Premier League Clubs - The Hidden Millions  

Written By Jason Stephens

Premier League clubs have increasingly adopted complex corporate structures. The 20 premier league clubs collectively have 154 registered companies, with a collective cash in bank £1,686.9 Billion while simultaneously reporting combined losses of £934.1m across two seasons 2022/23 & 2023/24

Registering multiple entities at identical addresses as observed with 100% of Premier League club serves operational efficiency but complicates financial transparency. We have seen in recent years the clubs foundation, academy, women’s team and the stadium registered as separate entities, however several clubs have more and within these (in some cases) are millions of pounds.

Subsidiaries often act as reservoirs for club assets, with 42% of the £1.686 bn cash reserves held in non-football operating entities. However, the fragmentation complicates consolidated financial reporting. Only 30% of Premier League clubs provide fully consolidated accounts, leaving regulators and stakeholders without a holistic view of club finances.

This structural separation enables clubs to:

  • Shield liquid assets from football-related financial pressures

  • Facilitate cross-entity loans at favourable interest rates

  • Allocate intellectual property rights to low-tax jurisdictions

A review in 2024 found:

  • 78% of club directors sit on multiple subsidiary boards

  • 54% of inter company transactions lack proper documentation

  • Only 12% of subsidiary financial statements undergo independent audit

Financial Fair Play

Clubs exploit regulatory fragmentation through three primary channels:

  • Revenue Splitting: Allocating commercial income to non-football entities

  • Cost Shifting: Attributing expenses to subsidiaries not subject to FFP

  • Asset Inflation: Overvaluing subsidiary-held assets used as financial collateral

Example 1

City Football Group’s 13 subsidiaries span five countries, creating a circular financial ecosystem: This structure allows intra-group transactions that inflate Manchester City’s FFP-compliant revenue by 22% annually.

Example 2

Across Tottenham Hotspurs 13 companies CiB = £375m, yet the published team accounts = loss of £113m across 22/23 & 23/24 leading to +£261.9m.

Example 3

Chelsea’s complex corporate network comprises 24 entities, including x15 registered at Stamford Bridge.2023, Chelsea reported a £121m loss while BlueCo showed £890m in cash reserves. The club transferred stadium naming rights to BlueCo through a £200 million licensing agreement excluded from FFP calculations

Information on Table 1 Below

  • Associated Companies: This refers to owners and their associated companies (other companies registered at the same address as the team / club), the numbers in brackets signify the number of  companies that have not submitted any financial information at present. 

  • Cash in bank (CiB): Total amount of money when adding all the associated companies together.

  • 22/23 & 23/24 Accounts : End of year figures (Profit and Loss) based on findings by Sports Pro Media.

