Guardian examination of club finances

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Ozdec

Player Valuation: £2.5m
The Guardian do an annual review of the club finances based on the last submitted annual reports

http://www.theguardian.com/football/2014/may/01/premier-league-clubs-record-wages

It includes the clubs that were in the Premiership last year but not the new ones.

Below is a snippet covering Everton from the club by club breakdown which is here

http://www.theguardian.com/football/2014/may/01/premier-league-accounts-club-by-club-david-conn

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My thoughts - wage to turnover is too high but if what was stated at the GM that turnover is going up by approx 30m then we will have some wriggle room to add new player wages without breaking the bank.

Our debt is very manageable (Sunderland have a 78m debt on a 76m turnover for comparison but lower interest costs) at approx 50% of turnover and going to be more like 35-40% by next year.

We must do something right based on the fact we had 9th highest turnover and 10th highest wage bill in 2012-2013 season.

Arsenals turnover was 283m and paid 152m in wages. (Our main rivals by the end of this season)
Teams like, Fulham, West Ham, Villa and Sunderland all have similar Turnover/wage costs to us.


Also interesting - no directors get paid - only Wigan and us did not pay any directors.

However I wouldn't mind them getting paid a good sum if oour commercial deals were better.
 
My thoughts - wage to turnover is too high but if what was stated at the GM that turnover is going up by approx 30m then we will have some wriggle room to add new player wages without breaking the bank.

This years estimate of wage/turnover is 55%.
 
Here's the rest:

ARSENAL
Accounts for the year to 31 May 2013

Ownership: Arsenal Holdings PLC major shareholders are: Kroenke Sports Enterprises UK (registered in Delaware, owned by US resident Stan Kroenke) 62%. Red and White Securities Limited (registered in Jersey, owned by Russian resident Alisher Usmanov and Farhad Moshiri) 27%

Turnover: 2nd highest in league, £283m (up from £245m in 2012)

Gate and Matchday income: £93m

TV and Broadcasting: £86m

Retail: £18m

Commercial: £44m

Property Development: £38m

Player Trading: £2m

Wage bill: 4th highest, £154m (up from £143m)

Wages as proportion of turnover: 54%

Profit before tax: £7m (down from £37m)

Net debt: £93m

Interest payable: £14m

Highest paid director: Ivan Gazidis: £1.825m

The state it's in: With their pricey seating at 60,000 capacity Emirates Stadium, commercial income up, and £38m still being made from property development, Arsenal's income was a massive £283m. Still Arsenal argue they struggle to compete against Manchester United,Chelsea and Manchester City, with a wage bill at a sensible 54% of turnover and a profit made every year. Owned by the mostly absentee American Stan Kroenke, Arsenal abide by the "self-sustaining model", meaning shareholders made millions selling up, but are not expected to put any of their gains into the club.



ASTON VILLA
Accounts for the year to 31 May 2013

Ownership: Owned by Randy Lerner, via Reform Acquisitions LLC, a USA company.

Turnover: 10th in league, £84m (up from £80m in 2012)

Gate and matchday: £13m

TV and broadcasting: £46m

Commercial: £16m

Uefa pool money: £0.5m

Wage bill: 8th highest, £72m (up from £70m)

Wages as proportion of turnover: 85.7%

Loss before tax: £52m (following £18m loss in 2011-12)

Net debt: £189m

Interest payable: £1m

Highest paid director: £251,000 to unnamed director (Paul Faulkner is the chief executive)

The state it's in: Punishing loss for a 13th-place finish, and for the club's owner Randy Lerner, whose venture into English football ownership has been expensive. Lerner's holding company increased its lending by £42m to £179m, on top of millions already invested in shares since he bought the club in 2006. In December Lerner waived repayment of £90m in loans. The accounts state a commitment to reducing player costs overall while giving manager Paul Lambert £19m to spend on players last summer, but for Lerner the early feelgood seasons and sixth place finishes must feel like a honeymoon long ago.



CHELSEA
Accounts (of the holding company, Fordstam) for the year to 30 June 2013

Ownership: Wholly owned by Roman Abramovich, registered at Companies House as a Russian resident.

