The Premier League: Stadium Ownership & Spending 2024/25
Premier League clubs held £5.7bn of stadiums, training grounds and other tangible assets at the end of season 2024/25 having added £3.6bn to them over the last seven years.
Spending is heavily concentrated. Everton (Hill-Dickenson stadium), Tottenham (final stages of the Tottenham stadium) and Fulham (Riverside stand) are the biggest spenders over the last seven-years, while clubs such as Wolves, West Ham and Southampton have spent less than £35m each. Tottenham and Everton alone hold almost half of the league’s tangible assets.
Ownership is just as varied. Only eight clubs own their grounds outright, both the stands and the land. Another five, including Everton and Man City, hold theirs on leases of 100 years or more, which is ownership in all but name. Ipswich and Nottingham Forest have shorter council leases, and West Ham rents its stadium. In a growing trend, some clubs have sold their stadium to a sister company under the same owners, booking a profit that helps them stay within the Premier League’s spending rules. Aston Villa, Bournemouth and Newcastle now play in grounds held outside the club, and Leicester holds its stadium on hire purchase from an owner-related company.
Understanding stadium ownership
Playing in a stadium, paying for it and recording it in the accounts isn’t the same as owning it. The table groups clubs into five types:
Freehold: the club owns the stadium and the land outright. Both are in the club’s tangible assets. The land isn’t depreciated; the buildings are, over their useful life.
Long lease: someone else owns the land, but the club holds it on a lease with 100+ years left. That’s effectively ownership: the lease can be sold or borrowed against, as Everton did to raise £350m. The stadium is recorded as the club’s asset and depreciated much like a freehold stadium, with any ground rent charged as an annual cost.
Shorter lease: as above, but with under 100 years left, which limits long-term plans. It’s why Nottingham Forest wants to buy its freehold before expanding. The accounting is the same, but stands and improvements can’t be depreciated beyond the end of the lease, so they’re written off faster.
Owner company: the stadium is held by a separate company controlled by the club’s owners, and the club pays to use it. The stadium isn’t in the club’s tangible assets; the club records an annual rent charge instead, and selling the stadium created a one-off profit in the year of sale. Leicester is the exception: it holds its stadium on hire purchase, so the stadium is in its accounts along with the amount owed for it.
Tenant: the club rents a stadium it didn’t build and doesn’t own. The stadium isn’t in the club’s tangible assets, and the rent is charged as an annual cost. Any upfront payment, such as West Ham’s £15m fee in 2016, is spread over the length of the agreement.
Building on leased land. Anything built on land legally belongs to the landowner. A new stand on leased land counts as the club’s asset in its accounts, but if the club ever left, the stand would stay behind.
Selling to the owners. Selling a stadium to a sister company creates a one-off accounting profit that counts towards the Premier League’s spending rules (PSR), even though the same owners keep it and the club still plays there. The trade-off is rent in every future season. Aston Villa and Newcastle have both done this.
Cost or current value. Most clubs record their stadium at what it cost to build, less depreciation. Tottenham, Brentford and Leicester value theirs at today’s rebuild cost, which raises their figures.
The figures cover the 20 clubs that played in the 2024/25 Premier League and come from their 2024/25 accounts, the latest available for every club. Developments since then, including relegations, changes of ownership and new stadium plans, are covered in each club’s section.
Links to clubs
Arsenal – Emirates Stadium
Tangible assets 24/25: £388m
Fixed asset additions 24/25 £18.8m, last 7 years: £84m
Stadium and ownership
The Emirates is owned within the club group and classed as freehold property. The group is ultimately owned by KSE UK Inc., a Delaware company wholly owned and controlled by Stan Kroenke. Stadium operations are run by a group subsidiary, Arsenal Stadium Management Company Ltd. The training ground at London Colney, now branded the Sobha Realty Training Centre, is also within the club group.
Capital projects
Arsenal’s spending on property has been modest since the Emirates opened in 2006. Additions in 2024/25 were £18.8m, almost all plant and equipment, with only £0.2m spent on buildings. There was no major project, and contracted capital commitments at the year-end were just £4.9m. Over seven years, Arsenal added £84m, a low figure for a club of its size.
Future plans
A working group spent nearly two years studying an expansion of the Emirates, and the club held talks with the architects Populous. In October 2026 Arsenal decided against a major expansion, keeping capacity at about 60,700. A large rebuild would have meant playing some home games elsewhere. The club is instead making gradual improvements: safe standing in the Clock End this season and the North Bank next season, along with upgrades to hospitality, catering and retail.
