The Premier League’s biggest clubs recently announced their financial results for the 2024-25 season.

While football matches are decided on the pitch, these off-field results often provide clues as to the direction of the club and what transfer activity may look like in the coming years.

Manchester United, Arsenal and Liverpool all released their details at the end of February, with West Ham United joining their ranks with some surprising results.

Sky Sports reporters looked through all the club’s accounts to reveal what we can learn from each…

Manchester United need to win Champions League ASAP

• Manchester United’s profit/loss for the 2024-25 season: £33m loss
• Manchester United total revenue: £666.5 million (increase of £4.5 million)

Manchester United’s latest accounts show the importance of the club’s return to Europe. If you want Manchester United to be great again, they need to compete in the Champions League again as soon as possible.

The new expanded format means English clubs will earn between £73m and £86m from the league stage this season alone.

United are improving on and off the pitch, although it’s too early to start celebrating the latest figures they posted in New York.

For most clubs, missing Europe would be a financial disaster, but United’s finances are relatively stable – despite total debt rising to £1.29bn and no new stadium to cover such huge borrowings. Glazer’s long-term debt remains at 488 million pounds ($650 million), short-term borrowings amount to 295.7 million pounds, and transferred debt exceeds 500 million pounds.

As expected, exiting Europe meant United’s revenue fell from £341.8m to £330.7m in the six months to the end of December.

Matchday revenue fell by £2.8m to £75.7m as United played five fewer games at Old Trafford than in the final six months of last year. Rising ticket prices mean they earn more per game, and United still make more money on matchdays than any other club in England.

The departures of several high-profile players meant their wages fell by 9% in the final three months of last year to £75.1m. There was no mention of how much compensation Ruben Amorim received when he was sacked on January 5 – just after the period covered by these accounts.
Kavi Solkhkol

Liverpool spend more than Manchester City

• Liverpool’s profit/loss for the 2024-25 season: Profit £8 million (after tax)
• Liverpool’s total revenue: £703 million (increased by £89 million)

After two consecutive years of pre-tax losses, Liverpool’s profits have recovered to £15.2 million. Revenues have fallen to a record of more than £700m.

All in all, in Liverpool’s 20th league title season:

• Media revenue rises by £60m to £264m
• Matchday revenue rises from £102m to £116m
• Commercial revenue reaches £323m – an increase of £15m
• Total revenue increased by £89m to £703m
• Profit after tax increased by £8m

The biggest increase in media revenue was mainly due to Liverpool reaching the last 16 of the Champions League and winning the Premier League title compared to last year’s Europa League quarter-finals. In fact, Liverpool was the most-watched Premier League club last season.

This is also the first season the new Anfield Road stand has been fully open, resulting in an increase in matchday income. However, record revenue growth has been accompanied by a significant increase in administrative costs.

The team’s performance bonuses for winning the title, combined with contract extensions for Mo Salah and Virgil van Dijk, increases in staff numbers and general matchday administrative costs, mean staff expenses have increased by £42m to £428m.

Those costs have more than doubled since the 2016/17 accounting period and are now higher than Manchester City’s (£408m).

These figures do not take into account the £450m Liverpool spent in the summer on players such as Alexander Isak, Florian Wirtz, Hugo Ekitic, Milos Kolquez and Jeremy Frimpong – so expect those costs to increase in the next set of accounts.
Vinnie O’Connor

Chelsea earn less than their rivals

• Chelsea’s profit and loss for the 2024-25 season: Loss of £355m (pre-tax)*
• Chelsea’s total earnings: £511m*

*According to UEFA

Chelsea’s record defeat came in a season when they won the UEFA Europa League and qualified for the Champions League.

They also won the expanded Club World Cup in the United States two months after the end of the 2024/25 season, earning £90 million.

in the past. Any losses would have been subsidized by former owner Roman Abramovich, but he was forced to sell the club and the regulatory environment has completely changed from the early years of the Russian billionaire’s ownership.

Chelsea’s big problem – apart from the fact that they haven’t won any recognized major trophies under their new owners – is that their revenue lags behind that of their main rivals.

Chelsea bosses face challenges on many fronts. In the short term, their priority is to qualify for the Champions League again.

While Chelsea are convinced their financial situation is improving, qualifying for the Champions League is now more important than ever.
Kavi Solkhkol

Arsenal are fit – but can they sell players better?

