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Model updated: 12 Sept 2026
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Crystal Palace

Financials · 2026/27 spending-room estimate

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Below GreenFinancial forecast

Football income

The squad-cost ratio depends on football income, so PSRwatch starts from the latest filed accounts for domestic income, removes any European income inside that base year, adds this season's UEFA distributions where the club is in Europe, and adds net profit on player sales as the League's rolling three-year average.

Latest filed revenue
£195m

2024/25

Football income
£331m

£311m low / £351m high

How this is calculated
domestic £239m (matchday £43m + broadcasting £112m + commercial £84m) + UEFA distributions £22m + player-sale profit (3-year average) £70m = £331m

The denominator of the squad-cost test: this season's forecast football revenue plus the League's three-year average of net profit on player sales.

  • Matchday£43m · 13%
  • Broadcasting£112m · 34%
  • Commercial£84m · 25%
  • UEFA distributions£22m · 7%
  • Player-sale profit (3-year average)£70m · 21%

Broadcasting is 34% of the base, and UEFA distributions add £22m that only counts while the club is in Europe. Player-sale profit contributes £70m as a three-year average, so one big sale lifts income by a third of its profit, not all of it.

This is a forecast, not filed revenue. The latest filed figure is £195m (2024/25); the sensitivity band is £311m to £351m. The matchday / broadcasting / commercial split uses a league-typical mix until the club's own accounts disclose one.

UEFA distributions
£22m

PSRwatch central estimate of this season's UEFA distributions. It adds to football income; the League's 85% / 115% lines stay the same.

Player-sale profit (3-year average)
£70m

From filed accounts where available and reported sale fees otherwise - undisclosed-fee estimates never count as income.

Latest actual revenue
£195m
Matchday forecast
£43m
Broadcasting forecast
£112m
Commercial forecast
£84m
Domestic football income
£239m
UEFA distributions (Europa League, PSRwatch estimate)
£22m
Player-sale profit (three-year average)
£70m
Football income
£331m

Latest filed revenue baseline: 2024/25.

Central forecast starts from the committed club forecast and splits domestic football income using a league-typical modelled mix (about 18% matchday / 47% broadcasting in the Premier League) - the club's own filed mix will be used once its accounts disclose one.

Premier League participation is included in the broadcasting and commercial mix.

No European income sat inside the 2024/25 accounts the forecast is grown from.

Europa League participation in 2026/27 adds a separate UEFA income line (PSRwatch central estimate of GBP 22m of distributions) and brings UEFA's separate 70% squad-cost rule into play (the League's own 85% / 115% lines are unchanged).

Net profit on player sales counts as the League's rolling three-year average (one third of each of the last three seasons' profits), not this window's sales in full.

Low/high range is a deterministic +/-6% sensitivity around central football income.

Forecast domestic income already clears the applicable Premier League floors (income >= GBP 175m, broadcasting >= GBP 95m), so no uplift was needed.

Season view

ProjectionSquad-cost basis
Football income
£331m
Squad cost
£194m
Squad-cost ratio
59%
Room to Red Threshold
£187m
Below GreenCurrent PSRwatch view using public data.
2026/27 - Premier League squad-cost projection. This is the live view used across the rest of this page.
What does this mean?Forward-looking squad-cost estimate for 2026/27, built from public filings, reported transfer data, provider wage estimates and PSRwatch assumptions. Subject to transfer, wage, revenue and rule changes. These are unofficial PSRwatch estimates - final regulatory decisions sit with the leagues. Methodology

Financial forecast

Financial model built from filed accounts, sourced facts and labelled assumptions, with a forward income-statement forecast. Expand any line to see where the number comes from.

Model completeness 77%Forecast confidence lowReadiness Tier BReconciliation partial - cash flow not verifiedModel platform-v1.1
Revenue 2028/29F
£178.7m
Staff costs
£145.5m
Player amortisation
£54.0m
Pre-tax result
-£51.8m
Squad-cost ratio
-
2020/21AFiled accounts2021/22AFiled accounts2022/23AFiled accounts2023/24AFiled accounts2024/25AFiled accounts2025/26EPSRwatch estimate2026/27FPSRwatch forecast2027/28FPSRwatch forecast2028/29FPSRwatch forecast
What moves revenue from 2024/25A to 2028/29F
  • Matchday-£4.4m
  • Media & competition distributions-£4.8m
  • Commercial+£0.0m

Calculated from the model itself - the same numbers as the statement lines below, not separately maintained copy.

