Sheffield United Financial Results 2023/24

Season 2023/24 marked Sheffield United’s return to top-flight football after a two-year absence.

After earning promotion from the Championship in 2022/23, United failed to gain any real momentum. With just one point from their first ten matches, they found themselves rooted to the bottom of the table early and never recovered. The season ended with only three wins and a total of 16 points—while not the lowest tally in Premier League history (that honour still belongs to Derby County in 2008), it was nonetheless deeply disappointing. United also set an unfortunate new record for the most goals conceded at home in a Premier League season, with 57.

Their domestic cup runs offered little respite. They exited the FA Cup in the fourth round and the Carabao Cup in the second, adding to what was a thoroughly demoralizing campaign for both players and fans.

The club’s woes were further compounded by a two-point deduction for the 2024/25 season, imposed due to the late payment of transfer fees from the 2022/23 season. The Premier League takes such matters seriously in order to avoid financial instability among its member clubs. The deduction sparked speculation over the club’s financial health, prompting CEO Stephen Bettis to deny rumours of impending administration—though he did concede that the financial situation was tight.

These financial concerns may explain Sheffield United’s cautious approach to spending, despite the substantial revenue boost that comes with Premier League participation. The club spent a net £29 million on transfers (acquisitions less disposals) and £65 million on wages. While this was more than fellow promoted side Luton, it was modest by top-flight standards. United have emphasized that sustainability is central to their strategy, and they have resisted the temptation to overspend.

At the beginning of this season, the club was still owned by Saudi Prince Abdullah Bin Mosaad. However, on 23 December 2024, ownership changed hands when COH Bidco Limited—part of the US-based COH Sports United group controlled by businessmen Steve Rosen and Helmy Eltoukhy—acquired the club in a deal reportedly worth £111 million. This brought an end to a prolonged search for new ownership, as Prince Abdullah had been seeking to sell the club for several years.

Back in the Championship for 2024/25, United remained in the race for automatic promotion for most of the season, but faltered late on, ultimately finishing third—10 points behind second-place Burnley. Their campaign however ended in heartbreak, as they lost the play-off final to Sunderland, their tenth unsuccessful attempt in the play-offs.

Overview of Sheffield United's Financial Results Season 2023/24

Premier League central payments significantly boosted Sheffield United’s revenue to £138 million in the 2023/24 season—more than double the £64 million earned during their previous campaign in the Championship, where they benefited from around £36 million in parachute payments.

Despite increasing expenditure on both player acquisitions and day-to-day operations, the club still reported a healthy profit of £18 million—making it the sixth highest in the Premier League. This figure would have been even higher were it not for a £10 million impairment charge, stemming from the revaluation of a property asset.

Notably, Sheffield United were one of just two Premier League clubs to record an operating profit (excluding player sales and exceptional items), with the other being fellow relegated side Luton Town.

Financial Highlights for the 2023/24 Season:

Turnover

• As expected, turnover increase to £138 million, from £64 million the previous year. This was the third lowest revenue in the league.

• Premier League broadcast payments, at £110 million accounted for 79% of total revenue.

• Price increases following the return to the premier league meant matchday revenue increased by £2 million to £11.5 million.

• Commercial revenue surprisingly remained flat at £12 million.

Staff Costs

• Salaries increased from £48 million from £65 million, and amoritsation increased from £18 million to £20 million.

• Total staff costs at £85 million was the second lowest in the league with only Luton's £68 million lower.

• Sale of Ndiaye and Berge contributed to 19 million in profit from player sales.

Profitability

• United had the second highest operating profit in the league at £18 million, one of only two clubs to achieve a positive operating result.

• Profit before tax of £18 million was the sixth best.

• Their profit result is after a £10 million impairment charge on property revaluation.

Player Trading

• United invested £53 million in new signings—the third lowest spend in the league.

• Net transfer spend was £29 million after £24 million was generated in player sales.

Football Debt

• United have loans outstanding of £80 million, including a £33 million bank loan, an £18 million factored loan and a £28 million related party loan.

