Tessera

What is New Old Trafford worth and how it can be financed I look at potential size of New OT prize and what that may mean for funding options. Potential investors will look at stadium & #MUFC value. Putting together a financing package will be tricky, but not impossible. New report 👉 bit.ly/4vHFp67

What is New Old Trafford worth and how it can be financed

Debt, equity or hybrid investors may look at the value of the stadium project or whole club

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No Question About That@nqatpod.bsky.social · 3mo ago

Latest United Inc. out to fill the gaps between World Cup games. We go through: - Will #MUFC financial debt actually not change after this financing round? - Amazon doc and the long term strategy that might be behind it. - United won’t really save £10mn from Amorim going to Milan, will they?

United's refinancing - what, what does it mean for New Trafford, how much extra is it really costing United? We break it all down. @spgoals7.bsky.social Apple - tr.ee/nqatapple Spotify - tr.ee/nqatspotify Ad-free - tr.ee/nqatpatreon YT - tr.ee/nqatyoutube

Bouaddi being just 18 has broken my brain.

United have switched to lower cost debt which could limit headline interest cost increases. As previously discussed, more cash = more flexibility to do deals. +ve/-ve financial risks haven't changed. The march to being self-funded again continues, its critical for a new stadium. bit.ly/4e6huXQ

Baby steps to the bigger goal United’s finances are slowly improving, but full financial stability isn’t secure. This window the club are making the same bet last. Get the right Men’s players at the right cost for the near and long term. It’s critical for the financial plan. bit.ly/4afZOXe

Baby steps to the bigger goal

United’s finances are slowly moving in the right direction, but player recruitment and cost control remains critical for the rebuild

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#MUFC full interim report out. £110mn repayment on credit facility post year end. £250mn available going into the summer (consistent with my forecasts). £360mn net transfer fees owed, £209mn due in a yr. Likely fall by next results. Cash a constraint but easing. £2.7mn profit on Hojlund sale.

🚨 📉 #CFC will likely breach their UEFA Settlement agreement in 2025/26 or 2026/27 Will their elite players risk 2 years without UCL football? Will Chelsea pay them more to stay? This will define Xabi Alonso’s remit, Chelsea's long term valuation and ownership structure 👇 bit.ly/3Q5ADQo

Chelsea’s Reset: Why the Next Two Years Could Define the Clearlake Era

Will Chelsea pay their stars to stay upon a UEFA breach and no Champions League football at the bridge until 2028/29

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No Question About That@nqatpod.bsky.social · 4mo ago

Latest thoughts on #MUFC financial results available for you already with @nqatpod . We go through: - What drove the uplift in profit expectations for this season - Cash flow dynamics and why United still need to be conscious of it - Player trading (pre news on Gordon, but some thoughts on Bayern).

Latest United Inc finance show breaking down United's third quarter results @spgoals7.bsky.social - Better than expected toplines - Cash and deb still an issue - Player sales key - New sponsors Apple - tr.ee/nqatapple Spotify - tr.ee/nqatspotify Youtube - tr.ee/nqatyoutube

🔴⚪️⚫️ United were budgeting for Europa League this season and Carrick helped them outperform. Cash management now the dish of the day at #MUFC Consistent UCL qualification needed to continue the rebuild. READ MORE 👉 bit.ly/4nVTYA7

FIRST TAKE: Carrick drives better near term financials, cash constraints still present

Cash flow management continues to be the dish of the day at Old Trafford

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This is how much United should spend this summer UCL qualification was the minimum #MUFC needed for their summer rebuild. They've got £400mn+ headroom to spend but a lot of risk to manage. I think they should spend £250mn. They could go to £300mn in a positive scenario. Latest here👉 bit.ly/3PmrVwQ

This is how much United should spend this summer

United have qualified for the Champions League, it is a platform to rebuild from

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They're going to be dancing on the tables at Stamford Bridge sipping Moet as the post goal music plays (when #CFC score). Chelsea announced Moet Hennessy as Champagne supplier and a new 80 seat hospitality venue in collaboration with Bagatelle this week. www.chelseafc.com/en/news/arti...

Chelsea and Bagatelle unveil exclusive matchday hospitality experience at Stamford Bridge

Chelsea Football Club, in partnership with world-renowned hospitality brand Bagatelle, today announces the creation of the Bagatelle Experience at Chelsea Football Club, a new exclusive 80-seat hospit...

chelseafc.com

📉📈Can Chelsea’s financial model work? #CFC needs a £5.6bn valuation for a direct ROI. That's increasingly reliant on a new or bigger stadium. Near term, losses need to fall by £270mn so UEFA don’t expel them from Europe - which will probably need record player trading profits. bit.ly/4ctJliL

Can Chelsea's financial model work?

Chelsea need to reduce losses quickly to carry on playing in Europe, and then get a bigger stadium

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No Question About That@nqatpod.bsky.social · 5mo ago

Latest finance pod now out, we look at #MUFC finances in the context of what's going on elsewhere in Premier League finance world. Teaser, there are a fair few issues elsewhere.

Latest 'United Inc' podcast. The Premier League makes a lot of money... and yet most of the clubs are loss-making. What's going on? w/ @spgoals7.bsky.social In audio and video -> linktr.ee/nqatpod

Sub-Prime Goals @spgoals7.bsky.social · 6mo ago

CONFIRMED: Spurs' underlying loss significantly worsened in '24/25 24/25 pre-tax losses at £121mn. Non-wage operating costs up £42m, roughly half of the worsening losses. Last week's piece highlighting this bit.ly/4bIXRCK Underlying wage bill up 12% too. www.tottenhamhotspur.com/media/qopovw...