Club Associated Companies CiB £m 22/23 Acc 23/24 Acc Acc Diff ±

Arsenal 10 (3) +£87.76m -£52.1m £17.7m +£17.96m

AFC Bournemouth 2 +£11.86m +£44.5m -£66.2m -£9.84m

Aston Villa 9 (4) +£28.21m -£119.6m -£85.4m -£176.79m

Brentford 3 +£16.49m +£10.9m -£7.5m +£19.89m

Brighton 12 (5) +£36.95m +£122.8m +£42.9m +£202.65m

Chelsea 14 (8) +£269.70m -£89.8m +£129.6m +£309.50m

Crystal Palace 5 (2) +£64.29m -£27.5m -£33.6m +£3.19m

Everton 5 (2) +£14.55m -£89.1m -£53.2m -£127.8m

Fulham 7 (4) +£154.41m -£26m -£33.4m +£95.01m

Ipswich 8 (5) +£5.83m -£18.2m -£39.3m -£51.67m

Leicester City 3 +£10.20m -£89.5m -£18.9m -£98.2m

Liverpool 4 (2) +£7.36m -£6.9m -£43m -£42.54m

Manchester City 8 (4) +£264.86m +£80.4m +£73.8m +£419.06m

Manchester Utd 12 (6) +£147.65m -£28.7m -£113.2m +£5.75m

Newcastle 4 (2) +£26.80 -£71.8m -£11.1m -£56.1m

Nottingham Forrest 4 (1) +£1.88 -£67.2m +£12.1m -£53.22m

Southampton 7 (2) +£28.80m -£93.5m +£5.7m -£59.0m

Spurs 12 (4) +£374.90m -£86.8m -£26.2m +£261.9m

West Ham 4 +£66.50m -£17.1m +£57.2m +£106.6m

Wolverhampton 5 +£67.9m -£67.2m -£14.3m -£13.6m

TOTAL 129 (54) +£1686.9bn -£692.4m -£241.7m +£752.75

The following commentary will look at each club separately 

ARSENAL,

Companies registered at Highbury House

  • Arsenal (AFC Holdings) Limited (Total assets £954.9m, Cash in bank £42.77m)

  • The Arsenal Football Club Limited (Total assets £1,32bn, Cash in bank £32.09m)

  • Highbury Holdings Limited (Total assets £127.7m, Cash in bank 807k)

  • ATL (Holdings) Limited (No details)

  • Arsenal (Emirates Stadium) Limited (Total assets £375.9m, Cash in bank £1.26m)

  • Ashburton Properties (Northern Triangle) Limited (Total assets £8.52m, Cash in bank Unreported)

  • Ashburton Trading Limited (Total assets £44.36m, Cash in bank £50k)

  • Arsenal Overseas Holdings Limited (Total assets £2.17m, Cash in bank Unreported)

  • Highbury Holdings Limited (Total assets £127.71m, Cash in bank £802k)

  • Arsenal Stadium Management Company Limited (Total assets £19.41m, Cash in bank £8.32m)

  • Arsenal Women Football Club Limited (Total assets £4.03m, Cash in bank £105k)

Accumulating Accounts

  • Total Assets Worth = £2,837bn

  • Total Cash in Bank = £87,76m

——

AFC BOURNEMOUTH

Companies registered at Vitality Stadium 

  • AFC Bournemouth Limited is the registered company for AFC Bournemouth Limited

  • AFC Bournemouth Limited is wholly owned by Black Knight Football Club UK Limited

Accumulating Accounts

  • Total Assets Worth = £485.3m

  • Total Cash in Bank = £11.86m

——

ASTON VILLA

Companies registered at Villa Park 

  • Aston Villa FC Limited (Total Assets £250.68m, Cash in bank £2m)

  • Aston Villa Limited (Total Assets £590.27m, Cash in bank Unreported)

  • Aston Villa Football CLub Limited (Total Assets £204.53m, Cash in bank £6.11m)

  • Aston Villa Social Enterprises Cic (Total Assets £1.5k, Cash in bank Unreported)

  • NSWE Sports Limited (Total Assets £388.61m, Cash in bank £10.55m)

  • NSWE UK Limited (Total Assets £385.12m, Cash in bank £10.55m)

  • NSWE Stadium Limited  (Total Assets £61.47m, Cash in bank Unreported)

  • 1874 Developments Ltd (Total Assets £5.73m, Cash in bank Unreported)

  • Aston Villa Foundation (Total Assets £2.17m, Cash in bank £2.01m)

  • Aston Villa Women's Football Club Limited (Total Assets £721.33k; Cash in bank £495.75k)

Accumulating Accounts

  • Total Assets Worth = £1,886bn

  • Total Cash in Bank = £28.21m

——

BRENTFORD FC

Companies registered at Brentford, Vantage London, Great West Road

  • Brentford FC Limited (Total assets £277.83m, Cash in bank £15.04m)

  • Lionel Road Developments Ltd (Total assets £21.2m, Cash in bank £14k)

  • Brentford FC Community Sports Trust (Total assets £2.78m, Cash in bank £1.31m)

Accumulating Accounts

  • Total Assets Worth = £301.81m

  • Total Cash in Bank = £16,49mm

——

BRIGHTON & HOVE ALBION FC

Companies registered at American Express Community Stadium

  • Brighton And Hove Albion Football Club, Limited (The) (Total Assets £394.94m, Cash in bank £15.16m)

  • Brighton And Hove Albion Holdings Limited (Total Assets £484.55m, Cash in bank £15.27m)

