Bournemouth Financial Results 2024/25
- Matchday Finance
- 10 hours ago
- 17 min read
The 2024/25 season marked Bournemouth’s 123rd in their history and their third consecutive year in the top flight.
Bournemouth first reached the Premier League in 2015/16, completing a rapid rise from fourth tier, League Two. Since then, they have established themselves as a highly competitive top-flight side, including two top-ten finishes. although they did spend two seasons back in the Championship between 2020 and 2022.
The 2024/25 campaign proved to be one of their strongest. A ninth-place finish matched their highest league position, while they also recorded their highest-ever Premier League points total of 56 points.
This season, Bournemouth had an exceptional start, sitting second after nine games, but have been unable to maintain this form and are currently 12th, but comfortably clear of any relegation threat.
Despite being a relatively small club, Bournemouth have big ambitions. Their stadium, with a capacity of just over 11,000, is the smallest in the league, limiting matchday and commercial revenue. However, they have invested heavily in the squad—over £350 million in the past three years—and operate a staff budget slightly below the league’s mid-level.
These ambitions have been driven by US billionaire Bill Foley, the lead partner in the club’s owners, Black Knight Football Club. Black Knight is a global multi-club operator, also owning French side FC Lorient and a 70% stake in Portuguese club Moreirense FC, with strategic partnerships at Auckland FC, Orlando City, and Kyoto Sanga.
Black Knight acquired Bournemouth in December 2022 for a reported £120 million. Since then, the new owners have invested a further £280 million, initially through loans and later via new equity injections. They have taken ownership of the stadium, with plans to expand its capacity to around 20,000 over the next two to three years and have constructed a state-of-the-art training facility at Canford Magna.
On the squad side, Bournemouth have been successful in generating value from player development. Following a model similar to Brighton, they have realised significant profits through the sales of Solanke, Huijsen, Kerkez, and, more recently, Semenyo.
This trading success, combined with further equity injections, has left Bournemouth’s finances very strong. In 2024/25, they reported the equal highest profit among the eight Premier League clubs that have published results. The club carries minimal debt and has already secured profits for the next season thanks to the sales of Semenyo, Zabanyi, and Qualtara.
Bournemouth Financial Results 2024/25
Bournemouth’s ninth-place finish helped push revenues to a club record of £182 million. While staff costs ran at 125% of revenue, significant player sales enabled the club to record a £15 million profit, making them the second club to report a profit so far.
Financial highlights:
Revenue: Total revenue reached a club record £182 million, up £20 million year-on-year, driven by growth across all major revenue streams. An improved league finish and higher sponsorship income were the main contributors.
Staff costs: Salaries and wages increased by £22 million to £158 million, likely the 13th highest in the league. Total staff costs reached £228 million, or 125% of revenue, probably the highest ratio in the division.
Player sales: The club generated £91 million from player sales, primarily from Solanke, Huijsen, and Kerkez.
Profit/loss: Bournemouth reported a £15 million profit, making them the second club to post a profit among the eight clubs that have published results so far.
Net assets: Net assets rose to £134 million following the conversion of a £90 million loan to equity and an additional £67 million equity injection.
Player trading: Bournemouth spent £104 million on new players—likely the 14th highest in the league—including Evanilson, Huijsen, Ünal, Truffert, Kroupi, and Araujo. This was more than offset by £124 million in player sale income.
Loans and debt: External borrowings totaled £50 million at the end of 2024/25, largely offset by £47 million in cash reserves.
Cash Flow: The club generated £31 million in operating cash flow but recorded a net investment outflow of £73 million. The shortfall was covered by £68 million in equity and a £14 million increase in loans.
Financial Outlook
Bournemouth are in a relatively strong financial position, with minimal debt, cash reserves, and around £90 million in player sale profits already secured for this season. However, their small stadium limits matchday and commercial revenues, making them highly reliant on league performance to maintain overall income. Premier League distributions account for 82% of their revenue.
The club plans to expand stadium capacity to 20,000, which will boost revenue, but even then it will remain the smallest ground in the league.
Staff costs last season reached 125% of revenue, meaning the club would face substantial losses without the profits generated from player sales. The recent player sales also place Bournemouth in a strong position to comply with the Premier League’s new Squad Cost Ratio over the coming two seasons.
Bournemouth are expected to continue their model of developing and selling talent, similar to Brighton. By contrast, Brentford operates with a much lower staff budget and are less reliant on selling players. For clubs like Bournemouth, it is a delicate balance between selling players and maintaining on-field performance—a challenge the club has managed exceptionally well since returning to the Premier League.
