Football's Magic Money Tree

Chester Perry · Post by **Chester Perry** » Sat Mar 23, 2019 3:47 pm

So as we roll our eyes and possibly lament the changes FIFA are trying to implement to the World Cup and Club World Cup, what are the reasons behind it. Prof Simon Chadwick (Sports Business specialist - teaching out of both Salford and Shanghai) remind us that the Future is Asian and reposted links to some thought provoking articles he has written in the last few years. (his twitter is an interesting follow https://twitter.com/Prof_Chadwick" onclick="window.open(this.href);return false;

https://www.huffingtonpost.com/entry/in ... _b_1246775" onclick="window.open(this.href);return false;
http://www.ejinsight.com/20170810-the-p ... ch-people/" onclick="window.open(this.href);return false;
http://www.ejinsight.com/20171122-europ ... an-sports/" onclick="window.open(this.href);return false;

Chester Perry · Post by **Chester Perry** » Sat Mar 23, 2019 3:57 pm

and once you have got through that he has another thread on the use of sport and especially football for soft power purposes to support government strategic initiatives

https://twitter.com/Prof_Chadwick/statu ... 1157895168" onclick="window.open(this.href);return false;

the warnings are clear for those fans who still want clubs such as ours to get in bed with whoever wants to spend money on us for their own brand enhancement

https://twitter.com/henrikloenne/status ... 3196544000" onclick="window.open(this.href);return false;

And here some warnings for the new Team Ineos in cycling by way as an example
https://twitter.com/Prof_Chadwick/statu ... 7290900480" onclick="window.open(this.href);return false;

https://twitter.com/Prof_Chadwick/statu ... 1801540608" onclick="window.open(this.href);return false;

Chester Perry · Post by **Chester Perry** » Sat Mar 23, 2019 4:05 pm

Begin to get the feeling that this thread has become one hell of a rabbit hole

Royboyclaret · Post by **Royboyclaret** » Sat Mar 23, 2019 4:46 pm

Chester Perry wrote:Begin to get the feeling that this thread has become one hell of a rabbit hole

Remains a top class thread but on occasions there's a lot to digest.

With the greatest of respect, sometimes less is more.

Royboyclaret · Post by **Royboyclaret** » Sat Mar 23, 2019 4:55 pm

Chester Perry wrote:Some very interesting stuff beginning to emerge since the Birmingham FFP and breach of transfer embargo outcome judgement was made public yesterday (besides the fact the Brum have to make a £7.5m profit this season to avoid the same charges in August). It transpires they could be joined by Sheff Wed, Villa and Derby amongst others and they are all getting twitchy as it has emerged that points deductions may follow promoted teams into the Premier League, That would really make things interesting. Apparently their were clear signs of panic at the Football League meeting this week as the smaller clubs who adhere to the rules stood their ground

https://www.dailymail.co.uk/sport/footb ... tions.html" onclick="window.open(this.href);return false;

It will all come down to interpretations of the rules and accepting what constitutes spend under the Profit and Sustainability rules (also known as FFP)

Birmingham have been fairly punished but without doubt there now needs to be consistency shown across the board. Therefore clubs like Villa, Derby and Sheff Wed will be right to be concerned and I'm certain Trevor Hemmings (on behalf of PNE) will have been more than willing to advise these clubs as to how a Championship club should be run correctly.

Chester Perry · Post by **Chester Perry** » Sat Mar 23, 2019 4:55 pm

I agree Roy but there is so much out there that figures into the conversation - it is difficult to know what needs to edited out (I recognise that some may political interpretations on it, which was never the aim, I prefer a very rounded discussion by which readers can form their own perspective)

Paul Waine · Post by **Paul Waine** » Sat Mar 23, 2019 7:25 pm

Royboyclaret wrote:Couple of observations on those Blackburn accounts........On entering League One they appear to have required a third executive director, all of whom earned a salary, the total of which was £282,000. They might like to take a look at Burnley where that figure is zero.

Also a remarkable Pension cost of £640,000 for the year. They appear to have introduced a new Pension scheme on entering League One which costs 7 times that of the previous one in the Championship.......You couldn't make it up and it could only happen at Blackburn.

Hi Royboy, you and Chester - and one or two others are doing great work gathering all this "magic money tree" data. And, I guess only a few more days and we can take a look at Burnley's 2017/18 accounts.

