West Bromwich Albion Financial Results 2023/24
- Matchday Finance
- Aug 30
- 10 min read
West Bromwich Albion finished the 2024/25 season in ninth place, slipping out of the playoff positions after a poor run of results towards the end of the campaign.
Last season was the club’s fourth consecutive campaign in the Championship following relegation from the Premier League in 2020/21. During that period, Albion have reached the playoffs only once—a disappointing return for a club that benefited from the considerable financial advantage of Premier League parachute payments. With staff costs consistently ranking among the top four in the division, supporters might reasonably have expected stronger performances.
In early 2024, American businessman Shilen Patel, through his family company Bikul Football WBA, took control of the club, purchasing it from the much-criticised Chinese owner Guochuan Lai, who had been in charge since 2014. Lai’s tenure was marred by financial difficulties and a lack of meaningful new investment.
Patel heralded his arrival as a fresh era for the Baggies, declaring: “I am in awe of the opportunity to help write the next chapter in Baggies history and am committed to being a responsible, respectful, and effective steward of the club.”
Supporters are cautiously optimistic. However, after two failed promotion pushes, Albion must now compete without the financial cushion of parachute payments.
This report reviews the 2023/24 season—the latest published accounts and the first under Patel’s ownership. On the pitch, it was Albion’s best campaign since relegation, as they finished fifth and qualified for the playoffs, only to fall 3–1 on aggregate to Southampton in the semi-final.
Overview of West Brom's Financial Results Season 2023/24
Following their relegation in 2020/21, West Bromwich Albion benefited from two years of parachute payments, having spent only a single season in the Premier League. Over that period, the club reported relatively modest combined losses of £8 million.
The picture changed dramatically in 2023/24. With parachute payments no longer available, revenues fell by £28 million. Determined to pursue promotion back to the Premier League, the club maintained a high level of expenditure, resulting in a significant £38 million loss—the third largest in the Championship.
Financial Highlights for the 2023/24 Season:
Turnover
Revenue decreased by 50% to £28.2 million, as the club no longer receives Premier League parachute payments. This was the thirteenth highest in the Championship.
Broadcasting income totaled £11 million, consistent with clubs not benefiting from parachute payments.
Matchday revenue rose by £2.2 million to £7.1 million, driven by a 4% increase in average attendance and higher ticket prices, ranking twelfth in the league.
Commercial income increased 11% to £9.7 million, also ranking twelfth.
Staff Costs
The wage bill fell slightly to £43 million, the sixth highest in the league.
Amortisation charges dropped from £10.5 million to £8.7 million due to minimal player acquisitions over the last two seasons.
Combined staff costs, including amortisation, decreased £5 million to £52 million. This was the fifth highest in the league but represented 183% of turnover, the highest staff cost-to-turnover ratio in the division.
Player trading generated £3.5 million in profit.
Profitability
Pre-tax loss was £37.6 million, the third largest in the league, behind only promoted Ipswich and Leeds. This marked the club’s highest loss in recent history.
Player Trading
There have been no notable player acquisitions over the last two seasons. Spending in 2023/24 was only £0.1 million, the lowest in the division.
Player sales generated £3.5 million, primarily from Gardner-Hickman and likely sell-on clauses from previous transfers.
Football Debt
As part of the acquisition, a £10 million interest-free loan was provided by the new owner, Bilkul Football WBA.
The MSD UK Holdings loan was increased by £8 million, bringing total debt to £39 million. Despite this, it remained only the sixteenth highest in the league.
Cash Flow
With operating costs roughly double revenue, operating cash flow before investment and financing was negative £29 million.
The club also finally received repayment of the £5 million loan to former owner Lai, though this was paid by the new owner as part of the acquisition.
To cover the funding gap, loans were increased by £15 million, with the remainder funded from cash reserves.
Financial Outlook
After recording a substantial loss in 2023/24, the club now faces the challenge of staying within Profit and Sustainability Rules (PSR) over the coming seasons. In the EFL Championship, clubs are permitted maximum adjusted losses of £13 million per year across a rolling three-year period—assuming that funding is securely provided by the owners, something that was not the case under Lai’s tenure.
The new ownership is fully aware of these restrictions and has emphasized its commitment to operating within the rules, while still maximizing the level of investment possible.
