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spgoals7.bsky.social
Sub-Prime Goals
@spgoals7.bsky.social
Football fan writing on finance in football/sport. Have worked in banking, venture capital and most recently as a CFO.
Substack: https://spgoals.substack.com
Pinned
📈📉Does football and the #EPL have a growth problem? 🧵
- Broadcasting growth has slumped, “Netflix of football” can transform economics for EPL and fans long term.
- Without a “Netflix of football”, new commercial deal structures will be required.
- Matchday revs, the next driver of growth.
£30mn owed (excl. transfers), expiring contracts and sale options will provide a transfer kitty. So could more sponsorships. Countless footballing reasons for #MUFC to bring forward spend. But any big mistakes will slow down a full recovery. Do INEOS think that’s a gamble worth taking
bit.ly/4pM3cOX
United can spend in January, but should they?
United have further savings and incoming funds that provide the means to do business, but it might be the sort of bet that got previous regimes into trouble
bit.ly
December 5, 2025 at 1:01 PM
🐺 #Wolves on course for the lowest points total in Premier League history. Their underlying financials?

Ex. Player trading losses are £80-100mn/yr. Cash flow supported by debt and just £25mn of infrastructure investment.

Could #wwfc value drop 85% with relegation?

Subscribe here 👉 bit.ly/4awcs5k
Wolves wandering into the wilderness
The midlands side are facing the biggest threat to their Premier League status since their return in 2018. What is their underlying financial situation?
bit.ly
December 2, 2025 at 12:17 PM
One for all those who really love tue details on the rules and what they might mean. We cover:
- SCR/ SSR etc etc
- Whether it changes much for #MUFC
- How it might impact rivals.
New financial rules are here.
What are the implications for United’s rebuild?
We break it all down on the latest United, Inc. @spgoals7.bsky.social

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November 26, 2025 at 8:28 PM
A moment of reflection that might be a nice listen in the run up to today’s #MUFC game vs Spurs. We cover:
🏦 True cost of rebuilding United
🧮 Finances and PSR
🤨 Opportunity costs from a year of learning
⏳The next two years
🧱 What foundations Wilcox still needs to tweak
💰 Ruben one year on! Jamie and Ed break down the true cost of hiring Rúben Amorim, sacking Ten Hag, and rebuilding a squad under PSR pressure - plus insights from Jason Wilcox’s interview. @spgoals7.bsky.social

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November 8, 2025 at 9:23 AM
🔴⚪ #FCBayern are moving up the revenue league 🔴⚪
'24/25 revenue was €978.3mn. But excluding player sales it grew 15% to €877mn.
Winning the Bundesliga and Club World Cup prize money were major drivers alongside merchandise and sponsorships.
EBITDA grew 11% also due to minor wage bill decrease.
November 3, 2025 at 4:30 PM
Going. Going. Gone.
bit.ly/3WUwheZ
#MUFC need 10 players over two years. Squad backbone is 30+ (played 68% of available mins). Up to £500mn gross cost, current cash flows leave them c.£150mn short. No longer forced sellers, but timing sales critical to maintain momentum.
Going. Going. Gone. United’s long rebuild road still has at least another two years to go
Up to 10 players and £500mn+ in gross spend over two years, United’s hierarchy still have a lot of big decisions ahead of them
bit.ly
November 3, 2025 at 11:53 AM
#PSG 24/25 revenue of €837mn - probably keeps them Top 3 in the Football Club revenue league.
But that's only €70mn more than #MUFC and has the #UCL win and some CWC money in (c.€60mn+ boost).
Meaning other rev was down, some from Ligue 1 TV money but not spectacular.
www.psg.fr/content/le-p...
October 29, 2025 at 8:00 PM
Seat Licenses have now come to football.

Barcelona have fetched €100mn for 475 lifetime paid licenses (€210k avg price) in their renovated VIP seats in the new Camp Nou…#MUFC taking note as they look to finance a new Old Trafford (see alternative options below).

substack.com/@spgoals7/no...
The blueprint for financing New Old Trafford – unite the Club, Fans and the Community
There is an opportunity for United to again be a sporting pioneer and build long-lasting bridges with its fanbase and the community
substack.com
October 21, 2025 at 4:02 PM
Economics of a Footballer, part 1
bit.ly/47hP9sQ
📜 #EPL & #EFL players have the same standard contract.
💰 Top players get a decent deal. For the rest, clubs get the full economic control of a player without paying for it.
📈 Players need to learn their full lifetime potential to mitigate risk.
#PFA
Economics of a Footballer, part 1: Clubs control the full economic value of players, but only pay for a fraction of it
All players throughout the pyramid are governed by the same basic contracts, for most that means significant risk
bit.ly
October 20, 2025 at 10:36 AM
Reposted by Sub-Prime Goals
The no question about that podcast is excellent…. Particularly the financial episodes @spgoals7.bsky.social … Subprime goals is your man.
October 14, 2025 at 5:56 PM
A lively pod to fill the void of a week without #MUFC. Ed and I dig into:
💰Actual meaning of potential investor interest
🏟️ Paying for a right to buy a Season Ticket in New Old Trafford
⚽️The academy is all bad…?
✒️Pros and cons of Maguire contract renewal
🏆Latest Champions League win for the Reds
Rumours swirl, money talks. Ed & Jamie dig into Saudi takeover whispers, Old Trafford financing, ops hires, Maguire’s contract, and United Women’s Champions League. @spgoals7.bsky.social