Turnover: 4th highest in league, £260m (same as 2012)

Broadcasting: £105m

Matchday: £71m

Commercial: £84m

Wage bill: 3rd highest, £179m (up from £173m in 2012)

Wages as proportion of turnover: 69%

Loss before tax: £56m (following £4m in 2012)

Net debt: £958m

Interest payable: £Nil

Highest paid director: Unnamed, £1.383m (Ron Gourlay is the chief executive)

The state it's in: Still the "trophy asset" of the Russian oligarch Roman Abramovich, funded with the fruits of the fortunes he grasped buying vast, previously nationalised oil assets cut-price, in former president Boris Yeltsin's privatisation sell-off. The money Abramovich has poured into Chelsea, in loans, to deliver him trophies since he bought the club from Ken Bates in 2003 nudged £1bn in 2012-13, at £984m. Neither Uefa's financial fair play rules nor the promise to have the club breaking even stemmed further spending; Chelsea's loss was £56m, and Abramovich then sanctioned since June around £50m, net, on buying more top-class overseas players.

FULHAM
Accounts for the year to 30 June 2013

Ownership: Owned by Shahid Khan, via Big Cat Holdings, a company registered in Bermuda (tax haven), and Cougar HoldCo London, registered in the UK.

Turnover: 13th in league, £73m (down from £79m in 2012)

Gate and matchday: £12m

Europa League: £0.2m

TV and broadcasting: £49m

Sponsorship and commercial: £11m

Compensation: £0.1m

Wage bill: 9th highest, £67m (up from £62m in 2012)

Wages as proportion of turnover: 92%

Loss before tax: £2m (reduced from £18m in 2012)

Net debt: £1m

Interest payable: £0.3m

Highest paid director: Unnamed, £810,000 (Alastair Mackintosh is the chief executive)

The state it's in: When Rene Meulensteen was sacked as manager after just two months and replaced by Felix Magath in February, his immediate shell-shocked reflection was that Fulham were "freaking out" about the prospect of relegation. The accounts reveal why. In the Premier League, the club the US automotive magnate Shahid Khan bought in the summer was shaped under Mohamed Al Fayed over 16 years into a tidy operation. Yet the club warns of relegation, in the accounts, as its "main commercial risk," saying: "Revenues would fall in the next two years, to a level which would not finance ongoing contractual commitments."



LIVERPOOL
Accounts for the year to 31 May 2013

Ownership: Fenway Sports Group, registered in the USA, of which John W Henry is the principal shareholder.

Turnover: 5th in league, £206m (up from £169m in 2012)

Gate and matchday income: £45m

TV and broadcasting: £64m

Commercial activities: £98m

Wage bill: 5th highest, £132m (up from £119m in 2012)

Wages as proportion of turnover: 64%

Loss before tax: £50m (following £41m in 2012)

Net debt: £114m

Interest payable: £4m

Highest paid director: Unnamed, £1.035m (Ian Ayre is the managing director)

The state it's in: Clearly and steadily reviving under the ownership of John Henry's Boston-based Fenway Sports Group, following the shambolic tenure of Tom Hicks and George Gillett. FSG, having cleared the Hicks and Gillett takeover debt, are now borrowing from banks to reballast the club – losing £50m remains significant – and the Anfield stadium expansion. They have, though, put significant money in, £69m in an interest-free loan. Liverpool still spent a net £53m after the date of these accounts on the likes of Luis Alberto, Iago Aspas, Tiago Ilori and Mamadou Sakho (injured), who have not featured greatly in the thrilling title effort.



MANCHESTER CITY
Accounts for the year to 31 May 2013

Ownership: Wholly owned by Sheikh Mansour bin Zayed Al Nahyan, via the Abu Dhabi United Group, registered in the United Arab Emirates

Turnover: 3rd highest in league, £271m (up from £231m in 2012)

Gate and matchday: £40m

TV and broadcasting: £88m

Commercial activities: £143m

Wage bill: 1st – highest in the league, £233m (up from £202m in 2012)

Wages as proportion of turnover: 86%

Loss before tax: £52m (following £99m in 2012)

Net debt: £54m

Interest payable: £4m

Highest paid director: Unnamed: £426,000 (John MacBeath was the acting chief executive)

The state it's in: The most spectacular funding and overhaul of a club in English football history. These accounts show the investment from Sheikh Mansour bin Zayed Al Nahyan, the senior member of oil-rich Abu Dhabi's ruling family, at £999,616,000, almost £1bn, in just five years since he bought financially blighted City from Thaksin Shinawatra. City have always said they will comply with financial fair play, despite headline £153m 2011-13 losses. City still spent a net £84m after June 2013, according to their accounts, on players including Fernandinho, Jesús Navas, Álvaro Negredo, Stevan Jovetic and Martín Demichelis.



