Headline
Latest FY PSR headroom & basic P&L
PSR headroom
£518m headroom
3yr result (PSR)
£413m
PSR limit (2023/24–2025/26)
£105m
Ref: baseline £15m, equity cap £90m · equity applied £90m · equity required now £0m
3yr revenue
£1895m
3yr cost
(£1692m)
3yr add-backs (incl transfers)
£334m
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 £413m.
Within this cycle (2023/24, 2024/25, 2025/26), the rules allow up to £105m to lose (fixed window). That comprises a £15m baseline and an equity-funded capacity of up to £90m; equity applied so far: £90m.
The latest audited year nets £11m, which eats into it.
For 2025/26, allowable ‘add‑backs’ (mainly depreciation and youth/community) are about £48m.
Put together, the club can run a pre‑tax loss of roughly £75m this season and remain within PSR.
Allowance baseline
£15m
Equity cap (cycle)
£90m
Equity injections counted in this cycle
2023/24: £127m · Cash inflow from change in intercompany debt: 127,300 (£'000). Narrative from Directors' Report (page 8): During the year, the intercompany loan from FSG Football Group, LLC (formerly UKSV I, LLC), has increased based on the injection of cash at Club level following an equity investment within FSG Football Group, LLC Group.
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
£70m
£105m
£175m
£11m
2022/23, 2023/24, 2024/25
£183m
£105m
£288m
£11m
2023/24, 2024/25, 2025/26
£413m
£105m
£518m
£11m
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
£594m
(£582m)
(£3m)
£11m
£28m
£48m
2022/23
Actual
£594m
(£618m)
(£6m)
£12m
£51m
£33m
2023/24
Actual
£614m
(£666m)
(£13m)
£15m
£39m
(£11m)
2024/25
Forecast
£634m
(£509m)
(£9m)
£15m
£30m
£161m
2025/26
Forecast
£647m
(£530m)
(£9m)
£15m
£140m
£263m
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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.