LFC’s 2024/25 accounts are available. This thread summarizes P&L, investment, CF, and debt.

Key P&L metrics:
- Rev of £703m (YOY: +£89m; +14.5%)
- Adj EBITDA of £102m (+£32m); £89m excl a £13m ins settlement
- Adj EBIT a loss of £30m (+£31m)
- Pre-tax profit of £15m (+£72m) Revenue increase YOY by £89m to £703m driven by growth in each segment:
- Broadcast +£60m primarily due to UCL in 2024/25 vs UEL in 2023/24
- Comm +£15m driven primarily by sponsorship growth
- Matchday +£14m due to the Anfield Road Stand being fulling operational all season

Ares Capital Corp published FY25 accts. Notes for Eagle Football position(s):
- New Series D matures Dec ’26; ACC holds ~ 8% of the $20m issue; rate of 20% (w/ Series B stepping up from 19% to 20%).
- ACC carries Series A and Series C notes at ~ 32% of principal (Sep ’25: ~ 57%). The EFH positions have exhibited a net unrealized decrease by $46m during FY25.

Conversely, Ares Capital Corp's position in Atleti (Storm Investment S.a.r.l.) has been among its strongest (+$35m).

Manchester United's 2024/25 financial results are summarized in this thread, covering P&L, investment, CF, and debt.

Key P&L metrics exhibited YOY improvement:
- Rev of £667m (+£5m)
- Adj EBITDA of £183m (+£35m)
- Adj EBIT a loss of £31m (+£29m)
- Pre-tax loss of £40m (+£91m) The total revenue increase of £5m (+0.7%) reflects the net impact of strong commercial and MD growth (comm: +£30m; MD: +£23m) versus a sizeable decrease in broadcast revenue (-£49m).

Note: The club’s revenue guidance for 2025/26 is £640m to £660m.

With LFC’s 2024/25 financial period complete, I’ll provide some initial/rough *estimates* (w/ full write-up this weekend).

Key P&L metrics estimated to improve notably vs 2023/24:
- Rev of £714m (+£100m; +16.3%)
- Adj EBITDA of £140m (+£70m)
- Pre-tax profit of £48m (+£105m) Est rev incr of £100m reflects:
- Broad +£71m (UEFA: +£61m; PL: +£10m; Other: ~ breakeven)
- Comm +£26m (Japan Airlines + 3 other new; AXA extension; 5 concerts at Anfield vs 0 in 2023/24; PL title bonuses)
- MD +£4m (2 fewer home but stronger mix + full capacity all season)

It’s highly unlikely that there has been a change to FSG’s operating model. A few key factors driving the renewals + (expected) big net transfer outlay are summarized below.

https://twitter.com/MaaxiAngelo/status/1925977027372343554

1) Cash generated from operations has likely materially strengthened. These are the core funds available for investment and are critical for any club employing (or attempting to employ) a self-sustaining model.

14 PL clubs have released full 2023/24 results so far.

Agg P&L for those 14:
- Rev up £356m (7.6%) YOY to £5,006m; comm the key driver
- Adj EBITDA down £11m (1.6%) to £715m; OOEs growing rapidly
- Pre-tax loss narrowed by £110m to £153m driven by big jump in player sale profit P&L figures by club are attached. Average pre-tax result a loss of £11m (median: loss of £13m). Note that data doesn’t include headline figures announced by Chelsea and Villa (waiting on full results to include in summary).

Newcastle Utd published 2023/24 financials. This thread provides a few figures on P&L, investment, CF, and debt.

Key P&L metrics:
- Rev of £320m (YOY: +£70m; +28.0%)
- Adj EBITDA of £34m (+£9m); margin: 10.5%
- Adj EBIT a loss of £69m (-£1m)
- Pre-tax loss of £11m (+£61m) Strong total rev growth reflects robust in each core segment, w/ broadcast higher by 11.1% (+£18m reflecting UCL +£30m vs other -£12m), commercial rising 84.4% (+£40m; sponsor growth biggest driver), and MD up 32.1% (+£12m; same # home vs 2022/23 but higher demand mix w/ UCL).

This thread summarizes LFC's 2023/24 accts across P&L, investment, CF, and debt.

Key P&L metrics:
- Rev of £614m (Year over year: +£20m)
- Adj EBITDA of £71m (YOY: -£13m); margin: 11.5% (YOY: -2.6%)
- Adj EBIT is a loss of £60m (YOY: -£22m)
- Pre-tax loss of £57m (YOY: -£48m) Revenue increase by £20m reflects net impact of a £36m increase in commercial, £22m increase in MD, and £38m decrease in broadcast. Commercial comprised 50.2% of total revenue for the period (first time cresting 50%).

Expect low to mid 700s for 2024/25 (mid w/ a deep UCL run).

This article is the first I’ve seen to note that Clearlake holds a different class of securities than the Boehly group. This prompted me to look through filings to get a better grasp of the broader ownership outlay, with select elements highlighted in this thread.

https://twitter.com/MailSport/status/1773357838678593824

Attached is an ownership diagram based on filings (flows read bottom to top):
- Blueco 22 Midco Ltd appears to be the multi-club holding vehicle
- Blueco 22 Ltd is the entity that borrowed from CCLF (Cliffwater)
- 22 Holdco Ltd is the entity issuing different classes of shares

MUFC’s full annual report for 2022/23 was published. This thread will build on the one from yesterday with some additional figures.

Net Spend was £218m, with the gross spend on player registrations £247m and net fees from registration disposals of £29m.

https://twitter.com/gregorypcordell/status/1717545299483242768

Some points of note on Net Spend in accounts:
- Costs that are capitalized aren’t limited to transfer fees and will include other transaction fees (such as agents’ fees)
- MUFC’s financial period runs from 01 JUL to 30 JUN, so acquisitions/sales won’t always align to season

This passage in the Chronicle caught my eye, which is a common misconception. While @KieranMaguire is likely right on the purpose of funds, Newcastle isn't issuing one share for £60m to get cash in w/out all shareholders putting in. PIF haven't paid in > 80% at any point to date. I wrote about this on Substack back in March after the £57m capital injection (link below). The write-up is based entirely on public information via filings on Companies House.

gregcordell.substack.com/p/newcastle-un…