28 June 2026 Sources: AMF / Euronext filings · Companies House (Cork Gully Statement of Proposals) · OL Groupe / Eagle Football Group press releases (Actusnews) · KBRA / DBRS Morningstar rating […]
Analysis Series: Analysis of the financial & operational framework of Nottingham Forest Football Club Limited (2024-2026)
Nottingham Forest Annual Accounts 2024/25 Nottingham Forest Football Club Limited over the reporting period ending 30 June 2025, and into the subsequent 2025/26 campaign, has been subject to (beneficiary of?) one of […]
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: The extra-ordinary £700 million loss by Chelsea’s parent company
Analysis of the financial performance and capital structure of 22 Holdco Limited: 2024-25 fiscal review 22 Holdco 2024/25 accounts The consolidated financial statements of 22 Holdco Limited for the fiscal year ended […]
The Analysis Series: Financial and structural analysis of Chelsea Football Club Limited: 2024/25 Annual Report and recapitalisation
Chelsea fc accounts 2024/25 The financial performance and structural evolution of Chelsea Football Club Limited during the fiscal year ending 30 June 2025 is an unprecedented and extreme case study of […]
Matthew Benham: An Analysis of Matthew Benham’s statistical gambling operations and football governance
As the majority owner of Brentford Football Club and the founder of the statistical research firm Smartodds, Benham has pioneered an analytical framework that prioritises mathematical probability over traditional subjective scouting and […]
The Analysis Series: Financial evolution of Eagle Football Group: Analysis of EBITDA and operational performance (2021–2026)
Football is a high risk business. Financial performance is determined by success on the pitch, the security of media rights deals, player acquisition and disposal, the cost and form of capital […]
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 […]
The Analysis Series: Financial analysis and balance sheet assessment of EFL Championship clubs: 2025-26 Season
The English Football League (EFL) Championship is the wealthiest non-top-flight football division in the world, yet it operates with structural insolvency, extreme financial volatility, and continuous reliance on external liquidity. As the […]
The Analysis Series: Broadcast rights, solidarity mechanisms, and financial redistribution in the English Football League
The structural transformation of the English football pyramid The 2024/25 football season represented the most significant restructuring of broadcast rights and financial distribution mechanisms in the modern era. For decades, the economic […]
The Analysis Series: The Premier League Summer 2025 Transfer Window
The conclusion of the Premier League’s summer 2025 transfer window confirms its position as the highest spending window to date. Clubs collectively spent a record-breaking £3.087 billion, representing a significant increase […]
The Analysis Series: Cash is King; Cash Flow in the English Premier League (2010-2025)
Ask any experienced investor or business person what is the most important indicator of the health of a business and they will always point you to the cash flow statements. Whilst […]
The Analysis Series: Yo-yos and Parachutes; Premier League Relegation, Subsequent Performance, and Financial Impact (2010-2024)
Introduction Dropping out of the English Premier League represents one of the most significant financial shocks in world football. The gulf in revenue between England’s top tier and its second, […]
The Analysis Series: Premier League Academy Productivity and Profitability (2015-2025)
For years, certainly the last decade or more, there’s been a huge focus on football club academies – both the positive and negative aspects. Many young children (both boys and girls) […]
The Analysis Series: An Analysis of Lenders, Debt, and Influence in English and European Football
Section 1: The Evolving Financial Landscape of English and European Football The financial architecture of European football is undergoing a profound transformation. Driven by an unprecedented surge in revenue, the […]
The Analysis Series – the growth of transfer debt among clubs and the associated systemic risk
The Growth of Player Transfer Creditors and Debtors in Premier League Football: 2010 to Present Summary This report examines the significant growth in trade creditors (transfer payables) and the complex management of […]