There is in general an approximate relationship between a club’s budget and on pitch performance, but there are always outliers who do better or worse than the figures suggest. Brentford are the classic example of over performance.
For me Brentford are epitomised by someone I know who has
lived in the same house in Acton all his life and been a loyal Bees
supporter. Other options are, of
course, available in West London: two in the Premier League and one in the
Championship.
The following analysis presents highlights from the latest
analysis of Brentford by the authoritative Swiss Ramble who reckons the club
are at a crossroads given recent ownership changes.
The reality is that despite significant increases in wages
and transfer spend, Brentford are still operating with one of the lowest
budgets in the division, so they have done very well to flourish in the top
flight. It should be acknowledged that
there has been much growth at Brentford, given that they were playing in League
One just 12 years ago. Since then, they have consistently outperformed,
demonstrating an ability to beat the odds as they progressed up the divisions.
The price of competing in the Premier League was highlighted
by Brentford’s pre-tax loss almost tripling from £7.9m to £20.5m, despite
revenue increasing by £6.6m (4%) from £166.5m to a new club record of £173.1m. The revenue growth was driven by a higher
finishing position in the Premier League, which led to an increase in
broadcasting of £12.0m (9%) from £127.5m to £139.5m. The club has said that the TV money is
“fundamental to our business model”, which is evident, as it accounted for a
hefty 81% of total revenue in 2024/25.
Brentford’s £173m revenue is still one of the lowest in the
Premier League, miles below the Big Six. The top five clubs all earned more
than three times as much as Brentford, led by Liverpool £702m, Manchester City
£694m and Arsenal £690m, while Chelsea’s £491m was more than £300m higher.
Brentford’s £21m commercial income is yet again towards the
lower end of the Premier League. The difference with the Big Six clubs is
absolutely enormous, e.g. three clubs generate more than £300m, namely
Manchester City £340m, Manchester United £340m and Liverpool £307m, while sixth
placed Chelsea’s £201m was nearly ten times as much as the Bees.
After posting profits in their first two seasons after
promotion from the Championship, Brentford have now lost money in each of the
last two seasons. In fact, their bottom line has declined three years in a row.
Brentford only generated £10m profit from player sales in
their first two seasons in the Premier League, as they did not need to sell to
balance the books, but the net gain has significantly increased to £52m in the
last two years.
This basically represents a return to the club’s strategy in
the Championship, where large player sales profits were used to offset
operating losses. Indeed, in the three seasons up to 2020/21 this activity
generated an impressive £96m.
One strong sign of the club’s development is that they
featured in the Deloitte Money for the first time. This ranks clubs globally by
revenue with Brentford’s £173m earning them 28th place in last season’s
edition. To a certain extent, this only
reflects the financial strength of the Premier League, which has contributed
half of the top 30 clubs worldwide, but it is still a notable achievement.
Brentford’s wage bill increased by £16.4m (14%) from £114.4m
to £130.8m, setting a big new club record, as the club continued to invest in
the squad. This is to enable the team to challenge in the Premier League, one
of the most competitive leagues in the world.
Brentford’s gross financial debt increased by £34m from £98m
to £132m, driven by a higher bank loan/overdraft: up from £37m to £70m. This new financing was
to assist with player trading and further investment in the club’s
infrastructure.
Owner funding
Matthew Benham’s commitment to Brentford remained at £104m,
comprising £66m loans and £38m share capital. That included £23m of loans
specifically in relation to new stadium.
However, it is interesting to see that Benham’s commitment
has been largely unchanged since 2017. In the first two seasons in the Premier
League, it was no longer necessary for the owner to put his hand in his pocket,
but the club did need funding in the last two seasons, when it opted to
increase bank loans and take out an overdraft.
In the last five years, Brentford’s owner funding was one of
the smallest in the Premier League, miles below Chelsea £936m, Everton £750m,
Fulham £530m, Aston Villa £495m and Everton £450m.
There are clearly moves afoot in the ownership structure at
Brentford. Benham has transferred his shares in the club into a newly formed
holding company, the wonderfully named Best Intentions Analytics.
The club said that this transition was made “to enable greater
flexibility and opportunity for growth”, which is corporate speak for opening
the door to potential new investors. As
such, Brentford announced a minority investment in July 2025 by British
philanthropist and businessman Gary Lubner and British filmmaker Sir Matthew
Vaughn.
The percentage share has not been divulged, though The
Athletic suggested that this was 10% plus an option to acquire a further 15%. These changes do not necessarily imply that
Benham will exit stage left any time soon.
Brentford’s loss last season, even after setting a new club
record for revenue, perfectly illustrates the challenge for smaller clubs in
the Premier League, as they absolutely need to increase investment in the squad
to have a realistic chance of competing in the Premier League.
This season’s financial results will look much better, as
the substantial player sales last summer should lead to a return to
profitability, but it will continue to be a balancing act for the board, as
there is a risk that such improvements in the bottom line might lead to a
weakening of the squad.
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