Re Blackburn Rovers: 4 directors shown on page 1 of the accounts, and 3 on page 21 Directors remuneration. I assume the 4th director is Venky's rep and he is paid through other Venky companies. The new guy, Waggott, is Chief Executive, appointed Jan-2018. Cheston is their finance director.

Burnley's directors are all shareholders. and none works full time for the club in an executive capacity. Hence, zero is a good figure.

Rovers pensions contributions include its share of the deficit of the defined benefit section of the Football League Pension and Life Assurance Scheme. (I can't see any figures quoted for the defined benefit alone).

Burnley's 2016/17 accounts only report on defined contribution pensions.

btw, Burnley are mentioned in Rovers accounts - the first section of their report is a football review: "knocked out of the Carabao cup by local rivals Burnley." A bit cheeky of them, div 1 team rivals of a Premier League team.

Paul Waine · Post by **Paul Waine** » Sat Mar 23, 2019 7:48 pm

Football League Pension and Life Assurance Scheme was closed to further accrual in Sept 1999.

It was a scheme for club employees, managers, coaches. It doesn't appear to have applied to footballers.

I've found a report - via google - "professional pensions"

English football clubs hit by pensions shortfall

The shortfall is to be made up by the four divisions’ 94 football clubs. The highest bills are faced by Liverpool at £3m, Arsenal at £2m and West Ham at £700,000.

Escalating wages and failed investments in gilt edged stocks is cited as the cause of the scheme’s deficit. All clubs were sent a letter last week informing them of their obligatory monthly instalments until 2007.

Concerns over job security have prompted many club managers to opt for personal pensions but Premiership managers known to be in the scheme include West Ham’s Harry Redknapp and Manchester City’s Joe Royle.

The Football League Pension Fund and Life Assurance scheme was set up in 1977 to provide for managers, coaches and office staff.

**********************************

Date of this report isn't clear. It may be 2001- with a 6 year plan to 2007.

If Blackburn are contributing again, maybe we should expect to see more clubs being required to fund the deficit a further time.

EDIT: The pension fund's 3 year revaluation was Sept-2017. Rovers pension costs jumped from £90,000 in 2016/17 to £540,000 in 2017/18.

Royboyclaret · Post by **Royboyclaret** » Sat Mar 23, 2019 8:01 pm

Still looks a very dubious figure to me, £640k when the equivalent figure for 2017 was just £90k.

Paul Waine · Post by **Paul Waine** » Sat Mar 23, 2019 8:21 pm

Royboyclaret wrote:Still looks a very dubious figure to me, £640k when the equivalent figure for 2017 was just £90k.

As Liverpool were mentioned as the club with the largest contribution to this Football League Pension scheme I took a look at their 31-May-2018 accounts.

It took a little work to find the right set of accounts: "The Liverpool Football Club and Athletics Grounds Limited."

Pension costs "shot up" from £822,000 in year to May-2017 to £3,338,000 in year to May-2018.

Remember this scheme was closed to new accruals in 1999.

Maybe Burnley's pension deficit contribution won't be so big - because we were "lower divisions" so lower wages through most of the relevant period. It will be interesting to see if it hits £100,000 extra.

Royboyclaret · Post by **Royboyclaret** » Sat Mar 23, 2019 8:27 pm

Good work, Paul.

Chester Perry · Post by **Chester Perry** » Sat Mar 23, 2019 10:17 pm

Interesting and informative podcast essentially looking at finances in the EFL talking about the need for competitive balance rather than the growing imbalance. Prime contributor is https://twitter.com/drrob_wilson?lang=en" onclick="window.open(this.href);return false; of Sheffield Hallam Uni

http://d3d4football.com/d3d4-podcast-extra-money-ball/" onclick="window.open(this.href);return false;

Chester Perry · Post by **Chester Perry** » Sat Mar 23, 2019 11:02 pm

Man City Fan TV - A knowledgeable discussion of Man City, FFP and Football Leaks and current UEFA investigation with Jonathon Northcroft of the Times and a City who knows much much more than me about FFP - though he tries to hard to defend his club

https://www.youtube.com/watch?v=41lrrMA ... e=youtu.be" onclick="window.open(this.href);return false;

CombatClaret · Post by **CombatClaret** » Sat Mar 23, 2019 11:08 pm

Sorry to cross threads but it's funny how many people rail against wealth inequality in football but not in general society

Chester Perry · Post by **Chester Perry** » Mon Mar 25, 2019 2:13 pm

Kieron Maguire outlines the financial Issues at Birmingham, Blackburn and Bolton for the BBC

https://www.bbc.co.uk/sport/football/47691385" onclick="window.open(this.href);return false;

