The Swiss Ramble

The Swiss Ramble Substack, created by Kieron O'Connor, offers in-depth analysis of the financial aspect of football, focusing on the business strategies, revenue streams, and financial performance of major European football clubs. It covers a wide range of clubs and discusses topics like ownership changes, financial fair play (FFP) issues, and the impact of multi-club ownership.

Football Club Finances Ownership and Investment in Football Financial Fair Play Regulations Impact of COVID-19 on Football Finances Transfer Spending and Player Amortisation Revenue Generation and Commercial Strategies Cross-border Multi-club Ownership Financial Recovery and Sustainability in Football

The hottest Substack posts of The Swiss Ramble

And their main takeaways

Nottingham Forest's FFP Issues

471 implied HN points • 17 Jan 24
  1. Nottingham Forest is facing potential FFP issues in the Premier League.
  2. Forest's allowable losses were assessed based on their promotion and COVID-19 impacts.
  3. The club has reported significant losses, with a record deficit in the season they were promoted.

Milan Finances 2022/23

432 implied HN points • 19 Jan 24
💰 Finance Ownership Financial results Revenue growth
  1. Milan returned to profit after 17 years thanks to on-field success and financial sustainability.
  2. US investment company RedBird Capital Partners bought Milan in a multi-billion euro deal.
  3. Under new ownership, Milan's revenue streams saw significant growth and set new club highs.

Money League 2022/23

334 implied HN points • 29 Jan 24
🎾 Sports Football Revenue Performance Rankings
  1. The top 20 revenue-generating football clubs reported record earnings for the 2022/23 season.
  2. Commercial revenue surpassed broadcasting revenue as the most significant income stream for the clubs.
  3. English clubs saw a decrease in rankings within the Money League, with only one club in the top four places.

Manchester United Finances Q1 2023/24

373 implied HN points • 22 Jan 24
💰 Finance Sports Business Investments Economics Markets
  1. Manchester United announced financial results for Q1 2023/24, showing a pre-tax loss but increased revenue and profit on player sales.
  2. Revenue streams for Manchester United increased, particularly in match day, broadcasting, and commercial aspects.
  3. United's profit from player sales rose from £17m to £29m, attributed to the departure of certain players.
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Newcastle United Finances 2022/23

373 implied HN points • 15 Jan 24
🎾 Sports Finance Ownership Revenue Expenses
  1. Newcastle United's financial performance improved with new ownership, benefiting from significant investment.
  2. Despite impressive revenue growth, the club still ended up with a substantial pre-tax loss of £73m.
  3. Major revenue growth was seen in all streams, establishing new club records in commercial, match day, and broadcasting.

Luton Town Finances 2022/23

216 implied HN points • 05 Feb 24
💰 Finance Football Financial results Expenses
  1. Luton Town achieved historic success by being promoted to the top flight of English football for the first time
  2. Despite operating on a low budget, Luton Town faced a notable increase in expenses due to promotion bonuses
  3. Revenue growth for Luton Town in 2022/23 was mainly driven by a significant increase in commercial income

Stoke City Finances 2022/23

196 implied HN points • 09 Feb 24
💰 Finance Sports
  1. Stoke City faced financial challenges after relegation from the Premier League, despite being supported by bet365's wealth and receiving parachute payments.
  2. The club showed a significant financial improvement in 2022/23, with revenue flat but finding success in player sales and cost-cutting measures.
  3. Stoke's financial performance, with an £11m loss, was relatively good compared to other clubs in the Championship, ranking as the third best among eight clubs that released financial accounts.

The Swiss Ramble - Announcement

1650 implied HN points • 27 Mar 23
🎾 Sports Finance
  1. The Swiss Ramble is a blog about football finance by Kieron O'Connor.
  2. Kieron O'Connor has been writing online about football finance since 2009 and has won awards.
  3. Readers can get a 7-day free trial by subscribing to The Swiss Ramble.

