Headline
Latest FY PSR headroom & basic P&L
PSR headroom
£122m headroom
3yr result (PSR)
£72m
PSR limit (2023/24–2025/26)
£50m
Ref: baseline £15m, equity cap £35m · equity applied £35m · equity required now £0m
3yr revenue
£490m
3yr cost
(£439m)
3yr add-backs (incl transfers)
£181m
Rolling 3-year PSR
How these numbers are computed
Forward PSR window, OpEx, and allowable loss (club-specific)
Over the 3‑year PSR window (2023/24, 2024/25, 2025/26), we see a profit of £72m.
Within this cycle (2023/24, 2024/25, 2025/26), the rules allow up to £50m to lose (fixed window). That comprises a £15m baseline and an equity-funded capacity of up to £35m; equity applied so far: £35m.
The latest audited year nets £49m, which eats into it.
For 2025/26, allowable ‘add‑backs’ (mainly depreciation and youth/community) are about £15m.
Put together, the club can run a pre‑tax loss of roughly £42m this season and remain within PSR.
Allowance baseline
£15m
Equity cap (cycle)
£35m
Equity injections counted in this cycle
2023/24: £141m · Capital contribution: 140,736,100. Also listed in Consolidated Statement of Cash Flows (p20) under 'Cash flows from financing activities'. Note 28 (p34) details the contributions: 'The total capital contributions, from a shareholder, made during the year of £140,736,100 comprised of: £28,300,000 and £24,000,000 in August 2023; £65,648,000 in September 2023; £2,000,000 in October 2023; £6,000,000 in February 2024; £3,000,000 in April 2024; £8,000,000 in May 2024; and £3,788,100 in June 2024.'
Rolling 3‑year windows
For each 3‑season block, we show PSR result, allowable loss, headroom, and counted equity.
Window
3yr result
Allowable
Headroom
Equity applied
2021/22, 2022/23, 2023/24
(£89m)
£85m
(£4m)
£70m
2022/23, 2023/24, 2024/25
£15m
£50m
£65m
£35m
2023/24, 2024/25, 2025/26
£72m
£50m
£122m
£35m
Full model (audited + forecasts)
Generated 2025-10-26 · Units million
Season
Revenue
Operating expenses
Fin cost
Add backs
Transfer gains
PSR adj PBT
2021/22
Actual
£189m
(£207m)
(£10m)
£4m
£1m
(£23m)
2022/23
Actual
£190m
(£284m)
(£1m)
£5m
£73m
(£17m)
2023/24
Actual
£128m
(£194m)
(£22m)
£5m
£34m
(£49m)
2024/25
Forecast
£130m
(£146m)
(£11m)
£5m
£104m
£81m
2025/26
Forecast
£233m
(£191m)
(£11m)
£5m
£5m
£40m
Explore other clubs
AFC BournemouthView →ArsenalView →Aston VillaView →BrentfordView →Brighton & Hove AlbionView →BurnleyView →ChelseaView →Crystal PalaceView →EvertonView →FulhamView →LiverpoolView →Manchester CityView →Manchester UnitedView →Newcastle UnitedView →Nottingham ForestView →SunderlandView →Tottenham HotspurView →West Ham UnitedView →Wolverhampton WanderersView →
PSRWatch is an independent project. The rules, allowances, and figures shown here are unofficial interpretations and estimates derived from public information and model assumptions. They may be incomplete or incorrect and are not endorsed by the Premier League, EFL, or any club. Nothing on this site should be taken as financial advice or an authoritative statement of regulatory compliance.