Worth noting
Unlike Tottenham and Everton, Arsenal no longer carries external stadium debt. The Emirates cost about £390m when it opened in 2006, funded by bank loans later refinanced as £260m of bonds, a large up-front sponsorship deal with Emirates and the redevelopment of Highbury into flats. Matchday income serviced the bonds for 14 years until Stan Kroenke repaid the remaining £144m early in 2020. The club now owes £340m to its owner’s company rather than to banks or bondholders. The stadium’s cost in the accounts also includes £38.6m of interest added during construction, and the group still holds £8.2m of development property left over from the Highbury-era property schemes.
Aston Villa – Villa Park
Tangible assets 24/25: £124m
Fixed asset additions 24/25: £75.2m, total last 7 years: £145m
Stadium and ownership
Villa Park isn’t owned by the club. In 2019, shortly before promotion to the Premier League, the club sold it for £56.7m to NSWE Stadium Ltd, a company owned by Villa owners Nassef Sawiris and Wes Edens, and has leased it back since. In May 2025 the stadium company was moved under NSWE UK Ltd, which is the parent company of the club’ entity, NSWE Sports Ltd. That makes the stadium company and the club group sister companies. Villa’s tangible assets sit in NSWE Sports and exclude the stadium.
Capital projects
Infrastructure spending rose sharply in 2024/25, with additions of £75.2m against £16.4m the previous season. The club doesn't break the figure down, but the work in the year centred on Villa Park. It covered the North Grounds development, including The Warehouse, a 3,500-capacity matchday and events venue, plus a new ticket office, fan plaza and larger club shop. Hospitality lounges were refurbished, and early costs for the North Stand began to build up. £31.0m was still under construction at the year end.
Future plans
The North Stand is being redeveloped and is closed for the whole 2026/27 season. The work will take Villa Park’s capacity from about 42,900 to more than 50,000, and includes corner sections, new terracing and a new players’ tunnel. The cost was reported at £100m when the scheme was announced in 2023. The original main contractor, Buckingham Group, went into insolvency, and JD Pierce is now involved. The club has said it aims to finish by the end of 2027, ahead of Euro 2028. Because Villa Park belongs to NSWE Stadium Ltd, most of the cost is likely to sit outside the club group’s accounts.
Worth noting
In the wider NSWE UK accounts, the stadium adds about £59m at cost, so the ownership group’s tangible assets are well above the club’s £124m. The 2019 sale is also a reminder of why stadiums move between group companies: the club booked a £36.3m profit on the sale which helped it stay within the EFL’s profit and sustainability rules.
Bournemouth – Vitality Stadium
Tangible assets 24/25: £56m
Fixed asset additions 24/25: £18.6m, total last 7 years: £54m
Stadium and ownership
The Vitality Stadium isn’t owned by the club. In 2024/25 it was bought from the property company Structadene for £10m by Black Knight Stadium Ltd, a company set up for the purpose in April 2025. That company and AFC Bournemouth Ltd are sister companies, both wholly owned by Black Knight Football Club UK Ltd, which is controlled by Bill Foley. The stadium therefore appears in the group accounts but not the club’s, and the club continues to occupy it as a tenant, as it did under Structadene. The club had sold the ground in 2005 for about £3.5m to clear its debts.
Capital projects
Most of Bournemouth’s capital spending has come in the last two years and gone into one project. The new training facility at Canford Magna was completed in March 2025 and is now the base for all football operations. When it was completed, £36.8m was transferred from assets under construction into freehold buildings. Additions over 2023/24 and 2024/25 came to £43.2m, about 80% of the seven-year total. The club has also spent £11.4m over time improving the Vitality while renting it, recorded as leasehold improvements.
Future plans
Expansion of the Vitality began in July 2026, after council approval in May, and is due to finish in summer 2027. Capacity will rise from about 11,300 to 20,196. The south-east and north-west corners are being filled in first, followed by a new two-tier South Stand for around 7,000 supporters and extensions to the North and East Stands. The project’s cost has been put at £50m to £85m. As the stadium belongs to Black Knight Stadium Ltd, most of the spending is expected to sit outside the club’s accounts.
Worth noting
Bournemouth’s tangible assets are mainly a training ground and improvements to a rented stadium. Comparing them with clubs that own their grounds understates what the wider ownership group holds.
Brentford – Gtech Community Stadium
Tangible assets 24/25: £121m
Fixed asset additions 24/25 £15.2m, total last 7 years: £109m
Stadium and ownership
The Gtech Community Stadium is owned by the club, Brentford FC Ltd. A piece of land next to the stadium is held on a long sub-lease from the club’s subsidiary Lionel Road Developments, with Hounslow Borough Council as the ultimate owner. Fans keep a safeguard: the supporters’ trust Bees United holds a legal right to veto any sale of the stadium.
