saturday night is a mouth-watering prospect, but how much money is it worth to the Reds? #LFC My model suggests that #LFC have already earned around £102m (€117.6m) for reaching the Champions League final.

This comprises participation fee €15.6m, prize money €66.3, UEFA coefficient €22.7m and TV pool €17.1m less COVID rebate €4.1m.
May 24 22 tweets 16 min read
UEFA has published the revenue distributions for the Champions League and Europa League in the 2020/21 season. Although these are very close to the modelled figures that I have previously provided, I thought some people might like to have the final, official figures. Unsurprisingly, the two Champions League finalists earned the most with winners #CFC and #runners-up MCFC receiving £105m and £104m respectively, followed by #RealMadrid and #PSG, both £96m, then #FCBayern £81m and #LFC £77m.
May 23 52 tweets 40 min read
Newcastle United’s 2020/21 financial results cover a season when they finished 12th in the Premier League under head coach Steve Bruce, since replaced by Eddie Howe in November 2021. Disrupted by the COVID-19 pandemic. Some thoughts in the following thread #NUFC This was the last set of accounts under Mike Ashley’s ownership, as the club was acquired in October 2021 by Saudi Arabia’s Public Investment Fund (80% stake), as well as PCP Capital Partners (10%) and RB Sports & Media (10%).
May 21 27 tweets 17 min read
Leeds United and Burnley have written to the Premier League, threatening to take legal action for their failure to punish Everton for what they believe to be a serious breach of the regulations. Relegation would have significant financial consequences. #EFC #LUFC #BurnleyFC If a club breaches the Premier League’s Profitability and Sustainability rules, it can face sanctions ranging from fines to points deductions. #LUFC and #BurnlyyFC would argue that #EFC have enjoyed a competitive advantage, as the league has not sanctioned their high spending.
May 12 50 tweets 36 min read
Paris Saint-Germain’s 2020/21 accounts cover a season when they were Ligue 1 runners-up, though they won the title again in 2021/22, their 8th in 10 years. Also reached the Champions League semi-final and won the Coupe de France. Some thoughts in the following thread #PSG #PSG were acquired in 2011 by Qatar Sports Investments (QSI), a subsidiary of Qatar's sovereign wealth fund Qatar Investment Authority (QIA), making the club by far the richest in France and one of the wealthiest in the world. Nasser Al-Khelaifi is the club’s chairman and CEO.
May 9 43 tweets 32 min read
Sheffield United’s 2020/21 accounts covered a season when they finished 20th in the Premier League, leading to relegation after a two-year spell in the top flight. Manager Chris Wilder was replaced by Paul Heckingbottom (interim basis). Some thoughts follow #SUFC #twitterblades This was the second year under new #SUFC owner Prince Abdullah after the High Court ruled that Kevin McCabe had to sell his 50% share to the Prince. This also triggered an agreement whereby the club had to purchase the stadium, training facility, gym, hotel and offices for £38m.
May 4 18 tweets 9 min read
After UEFA’s ruling that no Russian clubs will participate in its competitions until further notice, it is now certain that the winners of the Scottish Premiership will qualify automatically for the group stage of the Champions League without having to go through a play-off. As Celtic realistically only need three points to secure the title (given their vastly superior goal difference), it looks likely that they will take Scotland’s Champions League place, so I thought it would be interesting to estimate how much this might be worth #CelticFC
May 2 46 tweets 52 min read
A year ago 12 clubs announced a European Super League (ESL) before fan protests led to a humiliating climbdown just days later. However, the factors that drove the 12 clubs to this deeply unpopular move largely remain. It’s still all about money: a combination of fear and greed. There is little doubt that many of the 12 Super League clubs continue to face serious financial problems. To some extent, this helps explain why the “dirty dozen” would seek more revenue, but that certainly does not excuse their horribly ill-conceived plan.
Apr 26 37 tweets 25 min read
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.
Apr 25 42 tweets 25 min read
This season’s Champions League semi-finals largely feature the usual suspects, but the presence of #Villarreal is a surprise to most, after the “yellow submarine” defeated Bayern Munich. Having only finished 7th in La Liga, they qualified for the CL by winning the Europa League. Compared to the European elite, #Villarreal have far fewer financial resources, playing their home games in a stadium with a capacity of only 23,500, though this would hold almost half of the city’s population of just over 50,000.
Apr 20 42 tweets 28 min read
#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.
Apr 19 39 tweets 32 min read
Fulham’s financial results for 2020/21 cover a season when they were relegated to the Championship after just a single season in the Premier League, after they finished 18th. Head coach Scott Parker replaced by Marco Silva in July 2021. Some thoughts in the following thread #FFC #FFC pre-tax loss widened from £48m to £93m, despite revenue doubling from £58m to £116m following promotion to the Premier League, as profit on player sales fell £25m to zero, while expenses increased by £78m (60%) in the top flight (including £21m player impairment). Image
Apr 14 10 tweets 7 min read
Quick update on the TV money earned to date by English clubs in the 2021/22 Champions League after this week’s thrilling quarter-finals. The final amounts received will depend on any further progress in the competition #MCFC #LFC #CFC #MUFC England’s semi-finalists have both earned more than €100m TV money from Champions League to date. #MCFC lead the way with €108m, followed by #LFC €102m. Despite being eliminated by Real Madrid, #CFC receive €90m for reaching QF, while #MUFC got €77m for reaching the last 16. Image