Greg Cordell
@gregorypcordell
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Army veteran; AT thru-hiker; CFA charterholder; LFC fan.
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I’m currently compiling ownership diagrams for all PL clubs. Work is still in progress, but this thread will provide diagrams for the 12 completed so far. Football clubs in blue; controlling entities in green.
1. Arsenal
Relatively straightforward arrangement; singular owner.
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UEFA published its European Club Finances and Investment Landscape report last week for 2022/23. This thread will summarize Liverpool figures disclosed in the report, which provides more detail than the Deloitte Football Money League (DFML) report released last month.
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A couple new filings related to LFC are being processed related to an updated Memorandum and Articles of Association (based details of entity & rules detailing how it will be run), which I expect will be available to view by tomorrow for those interested in this kind of thing.
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LFC’s 22/23 accounts posted. This thread summarizes P&L, investment, CF, and Δ in debt.
Key P&L metrics:
- Rev of £594m (flat YOY)
- EBITDA of £84m (decline of £13m); margin: 14.1%
- EBIT is a loss of £38m (vs £18m loss in 21/22)
- Pre-tax loss of £9m (vs £7m profit in 21/22)
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I asked a question I already knew the answer to. And even though Klopp gave a different explanation to that answer, I know what he really meant and put my post-match focus on it. Goodness.
Why not just ask about a different dimension of the match if this element was so obvious?
@lubomerkov
Of course Klopp said that! He was hardly going to say 'he was struggling and we kept getting exposed down that side'. Not his style. But you know as well as I do that he was taken off because his work off the ball wasn't good enough.
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Full results will be available at Companies House for download w/in a few days. In the interim, here is a P&L statement snapshot based on this announcement + data in the UEFA ECFIL report published two weeks ago. Certain expense line items will differ slightly from this snapshot.
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@BassTunedToRed
And Matip's 14th straight season with a goal (every season across Schalke and Liverpool).
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JV1 Ltd published its Confirmation Statement. There were no funds paid-in by Amanda Staveley (Cantervale Holdings) in 2023, w/ all 23.4m shares allotted to RB Sports & Media (11.4m in Feb 23; 12.0m in Aug 23). Staveley's beneficial stake in Newcastle Utd has been diluted to 6.0%.
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@KieranMaguire
Interesting wage data as well for clubs yet to post 21/22 accts. LFC ratio above pre-covid norm. THFC back < 50%. LCFC (mid-80s) & EFC (mid-90s) still elevated. NUFC shot up from 71% to 95%.
LFC ~ £368m
CFC ~ £342m
THFC ~ £208m
LCFC ~ £182m
LUFC ~ £121m
EFC ~ £174m
NUFC ~ £171m
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8. Manchester United
- High transparency into ownership outlay given filing requirements;
- Seemingly excessive number of intermediate holding vehicles between MU PLC and MU Ltd;
- I’ll layer in lending relationships in a future iteration of the diagram.
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Manchester City published 22/23 financial results.
Key P&L figures:
- Revenue of £713m (+£100m YOY); new PL record
- EBITDA of £123m (-£9m); cash expenses up
- EBIT a loss of £34m (-£14m); non-CF expenses slightly up
- Pre-tax profit of £80m (+£39m); massive player sale profit
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I've posted this figure a couple times recently, but a reminder that LFC are highly cash-flow sensitive, and cash net spend tends to be relatively stable where net spend on cost tends to be much more variable. Not a novel concept or unique to LFC, but an important note.
🚨 NEW: "a few people have said to me 'for the sake of £4-5m, what on earth are we doing?' but I think that's probably a little too simplistic because it's also about the structure of the deal." -
@JamesPearceLFC
via
@TheAthleticFC
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9. Newcastle United
- PIF (80%) control segment very straightforward;
- More complex in minority co-invest segment;
- Cantervale (AS-owned) borrowed £34m to acq stake in Oct ’21; bal ~ £40m at Mar ’23 (interest PIK); potentially > £50m now (PIK at ~ 12%; borrowing to repay MA).
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For those interested, here is an overview of owner funding under FSG since takeover:
- Net £65m loan funding in early years (2010-2013). This balance was converted to equity 2014 right before MS expansion started.