Capital projects
The new stadium dominates Brentford’s capital spending. It cost £76.2m, was completed in August 2020, and was part-funded by £22.8m of loans from Benham. Griffin Park, valued at £35.7m, was handed to the developer the following month under the Development Agreement. Very little of that came back as cash, and further payments depend on how the housing scheme on the site performs. Additions in 2024/25 were £15.2m, mainly the new Academy facilities at Jersey Road, opened in September 2024. These include three floodlit full-size pitches, classrooms, changing rooms and academy offices. Work also began on stadium WiFi and a digital ticketing system.
Future plans
The stadium WiFi and ticketing upgrades are due to be completed in the 2025/26 season. The club has said it wants the academy, now Category Two, to reach Category One status.
Worth noting
Brentford carries its stadium at a revalued amount rather than at historic cost. About £27m of the £121m comes from that revaluation rather than actual spending, so its tangible assets aren’t directly comparable with clubs that hold their grounds at cost.
Brighton – American Express Stadium
Tangible assets 24/25: £213m
Fixed asset additions 24/25 £49.8m, last 7 years: £118m
Stadium and ownership
The Amex belongs to the club group through a wholly owned subsidiary, The Community Stadium Ltd, which builds and manages the club’s facilities. The club holds the site on a 125-year lease that began in 2009, for which it paid a £5.3m premium, and the stadium is in its accounts. With about 109 years left, that’s effectively ownership. Tony Bloom is the ultimate controlling party through his shareholding in the holding company, Brighton & Hove Albion Holdings Ltd.
Capital projects
Additions in 2024/25 were £49.8m, all paid in cash during the year, and the spending was focused on the Amex. The Terrace opened in April 2025. It is the largest fan zone of any Premier League club. The club also expanded its retail store into a much larger two-storey building, finished in summer 2025 and open before the 2025/26 season. Works to add a little capacity and improve hospitality in the North Stand were also under way, alongside better first-team catering facilities.
Future plans
More stadium improvements are under way. Beyond the accounts, the club announced in April 2026 that it plans a women’s stadium on Bennett’s Field, a site next to the Amex bought in 2025. It will hold at least 10,000 and the club aims to open it for the 2030/31 season. No capital commitments were outstanding at June 2025, so that project will first appear in later accounts.
Worth noting
The New Monks Farm development, on land beside the training ground, was held as stock and booked as revenue as homes and commercial units were sold. It added £20.3m to turnover in 2024/25, and all four phases are now finished.
Chelsea – Stamford Bridge
Tangible assets 24/25: £141m
Fixed asset additions 24/25: £8.4m, total last 7 years: £79m
Stadium and ownership
Ownership of Stamford Bridge is split. The freehold of the site and the right to the Chelsea name belong to Chelsea Pitch Owners plc, a fan-owned company set up in 1997 to stop the ground being sold off. The club holds a long lease over the site at a nominal “peppercorn” rent and the stands and buildings are included in its accounts. The club also lent Chelsea Pitch Owners £11.2m to buy the freehold, and £7.9m of that loan is still outstanding. The club sits under BlueCo 22 Ltd. Since September 2026, Clearlake Capital has had full control after Todd Boehly and Mark Walter sold their stakes.
Capital projects
Chelsea has spent very little on facilities. Additions in 2024/25 were just £8.4m, and £79m over seven years is among the lowest in the division. No major project appears in the accounts. The main movement was a disposal: Kingsmeadow, the women’s team’s ground, was transferred to Chelsea Football Club Women Ltd, a sister company, at a book value of about £9m. That explains the £8.6m drop in freehold land.
Future plans
Chelsea still hasn’t decided whether to rebuild Stamford Bridge or move. The club wants a capacity of at least 60,000, up from about 41,000, and a rebuild has been costed at around £1.5bn. Earl’s Court has been the main alternative site, but it isn’t in that site’s development plans. The ownership group has bought about 2.4 acres of neighbouring land from the Stoll veterans’ charity for around £80m, which could support a rebuild on or near the current site. Any move would need approval from Chelsea Pitch Owners’ shareholders. No timetable has been set.
Worth noting
Chelsea has repeatedly sold assets to companies under the same owners. The stadium hotels went to a sister company in 2022/23. The women’s team followed in June 2024 for £200m, booking a £198.7m profit, and Kingsmeadow in 2024/25. Each sale took value out of the club’s books and helped its reported results, so the £141m understates the property controlled by the wider ownership group.
Crystal Palace - Selhurst Park
Tangible assets 24/25: £59m
Fixed asset additions 24/25 £15.7m, total last 7 years: £57m
Stadium and ownership
Selhurst Park is owned within the club group as freehold land and buildings, managed by the subsidiary CPFC Selhurst Park Ltd. The group’s ultimate parent is Palace Holdco UK Ltd, where Woody Johnson completed his purchase of John Textor’s stake in July 2025. The academy site is held separately, on a long lease running to 2059.
