Brentford Financial Results 2023/24
- Matchday Finance
- Feb 20
- 9 min read
Updated: Jun 8
Brentford is the fourth Premier League club to publish their accounts covering Season 2023/24, their third consecutive season in the top-flight.
After finishing 9th in the 2022/23 season, Brentford's 23/24 campaign began positively, with the club in 9th place after 11 matches. However, a series of mid-season injuries and a run of 12 losses in 15 games left them in 16th position heading into the final stretch. Key victories against relegation rivals Sheffield United and Luton secured their safety, and they ultimately finished in 16th place— their lowest position since returning to the Premier League. Additionally, they faced early exits in domestic cups, being knocked out in the third round of both the FA Cup and Carabao Cup
On the financial side, Brentford is widely regarded as a model of sound financial management under owner Matthew Benham. The club has avoided the lavish spending seen at other Premier League sides and has remained profitable across their three seasons in the top flight—a remarkable achievement for a promoted team. This has been accomplished without the large investments made by the owners of clubs like Brighton, Aston Villa, and Bournemouth.
Overview of Brentford's Financial Results 2023/24
The club's lower league finish of 16th resulted in reduced broadcast income, but turnover still matched the previous season's figures—though a change in accounting policy partially explains this. However, increased costs led to a small loss of £8 million for the year, marking their first loss since returning to the Premier League.
Season 2023/24 Financial Highlights
Turnover remained flat, though it included £12 million of loan income, which was not part of turnover in previous seasons.
Staff costs rose by £20 million, a 15% increase compared to the prior season.
Operating expenses saw a significant jump, rising by 40%.
A £24 million profit was earned from the sale of David Raya to Arsenal.
Despite the £8 million loss for the season, Brentford's combined profit since returning to the Premier League stands at £31 million.
The club invested £69 million to strengthen their squad.
Although the club maintains strong operating cash flows, higher costs led to the need for a £37 million overdraft.
There are no issues with the Profit and Sustainability Rules (PSR), with a rolling three-year profit of £31 million before PSR adjustments.
The financial outlook remains strong, with the sale of Ivan Toney expected to generate over £30 million in profit.
Brentford's strong financial management has allowed them to invest relatively strongly in the squad again this season. At the time of this report, they are sitting 11th in the league, again a respectable position and 9 points from the European places.
Next Read
For a full breakdown of the Premier League’s 2023/24 financial results, check out our recent blog: Premier League Financial Results Season 2023/24
Brentford Turnover
By Premier League standards, Brentford remains a relatively small club. The Gtech Community Stadium has a capacity of 17,250, with only Luton and Bournemouth having smaller grounds. Their commercial revenue (excluding loan income) is among the lowest in the league. As a result, a significant portion of their revenue comes from central broadcast distributions—making up 76% of their income in the 2023/24 season—and this means their financial performance is heavily dependent on their league position.
As shown in the chart below, Brentford ranks 15th in overall revenue.
While overall revenue remained steady compared to the previous year, broadcast revenue declined due to the club's lower league position. However, commercial revenue increased, primarily driven by the reclassification of £12 million in loan income, and matchday revenue remained unchanged.
The chart above also highlights the significant revenue gap between the Championship and the Premier League. However, it’s important to note that if relegated, the financial impact of returning to the Championship is softened by substantial parachute payments.
Matchday Revenue
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.
Brentford faces limitations due to their relatively small stadium capacity of 17,250, although it is consistently full. They also played the minimum number of matches after being knocked out of both domestic cups in the first round. Their revenue per fan per match, at £32, is midtable and comparable to clubs like West Ham, Fulham, and Crystal Palace, though
there was no growth this season. This is great for fans but less so for profit.
The chart below shows that Brentford’s matchday revenue ranks 16th in the league.
Broadcast Revenue
Broadcast revenue primarily comes from central distributions from the Premier League, UEFA (if the club participates in European competitions), and revenue generated through the club's media platform. For Brentford, broadcast revenue is almost entirely derived from Premier League distributions. The chart below illustrates the distribution by club for the 2023/24 season. A significant portion, 67%, is evenly distributed among all clubs, with the remainder based on league position and the number of televised live games.
Brentford earned £95.1 million from the equal share, £14 million from finishing in 16th place, and £15.2 million from 17 live games.
Commercial Revenue
Commercial revenue, which includes sponsorships, retail merchandising, tours, and other activities, totaled £16 million, slightly down from the previous season. Like many Premier League clubs, Brentford has partnered with the betting industry, with Hollywoodbets serving as their front-of-shirt sponsor, reportedly paying £6 million per year. PensionBee is also a major sponsor.
In addition to commercial revenue, Brentford earned a significant £11 million in player loan income for the 2023/24 season, primarily due to David Raya's loan spell at Arsenal.
As shown below, commercial revenue remains a key factor that distinguishes the "Big 6" from the rest of the league. Arsenal, despite having the lowest commercial revenue among the Big 6, still earns 2.5 times more than the next highest, Newcastle. Brentford ranks 15th in the league, with their commercial revenue being less than one-tenth of that of clubs like Manchester City and United.
Brentford Staff Costs
Season 2023/24 saw a significant increase in staff costs. Salaries rose by £15 million, whilst amortization (the write-down of player acquisition costs) increased by £3 million, leading to a total rise of £18 million compared to the previous year, or 21%.
