Upwardly mobile English Premier League (EPL) sides Aston Villa and Nottingham Forest both recorded significant revenue increases in the 2023-24 campaign.
Villa, who took part in a pan-European UEFA competition for the first time since 2010-11 last season, secured revenue of £275.7 million ($356.9 million), up from £217.7 million the prior year.
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Forest, meanwhile, brought in record revenue of £189.6 million, up 22% from £154.8 million in 2022-23, which was their first season back in English men’s soccer’s top flight following a 23-year absence.
Both published their accounts for the 2023-24 financial year on March 31, the EPL’s deadline for clubs to do so, and have managed to keep within the limits of the league’s Profit and Sustainability Rules (PSR) last season. Earlier this year, the EPL announced no teams had breached the rules.
This comes as a contrast to the previous rolling three-year cycle over which PSR is applied, with Forest having been docked four points last season for breaches of the rules for the period ending 2022-23.
The significant revenue uptick for Forest helped them achieve pre-tax profits of £10.1 million (with income from player sales a significant factor here) – this marks the first profit since the club was taken over by current owner, Greek shipping magnate Evangelos Marinakis, in 2017. 2022-23, by contrast, resulted in a £69.2 million loss for the Midlands club.
The 2023-24 financial period also saw Forest's parent company (NF Football Investments) convert £82.2 million worth of debt into equity, which Forest have said is “a clear signal of the continued commitment to the club” by Marinakis.
The club’s operating loss for 2023-24 – without player sales being taken into account – was £73.3 million, up 20% year-on-year, with total expenses (including interest) having risen from £205 million to £251.8 million.
Villa, meanwhile, lost £85.4 million (post-tax) last year, although this is still favorable when compared to a loss of £119.6 million the prior year.
That club’s revenue increase – and the easing of its losses – has been attributed to factors including finishing fourth in the EPL last year, as opposed to seventh in 2022-23, while “significant progress on sponsorship and commercial revenues” is also noted in the accounts summary.
In terms of investing in the club’s infrastructure, meanwhile, the club have noted “capital investment increasing to £16.4 million.”
Villa have long been wanting to redevelop their home Villa Park Stadium, and are currently working on regenerating an area outside the venue for matchday use. The current timeline sets Christmas this year as when fans will be able to access the new facilities, which the club hope will significantly increase matchday revenue.
The Birmingham club have, this season, progressed all the way to the quarter-finals of the prestigious, top-tier, UEFA Champions League, and to the semi-finals of the FA Cup.
Forest, meanwhile, currently sit third in the 2024-25 EPL table, with only a handful of games remaining in the season – with Champions League qualification, therefore, a real possibility – and have also made the FA Cup semis.
Over the last few days, EPL clubs Tottenham Hotspur, Chelsea, and Everton have all disclosed their financials for 2023-24.