Capital projects
Additions in 2024/25 were £15.7m, mostly on two projects. The academy’s 3,000 sqm rehabilitation and medical centre had cost £11.5m by June 2025 and was due to open later that year. A further £8.5m went on the Main Stand, covering design, land and property purchases and planning of the enabling works, but not yet construction. The spending was funded by a £37.5m capital raise at the parent company.
Future plans
The new Main Stand will hold 13,000 seats, adding 8,000 to the capacity, including 6,000 additional premium seats and commercial space for non-matchday use.
Worth noting
The stadium is carried at just £11.8m, reflecting the 2010 buy-back price rather than its current value. The academy lease, at £24.6m, is valued at more than twice the stadium.
Everton – Hill Dickinson Stadium
Tangible assets 24/25: £815m
Fixed asset additions 24/25 £114.3m, last 7 years: £834m
Stadium and ownership
The Hill Dickinson Stadium at Bramley-Moore Dock is held within the club group by a subsidiary, Everton Stadium Development Ltd, on a long lease of the dock land from Peel. In practice that’s ownership: the lease secures the club’s £350m stadium loan, and the group’s land and property lease commitments total £70.6m, almost all due after five years. The club has been owned by Dan Friedkin’s Roundhouse Capital Holdings Ltd since 18 December 2024, which now holds 99.5% of the shares. Goodison Park no longer belongs to the club. In June 2025 it was sold with the women’s team to
Roundhouse.
Capital projects
The new stadium accounts for almost all of Everton’s capital spending, and is why its tangible assets are second only to Tottenham’s. A further £114.3m was spent in 2024/25, taking the total project cost to £813m, all still classed as under construction at 30 June 2025. That figure includes interest on the construction loans, added to the stadium’s cost rather than charged to profit: £32.3m in 2024/25 and £54.6m the year before. The stadium received its safety certificate on 21 August 2025 and opened for the 2025/26 season, so it will start being depreciated from then.
Future plans
With the stadium finished, Everton’s capital programme is largely complete. Goodison Park, now owned by Roundhouse, is to become the home of the women’s team, so any spending on it will sit outside the club’s accounts.
Worth noting
Friedkin’s takeover transformed how the stadium is financed. All existing borrowings were repaid, including the expensive loans from the 777 Partners era. Farhad Moshiri’s £450.8m interest-free shareholder loan was converted into equity. The stadium was then refinanced with a £350m, 30-year private placement arranged through JP Morgan, secured on the stadium and repayable by 2055, alongside a £130m working capital facility. Total borrowings fell from £594m to £469m. The sale of Goodison and the women’s team to Roundhouse also added a £49.2m profit to the year’s results.
Fulham – Craven Cottage
Tangible assets 24/25: £390m
Fixed asset additions 24/25 £120.3m, total last 7 years: £374m
Stadium and ownership
Craven Cottage is owned within the club group, with the land held as freehold. The Riverside Stand development sits in a group subsidiary, Fulham Stadium Ltd, alongside the club company. The group is owned by Shahid Khan through his family holding company, K2TR Family Holdings 2 Corporation, which is also the club’s main source of funding. The training ground at Motspur Park is also in the group.
Capital projects
The Riverside Stand has dominated Fulham’s capital spending. Another £120.3m went into it in 2024/25, and on completion £334.3m was transferred out of assets under construction into the club’s operational assets. Spending on the Riverside Stand accounts for almost all of the seven-year total and explains why Fulham’s tangible assets are among the highest in the division. The stand’s riverside destination began opening to the public on non-matchdays towards the end of the season. Only £5.4m of contracted spending remained at the year end, mainly fit-out works.
Future plans
With the Riverside Stand largely complete, the next project is a second elite training facility on the former BBC sports ground next to Motspur Park, which the club bought in 2017. Plans are still being drawn up.
Worth noting
The Riverside Stand has been costly in more ways than one. Defects were found in the original construction work, and the main contractor, Buckingham Group, has since gone into administration. Fulham expects to be a net receiver once the final account is settled, but has recognised nothing in the accounts yet. To finish the project, the club took out a £125m, five-year JP Morgan loan in July 2024, and £6.7m of its interest was added to the stand’s cost in 2024/25. Day-to-day running is still funded by Khan, who converted £145.2m of loans into shares during the year and has provided a further £62.7m since.
Ipswich – Portman Road
Tangible assets 24/25: £47m
Fixed asset additions 24/25: £21.3m, total last 7 years: £37m
Stadium and ownership
Portman Road stands on land owned by Ipswich Borough Council. The club holds the ground on a council lease that runs to 2067, and the stands and facilities are in its accounts as leasehold land and buildings. With around 40 years left, the lease is a real factor in any long-term redevelopment, which is one reason the club has agreed to buy land from the council
After the group was simplified, the club company took over the stadium lease itself. Ipswich is owned by Gamechanger 20 Ltd. After the year end, Portman Holdings LLC became its majority shareholder, made up of existing investors ORG Portfolio Management, the Three Lions Fund and Clara Vista Partners. There is no single controlling party.
