To be fair, clubs will try and keep as close to break even as possible and on paper, losses.
Making a profit helps no one, if we aren’t paying dividends, which we are not. We just end up paying tax.
There’s always ‘expenses’ they can push or pull to keep paper profit low, or reduce losses.
key part is where the next level of revenue comes from. We’ve reduced debt, increased stadium, got great shirt and kit sponsors, get a big share of media and even host concerts now. Other than ‘doing more’, the top clubs are all fairly similar positions now.
assuming we win nothing and make cl next season our wages will fall due to lower bonuses but revenue will probably stay level. That’ll help fund our transfers and on paper, mean we have a nominal profit/loss to keep us inside the financial rules.
potential cost would be change of coaches. That has a total immediate cost of approx 20mil by time you pay off old and sign new for the coaches and entourage.