Depending on their final league position this season, Bournemouth could record another modest profit, supported by the £90 million in player sale profits already secured.
Turnover
Revenue is generated from three primary streams: matchday income (ticket sales), broadcasting distributions (from the Premier League and, where applicable, UEFA competitions), and commercial activities, including sponsorships, merchandising, and other business operations.
The 2024/25 season marked another record year for Bournemouth, with revenue rising across all major streams, driven primarily by a higher league finish and increased sponsorship income.
To date, eight clubs have published their financial results — Arsenal, Brentford, Brighton, Bournemouth, Liverpool, West Ham, Manchester City and Manchester United. The chart below compares reported figures for these clubs with our revenue estimates for the remaining Premier League teams. Bournemouth's revenue will likely rank 15th in the league.
Matchday Revenue
Matchday revenue is driven by several factors, including the number of home fixtures, average attendance, ticket pricing, and a club’s ability to optimise hospitality and premium seating. Domestic cup competitions are an exception, as gate receipts are shared between the participating clubs and the FA.
Bournemouth’s home ground is the Vitality Stadium. They have played there since 1910, with the last major redevelopment completed in 2001. It is the smallest stadium in the Premier League, with a capacity of just 11,300; in fact, across the 92 English league clubs, it ranks only 62nd by size.
In 2024/25 they averaged 11,214 per league match, a slight increase on the previous season. They played one fewer domestic cup game, where revenue is shared, but an FA Cup run to the quarter-finals, with larger crowds, lifted the total number of paying fans by 3% to 266,000.
The club had previously frozen ticket prices, but season ticket prices have been increased by around 6% in each of the last two seasons. Average revenue per fan was £25.26, one of the lowest yields in the league. By comparison, Brighton average £41.51 and Brentford £33.09.
Overall, Bournemouth’s matchday revenue increased from £6.5 million to a club-record £6.7 million.
While the table below includes revenue estimates for clubs yet to publish their accounts, Bournemouth are expected to have the lowest matchday revenue by some margin, reflecting the small size of their stadium.
Broadcast Revenue
Broadcast revenue is generated primarily through central Premier League distributions, UEFA payments from European competitions and the club’s own media activities.
The 2024/25 season marked the third and final year of the Premier League’s current broadcast cycle, with total distributions broadly consistent with 2023/24 levels. Approximately 67% of broadcast income is shared equally among clubs, with the remainder allocated through merit payments based on league position and facility fees linked to the number of live televised matches.
Bournemouth’s ninth-place finish earned them £143 million in central distributions, the highest payment in the club’s history.
The chart below shows club-by-club distributions published by the Premier League, with each league position worth close to £3 million in merit payments.
Bournemouth have yet to participate in European football, which would represent a major milestone for the club. Should they qualify, the rewards would be substantial, with the new league format distributing significant payments to participating clubs.
For reference, the chart below shows combined broadcast revenue, including Premier League distributions, UEFA payments, and income from the recently expanded FIFA Club World Cup, which was contested only by Chelsea and Manchester City.
Commercial Revenue
Bournemouth’s commercial revenue has grown significantly year on year since their return to the Premier League. Sponsorship income, in particular, has increased from £9 million in 2022/23 to £27 million in 2024/25. A key contributor to this growth is a new front-of-shirt deal with Asian betting company BJ88, reportedly worth £8 million per year. This was a two-year arrangement, as betting companies will be banned from club kits from 2026/27.
Other commercial partners include sleeve sponsor Lego, kit supplier Umbro, and stadium naming rights held by health and insurance company Vitality. Vitality will also take over as the club’s front-of-shirt sponsor next season, replacing BJ88.
As the chart below illustrates, the “Big Six” remain on a distinctly higher scale for commercial revenue, although Newcastle United and Aston Villa have experienced significant growth following recent Champions League participation. Bournemouth's commercial revenue is expected to rank 17th in the league.
Staff Costs
Staff costs comprise salaries and wages for all employees, the amortisation of transfer fees (the allocation of a player’s acquisition cost over the length of their contract), and impairment charges. Impairments arise when a player’s estimated recoverable value falls below their carrying value on the balance sheet.
Salaries and wages rose by 11%, increasing from £136 million to £158 million, driven primarily by new signings and improved player contracts. The club noted that this uplift reflects its efforts to maintain a squad capable of competing at the required level in the league.