- £110m in loan funding for the MS, of which £37m has been repaid.
How are we -£37m if the owners don’t take money out as dividends? Is that interest on the money that the ownership loaned the club for the new training ground and stadium expansion?
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For context, this is where NCUK sits in the ownership arrangement. As of latest conf stmts available, it has an 80% equity stake in PZ Newco, the holdco that owns 100% of Newcastle United). That didn't change w/ the FEB23 inv of £57m (but % between Reuben/Staveley might have).
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Financials for UKSV Holdings have posted. UKSV is LFC's parent.
P&L metrics:
- Rev of £594m
- Day-to-day loss of £44m (before £34m player sale profit)
- Op loss of £10m
- Pre-tax loss of £15m
LFC will show a day-to-day loss of ~ £39m, op loss of ~ £5m, and pre-tax loss of £9m.
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This thread will provide a summary of MUFC 2023/24 results with figures. Below is the summary P&L statement to include 5 years or historical data for reference.
Double digit revenue growth, the reduced wage bill, and reduced finance costs (from FX) drove stronger profitability.
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@SwissRamble
Incredible analysis. I know this takes a tremendous amount of work, and it is appreciated.
Small note on the SC deal- I believe reports have the £40m level continuing through 22/23 (final year of 2019-2023 contract), then stepping up to £50m this summer for the 2023-2027 period.
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Attached is an updated ownership diagram for NUFC (ownership direction reads from bottom to top). Filings indicate the £37m injected was split 80% PIF / 20% minority investors and (while verification won't come until Jan '25) it is unlikely that Cantervale (AS) contributed.
One share in Newcastle United Limited was allotted for £37m on 28 March.
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A new registration of charge was filed by Cantervale Limited. Cantervale has a 6% indirect ownership stake in Newcastle United and is wholly-owned by Amanda Staveley (direct owner).
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A full write-up with estimated 2023/24 financial results for LFC is forthcoming, but in the interim this thread will provide summary estimates.
Key P&L metrics:
- Revenue of £584m (YOY: -£10m)
- EBITDA of £93m (+£9m)
- EBIT a loss of £40m (-£2m)
- Pre-tax loss of £26m (-£17m)
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Manchester United Football Club Limited allotted 100 shares for £133m on 28 June.
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Manchester United made repayments on revolving credit facilities totaling £120m on 28 Feb 2024, reducing debt under available RCFs from £260m to £140m.
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I'll do a thread of figures as I go through the statements. Here is the P&L statement:
- EBITDA of £96m (proxy for cash profit); EBITDA margin of 16.2% (notably below pre-covid levels)
- Adj EBIT of -£18m (op profit excl fixed asset sales; proxy for day-to-day profit/loss)
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I've seen a lot of engagement on this. I track these figures as well to aid construction of estimates/projections of LFC financials and have roughly similar YOY base wage changes and NS figures to date.
I'll add some broader thoughts given how LFC operate in practice.
Dollar-for-dollar, FSG are only out ~£4M this summer before considering any bonuses or third-party fees.
The “Jude money” that was promised to be spread around hasn’t even been touched yet.
Two CMs, two defenders. No excuses.
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One share in Newcastle United Limited was allotted for £37m on 28 March.
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Financials for LFC have published. A longer thread to come, but some highlights here (many figures the same as provided in the UKSV thread a couple days back).
P&L metrics:
- Rev of £594m
- Day-to-day loss of £38m
- Op loss of £4m after player sale profit
- Pre-tax loss of £9m
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2. Chelsea (incl Strasbourg and holdco debt)
- A Clearlake vehicle is the majority owner and has downside projection on return of capital;
- Notable level of debt higher in structure;
- Physical asset sales from Chelsea FC Holdings-owned entities to affiliates noted.
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MUFC’s full annual report for 2022/23 was published. This thread will build on the one from yesterday with some additional figures.
Net Spend was £218m, with the gross spend on player registrations £247m and net fees from registration disposals of £29m.
This thread will provide a summary of MUFC 2023/24 results with figures. Below is the summary P&L statement to include 5 years or historical data for reference.
Double digit revenue growth, the reduced wage bill, and reduced finance costs (from FX) drove stronger profitability.
