AmortisedXI

Reading football’s financial statements so you don’t have to.

[AmortisedXI @AmortisedXI]

@nocontextfm1 @GalatasaraySK isn’t being transparent. It’s being listed.

GSRAY on Borsa İstanbul, so a material transfer goes to KAP within the day. fee, instalments, add-ons. Same for FENER, BJKAS, TSPOR.
Football’s most open books belong to the clubs with the least choice.

[AmortisedXI @AmortisedXI]

@goal Chelsea won 2016/17 by 7 points. Pochettino says the title should go to Tottenham.

The file, closed by the PL and FA:
£47.52m undisclosed payments, 2011-18
£20m in fines tied to them
PSR restated: no breach

Points sanction: -6, suspended, then set aside

The margin was seven.🙅

[AmortisedXI @AmortisedXI]

Your number holds up, framing doesn't quite.

United played in Europe in all ten seasons of that window. The £343m is a tier gap, not an attendance gap.

The "Glazer" interest bill was refinanced in June: 29% more principal, at 5.36% instead of 3.79%.

£343m is 2.96 Elliot Andersons. The unit of measurement chose City.

[AmortisedXI @AmortisedXI]

The CFCB found Aston Villa, Chelsea, Newcastle United and Nottingham Forest in breach of the squad cost rule for the 2025 calendar year. Liverpool, Arsenal, City, Spurs and United aren't on that list. A % cap is scale-invariant; football revenue is not. 70% of £703m is £492m of room. 85% of £222m is £189m. The rule doesn't restrain the biggest club but it restrains the smallest denominator, which is why three of the four clubs it caught were the ones trying to break in.

[AmortisedXI @AmortisedXI]

Outside Europe you spend 0.85R. Qualify, and you spend 0.70(R+E). Setting those equal gives E = 21.4% of turnover. The European revenue a club needs just to stand still. It's pure algebra, identical for Forest and for Madrid. Below that threshold, qualifying for Europe reduces what you're permitted to spend on your squad. A Conference League group-stage exit costs Forest about £25m of ceiling against not qualifying at all.

[AmortisedXI @AmortisedXI]

@centredevils Manchester United's four logo deals are worth about £190m a year.

Broadcasting revenue in fiscal 2025 was £172.9m.

The shirt now out-earns the football, in the year the club posted record revenue, a 15th place finish and an £18.4m operating loss.

[AmortisedXI @AmortisedXI]

The asymmetry. A state-linked flag carrier sponsoring a Premier League club is either an associated-party transaction facing a fair market value test, or it is clean third-party revenue counted in full. The difference is not the sponsor. It is who owns the club.

Scale note. Turkish Airlines will pay 8.1x more for the front of Liverpool's shirt than Galatasaray, the Turkish champions, can charge for their own (USD10m + VAT, 2025/26, domestic matches only, per KAP).

[AmortisedXI @AmortisedXI]

@Lu_Class_ The record test. £60m arriving in 2027/28 is £54.9m in 2024/25 money at 3% CPI. That is 8.5% below the £60m Snapdragon deal United signed in 2023. Nominal records age. The CPI path is a stated assumption, not filed data.

[AmortisedXI @AmortisedXI]

@JamesPearceLFC Liverpool's @TurkishAirlines deal:
£60m a season from 2027/28.

@StanChart pays £50m now.

The new money is £10m.

At the 85% squad cost ratio that buys £8.5m of extra squad cost, 2.0% of a £427.7m wage bill.

Man Utd have banked £60m a year since 2024/25.

[AmortisedXI @AmortisedXI]

@paddypower A fee is not a cost. Under 5 cap, those 3 plus the 2 on the bench book £84.5m a year, half of the club's last filed amortisation charge.

115 charges have booked nothing in 1,310 days.

[AmortisedXI @AmortisedXI]

Champions League 2026/27, by squad value.

1 Real Madrid €1.46bn
2 Man City €1.44bn
3 PSG €1.36bn

13 Como €535m, promoted to Serie A in 2024, seeded Pot 4, and worth more than Roma and Real Betis, both Pot 2.

Galatasaray €411.6m, 17th of the 23 clubs sourced so far, and 1.46x Fenerbahçe.
Seeded Pot 3, they carry more than Stuttgart, Villarreal, Lille, Lens and Real Betis.

Seeding records what you won, not what you own. 💥

[AmortisedXI @AmortisedXI]

Europe’s 2nd, 3rd and 4th biggest spenders this summer, Chelsea €406.7m, Tottenham €366.4m, Newcastle €313.0m are not in the @ChampionsLeague.

Add Ipswich and that’s €1,306.8m, 43.1% of the top ten’s total, spent by clubs with no league phase to play in.

[AmortisedXI @AmortisedXI]

@premierleague 👀

[AmortisedXI @AmortisedXI]

Europe’s 10 biggest spenders, summer 2026.

8 are English.
They account for 86.5% of the €3.03bn.
Ipswich Town, promoted, committed €220.7m. That is 98% of Real Madrid’s window and 120% of Barcelona’s.

None of it is an expense yet. It amortises.

[AmortisedXI @AmortisedXI]

Europe’s 10 biggest spenders, summer 2026.

8 are English.
They account for 86.5% of the €3.03bn.
Ipswich Town, promoted, committed €220.7m. That is 98% of Real Madrid’s window and 120% of Barcelona’s.

None of it is an expense yet. It amortises.

[AmortisedXI @AmortisedXI]

A claim doing numbers : Man City allegedly paid £200,000 to Jadon Sancho’s agent when Sancho was 14, logged externally as “scouting work.”

The claim is accurately reported. It is also from February 2019.

What Der Spiegel alleged, via Football Leaks:

£200,000 to intermediary Emeka Obasi, papered as a Central/South America scouting contract, appearing internally under “Agent Fee.”

City called the documents hacked and out of context. The FA found no evidence to substantiate it.

English football resolves the small numbers quickly.

[AmortisedXI @AmortisedXI]

@DSM30S @MatchDCentral Matchday is £75.1m of the £694m. 10.8%.
You are right that the stadium is not where the money is. It is the smallest of the three lines and always has been.
Broadcast £279.0m and commercial £340.0m are the other 89.2%. Neither is decided by what you see on the street.

[AmortisedXI @AmortisedXI]

@FplCity72 @SardarGooner Football Leaks material was published on 2 November 2018. That is 94 months ago.
The Premier League opened its investigation 47 days later. The charge sheet took another 50 months. The hearing closed 21 months ago.
You are right that it is old. That was the post.

[AmortisedXI @AmortisedXI]

@appiecule A table of the 14 highest-paid coaches in world football is doing numbers today.
Not one figure in it is filed anywhere.
Two ages wrong. 11 of 14 rows misranked once you convert sterling to euro.
And it calls Inzaghi trophyless four months after he won a cup. 🤷🏻‍♂️