Preston North End Financial Results 2024/25
- Matchday Finance
- Jan 7
- 10 min read
The 2024/25 campaign marked the 145th season in Preston North End’s history and their tenth consecutive year competing in the Championship.
Preston North End boast a rich footballing heritage, but in recent decades have largely operated between the second and third tiers, with their last spell in the top flight dating back to 1960. Over the past ten seasons in the Championship, the club has been a model of consistency; prior to last season, their highest finish was 7th and their lowest 14th.
That record of stability was severely tested in 2024/25. A run of just one win in their final 15 league matches saw Preston finish 20th, only one point clear of relegated Luton Town. The season was the first under Paul Heckingbottom, who replaced Ryan Lowe early in the campaign. Despite their league struggles, Preston did enjoy encouraging cup runs, reaching the FA Cup quarter-finals and progressing to the fourth round of the Carabao Cup.
They have also had a great first half of the 2025/26 campaign, sitting in fourth place at the time of this report, three points behind the automatic promotion spots.
Life in the Championship has, like many of Preston’s peers, come at a significant cost to the club’s owners. Preston North End has been owned by the Hemmings family since 2010, through their holding company Deepdale PNE Holdings Limited. Up to the end of the 2024/25 season, the family is estimated to have invested around £130 million into the club. While this is less than some owners in the division — such as the Lansdown family’s estimated £250 million investment in Bristol City — it remains a substantial commitment. It again underlines the scale of financial backing required to keep a relatively small club competitive in the Championship..
Financial Results 2024/25
Preston are one of six Championship clubs to have published their financial results.
Financial highlights:
Turnover
Total revenue increased to a record £20.5 million from £16.3 million, but this still likely ranks among the lowest in the Championship.
Matchday revenue rose by £1.0 million to £5.4 million, reflecting the benefit of the club’s cup runs.
Broadcast revenue increased by £2.5 million to £11.8 million, driven by higher EFL distributions following the new broadcast deal with Sky.
Commercial revenue saw a modest increase to £3.3 million.
Staff Costs
Salaries and wages increased significantly, rising from £22 million to £26 million, but are still likely to sit in the lower half of the Championship wage table.
Total staff costs reached £30 million, equivalent to 153% of turnover, and are likely to represent one of the higher cost-to-revenue ratios in the division.
There was no profit generated from player sales during the season.
Profit/Loss
Losses increased from £14.7 million in 2023/24 to £17.7 million in 2024/25, driven primarily by the rise in wage costs.
Net Assets
Net assets remained negative at –£31 million, largely as a result of £61 million owed to the owners.
Trading
The club invested £5.3 million in player signings, marking the highest level of spending in several years, including the acquisitions of Thórdarson, Gibson, and Okkelsand.
No income was generated from player sales.
Debt
Related company Grovemoor Limited provided an additional £13 million in loans, increasing the total outstanding balance to £62 million. The loan carries 0% interest and has no fixed repayment date.
Since the publication of these accounts, £30 million of the outstanding debt has been converted into equity.
Cash
The club recorded negative operating cash flows of £8.5 million, alongside £4.5 million spent on players and facilities.
To cover these outflows, the owner injected an additional £13 million through a loan.
Financial Outlook
Since the passing of the original owner, Trevor Hemmings, in 2021, Craig Hemmings has served as the club’s Chairman. In October 2025, he stepped down, with Ian Penrose taking over as non-executive Chairman. Penrose brings experience across gaming, technology, sport, and media. Hemmings commented, “Having been chairman of this historic club for over six years, and with growing responsibility across the other family businesses, I have felt it was time to find the right successor for some time.”
In a statement on the club’s website, Hemmings noted that Preston needs fresh investment and has set a two-year window to seek new owners and investors.
With the club enjoying its strongest start to a season in many years, there may be a temptation to hold off, particularly if promotion to the top flight remains a possibility.
Without such a breakthrough, the club is likely to continue operating on a similar financial footing this season, with expected losses remaining at comparable levels.
Turnover
Key revenue sources include matchday income (ticket sales), central broadcasting distributions from the EFL, Premier League solidarity payments, and commercial income such as sponsorships, merchandising, and other business activities.