Capital projects
Promotion to the Premier League brought a burst of spending. Additions in 2024/25 were £21.3m, more than half the seven-year total. Of this, £9.1m went straight into fixtures and fittings, and £12.2m into assets under construction, with £8.9m of that completed and transferred during the year. The accounts don’t name the projects, but the board highlights new LED floodlights, and the spending followed upgrades to bring Portman Road up to Premier League standard. Only £0.9m of contracted spending remained at the year end.
Future plans
Two projects are under way. At the Playford Road training ground, the club plans a new first-team building, hydrotherapy centre and gym, plus extended academy and women’s facilities, aiming for completion before the 2026/27 season. At Portman Road, plans submitted in June 2026 would double the West Stand concourse and add a fan zone open on non-matchdays, but no extra seats. Longer-term ambitions to increase capacity, including rebuilding the Cobbold Stand on land the club has agreed to buy from the council, are part of the council’s wider masterplan for the area.
Worth noting
Almost all of Ipswich’s capital spending has come since the takeover by Gamechanger 20. The three seasons from 2022/23 account for £34.5m of the £37.4m seven-year total, compared with less than £1m in total across the three seasons before. It was funded by the owners, not debt, with £7.8m more put in after the year end. The club was relegated in 2024/25 after one season back in the Premier League.
Leicester – King Power Stadium
Tangible assets 24/25: £197m
Fixed asset additions 24/25: £2.3m, total last 7 years: £148m
Stadium and ownership
The King Power Stadium is owned by K Power Holdings Company Ltd, a company related to the club’s owners. The club holds it under a hire purchase agreement with that company, so it counts the stadium as its own asset, with the amounts owed falling due on 30 June 2026. The stadium is carried at a revalued £44.3m, based on a 2024 independent valuation using depreciated replacement cost. At historic cost it would be worth only £10.9m. The club’s immediate parent is King Power International, and the ultimate owner is the Srivaddhanaprabha family through V&A Holdings in Thailand.
Capital projects
The Seagrave training ground dominates Leicester’s capital spending. It opened in December 2020 and has cost £115m, carried at historical cost. That project accounts for most of the seven-year total. Since then spending has almost stopped: additions in 2024/25 were just £2.3m. The club also owns the older Belvoir Drive training ground, valued at £10.3m and now shared with the women’s team. A further £13.4m sits in assets under construction, unchanged from the previous year.
Future plans
Planning permission to expand the stadium and redevelop the surrounding site was granted in December 2023, but the club says it is still “assessing its options”. Since then Leicester have been relegated twice, to the Championship in 2025 and League One in 2026, and the owners put the club up for sale in August 2026. Any expansion is now likely to be a decision for a new owner.
Worth noting
Leicester is heavily dependent on its owners and lenders. During the year King Power converted £124m of loans into shares, and after the year end it provided a further £28m loan facility. The club also borrowed against its Premier League TV money and future player sale proceeds through Macquarie Bank. Like Brentford, Leicester values its stadium at replacement cost rather than historic cost, which adds about £33m to its tangible assets.
Liverpool – Anfield
Tangible assets 24/25: £312m
Fixed asset additions 24/25 £16.5m, last 7 years: £223m
Stadium and ownership
Anfield is owned by the club, The Liverpool Football Club and Athletic Grounds Ltd, and appears in its accounts. The AXA Training Centre at Kirkby is also held by the club. The ultimate owner is Fenway Sports Group (FSG), which also funds the club through a £217.9m loan from FSG Football Group LLC. Like Arsenal, Liverpool’s financial year ends on 31 May.
Capital projects
Two major projects account for most of Liverpool’s seven-year spending. The AXA Training Centre opened in 2020 and brought the first team and academy onto one site at Kirkby. The Anfield Road Stand expansion was then completed and in use for the full 2024/25 season, taking capacity to over 61,000. It was delayed by the collapse of its original contractor, Buckingham Group. With both projects finished, spending has fallen back: additions in 2024/25 were £16.5m, mostly stands, fixtures and equipment, and contracted commitments at the year end were just £2.5m.
Future plans
No major new project is shown in the accounts. Assets under construction were only £2.1m at the year end.
Worth noting
The Anfield Road Stand is already paying off: matchday revenue rose by £13.9m to £115.6m in its first full season, helped by more home games. Liverpool’s debt is modest for a club of its size. Net bank debt fell from £108.1m to £64.8m during the year, and the larger balance is the FSG loan.