However, this increase is coming from a low base (by Premier League standards). Brentford had the lowest staff costs in the league in season 2022/23 and in season 2023/24 we expect only the three relegated clubs to have lower costs. This puts their performance into perspective as they continue to succeed on a relatively low-cost model.
The table below ranks the clubs by total staff costs before profit on player sales. As we can see Brentford at £150 million is less than 1/3 of the staff cost of the "Big 6".
The chart also highlights the growing importance of profit from player sales, which has become a key strategy for clubs to stay within profit and sustainability regulations. Several clubs, including Aston Villa and Newcastle, timed player sales just before the end of their financial year to boost profits. This strategy also involved player swaps, where profit is recognized on the player sold, while the cost of the player acquired is capitalized and amortized over the life of their contract—resulting in an immediate profit gain but spreading the associated costs over future years.
As shown in the chart below, 2023/24 is expected to set a Premier League record for profit on player sales, with a significant 70% increase over the previous record-breaking season. This demonstrates how critical player sales have become as a financial tool for clubs managing PSR requirements.
Brentford also state that player trading is part of managing the financial resources of the club as well as performance on the pitch. However, they differ from clubs like Aston Villa and Newcastle in that they chose to delay the sale of Ivan Toney, meaning the sale will be recognized in the 2024/25 season. Since they didn’t need the profit for PSR compliance, it made sense for them to defer the sale, allowing it to be included in future PSR calculations.
Brentford has a strong track record of selling players profitably. During their time in the Championship, they frequently made substantial profits on player sales while still securing promotion. This has been less of a focus in the Premier League seasons, as they haven't needed the profits. However, in the 2023/24 season, they completed the sale of David Raya to Arsenal, following an extended loan period, which generated the majority of the £25 million recorded in their accounts.
Brentford Profit and Loss
Brentford reported a loss for seasons 2023/24 of £8 million. This is the first season in the premier league they have reported a loss and is still small by premier league standards. In the three years they have been in the premier league they have made cumulative £31 million, an outstanding achievement for a promoted club.
The loss for 2023/24, came off the back of flat turnover, but significantly higher expenses, both staff costs and operating costs. This was offset by the sale of David Raya.
It’s still early in the reporting season to compare profits across clubs, but the chart below is based on the five published accounts, with the rest being our best estimates. The overall league profit is expected to improve in the 2023/24 season, partly due to the change in the mix of clubs—Luton and Sheffield United are likely to report strong profits, whereas clubs they replaced, like Leicester and Leeds, made significant losses. Additionally, as we’ve seen, profit from player sales has increased considerably in the 2023/24 season.
As we see we have ranked Brentford 9th in terms of profit with their small loss of 8 million.
Brentford Player Trading
In the three seasons since promotion to the premier league, Brentford have invested 192 million in payer acquisitions. They have also generated £37 million from player sales, resulting in a net transfer spend of £155 million during this period. This places them 13th in the league for net transfer spend, just behind Manchester City.
In the 2023/24 season, Brentford invested £69 million in new players, including Nathan Collins, Igor Thaigo, and Mark Flekken. The main departure was David Raya, who had already been on loan to Arsenal.
Brentford Football Debt
Although Brentford’s debt levels remain relatively low, they have still benefited from financial support provided by the owner, with £22 million given interest-free and an additional £38 million at a 12.5% discounted rate. In the 2023/24 season, they also took out a £37 million overdraft, secured against future broadcast payments. With total loans amounting to £90 million, this places them 10th highest in the Premier League.
Brentford Cash Flow
Since joining the Premier League, Brentford has generated strong operating cash flows (from the ordinary operations of their business), totaling £114 million over the past three seasons. However, they have invested £143 million, primarily in players, which has required additional financing. This has come in the form of a new loan and a bank overdraft.
Brentford's journey from League 2 to the Premier League has been remarkable, and much of this success can be attributed to owner Matthew Benham's financial support. However, the level of investment required has been significantly lower than some of their peers, such as Brighton, Bournemouth, and Aston Villa. This is largely due to their ability to manage within their means, make smart player acquisitions, and sell players profitably.
The chart below shows the cumulative cash flow from new investment for Brentford and three of their peers, all of whom are performing impressively on the pitch.
In the 2012/13 season, Brentford were competing in League 1, drawing just 6,000 fans. To reach the level they now operate at, both on and off the pitch, with relatively modest investment over time, is an incredible achievement—one with no equal in recent years.
Brentford Financial Outlook
At the start of the 2024/25 season, Brentford made some significant signings, bringing in Van den Berg and Carvalho from Liverpool, as well as Nunes from Brazilian club Gremio. They join Thiago, who also arrived during the summer transfer window. These additions are likely to drive up staff costs, but they should improve on last season's 16th-place finish, which would mean a higher distribution from the Premier League.
In addition, the sale of Ivan Toney is expected to generate around £35 million, which should keep the club close to breaking even for another season.
There have been rumors of potential investors interested in the club, and Brentford has stated that this comes as no surprise. The club commented,
"While Matthew Benham’s commitment to the club remains as strong as it ever was, it is only natural, and perhaps even essential, for us to carefully explore what new investment could potentially mean for the future of Brentford FC. We must not stand still, and we remain determined to safeguard the club and to remain competitive in the world’s most challenging and successful league".
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