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With Moshiri set to engage interested parties now that the share purchase agreement with 777 Partners has expired, attached for reference is an ownership diagram for Everton FC (first pass; may need revision) that includes lending arrangements based on filings and media reports.
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Chelsea 2021/22 financial accounts have posted.
Operating loss of £242m.
Pre-tax loss reduced to £121m due to the £123m profit from disposal of player registrations.
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On the final day of the 2022/23 season, I provided initial estimates for PL payments to clubs. I’ve slightly adjusted those estimates based on observations from MCFC and MUFC accounts, with revised estimated total payouts 12.0% above 2021/22 (prior version was 11.2%).
Update to 22/23 PL distribution estimates to account for MUFC and NUFC flipping positions on final day. Some notes follow on the development of the estimates for those interested.
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@tojo_BIM
I plan to provide a review of Arsenal’s 2023/24 financials when published in Feb/Mar ’25 and then hopefully provide estimates/projections for Arsenal’s 2024/25 financials around this time next year.
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The FV of inv property at B22 Properties of £98.4m reflects the profit booked by Chelsea FC Holdings (£76.5m) plus remaining BV per schedule (£21.9m). However, I’d expect Blueco 22 to cite a FV of ~ £108.6m given FV at B22 Properties (£98.4m) + FV at Walsingham Property (£10.2m).
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Liverpool's revenue for 2022/23 was £594m, which is breakeven year-over-year in base currency (GBP). LFC's wage-to-revenue ratio was 63% (wages ~ £374m +/- £3m), meaning wages increased slightly despite the poorer achievement versus the prior year.
In advance of the Deloitte Football Money League report that will be released soon (revenue data and wage/revenue ratio) and full LFC accounts to be published in 5-6 weeks, attached are revised P&L estimates for 22/23.
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6. Liverpool
- Figure doesn’t reflect the reported ~ 2% to 4% stake taken by Dynasty as no filings to date identify legal entities or # of units sold;
- Very simple structure up to FSG; ownership of FSG est based on LFC website (parties w/ > 10% identified) and broader reporting.
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@lubomerkov
Cumulative impact as well. Winning matches marginally improves the club's UEFA coefficient, which, with a 10-year lookback, is a now a core element of the payment distribution (beyond just group stage win/draw bonuses and current-year progression bonuses by stage).
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The most recent filing associated with Articles of Association was 24 Sep 2015, but the document itself was dated 19 Oct 2010 (Written Resolutions that amended the Articles of Association dated 29 Apr 2010).
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Attached is a figure with transfer debt for 'Big 6' clubs, with data from 2016 to latest available for each club. LFC have kept transfer debt modest; MUFC, THFC, and AFC utilizing transfer debt a little more heavily the past few years.
Many clubs are using the credit card to fund player acquisitions.
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@Bassman_93
@Seb_Anderssen
Another ~ 3m is across Chelsea Football Club Ltd (2.7m) and Chelsea FC Merchandising Ltd (0.2m).
I think the only sub of the holdco to which there isn't visibility is Chelsea FC Pte Limited.
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A few weeks ago I provided a few threads projecting LFC financials to 31 May 24. This was the third, which projected CF & Debt. Bumping for general interest.
In coming weeks I'll revise all projections (P&L, CF, Debt, etc) for:
1. Recent comm rev news
2. Today's investment news
This thread projects cash flow and changes in debt for LFC in 23/24 assuming 4th in the PL, semis in the UEL, no further xfer activity, and no change in cash balances. There are numerous caveats to these projections, so I can’t stress enough that the aim is a directional view.
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I'm targeting next weekend for a write-up on LFC 22/23 estimates, but attached is the in-progress (subject to change slightly), which project:
- Revenue: £575m (down £20m)
- EBITDA: £82m (down £14m); proxy for cash profit
- Pre-Tax Loss of £1m (reduction of £8m from £7m profit)
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Attached is a figure with revised projected commercial revenue for LFC in 23/24 after this news update.
Another major company on board as an LFC partner. This time UPS. Between this deal, Peloton and Google, more than £35m in revenue.
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4. Everton (incl debt)
- Takeover pending / expected to be completed;
- Per reports, RMF (senior) and A-Cap (junior) lenders in unitranche facility; no visibility (that I’ve seen) into nuance of arrangement;
- TDF (Friedkin) secured by in-development BMD and 94% of shares in EFC.