Man City – Etihad Stadium
Tangible assets 24/25: £492m
Fixed asset additions 24/25: £125.4m, last 7 years: £246m
Stadium and ownership
The Etihad Stadium is owned by Manchester City Council, and the club holds it on a long lease, which in practice gives it effective ownership. The lease appears in the accounts as a separate right-of-use asset, with a lease liability of £69.7m, mostly due after five years. It isn’t part of the £492m of tangible assets.
What is included is the club’s own spending on the stadium: £121m of leasehold improvements to date, plus the North Stand expansion under construction. The club’s freehold property, mainly the City Football Academy on the Etihad Campus, has a cost of £193m. The club is part of City Football Group. Its ultimate controlling party is Sheikh Mansour bin Zayed Al Nahyan..
Capital projects
Spending jumped in 2024/25, with additions of £125.4m, half the seven-year total, almost all on assets under construction. The North Stand expansion and the wider Manchester Entertainment District together had cost £178.6m by 30 June 2025, up from £59.6m a year earlier, including £5.9m of interest added to the project cost. A further £124.9m of work was contracted but not yet spent at the year end. Part of the project was funded by a $140m loan from a sister company, City Football Group USA, in July 2024.
Future plans
The North Stand adds a larger upper tier, taking capacity to over 60,000. It includes a sky bar, a roof walk, a new club shop and a museum. Beyond the stand, City Square, a covered fan zone for 3,000 people, and a 400-bed hotel are due in late 2026, next to the Co-op Live arena that City Football Group part-owns. The club has described it as a £300m+ investment, with elements opening in phases through 2026.
Worth noting
Man City has spent heavily on a stadium it doesn’t own. Under its long lease the council still holds the Etihad, so legally the new North Stand becomes part of the council’s property. In practice the club controls the ground and keeps all the extra income the expansion brings.
Man United – Old Trafford
Tangible assets 24/25: £292m
Fixed asset additions £42.7m, total last 7 years: £234m
Stadium and ownership
Old Trafford is owned outright by the club, as freehold, along with the Carrington training ground. The stadium is also pledged as security for the club’s borrowings, but Carrington isn’t. Manchester United plc is listed in New York. The Glazer family holds about 68% of the voting power, mainly through Class B shares. Sir Jim Ratcliffe’s INEOS owns about 29% of the shares and has run football operations since its investment in December 2024.
Capital projects
Spending in 2024/25 was concentrated at Carrington rather than the stadium. The club spent £42.7m there, mainly on a new men’s first-team training building that opened in August 2025, compared with £4.8m the year before. Spending at Old Trafford was £13.1m, in line with recent years and mostly on hospitality and general upkeep. Contracted capital commitments at the year end were £13.3m.
Future plans
United plans to replace Old Trafford with a new stadium of around 100,000 seats, costing about £2bn, as the centrepiece of a £4.2bn regeneration of the surrounding area. In June 2026 the club bought a 25-acre site about 350 metres from the current ground, ending its reliance on land held by Freightliner. The club is targeting the 2030/31 season, but construction hasn’t started, and funding is expected to come mainly from private investors. In the meantime, Old Trafford is getting short-term upgrades to its food, drink and concourse facilities.
Worth noting
United has spent little on Old Trafford for nearly two decades, largely because of the debt from the Glazers’ 2005 takeover. The club still carries $425m of senior notes due in 2027, plus a term loan and £160m drawn on its revolving facilities, with Old Trafford pledged as security for most of it. In June 2026 the club agreed a further $550m of new borrowing, so financing a £2bn stadium on top of that debt will be the main challenge.
Newcastle – St James’ Park
Tangible assets 24/25: £38m
Fixed asset additions 24/25: £14.5m, last 7 years: £59m
Stadium and ownership
St James’ Park stands on land owned by Newcastle City Council, which leases it to the club. In June 2025 the club granted a 72-year underlease on its interest in the stadium to PZ Holdings Ltd, a sister company, for £172.1m. It then took the stadium back on a 50-year sub-lease at market rent. The stadium is now treated as rented rather than owned, which explains why Newcastle’s tangible assets are among the lowest in the Premier League. Lease commitments rose from £58.7m to £297.3m as a result. The club’s immediate parent is PZ Newco Ltd, and its ultimate controlling party is Saudi Arabia’s Public Investment Fund, with the Reuben family as minority owners.
Capital projects
Spending in 2024/25 was modest, with additions of £14.5m. It went mainly on the STACK fan zone next to the stadium, opened in August 2024, and on new club shops at St James’ Park and the Metrocentre. Only £85,000 was left in assets under construction at the year end, covering planning and legal fees for possible stadium, training ground and academy projects. Contracted spending was £8.2m.
