Chris Weatherspoon
@cweatherspoon.bsky.social
Football Finance Writer at The Athletic UK | Will write about money for football | Views are not someone else's
Rangers' losses have largely been covered by owner funding, with £11million funding from existing shareholders in 2024-25. Further £20m equity invested as part of takeover by 49ers Enterprises and Andrew Cavenagh in May
Club has received £160m owner funding since 2012 rebirth
Club has received £160m owner funding since 2012 rebirth
November 24, 2025 at 12:48 PM
Rangers' losses have largely been covered by owner funding, with £11million funding from existing shareholders in 2024-25. Further £20m equity invested as part of takeover by 49ers Enterprises and Andrew Cavenagh in May
Club has received £160m owner funding since 2012 rebirth
Club has received £160m owner funding since 2012 rebirth
Rangers have hardly skimped on transfers, spending £129million on new players in the past decade (£75m net)
Represents another key difference with Celtic, who spent £186m on new players between 2015-16 and 2024-25 but crucially recouped £195m in sales for £9m net transfer income
Represents another key difference with Celtic, who spent £186m on new players between 2015-16 and 2024-25 but crucially recouped £195m in sales for £9m net transfer income
November 24, 2025 at 12:48 PM
Rangers have hardly skimped on transfers, spending £129million on new players in the past decade (£75m net)
Represents another key difference with Celtic, who spent £186m on new players between 2015-16 and 2024-25 but crucially recouped £195m in sales for £9m net transfer income
Represents another key difference with Celtic, who spent £186m on new players between 2015-16 and 2024-25 but crucially recouped £195m in sales for £9m net transfer income
Celtic's financial advantage driven by ability to generate much higher revenue: Celtic's £143.6million in 2024-25 was £49.5m higher than Rangers
Celtic enjoy higher revenue across all streams:
• TV money £21m higher (UCL v UEL)
• Gate receipts £15m
• Commercial and other £13m
Celtic enjoy higher revenue across all streams:
• TV money £21m higher (UCL v UEL)
• Gate receipts £15m
• Commercial and other £13m
November 24, 2025 at 12:48 PM
Celtic's financial advantage driven by ability to generate much higher revenue: Celtic's £143.6million in 2024-25 was £49.5m higher than Rangers
Celtic enjoy higher revenue across all streams:
• TV money £21m higher (UCL v UEL)
• Gate receipts £15m
• Commercial and other £13m
Celtic enjoy higher revenue across all streams:
• TV money £21m higher (UCL v UEL)
• Gate receipts £15m
• Commercial and other £13m
Reduced 2024-25 loss came on the back of record £94.1million revenue, up seven per cent in the year, that growth driven by a new catering partnership agreement
Rangers' wage bill fell six per cent to £58m, leaving wages to turnover metric at 61 per cent, an eight-year low
Rangers' wage bill fell six per cent to £58m, leaving wages to turnover metric at 61 per cent, an eight-year low
November 24, 2025 at 12:48 PM
Reduced 2024-25 loss came on the back of record £94.1million revenue, up seven per cent in the year, that growth driven by a new catering partnership agreement
Rangers' wage bill fell six per cent to £58m, leaving wages to turnover metric at 61 per cent, an eight-year low
Rangers' wage bill fell six per cent to £58m, leaving wages to turnover metric at 61 per cent, an eight-year low
Rangers have been consistently unprofitable since 2012 rebirth, small surplus only arising that year due to £20.5million accounting adjustment
Since then, bottom line losses have generally tracked to underlying operating losses, with 2022-23 an outlier (£24m player sale profits)
Since then, bottom line losses have generally tracked to underlying operating losses, with 2022-23 an outlier (£24m player sale profits)
November 24, 2025 at 12:48 PM
Rangers have been consistently unprofitable since 2012 rebirth, small surplus only arising that year due to £20.5million accounting adjustment
Since then, bottom line losses have generally tracked to underlying operating losses, with 2022-23 an outlier (£24m player sale profits)
Since then, bottom line losses have generally tracked to underlying operating losses, with 2022-23 an outlier (£24m player sale profits)
Rangers FC released 2024-25 financials on Friday, disclosing a £14.9million loss last season. That was a 14% reduction on 2023-24 but still the club's 12th consecutive loss-making year
What's more, Rangers' pre-tax result was £61m worse than Celtic's £45.7m profit
What's more, Rangers' pre-tax result was £61m worse than Celtic's £45.7m profit
November 24, 2025 at 12:48 PM
Rangers FC released 2024-25 financials on Friday, disclosing a £14.9million loss last season. That was a 14% reduction on 2023-24 but still the club's 12th consecutive loss-making year
