Model updated: 12 Sept 2026

Manchester City

Financials · 2026/27 spending-room estimate

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

£694m

2024/25

Football income

£931m

£876m low / £987m high

How this is calculated

domestic £736m (matchday £133m + broadcasting £346m + commercial £258m)
+ UEFA distributions £70m + player-sale profit (3-year average) £125m = £931m

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£133m · 14%
Broadcasting£346m · 37%
Commercial£258m · 28%
UEFA distributions£70m · 8%
Player-sale profit (3-year average)£125m · 13%

Broadcasting is 37% of the base, and UEFA distributions add £70m that only counts while the club is in Europe. Player-sale profit contributes £125m 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 £694m (2024/25); the sensitivity band is £876m to £987m. The matchday / broadcasting / commercial split uses a league-typical mix until the club's own accounts disclose one.

UEFA distributions

£70m

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)

£125m

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

Latest actual revenue

£694m

Less Champions League income inside the 2024/25 base

(£65m)

Matchday forecast

£133m

Broadcasting forecast

£346m

Commercial forecast

£258m

Domestic football income

£736m

UEFA distributions (Champions League, PSRwatch estimate)

£70m

Player-sale profit (three-year average)

£125m

Football income

£931m

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.

About GBP 65m of Champions League income sat inside the 2024/25 accounts the forecast is grown from; it is removed before this season's European line is added.

Champions League participation in 2026/27 adds a separate UEFA income line (PSRwatch central estimate of GBP 70m 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

Season

Football income

£931m

Squad cost

£566m

Squad-cost ratio

61%

Room to Red Threshold

£505m

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 75%Forecast confidence lowReadiness Tier BReconciliation partial - cash flow not verifiedModel platform-v1.1

Revenue 2028/29F

£595.0m

Staff costs

£408.4m

Player amortisation

£193.0m

Pre-tax result

-£101.9m

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-£13.0m
Media & competition distributions-£86.1m
Commercial+£0.0m

