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Aston Villa Financial Results 2024/25

Aston Villa Financial Results 2024/25

The 2024/25 campaign was Aston Villa’s 150th season and their sixth consecutive year in the Premier League. The season marked Villa’s return to the Champions League for the first time since 1982/83, having won the competition in 1981/82. The club remains one of only six English clubs to have lifted the trophy. Their 2024/25 Champions League campaign was strong. They qualified automatically from the league phase of the newly formatted competition, including a memorable victory over Bayern Munich, and progressed to the quarter-finals, where they were beaten 5–4 on aggregate by eventual winners PSG. It was a strong run and a clear sign of the progress the club has made. Domestically, they did not quite reach the same level. With five Champions League places available, Villa missed out on goal difference to Newcastle following a controversial final-day defeat to Manchester United. This season, they are in a strong position to return to the Champions League. With five places again available, they currently sit fifth, eight points clear of sixth-placed Brighton. They are also in the final of the Europa League, where they face German club SC Freiburg. Aston Villa’s resurgence began when Egyptian billionaire Nassef Sawiris and American investor Wesley Edens acquired the club in 2018, when it was mid-table in the Championship and in apparent decline. Promotion followed in 2018/19, and after several seasons of mid-table stability, Villa have emerged as regular contenders for European qualification. Aston Villa owners Nassef Sawins and Wes Edens In 2024, the club’s parent company, V Sports, sold a minority stake of around 21% to US private equity firm Atairos, with Sawiris and Edens retaining control. V Sports also owns Portuguese side Vitória SC and holds a 25% stake in Real Unión, a club in which Aston Villa manager Unai Emery is the majority shareholder. Over the past 12 months, Atairos has increased its stake to 31.1% through additional equity injections totalling close to £100 million, with Sawiris and Edens now owning 34.4% each. The club's turnaround has come at a significant financial cost. Since 2018, Villa’s owners have invested approximately £700 million—averaging close to £100 million per year. Of this, the vast majority—over £600 million—has been spent on player acquisitions and operating losses. It is a substantial figure that highlights the financial demands of building a squad capable of competing at the top level of English and European football. The club had incurred significant losses since returning to the Premier League, including losses of £120 million and £85 million in the 2022/23 and 2024/25 seasons. This left it at risk of breaching the Premier League’s Profit and Sustainability Rules (PSR). In 2024/25, the club turned to asset sales to reduce reported losses. It sold its women’s team for a profit of £78 million and Aston Villa Venue Company Limited for £36 million profit, both to its parent company, V Sports. The latter holds the operating rights to the club’s warehouse facility, which is being developed into a year-round entertainment venue. These transactions transformed what would have been a £96 million loss into a £17 million profit. Without these disposals, the club’s three-year losses would have reached around £300 million before adjustments. Even allowing for generous add-backs, it would likely have breached PSR. The club, unsurprisingly, framed the deals differently, stating that they were intended to create a more distinct operating structure across the group and enhance the fan experience. However, the club has not complied with UEFA’s financial regulations. In 2024, it was fined €11 million for breaching the then 80% squad cost ratio and UEFA’s football earnings rule. It now faces the prospect of further penalties after likely exceeding the stricter 70% threshold. Matchday Finance's unique platform puts the power of analysis in your hands. Whether you're a fan, journalist, industry expert, or investor, all the key numbers are right at your fingertips. Aston Villa Financial Results 2024/25 Participation in the Champions League in 2024/25 boosted all major revenue streams, driven by UEFA distributions, a greater number of high-value fixtures, and enhanced commercial opportunities. As a result, total revenue increased by £102 million to a club-record £378 million. Staff costs rose at a slower rate of 9% but still amounted to 100% of revenue. Underlying losses remained close to £100 million; however, the one-off sale of the women’s team and the warehouse operating rights converted this into a reported profit of £15 million. Financial highlights: Revenue: Total revenue reached a club-record £378 