Revenue has been growing steadily over the last five seasons, aided last season by cup runs and increased EFL distributions.
Preston remain one of the smaller clubs in the division and are likely to record the lowest revenue for 2024/25. With results published by only six clubs so far, the chart below compares their figures with estimated revenues for the remaining clubs.
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.
Deepdale, the club’s home for more than a century and regarded as one of the oldest grounds in the league, has a capacity of 23.400. In 2023/24, Preston averaged 16,505 supporters per league game — 70% of capacity — and the eighteenth-highest attendance in the Championship. This was slightly down on the previous season.
Their average revenue per fan increased to £12.80 from £10.60 the previous season, after a 5% price increase and some high value cup matches. The cup runs also led to the club playing six addition matches with shared revenue, leading to an increase in matchday income from £4.3 million to £5.4 million.
Even with this increase Preston's matchday revenue is likely to rank at the lower end of the league and is the lowest reported to date.
Broadcast Revenue
Broadcast income comes primarily from EFL central distributions, Premier League solidarity payments, and fees from televised cup fixtures. The new EFL broadcast agreement with Sky significantly increased central distributions, lifting payments to clubs to around £6.5–£7.0 million, compared with approximately £4.0 million the previous year, while Premier League solidarity payments remain at about £5 million. As a result, Preston’s total broadcast revenue rose to £11.8 million for the year, up from £9.5 million in 2023/24.
Commercial Revenue
Commercial revenue comprises sponsorships, retail merchandising, stadium tours, and other commercial activities. Preston’s commercial income has increased modestly in each of the past five seasons, reaching £3.3 million in 2024/25. The club’s front-of-shirt sponsor for the season was local manufacturer PAR Group, with other partners including SpudBros, Spreadex and Lancashire Bird Control.
Preston’s commercial revenue is among the lowest in the division and is the lowest reported to date. By comparison, Plymouth, which has similar attendance levels, generated commercial income of £11.6 million.
Staff Costs
Staff costs cover salaries and wages for all employees, the amortisation of transfer fees (which spreads a player’s acquisition cost over the length of their contract), and any impairments (recognised when a player’s estimated market value falls below their book value).
Salaries and wages increased sharply from £22.0 million to £26.4 million, a rise of around 20%. Preston are one of the few clubs to disclose a breakdown between football and non-football staff costs. Football staff wages increased by £3.5 million to £22.3 million, while other staff costs rose by £1.0 million to £4.2 million. Given Preston’s relatively poor on-field performance last season, these increases are notable and are likely driven by new player recruitment, the change in manager at the start of the season, and the additional cup fixtures hosted at Deepdale.
Investment in player acquisitions also lifted the squad’s book value, with amortisation rising from £2.1 million to £3.6 million in 2024/25.
Compared with other clubs that have published results, Preston’s total staff costs of £29.8 million are relatively modest, although higher than those of relegated Plymouth.
In recent seasons, Preston have generally outperformed their level of staff spending. For example, in 2023/24 the club finished 10th in the Championship despite having staff costs ranked 21st, representing an overperformance of 11 places. A similar pattern has been evident in previous campaigns.
By contrast, Preston’s 20th-place finish in 2024/25 could be viewed as an underperformance, as their total staff costs are likely to rank around 16th or 17th within the division.
The club’s total staff costs equate to 146% of revenue, highlighting clear challenges for profitability if player sales do not provide additional income—which, in recent seasons, they have not. Preston is not alone in this situation; in 2023/24, 16 Championship clubs had staff-to-revenue ratios exceeding 100%.
Profit on Player Sales
The club did not generate any income from player sales. While this is an important revenue source for many Championship clubs, Preston have had no significant sales since Callum Robinson’s move to Sheffield United in the 2019/20 season.
Profit and Loss
Although overall revenue rose by £3.6 million, this was outweighed by a £4.5 million increase in staff costs, leading to a decline in EBITDA (earnings before interest, tax, depreciation, and amortisation). With a modest rise in amortisation and no income from player sales, pre-tax losses widened from £14.3 million in 2023/24 to £17.7 million.