Chester Perry · Post by **Chester Perry** » Mon Mar 25, 2019 2:14 pm

Swiss Ramble looks at PSG's financial Results for 2017/18

https://twitter.com/SwissRamble/status/ ... 9716885505" onclick="window.open(this.href);return false;

Chester Perry · Post by **Chester Perry** » Mon Mar 25, 2019 2:17 pm

Prof. Simon Chadwick demonstrates how the European/West's old approach to a rule based structure for sport makes no sense to those entering from the East - and suggests why UEFA will have to change it's FFP approach

https://www.policyforum.net/deals-not-r ... -new-game/" onclick="window.open(this.href);return false;

Chester Perry · Post by **Chester Perry** » Tue Mar 26, 2019 10:35 am

@KeiranMaguirre asks why Championship football is such a mess - then suggests that combined losses of £1/7bn in the last 5 seasons (with Leeds, Derby, Sunderland, Brentford, Fulham and Swansea still to report on last year) may well be the answer. Add to that the fact that combined revenue for the period is slightly less than combined wages - oh the price of hope

https://twitter.com/KieranMaguire/statu ... 2616569857" onclick="window.open(this.href);return false;

the other day on a Sheff Utd financial podcast he suggested that Championship clubs with no parachute payments, no benefactor/sugar daddy and attendances below 20k were likely to bounce between there and League one as the difference in Matchday and commercial income was so different with those clubs with larger fanbases.

Chester Perry · Post by **Chester Perry** » Tue Mar 26, 2019 10:39 am

After the recent outcry on this board about the suitability of the current facilities on the Turf - this might get the juices flowing - Stadiums of the future - from the Guardian - when actually they are talking about the here and now as Spurs ground is now open for business and seeking to take business from all the local pubs and clubs in the community

https://www.theguardian.com/sport/2017/ ... experience" onclick="window.open(this.href);return false;

We play at a "ground" and I love that - though even the club call it a stadium now

Chester Perry · Post by **Chester Perry** » Tue Mar 26, 2019 10:43 am

For those who want to further investigate the Stadium of tomorrow notion - here is a little more to digest

https://populous.com/populous-national- ... m-tomorrow" onclick="window.open(this.href);return false;

https://www.wired.com/2015/11/the-futur ... um-at-all/" onclick="window.open(this.href);return false;

Even the Americans understand why it is important not to move out-of-town when you build a new football ground

https://www.theguardian.com/sport/2019/ ... ls-stadium" onclick="window.open(this.href);return false;

Chester Perry · Post by **Chester Perry** » Tue Mar 26, 2019 11:06 am

From what I read on the recent debate about the Turf - there would be a universal appreciation of the Speedy Bar Technology applied here at Spurs -

https://twitter.com/RobHarris/status/11 ... 1665888258" onclick="window.open(this.href);return false;

but given the claims of 10,000 pints a minute at the ground - just how many people are employed full time to flush the lines given the gaps between games during the season

Chester Perry · Post by **Chester Perry** » Tue Mar 26, 2019 3:17 pm

Chester Perry wrote:@KeiranMaguirre the other day on a Sheff Utd financial podcast suggested that Championship clubs with no parachute payments, no benefactor/sugar daddy and attendances below 20k were likely to bounce between there and League one as the difference in Matchday and commercial income was so different with those clubs with larger fanbases.

Marcus Evans at Ipswich is a benefactor of sorts putting on average £7m a year into his club to keep it affloat, however, the club is managed on very prudent lines - the above statement - is increasingly bearing true for Ipswich

Swiss Ramble looks at their financial results for 2017/18

https://twitter.com/SwissRamble/status/ ... 5077337088" onclick="window.open(this.href);return false;

Royboyclaret · Post by **Royboyclaret** » Tue Mar 26, 2019 5:10 pm

Chester Perry wrote:Marcus Evans at Ipswich is a benefactor of sorts putting on average £7m a year into his club to keep it affloat, however, the club is managed on very prudent lines - the above statement - is increasingly bearing true for Ipswich

Swiss Ramble looks at their financial results for 2017/18

https://twitter.com/SwissRamble/status/ ... 5077337088" onclick="window.open(this.href);return false;

A relatively well run club, operating on a conservative budget (similar to that at Preston). Hard to believe they've spent the last 16 seasons in the Championship and now destined for life in League One.