Income statement
Line (£m)2020/21A2021/22A2022/23A2023/24A2024/25A2025/26E2026/27F2027/28F2028/29F
Total revenue
Where this number comes from (2028/29F)
CalculationTotal revenue£178.7m
= matchday + media + commercial
CalculationMatchday revenue 2028/29£11.1m
= (25486 seats × 97.8% utilisation) × (19 league + 1 domestic cup + 0 European home games) × £22.2 per attendee ÷ 1,000,000
FactStadium capacity 2028/29: 25486 seats (official, high)25,486 seats
AssumptionAttendance utilisation 97.8%97.8%
Assumption19 home league matches19 matches
Assumption1 home domestic cup ties1 matches
Assumption0 home European ties0 matches
AssumptionMatchday yield £22.2/attendee22.2 GBP
CalculationMedia / broadcasting revenue£137.5m
= domestic league central distribution + UEFA distributions + domestic cup prize money
CalculationPremier League central distribution£137.5m
= pl_total 2028/29 resolved directly: 137.5
AssumptionPL central distributions £137.5m£137.5m
CalculationUEFA distribution 2028/29: zero - club not in European competition£0.0m
= no European participation ⇒ no UEFA distribution
EventNo European competition 2028/29 (assumed)£0.0m
CalculationNot modelled for 2028/29: no evidenced domestic cup prize money
CalculationCommercial revenue fy2029: 0 contracted deals + other commercial base (3 active deal(s) with unreported value excluded)£30.1m
= Σ guaranteed annual values of 0 active deals (£0.0m) + other commercial base £30.1m
ContractMacron (kit-manufacturer) - value not reliably reported, excluded from sum
ContractTemporal Technologies (shirt-sponsor) - value not reliably reported, excluded from sum
ContractKaiyun Sports (sleeve-sponsor) - value not reliably reported, excluded from sum
AssumptionCommercial base beyond registered deals £30.11m£30.1m
£134.4m£160.0m£179.5m£189.3m£195.3m£183.1m£180.9m£178.7m£178.7m
Matchday revenue
Where this number comes from (2028/29F)
CalculationMatchday revenue 2028/29£11.1m
= (25486 seats × 97.8% utilisation) × (19 league + 1 domestic cup + 0 European home games) × £22.2 per attendee ÷ 1,000,000
FactStadium capacity 2028/29: 25486 seats (official, high)25,486 seats
AssumptionAttendance utilisation 97.8%97.8%
Assumption19 home league matches19 matches
Assumption1 home domestic cup ties1 matches
Assumption0 home European ties0 matches
AssumptionMatchday yield £22.2/attendee22.2 GBP
- - £12.3m£13.8m£15.5m£15.5m£13.3m£11.1m£11.1m
Media / broadcasting revenue
Where this number comes from (2028/29F)
CalculationMedia / broadcasting revenue£137.5m
= domestic league central distribution + UEFA distributions + domestic cup prize money
CalculationPremier League central distribution£137.5m
= pl_total 2028/29 resolved directly: 137.5
AssumptionPL central distributions £137.5m£137.5m
CalculationUEFA distribution 2028/29: zero - club not in European competition£0.0m
= no European participation ⇒ no UEFA distribution
EventNo European competition 2028/29 (assumed)£0.0m
CalculationNot modelled for 2028/29: no evidenced domestic cup prize money
Sources: Wikipedia
- - £141.1m£145.4m£142.3m£137.5m£137.5m£137.5m£137.5m
Premier League distributions
Where this number comes from (2028/29F)
CalculationPremier League central distribution£137.5m
= pl_total 2028/29 resolved directly: 137.5
AssumptionPL central distributions £137.5m£137.5m
- - - - - £137.5m£137.5m£137.5m£137.5m
UEFA distributions
Where this number comes from (2028/29F)
CalculationUEFA distribution 2028/29: zero - club not in European competition£0.0m
= no European participation ⇒ no UEFA distribution
EventNo European competition 2028/29 (assumed)£0.0m
Sources: Wikipedia
- - - - - £0.0m£0.0m£0.0m£0.0m
Commercial revenue
Where this number comes from (2028/29F)
CalculationCommercial revenue fy2029: 0 contracted deals + other commercial base (3 active deal(s) with unreported value excluded)£30.1m
= Σ guaranteed annual values of 0 active deals (£0.0m) + other commercial base £30.1m
ContractMacron (kit-manufacturer) - value not reliably reported, excluded from sum