  • The Community Stadium Limited (Tony Bloom not listed) (Total Assets £213.92m, Cash in bank £111k)

  • Brighton & Hove Albion Women's Football Club Limited ((Total Assets £8k, Cash in bank Unreported)

Accumulating Accounts

  • Total Assets Worth = £1,093bn

  • Total Cash in Bank = £30,54m

Tony Bloom Data Analytics Companies

  • 2001 Blue Lizard Consulting Limited (Total Assets £97.67m, Cash in bank £1.74m)

  • 2006 Starlizard Consulting Ltd (Total Assets £22.98m Cash in bank £4.67m)

  • 2012 Blue Lizard Consulting Investments Ltd  (Total Assets £294.85k, Cash in bank Unreported)

    • Blue Lizard Consulting Ltd registered as a director

  • 2016 formed SPRINT INNOVATE LIMITED

    • 2023 changed name to Jamestown Analytics (Total Assets £1.77k, Cash in bank Unreported)

  • 2022 11wizards (U.K.) Ltd (Total Assets £66.52k, Cash in bank Unreported)

  • 2022 Lizard Ventures Limited (Total Assets £4.15m, Cash in bank Unreported)

  • 2023 Circfan Ltd (Total Assets £68.78k, Cash in bank Unreported)

  • 2023 Lizard Ventures Consulting Ltd (no accounts submitted to date)

  • 2024 Blue Lizard Consulting Services Ltd (no accounts submitted to date)

——

CHELSEA FC

Companies registered at Stamford Bridge 

  • Chelsea Football Club Limited (Total Assets £862.47m, Cash in bank £4k)

  • Chelsea FC Holdings Limited (Total Assets £1,23bn, Cash in bank £87.89m)

  • Walsingham Properties Holdings Limited (Total Assets £10.5m, Cash in bank Unreported)

  • Blueco 22 Properties Limited (Total Assets £3,14bn, Cash in bank Unreported)

  • Blueco 22 Residential Limited  (financials unreported)

  • Blueco 22 Limited (Total Assets £103.79m, Cash in bank £88.9m)

  • 22 Holdco Limited (Total Assets £3,14bn, Cash in bank £88.9m)

    • Two separate companies with identical financial information 

  • Blueco22 Midco Limited (Total Assets £145.79m, Cash in bank unreported)

  • Chelsea FC Foundation  (Total Assets £4,38m, Cash in bank £3.87m)

  • Chelsea FC Foundation Trading Company Limited (Total Assets £128.18k, Cash in bank £125.08k)

  • Stamford Bridge Securities Ltd (Total Assets £3.91m, Cash in bank unreported)

  • Chelsea Leisure Services Limited (Total Assets £2.37m, Cash in bank unreported)

  • Chelsea T.V. Limited (Total Assets £2, Cash in bank unreported)

  • The Hotel at Chelsea Limited (Total Assets £30m, Cash in bank unreported)

  • Chelsea Football Club Women Ltd  (Total Assets £1,992m Cash in bank £377k)

Accumulating Accounts

  • Total Assets Worth = Around £8,675bn

  • Total Cash in Bank = Around £269.707m

——-

LEICESTER CITY FC

Companies registered at Stamford Bridge 

  • Leicester City Football Club Ltd  (Total Assets £413.91m, Cash in bank £8.24m)

  • Leicester City Football Club Trust Limited (Total Assets £1.78m, Cash in bank £1.71m)

  • Leicester City Women Football Club Limited (Total Assets £90k, Cash in bank £5k)

  • Vichai Srivaddhanaprabha Foundation Limited (Total Assets £260k, Cash in bank £245.69k)

Accumulating Accounts

  • Total Assets Worth = Around £416,04m

  • Total Cash in Bank = Around £10.2m

——

CRYSTAL PALACE FC

Companies registered at Selhurst Park

  • Palace Holdco LP registered in USA

  • CPFC Limited (Total Assets £177.13m, Cash in bank £21.43m)

  • CPFC 2010 Limited (Total Assets £180.66m, Cash in bank £21.43m)