million, up £102 million year-on-year, mainly driven by Champions League participation. Staff costs: Wages increased by £21 million to £273 million, the sixth highest in the league. Total staff costs rose to £380 million, equivalent to 100% of revenue and the highest outside the “big six”. Player sales: The club generated £51 million from player sales, primarily from the transfer of Jhon Durán to Al-Nassr. Profit/loss: Aston Villa reported a £17 million profit, supported by £78 million from the sale of the women’s team and £36 million from the sale of Aston Villa Venue Company Limited. Excluding these disposals, the underlying loss was £96 million. Net assets: Net assets increased by £111 million to £321 million, driven by rises in loans receivable (linked to asset sales), fixed assets, and transfer fees receivable, partially offset by higher external borrowings. Player trading: The club spent £161 million on new signings (fifth highest), offset by £131 million in player sales. Net spend of £30 million ranked 14th in the league. Loans and debt: Aston Villa took on additional borrowing, increasing third-party debt to £110 million. Related-party loans were reduced to £35 million. Transfer fees payable of £151 million were partially offset by £139 million in transfer fees receivable. Cash Flow: The club recorded operating cash outflows of £11 million and net investment outflows of £167 million, including £69 million on facilities. This was funded by a £94 million share issue and a £104 million increase in loans. Financial Outlook This season will mark their fourth consecutive top-seven finish and is expected to deliver another qualification for the Champions League. It represents their strongest sustained period since the late 1990s. As noted, this resurgence has come at significant financial cost and illustrates the level of investment required to compete at the highest level. Despite this progress, a substantial revenue gap remains between Aston Villa (and similar clubs) and the traditional ‘Big Six’. This places pressure on staff costs, as the club must comply with UEFA’s strict squad cost ratio regulations. While the new Premier League equivalent is unlikely to be an immediate issue, meeting UEFA thresholds in seasons outside the Champions League will be considerably more challenging. The club must also comply with UEFA’s football earnings rule, which they are likely to have breached again in 2025. Looking ahead to this season, and assuming no further asset sales, losses are likely to exceed £100 million based on current estimates. Revenue will fall due to participation in the Europa League, although this will be partially offset by the Premier League’s new broadcast deal. As a result, unless costs are significantly reduced or further player sales are completed at season end, losses are expected to remain substantial. It is also likely that the squad cost ratio will exceed UEFA’s threshold within the club’s financial year, although UEFA assesses compliance on a calendar-year basis, which will include part of a Champions League season and may therefore soften the impact. The key question is how the club can sustain this level of performance while operating within a financially sustainable framework. At present, it is unclear. What is clear, however, is that under the current model the owners will need to continue funding operating losses and ongoing investment in the playing squad. For how long they are willing or able to do so remains uncertain. Turnover Revenue is generated from three primary streams: matchday income (ticket sales), broadcasting distributions (from the Premier League and, where applicable, UEFA competitions), and commercial activities, including sponsorships, merchandising, and other business operations. Aston Villa’s revenue has more than doubled over the past three years, driven primarily by rising broadcast income from increased central distributions and, more recently, Champions League participation. Commercial and matchday revenues have also grown strongly, supported by a higher volume of high-value fixtures and improved sponsorship and partnership deals. Aston Villa’s revenue ranks seventh in the league, behind the traditional Big Six and ahead of Newcastle, who did not compete in the Champions League in 2024/25. While both clubs have begun to close the gap on the established elite, they still remain more than £300 million behind the top clubs. Matchday Revenue Matchday revenue is driven by several factors, including the number of home fixtures, average attendance, ticket pricing, hospitality and premium seating. Domestic cup competitions are an exception, as gate receipts are shared between the participating clubs and the FA. Aston Villa play at Villa Park, one of the most iconic grounds in English football and their home since 1897. The stadium has a capacity of 43,205, making it the tenth-largest in England. The club has around 27,000 season ticket holders and a reported waiting list of approximately 45,000. In 2022, the club received planning approval for the first phase of a £100 million redevelopment of the North Stand and surrounding area. This includes “The Warehouse”, a new fan zone and indoor entertainment venue, as well as a rebuilt North Stand that will add around 7,000 seats and increase total capacity to 50,000. The Warehouse is now open, while work on the North Stand is set to begin this year. The stand will be closed for the duration of construction, reducing capacity to around 37,000 next season, with the expectation that it will be partially open at the start of the 2027/28 season. During 2024/25, the club averaged 41,772 fans per league match. The club played the same number of European fixtures as the previous season, but additional domestic cup matches (where revenue is shared) lifted total attendance by 6% to 1.16 million. The club increased general ticket prices by around 5% in 2024/25, but Champions League fixtures were priced at a significant premium. This prompted some fan backlash, labelling the club out of touch. This higher pricing, however, drove average revenue per fan up to £32.40, from £25.10 the previous year. Even with this increase it remains only the 10th-highest yield in the league, still well below clubs such as Newcastle and Brighton. As a result, total matchday revenue rose from £28 million to £38.4 million. Aston Villa’s matchday revenue ranks ninth in the league, behind the Big Six as well as Newcastle and West Ham. Matchday revenue is expected to decline this season due to the reduced stadium capacity and participation in the Europa League rather than the Champions League. Broadcast Revenue Broadcast revenue is generated primarily through central Premier League distributions, UEFA payments from European competitions and the club’s own media activities. The 2024/25 season marked the third and final year of the Premier League’s current broadcast cycle, with total distributions broadly consistent with 2023/24 levels. Approximately 67% of broadcast income is shared equally among clubs, with the remainder allocated through merit payments based on league position and facility fees linked to the number of live televised matches. Villa's 6th-place finish earned them £159 million in central distributions, down £3 million from the previous season, driven by the lower league position (and associated merit payments) offset by five additional televised match (27 compared to 22). The chart below shows club-by-club distributions published by the Premier League, with each league position worth close to £3 million in merit payments. Aston Villa’s participation in the Champions League, along with their run to the quarter-finals, generated a significant £70 million in revenue. Under the competition’s new format, payments have increased, with the club earning an estimated £16 million in participation fees, £38 million in prize money, and £17 million from the value pillar. This latter component is determined by the size of the TV market (the UK being the largest) and a club’s coefficient, based on results over the past five seasons. Villa earned the lowest amount of the four Champions League participants (by a small margin), with Liverpool and Manchester City benefiting from higher club coefficients, which boosted their distributions despite Villa progressing further in the competition. This season, they have reached the final of the Europa League and will face German club SC Freiburg. later this month. The club could potentially earn around £30 million if they go on to win the competition. For reference, the chart below shows combined broadcast revenue for 2024/25, including Premier League distributions, UEFA payments, and income from the recently expanded FIFA Club World Cup, which was contested only by Chelsea and Manchester City. Villa ranked fourth overall. Commercial Revenue Villa’s resurgence has been reflected in strong growth in commercial revenue, which has more than doubled over the past four years. In 2024/25, sponsorship revenue increased from £22 million to £29 million. The club signed a new front-of-shirt deal with Greek online betting company Betano (one of 11 Premier League clubs to partner with the betting industry). The deal is reportedly worth around £20 million per year, running until the end of the current season, ahead of the planned ban on betting companies as shirt sponsors next season. Other key partners include kit supplier Adidas and sleeve sponsor online trading platform Trade Nation. Other commercial revenue also rose significantly, increasing from £41 million to £70 million. Champions League participation will have contributed to this growth through higher merchandising and conferencing activity. According to UEFA, the club generated £22 million from merchandising and kit sales. As the chart below illustrates, the “Big Six” remain on a distinctly higher scale in terms of commercial revenue. Newcastle and Villa have closed the gap on Chelsea in recent years., but Chelsea were without a front-of-shirt sponsor in 2024/25, which brought their number down. ► Return to summary Staff Costs Staff costs comprise salaries and wages for all employees, the amortisation of transfer fees (the allocation of a player’s acquisition cost over the length of their contract), and impairment charges. Impairments arise when a player’s estimated recoverable value falls below their carrying value on the balance sheet. While revenue has doubled over the past three seasons, wages have risen in parallel. The club has consistently operated with a very high wages-to-revenue ratio, often exceeding 90%. In 2024/25, salaries increased by £21 million to £273 million. However, it is important to note that the prior year covered a 13-month period, meaning the underlying increase is closer to £40 million. This rise was partly driven by performance-related bonuses from their Champions League campaign, as well as the addition of high-cost loan players such as Rashford, Disasi and Asensio. Following relatively modest player recruitment in 2024/25, amortisation increased by just £3 million to £99 million. However, the club also recorded an impairment charge of £6.4 million during the period. Aston Villa’s total staff costs ranked seventh-highest in the league, although they remain around 35% lower than the biggest spenders. One notable milestone, however, is that their wage bill has now surpassed Tottenham’s, despite Spurs generating around 50% more revenue. While their willingness to pay high salaries has undoubtedly contributed to Aston Villa’s recent success, it also presents significant financial challenges. The club has remained compliant with the Premier League’s Profit and Sustainability Rules through late-season player sales and, in 2024/25, the disposal of assets such as the women’s team and Warehouse operating rights. However, meeting UEFA’s Squad Cost Ratio (SCR) limit—now set at 70%—is more demanding. The Premier League is also set to adopt this measure next year, albeit at a more generous threshold of 85%. Villa have already incurred a €6 million fine from UEFA for breaching the then 80% SCR limit in 2024. Based on our estimates, their 2024/25 SCR will be close to 70%, effectively at UEFA’s limit. However, UEFA assesses compliance on a calendar-year basis, meaning 2025 will also include part of the current season, when revenues are expected to fall due to participation in the Europa League rather than the Champions League. As a result, there is a risk of further sanctions. This creates a major challenge for the club. If they maintain their current level of squad costs, it will be difficult to remain within the 70% limit in seasons outside the Champions League. The calendar-year assessment further increases this pressure, as sustained compliance may effectively require consecutive seasons of Champions League qualification. Profit on Player Sales Their challenges in meeting Profit and Sustainability Rules have meant the club has often been required to sell players late in the season, as seen in 2023/24. In 2024/25, they sold Jhon Durán, Moussa Diaby, Jaden Philogene, Cameron Archer, Diego Carlos and Morgan Sanson. Most of the profit from these deals came from Durán’s move to Al-Nassr, as several of the other players were relatively recent acquisitions and therefore still carried high book values, limiting the accounting gains recognised on their sales. While Villa’s total player sales were among the highest in the league, the profit generated ranked 10th. This season, the sale of academy graduate Jacob Ramsey to Newcastle is expected to generate close to £39 million in profit. ► Return to summary Profit and Loss Villa’s operating model, which features high wage costs relative to revenue, has resulted in significant operating losses (losses before player sales and exceptional items). In each of the last three seasons, these have exceeded £140 million, with only Chelsea recording higher losses over the same period. To comply with the Premier League’s Profit and Sustainability (PSR) rules, Villa have relied heavily on player trading and, in 2024/25, the sale of assets including the women’s team and warehouse operating rights. These transactions converted what would otherwise have been a £97 million loss into a £17 million profit for the year. Assuming these asset sales are deemed permissible under Premier League regulations, the club would be within PSR limits for both 2024/25 and the current