£30mn owed (excl. transfers), expiring contracts and sale options will provide a transfer kitty. So could more sponsorships. Countless footballing reasons for #MUFC to bring forward spend. But any big mistakes will slow down a full recovery. Do INEOS think that’s a gamble worth taking bit.ly/4pM3cOX

🐺 #Wolves on course for the lowest points total in Premier League history. Their underlying financials? Ex. Player trading losses are £80-100mn/yr. Cash flow supported by debt and just £25mn of infrastructure investment. Could #wwfc value drop 85% with relegation? Subscribe here 👉 bit.ly/4awcs5k

One for all those who really love tue details on the rules and what they might mean. We cover: - SCR/ SSR etc etc - Whether it changes much for #MUFC - How it might impact rivals.

A moment of reflection that might be a nice listen in the run up to today’s #MUFC game vs Spurs. We cover: 🏦 True cost of rebuilding United 🧮 Finances and PSR 🤨 Opportunity costs from a year of learning ⏳The next two years 🧱 What foundations Wilcox still needs to tweak

🔴⚪ #FCBayern are moving up the revenue league 🔴⚪ '24/25 revenue was €978.3mn. But excluding player sales it grew 15% to €877mn. Winning the Bundesliga and Club World Cup prize money were major drivers alongside merchandise and sponsorships. EBITDA grew 11% also due to minor wage bill decrease.

Going. Going. Gone. bit.ly/3WUwheZ #MUFC need 10 players over two years. Squad backbone is 30+ (played 68% of available mins). Up to £500mn gross cost, current cash flows leave them c.£150mn short. No longer forced sellers, but timing sales critical to maintain momentum.

#PSG 24/25 revenue of €837mn - probably keeps them Top 3 in the Football Club revenue league. But that's only €70mn more than #MUFC and has the #UCL win and some CWC money in (c.€60mn+ boost). Meaning other rev was down, some from Ligue 1 TV money but not spectacular. www.psg.fr/content/le-p...

Seat Licenses have now come to football. Barcelona have fetched €100mn for 475 lifetime paid licenses (€210k avg price) in their renovated VIP seats in the new Camp Nou…#MUFC taking note as they look to finance a new Old Trafford (see alternative options below). substack.com/@spgoals7/no...

Economics of a Footballer, part 1 bit.ly/47hP9sQ 📜 #EPL & #EFL players have the same standard contract. 💰 Top players get a decent deal. For the rest, clubs get the full economic control of a player without paying for it. 📈 Players need to learn their full lifetime potential to mitigate risk. #PFA

The no question about that podcast is excellent…. Particularly the financial episodes @spgoals7.bsky.social … Subprime goals is your man.

A lively pod to fill the void of a week without #MUFC. Ed and I dig into: 💰Actual meaning of potential investor interest 🏟️ Paying for a right to buy a Season Ticket in New Old Trafford ⚽️The academy is all bad…? ✒️Pros and cons of Maguire contract renewal 🏆Latest Champions League win for the Reds

INEOS’ cuts means #MUFC can cover near term transfer debts. £80mn non-transfer receivables increase gives ability to spend on players going forward. Risks aplenty, Men’s first team needs to improve to realise this planning. If it doesn’t work it strengthens INEOS’ hand. Full report: bit.ly/47UEmqy

Initial take on #MUFC finances w/ @nqatpod.bsky.social: 📊Why is rev guidance so high 📈How is profit (EBITDA) growing again next year 🧮United’s financials now fixed? 🤔Implications for Amorim 💰Rev not falling that much, profit growing, Men’s 1st team wage bill cut, where's the rest of the money going?