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With payment structures a common topic among the LFC fanbase right now, a note that the final installment for the Diogo Jota acquisition is payable tomorrow.
The attached is from the deed where Wolves borrowed from Macquarie in DEC 2021 against remaining receivables.
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This is the third successive year where MUFC's gross transfer debt climbed notably in Q1. However, unlike the prior two jumps from summer expenditure, this time transfer financing wasn't quite as favorable, with the proportion of transfer debt due in > 24-months edging down.
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Newcastle Utd published 2022/23 financial results. This thread summarizes P&L, investment, CF, and changes in debt.
Key P&L metrics:
- Rev of £250m (£70m YOY increase)
- EBITDA of £11m (up £21m); margin of 4%
- EBIT is a loss of £81m (down £18m)
- Pre-tax loss of £73m (~ level)
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Some additional notes on the hotel sale. The cost basis of the property at transfer to Blueco 22 Properties was £21.9m (total cost of £32.2m less eliminated on disposals of £10.3m). The gain on disposal of £76.5m therefore implies a sale of £98.4m.
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I published a review of Manchester United's 2022/23 financial results on Substack. The post discusses (i) profit/(loss) metrics, (ii) investment, (iii) cash flow, and (iv) changes in debt. Content is free.
Manchester United FC: 2022/23 Financial Results
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This thread projects cash flow and changes in debt for LFC in 23/24 assuming 4th in the PL, semis in the UEL, no further xfer activity, and no change in cash balances. There are numerous caveats to these projections, so I can’t stress enough that the aim is a directional view.
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This is one for NUFC fans. NCUK Investment Ltd's financials will be available soon (likely w/in 24 hrs; despite 10 day disclaimer). This is the holdco established by PIF for ownership. The acct period was extended, so financials will cover an 18 month period (31DEC20 to 30JUN22).
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An interim update to the Crystal Palace ownership arrangement with some lending details. More updates to come once Eagle Football publishes financials (due for submission to CH on 30 June). Ares is lending to Eagle entities at rates ranging from 13.3% to 16.0% as of 31 Mar 2024.
Updated ownership chart for Crystal Palace to include the Eagle Football Holdings shareholder break-out and a table with beneficial ownership in the club.
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11. Tottenham
- Good financial transparency for Tottenham Hotspur Limited and various subsidiaries for conducting analysis;
- Less transparency into ownership higher in structure given ENIC/Tavistock domicile and high % of beneficial ownership in Lewis/Levy offshore trusts.
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An update already to the Chelsea FC ownership outlay. I incorrectly listed the ultimate parent undertaking (highlighted in green).
I'll update from time to time, but attached is an ownership chart for Chelsea FC (ownership reads top to bottom):
- Blue-highlighted are football clubs
- Orange-highlighted is the holdco evaluated for PSR compliance
- The hotel property movements that aided compliance are noted
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This isn’t a defense of recent FSG decisions, but I see this a lot and to be factual:
- FSG have injected net £136m as of latest accts (although this will edge down as Main Stand loan repaid further)
- £65m of FSG funding (loan bal of £69m) pre-MS project was converted to equity.
@sonofanfield1
Still can't believe ppl here think fsg have ever pit their own money into the club
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Hopefully these figures add value for those interested in ownership arrangements for specific clubs (or in general). When I review financials for clubs or holdcos (or cite a recent non-financial filing of note), I'll highlight or outline the legal entity in focus for orientation.
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Mo hits on the growth drivers in the thread, but here is a figure I put together on commercial revenue covering the 2016-2022 period for additional context.
Liverpool's overall commercial revenue the last few years has been as follows:
16/17: £137m
17/18: £154m
18/19: £188m
19/20: £217m
20/21: £218m
21/22: £247m
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Updated 2023/24 estimated PL distributions attached. Notable estimated YOY changes:
- Increases: CFC (+£19.5m); West Ham (+£16.1m); Villa (+£12.3m); AFCB (+£11.3m); THFC (+£10.8m)
- Decreases: Brentford (-£17.4m); BHAFC (-£15.5m); MUFC (-£14.4m); Fulham (-£12.2m); NUFC (-£11.7m)
Based on the table through MD37 and finalized TV selections for MD38, attached are (as it stands) estimated PL distributions by club for 2023/24. The column on the far right provides the estimated year-over-year change in PL income.