  • CPFC Selhurst Park Limited (Total Assets £3.46m, Cash in bank Unreported)

  • Palace Holdco UK Limited (Total Assets £216.87m, Cash in bank £21.43m)

  • Palace Midco UK Limited (Total Assets £187.88m, Cash in bank Unreported)

  • CPFC (Women) Limited (Total Assets £70k, Cash in bank £5k)

Accumulating Accounts

  • Total Assets Worth = Around £766,070m

  • Total Cash in Bank = Around £64,295k

——

EVERTON FC

Companies registered at Goodison Park

  • Everton Football Club Company, Limited  (Total Assets £727.02m, Cash in bank £10.84m)

  • Everton Stadium Development Limited (Total Assets  £496.09m, Cash in bank £3.48m)

  • Everton Stadium Development Holding Limited (Total Assets £1, Cash in bank Unreported)

  • Goodison Park Stadium Limited (Total Assets £20.69m, Cash in bank £215k)

  • Everton Investments Limited (Total Assets £5.49m, Cash in bank Unreported)

  • Everton Football Club Women Limited (Total Assets £1,69m, Cash in bank £2.3k)

Accumulating Accounts

  • Total Assets Worth = Around £1,250bn

  • Total Cash in Bank = Around £14.25m

——

FULHAM FC

Companies registered at Motspur Park

  • Fulham Football Club Limited (Total Assets £185.93m, Cash in bank £51.47m)

  • Fulham Football Leisure Limited  (Total Assets £374.08m, Cash in bank £51.47m)

  • Cougar Holdco London Limited (Total Assets £374.08m, Cash in bank £51.47m)

    • Two accounts with identical financials

  • Fulham Stadium Limited  (Total Assets £194.38m, Cash in bank Unreported)

  • FL Property Management Limited (Total Assets £9.75m, Cash in bank Unreported)

  • Fulham Pier Limited (No financials submitted)

  • Cougar Bidco London Limited (Total Assets £0, Cash in bank Unreported)

Accumulating Accounts

  • Total Assets Worth = Around £1,113bn

  • Total Cash in Bank = Around £154.41m

———

IPSWICH TOWN FC

Companies registered at Portman Road 

  • Ipswich Town Football Club Company Ltd (Total Assets £142.69m, Cash in bank £2.63m)

  • Ipswich Town Plc (Total Assets £429K, Cash in bank Unreported)

  • Ipswich Town Property Company Limited  - Dormant (Total Assets £1K, Cash in bank Unreported)

  • Ipswich Town Stadium Company Limited - Dormant (Total Assets £100, Cash in bank Unreported)

  • Gamechanger 20 Limited (Total Assets £58.43m, Cash in bank £2.84m)

  • GC 20 Property Limited (No financials recorded)

  • GC 20 Data Limited (No financials recorded)

  • Ipswich Town Foundation (Total Assets £429.93k Cash in bank £367.66k)

Accumulating Accounts

  • Total Assets Worth = Around £202,78m

  • Total Cash in Bank = Around £5,83m

——

LIVERPOOL FC

Companies registered at ANFIELD

  • UKSV Holdings Company Ltd (Total Assets £758.6m, Cash in bank £3.68m)

  • The Liverpool Football Club And Athletic Grounds Limited (Total Assets £720.95m, Cash in bank £3.39m)

  • LFC International Limited  (Total Assets £3.83k, Cash in bank Unreported)

  • LFC Properties Limited (Total Assets £100, Cash in bank Unreported)

  • Liverpool Women’s FC Limited (Total Assets £745.42k, Cash in bank £354.85k)

Accumulating Accounts

  • Total Assets Worth = Around £1,478bn

  • Total Cash in Bank = Around £7.36m

—-

MANCHESTER CITY FC

Companies registered at Etihad Stadium

  • Manchester City Football Club Limited (Total Assets £1,520bn, Cash in bank £79,26m)

  • City Football Group Limited (Total Assets £2,15bn, Cash in bank £183,93m)

  • City Football Group (Midco) Limited (Total Assets £988,13m, Cash in bank £973k)

  • Manchester City Limited (Total Assets £778,4m, Cash in bank Unreported)