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

Income statement

Line (£m)	2020/21A	2021/22A	2022/23A	2023/24A	2024/25A	2025/26E	2026/27F	2027/28F	2028/29F
Total revenue Where this number comes from (2028/29F) CalculationTotal revenue£595.0m = matchday + media + commercial CalculationMatchday revenue 2028/29£62.1m = (61470 seats × 85.6% utilisation) × (19 league + 5 domestic cup + 0 European home games) × £49.18 per attendee ÷ 1,000,000 FactStadium capacity 2028/29: 61470 seats (official, high)61,470 seats AssumptionAttendance utilisation 85.6%85.6% Assumption19 home league matches19 matches Assumption5 home domestic cup ties5 matches Assumption0 home European ties0 matches AssumptionMatchday yield £49.18/attendee49.18 GBP CalculationMedia / broadcasting revenue£192.5m = domestic league central distribution + UEFA distributions + domestic cup prize money CalculationPremier League central distribution£192.5m = pl_total 2028/29 resolved directly: 192.5 AssumptionPL central distributions £192.5m£192.5m 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 (4 active deal(s) with unreported value excluded)£340.4m = Σ guaranteed annual values of 0 active deals (£0.0m) + other commercial base £340.4m ContractPuma (kit-manufacturer) - value not reliably reported, excluded from sum ContractEtihad Airways (shirt-sponsor) - value not reliably reported, excluded from sum ContractOKX (sleeve-sponsor) - value not reliably reported, excluded from sum ContractEtihad Airways (stadium-naming) - value not reliably reported, excluded from sum AssumptionCommercial base beyond registered deals £340.38m£340.4m Sources: Companies House (audited statutory accounts) · Football Ground Guide · Wikipedia · SportsPro · AllFootball (syndicating Sportsmail / Daily Mail) · SportsPro	£569.9m	£613.0m	£712.8m	£715.0m	£694.1m	£607.9m	£605.3m	£595.0m	£595.0m
Matchday revenue Where this number comes from (2028/29F) CalculationMatchday revenue 2028/29£62.1m = (61470 seats × 85.6% utilisation) × (19 league + 5 domestic cup + 0 European home games) × £49.18 per attendee ÷ 1,000,000 FactStadium capacity 2028/29: 61470 seats (official, high)61,470 seats AssumptionAttendance utilisation 85.6%85.6% Assumption19 home league matches19 matches Assumption5 home domestic cup ties5 matches Assumption0 home European ties0 matches AssumptionMatchday yield £49.18/attendee49.18 GBP Sources: Companies House (audited statutory accounts) · Football Ground Guide · Wikipedia	-	-	£71.9m	£75.6m	£75.1m	£75.0m	£72.5m	£62.1m	£62.1m
Media / broadcasting revenue Where this number comes from (2028/29F) CalculationMedia / broadcasting revenue£192.5m = domestic league central distribution + UEFA distributions + domestic cup prize money CalculationPremier League central distribution£192.5m = pl_total 2028/29 resolved directly: 192.5 AssumptionPL central distributions £192.5m£192.5m 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	-	-	£299.4m	£294.7m	£278.6m	£192.5m	£192.5m	£192.5m	£192.5m
Premier League distributions◦ Where this number comes from (2028/29F) CalculationPremier League central distribution£192.5m = pl_total 2028/29 resolved directly: 192.5 AssumptionPL central distributions £192.5m£192.5m	-	-	-	-	-	£192.5m	£192.5m	£192.5m	£192.5m
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 (4 active deal(s) with unreported value excluded)£340.4m = Σ guaranteed annual values of 0 active deals (£0.0m) + other commercial base £340.4m ContractPuma (kit-manufacturer) - value not reliably reported, excluded from sum ContractEtihad Airways (shirt-sponsor) - value not reliably reported, excluded from sum ContractOKX (sleeve-sponsor) - value not reliably reported, excluded from sum ContractEtihad Airways (stadium-naming) - value not reliably reported, excluded from sum AssumptionCommercial base beyond registered deals £340.38m£340.4m Sources: Companies House (audited statutory accounts) · SportsPro · AllFootball (syndicating Sportsmail / Daily Mail) · SportsPro	-	-	£341.4m	£344.7m	£340.4m	£340.4m	£340.4m	£340.4m	£340.4m
Other revenue Where this number comes from (2028/29F) AssumptionOther revenue £2.84m£2.8m Sources: Companies House (audited statutory accounts)	£1.2m	£6.1m	£5.5m	£4.5m	£2.8m	£2.8m	£2.8m	£2.8m	£2.8m