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I'll update from time to time, but attached is an ownership chart for Chelsea FC (ownership reads top to bottom):
- Blue-highlighted are football clubs
- Orange-highlighted is the holdco evaluated for PSR compliance
- The hotel property movements that aided compliance are noted
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In addition to the unexplained £43.7m profit booked by Chelsea FC Holdings, it is interesting that Blueco 22 Properties accts cite a fair value of inv property of £98.4m, while the two holdcos up the ownership chain (with 100% ownership) cite a lower FV of inv property of £62.5m.
More questions arise over Chelsea’s hotel sale - we now know that up to March 5 PL had not signed it off.
Plus:
➡️ Is this the return of crony culture at FIFA?
➡️ No MUFC, LFC or Arsenal in new Club World Cup- but RB Salzburg get there
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7. Manchester City
- Diagram focused only on the UK segment of City Football Group;
- Sheikh Mansour control w/ all other beneficial owners passive;
- Silver Lake hold preference shares w/ downside protection on exit, which seems to be a common structure to draw US PE investment.
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Given mention of the reported £100m + £50m offer for Salah from KSA last summer, a note that LFC likely didn’t receive the reported g’teed amts for Fab (£40m) + Hendo (£12m). Per SEs (01 Jun to ~ 27 Sep 2023), LFC’s sale profit was £19m. Rem book value unlikely to explain diff.
Mo Salah’s sense of frustration has been growing in recent weeks and it boiled over at the London Stadium.
Analysis of an unseemly touchline spat with Jurgen Klopp, a public show of disrespect, and what the future holds for the Egyptian at Anfield.
#LFC
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Updated 21/22 P&L estimates for LFC (post-Deloitte FML report):
- EBITDA of £107m; not record-breaking despite record revenue due to poorer wage control
- EBIT of £4m; in-line w/ pre-covid
- Profit before tax of £26m; slightly below pre-covid due to modest profit on disposals
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I previously put forth (rough) estimates for 31 May 23 and projections for 31 May 24, which had financial debt increasing and liquidity on hand decreasing (a key element of liquidity on hand is capacity to borrower on the revolver).
BREAKING NEWS: FSG have confirmed the sale of a minority stake in Liverpool FC to New York-based private equity firm Dynasty Equity. Investment understood to be worth in the region of $150m and will be used to pay down the club's bank debts.
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The 2024 Deloitte Football Money League report has been published (2022/23 accounts). There were 8 PL clubs in the top 20 (prior year: 11) and 14 in the top 30 (prior year: 16) by revenue.
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I'll update this as acquisitions, sales, and loans are confirmed, but the attached has estimated base wage changes for LFC from 22/23 to 23/24 as it stands. Plenty of caveats (not all base wage reports reliable, wage bill heavily-variable, etc), but something I track nonetheless.
(🟢) NEW:
Dominik Szoboszlai will earn in the region of £120k per week at Liverpool. -
@_pauljoyce
#LFC
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I plan to provide a lengthy thread with results across P&L, investment, cash flow, and changes in debt the day results are published. A couple days later I plan to provide a full write-up on Substack (figures largely redundant w/ Twitter thread but more expansive commentary).
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I published the second entry in the three-part series estimating Liverpool’s 22/23 financials, with this post centered on player investment and infrastructure investment. The link is below, with a short thread to follow with a few figures.
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With data pertaining to LFC in this report noted, the club will publish 2022/23 accounts in ~ one or two weeks. Typically there is a press release summarizing results around February month-end, followed by accts becoming available at Companies House for download a few days later.
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JV1 Ltd, the minority co-invest vehicle, issued 7.4m units for £7.4m (20% of £37m), indicating that the 80% PIF / 20% minority funding split was maintained (as it has been since takeover).
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Here is a table with share ownership across the Newcastle Utd ownership network, with JV1 Ltd changes over the year highlighted. Cantervale shares unchanged from 21 Jan 2023 to 21 Jan 2024. RB Sports shares up 23.4m in exchange for £23.4m paid-in (20% share of total to NUFC).