ContractTemporal Technologies (shirt-sponsor) - value not reliably reported, excluded from sum
ContractKaiyun Sports (sleeve-sponsor) - value not reliably reported, excluded from sum
AssumptionCommercial base beyond registered deals £30.11m£30.1m
Sources: Companies House (audited statutory accounts) · Crystal Palace F.C. · Crystal Palace F.C. · Crystal Palace F.C.
- - £23.4m£26.0m£30.1m£30.1m£30.1m£30.1m£30.1m
Total staff costs
Where this number comes from (2028/29F)
CalculationTotal staff costs£145.5m
AssumptionStaff costs £145.48m£145.5m
Sources: Companies House (audited statutory accounts)
£130.3m£123.8m£129.7m£132.4m£145.5m£145.5m£145.5m£145.5m£145.5m
Other operating costs
Where this number comes from (2028/29F)
AssumptionOther operating costs £35.12m£35.1m
Sources: Companies House (audited statutory accounts)
£13.7m£19.5m£26.4m£29.1m£35.1m£35.1m£35.1m£35.1m£35.1m
EBITDA
Where this number comes from (2028/29F)
CalculationEBITDA-£1.9m
= revenue − staff costs − other operating costs
CalculationTotal revenue£178.7m
= matchday + media + commercial
CalculationMatchday revenue 2028/29£11.1m
= (25486 seats × 97.8% utilisation) × (19 league + 1 domestic cup + 0 European home games) × £22.2 per attendee ÷ 1,000,000
FactStadium capacity 2028/29: 25486 seats (official, high)25,486 seats
AssumptionAttendance utilisation 97.8%97.8%
Assumption19 home league matches19 matches
Assumption1 home domestic cup ties1 matches
Assumption0 home European ties0 matches
AssumptionMatchday yield £22.2/attendee22.2 GBP
CalculationMedia / broadcasting revenue£137.5m
= domestic league central distribution + UEFA distributions + domestic cup prize money
CalculationPremier League central distribution£137.5m
= pl_total 2028/29 resolved directly: 137.5
AssumptionPL central distributions £137.5m£137.5m
CalculationUEFA distribution 2028/29: zero - club not in European competition£0.0m
= no European participation ⇒ no UEFA distribution
EventNo European competition 2028/29 (assumed)£0.0m
CalculationNot modelled for 2028/29: no evidenced domestic cup prize money
CalculationCommercial revenue fy2029: 0 contracted deals + other commercial base (3 active deal(s) with unreported value excluded)£30.1m
= Σ guaranteed annual values of 0 active deals (£0.0m) + other commercial base £30.1m
ContractMacron (kit-manufacturer) - value not reliably reported, excluded from sum
ContractTemporal Technologies (shirt-sponsor) - value not reliably reported, excluded from sum
ContractKaiyun Sports (sleeve-sponsor) - value not reliably reported, excluded from sum
AssumptionCommercial base beyond registered deals £30.11m£30.1m
CalculationTotal staff costs£145.5m
AssumptionStaff costs £145.48m£145.5m
AssumptionOther operating costs £35.12m£35.1m
-£9.6m£16.7m£23.4m£27.8m£14.7m£2.5m£0.3m-£1.9m-£1.9m
Player registration amortisation
Where this number comes from (2028/29F)
CalculationPlayer registration amortisation£54.0m
= held at the club's own last filed amortisation charge: the player subledger holds no registrations for this period and there is no filed NBV anchor to run residual cohorts off
AssumptionPlayer amortisation £53.99m£54.0m
Sources: Companies House (audited statutory accounts)
£36.5m£34.1m£40.5m£46.0m£54.0m£54.0m£54.0m£54.0m£54.0m
Player registration impairment
Where this number comes from (2028/29F)
CalculationPlayer registration impairment£0.0m
= no impairment assumed: impairments follow specific squad events (a player written down after injury or exclusion) and are not forecastable from public data. Any impairment would reduce the result below this base case
- - - - - £0.0m£0.0m£0.0m£0.0m
Depreciation
Where this number comes from (2028/29F)
AssumptionDepreciation £3.59m£3.6m
Sources: Companies House (audited statutory accounts)
£1.8m£2.3m£2.5m£3.2m£3.6m£3.6m£3.6m£3.6m£3.6m
Operating profit/(loss)
Where this number comes from (2028/29F)
CalculationOperating profit/(loss) excluding player trading-£59.5m
= EBITDA − player amortisation − depreciation
