Some highlights from the Swiss Ramble's authoritative analysis of Hull City's finances. An exhaustive analysis can be found on his Substack page. Hull have lost money in all three of the seasons since Ilıcalı bought the club, adding up to £34.3m. In fact, they have now posted losses in four of the last five years. This is in marked contrast to the preceding period, where the Allams’ tight-fisted/sustainable approach (delete as appropriate) led to the club posting profits six years out of seven. A key element of the club’s business model is to make money from player trading, so the £57m generated in the last three seasons has been very important. This marked a “return to form”, as their profit only amounted to £5m in the preceding 2-year period. Hull’s revenue has grown by an impressive £10.4m (68%) in the last three years, rising from £15.4m to £25.8m. This is easily the club’s highest revenue outside the Premier League in a season without parachute payments. It w...
European football clubs have been left on the sidelines of a deals boom that has highlighted soaring valuations for US sports franchises and underlined the challenges facing Europe’s team owners. Investors argue that a failure to get a grip on costs, as well as the constant threat of relegation, has kept a lid on European interest even as a flurry of deals in the US has underscored rising valuations in several sports. Valuations of the top men’s football teams, which are concentrated in Europe, have stagnated at just 4.2 times revenue. M&A activity in European football has dropped sharply since a spate of record-breaking takeovers in 2022, according to figures from governing body Uefa. Apollo Global Management agreed to buy a controlling stake in Atlético Madrid, Spain’s third-biggest football club, at a valuation of between €2bn and €2.5bn in 2025. The lower end of that range implies a valuation of 4.9 times its 2024 revenue. According to the most recent figures from Uefa, more t...