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In addition to the charge over Everton Stadium Development Limited property (BMD), TDF Capital Management LLC (Friedkin Group) also has a charge over Blue Heaven Holdings Limited's (Moshiri) shares in Everton Football Club per BHH filings in the Isle of Man.
Freidkin loan charge appears on Companies House. Blythe will disappear in the next few days
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As expected, the filing of £57m paid-in at PZ Newco (which flowed into NUFC) posted to Companies House. Maintains the split of 80% PIF / 20% Reuben & Staveley. I expect the NUFC ownership split is as such after this injection:
- 80% PIF
- 13.3% Reuben
- 6.7% Staveley
@NUFCgallowgate
@KieranMaguire
@clmandhk
The £11.4m is total across Reuben & Staveley. The last two injections at JV1 have been Reuben-only, so if this is Reuben-only as well, then Staveley will be at ~ 1/3 in JV1. As it pertains to NUFC, I expect we'll see a £57m allotment at PZ Newco soon (£11.4m JV1; £45.6m NCUK).
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3. Crystal Palace (incl holdco debt w/ EFH)
- No majority owner by shares or voting;
- Subject to change w/ EFH looking to exit;
- Rate on EFH debt is high (even compared to Chelsea holdco debt) but PIK;
- Detail to be added when EFH's financials as of 30 June 2023 are published.
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10. Southampton
- Relatively straightforward ownership arrangement (by modern day football club ownership standards);
- Good visibility with all entities UK domiciled and Sport Republic owned by natural persons.
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Based on data available, the attached provides select 10-year revenue trends for PL clubs:
- Growth since 17/18 similar across top, 6th, & median (21% to 23%; ~ 4% p.a.); lower vs 13/14 to 17/18 growth.
- 22/23 lowest TBD; highest v lowest ratio likely to widen slightly.
The 2024 Deloitte Football Money League report has been published (2022/23 accounts). There were 8 PL clubs in the top 20 (prior year: 11) and 14 in the top 30 (prior year: 16) by revenue.
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MUFC had £100m drawn from £300m in limits on revolving credit facilities at 30 June 2023, but that has subsequently increased to £260m in usage as of 10 October 2023 via draws in July, August, and October.
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@lubomerkov
100%. And, in contrast to the common narrative that FSG don't spend beyond what is made, they have injected funds for infrastructure projects that benefit the club considerably over the long-term.
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@TasonJindall
@TFMick1892
Her dilution has been occurring since Jan '22 via not participating in capital injections (rather than recent sales). The Reubens haven't acquired any of her shares (to date), but they loaned her the funds to acquire her stake and hold a security interest over her shares.
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Of all the gripes to have about FSG (and there are fair criticisms to be made), this one is a bit odd.
Manchester United’s global reach and popularity grew in leaps and bounds during Sir Alex Ferguson era when they were dominating. The same could have happened here at Liverpool under Klopp but we have FSG as owners.
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@LFCTransferRoom
@TheAthleticFC
The article says that FdJ expects Barca to try to sell him, but that he has no intention of leaving.
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Updated tracker of domestic live TV appearances through MD 26, w/ 70% of total selections made (70 of 200). Tottenham still the most-frequently selected. Slightly odd to see Brighton in the bottom-quartile (top half side competing in UEL; every PL match this season w/ 2+ goals).
📺 Fixture amendments and matches selected for live TV broadcast in the UK (3 Feb - 26 Feb) are confirmed
➡️
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The attached figure provides paid-in by owner segments including acquisition. PIF has paid in 80%, Reuben 14%, and Staveley 6%, with Staveley (Cantervale) borrowing the funds from Reuben (RB Sports).
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To follow-up on my early 23/24 P&L projections for LFC, this thread will provide projections for total investment (player + infra). As it stands, I’m projecting inv by cost of ~ £147mm (player registrations: £115m; infra: £32m), taking the proj to ~ £291m across 22/23 and 23/24.
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@jamesbenge
For general interest, here are the numbers for 'Big 6' individually and PL in aggregate from October 1 2015 to January 31 2022.