CalculationEBITDA-£1.9m
= revenue − staff costs − other operating costs
CalculationTotal revenue£178.7m
= matchday + media + commercial
CalculationMatchday revenue 2028/29£11.1m
= (25486 seats × 97.8% utilisation) × (19 league + 1 domestic cup + 0 European home games) × £22.2 per attendee ÷ 1,000,000
FactStadium capacity 2028/29: 25486 seats (official, high)25,486 seats
AssumptionAttendance utilisation 97.8%97.8%
Assumption19 home league matches19 matches
Assumption1 home domestic cup ties1 matches
Assumption0 home European ties0 matches
AssumptionMatchday yield £22.2/attendee22.2 GBP
CalculationMedia / broadcasting revenue£137.5m
= domestic league central distribution + UEFA distributions + domestic cup prize money
CalculationPremier League central distribution£137.5m
= pl_total 2028/29 resolved directly: 137.5
AssumptionPL central distributions £137.5m£137.5m
CalculationUEFA distribution 2028/29: zero - club not in European competition£0.0m
= no European participation ⇒ no UEFA distribution
EventNo European competition 2028/29 (assumed)£0.0m
CalculationNot modelled for 2028/29: no evidenced domestic cup prize money
CalculationCommercial revenue fy2029: 0 contracted deals + other commercial base (3 active deal(s) with unreported value excluded)£30.1m
= Σ guaranteed annual values of 0 active deals (£0.0m) + other commercial base £30.1m
ContractMacron (kit-manufacturer) - value not reliably reported, excluded from sum
ContractTemporal Technologies (shirt-sponsor) - value not reliably reported, excluded from sum
ContractKaiyun Sports (sleeve-sponsor) - value not reliably reported, excluded from sum
AssumptionCommercial base beyond registered deals £30.11m£30.1m
CalculationTotal staff costs£145.5m
AssumptionStaff costs £145.48m£145.5m
AssumptionOther operating costs £35.12m£35.1m
CalculationPlayer registration amortisation£54.0m
= held at the club's own last filed amortisation charge: the player subledger holds no registrations for this period and there is no filed NBV anchor to run residual cohorts off
AssumptionPlayer amortisation £53.99m£54.0m
AssumptionDepreciation £3.59m£3.6m
-£47.9m-£19.8m-£19.5m-£21.3m-£42.9m-£55.1m-£57.3m-£59.5m-£59.5m
Profit on disposal of player registrations
Where this number comes from (2028/29F)
CalculationProfit on disposal of registrations£22.6m
= known transactions (subledger) + baseline assumption for windows that have not yet happened
CalculationKnown disposals (subledger: fee − NBV per player)£0.0m
= guaranteed fee − net book value at disposal, per player
AssumptionBaseline disposal profit £22.58m£22.6m
Sources: Companies House (audited statutory accounts)
£9.6m£0.0m£0.3m£1.3m£66.1m£22.6m£22.6m£22.6m£22.6m
Finance income
Where this number comes from (2028/29F)
AssumptionFinance income £1.79m£1.8m
Sources: Companies House (audited statutory accounts)
£0.0m£0.0m£0.8m£0.6m£1.8m£1.8m£1.8m£1.8m£1.8m
Finance costs
Where this number comes from (2028/29F)
CalculationFinance costs£16.7m
= interest on debt instruments + other finance charges + interest on opening revolver draws (in-year draws accrue from the following period)
CalculationFinancing fy2029: interest £0.0m, closing debt £0.0m£0.0m
= per instrument: interest = avg(opening, closing) × rate; closing debt = Σ balances after drawdowns, repayments and schedule
AssumptionNet finance costs £16.71m£16.7m
Sources: Companies House (audited statutory accounts)
£1.9m£4.4m£7.8m£14.6m£16.7m£16.7m£16.7m£16.7m£16.7m
Profit/(loss) before tax
Where this number comes from (2028/29F)
CalculationProfit/(loss) before tax-£51.8m
= operating profit + player disposal profit + finance income − finance costs
CalculationOperating profit/(loss) excluding player trading-£59.5m
= EBITDA − player amortisation − depreciation
CalculationEBITDA-£1.9m
= revenue − staff costs − other operating costs
CalculationTotal revenue£178.7m
= matchday + media + commercial
CalculationMatchday revenue 2028/29£11.1m
= (25486 seats × 97.8% utilisation) × (19 league + 1 domestic cup + 0 European home games) × £22.2 per attendee ÷ 1,000,000
