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The Premier League is the most lucrative domestic soccer competition in the world, with broadcast and sponsorship revenues that other major leagues can only dream of.
Yet just four teams turned a post-tax profit last season owing to the incredibly high cost of bankrolling a competitive outfit. Adding further headaches for club accountants are financial regulations that limit spending.
No club breached the current set of profitability and sustainability rules (PSR), even Chelsea, which raised eyebrows with Premier League record losses.
But several clubs resorted to controversial or creative measures, such as selling their women’s teams or stadiums to themselves, to avoid financial or sporting penalties – and embellishing their balance sheets in the process.
It will be all change again next season when a new squad cost ratio (SCR) system, which enables teams to spend up to 85 per cent of revenue to be used for on-pitch expenditure, such as transfer fees, wages and agents’ costs.
Until then, SportsPro has taken a look into each Premier League club’s latest accounts to examine the key numbers and unpack the major developments.
1. Newcastle United
Post-tax profit: UK£34.73 million (UK£11.08 million loss in 2023/24)
Revenue: UK£335.3 million (UK£320.3 million in 2023/24)
Newcastle declared their first pre-tax profit since the club was taken over by Saudi Arabia’s Public Investment Fund (PIF) in 2021.
A 44 per cent rise in commercial income to UK£120.1 million, aided by a new in-house retail operation and stadium fan zone, contributed to club-record revenues despite an absence of European competition.
However, St James’s Park, the club’s city centre home for more than a century was sold to a subsidiary. This is ostensibly designed to fund stadium renovation or relocation but also helped PSR compliance.
2. Aston Villa
Post-tax profit: UK£17.03 million (UK£85.89 million loss in 2023/24)
Revenue: UK£378.07 million (UK£275.7 million in 2023/24)
Aston Villa’s return to the top tier of European competition in more than 40 years drove a significant revenue uplift, as did a 31 per cent rise in sponsorship earnings to UK£28.6 million and a 69 per cent jump in commercial turnover to UK£70 million.
The West Midlands club sold their women’s team and ‘The Warehouse’ multi-use venue to a subsidiary, allowing them to record a profit for PSR purposes. However, Uefa did not allow Villa to include the proceeds in their calculations, leading to a fine for breaching permitted losses.
3. Bournemouth
Post-tax profit: UK£14.89 million (UK£66.27 million loss in 2023/24)
Revenue: UK£181.7 million (UK£160.8 million in 2023/24)
Bournemouth’s ninth place finish in the Premier League table was rewarded with a greater share of prize money, while The Cherries also achieved a UK£91 million profit on player sales.
However the club has the smallest stadium in the division, and these gains were offset by rising operating costs, including a 16 per cent increase in the wage bill to UK£158.42 million.
4. Liverpool
Post-tax profit: UK£8.27 million (UK£43.48 million loss in 2023/24)
Revenue: UK£702.7 million (UK£613.8 million in 2023/24)
Liverpool posted a club-record turnover in their title-winning campaign, with increases recorded across media, matchday and commercial revenue. Finances were bolstered by a return to the Uefa Champions League and several new and expanded sponsorship agreements – including a ten-year renewal with Carlsberg.
Anfield also hosted summer concerts from the likes of Taylor Swift and Pink, expanding non-soccer income. However, the club noted the rising cost of administrative expenses, which now stand at UK£656.5 million.
Liverpool’s title-winning season coincided with the Reds leading all other teams in revenue generation for the 2024/25 campaign (Image credit: Getty Images)
5. Crystal Palace
Pre-tax profit: UK£8.27 million (UK£32.9 million post-tax loss in 2023/24)
Revenue: UK£196.6 million (UK£190.2 million in 2023/24)
The transfer market helped Palace reverse their financial fortunes, with the club earning UK£66.1 million in profit on player sales. The Eagles also saw a 12 per cent YoY increase in gate receipt income, as well as a boost of UK£2.9 million in sponsorship earnings and prize money tied to their FA Cup triumph.
The south London club’s operating expenses also rose by UK£19.6 million, partially due to the paying out of bonuses tied to their FA Cup run.
6. Arsenal
Post-tax loss: UK£1.38 million (UK£17.7 million loss in 2023/24)
Revenue: UK£691.6 million (UK£616.6 million in 2023/24)
Arsenal’s strong on-field performances in the Premier League and Uefa Champions League set club revenue records. A run to the semi-finals of the Champions League resulted in more home games, boosting matchday income to UK£153.9 million. Commercial revenues rose to UK£263.2 million thanks to a renewed kit deal with Adidas.