A far cry from the season they pipped us to the First Division Champions of the Football League or rather we threw it away winning just one game in the final ten that season.

But now heading the way of Bolton, Blackburn and the rest to the lower reaches of the Football League. Don't think many of our fans realise just how important these remaining games are this season. From a financial point of view we have to stay in the PL at all costs.

Chester Perry · Post by **Chester Perry** » Tue Mar 26, 2019 5:46 pm

Royboyclaret wrote: From a financial point of view we have to stay in the PL at all costs.

I imagine there are 50-100 people at the club thinking the same or their jobs are on the line - never mind the pubs. bars, clubs. shops and Hotels in town who all benefit from the club being in the Premier League. We are a much bigger beast than the one that went down last time

randomclaret2 · Post by **randomclaret2** » Tue Mar 26, 2019 5:59 pm

Given that is absolutely imperative that we stay in the Premier League , the lack of activity in the transfer window just gone seems positively irresponsible

Chester Perry · Post by **Chester Perry** » Tue Mar 26, 2019 7:46 pm

UEFA is hopeful that it is close to capping prices on away tickets in it's European competitions next season

https://www.telegraph.co.uk/football/20 ... ns-league/" onclick="window.open(this.href);return false;

Chester Perry · Post by **Chester Perry** » Tue Mar 26, 2019 10:34 pm

Following on last weeks decision barring UEFA re-opening investigations into PSG's FFP breach circa 2014 - the FT looks into the difficulties the games authorities have when investigating the big clubs across the continent

https://www.ft.com/content/790e0b66-4bf ... 9067e0f50d" onclick="window.open(this.href);return false;

Chester Perry · Post by **Chester Perry** » Wed Mar 27, 2019 2:03 am

During the International break the European Clubs Association have been meeting in Amsterdam, much has been made in the press of their ongoing refusal to take part in the newly ratified FIFA Club World Cup and even the plan to cap away ticket prices in European matches. Surprisingly less has been made of the following quote from ECA Chairman Andrea Agnelli who still sees growth perspectives in this tournament.

"We want to close the gap on the NFL and make the Champions League the most valuable franchise in the world".

Yes he did say Franchise, underlying his determination to lock in access to the competition for top teams, the role the ECA have in determining the format of the European competitions is very significant and the power they wield will be tested by Infantino and FIFA.

If you want to know a bit more about the ECA try their Annual report for last season

https://www.ecaeurope.com/media/4402/ec ... t-2018.pdf" onclick="window.open(this.href);return false;

This tweet confirms the nature of their interests -
https://twitter.com/ECAEurope/status/11 ... 8443908096" onclick="window.open(this.href);return false;

Chester Perry · Post by **Chester Perry** » Wed Mar 27, 2019 10:52 am

Following the release of Bournemouth's accounts @KieranMaguire has updated his summary of finances reported so far by the Premier League

https://twitter.com/KieranMaguire/statu ... 0060785664" onclick="window.open(this.href);return false; - the number of teams making a loss is staggering given all the new finance related rules

Chester Perry · Post by **Chester Perry** » Wed Mar 27, 2019 11:46 am

Much has been made (following the trails of Birmingham City) of the madness financially in the Championship so what happens if you get relegated, don't get back up and your owners refuse to dig into their pockets meaning you have to live within your means as parachute payments come to an end - this is the prospect Hull City are facing next season where their turnover will be the lowest in over a decade. It is what we all fear at Burnley, however, far we try to push it to the back of our minds. @kieranMaguire contributes to this extensive article.

https://www.hulldailymail.co.uk/sport/f ... er-2687426" onclick="window.open(this.href);return false;

though you would say the sale of Bowen should bring in a good sum

Chester Perry · Post by **Chester Perry** » Wed Mar 27, 2019 12:40 pm

The 22nd ECA Assembly has come to an end - This is the most powerful group of clubs in the world and they are having huge impact on the game we know and love, rarely in the interest of clubs that are not part of their organisation. This is their press conference at the close of the Assembly.

https://www.youtube.com/watch?v=ue8XnIt5lms" onclick="window.open(this.href);return false;

Not long now before they look to the abolishment of replays and home/away legs in our domestic cup competitions and possibly to reduce the size of the Premier League again

