No Question About That - a Manchester United podcast

United Inc: The State of English Football Finances

·59 min·5 clips

Ed declares English football finances are 'fucked' and reveals the Premier League is a massive loss-making enterprise.

The episode opens with host Ed bluntly stating English football finances are in crisis, noting the Premier League is a loss-making enterprise despite its revenue. Co-host Jamie joins, and they briefly touch on Liverpool's recent performance before diving into the core financial analysis. They start with French football, where TV rights are collapsing, and PSG's dominance creates an uncompetitive league. The discussion shifts to multi-club ownership (MCOs), with over 100 European clubs involved and private equity firms like Sixth Street exploring investments. The main focus is on Premier League clubs' recently published accounts. Chelsea is highlighted as a disaster, with a £262 million loss and a failed strategy to buy young players on long contracts and sell them for profit. Arsenal is noted as financially stable but facing tough squad decisions. Liverpool's massive summer spend is scrutinized, with risks if they miss Champions League revenue. The hosts explain how new squad cost rules aim to create sustainability but may not curb spending due to weak penalties. They describe the financial dynamic as a 'prisoner's dilemma,' where clubs feel forced to spend or fall behind. The proposed independent football regulator is discussed, but concerns are raised about its funding and potential regulatory capture. Newcastle's finances are examined, including their controversial stadium sale to a PIF entity. Manchester City's situation is mentioned but largely avoided due to ongoing charges. Aston Villa's high wage bill and infrastructure challenges are covered. The episode concludes with a critique of FIFA's pricing for the 2026 World Cup, including expensive tickets and transport, highlighting systemic issues in football governance.

As heard by us

A clear look at how English football's transfer wealth runs into accounting pressure.

English football's financial problem comes into clearer focus as Ed and Jamie trace the sport's visible transfer wealth back to the losses sitting underneath it.

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Why you'd press play

Want to know why English football can spend heavily and still lose money?

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