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The year-end cash position was significantly impacted by COVID-19 and the delay to the normal season ticket renewals process with closing balances of £18.8 million (2020 - £110.0 million). The refinance was a direct consequence of the pandemic as significant elements of the stadium finance bond arrangements were linked to gate revenues.įollowing additions to player registrations at a cost of £114.8 million and amortisation charges, the book value of intangible fixed assets (player registrations) was reduced to £294.2 million (2020 - £303.5 million). Net finance charges of £39.8 million (2020 – £13.6 million) were impacted by one-off exceptional costs of £32.2 million relating to the redemption of the Group’s stadium finance bonds and their refinancing via a loan provided by the Group’s ultimate parent company, KSE UK Inc. Average annual profits on sale of player registrations over the last five years, including 2020/21, have been £42.2 million. Player trading profits continue to have a significant impact on overall profitability and the club’s ability to realise profits during 2020/21 may have been adversely impacted by market conditions with reduced overall liquidity as clubs’ acquisition budgets were impacted by the financial pressures of the pandemic. The total profit on sale of player registrations was £11.8 million (2020 - £60.1 million) and player loans amounted to £3.1 million (2020 - £3.5 million). The club incurred exceptional costs of £6.7 million in connection with staff restructuring measures taken in response to COVID-19 impacts.įinancial results - year ended May 31, 2021 Overall wage costs finished at £244.4 million (2020 - £234.5 million) with underlying growth in player wages offset by costsaving measures in response to COVID-19, including a wage reduction scheme agreed by the first-team players. Commercial revenues were slightly reduced to £136.4 million (2020 - £142.3 million) mainly as a consequence of pandemic-related factors. However, broadcasting revenues increased to £184.4 million (2020 - £118.9 million) reflecting distributions relating to the completion of the 2019/20 season and the club’s progress to the semi-finals of the Europa League (compared to exiting at round of 32 in the prior season). As a result, matchday revenue fell by some £75 million to £3.8 million.

Despite playing 31 home matches (23 Premier League, including four fixtures deferred consequent to the 2019/20 season suspension, six UEFA Europa League and two domestic cup ties) only two of these games were played with any fans present. Net interest costs (excluding exceptional items)įootball revenue for the year was £327.6 million (2020 - £343.5 million). Sale of player registrations / Loan of players Amortisation and impairment of player registrations