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Reply | The Season is Done
at 10:02 19 Feb 2026
I think I’ve been positive this season. But I am struggling at the moment……our treatment of away games, the general performances since Leicester (with the odd exception), the running certain players into ground resulting in injuries to key players, the moaning about fatigue and injuries but then only making subs after 70 minutes, the managers lack of opportunities to Field and Kolli. |
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Reply | Club Accounts
at 07:17 19 Feb 2026
All those things are needed to be a successful football club. I would also say that all of them take time to build. |
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Reply | Love these guys
at 07:14 19 Feb 2026
It does seem that the “hiding” in games and his overall performance was down to a mental and “confidence” thing. He speaks about being “quiet” and needing a “safe place”, which he obviously didnt feel then. Ronnie said he was a different person. I do like the fact that Edwards, Madsen, Cook and Dunne hang out for coffee after training for some reason….old and young heads! Back to my point, Madsen seems to suggest that it’s the mental issues he had that made him play like that. Now for me, I just think, “just run around more”, but then I’ve no idea how these issues can impact you. That’s why I think we should just forget last season happened for him and move on and be happy with player we have now. Hes player of the season for me now, no question. |
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Reply | Love these guys
at 19:57 18 Feb 2026
Thanks for posting. He’s a very open lad is Madsen. |
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Reply | Club Accounts
at 16:56 18 Feb 2026
Oh yes, 100%. You don’t have to convince me on the injury front. It’s been a s.hitshow for 2 seasons now. Some injuries happen, I understand that eg Dembele. But some of the others? Williams and whoever needs to front up on that. But I also think Stephan has to take a lot of the blame. Burrell and Chair were over-played. [Post edited 18 Feb 16:56]
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Reply | Club Accounts
at 16:44 18 Feb 2026
That’s pretty much where I am but I’m not quite certain I agree we need a “big sale” this summer based on these numbers. For the model and the owners, yes. But I think we need to start making profits from player trading from summer 2027 onwards. |
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Reply | Club Accounts
at 16:37 18 Feb 2026
Hunter, my main point was really that we’ve brought in 17 players and got rid of 16. If you look at the 16, it’s not that surprising that we didn’t get much for them. Some out of contract, some a “bit old”, some need a “different league to realize their potential” and the others we sold. Dykes, Willock and Armstrong are the only ones that are playing at championship(ish) level and think we got best we could for them.
On the players in, whether it’s £20m or £25m for those 17 players, we won’t know whether it’s a good deal until we’ve sold them.
Also it does show looking at those 16 who left, what an absolute rubbish squad we had in 23/24. |
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Reply | Club Accounts
at 16:15 18 Feb 2026
Good point you raise below in terms of what is sustainable and what would the owner be “happy” with.
Again, I was looking at cashflow. It looks like our operations (excluding player transfers, financing, other investments) was £13m but we lost £5m on player transfers in the year, so thats the £20m loss.
I would think it’s difficult to move that £13m too much….say, in the £10m to £15m range. The key is for us to make that £5m loss positive. I think we should be looking at £10m loss per year. And to get there we need to be making £5m net profit from player transfers. Obviously this year, we won’t do that. So, for me it starts from next season. I think that £10m loss should be target for us. Well within FFP, gives us some room and a little bit more acceptable for our owners. |
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Reply | Club Accounts
at 14:11 18 Feb 2026
I would like to have seen what Marti would have done with this squad. I think manager might be our biggest issue at present….well 2nd to injuries. |
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Reply | Club Accounts
at 13:57 18 Feb 2026
But won’t next year be lower because we will have £6m Eze profit in the accounts? And the purchases because spread over contract lengths, shouldn’t impact as much? |
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Reply | Club Accounts
at 13:28 18 Feb 2026
The figures he includes are total spend. Those numbers are not annual or linked to contracts.
Numbers look bad for a normal business but for a championship football club and looking at FFP, I think it’s ok.
It does show what a terrible mess we were in financially and squad-wise for start of 23-24 season. |
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Reply | Club Accounts
at 13:20 18 Feb 2026
You have to look at the cash for me and the post balance sheet notes, as you’ve done in your 2nd paragraph.
You have to look at “net” otherwise we’re guessing. But We’ve no idea if/whether these will be met and we should exclude Eze £6m. So it’s £16.3m before Eze money but including Edwards, and assuming Frey and Obikwu are the same.
For that £16.3m we’ve bought Varane, Dembele, Celar, Bennie, Madsen, Poku, Mbengue, Burrell, Kone, Saito, Hayden, Adamson, Smith, Pearman, RND, Obikwu and Edwards. That’s 17 players.
We’ve sold Dykes, Kelman and Armstrong. And released a load more such as Colback, Paal, Fox, Adomah, Cannon, Archer, Gubbins, Dozzell, Drewe, McKenna, Kakay, Willock and Anderson. That’s 16 players.
With that huge turnover you are going to spend money.
You mention the Leeds game in post earlier but of that squad, team, only JCS, Field, Dykes and Chair had any “value”. Paal ran down his contract. We had 2 loans in there. Cook, Anderson and Frey - not getting much for them. We got money for Dykes. Chair and JCS have basically spent next 2 seasons injured. And the new manager doesn’t pick Field. It shows we needed a huge clear out. Now I don’t even think our squad is that great but if I look at players who have left, I don’t rate any of them at all apart from Willock and Dykes. I do think there are potentially some good players in who we have signed. But I say again, it’s no surprise we had to spend money to change squad so much. The key point is whether we can sell any of the current squad for good money.
Given Eze profit will all be in next year and the “purchase” costs will all be split over contract lengths, I don’t think there is a mad rush to sell players for FFP. However for the owners and for our “model” and to improve the squad, we do need to start selling. |
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Reply | Club Accounts
at 11:07 18 Feb 2026
Thanks. Thats why best to look at the cashflow I think. |
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Reply | Club Accounts
at 10:42 18 Feb 2026
Ah yes, that’s where the £10m comes from. But doesn’t tie to the cash paid (6m) in the accounts. So must include deferred, maybe contingent part? |
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Reply | Club Accounts
at 10:02 18 Feb 2026
Yes those numbers must include Eze and Kelman but not Edwards. But that’s £10m outflow for the transfers this year too. With Edwards that’s £14m. So Mbengue, Kone, Burrell, Saito, Poku also included. I’m not sure that’s too bad. The bigger concern is the wage bill increase.
I’m not actually sure we do need to make a profit from player sales this summer. But will wait for your podcast on this as he’ll (sorry forgot his name) is very good at breaking this down. |
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Reply | Club Accounts
at 08:54 18 Feb 2026
Well let’s look at prior years.
In 3 years before these accounts we lost £58m. We didn’t breach so we can assume that we have c£20m of allowable deductions over 3 year period. Very very high level numbers.
Loss allowable is 39m but will be 41.5m from this season onwards. |
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Reply | Club Accounts
at 08:46 18 Feb 2026
Wage increase is disappointing. I think a few on here said that would be the case. I guess that it’s partly the increased 2nd year for Cook, Anderson, Frey. Looks like extra £60k per week of wages. I guess key point will be whether Paal, Colback, Anderson, Frey, Fox were on more than the average.
The “post balance sheet” suggests that we paid out £1.5m before Edwards deal. So with Edwards it’s £6m outflow and this includes the Eze money. That said for FFP, it will look a bit better I guess as spread over a few years.
We did save 400k on wages for 1st team manager, CEO costs! |
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Reply | Club Accounts
at 08:25 18 Feb 2026
Where’s the £10m. Isn’t it £6m gross and then £5m net, page 28. |
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