Amortisation also increased as a result of continued investment in the playing squad. At £69 million, it is now 68% higher than in 2022/23, following more than £300 million spent on player acquisitions.
Bournemouth’s total staff costs are likely to rank 12th highest in the league, broadly in line with clubs such as Nottingham Forest and Fulham, and still less than half those of the division’s biggest sides. With a ninth-place finish, the club therefore outperformed relative to its staff cost base.
Bournemouth’s total staff costs of £228 million equate to 125% of revenue, likely the highest ratio in the league. This level creates clear profitability challenges unless supported by profits from player sales.
Players On Loan
Bournemouth reported £15 million in income from players out on loan. As squad sizes increase, this is becoming an additional revenue stream, as well as a means of developing players. In 2024/25, the club had 12 players out on loan, including Traoré, Kroupi, Billing, Anthony, Aarons, Faivre and Mepham.
Profit on Player Sales
Since returning to the Premier League in 2022/23, the club has invested heavily in its squad, spending more than £300 million over the past three seasons. In August 2024, Dominic Solanke became the first high-profile departure, joining Tottenham for £55 million. Having been signed from Liverpool for £17 million in 2019, the transfer generated a significant profit.
Across the last two transfer windows (summer 2025/26 and winter 2025/26), there have been several further high-value departures. These players were generally acquired at relatively low cost and sold on for substantial gains, including:
Antoine Semenyo: signed from Bristol City for £9 million and sold to Manchester City in January 2026 for £62.5 million
Dean Huijsen: signed from Juventus for £17.1 million and sold to Real Madrid for £52.6 million one year later.
Ilya Zabarnyi: signed from Dynamo Kyiv for £20 million and sold to PSG for £54 million
Milos Kerkez: signed from AZ Alkmaar for £17 million and sold to Liverpool for £40 million
Dango Ouattara: signed from FC Lorient in 2023 for £20.4 million and sold to Brentford for £37 million
The sales of Huijsen and Kerkez are included in the 2024/25 results, as the deals were completed just prior to year end. Together with the Solanke sale, these transactions generated £91 million in profit and were the primary driver of Bournemouth’s reported profitability.
Among the eight clubs that have published full financial results to date, Bournemouth's reported the second-highest profit from player sales.
Based on sales to date, the club has once again generated profits of around £90 million this season, with Antoine Semenyo’s transfer to Manchester City proving particularly lucrative.
Squad Cost Ratio
The Premier League will implement a new set of financial rules from the 2026/27 season, replacing the existing Profitability and Sustainability Rules (PSR). A central metric under the new framework is the Squad Cost Ratio, which caps clubs’ on-pitch spending at 85% of football-related revenue, including net profit or loss from player sales (based on the average over the last three seasons).
This metric is broadly aligned with UEFA’s Squad Cost Ratio, which is set at a stricter 70%. As a result, clubs not competing in European competitions can invest at relatively higher levels than those, like Liverpool, already active in Europe.
The ratio considers only player and coaching staff costs while incorporating profits from player sales into revenue. Note that profit from player sales is based on the average over the last three years.
This is a measure that Bournemouth will need to monitor closely. Although the club recorded player sales of £90 million, only a third of that contributes to the calculation in a single year. Assuming ‘football-only’ wages account for 75% of total wages (as clubs rarely disclose the exact figure), our estimate for 2024/25 puts the ratio at 88%, slightly above the permitted limit. This season’s ratio should be lower, as it will include player sales from both 2024/25 and 2025/26, again expected to be around £90 million.
The combination of limited headroom and high player sales highlights how this measure can restrict challenger clubs like Bournemouth.
Profit and Loss
Bournemouth are the second club to report a profit for the 2024/25 season, following champions Liverpool. They also posted a profit in 2022/23, although that was entirely due to a £71 million loan write-off linked to the club’s acquisition, and in 2020/21, when strong profits came from player sales following relegation.
With total staff costs before player sales running at 125% of revenue—likely the highest in the league—the club would face substantial losses without profitable player sales.
In short, Bournemouth must continue producing talent that can be sold later to remain competitive at this level. They have done an excellent job over recent seasons, but sustaining this model year after year remains a significant challenge.
In 2024/25, Bournemouth’s total revenue reached a club record of £182 million, up £21 million year-on-year. Wage costs rose by £22 million and other operating expenses increased by £5 million. The club also earned £17 million in other income—primarily from players out on loan—an increase of £9 million. As a result, EBITDA (earnings before interest, tax, depreciation, and amortisation) grew by £2 million to £9 million.