#MUFC 4Q25 results FIRST TAKE: guidance in-line with my expectations, targeting a ‘25/26 Premier league finish of 6/7th, and will be guiding factor in any decision surrounding the first team coach. Full report: bit.ly/42sY216

Chelsea's heady £300mn from player sales this summer. But they still don’t have a front-of-shirt sponsor and most players they could generate a meaningful profit from are now in their first team squad. #CFC hitting UEFA’s €5mn loss target in 2026/27 feels increasingly tricky. Report: bit.ly/3JKfpUD

Because you haven't had enough of transfer market chat… · #MUFC: transfer market economics, pot. a decent job? · Liverpool: did they really ace it? · Arsenal: a squeeze finally coming if no trophies this season? · Chelsea: how are they doing it? · #NUFC: have they just done a Spurs post Bale?

Nottingham Forest continue to challenge the established elite. They’ve dug deep financially, and Elanga’s sales was probably crucial to complying UEFA’s financial regulations. They are showing ambition but continue to tread the financial tightrope for UEFA compliance. Report: bit.ly/47oiGTy

Arsenal’s £200mn Summer net spend was partly facilitated by allowing expensive players to leave for free and loans. They are as close as ever to UEFA’s 70% Squad Cost target. If trophies elude #AFC this season, Berta’s deal making will be tested so they can go again. Report: bit.ly/3JKR9BM

#AVFC player sales should enable UEFA financial compliance for '25/26 (losses under €5mn) and register new signings for Europa League. But a high squad cost ratio (c.87%) still needs work. More big sales likely needed to make up the shortfall. Full report: bit.ly/45V0Wgh

What better way to start the weekend than with a bit of chat about #MUFC finances... We cover: - Preview of the last few weeks of the window. - Sponsorship deals - New stadium funding methods - Drag along rights

A New Old Trafford financing blueprint – unite the Club, Fans and the Community bit.ly/47bp1BN I see a world where the Club can fund a stadium and increase the no. of tickets for regular matchgoers, allow them to partially fund and guide stadium development and leverage lucrative Hospitality seats

If you've not already had a little listen, might be one for that Sunday evening walk or Monday morning commute. We cover: - How did #MUFC fund the Sesko deal? - Is a move for Baleba possible? - Are there hidden costs to signing Baleba?

Nkunku and Jackson have got to go, but clubs may just say no bit.ly/4fwicwA #CFC have freed up £55mn UCL List A headroom but need another £32.5mn to register new signings. Garnacho means they probably need £50n Nkunku+Jackson is c.£43mn of that. But thereafter we may see some unhappy players.

Barcelona refinanced some stadium debt at 5.19% interest rate, lower than before. Also said they expect renovated stadium to make €247mn a year Potentially improving environment for debt, (impo for #MUFC). Quick substack on what this means 👉 bit.ly/4nEx7sn www.fcbarcelona.com/en/news/4297...

Might be a nice way to get through your morning or evening commute: - some context on cash and why sell to buy might now be the order of the day. - why are transfers taking so long. - is there upside from a tricky window to navigate. - other things to keep an eye on.

#Juve signed a 10 yr extension to their Adidas kit deal - €408mn total or €40.8mn/yr. Prev deal was €51m/yr. Interestingly, no performance based clauses in this deal (like #MUFC and #LFC recent deals). In effect have sacrificed near term revs for long-term security. www.espn.co.uk/football/sto...

Chelsea’s talent house and Jim Fraser Substack: bit.ly/44jIdv3 • Fraser potentially joining #MUFC academy - helped build #CFC academy with Neil Bath • Specialises in dom and intl scouting & development • Since '05 CFC academy generated c.£700mn fees • Forward thinking in evolving academy operations

Full Omar Berrada interview in United We Stand is worth and #MUFC fans' time. Read it to make up your own mind on him. Can subscribe here: uwsonline.com/subscribe.php Interesting stuff on Amorim, financial model & direction from here Reminder chart on EBITDA (profit) margin and free cash flow below

Check it out on your Sunday morning walk/ gym session or anytime really, if you like. We run through: - #MUFC 3Q25 results - Drivers of the wage reductions - Cash flow movements (incl. £35mn more receivables) - How long could a financial turnaround take?