Man City £174.0m
Chelsea £168.9m
Liverpool £165.2m
Man Utd £154.2m
Arsenal £83.7m
Spurs £71.0m
Total PL: £1,500m (Big 6 share is 54.4% of total)
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@RevivedDanny
It remains to be seen how accurate my estimates are, but I’m not too alarmed w/ the proj pre-tax loss despite a 59% wage to rev estimate. Going forward (beyond further wage rebalancing) I expect other cash op exp / rev to edge down a little and player sale profit to be higher.
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12. West Ham United
- No control entity/person;
- 1890S Holdings segment (27.0%) is notably complex;
- Diagram assumes Tripp Smith wholly-owns WHU LLC, but not verified (poor transparency into private entities in the US).
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For orientation, Cantervale Ltd's location within the overall Newcastle Utd ownership outlay is highlighted in the attached. It is worth noting that RB Sports is also secured by fixed & floating charges over assets of Cantervale Holdings Ltd (concurrent reg of charges filed).
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This isn't a defense of FSG, but your periodic reminder that the true net cost related to player registrations (i.e. net spend in club accounts) is considerably higher than this figure and, by and large, sources like this aren't great for true transfer spend.
FSG are about to transform their Liverpool strategy as net spend truth emerges
#LFC
By
@_DavePowell
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With so much discussion around CFC, attached is an updated ownership chart. Only change from prior is a new Clearlake entity at top (ultimate parent undertaking) based on a recent confirmation stmt. Football clubs highlighted in blue and Chelsea FC Holdings highlighted in green.
An update already to the Chelsea FC ownership outlay. I incorrectly listed the ultimate parent undertaking (highlighted in green).
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I developed rough initial P&L projections for LFC in 23/24 to build on 22/23 estimates from May (slightly tweaked here). Projections assume PL: 4th, UEL: semis, and no further player trading for simplicity. All subject to revision. Intent is directionally-reasonable estimation.
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With respect to methodology, I project:
- Domestic pool flat w/ no change to facility fees calculation (£978k + £839k x Live TV)
- Pools for int'l & central comm slightly higher (typically seen in year 2 of cycle)
- Higher int'l equal share based on 3-year CPI; lower int'l merit
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A few figures related to LFC revenue & cash expenses. Rev growth over the past 5-years has been 63% (compound annual growth of 10%). Biggest driver commercial (81%; annual 13%). Strong broadcast growth too, but heavily influenced by no UEFA rev in baseline vs high in 21/22.
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I see similar filings (shares for £133m in cash) for entities higher in the capital structure as well (Red Football Limited; Red Football Junior Limited; Manchester United Limited), so looks like cash pushed down to club (don't know if related to earlier cash injected by SJR).
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Here is a summary of commercial growth since Klopp was hired. Some growth will reflect general industry trends, but FSG have worked hard to capitalize on popularity via (i) increased value of core contracts, (ii) breadth of partnerships, and (iii) record merchandising sales.
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This is a great catch.
The loans aren't on CCLF's reports as of end-Jun '23, so the 1LTL and 1L-DDTL originated in Aug '23 for a 10-year tenor (the schedule below is as of end-Sep '23). The final availability date to fund the 1L-DDTL isn't specified.
EXCLUSIVE: Chelsea's parent company, Blueco 22 appears to pay between 12.5% and 14.5% interest pa (7.28% margin on SONIA) on its borrowing (albeit the interest appears to PIK and rolled up/added to the loan).
Quite the burden.
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This article is the first I’ve seen to note that Clearlake holds a different class of securities than the Boehly group. This prompted me to look through filings to get a better grasp of the broader ownership outlay, with select elements highlighted in this thread.
EXCLUSIVE 🚨
Todd Boehly will be REMOVED as Chelsea chairman in 2027 as majority owners Clearlake plan to switch to new figurehead ❌
✍
@MikeKeegan_DM
Read more 👇
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Not a defense of FSG (far from it), but I'll note a few reasons. All data is from club accounts unless noted otherwise.
1. THFC on average generate more operating cash flow (this is after int & tax pmts, which are much higher for THFC). Their wage controls are far more strict.
Spurs spending stretches now to over £160m this summer, with no signs of stopping. No European football, less revenue than Liverpool, much smaller club, bigger debts. Why can't Liverpool at least match this level of spending?
#lfc
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