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October 10, 2025 at 7:11 PM
INEOS’ cuts means #MUFC can cover near term transfer debts.
£80mn non-transfer receivables increase gives ability to spend on players going forward.
Risks aplenty, Men’s first team needs to improve to realise this planning.
If it doesn’t work it strengthens INEOS’ hand.
Full report: bit.ly/47UEmqy
September 22, 2025 at 6:18 AM
Initial take on #MUFC finances w/ @nqatpod.bsky.social:
📊Why is rev guidance so high
📈How is profit (EBITDA) growing again next year
🧮United’s financials now fixed?
🤔Implications for Amorim
💰Rev not falling that much, profit growing, Men’s 1st team wage bill cut, where's the rest of the money going?
New pod: United post record revenue… but scratch the surface and are strong foundations built on sand? Jamie and Ed on the 2025 financials: debt, transfers, sponsorships – and whether Sir Jim’s numbers add up. @spgoals7.bsky.social

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September 17, 2025 at 5:40 PM
#MUFC 4Q25 results FIRST TAKE: guidance in-line with my expectations, targeting a ‘25/26 Premier league finish of 6/7th, and will be guiding factor in any decision surrounding the first team coach.
Full report: bit.ly/42sY216
September 17, 2025 at 12:27 PM
Chelsea's heady £300mn from player sales this summer. But they still don’t have a front-of-shirt sponsor and most players they could generate a meaningful profit from are now in their first team squad. #CFC hitting UEFA’s €5mn loss target in 2026/27 feels increasingly tricky.

Report: bit.ly/3JKfpUD
September 4, 2025 at 10:47 AM
Because you haven't had enough of transfer market chat…
· #MUFC: transfer market economics, pot. a decent job?
· Liverpool: did they really ace it?
· Arsenal: a squeeze finally coming if no trophies this season?
· Chelsea: how are they doing it?
· #NUFC: have they just done a Spurs post Bale?
On the latest United, Inc podcast - Ed and Jamie dig into the the finances behind the transfer window. Audio, Youtube, ad-free for backers on Patreon. @spg007.bsky.social

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September 3, 2025 at 7:21 PM
Nottingham Forest continue to challenge the established elite. They’ve dug deep financially, and Elanga’s sales was probably crucial to complying UEFA’s financial regulations. They are showing ambition but continue to tread the financial tightrope for UEFA compliance.
Report: bit.ly/47oiGTy
September 2, 2025 at 4:04 PM
Arsenal’s £200mn Summer net spend was partly facilitated by allowing expensive players to leave for free and loans. They are as close as ever to UEFA’s 70% Squad Cost target. If trophies elude #AFC this season, Berta’s deal making will be tested so they can go again.
Report: bit.ly/3JKR9BM
September 2, 2025 at 11:10 AM
#AVFC player sales should enable UEFA financial compliance for '25/26 (losses under €5mn) and register new signings for Europa League.

But a high squad cost ratio (c.87%) still needs work. More big sales likely needed to make up the shortfall.

Full report: bit.ly/45V0Wgh
August 25, 2025 at 5:10 PM
What better way to start the weekend than with a bit of chat about #MUFC finances... We cover:
- Preview of the last few weeks of the window.
- Sponsorship deals
- New stadium funding methods
- Drag along rights
United, Inc - we cut through the noise on United’s finances. New sponsors, PSR reality, and how a new OT gets paid for. Plus market for sales, squad plan, drag-along rights, and what to watch next quarter. @spg007.bsky.social

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August 22, 2025 at 5:22 PM
A New Old Trafford financing blueprint – unite the Club, Fans and the Community
bit.ly/47bp1BN
I see a world where the Club can fund a stadium and increase the no. of tickets for regular matchgoers, allow them to partially fund and guide stadium development and leverage lucrative Hospitality seats
August 12, 2025 at 12:07 PM
If you've not already had a little listen, might be one for that Sunday evening walk or Monday morning commute. We cover:
- How did #MUFC fund the Sesko deal?
- Is a move for Baleba possible?
- Are there hidden costs to signing Baleba?
Bonus finance pod breaking down the money behind United's capture of Benjamin Sesko, whether Baleba is possible and what sales might be needed. @spg007.bsky.social

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August 10, 2025 at 5:21 PM
Nkunku and Jackson have got to go, but clubs may just say no
bit.ly/4fwicwA
#CFC have freed up £55mn UCL List A headroom but need another £32.5mn to register new signings. Garnacho means they probably need £50n
Nkunku+Jackson is c.£43mn of that. But thereafter we may see some unhappy players.
August 8, 2025 at 11:30 AM
Barcelona refinanced some stadium debt at 5.19% interest rate, lower than before. Also said they expect renovated stadium to make €247mn a year

Potentially improving environment for debt, (impo for #MUFC). Quick substack on what this means 👉 bit.ly/4nEx7sn

www.fcbarcelona.com/en/news/4297...
Is debt in football becoming cheaper?
Barcelona's stadium debt refinancing continues a trend of more advantageous rates for football clubs
bit.ly
July 3, 2025 at 7:10 PM
Might be a nice way to get through your morning or evening commute:
- some context on cash and why sell to buy might now be the order of the day.
- why are transfers taking so long.
- is there upside from a tricky window to navigate.
- other things to keep an eye on.
Latest episode of "United, Inc" with @spg007.bsky.social on United's perilous cash position, why transfers in and out are taking some time, how other moves in the market might impact United, and the importance of the youth market

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June 26, 2025 at 6:31 AM