• They also have £40 million due to other clubs for transfers fees payable and £18 million due to them for transfer fees receivable.

Cash Flow

• They generated operating cash flows of £29 million (cash flows before investments and financing).

• A net £7 million was spent on players, and £12 million on their facilities, 5 million in interest and 5 million net loan repayment.

While the club is set to receive approximately £45 million in parachute payments this season, the significant drop in overall revenue is likely to lead to a financial loss. However, Sheffield United have already secured £22 million in profit from early-season player sales, which will help offset the shortfall. We estimate they will post a loss of between £5 million and £15 million, depending on the extent of salary reductions implemented.

Sheffield United Turnover 2023/24

As a smaller club, Sheffield United’s turnover is highly reliant on their league status and the corresponding distributions from the Premier League. In the 2023/24 season, they received £114 million from central Premier League payments, accounting for 79% of their total income. In comparison, matchday revenue contributed £11 million, while commercial income totaled £12 million.

Broadcast revenue jumped from £43 million in the Championship to £114 million in the premier league. While matchday revenue saw an increase, commercial income remained flat and was lower than during the club’s previous spell in the top flight.

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.

Sheffield United’s home ground, Bramall Lane, has a capacity of 32,125. During the 2023/24 season, the club averaged 29,962 attendees for league matches—ranking 13th highest in the Premier League. However, their revenue per paying fan was among the lowest in the league at £20, with only Burnley recording a lower figure. Despite this, it still represented a significant increase compared to their previous season in the Championship.

The club has been investing in its infrastructure, including refurbishments of executive boxes and directors' suites. In total, £12 million was spent on land, buildings, and other assets during the 2023/24 season.

While there are currently no plans to expand stadium capacity, the club is looking to develop a fan zone on the recently acquired Boundary Corner site.

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 United, 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. For more information on how the Premier League central payment distribution system works check out our blog Premier League Broadcast Distribution for Season 2023/24.

Sheffield Untied earned £95.1 million from the equal share, £2.8 million for finishing in 18th place, and £11.8 million from their 13 live televised games.

Following their relegation after just one season in the Premier League, the club will receive parachute payments for two years instead of the usual three—approximately £42 million in the current season and around £32 million in 2025/26.

Commercial Revenue

Sheffield United’s commercial revenue—which includes sponsorships, retail, stadium tours, and other business activities—remained flat at £12 million in 2023/24. This lack of growth is unusual for a newly promoted club and, notably, represents a decline from the levels seen during their previous Premier League campaigns in 2020/21 and 2021/22.

The club stated that the competition for sponsorships in the Premier League proved challenging, particularly due to the Club’s stance on betting, gaming, and alcohol-related partnerships. This policy can limit potential revenue streams, considering that 13 Premier League clubs featured gambling sponsors during the 2023/24 season, many as front-of-shirt deals. United’s own front-of-shirt sponsor was financial services company CFI, under a deal reportedly worth £4.5 million per year.

Other commercial income—outside of sponsorship—fell by £1.7 million. This decline is likely due to the closure of the club’s retail store in Meadowhall and the absence of major events such as the UEFA Women’s Euro 2022, which had boosted revenues in the previous year.

With total commercial income of £12.3 million, Sheffield United ranked second-lowest in the league, ahead of only Luton Town.

Season 2023/24 Staff Costs

As expected, Sheffield United’s staff costs rose in 2023/24 with the arrival of several new players. However, total staff expenditure still remained below the levels seen in the 2019/20 season, when the club finished ninth in the Premier League.

Player salaries increased from £49 million to £65 million, while amortisation—the write down of player transfer fees—rose modestly from £2 million to £20 million. This relatively low amortisation figure highlights the club’s restrained approach to player acquisitions in recent seasons.

Despite the increase, Sheffield United’s figures remain low by Premier League standards. Total staff costs of £85 million were the second lowest in the league—£50 million less than the next lowest, Burnley—highlighting the scale of the challenge United faced on their return to the top flight.

Profit on Player Sales

The sales of two key players—Iliman Ndiaye to Marseille and Sander Berge to Burnley—generated a combined profit of £19 million from player transfers.