MANCHESTER UNITED
Accounts for Manchester United Plc, for the year to 30 June 2013

Ownership: Owned by the Glazer family via Red Football LLC, a company registered in the low tax state of Nevada, USA, United is now registered in the Cayman Islands tax haven and listed on the New York Stock Exchange.

Turnover: 1st in league, £363m (up from £320m in 2012)

Gate and matchday income: £109m

TV and broadcasting: £102m

Commercial activities: £153m

Wage bill: 2nd highest, £181m (up from £162m in 2012)

Wages as proportion of turnover: 50%

Loss before tax: £9m (following £5m loss in 2012)

Net Debts: £295m

Interest and other finance costs: £72m

Highest Paid Director: £1.327m unnamed (David Gill was the chief executive during the year before resigning)

The state it's in: The blurb delivering these accounts is sprinkled with hubris now, hailing a league championship, record shirt sponsorship by Chevrolet, 34m Facebook followers and other triumphs. "We are delighted to have David Moyes lead our football team into a new and exciting chapter," United stated. They will be affected by the failure to qualify for the Champions League and the cost of Moyes' sacking. The Glazers' economics are now well understood; income driven up by selling multiple sponsorships, while their 2005 debt-loading takeover has cost United almost £700m in interest and fees. Yet £389m of their debt still skulks on United.



NEWCASTLE UNITED
Accounts for the year to 30 June 2013

Ownership: Mike Ashley owns Newcastle United via his company, MASH Holdings Limited.

Turnover: 7th in league, £96m (up from £93m in 2012)

Gate and matchday: £28m

TV and broadcasting: £51m

Commercial activities: £17m

Wage bill: 11th highest, £62m (down from £64m in 2011)

Wages as proportion of turnover: 65%

Profit before tax: £10m (up from £1m in 2012)

Net debt: £133m

Interest payable: £0.07m

Highest paid director: Unnamed, £177,000 (Derek Llambias was the managing director)

The state it's in: The year the Mike Ashley revival turned dour, Alan Pardew's team finishing 16th, after the excitements of fifth in 2011-12. The same facts and figures can be viewed differently by fans: sound financial management, clearly a priority now, can look like lack of ambition if few players are signed. Ashley has invested significantly in a club previously in debt under owners who made personal fortunes selling to him. But in 2012-13 £11m went to reduce Ashley's interest-free loans, to £129m, and his company, Sports Direct, pays nothing for ubiquitous advertising. This, and the Wonga sponsorship, is prompting Geordie disillusionment again.



NORWICH CITY
Accounts for 13 months to 30 June 2013

Ownership: Majority owned by Delia Smith and her husband Michael Wynn Jones

Turnover: 12th in league, £75m (up from £74m in 2012)

Gate receipts: £12m

TV and media: £50m

Catering: £5m

Commercial & other income: £8m

Wage bill: 16th highest, £51m (up from £37m in 2012)

Wages as proportion of turnover: 68%

Profit before tax: £1m (down from £16m profit in 2012)

Net debt: Nil; £7m net cash in the bank

Interest payable: £1m

Highest paid director: 1.716m paid to unnamed director (David McNally is the chief executive)

The state it's in: A stable, financially well-managed club looks like this, with owners, Delia Smith and publisher husband Michael Wynn Jones, who are fans – until such a club is relegated. The financial chasm between the Premier League and Football League means relegation is a multi-million pound trauma, even with £59m parachute payments to relegated clubs over four years. Norwich have worked hard to nurture fans' loyalty, on their Delia catering and other businesses, but memories are raw of relegations to League One after their 2004-05 Premier League season. Hence last month's sacking of Chris Hughton, and appointment of Neil Adams, in a white-knuckle effort to stay up.