Total staff costs Where this number comes from (2028/29F) CalculationTotal staff costs£408.4m AssumptionStaff costs £408.4m£408.4m Sources: Companies House (audited statutory accounts)	-	-	-	£412.6m	£408.4m	£408.4m	£408.4m	£408.4m	£408.4m
Other operating costs Where this number comes from (2028/29F) AssumptionOther operating costs £202.32m£202.3m Sources: Companies House (audited statutory accounts)	-	-	-	£202.3m	-	£202.3m	£202.3m	£202.3m	£202.3m
EBITDA◦ Where this number comes from (2028/29F) CalculationEBITDA-£15.7m = revenue − staff costs − other operating costs CalculationTotal revenue£595.0m = matchday + media + commercial CalculationMatchday revenue 2028/29£62.1m = (61470 seats × 85.6% utilisation) × (19 league + 5 domestic cup + 0 European home games) × £49.18 per attendee ÷ 1,000,000 FactStadium capacity 2028/29: 61470 seats (official, high)61,470 seats AssumptionAttendance utilisation 85.6%85.6% Assumption19 home league matches19 matches Assumption5 home domestic cup ties5 matches Assumption0 home European ties0 matches AssumptionMatchday yield £49.18/attendee49.18 GBP CalculationMedia / broadcasting revenue£192.5m = domestic league central distribution + UEFA distributions + domestic cup prize money CalculationPremier League central distribution£192.5m = pl_total 2028/29 resolved directly: 192.5 AssumptionPL central distributions £192.5m£192.5m 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 (4 active deal(s) with unreported value excluded)£340.4m = Σ guaranteed annual values of 0 active deals (£0.0m) + other commercial base £340.4m ContractPuma (kit-manufacturer) - value not reliably reported, excluded from sum ContractEtihad Airways (shirt-sponsor) - value not reliably reported, excluded from sum ContractOKX (sleeve-sponsor) - value not reliably reported, excluded from sum ContractEtihad Airways (stadium-naming) - value not reliably reported, excluded from sum AssumptionCommercial base beyond registered deals £340.38m£340.4m CalculationTotal staff costs£408.4m AssumptionStaff costs £408.4m£408.4m AssumptionOther operating costs £202.32m£202.3m Sources: Companies House (audited statutory accounts) · Football Ground Guide · Wikipedia · SportsPro · AllFootball (syndicating Sportsmail / Daily Mail) · SportsPro	-	-	-	£104.6m	-	-£2.8m	-£5.4m	-£15.7m	-£15.7m
Player registration amortisation Where this number comes from (2028/29F) CalculationPlayer registration amortisation£193.0m = player-level subledger + unattributed cohort run-off (filed-NBV reconciliation) + baseline future squad investment CalculationPlayer registration amortisation (subledger)£0.0m = straight-line amortisation of each registration over its contract (day-count) CalculationUnattributed registration cohort amortisation (fy2029)£105.5m = per-year unexplained filed additions, 6.7y straight-line (mid-year convention), scaled ×1.000 to tie the anchor NBV to the filed balance exactly - an explicit reconciliation item for agent fees, capitalised add-ons and unmodelled smaller signings; aggregate only, never player-level AssumptionResidual cohort method: 6.7-year assumed life; anchor gap £654.01m = filed £654.01m − subledger £0m Calculationfy2025 unattributed cohort (£654.01m over 6.2y remaining)£105.5m AssumptionBaseline future squad investment amortisation (£87.55m; cohorts totalling £660.36m over 6.6y)£87.5m AssumptionBaseline squad investment £165.09m£165.1m Sources: Companies House (audited statutory accounts)	-	-	-	£165.1m	-	£118.0m	£143.0m	£168.0m	£193.0m
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
