I'm no accountant but I am not afraid of a balance sheet, my takeaway from Arsenal's financial report is that soccer is still a tough business, even with record revenues it was a cash flow negative season requiring more debt to be taken on.
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Player costs have increased as expected, wages up from 234m to 328m. Amortization of player costs up from 139 to 171. That is 81% of revenue and with deductions a bit less.
It is going to be interesting how things overall shake out now that the free money era is over.
I said we would sign nobody this window because we don’t have the money unless it’s an exact summer target signed early.
1- thats not a balance sheet, it’s an income statement aka P&L
2- it’s not cash flow
3- generally amortization is a non-cash charge that is added back if you want to get to cash flow