Includes an explanation of the two spending caps, differences for European qualifiers, what's included in the Squad Cost Ratio (and what is excluded), possible sanctions for a breach, comparisons with PSR and UEFA's regulations and much more.

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Unfortunately Tom wouldn't reschedule the gig for me

Much more detail in today's blog, including new owners, importance of player trading, European TV money, capital injection, debt to equity conversion, transfer spend, improving operating cash flow, UEFA FFP position and Scottish comparatives #RangersFC

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Rangers’ wage bill fell £3.4m (6%) from £61.2m to £57.8m, the lowest for three years. This was the second season in a row that wages have been cut, so they have come down 10% from the £64.0m peak #RangersFC

Rangers’ revenue has grown by an impressive £41m (77%) in the last six years from £53m to £94m, which is a new club record. New highs in gate receipts and commercial #RangersFC

Rangers' pre-tax loss narrowed by £2.4m (14%), but it still came in at a hefty £14.9m. They have lost £116m in the last decade, including £32m in the last two years alone #RangersFC

Similar analysis has been prepared for all 20 clubs in the Premier League, which have been grouped into five categories: businessmen, traders, loan rangers, sugar babies or a mixed bag. Where does your club belong?

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Looking at the Premier League in last 10 years, operating activities provide a third of total funds with a similar amount from player sales. Owners provided 27% with 8% from external debt. Around 3/4 of cash was used on player purchases with 20% on infrastructure investment.

Much more detail in today's Norwich City blog, including ownership change, importance of player trading, wages, transfer spend, debt, cash flow, significant owner funding and PSR #NCFC

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Norwich’s revenue has dropped by a hefty £95m (71%) from the club record £134m three years ago in the Premier League, almost entirely due to lower TV rights deal after relegation #NCFC

Norwich have long been regarded as a club that tries to operate sustainably, posting a profit in seven of the ten seasons up to 2020/21. However, they have lost money in all four years since then, adding up to £86m in that period #NCFC

Norwich City’s pre-tax loss widened from £14.4m to £20.7m, mainly due to a steep reduction in revenue, which dropped £33.8m (46%) from £73.1m to £39.3m after parachute payments stopped. Partly offset by higher player sales and cost cutting #NCFC

A warning that this is a bit of an epic, as there is so much going on at Barcelona, so you might need an espresso (or two) 😉

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Much more detail in today's Barcelona blog, including revenue growth, economic levers, player trading, Champions League, stadium development, huge debt, PSR, comparatives against Spanish and European clubs, numerous restatements, etc.

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To highlight Barcelona's new found frugality, their €490m gross transfer spend in the last five years was less than half of the €1.2 bln in the preceding 5-year period. Indeed, net spend in the last two years was just €3m.

Barcelona set a new revenue record of €916m, overtaking €852m pre-pandemic peak, despite playing at the Olympic Stadium, mainly due to significant commercial growth.

The club's revenue definition of €994m includes €43m gain on player sales and €35m provisions movements.

To get a good understanding of Barcelona’s underlying position, we need to adjust for all the exceptional items, which highlights the impact of the economic levers and special provisions.

The small €8m loss last season represented a return to some sort of normality to Barcelona, as the net impact of exceptional items was relatively small. The club said that this would continue in 2025/26, budgeting a €5m pre-tax profit.