The loss on 2017/8 that dropped out of the previous 3 year rolling average was £13m though. We’ve lost £32m more so there has better be some good deductions in these accounts or I can’t see why we wouldn’t have breached.
Highlights seemed to be:
Revenue down £12m due to reduction in broadcasting revenue - likely because part of the 2019/20 revenue was withheld until 2020/21 for the accounts.
Operating loss excluded player trading was £25m, which is the key element for me. The wage bill was still unsustainable but will improve in 2022/23 and 2023/24, we have to shave another £30m off from the number in the accounts to get below the desired 70% wages to turnover threshold.
Loss on player trading was £11m, which included £11m payments to previous manager and staff, likely to be a similar number this year too. This was the last year of Sigurdsson (£8m per year) in the accounts and next year will be the end of Mina (£5.5m), Allan (£7.1m) and Doucoure (£6.6m). I have it at a gain of £6.5m next year.
Overall, heading in the right direction. If we survive FFP this year next year will be fine but we don’t make enough money for the contracts we give out.