Future plans
Newcastle still hasn’t decided whether to expand St James’ Park or build a new stadium. Expanding the East and South Stands could add around 10,000 seats, taking capacity above 60,000. The alternative is a new ground of about 65,000 on Leazes Park, which faces opposition because of the park’s protected status. Both options have been costed at around £1bn or more. A new training ground is also being planned. The decision has been delayed several times, and the owners have reportedly said they won’t fund a new stadium entirely themselves.
Worth noting
The stadium deal was the main reason Newcastle reported a profit in 2024/25. Selling the underlease created a £129.0m profit. A further £4.2m came from selling NUFC Projects Ltd, a subsidiary holding land near the stadium, to the same sister company. Together they turned what would otherwise have been a large loss into a £34.7m profit, helping the club meet the Premier League’s spending rules. Both prices could still be adjusted if the Premier League decides they weren’t at fair market value. The club described the reorganisation as preparation for future infrastructure investment.
Nottingham Forest – City Ground
Tangible assets 24/25: £33m
Fixed asset additions 24/25 £10.6m, total last 7 years: £34m
Stadium and ownership
The City Ground stands on land owned by Nottingham City Council and leased to the club. The stands and buildings are in the club’s accounts as leasehold land and buildings. In 2024 the council agreed in principle to sell the freehold to Forest, subject to further planning approvals. The sale hasn't yet completed and the club’s lease commitments are about £275,000 a year. The club’s parent is NF Football Investments Ltd, owned 80% by Evangelos Marinakis and 20% by Sokratis Kominakis, with Marinakis the ultimate controlling party.
Capital projects
Forest’s spending on facilities has been modest. Additions in 2024/25 were £10.6m, and £34m over seven years is one of the lowest in the Premier League. The money went mainly on the stadium, where hospitality areas were upgraded to support commercial income, and on the Nigel Doughty Academy, which keeps its Category One status. £5.6m was still under construction at the year end, and contracted commitments were only £0.9m.
Future plans
Redeveloping the City Ground is one of the club’s main strategic goals. Planning permission was granted in June 2025 for a new 10,000-seat Peter Taylor Stand, taking capacity to about 35,000. The plans were then enlarged, aiming for more than 50,000, with a much bigger Peter Taylor Stand and corner infills. That revised scheme still needs approval from Rushcliffe Borough Council, and transport and crowd-safety questions remain. Major construction is unlikely before summer 2027.
Worth noting
Forest is funded almost entirely by its owner. During the year the parent company converted £89m of loans into shares, and the club relies on further owner support to meet its obligations. Its low tangible assets reflect a club that has spent its money on players rather than facilities since returning to the Premier League in 2022.
Southampton – St Mary’s Stadium
Tangible assets 24/25: £48m
Fixed asset additions 24/25: £8.5m, last 7 years: £31m
Stadium and ownership
St Mary’s Stadium is owned by the club and held as freehold within St Mary’s Football Group Ltd, alongside the Staplewood training campus. The freehold land and buildings cost £45.7m, reflecting a stadium built in 2001 for around £32m. The group’s ultimate parent is Sport Republic Holding Ltd, and its controlling party is Dragan Šolak. Some of the club’s assets are pledged as security for its bank loans of £81.3m.
Capital projects
Southampton has spent relatively little on facilities, with £31m over seven years. Spending picked up in 2024/25, with additions of £8.5m, mainly on making St Mary’s earn more money on non-matchdays. The ticket office was converted into The Dell pub, and the club added the Northam Fan Zone and the pitch-facing Knightwood Lounge for hospitality and events. Safe standing, perimeter fencing and press deck upgrades started the previous year were also completed. £4.4m was under construction at the year end, mainly on the South Stand.
Future plans
The South Stand has been turned into LEVEL1, a leisure and entertainment venue that opened in October 2025. The club also signed an agreement with Southampton City Council in December 2024 to plan the wider St Mary’s Waterfront area, which could include a future expansion of the stadium. No expansion plan or cost has been announced.
Worth noting
Southampton’s finances are under strain. The auditors flagged a material uncertainty about whether the group can continue as a going concern, and the club depends on support from Šolak, who added an £11.8m shareholder loan during the year. Relegation from the Premier League in 2024/25 makes the investment in non-matchday income more important, as the club tries to reduce its reliance on broadcasting money.
Tottenham – Tottenham Hotspur Stadium
Tangible assets 24/25: £1,852m
Fixed asset additions 24/25: £22.3m, last 7 years: £673m
Stadium and ownership
The Tottenham Hotspur Stadium is owned within the club group, alongside the Hotspur Way training centre in Enfield and surrounding properties bought for the wider Northumberland Development Project. Tottenham Hotspur Ltd is 86.9% owned by ENIC Sports Inc. ENIC’s ultimate holding company is in the Bahamas, with trusts linked to the Lewis family as the main owners. Trusts that include Daniel Levy and his family as potential beneficiaries hold 29.9%. Levy stepped down as chairman in September 2025.
