But under the Ashley years they never posted losses and even posted small profits.
They have a 3 year window now which will be helped by Champions League football which will increase commercial revenue.
They will engineer inflated commercial deals on the back of this.
Been posting losses since 2019/20 prior to Ashley leaving. And that year was a near £70m swing from a profit to loss.
I don’t think they get a 3 year refresh. They have to still work off their rolling 3 year cycle which included big losses this year. They also have to get their wages down as it is stricter when playing in Europe except their new players are coming in on much higher wages than previously.
I fully expect inflated sponsorship deals, but there will have to be an element of them proving it is fair market value and the history of sponsorship deals would show that having one good season doesn’t jump up the cash to the levels of the scab 6. See us, see Leicester etc.