Sub-Prime Goals @spgoals7.bsky.social · 6mo ago

📉Spur of the moment: £350mn at stake #THFC 24/25 pre-tax losses were £128mn (UEFA) They'll have a £350mn hole to comply with Championship P&S rules Cash flow was already pressured. If ENIC need to provide more, will the Lewis family provide it all or will Levy be asked for his share? bit.ly/4bIXRCK

Spur of the Moment, the Cost of a Season: £350m at Stake

UEFA showed Tottenham's losses are widening when their cash flow can't cover their transfer obligations, it has significant implications for the club and its ownership

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Sub-Prime Goals @spgoals7.bsky.social · 6mo ago

Hi @makemufcgreatagain.bsky.social covered this in my last post bit.ly/4cjEcLB Net transfer debts will remain high for squad rebuild - will suck up most of the cash the club generates. Cost of doing business. But if continue to recruit well and stay in the UCL we'll cycle through it.

United: Proceed, with caution

United have maximised access to cash to help negotiate in the transfer market – on and off pitch performance will still say how much they can spend sustainably

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makemufcgreatagain.bsky.social@makemufcgreatagain.bsky.social · 6mo ago

@spgoals7.bsky.social Hi Jamie… heard on Talk of the Devils we have 190m gbp of transfer debt coming due in the next 12 months… to what extent does that limit our spending activity in the summer? Because it seems enormous to me

⚠️⚽️ United: Proceed, with caution #MUFC have maximised access to cash to help negotiate in the transfer market – like paying more up front for players. On and off pitch performance will still say how much they can spend sustainably. bit.ly/4cjEcLB

United: Proceed, with caution

United have maximised access to cash to help negotiate in the transfer market – on and off pitch performance will still say how much they can spend sustainably

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No Question About That@nqatpod.bsky.social · 7mo ago

#MUFC financial results pod with @nqatpod.bsky.social we cover: - How I think we could get £250mn+ EBITDA with UCL qualification - Why matchday rev fell just £2.5mn despite 3 less games - United's negotiating power in the transfer market - Pros/Cons of falling wage bill + outlook - A bit on debt

Ed and Jamie review Manchester United’s fiscal 2026 second-quarter results. We're bullish on the top-line numbers but it's very dependent on European football... and there's a big debt refinancing on the horizon. pod.fo/e/39718c

🔴⚽️ United's cost reset taking effect, they now need the Men's team to deliver on the pitch #MUFC total wage bill set to be £300mn in 2025/26. That’s around 30% more than Arsenal when they rest (with 40% higher revenue). bit.ly/4tV3t58

United's cost reset taking effect, they now need the Men's team to deliver on the pitch

Total wages look to be reset to £300mn, the upside looks like Arsenal's resurgence but its not a given

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David Ornstein@david-ornstein.bsky.social · 7mo ago

In a world where managerial hiring and firing is increasingly costly. Reminder that #THFC paid £6.7mn to get Frank and his team from Brentford (reported today). Within a year they are probably paying at least the same again (presumably 1 yr salary) for some of those folks to leave.

🚨 EXCLUSIVE: Thomas Frank sacked as Tottenham Hotspur head coach. #THFC working through various possible contingency plans to replace 52yo Dane as club sit 14th in Premier League; 5 points above relegation zone after 2 wins from 17 matches 🚨 @theathleticfc.bsky.social www.nytimes.com/athletic/683...

Potential Glazer bid for IPL franchise…BCCI rules prohibit leveraged buyouts so how might they fund a bid: 1. Glazers head up consortium through Lancer. 2. Self-fund a bid through: A. Own cash B. Stake sale/ secured loan on Buccs. C. Stake sale in #MUFC 1 and 2B most likely. Hope it’s 2C.

#MUFC’s academy isn’t a platitude, it’s a necessity. They’ll need to let more players go than they bring in to fund a £250mn summer transfer window. That will leave opportunities for a “Class of 2026” – read more here 👉 bit.ly/4rvOgFD

United’s academy isn’t a platitude, it’s a necessity

In a world where United need to sell more players than they'll buy, it creates opportunity for a "Class of 2026"

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Bournemouth owners, Black Knight Football, acquire remaining 60% of French club L'Orient. L'Orient president mentioned a deal was potentially in the works in Nov 2025. www.cannaeholdings.com/news-release...

Cannae Holdings, Inc. Announces Black Knight Football Club’s (BKFC) Acquisition of Remaining 60% of FC Lorient | Cannae Holdings, Inc.

The Investor Relations website contains information about Cannae Holdings, Inc.'s business for stockholders, potential investors, and financial analysts.

cannaeholdings.com

No Question About That@nqatpod.bsky.social · 8mo ago

Latest episode of United, Inc. We cover: - Latest Deloitte Money League figures, inc. United's slide. - 75% of the Prem being in the list and what it means for football. - How clubs spend their money. - The commercial growth in the women's game. - Latest musings on #MUFC transfer strategy.

The 2026 Deloitte Football Money League is out. United have slipped to 4th in England, 8th overall. Thanks for your service, Malcom Glazer 🙄 Ed and Jamie break it down, and think about the financial impact of Casemiro leaving the club. @spgoals7.bsky.social buff.ly/dfD1nJ5

Had some #AVFC fans ask me r.e. squad cost position. Updated my model post Deloitte and I have them just inside the limits. Very tight c.£10mn margin on my numbers. Whisper it quietly but Villa have the 10th largest total wage bill in global football.