Chester Perry · Post by **Chester Perry** » Wed Mar 27, 2019 5:21 pm

Over the weekend I made a couple of posts (681 & 682) with regards to "sport washing" and the use of football for "soft" power plays and a few weeks earlier I linked a Guardian article on the same subject. The whole thing is such a minefield and has become a real geo-political tool that it is has become a significant component of "football's magic money tree", and will possibly become it's most significant. Consequently I have been looking to understand a bit more, though remain wary of being trapped by conspiracy theory. Read on if you too are curious

TIFO #football did this little piece on Saudi Arabia back in December - https://www.youtube.com/watch?v=hnU8OF9 ... e=youtu.be" onclick="window.open(this.href);return false;

Another Professor Simon Chadwick piece on how China has used sport especially football to find influence - this time in Africa

https://www.policyforum.net/china-fuell ... p-nations/" onclick="window.open(this.href);return false;

on twitter today he is speculating that the new stadium in Milan will be built/financed by Chinese businesses as part of the New Silk Road initiative mentioned in post #682

Chester Perry · Post by **Chester Perry** » Thu Mar 28, 2019 10:05 am

It seems like an age since thee was any update on the Premier League TV deals - but it appears that the big 6 are going to be happy as the overseas rights look to be well over £4bn meaning the spread of tv earnings between top and bottom (merit payments) is likely to grow to around £75m. This can only damage competition within the league.

https://www.telegraph.co.uk/football/20 ... -overseas/" onclick="window.open(this.href);return false;

Chester Perry · Post by **Chester Perry** » Thu Mar 28, 2019 10:22 am

Huddersfield have posted their financial results for their 1st season in the Premier League

https://s3.eu-west-2.amazonaws.com/docu ... 2a20e22045" onclick="window.open(this.href);return false;

The price of football's @kieranMaguirre gives his perspective

https://twitter.com/KieranMaguire/statu ... 8017659904" onclick="window.open(this.href);return false;

Chester Perry · Post by **Chester Perry** » Thu Mar 28, 2019 10:28 am

There may be more serious problems at Oldham than those encountered by Paul Scholes - The club have registered a change of year end with companies house of just one day - which although it doesn't seem much means they can delay reporting financial results for 3 months - just what are they hiding?

https://twitter.com/KieranMaguire/statu ... 4008154112" onclick="window.open(this.href);return false;

Goddy · Post by **Goddy** » Thu Mar 28, 2019 11:54 am

I've just logged in to say 'thanks' to you, Chester, for all these postings. At times it must seem like you're talking to yourself but I, for one, find all this fascinating (and glad you have the time/persistence to keep finding/posting stuff here).

Chester Perry · Post by **Chester Perry** » Thu Mar 28, 2019 12:00 pm

Goddy - I know people read and very few comment - but as I have said before - I don't mind because it keeps content focused - just look at what happened to the Bournemouth Finance thread.

Happy to hear that you appreciate it, I just hope it provides a rounded view of everything that influences the game we love

Royboyclaret · Post by **Royboyclaret** » Thu Mar 28, 2019 12:31 pm

Post # 714.

Good effort throughout the accounts by Huddersfield, for their first season back in the big league.

Many other clubs could do far worse than follow their financial example.

Chester Perry · Post by **Chester Perry** » Thu Mar 28, 2019 12:36 pm

I thought so Roy - not too unlike us really - though spent more on players (proportionately) than either of our first 2 promotions to the PL - even managed to reduce debt a little - though that might not appease all fans - from the looks of it they will try and be sensible next season too - which may pay dividends given many in that league will have to tighten their belts no they know the threat of points deductions are real

Royboyclaret · Post by **Royboyclaret** » Thu Mar 28, 2019 12:43 pm

Indeed......and of course they navigate next season in the Championship with the small matter of a £45m parachute payment to boost their Turnover.

Chester Perry · Post by **Chester Perry** » Thu Mar 28, 2019 12:45 pm

I think that may help them keep most of the players they want too - have got a good Striker now to, who should develop well in that league

dsr · Post by **dsr** » Thu Mar 28, 2019 12:45 pm

£58m is a lot to spend on players - have they kept their value?

Chester Perry · Post by **Chester Perry** » Thu Mar 28, 2019 12:48 pm

DSR - a lot of those were the ones that got them promoted as loans - Mooy and Mounier etc - so were already embedded - which helped them with their rapid start last year - Mooy is the one they need to keep hold of - he will be a key differentiator in the Championship - they have badly missed him this season

Royboyclaret · Post by **Royboyclaret** » Thu Mar 28, 2019 1:06 pm

Speaking with an employee at Huddersfield recently and there's a sense of inevitability that they will lose Aarron Mooy this summer.