Operating profit/(loss) Where this number comes from (2028/29F) CalculationOperating profit/(loss) excluding player trading-£208.8m = EBITDA − player amortisation; this filer does not disclose depreciation separately, so it already sits inside other operating costs and is not deducted twice CalculationEBITDA-£15.7m = revenue − staff costs − other operating costs CalculationTotal revenue£595.0m = matchday + media + commercial CalculationMatchday revenue 2028/29£62.1m = (61470 seats × 85.6% utilisation) × (19 league + 5 domestic cup + 0 European home games) × £49.18 per attendee ÷ 1,000,000 FactStadium capacity 2028/29: 61470 seats (official, high)61,470 seats AssumptionAttendance utilisation 85.6%85.6% Assumption19 home league matches19 matches Assumption5 home domestic cup ties5 matches Assumption0 home European ties0 matches AssumptionMatchday yield £49.18/attendee49.18 GBP CalculationMedia / broadcasting revenue£192.5m = domestic league central distribution + UEFA distributions + domestic cup prize money CalculationPremier League central distribution£192.5m = pl_total 2028/29 resolved directly: 192.5 AssumptionPL central distributions £192.5m£192.5m 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 (4 active deal(s) with unreported value excluded)£340.4m = Σ guaranteed annual values of 0 active deals (£0.0m) + other commercial base £340.4m ContractPuma (kit-manufacturer) - value not reliably reported, excluded from sum ContractEtihad Airways (shirt-sponsor) - value not reliably reported, excluded from sum ContractOKX (sleeve-sponsor) - value not reliably reported, excluded from sum ContractEtihad Airways (stadium-naming) - value not reliably reported, excluded from sum AssumptionCommercial base beyond registered deals £340.38m£340.4m CalculationTotal staff costs£408.4m AssumptionStaff costs £408.4m£408.4m AssumptionOther operating costs £202.32m£202.3m CalculationPlayer registration amortisation£193.0m = player-level subledger + unattributed cohort run-off (filed-NBV reconciliation) + baseline future squad investment CalculationPlayer registration amortisation (subledger)£0.0m = straight-line amortisation of each registration over its contract (day-count) CalculationUnattributed registration cohort amortisation (fy2029)£105.5m = per-year unexplained filed additions, 6.7y straight-line (mid-year convention), scaled ×1.000 to tie the anchor NBV to the filed balance exactly - an explicit reconciliation item for agent fees, capitalised add-ons and unmodelled smaller signings; aggregate only, never player-level AssumptionResidual cohort method: 6.7-year assumed life; anchor gap £654.01m = filed £654.01m − subledger £0m Calculationfy2025 unattributed cohort (£654.01m over 6.2y remaining)£105.5m AssumptionBaseline future squad investment amortisation (£87.55m; cohorts totalling £660.36m over 6.6y)£87.5m AssumptionBaseline squad investment £165.09m£165.1m Sources: Companies House (audited statutory accounts) · Football Ground Guide · Wikipedia · SportsPro · AllFootball (syndicating Sportsmail / Daily Mail) · SportsPro	-£58.7m	-£21.4m	-£35.6m	-£60.5m	-£93.3m	-£120.8m	-£148.4m	-£183.8m	-£208.8m
Profit on disposal of player registrations Where this number comes from (2028/29F) CalculationProfit on disposal of registrations£118.7m = 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 £118.65m£118.7m Sources: Companies House (audited statutory accounts)	£68.5m	£67.7m	£121.7m	£139.0m	£95.2m	£118.7m	£118.7m	£118.7m	£118.7m
Finance income Where this number comes from (2028/29F) AssumptionFinance income £7.77m£7.8m Sources: Companies House (audited statutory accounts)	£1.5m	£0.8m	£0.1m	£1.1m	£7.8m	£7.8m	£7.8m	£7.8m	£7.8m
Finance costs Where this number comes from (2028/29F) CalculationFinance costs£19.6m = 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 £19.59m£19.6m Sources: Companies House (audited statutory accounts)	£6.3m	£5.3m	£5.8m	£5.8m	£19.6m	£19.6m	£19.6m	£19.6m	£19.6m
Profit/(loss) before tax Where this number comes from (2028/29F) CalculationProfit/(loss) before tax-£101.9m = operating profit + player disposal profit + finance income − finance costs CalculationOperating profit/(loss) excluding player trading-£208.8m = EBITDA − player amortisation; this filer does not disclose depreciation separately, so it already sits inside other operating costs and is not deducted twice CalculationEBITDA-£15.7m = revenue − staff costs − other operating costs CalculationTotal revenue£595.0m = matchday + media + commercial CalculationMatchday revenue 2028/29£62.1m = (61470 seats × 85.6% utilisation) × (19 league + 5 domestic cup + 0 European home games) × £49.18 per attendee ÷ 1,000,000 FactStadium capacity 2028/29: 61470 seats (official, high)61,470 seats AssumptionAttendance utilisation 85.6%85.6% Assumption19 home league matches19 