What's more, Rangers' pre-tax result was £61m worse than Celtic's £45.7m profit
What's more, Rangers' pre-tax result was £61m worse than Celtic's £45.7m profit
Absolutely loads to think about and unpack from today's Premier League votes, but here's one bit of food for thought:
PL elite massively out-earn the rest from non-broadcast sources. Anchoring would have tethered spending to the (fairer) distribution of TV money. It was rejected
PL elite massively out-earn the rest from non-broadcast sources. Anchoring would have tethered spending to the (fairer) distribution of TV money. It was rejected
November 21, 2025 at 3:59 PM
Absolutely loads to think about and unpack from today's Premier League votes, but here's one bit of food for thought:
PL elite massively out-earn the rest from non-broadcast sources. Anchoring would have tethered spending to the (fairer) distribution of TV money. It was rejected
PL elite massively out-earn the rest from non-broadcast sources. Anchoring would have tethered spending to the (fairer) distribution of TV money. It was rejected
One anchoring worry is it would hamper ENG clubs in Europe. It's valid, and may hold greater weight in the future if the PL TV deal growth slows or even reverses
But right now? Hardly any Euro clubs would have a squad cost limit higher than proposed maximum under anchoring
But right now? Hardly any Euro clubs would have a squad cost limit higher than proposed maximum under anchoring
November 20, 2025 at 4:51 PM
One anchoring worry is it would hamper ENG clubs in Europe. It's valid, and may hold greater weight in the future if the PL TV deal growth slows or even reverses
But right now? Hardly any Euro clubs would have a squad cost limit higher than proposed maximum under anchoring
But right now? Hardly any Euro clubs would have a squad cost limit higher than proposed maximum under anchoring
Premier League TV picks to February 2 now out, covering the first 24 matchweeks of the season.
160 games now picked for live broadcast, around 59 per cent of the 2025-26 season total.
Here's how those picks break down by club, inc. estimate of 'TV facility' earnings:
160 games now picked for live broadcast, around 59 per cent of the 2025-26 season total.
Here's how those picks break down by club, inc. estimate of 'TV facility' earnings:
November 20, 2025 at 3:50 PM
Premier League TV picks to February 2 now out, covering the first 24 matchweeks of the season.
160 games now picked for live broadcast, around 59 per cent of the 2025-26 season total.
Here's how those picks break down by club, inc. estimate of 'TV facility' earnings:
160 games now picked for live broadcast, around 59 per cent of the 2025-26 season total.
Here's how those picks break down by club, inc. estimate of 'TV facility' earnings:
The politics of tomorrow's votes are so intricate, there's a possibility nothing changes - with Profit and Sustainability Rules (PSR) left in place
Yet a decade of evidence shows PSR is unworthy of its name: the English pyramid lost over £6billion even with PSR in operation
Yet a decade of evidence shows PSR is unworthy of its name: the English pyramid lost over £6billion even with PSR in operation
November 20, 2025 at 9:59 AM
The politics of tomorrow's votes are so intricate, there's a possibility nothing changes - with Profit and Sustainability Rules (PSR) left in place
Yet a decade of evidence shows PSR is unworthy of its name: the English pyramid lost over £6billion even with PSR in operation
Yet a decade of evidence shows PSR is unworthy of its name: the English pyramid lost over £6billion even with PSR in operation
This, from AFC Wimbledon's recent Board Update, should be read and heeded by clubs and stakeholders up and down the land
November 17, 2025 at 9:08 AM
This, from AFC Wimbledon's recent Board Update, should be read and heeded by clubs and stakeholders up and down the land
Knew this place was a left-wing hive mind
November 9, 2025 at 6:11 PM
Knew this place was a left-wing hive mind
#NCFC were the third-highest gross spenders in the Championship this summer, dispensing with £25.3m on new additions. Net spend negative after £31.4m sales
Norwich currently second from bottom of the Championship, pointless at home and sacked manager Liam Manning yesterday
Norwich currently second from bottom of the Championship, pointless at home and sacked manager Liam Manning yesterday
November 9, 2025 at 9:19 AM
#NCFC were the third-highest gross spenders in the Championship this summer, dispensing with £25.3m on new additions. Net spend negative after £31.4m sales
Norwich currently second from bottom of the Championship, pointless at home and sacked manager Liam Manning yesterday