However, and to answer dsr directly as to value, there will without doubt be a significant profit on sale of asset.

What a perfect addition Mooy would be to our squad.

Chester Perry · Post by **Chester Perry** » Thu Mar 28, 2019 1:12 pm

I have highlighted the fact that all the senior administration jobs in English Football are currently available with no one seemingly wanting to take them on - Peter Taylor's slow walk and blockading of an internal promotion makes it 4 jobs that can have a real impact on the games future in this country - yet there appears to be a general apathy in the public sphere - FourFourTwo rightly asks - Why aren’t people talking about English football’s management crisis?

https://www.fourfourtwo.com/features/en ... UE0milh.99" onclick="window.open(this.href);return false;

Chester Perry · Post by **Chester Perry** » Thu Mar 28, 2019 1:33 pm

I have been saving this for a quiet news day - but that has not happened and time is moving on

a fair number of posts in this thread have been about the farming of players as academies effectively become revenue generating business entities, this article underlines that thought and highlights that young players who manage to get through the system are referred to as graduates with their "school" having an impact on their perceived worth

https://inews.co.uk/sport/football/prem ... undesliga/" onclick="window.open(this.href);return false;

- how long before we have football's Ivy league or Oxbridge equivalents
- it doesn't seem that long since the economic argument for an Academy was to save transfer funds and perhaps retain a player for longer because they were part of the club's fabric

Chester Perry · Post by **Chester Perry** » Thu Mar 28, 2019 3:55 pm

Seems like changing your reporting date (see post #715) is becoming the thing - Mike Ashley has now done it at Newcastle

https://twitter.com/KieranMaguire/statu ... 7487043585" onclick="window.open(this.href);return false;

Andy Holt has done it at Accrington -though he has given a reasoned explanation for it

https://twitter.com/AndyhHolt/status/11 ... 6334522368" onclick="window.open(this.href);return false;

Chester Perry · Post by **Chester Perry** » Thu Mar 28, 2019 3:59 pm

@KieranMaguire pointing just why the big six need that extra income from the overseas rights I was talking about in post #713

https://twitter.com/KieranMaguire/statu ... 3929506816" onclick="window.open(this.href);return false;

Chester Perry · Post by **Chester Perry** » Thu Mar 28, 2019 4:19 pm

An interesting and challenging (if you are not fully au fait with finance/economics) read about why the authorities in European football are not using the correct model of profit and loss for FFP.

https://vysyble.com/blog-13th-march-2019" onclick="window.open(this.href);return false;

I suspect this is more of an approach used in our on boardroom

they have conveniently put together a 5 year table for the current PL to illustrate how clubs would stand - remember our figures include 2 loss making promotions out of the Championship

https://twitter.com/vysyble/status/1111295652628172801" onclick="window.open(this.href);return false;

and the largest "Economic" losses since 2009 in the Premier League

https://twitter.com/vysyble/status/1105233921963368450" onclick="window.open(this.href);return false;

anyone spot a trend

I should point out that many in the finance Industry to don subscribe to this measure and regards it as stuff and nonsense including "The Price of Football's" @'KieranMaguirre

Royboyclaret · Post by **Royboyclaret** » Thu Mar 28, 2019 4:51 pm

Chester Perry wrote:An interesting and challenging (if you are not fully au fait with finance/economics) read about why the authorities in European football are not using the correct model of profit and loss for FFP.

https://vysyble.com/blog-13th-march-2019" onclick="window.open(this.href);return false;

I suspect this is more of an approach used in our on boardroom

they have conveniently put together a 5 year table for the current PL to illustrate how clubs would stand - remember our figures include 2 loss making promotions out of the Championship

https://twitter.com/vysyble/status/1111295652628172801" onclick="window.open(this.href);return false;

and the largest "Economic" losses since 2009 in the Premier League

https://twitter.com/vysyble/status/1105233921963368450" onclick="window.open(this.href);return false;

anyone spot a trend

I should point out that many in the finance Industry to don subscribe to this measure and regards it as stuff and nonsense including "The Price of Football's" @'KieranMaguirre

And a 3rd loss making season in the Championship year to Jun'13.

Nevertheless, still struggling to make sense of the figure quoted for Burnley.

'13......(7.8m)
'14......(7.6m)
'15......32.1m
'16......(4.8m)
'17......27.3m...........5 year total before tax of 39.2m.

Even after tax the figure is incorrect.