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Few things. Firstly, if you look at other Championship clubs, many average-sized ones posted losses of more than £30m, and Leeds posted a loss of £66m.
Essentially, I think the average Covid-related losses (which are exempt from FFP) are around £20m per club. Don’t ask me how.
Next, you have promotion bonuses. Promotion bonuses are paid out and recorded in that financial year, but they’re calculated into the next year’s FFP. Last time we went up those were maybe £15-20m, as were Wolves’ and yours (Cardiff posted a £34m operating loss in 17/18, but didn’t break FFP). These might be even higher than usual for us, because we had to pay Wolves an extra £5m for Cavaleiro if we were promoted.
Then you have the cost of operating a top-level academy, also excluded from FFP. This is typically £5-10m per annum.
So….it all kind of adds up, but doesn’t break FFP. Our club tends to operate right up to whatever the allowed loss is every year.
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