The 2024/25 accounts are now closed, and they are expected to show a significant
reduction in staff costs to reduce losses. Additional income will come from player sales and compensation fees received following manager Carlos Corberán’s move to Valencia.
Significant losses are again anticipated for the season however the owner has made clear that the club is now on a stable financial footing—something that could not be said prior to the takeover.
Next Read
For a full breakdown of the EFL Championship’s 2023/24 financial results, check out our recent blog: EFL Championship Financial Results Season 2023/24
Turnover
The chart below shows the sharp impact of Premier League broadcast distributions. From £100 million in their 2020/21 Premier League season, income dropped to £51 million and then £43 million under the parachute system, and has now fallen further to just £11 million. Although commercial and matchday revenues increased in 2023/24, both remain below 2018/19 levels, when the club was also in the Championship. This is a concern, as many rival clubs have significantly grown these revenue streams in recent years.
Their total revenue of £28 million was the thirteenth highest in the Championship,
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.
The Hawthorns, the club’s home for more than a century, has a capacity of 26,804. In 2023/24, West Brom averaged 23,817 supporters per league game — 89% of capacity — a 4% rise on the previous season and the tenth-highest attendance in the Championship. Crowds grew further in 2024/25 to 25,031, reaching levels last seen in the Premier League.
The higher attendances, combined with an extra home fixture, drove an 8% increase in total paying fans.
On average, the club generated £11.80 per fan, below the Championship average of £15.80 but in line with local rivals Birmingham City. Encouragingly, this marked a notable improvement on the prior season.
Together, increased crowds, an extra game, and stronger per-fan spending lifted matchday income by 45% — from £4.9 million to £7.1 million — though this still only ranked twelfth in the division.
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Broadcast Revenue
The 2023/24 season was the first time in many years that the club received no Premier League distributions — either from playing in the top-flight or via parachute payments. This represented a major adjustment and was the key factor behind the large reported loss, as operating costs did not fall in line with revenues.
For West Brom and other clubs outside the parachute system, broadcast revenue is made up of:
A share of the Championship’s domestic TV deal, typically worth £3–4 million per year.
Appearance-based fees, which can add between £500,000 and £1.5 million.
A share of international broadcast rights, usually around £1–2 million.
In addition, each Championship club receives roughly £5 million in solidarity payments from the Premier League, designed to support teams outside the top tier.
Combined, these sources usually generate £9–10 million annually for non-parachute clubs. West Brom’s £11 million in broadcast income was therefore slightly above average.
Commercial Revenue
West Brom’s commercial revenue — which includes sponsorships, merchandise, hospitality, stadium tours, and other non-matchday income — rose by 11% in 2023/24 to £9.7 million. However, this remains below the level achieved in 2018/19 which was also a Championship campaign. This is a concern for the club, as many rivals have significantly expanded their commercial income in recent years.
In 2023/24, Ideal Heating served as the Baggies’ front-of-shirt sponsor, a partnership that continues into the current season.
At £9.7 million, West Brom ranked 12th in the Championship for commercial revenue.
Staff Costs
After relegation from the Premier League in 2020/21, wages fell from £76 million to £42 million — an expected adjustment. These levels were manageable while the club benefited from parachute payments, but with those ending in 2023/24, the club opted to maintain costs in a bid to secure promotion. The gamble almost worked, with a run to the play-off semi-finals, but ultimately resulted in heavy financial losses.
Meanwhile, the club’s minimal spending on new signings reduced player amortisation — the accounting spread of transfer fees across contract lengths — which declined from £10.4 million to £8.8 million in 2023/24.
West Brom’s total staff costs of £52 million were the fifth highest in the Championship, and with the club finishing 5th in the table, their on-pitch performance broadly matched that level of spending.
However, wages remained far above what the club could realistically afford — equating to 183% of turnover. Even so, this was still only around a third of what relegated sides Leeds and Leicester were paying, underlining the enormous financial advantage parachute payments provide. It also illustrates the intense pressure clubs face to win promotion while those payments last.
Profit on Player Sales
The only significant player departure in 2023/24 was Taylor Gardner-Hickman, who joined Bristol City for around £1.2 million. The club reported total income from sales of £3.5 million, with the remainder likely coming from sell-on clauses, most notably Dara O’Shea’s £12 million transfer from Burnley to Ipswich.
Profit and Loss
In the early years under Lai’s ownership, the club competed in the Premier League and remained profitable, operating largely within its means and requiring minimal external funding. The subsequent Championship years proved more challenging, with losses incurred in most seasons, culminating in a record £37.6 million loss in 2023/24 — the first partial season under new owners Bilkul.
Most Championship clubs — including those benefiting from Premier League parachute payments — typically operate at a loss, but West Brom’s deficit stood out as particularly high for the league.
Despite revenue falling to £28.2 million, the club maintained its wage bill at £42.9 million, equivalent to 152% of turnover, the highest in the division.
The club’s high wage-to-turnover ratio led to a negative EBITDA of £28.4 million, the third lowest in the Championship. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) is a key indicator, as it generally reflects the club’s operating cash flow.
Amortisation decreased slightly due to limited new player acquisitions, while player sales contributed £3.5 million, resulting in a pre-tax loss of £37.6 million.
Only four Championship clubs posted a profit in 2023/24, and all relied on player sales to achieve it. West Brom recorded the third largest loss in the division.
Profit and Sustainability
After such a substantial loss, West Brom face significant pressure under the EFL Championship’s Profitability and Sustainability (P&S) rules.
Although the £37.6 million loss far exceeded the annual P&S allowance, the club can apply add-backs for areas such as youth development, the women’s team, and infrastructure-related costs, potentially reducing the impact by £5–8 million per year. The new owners have indicated that losses are expected again in 2024/25, but they will need to be well below the 2023/24 levels.
The club will benefit from £8.5 million in player sales and compensation for Corberán’s departure. While revenue growth is possible, it typically takes time, so no significant increases are expected in 2024/25. As a result, substantial reductions in staff costs will be necessary to remain compliant with P&S rules.
Player Trading
In recent seasons, West Brom have maintained a very low profile in the transfer market, spending just £500k over the past two seasons combined — the lowest of any Championship club.
Departures have also been minimal, with only O’Shea and Gardner-Hickman leaving during the same period. The positive of this approach is a highly stable squad.
Unsurprisingly, West Brom were the lowest spenders on player acquisitions in the 2023/24 season.
Trading activity increased in 2024/25, with Barry, Johnstone, Price, and Heggan joining the club, while Thomas-Asante, Palmer, Yokuslu, and Townsend all departed for a fee.
Football Net Debt
Up until the 2022/23 season, the club had operated entirely debt-free. Following several profitable Premier League seasons, West Brom was self-funded, requiring neither external debt nor additional capital. During this period, the club even became a net lender by controversially advancing £5 million to one of Lai’s companies during the COVID-19 pandemic — a loan only repaid as part of the recent change in ownership. This decision was unpopular with fans and eroded trust in the then-owner.
In 2022/23, the club took out a £20 million loan from MSD UK Holdings, an investment firm linked to Michael Dell, founder of Dell Technologies. MSD provides loans to multiple football clubs, typically at high interest rates of 8–12% and secured against club assets. West Brom’s loan followed this same structure.
In 2023/24, the loan was increased by an additional £10 million, bringing the total to £30 million and raising annual interest costs to £4 million.
The new owners also injected £10 million in cash, structured as an interest-free, unsecured loan repayable on demand.
Despite these borrowings, West Brom’s total debt of £35 million remained only the sixteenth highest in the Championship.
Primarily as a result of previous season acquisitions, the club had £5.3 million in outstanding transfer instalments, while £3.8 million was owed to them from player sales.
Cash Flow
West Brom’s high operating loss unsurprisingly resulted in a large negative operating cash flow of £29 million, up from an outflow of £11 million the previous year.
During the year, the club paid £6 million owed on previous player acquisitions and received £6.5 million from player sales. They were also finally repaid the £5 million loan advanced to Lai’s company, although this repayment was made by the new owner as part of the acquisition.
This left a substantial funding gap, which was met by a £15 million increase in loans, with the remainder covered from cash reserves.
At a broader level, all Championship clubs recorded negative cash flows in 2023/24, totaling £422 million for the year. This meant the league required capital injections of £417 million just to cover operating losses, highlighting the scale of the financial challenge of the league.
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