  • City Football Treasury Management Limited (Zero assets, Cash in bank Unreported)

  • Brookshaw Developments Limited (Total Assets £7,52m, Cash in ban £701k)

  • City Football Services Limited (Total Assets £32,97m, Cash in bank Unreported)

  • City Football Marketing Limited (Total Assets £36,62m, Cash in bank Unreported)

  • Manchester City Women's Football Club Limited (Total Assets £9,61m, Cash in bank Unreported)

Accumulating Accounts

  • Total Assets Worth = Around £5,523bn

  • Total Cash in Bank = Around £264,86m

——

MANCHESTER UNITED FC

Companies registered at  Old Trafford

  • Red Football Limited LLC - Not registered in UK

  • Red Football Joint Venture Limited (Total Assets £980,6m, Cash in bank Unreported)

  • Red Football Limited (Total Assets £1,850bn, Cash in bank £75.3m)

  • Red Football Shareholder Limited (Total Assets £590,08m, Cash in bank Unreported)

  • Red Football Junior limited (Total Assets £222,45m, Cash in bank Unreported)

  • Manchester United Football Club Limited (Total Assets £1,160bn, Cash in bank £67.83m)

  • Manchester united Limited  (Total Assets £381,33m, Cash in bank £78k)

  • Alderley Urban Investments Limited  (Total Assets £19,31m, Cash in bank £2,58m)

  • Mu Finance Limited  (Total Assets £304k, Cash in bank Unreported)

  • Mu Commercial Holdings Limited (Total Assets £15,26m, Cash in bank Unreported)

  • Mu Commercial Holdings Junior Limited (Total Assets £15,26m, Cash in bank Unreported)

  • Mutv Limited (Total Assets £23,12m, Cash in bank £995k)

  • Manchester United Women’s Football Club Limited (Total Assets £5,44m, Cash in bank £169k)

Accumulating Accounts

  • Total Assets Worth = Around £5,263bn

  • Total Cash in Bank = Around £147.65m

———

NEWCASTLE UNITED FC

Companies registered at St James Park

  • Newcastle United Limited (Total Assets £395.65m, Cash in bank £13,4m)

  • Newcastle United Football Company Limited (Total Assets £395.59m, Cash in bank £13,4m)

  • Newcastle United Football Club Projects Limited (Total Assets £12,46m, Cash in bank Unreported)

  • PZ NewCo Limited (Total Assets £511.94m, Cash in bank Unreported)

Amanda Stavely still listed as a director on Newcastle United Football Company Limited

Accumulating Accounts

  • Total Assets Worth = Around £1,315bn

  • Total Cash in Bank = Around £26.8m

——

NOTTINGHAM FORREST FC

Companies registered at City Ground

  • Nottingham Forest Football Club Limited (Total Assets £169.16m, Cash in bank £92k)

  • NF Football Investments Limited (Total Assets £197.32m, Cash in bank £141k)

  • Nottingham Forrest Netball Club Ltd (No Financials submitted)

  • Nottingham Forrest Community Trust Ltd (Total Assets £1,84m, Cash in bank £1.65m)

  • Nottingham Forest Women’s Football Club Limited (Total Assets £20.76k, Cash in bank £20.76k)

Accumulating Accounts

  • Total Assets Worth = Around £368.32m

  • Total Cash in Bank = Around £1,88m

———

SOUTHAMPTON FC

Companies registered at St Marys Stadium

  • St Mary’s Football Group Limited (Total Assets £210,77m, Cash in bank £13,68m)

  • Southampton Football Club Limited (Total Assets £194,02m, Cash in bank £13,26m)

  • St Marys Stadium Limited (Total Assets £2, Cash in bank Unreported)

  • St Marys Training Ground Limited (Total Assets £26,62m, Cash in bank £91k)

  • St Marys Catering Limited  (Total Assets £1, Cash in bank Unreported)

  • St Marys SPV Limited - Compulsory Strike Off 4 months ago

  • St Marys Training Centre Limited (Total Assets £188.41k, Cash in bank £188.41k)

