#994 | Ed and Jamie discuss how English football’s huge revenues still produce widespread losses, driven by an arms race in wages and transfer fees. They compare crises elsewhere (French TV rights falling about 80% amid PSG’s dominance and conflicts of interest) and note the growth of multi-club ownership and private equity, including Sixth Street’s move into Sunderland Women and the broader rise of MCOs. Reviewing 2024/25 accounts, they highlight Chelsea’s staggering losses (about £262m pre-tax and cited as closer to £350m for UEFA), reliance on self-deals, and the difficulty of reaching UEFA break-even targets. Arsenal are financially solid but with limited headroom; Liverpool’s big summer spend raises future squad-cost risks; City is discussed cautiously pending the 115 charges. They cover Premier League–EFL revenue-sharing tensions and the limits of new squad-cost rules and an independent regulator and touch on Newcastle’s stadium sale, Spurs’ rising costs, Villa’s UEFA constraints, and FIFA World Cup ticket pricing controversies in the US. 00:00 Intro 00:30 Liverpool/PSG 02:50 French Football Crisis 05:51 MCOs, Private Equity and Women's Football 08:11 Premier League Club Finances Overview 15:08 Arsenal and Liverpool 21:31 PSR & Squad Cost Rules 25:38 EFL Revenue Sharing & Sustainability 35:51 Man City and 115 Charges 39:31 Tottenham and Aston Villa 46:42 World Cup 2026: Tickets, Costs & FIFA If you are interested in supporting the show and accessing a weekly exclusive bonus episode, check out our Patreon page or subscribe on Apple Podcasts. Supporter funded episodes are ad-free. NQAT is available on all podcast apps and in video on YouTube. Hit that subscribe button, leave a rating and write a review on Apple or Spotify. Learn more about your ad choices. Visit podcastchoices.com/adchoices

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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