season. However, they will also be assessed under UEFA’s football earnings rule, alongside the Squad Cost Ratio framework. This allows cumulative losses of up to £52 million over a three-year cycle. Villa breached this threshold in 2024, resulting in a £5 million fine, and are likely to breach it again in 2025. Breaking down the 2024/25 profit and loss, Aston Villa generated total revenue of £378 million, an increase of £102 million year-on-year. Wage costs rose by £21 million, while other operating expenses increased significantly by £57 million. As a result, EBITDA (earnings before interest, tax, depreciation, and amortisation) improved by £19 million to a loss of £23 million. It should be noted that 2023/24 covered a 13-month period, which has a minimal impact on revenue comparability but would inflate cost figures. After accounting for £100 million in player amortisation, £6 million in impairment charges, and £10 million in depreciation, the club recorded an operating loss of £140 million. While no Premier League club reported an operating profit in 2024/25, Villa’s loss was the second largest in the league, behind only Chelsea’s record £308 million operating deficit. This operating loss was offset by £52 million in profit from player sales, £78 million from the sale of the women’s football club, and £36 million from the warehouse operating rights. The club also incurred £9 million in interest expenses, resulting in a net profit of £17 million. Excluding these asset sales, the underlying loss would have been £97 million. In 2024/25, Chelsea recorded the largest loss at £262 million, the biggest ever reported in the Premier League. Six clubs reported a profit, while total losses across the league amounted to £795 million. Two other clubs also benefited from one-off asset sales during the year. Newcastle United reported a £133 million profit, primarily driven by the sale of stadium leasehold improvements. Everton recorded a £49 million gain, largely due to the transfer of their women’s team to a group entity. If these asset sales are excluded, total losses across the league would exceed £1 billion for the year, the highest on record. These losses must be funded, and an additional £1.6 billion of new finance was raised by clubs, primarily to cover operating shortfalls as well as investment in assets. ► Return to summary 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. ​ Aston Villa have a relatively strong net asset position, reflecting a funding model that has relied more on equity than debt. In 2024/25, total assets increased by £261 million to £783 million. This includes £258 million in player assets, £181 million in loans receivable (including amounts owed by their parent following recent asset sales), £124 million in fixed assets after a further £75 million investment in facilities, and £137 million in transfer receivables. These assets were offset by total liabilities of £321 million, comprising £111 million in external debt, £35 million owed to related parties, £151 million in transfer fee payables, with the balance relating to other liabilities and provisions. The table below shows the net asset positions of Premier League clubs, with Villa's net assets of £321 million among the higher net assets in the division. ► Return to summary Player Trading Since returning to the Premier League in 2019/20, Aston Villa have spent £853 million on player acquisitions and generated £381 million from player sales, resulting in a net spend of £471 million. Over the same period, the market value of the squad (according to Transfermarkt) has increased from £139 million to £535 million, a rise of £395 million. Adjusting for agent fees on acquisitions (estimated at around 10%), Villa’s net spend is broadly in line with this increase in value. While not every signing will succeed, this suggests that, on aggregate, the club has recruited effectively and largely preserved player value. This is reinforced by the composition of the current squad. Based on minutes played in 2024/25, Villa’s seven most-used players—Rogers, Konsa, Watkins, Martínez, McGinn, Digne and Tielemans—were acquired for a combined fee of around £100 million. In 2024/25, Villa invested £162 million in new signings, including Amadou Onana (Everton), Donyell Malen (Borussia Dortmund), Cameron Archer (Sheffield United), Jaden Philogene (Hull City), Samuel Iling-Junior (Juventus), Enzo Barrenechea (Juventus), Andrés García (Levante) and Ross Barkley (Luton Town). Compliance with Profit and Sustainability Rules influenced outgoing transfers. The club sold Jhon Durán to Al-Nassr for a reported £71 million, alongside other notable departures including Moussa Diaby (Al-Ittihad), Jaden Philogene (Ipswich), Cameron Archer (Southampton), Diego Carlos (Fenerbahçe) and Morgan Sanson (OGC Nice). These deals