  • Saints Foundation (SFC)  (Total Assets £1,99m, Cash in bank £1,45m)

  • Southampton Girls And Women's Football Club Limited  (Total Assets £331.2k,  Cash in bank £134,58k)

Accumulating Accounts

  • Total Assets Worth = Around £433.4m

  • Total Cash in Bank = Around £28.8m

——

TOTTENHAM HOTSPURS FC

Companies registered at Lillywhite House & linked to Spurs

  • Enic Limited; Total Assets £6,69m, Cash in bank £6,45m)

  • Tottenham Hotspur Football & Athletic Co. Ltd (Total Assets £610,28m, Cash in bank £22.34m)

  • Tottenham Hotspur Ltd (Total Assets £549.63m, Cash in bank £198.27m)

  • Tottenham Hotspur Women Football Club Limited (Total Assets £1,7m, Cash in bank £373.59k)

  • Tottenham Hotspur Stadium Limited (Total Assets £1,91bn, Cash in bank £142.7m)

  • Tottenham Hotspur Stadium Development Limited (Total Assets £383, 78m, Cash in bank Unreported)

  • Tottenham Hotspur Property Co. Limited  (Total Assets £105.54k, Cash in bank £5k)

        • Canvax Limited (Total Assets £5.19m, Cash in bank £10k)

  • Tottenham Hotspur Hotel Ltd (Total Assets £757.39k, Cash in bank Unreported)

  • Tottenham Hotspur Foundation Limited (Total Assets £5.6m, Cash in bank £3,08m)

  • Northumberland Development Limited (Total Assets £20k, Cash in bank Unreported)

  • Enfield Property Company Limited (Total Assets £4,88m, Cash in bank Unreported)

  • Fairgate Tottenham Limited (Total Assets £20,34m, Cash in bank £1,69m)

Accumulating Accounts

  • Total Assets Worth = Around £2,688bn

  • Total Cash in Bank = Around £374.9m

———

WEST HAM UNITED FC

Companies registered at London Stadium 

  • WH Holding Limited (Total Assets £387.64m, Cash in bank £33.06m)

  • West Ham United Football Club Limited (Total Assets £390.95m, Cash in bank £33.05m)

  • West Ham United Women Football Club Limited (Total Assets £412.85k, Cash in bank £26.89k)

  • West Ham United Foundation (Total Assets £1.28m, Cash in bank £262k)\

  • West Ham United Foundation Enterprises (Whiff) Limited  (Total Assets £469.7k, Cash in bank £102.17k)

Accumulating Accounts

  • Total Assets Worth = Around £780,751m

  • Total Cash in Bank = Around £66.5m

——

WOLVERHAMPTON WANDERERS FC

Companies registered at Moleneux

  • Fosun Sports Group UK Limited (incorporated feb 2024, no account registered)

  • Prestige Century Holdings Ltd is the parent (not listed in UK)

  • W.W. (1990) Limited (Total Assets £407.95m, Cash in bank £33.95m)

  • Wolverhampton Wanderers Football Club (1986) Limited (Total Assets £415,51m, Cash in bank £33,8m)

  • Wolverhampton Wanderers Properties Limited (Total Assets £62,87m, Cash in bank £151k)

Accumulating Accounts

  • Total Assets Worth = Around £886,33m

  • Total Cash in Bank = Around £67,9m

This paradox highlights systemic issues in financial management, regulatory oversight, and organisational transparency within elite football. The proliferation of subsidiary entities including foundations, academies, women’s teams, and stadium operations—raises critical questions about financial accountability, tax optimisation strategies, and potential regulatory arbitrage

Recommendations for Reform

Consolidated Financial Reporting

Implementing mandatory consolidated reporting for club groups would increase transparency. Key measures should include:

  • Unified balance sheets encompassing all subsidiaries

  • Standardised inter-company transaction disclosures

  • Third-party audits of group-wide finances

Enhanced Regulatory Scrutiny

Regulators require expanded mandates and resources to:

  • Conduct group-wide FFP assessments

  • Monitor subsidiary asset valuations

  • Audit tax arrangements across jurisdictions

Jason Stephens
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