matches Assumption5 home domestic cup ties5 matches Assumption0 home European ties0 matches AssumptionMatchday yield £49.18/attendee49.18 GBP CalculationMedia / broadcasting revenue£192.5m = domestic league central distribution + UEFA distributions + domestic cup prize money CalculationPremier League central distribution£192.5m = pl_total 2028/29 resolved directly: 192.5 AssumptionPL central distributions £192.5m£192.5m 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 (4 active deal(s) with unreported value excluded)£340.4m = Σ guaranteed annual values of 0 active deals (£0.0m) + other commercial base £340.4m ContractPuma (kit-manufacturer) - value not reliably reported, excluded from sum ContractEtihad Airways (shirt-sponsor) - value not reliably reported, excluded from sum ContractOKX (sleeve-sponsor) - value not reliably reported, excluded from sum ContractEtihad Airways (stadium-naming) - value not reliably reported, excluded from sum AssumptionCommercial base beyond registered deals £340.38m£340.4m CalculationTotal staff costs£408.4m AssumptionStaff costs £408.4m£408.4m AssumptionOther operating costs £202.32m£202.3m CalculationPlayer registration amortisation£193.0m = player-level subledger + unattributed cohort run-off (filed-NBV reconciliation) + baseline future squad investment CalculationPlayer registration amortisation (subledger)£0.0m = straight-line amortisation of each registration over its contract (day-count) CalculationUnattributed registration cohort amortisation (fy2029)£105.5m = per-year unexplained filed additions, 6.7y straight-line (mid-year convention), scaled ×1.000 to tie the anchor NBV to the filed balance exactly - an explicit reconciliation item for agent fees, capitalised add-ons and unmodelled smaller signings; aggregate only, never player-level AssumptionResidual cohort method: 6.7-year assumed life; anchor gap £654.01m = filed £654.01m − subledger £0m Calculationfy2025 unattributed cohort (£654.01m over 6.2y remaining)£105.5m AssumptionBaseline future squad investment amortisation (£87.55m; cohorts totalling £660.36m over 6.6y)£87.5m AssumptionBaseline squad investment £165.09m£165.1m CalculationProfit on disposal of registrations£118.7m = 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 £118.65m£118.7m AssumptionFinance income £7.77m£7.8m CalculationFinance costs£19.6m = 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 £19.59m£19.6m Sources: Companies House (audited statutory accounts) · Football Ground Guide · Wikipedia · SportsPro · AllFootball (syndicating Sportsmail / Daily Mail) · SportsPro	-	-	-	£73.8m	-£9.9m	-£14.0m	-£41.6m	-£76.9m	-£101.9m
Tax charge/(credit) Where this number comes from (2028/29F) CalculationTax charge/(credit)-£22.4m = pre-tax loss £-101.94m × 22% credit-recognition rate, matching the filed pattern of deferred-tax assets recognised on losses CalculationProfit/(loss) before tax-£101.9m = operating profit + player disposal profit + finance income − finance costs CalculationOperating profit/(loss) excluding player trading-£208.8m = EBITDA − player amortisation; this filer does not disclose depreciation separately, so it already sits inside other operating costs and is not deducted twice CalculationEBITDA-£15.7m = revenue − staff costs − other operating costs CalculationTotal revenue£595.0m = matchday + media + commercial CalculationMatchday revenue 2028/29£62.1m = (61470 seats × 85.6% utilisation) × (19 league + 5 domestic cup + 0 European home games) × £49.18 per attendee ÷ 1,000,000 FactStadium capacity 2028/29: 61470 seats (official, high)61,470 seats AssumptionAttendance utilisation 85.6%85.6% Assumption19 home league matches19 matches Assumption5 home domestic cup ties5 matches Assumption0 home European ties0 matches AssumptionMatchday yield £49.18/attendee49.18 GBP CalculationMedia / broadcasting revenue£192.5m = domestic league central distribution + UEFA distributions + domestic cup prize money CalculationPremier League central distribution£192.5m = pl_total 2028/29 resolved directly: 192.5 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 (4 active deal(s) with unreported value excluded)£340.4m = Σ guaranteed annual values of 0 active