FactStadium capacity 2028/29: 25486 seats (official, high)25,486 seats
AssumptionAttendance utilisation 97.8%97.8%
Assumption19 home league matches19 matches
Assumption1 home domestic cup ties1 matches
Assumption0 home European ties0 matches
AssumptionMatchday yield £22.2/attendee22.2 GBP
CalculationMedia / broadcasting revenue£137.5m
= domestic league central distribution + UEFA distributions + domestic cup prize money
CalculationPremier League central distribution£137.5m
= pl_total 2028/29 resolved directly: 137.5
AssumptionPL central distributions £137.5m£137.5m
CalculationUEFA distribution 2028/29: zero - club not in European competition£0.0m
= no European participation ⇒ no UEFA distribution
EventNo European competition 2028/29 (assumed)£0.0m
CalculationNot modelled for 2028/29: no evidenced domestic cup prize money
CalculationCommercial revenue fy2029: 0 contracted deals + other commercial base (3 active deal(s) with unreported value excluded)£30.1m
= Σ guaranteed annual values of 0 active deals (£0.0m) + other commercial base £30.1m
ContractMacron (kit-manufacturer) - value not reliably reported, excluded from sum
ContractTemporal Technologies (shirt-sponsor) - value not reliably reported, excluded from sum
ContractKaiyun Sports (sleeve-sponsor) - value not reliably reported, excluded from sum
AssumptionCommercial base beyond registered deals £30.11m£30.1m
CalculationTotal staff costs£145.5m
AssumptionStaff costs £145.48m£145.5m
AssumptionOther operating costs £35.12m£35.1m
CalculationPlayer registration amortisation£54.0m
= held at the club's own last filed amortisation charge: the player subledger holds no registrations for this period and there is no filed NBV anchor to run residual cohorts off
AssumptionPlayer amortisation £53.99m£54.0m
AssumptionDepreciation £3.59m£3.6m
CalculationProfit on disposal of registrations£22.6m
= known transactions (subledger) + baseline assumption for windows that have not yet happened
CalculationKnown disposals (subledger: fee − NBV per player)£0.0m
= guaranteed fee − net book value at disposal, per player
AssumptionBaseline disposal profit £22.58m£22.6m
AssumptionFinance income £1.79m£1.8m
CalculationFinance costs£16.7m
= interest on debt instruments + other finance charges + interest on opening revolver draws (in-year draws accrue from the following period)
CalculationFinancing fy2029: interest £0.0m, closing debt £0.0m£0.0m
= per instrument: interest = avg(opening, closing) × rate; closing debt = Σ balances after drawdowns, repayments and schedule
AssumptionNet finance costs £16.71m£16.7m
-£40.2m-£24.2m-£27.2m-£33.6m£8.1m-£47.4m-£49.6m-£51.8m-£51.8m
Tax charge/(credit)
Where this number comes from (2028/29F)
CalculationTax charge/(credit)-£11.4m
= pre-tax loss £-51.84m × 22% credit-recognition rate, matching the filed pattern of deferred-tax assets recognised on losses
CalculationProfit/(loss) before tax-£51.8m
= operating profit + player disposal profit + finance income − finance costs
CalculationOperating profit/(loss) excluding player trading-£59.5m
= EBITDA − player amortisation − depreciation
CalculationEBITDA-£1.9m
= revenue − staff costs − other operating costs
CalculationTotal revenue£178.7m
= matchday + media + commercial
CalculationMatchday revenue 2028/29£11.1m
= (25486 seats × 97.8% utilisation) × (19 league + 1 domestic cup + 0 European home games) × £22.2 per attendee ÷ 1,000,000
FactStadium capacity 2028/29: 25486 seats (official, high)25,486 seats
AssumptionAttendance utilisation 97.8%97.8%
Assumption19 home league matches19 matches
Assumption1 home domestic cup ties1 matches
Assumption0 home European ties0 matches
AssumptionMatchday yield £22.2/attendee22.2 GBP
CalculationMedia / broadcasting revenue£137.5m
= domestic league central distribution + UEFA distributions + domestic cup prize money
CalculationPremier League central distribution£137.5m
= pl_total 2028/29 resolved directly: 137.5
