The authoritative Swiss Ramble takes a look at Ajax's 2017/18 accounts which cover a season when they finished second in the Eredivisie (for the fourth year in a row), but failed to qualify for the Champions League or Europa League group stages (the first time since 1990/91). Profit before tax decreased from €67m to €2m (profit after tax down from €50m to €1m), largely due to profit on player sales halving from €79m to €39m and revenue dropping €26m (22%) from €118m to €92m following the lack of income from European competition. Ajax are essentially a profitable club, reporting profits in seven of the last eight years (and the only loss in 2015/16 was less than €1m). Over that period, they have accumulated €159m profits, averaging €20m a season. All three Ajax revenue streams decreased: broadcasting fell €18m (58%) from €30m to €12m; match day was down €6m (17%) from €38m to €32m; while commercial was €2m (4%) lower at €48m. Revenue decline was partly mitigated by lower costs: w...