Norwich currently second from bottom of the Championship, pointless at home and sacked manager Liam Manning yesterday
#NCFC loss-making for fourth year running in 2024-25. Day-to-day loss at £38m, again sixth-worst in Championship per latest figs
Pre-tax loss reduced to £21m via £23m player profits
In decade to end of 2020-21 Norwich made £31m profit. Have lost £86m in four seasons since
Pre-tax loss reduced to £21m via £23m player profits
In decade to end of 2020-21 Norwich made £31m profit. Have lost £86m in four seasons since
November 9, 2025 at 9:19 AM
#NCFC loss-making for fourth year running in 2024-25. Day-to-day loss at £38m, again sixth-worst in Championship per latest figs
Pre-tax loss reduced to £21m via £23m player profits
In decade to end of 2020-21 Norwich made £31m profit. Have lost £86m in four seasons since
Pre-tax loss reduced to £21m via £23m player profits
In decade to end of 2020-21 Norwich made £31m profit. Have lost £86m in four seasons since
Glum numbers out of Carrow Road on Friday, where 2024-25 was Norwich City's first season in six without PL status or parachute payments. Revenue fell 46% to £39m
Wages down but only by 7% to £48m. Wages to turnover at 122%, sixth-highest (worst) in Championship per latest figs
Wages down but only by 7% to £48m. Wages to turnover at 122%, sixth-highest (worst) in Championship per latest figs
November 9, 2025 at 9:19 AM
Glum numbers out of Carrow Road on Friday, where 2024-25 was Norwich City's first season in six without PL status or parachute payments. Revenue fell 46% to £39m
Wages down but only by 7% to £48m. Wages to turnover at 122%, sixth-highest (worst) in Championship per latest figs
Wages down but only by 7% to £48m. Wages to turnover at 122%, sixth-highest (worst) in Championship per latest figs
Qarabag now have a point against Chelsea to go alongside wins over Benfica and København in this season's Champions League.
For an idea of how much the Azerbaijani side are punching above their weight, here are their recent wage bills in comparison to those they've taken points from
For an idea of how much the Azerbaijani side are punching above their weight, here are their recent wage bills in comparison to those they've taken points from
November 5, 2025 at 10:03 PM
Qarabag now have a point against Chelsea to go alongside wins over Benfica and København in this season's Champions League.
For an idea of how much the Azerbaijani side are punching above their weight, here are their recent wage bills in comparison to those they've taken points from
For an idea of how much the Azerbaijani side are punching above their weight, here are their recent wage bills in comparison to those they've taken points from
Barcelona have been through years of wasteful mismanagement, but the context surrounding the club and how it is member-owned is important.
Abroad, they are competing with billionaires and nation-states.
An extract from my deep dive into Barca finances:
www.nytimes.com/athletic/675...
Abroad, they are competing with billionaires and nation-states.
An extract from my deep dive into Barca finances:
www.nytimes.com/athletic/675...
November 4, 2025 at 4:16 PM
Barcelona have been through years of wasteful mismanagement, but the context surrounding the club and how it is member-owned is important.
Abroad, they are competing with billionaires and nation-states.
An extract from my deep dive into Barca finances:
www.nytimes.com/athletic/675...
Abroad, they are competing with billionaires and nation-states.
An extract from my deep dive into Barca finances:
www.nytimes.com/athletic/675...
Before getting into the intricacies of Derby County's 2024-25 financials, only right to congratulate them on an absolutely stellar front page for the annual report
November 4, 2025 at 2:42 PM
Before getting into the intricacies of Derby County's 2024-25 financials, only right to congratulate them on an absolutely stellar front page for the annual report
Premier League TV picks to January 8 now out, covering the first 21 matchweeks of the season.
141 games now picked for live broadcast, around 52 per cent of the 2025-26 season total.
Here's how those picks break down by club, inc. estimate of 'TV facility' earnings:
141 games now picked for live broadcast, around 52 per cent of the 2025-26 season total.
Here's how those picks break down by club, inc. estimate of 'TV facility' earnings:
November 3, 2025 at 1:03 PM
Premier League TV picks to January 8 now out, covering the first 21 matchweeks of the season.
141 games now picked for live broadcast, around 52 per cent of the 2025-26 season total.
Here's how those picks break down by club, inc. estimate of 'TV facility' earnings:
141 games now picked for live broadcast, around 52 per cent of the 2025-26 season total.