generated £131 million in total, resulting in a net transfer spend of approximately £31 million for the 2024/25 season. . Comparing Aston Villa’s transfer activity to other clubs over the past five years, they rank sixth for total spending—behind five of the ‘Big Six’, but ahead of Liverpool. However, on a net basis (acquisitions less sales), their spend of £320 million ranks eighth highest. This season, the club has spent an estimated £70 million—below its typical investment levels—with the main signings being Guessand and Abraham. The only significant departure was Jakob Ramsey’s move to Newcastle. Squad Cost and Net Book Value Squad costs represent the total acquisition cost of all squad members, including transfer fees and associated costs such as agent fees. A squad’s Net Book Value (NBV) represents this acquisition cost less accumulated amortisation, with transfer fees expensed over the length of each player’s contract. For example, a player purchased for £50 million on a five-year contract would have an NBV that decreases by £10 million each year. Aston Villa’s net book value of players has remained relatively stable over the past four years, reflecting a balance between transfer investment (net of the book value of players sold) and annual amortisation charges. Aston Villa’s squad net book value of £258 million is the ninth highest in the league, placing them behind the traditional ‘Big Six’ as well as Newcastle and Brighton. Squad Market Value The squad's net book value (NBV) is part of the club balance sheet, recorded as Intangible Player Assets. The NBV does not however reflect a squad’s current market value. According to transfermarkt.com, Aston Villa’s squad had an estimated market value of around £535 million at the end of the 2024/25 season, ranking ninth in the division. This is roughly double the club’s net book value. Such an uplift is expected, as transfer fees are typically amortised over five years, while a player’s career span is considerably longer. However, it does provide a useful indication of how well the squad is retaining or increasing its value and highlights the potential to generate profits through future sales. Villa’s £227 million “uplift” is the seventh highest in the league. Transfermarkt’s estimates suggest the club’s most valuable players were Morgan Rogers (£47 million), Amadou Onana (£42 million), and Ollie Watkins (£34 million). ► Return to summary Football Net Debt Owner funding since the Sawiris/Edens takeover has been predominantly through equity. However, in 2024/25 the club took on two external loans: a £100 million facility with Goldman Sachs, of which £78 million has been drawn, and a £32.5 million factored loan, likely secured against future income to support cash flow. During the season, part of this funding was used to reduce related-party loans, which fell from £48 million to £35 million. Premier League clubs’ total debt is expected to reach £3.3 billion, a slight decrease from the previous year. Tottenham Hotspur carry the highest level of debt—primarily driven by stadium financing—followed by Manchester United, reflecting their highly leveraged ownership structure under the Glazer family. Aston Villa’s net debt (after cash) of £138 million ranks as the eighth highest in the league. Villa also have outstanding transfer fees payable to other clubs of £151 million, largely offset by £137 million in transfer fees receivable. This suggests they have offered purchasing clubs favourable payment terms, as £131 million of the £214 million generated from player sales over the last two years is still outstanding. ► Return to summary 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. The cash flow statement highlights the club’s underlying financial dynamics. Aston Villa generate negative operating cash flow, as day-to-day staff and operating costs exceed revenue. As a result, investment must be funded through player sales and cash injections from owners or external financing. Looking at the last three years (to smooth annual volatility), the club has recorded cumulative operating cash outflows of £82 million. Over this period, it has invested £412 million in players and £96 million in facilities, while generating £151 million from player sales. The resulting funding gap has been financed through £366 million of equity injections and £96 million in new borrowing. ► Return to summary Reporting Entity This analysis is based on NSWE Sports Limited for the period from 1 July 2024 to 30 June 2025. The company is wholly owned by NSWE UK Limited, which in turn is wholly owned by V Sports S.C.S., a Luxembourg-domiciled entity. Nassef Sawiris and Wes Edens each ultimately own 34.4% of V Sports, with Atairos Partners holding the remaining 31.2%. ► Return to summary

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