EFL Championship
Financial Results 2023/24
Summary
On Pitch
Turnover
Staff
Profit
Assets
Trading
Debt
Cash
Info.
Summary
On Pitch
Turnover
Staff
Profit
Assets
Trading
Debt
Cash
Info.
Summary
Consolidated results for the 24 Championship clubs for season 2023/24. Results are compared to the consolidated results of the 24 clubs participating in the 2022/23 season.
Summary
Consolidated results for the 24 Championship clubs for season 2023/24. Results are compared to the consolidated results of the 24 clubs participating in the 2022/23 season.
Trends
Club Summaries
On Pitch Performance
Turnover
Revenue derived from the club’s main operations, excluding player transfer income. The key sources include matchday income (ticket sales), broadcasting distributions (including Premier League parachute payments, solidarity payments and EFL central distributions), and commercial income (such as sponsorships, merchandising, and other business activities).
Turnover - Matchday
Matchday revenue is influenced by factors such as the number of home games, average attendance, ticket prices, and the club's ability to generate income from hospitality events and corporate boxes. The only exception to this is domestic cup matches, where revenue is shared between the clubs and the FA.​
Turnover - Broadcast
Clubs relegated from the Premier League receive parachute payments for three years, if the club remained in the Premier League for more than one season, or two years if the club was only in the Premier League for one season.
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For clubs outside the parachute system, broadcast revenue is made up of:
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A share of the Championship’s domestic TV deal, typically worth £3–4 million per year.
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Appearance-based fees, which can add between £500,000 and £1.5 million.
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A share of international broadcast rights, usually around £1–2 million.
In addition, each Championship club receives roughly £5 million in solidarity payments from the Premier League, designed to support teams outside the top tier.
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​Revenue splits shown below are based on estimates as the Premier League and EFL do not publish detailed distributions by club.
Broadcast
£435m
â–² 33m
Estimated EPL Parachute
£227m
Estimated EPL Solidarity
£95m
EFL Distributions & Other
£112m
Turnover - Commercial
Commercial revenue includes sponsorships, retail merchandising, tours, and other commercial activities.
Turnover - Table
Staff Costs
Staff costs include salaries and wages paid to all employees, the amortisation of transfer fees (spreading the cost of a player’s acquisition costs over the length of their contract), and any impairments (incurred when a player’s estimated current market value falls below their book value).
Staff costs as a percentage of turnover is a key indicator of a club’s financial sustainability. This ratio reflects how likely a club is to rely on player sales to reduce losses and comply with profit and sustainability regulations. A high ratio increases the risk of significant losses if player sales do not generate sufficient profit.
Profit from Player Sales
A profit is generated on a player transfer when the net proceeds (transfer fee received minus any related costs) exceed the player’s net book value — the original transfer fee gradually reduced through amortisation. For academy graduates, whose acquisition cost is zero, the full transfer fee is recognised as profit.
Staff Costs - Table
Profit and Loss
The key measures of profitability are:
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EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) is calculated as total revenue minus the club’s regular operating expenses and typically reflects the cash flows generated by the club.
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Operating Profit is derived from EBITDA after accounting for non-cash expenses, including depreciation of fixed assets and amortisation of player transfer fees.
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Profit Before Tax adjusts operating profit for profits from player sales, exceptional one-off items, and net interest expenses
Many clubs rely on non-operating income—such as player transfers or asset sales —to reduce losses.
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Profit and Loss - Table
Assets and Liabilities
Net assets represent the difference between total assets and total liabilities and correspond to the club’s net equity.
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Assets include fixed assets—such as player registrations, facilities, and goodwill—as well as current assets like trade debtors, transfer fees receivable, and cash.
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Liabilities comprise loans (from banks, shareholders, or group companies), transfer fees payable, trade creditors, deferred income (for example, advance season ticket sales), and other financial provisions.
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Many clubs have negative equity, which technically means they do not have sufficient assets to cover their debts. However, this is often the result of shareholder loans, which are commonly later converted into equity.
Net Assets - Table
Player Trading
Net player trading is the difference between player acquisition costs and income from player sales. Acquisition costs include transfer fees, agent commissions, and intermediary expenses.
Squad Costs
Net Book Value is the total acquisition cost less accumulated amortisation (the write down of the player’s acquisition costs over the length of their contract) and reflects the remaining book value of the squad based.
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Squad Cost is the total acquisition cost of the current squad.
Football Debt
Football Net Debt is the total amount owed by the club to third parties. This includes traditional loans, such as bank borrowings (net of cash holdings), loans from owners, and loans from related entities (for example, a parent company). It also covers any outstanding transfer fees owed to other clubs net of transfer fees receivable.
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Note that shareholder loans (related-party loans) are often later converted into equity.
Loans
Transfer Debt
Football Debt - Table
Cash Flow
Cash Flows are reported in three categories:
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Cash Flows from Operations refer to cash generated from the club’s core activities—revenue minus day-to-day costs such as salaries, rent, and utilities. It excludes non-cash expenses like depreciation and amortisation and is measured before investment or financing activity.
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Cash Flows from Investments include cash spent on player acquisitions and facility improvements, net of player or asset sales. It reflects actual cash movements—for example, a £10 million transfer paid over four years would result in £2.5 million per year.
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Cash Flows from Financing cover new loans or equity raised, less repayments or buybacks. If operational cash flow cannot fund investments, the shortfall is usually met through financing.
Cash Flow - Investments
Cash Flow - Financing
Cash Flow - Table
Information
Football clubs often operate through multiple legal entities. For example, day-to-day football operations may sit in one entity, while the stadium and other assets are held in another. The women’s team is also frequently structured as a separate entity.
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Where applicable, this report refers to the entity that controls the football club, its facilities, and typically the women’s team. The table below lists each club’s reporting entity, links to their published accounts, and the reporting period—normally 12 months but occasionally different.
Clubs are required to publish their financial statements within nine months of their year end (for example, by 30 March 2025 for a 30 June 2024 year end).
At the end of the 2023/24 season, eight clubs were owned by UK enterprises, six by US-based organizations, five by Asia-based groups, and the remaining clubs were owned by other European organizations.
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