Did loaning Rashford just improve #MUFC’s profit by £28mn? Substack: bit.ly/4kzAPBA · Jan loans the incremental savings this Q, Rashford about half · United owe £175mn transfer fees in 12m · Restructuring Men’s First Team the priority · Financial turnaround could take 2-3 yrs with 35% EBITDA margin

The storm has come…good days are coming (eventually…probably) spgoals.substack.com/p/the-storm-... Mens squad is last part of ruthless kitchen-sinking of #MUFC. Gives a sustainable foundation but risky with current infrastructure. United DNA must run through club rebuild otherwise what's it all for?

#MUFC’s Super Massive Black Hole…Or is it? • No UCL could see a gross revenue fall of c.£110mn. • Scope for £70mn cost benefit. • League position & season tickets closing the other £40mn. • Player sales to fund buys beyond the £100mn PSR budget. open.substack.com/pub/spgoals/...

Some Bank Holiday listening. In this, Ed and I cover: - Detailed financial impact of Europa League loss. - Bruno, financial and non-financial ramifications of a sale. - Pros and cons of Women's team sale. - Potential routes forward from here. #MUFC

What might it cost for United to be “brave” in the transfer market? Clue: It may cost a bit to move players on if no buyers/ market can be found for them (£20mn+ in an albeit unlikely scenario)… open.substack.com/pub/spgoals/...

Launching a Substack today. First post is on United vs Liverpool commercial income. Liverpool have now knocked the Glazers off that perch. But new Chief Business Officer Marc Armstrong still has plenty of low hanging fruit to go after. open.substack.com/pub/spgoals/...

🏟️🏦📉📈INEOS own MUFC shares: United now have a further vehicle for to fund a new stadium, on better than market terms. INEOS owned shares give more flexibility for future full ownership options without harming MUFC. Working capital buffer less likely given £282mn losses in 4 years.

A potentially distressing #MUFC story... Years of mismanagement, SJR plugging cash gap, fans paying the price #StopExploitingLoyalty W/o Jim’s $100mn by year end they’d be short on cash So need to pull every lever but continued poor on pitch performance means they can't use sponsorships like before

I don't think anyone was realistically expecting a transformational performance against Ipswich Town. Who am I kidding, Ruben Amorim & co were supposed to fix all of Manchester United's problems with just a few training sessions. It's a long road back for this club, so strap in.

3 takeaways from #MUFC game 1. Still phase 1 of squad overhaul, any coach still dealing with that. There will be pain before gain. 2. Amorim is an out and out football person, media duties comment is Mourinho-esque. On the football leadership to back him on it. 3. Not a fan of Ed Sheeran

#EPL moving int'l media operations in house beginning '26/27 season can be a game changer. Int'l media rights for '25/26 - '27/28 agreed and +17% pa vs. prior cycle. So EPL will get a season to trial producing all content in-house until they commercialise... www.premierleague.com/news/4172032...

When Frankfurt fans took over the Nou Camp for the Europa League Quarter Final back in 2022. It was estimated that 30,000 made the trip to Barcelona that day👏

American investors reportedly raising funds for Verona bid via @Onefootball. Read it here: onefootball.com/editorial/40...

The impossible dream. Made possible.

Hate to break it to you but this is absolutely not Manchester right now.

People say the Nations League is meaningless. This is exactly the reason why it isn’t. Scenes in San Marino.

🔴🏟️Gunning for new Levels: Arsenal’s stadium expansion 🏟️🔴 #Arsenal might join the rest of the EPL in the hunt for more revenue by expanding the Emirates to an 80,000 seater stadium (mini 🧵) EPL's growth problem🧵: bsky.app/profile/spg0... Original story: www.bloomberg.com/news/newslet...

📈📉Does football and the #EPL have a growth problem? 🧵 - Broadcasting growth has slumped, “Netflix of football” can transform economics for EPL and fans long term. - Without a “Netflix of football”, new commercial deal structures will be required. - Matchday revs, the next driver of growth.

Don’t even care if this is computer generated. These images are spectacular.

Kasabian. Co-op Live.