Season 2023/24 Profit and Loss

It was evident that Sheffield United's strategy following promotion was to invest cautiously in the squad while allocating a portion of the increased revenue toward the club’s long-term stability. With staff costs as a percentage of sales at only 62%, they reported a very healthy EBITDA (Earnings before Interest, Taxation, Depreciation and Amortisation) of £41 million.

And when looking at operating profit—which is before income from player sales and other exceptional items—Sheffield United were one of only two clubs to report a positive figure. The other was fellow relegated side Luton, who adopted a very restrained approach to spending.

A review of Sheffield United’s profit and loss over time shows a consistent pattern: the club has generally been profitable during its Premier League seasons and has posted losses while in the Championship. Compared to peers in both leagues, their spending levels and occasional deficits have been relatively modest, suggesting prudent cost management. This makes the club’s failure to settle debts on time—resulting in a two-point deduction for the 2024/25 season—all the more surprising.

During 2023/24, the club incurred a £10 million impairment charge related to the revaluation of its property assets. This was driven in part by rising interest rates, which reduce the present value of expected future cash flows. The total downward revaluation was £20 million, though the club was able to offset half of that amount against a previous upward revaluation recorded four years ago.

Despite this impairment, Sheffield United posted an overall profit of £18 million for the season—making it the sixth highest in the Premier League.

Season 2023/24 Player Trading

As Sheffield United have fluctuated between the Premier League and the Championship in recent seasons, their transfer strategy has followed a familiar pattern—investing during top-flight campaigns and offloading players upon relegation.

Following two seasons of minimal spending in the Championship—just £5 million in total—the club increased its outlay in 2023/24, investing £52 million in new signings. Key arrivals included Cameron Archer from Aston Villa, Gustavo Hamer from Coventry City, and Vinícius Souza from Lommel SK.

United also sold two key players: Iliman Ndiaye to Marseille and Sander Berge to Burnley, generating £24 million in player sales.

By Premier League standards, Sheffield United’s level of investment was modest. Their net spend—£29 million after player sales—was the third lowest in the league. In hindsight, there may be questions about whether greater investment could have improved their chances, but football offers no guarantees. This was clearly demonstrated by Ipswich and Southampton, both of whom spent around £100 million on their squads yet still faced relegation.

Several players departed at the start of the season, with some—such as Cameron Archer—leaving due to relegation clauses in their contracts. These exits generated approximately £40 million in transfer income. The club reinvested around £20 million into the squad, with Tom Cannon from Leicester City being the most notable signing.

Football Net Debt

At the end of the 2023/24 season, Sheffield United’s total debt stood at £80 million. This included a £33 million bank loan, an £18 million factored loan, and a £28 million loan from related parties.

In addition, the club had £40 million in outstanding transfer fee obligations to other clubs, while £18 million was due to them in transfer fee receivables.

Cash Flow

During the 2023/24 season, Sheffield United generated £29 million in operating cash flow. Of this, £22 million was used for player acquisitions, while player sales brought in £15 million.

From the remaining funds, £12 million was invested in club facilities, £5 million was spent on interest payments, and a further £5 million was used to settle an outstanding loan.

Financial Outlook

The play-off final defeat to Sunderland was undoubtedly a major setback for Sheffield United. However, having been in this position before—and with new ownership now in place—the expectation is that the club will once again mount a serious challenge for promotion next season.

The new owners have placed a strong emphasis on the club’s long-term future. Key areas of focus include investment in the academy, with the goal of achieving Category 1 status (currently Category 2), as well as enhancements to non-footballing infrastructure aimed at improving the overall fan experience.

Chief Executive Officer Stephen Bettis outlined the club’s vision: "Sheffield United’s long-term goal is to establish itself as a sustainable, successful club, both on and off the pitch. Achieving this will require a strategic business model that prioritises investment in the playing squad, the development of elite academy players, global brand expansion, and the diversification of revenue streams. Additionally, the Club will continue to identify and nurture talent across all areas of the business."