QUEENS PARK RANGERS
Accounts for the year to 31 May 2013

Ownership: 66% by Tune QPR , registered in Malaysia, owned by Tony Fernandes and partners Kamarudin Meranun and Ruben Gnanalingam; 33% by Sea Dream Ltd, family holding of Lakshmi Mittal

Turnover: 18th in league, £61m (down from £64m in 2012)

Gate receipts: £8m

TV and media: £43m

Sponsorship and advertising: £5m

Commercial: £4m

Uefa and other: £0.9m

Wage bill: 7th highest, £78m (up from £58m in 2012)

Wages as proportion of turnover: 128%

Loss before tax: £65m (up from £23m loss in 2012)

Net Debt: £177m

Interest payable: £0.1m

Highest paid director: Directors of the holding company were not paid

The state it's in:

In a league generally more steadily run these days, QPR under owners Tony Fernandes and his associates feels like an overspending throwback. Loftus Road's 18,000 capacity will always struggle to support a Premier League-sized wage bill, but after promotion under Neil Warnock in 2011, Fernandes sanctioned huge expenditure for new manager Mark Hughes in 2012, then Harry Redknapp in January 2013, which did not stave off relegation. The result is the £65m loss, £110m loaned by Fernandes and partners, with the club in the Championship and a new stadium still at the early planning stage.



READING
Accounts for the year to June 30 2013

Ownership: Owned 51% by Anton Zingarevich via a company based in Gibraltar (tax haven); 49% by John Madejski.

Turnover: 19th in league, £59m (up from £15m in 2012)

Gate receipts: £9m

Commercial Income: £5m

Media and Broadcasting: £44m

Rugby and other: £1m

Wage Bill: 19th highest, £46m (up from £27m in 2012)

Wages as Proportion of Turnover: 78%

Loss before Tax: £2m (reduced from £12m in 2012)

Net Debt: £38m

Interest payable: £0.6m

Highest Paid Director: Not disclosed

State it's in: Back following relegation under the reluctant control of Auto Trader magnate Sir John Madejski, after the planned takeover by Anton Zingarevich, son of a Russian billionaire, was not completed. Zingarevich did provide £19m loans to Reading, via his Gibraltar-registered company, and bought 51% of the club in May 2012, but never fulfilled the agreement to buy the other 49%. Zingarevich has since withdrawn from involvement in Reading and Madejski is looking for another buyer, whom he says must have "deep pockets," to bear the financial cost of supporting a club at the yo-yo level of Reading.



SOUTHAMPTON
Accounts for the year to 30 June 2013

Ownership: Owned by Katharina Liebherr, resident in Switzerland, via undisclosed company structure.

Turnover: 14th in league, £72m (up from £23m in 2012)

Matchday: £17m

Premier League and broadcasting: £47m

Commercial activities: £7m

Other income: £1m

Wage bill: 18th in league, £47m (up from £29m in 2012)

Wages as proportion of turnover: 65%

Loss before tax: £7m (following £12m loss in previous year)

Net debt: £19m

Interest payable: £0.6m

Highest paid director: £2.129m paid to Nicola Cortese.

The state it's in: The stand-out figure in these unsurprisingly sensible-looking accounts is the £2.129m salary paid to the parent company's sole director, Nicola Cortese. In a sport marked by vast sums paid to chief executives, this was the highest in 2012-13. Cortese, unhappy with some plans of Saints' owner Katharina Liebherr, resigned in January despite reportedly being offered a further huge salary. Liebherr, whose father, Markus, invested in Saints' rebuilding, has since populated the board, including appointing the Canada ice hockey coach, Ralph Kreuger, as chairman. He has promised to maintain "the Southampton way" of running the club sustainably, and said Liebherr is not planning to sell.



STOKE CITY
Accounts for the year to 31 May 2013

Ownership: Owned by bet365 Group, the online gambling company controlled by Denise Coates, daughter of chairman, Peter, and family.

Turnover: Joint 16th in league, £67m (down from £71m in 2012)

Gate receipts: £7m

Sponsorship and advertising: £6m

TV and media: £46m

Conferencing and hospitality: £3m

Other: £1m

Retail and merchandising: £2m

Wage Bill:12th highest, £60m (up from £53m in 2012)

Wages as Proportion of Turnover: 90%

Loss before Tax: £31m (following £10m loss in 2012)

Net Debt: £36m

Interest payable: Nil

Highest Paid Director: Unnamed, £642,000 (Tony Scholes is the chief executive)

The state it's in: In the top league for the sixth season in a row, yet still financially reliant on the owners, chairman Peter Coates and his family. Lifelong Stoke fans and residents, they own the club via their online gambling business, bet365, which makes huge money from the country's betting explosion – taking £19bn bets in 2012-13, making £179m profit. That subsidises spending on Stoke, whose loss of £31m was principally due to the wage bill, at 90% of income, and further investment in players, including Jack Butland and Charlie Adam, principally funded by £18m from the owners. Their loans, by the financial year end, were £42m.



