This report provides an analysis of Premier League club brand values, the methodology by which they are measured, the contributory factors that drive them, and the strategies by which clubs can grow […]
The Analysis Series: The new (and existing) Squad Cost Ratio, and Sustainability and Systemic Resilience rules (Part II)
Following on from Part I published yesterday, I continue the analysis of the new financial rules impacting English football. I’m going to start by looking at the six Premier League clubs that […]
The Analysis Series: The new (and existing) Squad Cost Ratio, and Sustainability and Systemic Resilience rules (Part I)
Premier League, Squad Cost Ratio (SCR) and Sustainability and Systemic Resilience (SSR) The rules were approved at a Premier League Shareholders’ meeting on 21 November 2025, with clubs voting in favour […]
The Analysis Series: MSCI State of Private Markets report 2026, potential risks to English Football Clubs
MSCI State of Private Credit & Equity Markets Overview of the report This inaugural MSCI report examines five structural forces reshaping private markets in 2026: Stress in private credit, A liquidity drought […]
Analysis Series: The Football Association Premier League Limited, Annual report and financial statements for the year ended 31 July 2025
The Football Association Premier League Annual accounts 2024/25 The Premier League is not a normal trading company. It is a near-pure pass-through vehicle: a single‑purpose monopoly licensor of broadcasting and commercial rights […]
The Analysis Series: West Ham United relegation scenario analysis
The FY25 accounts already describe a club operating well outside its means even before any relegation shock is applied. Turnover collapsed from £268.2m to £226.1m on the back of the drop from […]
Tottenham Hotspur relegation scenario analysis, financial and capital structure impact
Prepared: 3rd May 2026 Base accounts: Year ended 30 June 2025 Context: As at the date of this report, THFC sit 18th in the Premier League albeit with a game in hand […]
The Analysis Series: Manchester City v The Premier League: The “115 Charges” case
The case: In February 2023, after a four-year investigation triggered by Der Spiegel’s November 2018 Football Leaks publications, the Premier League formally referred Manchester City to an independent commission alleging breaches of […]
The Analysis Series: Analysis of Tottenham Hotspur Football & Athletic Co. Ltd and Tottenham Hotspur Limited: Strategic Review of the 2024-25 Fiscal Period
Tottenham-Hotspur-limited-full year 2024/25 Accounts The financial reporting period ending 30 June 2025 shows a critical inflection point in the modern history of Tottenham Hotspur. It is a period characterised by the starkest […]
The Analysis Series: Financial and systemic analysis of Manchester United plc (2024/25):
Manchester United Financial Results (2024/25) The financial architecture of elite global sports franchises has undergone a profound change over the past two decades. No longer operating as localised civic institutions governed by […]
The Analysis Series: Financial architecture of 22 Holdco Limited: Analysis of Ares Management’s credit exposure, warrants, and embedded derivative structures within the Blueco consortium
For anyone wanting an understanding of how Chelsea are funded and how Ares operate this is a must read: Summary and macro-financial context The global sports finance landscape has undergone a profound […]
The Analysis Series: Liverpool Football Club and Athletic Grounds Limited: Re-capitalisation, Operational Resilience, and Systemic Risk Assessment (Fiscal Year 2025)
Liverpool FC Financial Accounts 2024/25 The financial statements of The Liverpool Football Club and Athletic Grounds Limited for the period ending 31 May 2025 show a Premier League institution transitioning from an […]
The Analysis Series: Aston Villa – Analysis of NSWE Sports Limited: Capital management, subsidiary disposals, and a path to fiscal sustainability? (2024/25)
NSWE Sports Capital Accounts 2024/25 The financial performance of NSWE Sports Limited for the fiscal year ending 30 June 2025 is a further study in the intersection of elite sporting ambition and […]
The Analysis Series: Financial analysis of Manchester City Football Club: Fiscal Year 2024-25 and Post-Balance Sheet developments through April 2026
Manchester City Annual-Report-2024-25 The 2024-25 financial year represents a transformative year for Manchester City Football Club (MCFC). For the first time in nearly a decade, the club encountered a convergence of on-pitch […]
The Analysis Series: Analysis of the Chelsea FC sanction agreement and the rise of statutory oversight
The ratification of the Sanction Agreement between the Premier League and Chelsea Football Club in March 2026 presents the most complete, extensive forensic investigation into club finances to date, since the inception […]
The Analysis Series: The new “squad cost ratio” rules for the Premier League
The Premier League is undergoing a fundamental financial regulatory change, the impact of which will require considerable thought in the coming months. Who will the net winners be? What impact do […]
The Analysis Series: Audit of gambling’s commercial dominance in English professional football
An overview of the 2025/26 season English football in the 2025/26 season stands at a crossroads in terms of its relationship with the gambling industry. As the final campaign before the Premier […]
BDO’s 20th Annual Survey of Football Finance Directors (January 2026)
This article provides a synopsis and analysis of BDO’s 20th Annual Survey of Football Finance Directors (January 2026), which examines the financial realities of professional football across the English Premier League (EPL), […]
The Analysis Series: Analysis of dividend regulation in English professional football, rule 34, and capital distributions
Financial regulation in English professional football has evolved from a Victorian-era ethos of community custodianship to a system defined by global capital markets, private equity, and institutional shareholder supremacy. At the beginning […]
The Analysis Series: Value extraction in the global sports economy:
The evolution of asset stripping Historically viewed as community assets or the vanity projects of local benefactors, sports franchises and leagues have increasingly been reclassified as an alternative asset class within the […]