Preston North End Finances 2022/23

157 implied HN points • 23 Jan 24
💰 Finance Sports
  1. Preston North End's financial results for 2022/23 show progress with a reduced pre-tax loss and increased revenue.
  2. The club managed to increase revenue from all streams, especially from match day earnings.
  3. Preston North End kept expenses in check by reducing wages and player amortisation, despite overall revenue growth.

AS Roma Finances 2022/23

137 implied HN points • 25 Jan 24
💰 Finance Finances Revenue
  1. Roma's pre-tax loss halved at €99m in 2022/23 season.
  2. Roma's revenue increased with match day revenue almost doubling.
  3. Despite improvement, Roma's pre-tax loss was still the second highest in Serie A.

Chelsea Finances 2021/22

648 implied HN points • 12 Apr 23
💰 Finance Economics Sports Ownership Revenue Expenses
  1. Chelsea's 2021/22 season saw highs and lows, including finishing 3rd in the Premier League and winning UEFA Super Cup and FIFA Club World Cup.
  2. New ownership led by Todd Boehly saw a record £481m revenue for Chelsea, with a reduced pre-tax loss of £122m.
  3. Revenue increase was boosted by fans returning to the stadium, resulting in higher match day and commercial revenues, although broadcasting revenue fell due to specific reasons.

Tottenham Hotspur Finances 2021/22

530 implied HN points • 14 Feb 23
🎾 Sports Soccer Finance
  1. Tottenham Hotspur finished 4th in the Premier League in 2021/22 and secured qualification to the Champions League.
  2. They reached the semi-finals of the EFL Cup but were eliminated in the group stage of the Europa Conference League.
  3. To read more about Tottenham Hotspur's finances, you may need to subscribe to The Swiss Ramble for a 7-day free trial.

Newcastle United Finances 2021/22

491 implied HN points • 10 Apr 23
💰 Finance Sports
  1. Newcastle United's financial performance improved after being acquired by new owners in 2021
  2. Despite increased revenue and profit on player sales, the club reported a record pre-tax loss of £73m in 2021/22
  3. Operating expenses significantly increased due to investments in the playing squad

Paris Saint-Germain Finances 2021/22

471 implied HN points • 15 May 23
🎾 Sports Finances Team performance Expenses Investments
  1. Paris Saint-Germain's finances show a significant loss despite an increase in revenue and profit from player sales.
  2. The team experienced a substantial rise in operating expenses and faced challenges with compliance to UEFA's Financial Fair Play regulations.
  3. PSG's revenue improved mainly in commercial areas, but broadcasting revenue decreased due to poor Champions League performance and deferred income.

Aston Villa Finances 2021/22

471 implied HN points • 13 Mar 23
💰 Finance Sports
  1. Aston Villa focused on maintaining their Premier League position in 2021/22.
  2. They finished 14th in the league but saw a slight drop compared to the previous season.
  3. Steven Gerrard was replaced by Unai Emery as the manager in October 2022.

QPR Finances 2021/22

471 implied HN points • 08 Mar 23
💰 Finance Sports
  1. Queens Park Rangers finished 11th in the Championship in 2021/22.
  2. Mark Warburton left as head coach at the end of the season.
  3. The club has had three replacements for Warburton since June 2022.

Wolverhampton Wanderers Finances 2021/22

452 implied HN points • 20 Mar 23
💰 Finance Sports
  1. Wolverhampton Wanderers finished 10th in the Premier League in 2021/22 season.
  2. They secured their fifth consecutive season in the top flight since promotion in 2018.
  3. Head coach Bruno Lage led the team to improvement from a 13th place finish the season before.

How Much Money Did Chelsea Really Spend?

2 HN points • 06 Feb 23
  1. Chelsea's transfer spending has been unprecedented since Clearlake Capital acquired the club in May 2022.
  2. There is talk about Chelsea's use of an accounting trick, player amortisation, to manage their spending.
  3. To read more about this topic, one can subscribe to The Swiss Ramble for a 7-day free trial.