• Arsenal’s profit and loss for the 2024-25 season: £1.4m loss
• Arsenal’s total revenue: £691 million (increased by £75.2 million)

Arsenal are definitely on the rise financially. They will almost break even in the 2024/25 season, with a loss of just £1.4 million. This is a positive sign considering they lost over £100m four years ago.

The biggest boost for the Gunners was club-record revenue of £691m. As a fashion and merchandise specialist, Arsenal’s commercial revenue continues to boom, with annual revenue rising 19% to £264.4 million.

According to Deloitte data, Arsenal’s commercial revenue has increased by 104% since 2021, setting a new high in world football and almost twice the average commercial growth of other so-called “big six” teams.

Matchday revenue also rose to £154m, partly due to the men’s side’s run to the Champions League semi-finals, which also affected broadcast revenue – which rose to £272m last season.

That number is likely to grow in the coming season, given that Arsenal have reached the Carabao Cup final, the final stages of the FA Cup and have a good chance of reaching the European semi-finals again. The women’s team are playing more games at the Emirates Stadium than ever before, which will also boost matchday revenue.

However, there is a downside to the extra games – Arsenal reported a “dramatic” increase in costs for “other operating expenses”. This figure rose to £200.8m, an increase of £80m. The club said “increased performance costs, specific direct costs of increasing revenue, certain residual property issues and inflationary pressures” were responsible for the increase.

Last season also showed the power of Arsenal’s hard work. £106m of player sales – including “net profit” homegrown stars Emile Smith Rowe and Eddie Nketiah – resulted in a net spend of just £18m, with a total net transfer debt of £125m.

That last figure is a significant drop from last season’s £229m – which would explain why Arsenal were able to spend so much money this past summer.

Arsenal’s wage bill rose by 19%, a smaller increase than last year, but a loss of £15.2m in player value write-offs (money that cannot recover the value of certain players) points to the need to continue to sell well. They have failed to sell anyone for more than £5 million in the transfer market this season.

But with Arsenal preparing to renegotiate their Emirates Stadium catering deal this year, as well as their shirt sponsorship deal at the Emirates Stadium in 2028, there are plenty of other ways to boost revenue in the coming years. They are in a healthy state.
Sam Blitz

West Ham need to sell players – will that include Bowen?

• West Ham United profit/loss for 2024/25 season: Loss of £104.2m (before tax)
• West Ham United total revenue: £228m (down £42m)

West Ham United lost more than £100 million in the 2024/25 financial year.

Whatever happens after the season, they say they have to sell players to generate revenue. But life would be much easier if Nuno Espirito Santo could keep them in the Premier League.

West Ham said they “anticipate a liquidity shortfall in the summer of 2026”. In layman’s terms, they spend more money than they make.

Reasons for this, they said, included league status, the absence of European football and lower profits from player sales. That was before what they described as “tough but reasonable circumstances” heading into the tournament.

Thoughts immediately turned to the future of captain Jarrod Bowen. You can imagine the England international leaving if the Hammers are relegated. But do these financial figures mean that, even if the Hammers survive, the 29-year-old will have to be sold anyway?

Bowen still has four years left on his contract with West Ham United this summer and can still command a hefty fee. Other players such as Crissencio Somerville could also be used to raise funds, so what would West Ham do?
Chris Reddy

What does relegation mean to Tottenham?

• Tottenham Hotspur’s financial results for the 2024/25 season will be published at the end of March

Tottenham Hotspur’s relegation would be one of the biggest stories in Premier League history. Rival clubs were foaming at the mouth at the idea.

For a club of Tottenham’s size, reaching the Championship is simply unthinkable, but they are heading in that direction after numerous defeats.

Many say Tottenham have the best stadium in the world. Generating an average revenue of £4.5 million per game. It has been reported that some Spurs players will face pay cuts of up to 50% if relegated – but how many will stay at the club?

They will have to do away with management objectives. Has a new director of football been appointed? Season ticket pricing details have been announced. That had to be torn off too.

There are a handful of people who think relegation is a good thing because the club needs to reset – and some at board level might deserve it.

But the truth is that a few people really don’t fully understand the consequences of relegation for Spurs, and with so much turmoil in a short summer, immediate promotion is far from guaranteed.
Michael Bridge