Capital projects
The stadium opened in April 2019, so most of its cost falls before the seven-year window. The £673m of additions mainly reflects the final stages of construction in 2018/19. Spending has since been modest: additions in 2024/25 were £22.3m, mostly on assets under construction, which stood at £51.7m at the year end. The Northumberland Development Project is described as substantially complete, with Lilywhite House and the stadium both finished.
Future plans
The remaining parts of the scheme, a hotel and housing at the southern end of the site, will be developed “when appropriate”, with no timetable given. The club’s focus is on making more use of the stadium itself, which hosted 48 non-football events in the year, up from 37, including NFL games, concerts and boxing.
Worth noting
Tottenham’s £1,852m of tangible assets, by far the highest in the Premier League, is inflated by revaluation. The stadium is valued at £1,503m using depreciated replacement cost. At historical cost, the land and buildings would be carried at about £841m. The stadium was funded with debt: the original £637m construction loans were refinanced in 2019 through bonds sold to US investors plus a bank loan, topped up with another £250m of bonds in 2021. Borrowings now total £852m at an average interest rate of just over 3%, with an average remaining term of about 18 years and the last repayment due in 2051.
West Ham – London Stadium
Tangible assets 24/25: £35m
Fixed asset additions 24/25 £11.2m, last 7 years: £26m
Stadium and ownership
West Ham doesn’t own the London Stadium. It is owned by E20 Stadium LLP, part of the London Legacy Development Corporation under the Mayor of London, and West Ham uses it under a 99-year agreement running to 2115. The club paid a one-off £15m fee when it moved in in 2016, which is gradually being charged to the accounts over the term. It also pays an annual rent. Land and building lease commitments total £409m, almost all due after five years. The club’s tangible assets are therefore just its training grounds and equipment. The holding company, WH Holding Ltd, has no single controlling owner: David Sullivan holds 38.8%, Daniel Křetínský 27.0%, the estate of David Gold 25.1% and J Albert Smith 8.0%.
Capital projects
West Ham’s spending on facilities is among the lowest in the Premier League, with £26m over seven years. Additions in 2024/25 were £11.2m, almost all on redeveloping the Rush Green training ground, part-funded by a £5m Barclays loan that was repaid in full in August 2025. The club also owns the Chadwell Heath and Little Heath training grounds and the Beckton Community Centre. All are revalued at replacement cost, which adds about £12m to their book value compared with what they cost.
Future plans
No stadium project is possible while West Ham remains a tenant, and the accounts show no major new capital commitments. Facilities investment is focused on the training grounds.
Worth noting
West Ham’s low tangible assets reflect its decision to move into a publicly funded Olympic stadium rather than build or own one. That keeps capital costs and debt low, but means rising rent and little control over the ground. The relationship with the stadium owner has also been contentious. The club won an appeal over a £3.9m stadium lease penalty, but the money is held in escrow while E20 appeals.
Wolves – Molineux
Tangible assets 24/25: £56m
Fixed asset additions 24/25 £1.1m, total last 7 years: £23m
Stadium and ownership
Molineux is held by the club. The land belongs to the City of Wolverhampton Council, and the club has held it on a 999-year lease since 2010, which secures its long-term future. The council kept the freehold to make sure the site is always used for football. In the accounts the stadium appears as “stadium development” at a cost of £50.2m, mostly reflecting the rebuilding of the stands in the 1990s and the newer Stan Cullis Stand. The club’s training facilities are also in the group. Wolves is owned by China’s Fosun International, through Enormous Victory S.à r.l. in Luxembourg, and its chairman Guo Guangchang is the majority shareholder.
Capital projects
Wolves has spent less on facilities than any other club in the Premier League. Additions over seven years were just £23m, and in the 13 months to June 2025 only £1.1m. There were no assets under construction, and the women’s team now shares the academy’s training facilities rather than having new ones built. Without investment, the stadium’s book value is gradually falling through depreciation.
Future plans
No redevelopment of Molineux is planned. Expansion proposals to raise capacity above 50,000 have been discussed for years but never progressed. Relegation to the Championship in April 2026, after eight seasons in the Premier League, makes major investment less likely in the near term.
Worth noting
Lack of investment in Molineux is one of the main criticisms of Fosun’s ownership, and the ground’s limited hospitality has held back matchday income. The club relies on a £100m bank loan, refinanced in September 2025 with PGIM at 7.35% a year, rising to 7.85% outside the Premier League and running to 2031. Wolves also changed its year end, so these accounts cover 13 months.
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