The Gunners declared UK£81.7 million in player profits although wages (UK£346.8 million) and operating costs (UK£200.8 million) also grew significantly. If not for absorbing UK£15.2 million in written-off player values, the North London outfit would have declared a profit.
7. Sunderland
Post-tax loss: UK£4.01 million (UK£8.46 million loss in 2023/24)
Revenue: UK£40.3 million (UK£38.2 million in 2023/24)
Sunderland spent last season in the second-tier Championship, securing promotion to the Premier League after an eight-year absence.
The Black Cats, who play at the 48,000-capacity Stadium of Light, recorded the highest matchday attendance in the division, resulting in a 14.3 per cent rise in gate receipts to UK£13.3 million. Sponsorship revenue rose by 67 per cent to UK£3.9 million but operational expenses shot up by 57 per cent to UK£75.35 million due to promotion bonuses awarded to staff.
8. Everton
Post-tax loss: UK£8.61 million (UK£53.2 million loss in 2023/24)
Revenue: UK196.7 million (UK£186.9 million in 2023/24)
Though this was another year in the red for Everton, losses narrowed significantly. The Toffees sold their women’s team and former Goodison Park stadium to a subsidiary, generating a profit of UK£49.2 million.
Sponsorship income improved to UK£24.3 million thanks to new deals with the likes of Red Bull, Nemiroff and Corpay. They also reduced their wage-to-turnover ratio from 81 per cent to 74 per cent, while also declaring a UK£31.3 million profit in player sales.
9. Manchester City
Post-tax loss: UK£9.92 million (UK£73.8 million profit in 2023/24)
Revenue: UK£694.1 million (UK£715 million in 2023/24)
Manchester City posted their first loss in a decade if you ignore the Covid-affected 2019/20 season. The biggest drop came in broadcasting revenue, which fell by five per cent to UK£278.6 million, reflecting an early exit from the Champions League and a lower finish in the Premier League.
A verdict on 115 charges for alleged breaches of Premier League financial rules continues to loom large over the club, with the case now active for more than three years. There is no word as to when a decision will be announced, with an independent panel still assessing evidence from both sides.
10. Wolverhampton Wanderers
Post-tax loss: UK£11.63 million (UK£14.3 million loss in 2023/24)
Revenue: UK£172 million (UK£177.7 million in 2023/24)
Wolves’ lower league finish led to a small drop in revenue but the club still managed to narrow its losses thanks to a profit of UK£117 million in player sales, which led to a net player trading profit of UK£29.2 million.
This represents a significant improvement on the UK£2.6 million loss it incurred during 2023/24.
11. Brentford
Post-tax loss: UK£17.67 million (UK£7.5 million loss in 2023/24)
Revenue: UK£173.1 million (UK£166.5 million in 2023/24)
Brentford declared club record turnover thanks to a tenth place finish, up six places from 2023/24, which ensured a greater share of broadcast revenues. The Bees also recorded a 20.8 per cent increase in commercial income to UK£19.36 million.
However, costs have grown considerably for the west London outfit, with player wages rising by 14 per cent to UK£130.8 million. Increases in player amortisation and depreciation charges also contributed to an increased operating loss of UK£40 million before player trading.
12. Manchester United
Post-tax loss: UK£33.02 million (UK£113.2 million loss in 2023/24)
Revenue: UK£666.5 million (UK£661.8 million in 2023/24)
Despite achieving record revenues, Manchester United still managed to report a loss for the 2024/25 season. However, the club’s deficit was narrower by UK£80 million compared to the previous campaign.
Broadcast revenue fell significantly by 22 per cent to UK£172.9 million as a result of the club playing in the second-tier Uefa Europa League as opposed to the more lucrative Uefa Champions League the previous season. The Red Devils’ 15th place finish was their worst English top-flight performance in 51 years, which impacted central distribution from the Premier League.
In brighter news, United benefited from greater commercial revenue (UK£333.3 million) and matchday income (UK£160.3 million), while co-owner Sir Jim Ratcliffe’s widespread cost cutting measures contributed to a 4.5 per cent decrease in operating expenses.
13. Leeds United
Post-tax loss: UK£49.18 million (UK£60.81 million loss in 2023/24)
Revenue: UK£137 million (UK£127.6 million in 2023/24)
Leeds ended their two-year absence from the Premier League by winning the Championship title last season.