SUNDERLAND
Accounts for the year to 31 July 2013

Ownership: Owned by the American Ellis Short via Drumaville, a company registered in Jersey

Turnover: 11th in league, £76m (down from £78m in 2012)

Gate receipts: £13m

TV and media: £45m

Sponsorship and royalties: £11m

Conference, catering: £6m

Retail & other commercial: £2m

Wage bill: 13th highest, £58m (reduced from £64m In 2012)

Wages as proportion of turnover: 76%

Loss before tax: £13m (down from £32m in 2012)

Net debt: £78m

Interest payable: £2m

Highest paid director: Unnamed, £535,000 (Margaret Byrne is the chief executive)

The state it's in: After the narrow escape from relegation then turmoil under Paolo Di Canio's management, relegation this season is no less painful a prospect for Sunderland than it would have been last year. The club still made a significant loss, £13m, although it was reduced from the year before and efforts are clearly being made to bring the finances into shape. Ellis Short, the US private equity investor who bought the club from the original Irish investors in the Jersey-registered Drumaville consortium, was repaid £28m of his loans, while the club's bank overdraft increased by that amount, to £39m.



SWANSEA CITY
Accounts for the year to 31 May 2013

Ownership: Martin Morgan, 22.5%; Brian Katzen, 20%; Swansea City Supporters Society Limited (supporters trust) 20%; chairman Huw Jenkins 12.5%; Robert Davies 10%

Turnover: Joint 16th in league, £67m (up from £65m in 2012)

Match income: £10m

Media: £51m

Commercial and other: £6m

Wage bill: 17th highest, £49m (up from £35m in 2012)

Wages as proportion of turnover: 73%

Profit before tax: £21m (up from £17m in 2012)

Net debt: Nil; £4m cash in the bank

Interest payable: £0.05m

Highest paid director: Huw Jenkins, £250,000

The state it's in: Widely regarded as a model club, including by the Premier League's chief executive, Richard Scudamore, who said their ownership, with 20% held by the supporters trust and a fan elected on the board, is ideal. Swansea made a large profit principally from selling Joe Allen to Liverpool and Scott Sinclair to Manchester City – yet the wage bill jumped 40%, to £49m. This was the year the directors awarded the owners a handsome £2m in dividends; it was generally accepted by Swans fans, given the fairytale journey from financial ruin in 2001 which these owners, mostly local men, have effected.



TOTTENHAM HOTSPUR
Accounts for the year to 30 June 2013

Ownership: Enic International Limited, registered in the Bahamas (tax haven), owns 85% of Spurs. Joe Lewis, resident in the Bahamas, has the controlling, 70.6% ownership of Enic, with chairman Daniel Levy and family owning the other 29.4%.

Turnover: 6th in league, £147m (up from £144m in 2012)

Match receipts: £33m

TV and media: £57m

All commercial activities: £57m

Wage bill: 6th highest, £96m (up from £90m in 2012)

Wages as proportion of turnover: 65%

Profit before tax: £4m (up from £7m loss in 2012)

Net debt: £55m

Interest payable: £8m

Highest paid director: £1.658m paid to Daniel Levy

The state it's in: There is a sense that Daniel Levy's managerial sackings, of Harry Redknapp in 2012, André Villas-Boas in December, and next, almost certainly, Tim Sherwood, are displacement activities for the new stadium Spurs have been hoping to build for years. They finished fourth in 2012 under Redknapp, fifth last season under Villas-Boas, and currently sit comfortably sixth this season under Sherwood. There, for all Levy's impatience, is where they appear to belong, given the Premier League's sixth-highest income at White Hart Lane, which pays for the sixth-highest wage bill. Levy must rue the way Spurs spent the once-in-a-history £86m for Gareth Bale last summer.



WEST BROMWICH ALBION
Accounts for the year to 30 June 2013

Ownership: Majority owned by the chairman, Jeremy Peace.

Turnover: 15th in league, £70m (up from £67m in 2012)

Gate receipts: £7m

Merchandising: £3m

TV and media: £53m

Other commercial income: £7m

Wage bill: 15th highest, £54m (up from £50m in 2012)

Wages as proportion of turnover: 77%

Profit before tax: £6m (up from £0.4m in 2012)

Net debt: n/a

Interest payable: Nil

Highest paid director: Unnamed, £1,341m (Jeremy Peace is the executive chairman)

The State it's in: Exactly what is expected at the Hawthorns; a tightly run, financially healthy club, no debt, makes a profit, tries to put together the best possible team without running reckless gambles. Yet the relative success of this method, with last season's eighth place under Steve Clarke, following 11th and 10th under Roy Hodgson, has somewhat stalled. When Clarke was sacked in December the club complained of his 20% win rate in 2013 despite "substantial investment in the first team squad". That amounted to £7.5m spent net on players in the summer, including Victor Anichebe, although the wage bill jumped to £54m.



