So the first thing to understand is the how the PSR rules work in the Championshp. Instead of a percentage of revenue that can be spent it’s a maximum loss of £35M. Crucially this only includes the salarys, transfer amortisation and general costs of running the club. So players, coaching and medical staff as well as general staff. Vinais salary counts and so does the guy that serves you a beer in the stadium making £10 an hour. Also the cost to cut the grass and put the heating on at the training ground.
In terms of revenue it is the same rule as the Premiership although they have tightened up rules like UEFA around ownership loans, equity & cash injections and doing stuff like selling your women’s team and stadium. So the Lewis family can put money in to keep the academy, women’s team, community projects running but that cant be spent on players to get us out of the league.
Current Expenditure 2025/26
- Players - £250M
- Net Transfers Owed - £100M
- Coaches & Medical - £25M
- General Staff - £50M
- Running Costs - £100M
Interest repayments - £50MAcademy, Women, Community - £25M
Total - £600Million - £525Million
This season the club is expected to generate around £650M+. The club then factors in stadium debt interest payments and depreciation, mostly related to the stadium and runs a loss to avoid a hefty tax bill.
Projected Revenues 2025/26
- Domestic & UEFA TV/Prize: $250M
- Matchday: $150M
- Commercial: $250M
Total: $650Million
With the loss of Champions League & Premiership TV & Prize money, along with a dip in Matchday & Commercial the expected revenues estimates would be.
Projected Revenues 2026/27
- Domestic TV/Prize + Parachute: £75M
- Matchday: $100M
- Commercial: $150M
Total: $325Million
(Projected loss - £200Million)
So we are £200Million over the allowed loss of £35Million. We can cut some costs in expenditure. Assume about £50M from what we spend on coaching & medical staff, non football salarys as well as general costs to run the club. Im also going to assume we can save another £15M in wages from any relegation clauses we have in contracts, or renegotiating contracts to a lower salary but with a large bonus should we get promoted. Which I think you can do because not all of these players are going to be moving to clubs that are prepared to match what they are making today.
That leaves £135Million total that would need to come from selling players to generate transfer fees and cutting the wage bill. The wages come right off and you would be getting about 1/3 of the transfer fees upfront. I would break the players down into the following categories.
Players already leaving
Ben Davies Free + £4M
Yves Bissouma Free + £3M
Manor Solomon £8M + £2M
Alejo Veliz £7M + £1M
Joao Palhinha Return + £8M
Randall Kolo Muani Return £8M
£5M + £28M = £33M
Players we sell even if we stay up
Vicario £30M + £3M
Dragusin £20M + £3M
Bentancur £10M + £4M
Richarlison Free + £4M
£20M + £14M = £34M
Marquee Players +1 Season
Porro £40M + £5M
Romero £40M + £10M
van de Ven £70M + £3M
£50M + £18M = £68M
So you have made £75M from transfer fees £60M of the wage bill which makes up the £135M shortfall. With another £150M coming in future seasons.
Projected Expenditure 2026/27
- Players Wages - £175M
- Transfers Owed - £100M
- Coaches & Medical - £20M
- General Staff - £35M
- Running Costs - £70M
Interest repayments - £50MAcademy, Women & Community- £25M
Total - £475Million - £400Million
Projected Revenues £325M + Player Sales £75M = £400M
vs
Projected Expenditure £400M
This has us breaking even with a £35Million buffer that can be spent on new players and wages. There is no upcoming World Cup so we hold steady and don’t sell any of our best young players, good players we signed in the past 2 windows and those injured for the bulk of this season. We go in to the Championship with;
Kinsky
Spence Danso Vuskovic Udogie
Gallagher Bergvall
Kudus Maddison Xavi
Solanke
Austin
Byfield Phillips Takei Souza
Gray Sarr
Kulusevski W.Barnett Moore
Tel
Odobert injured until January. You then consider either bringing back some young players out on loan or using the players that have made the bench this season to buff out the squad. That gives you 26 outfield players and 3 keepers.
GK - Gunter or Maguire
DF - Dorrington or Roswell
DM - Abbot or Hall or Oluesi
CM - Devine or Donely
WF - Yang or Ajayai
CF - Lankshear or Scarlett
CF - Wilson or Melia
Or you use your £35M buffer to sign some more players. I think an experienced keeper just in case Kinsky struggles is really all we would need but can see the fanbase demanding some signing. But I’d rather use that to go and persuade Pochettino to still return. You can tie a massive bonus into the deal to get him his full whack. If not Kieran McKenna has the expirience of getting a team promoted and will play attacking football.
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