CalculationUEFA distribution 2028/29: zero - club not in European competition£0.0m
= no European participation ⇒ no UEFA distribution
CalculationNot modelled for 2028/29: no evidenced domestic cup prize money
CalculationCommercial revenue fy2029: 0 contracted deals + other commercial base (3 active deal(s) with unreported value excluded)£30.1m
= Σ guaranteed annual values of 0 active deals (£0.0m) + other commercial base £30.1m
ContractMacron (kit-manufacturer) - value not reliably reported, excluded from sum
ContractTemporal Technologies (shirt-sponsor) - value not reliably reported, excluded from sum
ContractKaiyun Sports (sleeve-sponsor) - value not reliably reported, excluded from sum
AssumptionCommercial base beyond registered deals £30.11m£30.1m
CalculationTotal staff costs£145.5m
AssumptionStaff costs £145.48m£145.5m
AssumptionOther operating costs £35.12m£35.1m
CalculationPlayer registration amortisation£54.0m
= held at the club's own last filed amortisation charge: the player subledger holds no registrations for this period and there is no filed NBV anchor to run residual cohorts off
AssumptionPlayer amortisation £53.99m£54.0m
AssumptionDepreciation £3.59m£3.6m
CalculationProfit on disposal of registrations£22.6m
= known transactions (subledger) + baseline assumption for windows that have not yet happened
CalculationKnown disposals (subledger: fee − NBV per player)£0.0m
= guaranteed fee − net book value at disposal, per player
AssumptionBaseline disposal profit £22.58m£22.6m
AssumptionFinance income £1.79m£1.8m
CalculationFinance costs£16.7m
= interest on debt instruments + other finance charges + interest on opening revolver draws (in-year draws accrue from the following period)
CalculationFinancing fy2029: interest £0.0m, closing debt £0.0m£0.0m
= per instrument: interest = avg(opening, closing) × rate; closing debt = Σ balances after drawdowns, repayments and schedule
AssumptionNet finance costs £16.71m£16.7m
AssumptionDeferred-tax credit rate on losses 22%22%
£0.0m£0.0m£0.0m£0.0m£0.7m-£10.4m-£10.9m-£11.4m-£11.4m
Profit/(loss) for the year
Where this number comes from (2028/29F)
CalculationProfit/(loss) for the year-£40.4m
= PBT − tax
CalculationProfit/(loss) before tax-£51.8m
= operating profit + player disposal profit + finance income − finance costs
CalculationOperating profit/(loss) excluding player trading-£59.5m
= EBITDA − player amortisation − depreciation
CalculationEBITDA-£1.9m
= revenue − staff costs − other operating costs
CalculationTotal revenue£178.7m
= matchday + media + commercial
CalculationMatchday revenue 2028/29£11.1m
= (25486 seats × 97.8% utilisation) × (19 league + 1 domestic cup + 0 European home games) × £22.2 per attendee ÷ 1,000,000
FactStadium capacity 2028/29: 25486 seats (official, high)25,486 seats
AssumptionAttendance utilisation 97.8%97.8%
Assumption19 home league matches19 matches
Assumption1 home domestic cup ties1 matches
Assumption0 home European ties0 matches
AssumptionMatchday yield £22.2/attendee22.2 GBP
CalculationMedia / broadcasting revenue£137.5m
= domestic league central distribution + UEFA distributions + domestic cup prize money
CalculationPremier League central distribution£137.5m
= pl_total 2028/29 resolved directly: 137.5
CalculationUEFA distribution 2028/29: zero - club not in European competition£0.0m
= no European participation ⇒ no UEFA distribution
CalculationNot modelled for 2028/29: no evidenced domestic cup prize money
CalculationCommercial revenue fy2029: 0 contracted deals + other commercial base (3 active deal(s) with unreported value excluded)£30.1m
= Σ guaranteed annual values of 0 active deals (£0.0m) + other commercial base £30.1m
ContractMacron (kit-manufacturer) - value not reliably reported, excluded from sum
ContractTemporal Technologies (shirt-sponsor) - value not reliably reported, excluded from sum
ContractKaiyun Sports (sleeve-sponsor) - value not reliably reported, excluded from sum
AssumptionCommercial base beyond registered deals £30.11m£30.1m
