2024/25

2023/24

EFL Championship
Financial Results 2024/25

Summary

On Pitch

Turnover

Staff

Profit

Assets

Trading

Debt

Cash

Info.

Summary

On Pitch

Turnover

Staff

Profit

Assets

Trading

Debt

Cash

Info.

Summary

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).

To date, six clubs have published their financial results for the 2024/25 season. For comparative purposes, this analysis also includes estimates for clubs that have yet to report their results.

Club Summaries 2023/24

On Pitch Performance

Turnover

Turnover includes income 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),
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 up to three seasons. Clubs that spent more than one season in the Premier League are eligible for payments over three years, while those relegated after a single season receive payments for two years. Payments are calculated as a percentage of the Premier League’s “equal share” of central distributions: 55% in the first season after relegation, 45% in the second, and—where applicable—20% in the third.

For clubs not receiving parachute payments, broadcast revenue is derived from several sources. This includes a share of the EFL Championship’s domestic television deal, currently valued at approximately £5–6 million per season, a portion of international broadcast rights, typically around £1–2 million, and appearance-based television fees, which can contribute an additional £500,000 to £1.5 million.

In addition, each Championship club receives approximately £5 million in solidarity payments from the Premier League, intended to support clubs outside the top tier.

The revenue splits shown below are based on estimates, as neither the Premier League nor the EFL publishes detailed, club-level distribution data.

Turnover - Commercial

Commercial revenue includes sponsorships, retail merchandising, tours, and other commercial activities.

Turnover - 2023/24

Staff Costs

Total staff costs include:

Salaries and wages paid to all employees,
Amortisation of transfer fees (spreading the cost of a player’s acquisition costs over the length of their contract),
Impairments incurred when a player’s estimated current market value falls below their book value.

Total staff costs are offset by profits earned from player sales.

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 - 2023/24

Profit and Loss

The key measures of profitability are:

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.
Operating Profit is derived from EBITDA after accounting for non-cash expenses, including depreciation of fixed assets and amortisation of player transfer fees.
Profit Before Tax is total revenue less all costs excluding tax.

Profit and Loss - 2023/24

Assets and Liabilities

Net assets represent the difference between total assets and total liabilities and correspond to the club’s net equity.

Assets include fixed assets—such as player registrations, facilities, and goodwill—as well as current assets like trade debtors, transfer fees receivable, and cash.
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.

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 - 2023/24

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 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.

Squad Total Cost is the total acquisition cost of the current squad.

Squad Costs

Football Debt

Football net debt represents the total amount owed by a club. It includes:

Loans from third parties, such as bank borrowings or other financial institutions.
Loans from owners or other related entities (for example, a parent company or directly from the owner). These 'shareholder' loans are often converted to equity at a later date.
Outstanding transfer fees owed to other clubs, net of transfer fees receivable as transfer fees are often settled over several years.

Loans

Transfer Debt

Football Debt - 2023/24

Cash Flow

Cash Flows are reported in three categories:

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.
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.
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 - 2023/24

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.

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.