Sponsorship deals with the likes of Red Bull, which is also a minority investor in the West Yorkshire club, helped boost turnover but payroll rose to UK£102.7 million – just the third time a second-tier club spent more than UK£100 million on salaries.
14. Brighton & Hove Albion
Post-tax loss: UK£50.9 million (UK£42.9 million profit in 2023/24)
Revenue: UK£242.7 million (UK£260.8 million in 2023/24)
Brighton followed up a major profit in 2023/24 with the second-largest loss in club history.
This considerable swing was partly the result of a UK£210 million investment in The Seagulls’ playing squad, resulting in a net player trading loss of UK£24.9 million.
On top of that, an absence of European competition following a lucrative campaign in the Uefa Europa League a year earlier saw broadcast revenues fall from UK£163.8 million to UK£151.1 million, while operating expenses rose by 26 per cent to UK£322.9 million.
Either Tottenham or West Ham will likely suffer significant financial consequences should one be relegated to the English second tier (Image credit: Getty Images)
15. Nottingham Forest
Post-tax loss: UK£78.92 million (UK£12.1 million profit in 2023/24)
Revenue: UK£221.75 million (UK£189.6 million in 2023/24)
Forest posted a sizable loss despite club record turnover, mainly due to a UK£7 million profit on player sales compared to UK£100.5 million a year earlier.
The East Midlands club did register increases elsewhere, however. Broadcast revenues rose by 22 per cent to UK£158.6 million thanks to a sixth-place finish, up from 16th in 2023/24.
The club will hope this season’s run to the Uefa Europa League semi-finals will partly offset a more disappointing Premier League campaign.
16. Tottenham Hotspur
Post-tax loss: UK£94.67 million (UK£26.2 million loss in 2023/24)
Revenue: UK£565.3 million (UK£528.2 million in 2023/24)
A sharp 13 per cent increase in operating expenses to UK£668.2 million led to a major loss for Tottenham, who attributed this to rising staff costs and more frequent events at their eponymous Tottenham Hotspur Stadium.
The club finished 17th in the Premier League, which had a detrimental impact on broadcast revenue, which fell significantly from UK£165.9 million to UK£127 million. However, a victorious Uefa Europa League campaign earned Spurs UK£34.7 million, while match receipts and commercial income were also up.
Even so, the scale of Tottenham’s losses highlight the potentially catastrophic consequences of Premier League relegation, with the club currently in a perilous position.
17. West Ham United
Post-tax loss: UK£103.59 million (UK£57.22 million profit in 2023/24)
Revenue: UK£227.55 million (UK£269.7 million in 2023/24)
This is the worst financial result in West Ham’s history, and a significant reversal from the sizeable profit recorded 12 months earlier.
The Hammers posted a slight increase in commercial revenue but a lower Premier League finish and an absence of Uefa Europa League soccer negatively impacted broadcast revenue and gate receipts. while operating expenses grew to UK£336.24 million. Commercial income grew slightly, however.
The club insists it is compliant with PSR regulations but, like Spurs, there are serious concerns about the potential financial impact of relegation.
18. Chelsea
Post-tax loss: UK£262.44 million (UK£129.6 million profit in 2023/24)
Revenue: UK£490.9 million (UK£486.5 million in 2023/24)
Chelsea didn’t just finish bottom of the Premier League financial table, but they posted the biggest loss in Premier League history.
It’s a far cry from 2023/24 when they recorded the biggest profit in the competition – the first surplus under Todd Boehly and Clearlake capital’s ownership. However, this was largely achieved by the controversial decision to sell the club’s women’s team.
Fast forward 12 months and Chelsea are feeling the effects of surging operating expenses, which rose by UK£117.4 million to UK£799.5 million, due to increased matchday costs, amoritsation and player wages. Although matchday revenues benefit from Stamford Bridge’s prime location in West London, a capacity of 41,798 is considerably smaller than its major rivals.
The deficit occurred despite the second-highest turnover in club history, with broadcast revenues rising by UK£40.1 million to UK£203.2 million, thanks to a higher Premier League finish and Fifa Club World Cup participation.
Despite the staggering loss, Chelsea are considered compliant with PSR and there is hope that the 2025/26 campaign will be significantly better given it will include broadcast revenue from the Uefa Champions League and UK£85 million from winning the Club World Cup last summer. Indeed, the Blues are forecasting revenue of more than UK£700 million.
Editor’s note: Burnley, Crystal Palace and Fulham have yet to submit their full financial results at the date of publication.
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