CalculationTotal staff costs£145.5m
AssumptionStaff costs £145.48m£145.5m
AssumptionOther operating costs £35.12m£35.1m
CalculationPlayer registration amortisation£54.0m
= held at the club's own last filed amortisation charge: the player subledger holds no registrations for this period and there is no filed NBV anchor to run residual cohorts off
AssumptionPlayer amortisation £53.99m£54.0m
AssumptionDepreciation £3.59m£3.6m
CalculationProfit on disposal of registrations£22.6m
= known transactions (subledger) + baseline assumption for windows that have not yet happened
CalculationKnown disposals (subledger: fee − NBV per player)£0.0m
= guaranteed fee − net book value at disposal, per player
AssumptionBaseline disposal profit £22.58m£22.6m
AssumptionFinance income £1.79m£1.8m
CalculationFinance costs£16.7m
= interest on debt instruments + other finance charges + interest on opening revolver draws (in-year draws accrue from the following period)
CalculationFinancing fy2029: interest £0.0m, closing debt £0.0m£0.0m
= per instrument: interest = avg(opening, closing) × rate; closing debt = Σ balances after drawdowns, repayments and schedule
AssumptionNet finance costs £16.71m£16.7m
CalculationTax charge/(credit)-£11.4m
= pre-tax loss £-51.84m × 22% credit-recognition rate, matching the filed pattern of deferred-tax assets recognised on losses
CalculationProfit/(loss) before tax-£51.8m
= operating profit + player disposal profit + finance income − finance costs
CalculationOperating profit/(loss) excluding player trading-£59.5m
= EBITDA − player amortisation − depreciation
CalculationEBITDA-£1.9m
= revenue − staff costs − other operating costs
CalculationTotal revenue£178.7m
= matchday + media + commercial
CalculationMatchday revenue 2028/29£11.1m
= (25486 seats × 97.8% utilisation) × (19 league + 1 domestic cup + 0 European home games) × £22.2 per attendee ÷ 1,000,000
CalculationMedia / broadcasting revenue£137.5m
= domestic league central distribution + UEFA distributions + domestic cup prize money
CalculationCommercial revenue fy2029: 0 contracted deals + other commercial base (3 active deal(s) with unreported value excluded)£30.1m
= Σ guaranteed annual values of 0 active deals (£0.0m) + other commercial base £30.1m
CalculationTotal staff costs£145.5m
AssumptionStaff costs £145.48m£145.5m
AssumptionOther operating costs £35.12m£35.1m
CalculationPlayer registration amortisation£54.0m
= held at the club's own last filed amortisation charge: the player subledger holds no registrations for this period and there is no filed NBV anchor to run residual cohorts off
AssumptionPlayer amortisation £53.99m£54.0m
AssumptionDepreciation £3.59m£3.6m
CalculationProfit on disposal of registrations£22.6m
= known transactions (subledger) + baseline assumption for windows that have not yet happened
CalculationKnown disposals (subledger: fee − NBV per player)£0.0m
= guaranteed fee − net book value at disposal, per player
AssumptionBaseline disposal profit £22.58m£22.6m
AssumptionFinance income £1.79m£1.8m
CalculationFinance costs£16.7m
= interest on debt instruments + other finance charges + interest on opening revolver draws (in-year draws accrue from the following period)
CalculationFinancing fy2029: interest £0.0m, closing debt £0.0m£0.0m
= per instrument: interest = avg(opening, closing) × rate; closing debt = Σ balances after drawdowns, repayments and schedule
AssumptionNet finance costs £16.71m£16.7m
AssumptionDeferred-tax credit rate on losses 22%22%
- - - - - -£37.0m-£38.7m-£40.4m-£40.4m
Reconciliation status
Audited periods reconcile against the filed accounts: 27 checks reconciled, none unreconciled. Estimates and forecasts are labelled and carry confidence levels - lines marked ◦ are PSRwatch analytical splits, not audited categories.
PSRwatch is independent. Figures are unofficial estimates from public filings, transfer data and PSRwatch modelling. They are not endorsed by the Premier League, EFL, UEFA or any club.