After accounting for £69 million in player amortisation and £3 million in depreciation, the club recorded an operating loss of £63 million. While this figure appears high, very few Premier League clubs report an operating profit, and Bournemouth’s loss is broadly in line with the league average.
The operating deficit was offset by £91 million in profit from player sales. Interest payments rose to £14 million, leaving an overall net profit of £15 million—an improvement from the £66 million loss reported in 2023/24.
To date, seven other clubs have published their financial results. Bournemouth and Liverpool are the only clubs to report a profit, with both recording £15 million. West Ham posted the largest deficit at £104 million, followed by Brighton with a £56 million loss, although both clubs had reported substantial profits in the previous season.
Net Assets
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.
After several years of reporting a net liability position, Bournemouth moved into a strong net asset position, primarily due to a £90 million loan being converted to equity, alongside a further £68 million in new equity.
On the asset side, player assets increased by just £2 million to £222 million. Fixed assets rose £19 million to £56 million, reflecting ongoing investment in the Canford Magna training facility. Following significant player sales, transfer fees receivable stood at £96 million, and the club held cash reserves of £47 million, bringing total assets to £438 million.
These were offset by £140 million in transfer fees payable, £49 million in bank loans, and £114 million in other liabilities, resulting in net assets of £135 million.
The table below shows the latest available net asset positions of Premier League clubs, with Bournemouth's £134 million the tenth highest. It is important to note that a club’s net asset position is heavily influenced by its funding structure, particularly among challenger clubs. For instance, Aston Villa and Newcastle have benefited from significant equity injections, supporting their positive net asset positions, whereas Brighton has been primarily funded through owner debt from Tony Bloom.
There are several balance sheet–related measures within the Premier League’s new financial regulations, which come into effect next year. These fall under the Sustainability and Systemic Resilience (SSR) framework and include:
Working Capital Test
This assesses a club’s immediately available cash headroom over the course of a season. Clubs must maintain at least £12.5 million in short-term liquid assets.
Liquidity Test
This examines medium-term resilience and a club’s ability to withstand financial shocks, such as relegation. A club must demonstrate that its liquid assets, less liquid liabilities, plus 40% of squad market value, exceed £85 million. In practical terms, this reflects whether a club could cover short-term obligations by selling part of its squad if required.
Positive Equity Test
This measures long-term financial health. It includes the full squad market value (or net book value, if higher) as an adjusted asset. Total liabilities must not exceed 90% of adjusted assets, tightening to 80% by 2028/29.
Bournemouth appear well positioned under these tests following the conversion of shareholder loans to equity, which has reduced their debt. For example, their estimated Positive Equity Test ratio stands at around 53% (see calculation below).
The club reports total assets of £438 million. Based on Transfermarkt estimates, the squad’s market value of £351 million is £129 million higher than its book value, resulting in adjusted assets of approximately £566 million. With total liabilities of £303 million, this equates to 53% of adjusted assets — comfortably within Premier League limits.
Player Trading
Over the past three seasons, Bournemouth have invested more than £370 million in player acquisitions. While this is a significant outlay requiring substantial owner funding, it is roughly in line with the league average over the same period.
In 2024/25 alone, the club spent £104 million on major signings, including Evanilson from FC Porto, Dean Huijsen from Juventus, Enes Ünal from Getafe CF, Adrien Truffert from Stade Reims, Eli Junior Kroupi from FC Lorient, Julián Araujo from FC Barcelona, and Julio Soler from CA Lanús.
Prior to 2024/25, the club had sold relatively few players, focusing instead on building and developing the squad. This changed last season with three notable departures: Dominic Solanke to Tottenham pre-season, followed by Dean Huijsen to Real Madrid and Milos Kerkez to Liverpool at season end.
Huijsen, despite only spending one season at the club, proved highly profitable. Acquired from Juventus for £17.1 million, he was sold to Real Madrid for £52.6 million—a very strong return in just one year.
In 2024/25, Bournemouth’s player spending of £104 million is likely to rank 12th highest in the league. In terms of net spend—acquisitions minus sales—the club could report the largest net transfer gain, estimated at £20 million.
The summer window also saw the departures of Zabarnyi to PSG for £54 million and Ouattara to Brentford for £37 million, followed by Semenyo’s sale to Manchester City in the winter window for £62.5 million.
The club has also invested a further £180 million on players, including Rayan, Diakite, Petrovic, Gannon-Doak, Adli, Milosavljevic, and Truffert.
