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Owner's support critical for Boro

The authoritative Swiss Ramble provides a forensic analysis of Middlesbrough's 2021/22 finances: https://swissramble.substack.com/p/middlesbrough-finances-202122

Middlesbrough’s £19.5m loss was still fairly large, albeit better than the only other Championship club to publish 2021/22 accounts so far, namely Bristol City £28.5m.  That said, Boro’s loss was only surpassed by three other clubs in 2020/21, a year that was more adversely impacted by COVID.

Middlesbrough have now posted three consecutive losses, amounting to £86m. In this period, they have been hit by the double whammy of COVID and the end of Premier League parachute payment.  In truth, like most Championship clubs, Boro regularly lose money, e.g. eight times in the last decade. The last time they were in the top flight in 2016/17 they made a £7m profit.

One reason that Middlesbrough losses have increased in the last three years is very low profits from player trading. After £60m of gains in the three years between 2017 and 2019, they have only made £9m since then.

Middlesbrough £27m revenue is one of the highest in the Championship – if you exclude the clubs that benefit from Premier League parachute payments, whose revenue is at least twice as much.

Middlesbrough gross debt rose £19m from £129m to £148m. Almost all of this is owed to owner Steve Gibson, who increased his loan by £22m to £142m.  Since 2011 Gibson has put £151m into the club via loans, some of which have been subsequently converted into capital.  Like many other Championship clubs, Boro continues to make significant losses, so the owner’s financial support remains critical.


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