WEST HAM UNITED
Accounts for the year to 31 May 2013

Ownership: Majority owned, 86.2%, by David Sullivan and David Gold

Turnover: 8th in league, £91m (up from £47m in 2012)

Match receipts and related: £18m

Commercial: £14m

Premier League and broadcasting: £52m

Retail and merchandising: £6m

Wage bill: 14th highest, £56m (up from £42m in 2012)

Wages as proportion of turnover: 62%

Loss before tax: £4m (Down from £24m in previous year)

Net debt: £77m (up from £71m in 2012)

Interest payable: £5m

Highest paid director: Unnamed, £1.6m (Karren Brady is the executive vice-chairman)

The state it's in: The agreement by West Ham's owners, the pornography magnates David Gold and David Sullivan, secured by the relentless negotiating of Karren Brady, to occupy the Olympic stadium from 2016 is one of the most advantageous deals ever struck in the history of football. While Everton, Tottenham, Liverpool, Chelsea and others fret over the cost and logistics of expanding or building new stadiums, West Ham will move into the Premier League's third-biggest stadium, built originally with £500m public money, whose £150m conversion for them will be almost entirely public money too. This, Brady says eagerly in the accounts, "offers enormous commercial and brand opportunities."



WIGAN ATHLETIC
Accounts for the year to 31 May 2013

Ownership: Owned by Dave Whelan and family, registered in the UK

Turnover: 20th in league, £56m (up from £53m in 2012)

Premier League TV and other: £44m

Gate and matchday: £5m

Cup competitions: £4m

Sponsorship and commercial: £2m

Other: £1m

Wage bill: 20th in league, £44m (up from £38m in 2012)

Wages as proportion of turnover: 79%

Profit before tax: £1m (down from £4m profit in 2012)

Net debt: £12m

Interest payable: £0.4m

Highest paid director: Chief executive Jonathan Jackson is paid but salary not disclosed

The state it's in: Retail multi-millionaire Dave Whelan's club finally dropped out of the Premier League in 2013 with the FA Cup victory over Manchester City as a delirious farewell. Whelan, who spent £25m building the DW stadium,and wrote off the £48m cost of funding Wigan from the bottom division to the top, says that unlike other Championship clubs, he supports financial fair play rules. Whelan states in these accounts that the release of several first-team players after relegation, and selling Arouna Koné and James McCarthy to former manager Roberto Martínez at Everton, means "relegation has not affected our financial objective to break even."
 
Moyes/Martinez are so vital to our club as really we are just Stoke/Fulham/Sunderland in financial tersm
 

Moyes/Martinez are so vital to our club as really we are just Stoke/Fulham/Sunderland in financial terms

They are but.... we actually have somewhat responsible people behind the scenes handling the finances at our club too. Yes.... I know all the well documented faults and issues. The sponsorship deals could be larger, etc.

But at least we're not basket cases like QPR.
 
Our commercial activity is truly atrocious. Match day, Utd is nearly 7X more, the RS is 3X more. I've said it before and I'll say it again, instead of buying another player for say £10M and his wages of £2-£3M a year spend it on a good commercial team and start to bring in some decent money, that will more than pay for a few players each year........
 

Our commercial activity is truly atrocious. Match day, Utd is nearly 7X more, the RS is 3X more. I've said it before and I'll say it again, instead of buying another player for say £10M and his wages of £2-£3M a year spend it on a good commercial team and start to bring in some decent money, that will more than pay for a few players each year........

The lack of facilities at the club hamper the commercial revenue we can bring in. The club do the best they can. Nothing will change until we get a new stadium.
 
The lack of facilities at the club hamper the commercial revenue we can bring in. The club do the best they can. Nothing will change until we get a new stadium.

That's rubbish that mate. For instance, the RS charge more for ST's than Everton, they actively promote their 'brand' shamelessly, they sell all manner of tat to foreigners, they do decent sponsorship deals. We just give it away.....
 

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