Here's how those picks break down by club, inc. estimate of 'TV facility' earnings:
PSG announced record €837m revenue on Tuesday, but of greater note was the wage bill in their 2024-25 UCL-winning year, down 18% to €543m
Wages are down €186m from 21-22 high (Mbappe, Messi, Neymar) - yet last season was still the sixth-highest wage bill in European football history
Wages are down €186m from 21-22 high (Mbappe, Messi, Neymar) - yet last season was still the sixth-highest wage bill in European football history
October 31, 2025 at 8:39 AM
PSG announced record €837m revenue on Tuesday, but of greater note was the wage bill in their 2024-25 UCL-winning year, down 18% to €543m
Wages are down €186m from 21-22 high (Mbappe, Messi, Neymar) - yet last season was still the sixth-highest wage bill in European football history
Wages are down €186m from 21-22 high (Mbappe, Messi, Neymar) - yet last season was still the sixth-highest wage bill in European football history
Even if #SWFC are saved, they will be another in long list of clubs outside the Premier League to have fallen into financial chaos. Losses are enormous. Financial flows need changing.
The PL and EFL *still* haven't agreed on a distribution model. It needs fixing urgently
The PL and EFL *still* haven't agreed on a distribution model. It needs fixing urgently
October 24, 2025 at 11:50 AM
Even if #SWFC are saved, they will be another in long list of clubs outside the Premier League to have fallen into financial chaos. Losses are enormous. Financial flows need changing.
The PL and EFL *still* haven't agreed on a distribution model. It needs fixing urgently
The PL and EFL *still* haven't agreed on a distribution model. It needs fixing urgently
October 15, 2025 at 5:55 PM
Premier League TV picks to December 22 now out, covering the first 17 matchweeks of the season.
108 games now picked for live broadcast, around 40 per cent of the 2025-26 season total.
Here's how those picks break down by club, inc. estimate of 'TV facility' earnings:
108 games now picked for live broadcast, around 40 per cent of the 2025-26 season total.
Here's how those picks break down by club, inc. estimate of 'TV facility' earnings:
October 15, 2025 at 5:04 PM
Premier League TV picks to December 22 now out, covering the first 17 matchweeks of the season.
108 games now picked for live broadcast, around 40 per cent of the 2025-26 season total.
Here's how those picks break down by club, inc. estimate of 'TV facility' earnings:
108 games now picked for live broadcast, around 40 per cent of the 2025-26 season total.
Here's how those picks break down by club, inc. estimate of 'TV facility' earnings:
Big development at Spurs, as ENIC, via Lewis family trust, injected £100m
ENIC funding:
• 2001-21: £24.6m
• 2022-25: £232.5m
So..
• Why now?
• What's it for?
• And what does it mean for Daniel Levy?
w/ @jackpittbrooke.bsky.social for @theathleticfc.bsky.social
www.nytimes.com/athletic/670...
ENIC funding:
• 2001-21: £24.6m
• 2022-25: £232.5m
So..
• Why now?
• What's it for?
• And what does it mean for Daniel Levy?
w/ @jackpittbrooke.bsky.social for @theathleticfc.bsky.social
www.nytimes.com/athletic/670...
October 11, 2025 at 9:58 AM
Big development at Spurs, as ENIC, via Lewis family trust, injected £100m
ENIC funding:
• 2001-21: £24.6m
• 2022-25: £232.5m
So..
• Why now?
• What's it for?
• And what does it mean for Daniel Levy?
w/ @jackpittbrooke.bsky.social for @theathleticfc.bsky.social
www.nytimes.com/athletic/670...
ENIC funding:
• 2001-21: £24.6m
• 2022-25: £232.5m
So..
• Why now?
• What's it for?
• And what does it mean for Daniel Levy?
w/ @jackpittbrooke.bsky.social for @theathleticfc.bsky.social
www.nytimes.com/athletic/670...
Mild #SAFC news here as Companies House filings detail Arvesa Corp, which held club co-owner Juan Sartori's 20% interest in Madrox Partners (remember those guys!), divested its shares in mid-August
Sartori resigned as a Madrox director in Nov 2023, and now fully disconnected
Sartori resigned as a Madrox director in Nov 2023, and now fully disconnected
October 10, 2025 at 10:07 AM
Mild #SAFC news here as Companies House filings detail Arvesa Corp, which held club co-owner Juan Sartori's 20% interest in Madrox Partners (remember those guys!), divested its shares in mid-August
Sartori resigned as a Madrox director in Nov 2023, and now fully disconnected
Sartori resigned as a Madrox director in Nov 2023, and now fully disconnected