deals (£0.0m) + other commercial base £340.4m ContractPuma (kit-manufacturer) - value not reliably reported, excluded from sum ContractEtihad Airways (shirt-sponsor) - value not reliably reported, excluded from sum ContractOKX (sleeve-sponsor) - value not reliably reported, excluded from sum ContractEtihad Airways (stadium-naming) - value not reliably reported, excluded from sum AssumptionCommercial base beyond registered deals £340.38m£340.4m CalculationTotal staff costs£408.4m AssumptionStaff costs £408.4m£408.4m AssumptionOther operating costs £202.32m£202.3m CalculationPlayer registration amortisation£193.0m = player-level subledger + unattributed cohort run-off (filed-NBV reconciliation) + baseline future squad investment CalculationPlayer registration amortisation (subledger)£0.0m = straight-line amortisation of each registration over its contract (day-count) CalculationUnattributed registration cohort amortisation (fy2029)£105.5m = per-year unexplained filed additions, 6.7y straight-line (mid-year convention), scaled ×1.000 to tie the anchor NBV to the filed balance exactly - an explicit reconciliation item for agent fees, capitalised add-ons and unmodelled smaller signings; aggregate only, never player-level AssumptionResidual cohort method: 6.7-year assumed life; anchor gap £654.01m = filed £654.01m − subledger £0m Calculationfy2025 unattributed cohort (£654.01m over 6.2y remaining)£105.5m AssumptionBaseline future squad investment amortisation (£87.55m; cohorts totalling £660.36m over 6.6y)£87.5m AssumptionBaseline squad investment £165.09m£165.1m CalculationProfit on disposal of registrations£118.7m = 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 £118.65m£118.7m AssumptionFinance income £7.77m£7.8m CalculationFinance costs£19.6m = 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 £19.59m£19.6m AssumptionDeferred-tax credit rate on losses 22%22% Sources: Companies House (audited statutory accounts) · Football Ground Guide · Wikipedia · SportsPro · AllFootball (syndicating Sportsmail / Daily Mail) · SportsPro	£2.7m	£0.0m	£0.0m	£0.0m	£0.0m	-£3.1m	-£9.1m	-£16.9m	-£22.4m
Profit/(loss) for the year Where this number comes from (2028/29F) CalculationProfit/(loss) for the year-£79.5m = PBT − tax CalculationProfit/(loss) before tax-£101.9m = operating profit + player disposal profit + finance income − finance costs CalculationOperating profit/(loss) excluding player trading-£208.8m = EBITDA − player amortisation; this filer does not disclose depreciation separately, so it already sits inside other operating costs and is not deducted twice CalculationEBITDA-£15.7m = revenue − staff costs − other operating costs CalculationTotal revenue£595.0m = matchday + media + commercial CalculationMatchday revenue 2028/29£62.1m = (61470 seats × 85.6% utilisation) × (19 league + 5 domestic cup + 0 European home games) × £49.18 per attendee ÷ 1,000,000 FactStadium capacity 2028/29: 61470 seats (official, high)61,470 seats AssumptionAttendance utilisation 85.6%85.6% Assumption19 home league matches19 matches Assumption5 home domestic cup ties5 matches Assumption0 home European ties0 matches AssumptionMatchday yield £49.18/attendee49.18 GBP CalculationMedia / broadcasting revenue£192.5m = domestic league central distribution + UEFA distributions + domestic cup prize money CalculationPremier League central distribution£192.5m = pl_total 2028/29 resolved directly: 192.5 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 (4 active deal(s) with unreported value excluded)£340.4m = Σ guaranteed annual values of 0 active deals (£0.0m) + other commercial base £340.4m ContractPuma (kit-manufacturer) - value not reliably reported, excluded from sum ContractEtihad Airways (shirt-sponsor) - value not reliably reported, excluded from sum ContractOKX (sleeve-sponsor) - value not reliably reported, excluded from sum ContractEtihad Airways (stadium-naming) - value not reliably reported, excluded from sum AssumptionCommercial base beyond registered deals £340.38m£340.4m CalculationTotal staff costs£408.4m AssumptionStaff costs £408.4m£408.4m AssumptionOther operating costs £202.32m£202.3m CalculationPlayer registration amortisation£193.0m = player-level subledger + unattributed cohort run-off (filed-NBV reconciliation) + baseline future squad investment CalculationPlayer registration amortisation (subledger)£0.0m = straight-line amortisation of each registration over its contract (day-count) CalculationUnattributed registration cohort amortisation (fy2029)£105.5m = per-year unexplained filed additions, 6.7y straight-line (mid-year convention), scaled ×1.000 to tie the anchor NBV to the filed balance exactly - an explicit reconciliation item for agent fees, capitalised add-ons and unmodelled smaller signings; aggregate only, never player-level AssumptionResidual cohort method: 6.7-year assumed life; anchor gap £654.01m = filed £654.01m − subledger £0m Calculationfy2025 unattributed cohort (£654.01m over 6.2y remaining)£105.5m AssumptionBaseline future squad investment amortisation (£87.55m; cohorts totalling £660.36m over 6.6y)£87.5m AssumptionBaseline squad investment £165.09m£165.1m CalculationProfit on disposal of registrations£118.7m = 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 £118.65m£118.7m AssumptionFinance income £7.77m£7.8m CalculationFinance costs£19.6m = 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 £19.59m£19.6m CalculationTax charge/(credit)-£22.4m = pre-tax loss £-101.94m × 22% credit-recognition rate, matching the filed pattern of deferred-tax assets recognised on losses CalculationProfit/(loss) before tax-£101.9m = operating profit + player disposal profit + finance income − finance costs CalculationOperating profit/(loss) excluding player trading-£208.8m = EBITDA − player amortisation; this filer does not disclose depreciation separately, so it already sits inside other operating costs and is not deducted twice CalculationEBITDA-£15.7m = revenue − staff costs − other operating costs CalculationTotal revenue£595.0m = matchday + media + commercial CalculationMatchday revenue 2028/29£62.1m = (61470 seats × 85.6% utilisation) × (19 league + 5 domestic cup + 0 European home games) × £49.18 per attendee ÷ 1,000,000 CalculationMedia / broadcasting revenue£192.5m = domestic league central distribution + UEFA distributions + domestic cup prize money CalculationCommercial revenue fy2029: 0 contracted deals + other commercial base (4 active deal(s) with unreported value excluded)£340.4m = Σ guaranteed annual values of 0 active deals (£0.0m) + other commercial base £340.4m CalculationTotal staff costs£408.4m AssumptionStaff costs £408.4m£408.4m AssumptionOther operating costs £202.32m£202.3m CalculationPlayer registration amortisation£193.0m = player-level subledger + unattributed cohort run-off (filed-NBV reconciliation) + baseline future squad investment CalculationPlayer registration amortisation (subledger)£0.0m = straight-line amortisation of each registration over its contract (day-count) CalculationUnattributed registration cohort amortisation (fy2029)£105.5m = per-year unexplained filed additions, 6.7y straight-line (mid-year convention), scaled ×1.000 to tie the anchor NBV to the filed balance exactly - an explicit reconciliation item for agent fees, capitalised add-ons and unmodelled smaller signings; aggregate only, never player-level AssumptionResidual cohort method: 6.7-year assumed life; anchor gap £654.01m = filed £654.01m − subledger £0m Calculationfy2025 unattributed cohort (£654.01m over 6.2y remaining)£105.5m AssumptionBaseline future squad investment amortisation (£87.55m; cohorts totalling £660.36m over 6.6y)£87.5m AssumptionBaseline squad investment £165.09m£165.1m CalculationProfit on disposal of registrations£118.7m = 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 £118.65m£118.7m AssumptionFinance income £7.77m£7.8m CalculationFinance costs£19.6m = 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 £19.59m£19.6m AssumptionDeferred-tax credit rate on losses 22%22% Sources: Companies House (audited statutory accounts) · Football Ground Guide · Wikipedia · SportsPro · AllFootball (syndicating Sportsmail / Daily Mail) · SportsPro	-	-	-	-	-	-£10.9m	-£32.4m	-£60.0m	-£79.5m

Reconciliation status

Audited periods reconcile against the filed accounts: 20 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.