Clubs fear points deductions - but won’t share the numbers that could prevent it.

Over the past few weeks, the vast majority of clubs have submitted their financial accounts for FY24 - the clearest chance yet to shed light on their Profit & Sustainability (P&S) position.

And yet, the figures that determine punishments and reshape seasons remain hidden.

⚖️ What Is P&S, Really?

At its core, P&S limits clubs to losing no more than:

• £105 million over three years in the Premier League

• £39 million in the Championship

But the calculation isn’t straightforward. Clubs can exclude certain types of investment from that loss — including:

• Youth development

• Women’s football

• Infrastructure (e.g. training grounds, stadium upgrades)

• Community and charitable programs

The rationale? To incentivise clubs to invest in the long-term health of the sport, not just short-term success. These “add-backs” are meant to reward long-term investment. But some clubs have pushed the boundaries:

• Selling their women’s teams to reclassify assets (Chelsea)

• Using accounting credits from takeovers (Bournemouth)

• Excluding promotion bonuses (many) or share sale costs (Manchester United)

P&S, in practice, is both a compliance exercise… and a creative one.

📊 What Clubs Do Disclose - And What They Don’t

Each year, clubs publish their financial statements detailing

• Their financial performance for the year (profit & loss)

• Their financial position at year-end (balance sheet).

Some also include strategic commentary about the club’s direction.

As legal entities, clubs must provide a business review — including Key Performance Indicators (KPIs) to assess performance against objectives

Typically, these come in 2 flavours: non-financial KPIs & financial ones.

• Non-financial: League position, Cup performance, attendance

• Financial: revenue, profit, wage control

More than half of clubs in the top two divisions disclose these confidently.

But the one KPI that determines whether a club gets docked points - their PSR position - is almost never disclosed.

If this rule changes league tables, why is it still a black box?

🧮What’s submitted but not shared

Each season, clubs have to submit a formal calculation detailing their P&S losses

Despite the calculation being publicly available, almost no clubs disclose their actual figures. Even those who refer to PSR as a “core KPI” — like Chelsea and Arsenal — stop short of showing their working.

Only one club has dared to publish the full calculation.

💸 The Ipswich exception

Ipswich Town are the only club in the top two divisions to document their full PSR position in their accounts.

Their published return included:

• A breakdown of add-back spending

• A clear note that £16 million in promotion bonuses was excluded from their P&S total

One club proved it’s possible to be transparent without the system collapsing.

🧠 Why It Matters: Sanctions Are Already Shaping the Season

In just the past 2 seasons, we’ve seen

• Everton and Nottingham Forest docked points.

• Leicester City were charged, but escaped on jurisdictional grounds

• Many other clubs reportedly close to the wire

PSR is no longer theoretical. It’s changing league positions, dictating transfer policy, and influencing executive decisions.

Yet fans are left guessing how close their clubs are to the edge.

💼 The Rise of a Second Transfer Deadline

With June 30 marking the financial year-end, a second transfer deadline has quietly emerged:

Clubs are now:

• Swapping players at inflated values

• Selling academy products for instant profit

• Timing deals around the cutoff date

These moves aren’t about football. They’re about compliance.

And this second window exists precisely because clubs are struggling to meet P&S requirements.

❓ So Why Don’t Clubs Disclose?

Some could argue that the numbers are commercially sensitive and could give away a competitive advantage. But these objections don’t hold up: we’re referring to the disclosure of historic P&S results (published 9 months after the end of the financial year).

📉 Teams penalised on numbers no one can see

Fans don’t know the score. Investors don’t know the risks. Auditors can’t verify a club’s financial stability.

But the penalties keep coming.

No one’s asking clubs to publish their spreadsheets in real time.

But if the rules can cost points, alter tables, or drive transfer decisions — the numbers should be visible.

Ipswich proved it can be done.

So here’s the question: