Skip to main content

"If you want some accessible but informative insight into football then I suggest you couldn't do better than the Political Economy of Football website, which is not only intelligible but comes with the added bonus of being written by Addicks fan Wyn Grant."
Ben Hayes - Charlton Athletic programme

The Championship

Share/Save

Football clubs in great financial shape

Football clubs have never been in better financial shape, according to a study by insolvency experts Begbies Traynor.   Only two clubs show signs of financial distress.   That amounts to three per cent of the total compared with 18 per cent in 2012.

The improved performance is down to the trickle down effect of television money, but also to good housekeeping enforced by the Football League and Her Majesty's Revenue and Customs.

Cull of managers continues

The managerial merry go round continues in the Football League.   Of the 72 clubs, 42 have made managerial changes and eight clubs have made a second change of the campaign.   Charlton have had three head coaches.

At Notts County Mark Cooper replaced Jamie Fullarton only 69 days after Fullarton himself replaced Ricardo Moniz.   Cooper has been given a points target to meet if he wants to remain in post.

Big debt at Blackburn

Blackburn Rovers have announced losses of £17.2m for 2014/15, seeing their overall debt swell to £104.2m.  This includes £87m of interest free loans to owners Venky's.  The losses do represent an improvement on the £42.1m pre-tax losses recorded in 2013/14.

Blackburn manager Paul Lambert commented, 'There has to be leadership and talking about how to reduce the debt.   You can't just magic that sort of thing out of the air.'

Record profit at Burnley

In stark contrast to the poor financial results from QPR reported below, Burnley recorded a record profit of £30.1m in the financial year to June 2015.   Only Tottenham Hotspur and Manchester United had a bigger profit in the Premier League.

QPR debt rises with big loss

The latest accounts from Queens Park Rangers show that the club's holding company recorded a £45.7m loss last season despite having the benefit of Premier League television income.   They earned £65.9m from Premier League television money last season, which contributed to an overall turnover of £85.8m.

However, £38.8m was spent on players and there was a wage bill of £72.9m.   This represents 85 per cent of turnover, well above the recommended 50 per cent level.   The club's net debt, mainly in the form of loans from shareholders, has risen to £193m.

Fooling around at Fulham?

Shahid Khan may feel that he got something of a bargain when he acquired Fulham for £150m.   However, unlike the American sports he is familiar with, relegation is always a possibility.   It seems that Khan has been far from sure how to avert the threat.

I think it is very unlikely that they will be relegated, but it will need quite a change in their current form if they are going to be promotion contenders next season.

Which is the worst owner?

Which is the worst owner: Roland Duchatelet at Charlton or Massimo Cellino at Leeds United?  Both are rather eccentric individuals who are determined to do it 'my way'.   Both have fallen out with the bulk of their fans.

Charlton are almost certain to be relegated, Leeds are safe.   However, for a club with Premiership potential, lower mid-table mediocrity in the Championship is not good enough.

Contrasting styles of foreign ownership

This blog essay contrasts the style of ownership at Charlton Athletic and Sheffield Wednesday.  At Charlton, the eccentric decision-making of Roland Duchatelet and his unwilligness to engage in a dialogue with fans, or 'customers' as his chief executive has called them, has led to a vigorous campaign of fan protests.

Charlton reduce losses

Charlton's accounts for 2014-5 show that the club had a total of £46m in debt. £38m was owed to Roland Duchatelet's company Staprix, £7m to the old board and £1m to the bank.

£1m was paid in interest to Staprix during the year, according to VOTV editor Rick Everitt.

Wolves make a profit

Wolverhampton Wanderers made a profit in 2014-15, but it is dependent on parachute payments which end this year.  Pre-tax profits were £2.3m but these reduce to £700,000 when depreciation of the Molineux stadium is taken into account.

Turnover was down from £32.6m to £26.4m, largely reflecting a drop in parachute payments.   Gate money, sponsorship and advertising revenue were all up.