Middlesbrough Finances 2022/23

I'll Tumble 4 Ya

Middlesbrough’s 2022/23 financial results covered a season when they finished 4th in the Championship, thus securing a place in the play-offs, though they missed out on promotion after a semi-final defeat to Coventry City.

Following a disappointing start to the season, head coach Chris Wilder was replaced by former Manchester United star Michael Carrick in October 2022.

Profit/(Loss) 2022/23

Middlesbrough reduced their pre-tax loss (for the third year in a row) from £19.5m to £6.4m, largely because of profit from player sales significantly increasing from £1.4m to £22.3m.

In addition, revenue rose £1.7m (6%) from £26.9m to £28.6m, though this was offset by £12.7m (26%) growth in operating expenses. Other operating income was also up £2.7m to £3.9m, including a £2.7m legal settlement.

The loss after tax also narrowed from £15.3m to £4.5m, after considering a £1.9m tax credit.

The largest revenue increase was match day, which rose by more than a third (£2.4m) from £6.4m to £8.8m, though there was also good growth in commercial, up £1.6m (19%) from £8.4m to £10.0m. Against that, broadcasting fell £2.3m (19%) from £12.1m to £9.8m.

The Middlesbrough wage bill increased by £1.2m (3%) from £28.4m to £29.6m, while player amortisation also rose £1.7m (28%) to £8.0m and player impairment doubled from £1.8m to £3.6m. Other expenses were quite a bit higher, rising £5.8m (47%) to £17.7m.

In addition, there was no repeat of the previous year’s £2.4m payroll related credit, so there was effectively a year-on-year increase in exceptional items.

Even after the significant improvement in the bottom line, the fact remains that Middlesbrough still posted a loss, though their £6.4m was pretty good for the Championship. In fact, it is the best financial performance of the five clubs that have published 2022/23 accounts to date.