Squad Cost and Net Book Value
Squad costs represent the total acquisition cost of all squad members, including transfer fees and associated costs such as agent fees. A squad’s Net Book Value (NBV) represents this acquisition cost less accumulated amortisation, with transfer fees expensed over the length of each player’s contract. For example, a player purchased for £50 million on a five-year contract would have an NBV that decreases by £10 million each year.
Bournemouth’s net book value rose only marginally to £222 million, as new player acquisitions were largely offset by departures.
Bournemouth’s net book value of £222 million ranks 12th highest in the division.
Squad Market Value
The squad's net book value (NBV) is part of the club balance sheet, recorded as Intangible Player Assets. The NBV does not however reflect a squad’s current market value.
According to Transfermarkt.com, at the end of the 2024/25 season, Bournemouth’s squad had an estimated market value of around £352 million. This figure reflects the squad after the end-of-season sales of Huijsen and Kerkez. The difference between market value and net book value provides an indication of potential profit from player sales and a rough measure of how well a squad is maintaining its value relative to its accounting value.
On this measure, Bournemouth’s estimated market value was £130 million higher than their net book value.
For context, Chelsea is currently the only club whose squad market value is lower than its net book value, partly due to the club’s tendency to offer long-term contracts—though this alone does not fully explain the discrepancy, suggesting that some recently acquired players have not maintained their value.
Squad market value also forms part of the Premier League’s Sustainability and Systemic Resilience (SSR) framework, although the league has yet to specify exactly how market value will be measured.
The current squad market value listed on Transfermarkt.com now exceeds £400 million, with several recent signings maintaining or increasing their value, including Rayan, Kroupi, Evanilson, and Diakite. Alex Scott, who joined in 2023, has the highest individual valuation at £34 million.
Football Net Debt
Since the club’s acquisition, debt levels have been significantly reduced. This began with a £71 million loan write-off as part of the takeover, followed by a further £115 million converted to equity. For more recent funding, the owners have opted for equity injections rather than additional loans.
At the end of 2024/25, Bournemouth’s only remaining debt was a £50 million loan from Goldman Sachs, secured against the club’s assets, carrying a 7.65% interest rate and repayable in December 2029. This liability is largely offset by the club’s £47 million in cash reserves.
Premier League clubs’ total debt reached £3.6 billion in 2023/24, comprising £2.4 billion owed to third parties and £1.2 billion to related parties. Everton recorded the highest overall debt, although much of its related-party borrowing has since been converted into equity. Bournemouth's debt, net of cash, ranks as the lowest in the league.
After the 2024/25 reporting date, Black Knight provided the club with a £55 million loan, and a further £15 million was drawn down from Goldman Sachs. The intention is for the Black Knight loan to be converted into equity at a later stage.
Following Bournemouth’s activity in the transfer market, both in buying and selling players, the club had significant amounts owed and owing to other clubs at the end of 2024/25. Outstanding transfer fees payable stood at £140 million, of which £60 million is due this year, while outstanding transfer fees receivable were £97 million, with £31 million expected this year.
As a result, net transfer debt fell to £43 million, down from £106 million the previous year.
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.
Cash Flows from Investments include cash spent on player acquisitions and facility improvements, net of player or asset sales.
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.
Since the acquisition, the Black Knight Group has invested approximately £280 million in the club. This includes £90 million used to repay part of the outstanding loans to the previous owner (with £71 million written off), £115 million in additional loans later converted to equity, and a further £68 million in new equity.
Examining the club’s overall cash flow during this period, Bournemouth generated £63 million from operations—an impressive figure for a club of their size—spent £243 million on players, and £49 million on facilities, primarily the Canford Magna training centre. Player sales recovered £56 million, leaving a funding gap of £170 million.
To cover this gap, £152 million was provided in loans (comprising the £115 million from Black Knight and the remainder from Goldman Sachs) and £68 million via a new equity issue. This total exceeded the funding requirement, increasing cash reserves to £47 million.
Managing cash flow for a challenger club like Bournemouth is no small task, with large sums involved and a constant balancing act between investing in player performance and controlling losses through player sales.
Bournemouth are not alone in facing this challenge; their total funding of £220 million over the past three years is likely only the eighth highest in the league.
Reporting Entity
This analysis is based on the entity AFC Bournemouth Limited for the period 1st July 2024 to 30th June 2025. The company is wholly owned by Black Knight Football Club UK Limited which is controlled by William P Foley II.
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