It should be noted that the club benefited from significant tax credits on previous losses, which reduced the pre-tax loss of £17.7 million to £13 million.
These losses must be covered by the owners and fall within EFL profitability rules, which allow an adjusted loss of up to £13 million per year over a three-year period. Adjustments include spending on youth development, women’s football, and infrastructure. Preston do not publish their adjusted figures, but it is assumed that their adjusted losses over the past three seasons remain within the EFL limits. However, the club appears to have little headroom, managing losses close to the permitted threshold.
Losses are common in the Championship. In 2023/24, only four clubs reported a profit, all driven by player sales, with the average loss per club around £13 million. Among the clubs that have published 2024/25 results so far, only Plymouth avoided a loss, while Norwich reported the largest at £20.7 million.
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.
Preston report negative net assets, meaning their total liabilities exceed their assets. This is primarily due to the £61 million loan from Grovemoor Limited.
Total assets stood at £48 million, with over £36 million in fixed assets, including the stadium, training ground, and associated facilities. Player assets accounted for £6.2 million, alongside cash and other short-term assets.
Total liabilities amounted to £78.7 million, including £62 million owed to the parent company Grovemoor Limited, £3.7 million in transfer fees payable, and various other short-term liabilities and provisions.
Based on the latest available results, only 11 of the 24 clubs report positive net assets.
Player Trading
The club spent £5.3 million on player signings, the highest outlay in five years, bringing in Jeppe Okkels from Utrecht, Lewis Gibson from Plymouth and Stefán Teitur Thórdarson from Silkeborg IF. There was no income generated from Player Sales.
The club’s £5 million spending is likely the 19th highest in the division last season.
Squad Net Book Value
The squad’s Net Book Value represents the total acquisition cost of players minus accumulated amortisation, which spreads the cost of a player over the length of their contract. Following this season’s acquisitions, Preston’s Net Book Value rose to £6.2 million, likely placing them in the bottom five clubs on this measure.
Football Net Debt
Football net debt reflects the total amount a club owes to external parties. This includes bank loans (after deducting cash holdings), funding from owners, loans from related entities such as a parent company, and outstanding transfer fees owed to other clubs, minus any transfer fees the club is due to receive.
At the end of the 2024/25 season, Preston reported £62 million in outstanding loans from a related company, Grovemoore Limited. This loan carries a 0% interest rate and has no fixed repayment schedule.
Since the reporting date, £30 million of this debt has been converted into equity, and the parent company has extended a further £5.5 million loan.
Total debt across the Championship reached £1.4 billion in the 2023/24 season, averaging around £58 million per club. Over £1.1 billion of this debt consists of loans from owners or owner-related entities, which, as with Preston, are often converted into equity rather than repaid in cash. Outside of a club sale, it is rare for owner loans to be settled through cash repayment.
Based on the latest published figures, Preston’s debt ranks as the eleventh highest in the division.
Player transfer fees are usually paid over multiple years, creating amounts payable to other clubs. At the end of the 2024/25 season, Preston owed £3.7 million to other clubs for their 2024/25 player acquisitions.
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.
Like most Championship clubs, Preston has consistently reported negative operating cash flows, averaging around £9 million of cash outflow per year over the past seven seasons. In addition, the club has invested approximately £2–3 million annually in the squad. This shortfall has been covered by the owners, who have contributed an average of just over £11 million per year during the same period.
The club has been owned by the Hemmings family since 2010, with their total investment now reaching approximately £130 million. While this is not the highest in the Championship, it remains a substantial sum and underscores the level of investment needed to sustain a relatively small club in the division.
Information
This information relates to Deepdale PNE Holdings Limited for the period from 1st July 2024 to 30th June 2025. Its subsidiary, Preston North End Football Club Limited, serves as the club’s main operating entity.
The ultimate owner of Deepdale PNE Holdings is Wordon Limited, registered in the Isle of Man and controlled by the Hemmings family. Grovemoor Limited, which has provided loans to the club, is also under Hemmings family control.
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