Middlesbrough Finances 2023/24

New Propeller

Middlesbrough’s 2023/24 financial results covered a season when they finished 8th in the Championship under promising young coach Michael Carrick, though the club itself pointed out that this meant missing out on a place in the play-offs.

In addition, they were eliminated in the third round of the FA Cup by Aston Villa, but had an excellent run to the Carabao Cup semi-finals before succumbing to Chelsea.

Clearly, every club in England’s second tier is desperate to secure promotion to the promised land of the Premier League, but Middlesbrough have a more realistic chance than most, given the backing of owner Steve Gibson.

In the last ten years, they have actually been promoted once, though only lasted one season in the top flight, while qualifying for the play-offs no fewer than three times. In addition, they have finished just outside the top six on three other occasions.

Profit/(Loss) 2023/24

Middlesbrough’s pre-tax loss almost doubled from £6.4m to £12.4m mainly because profit from player sales dropped by £5.2m from £22.3m to £17.1m.

Revenue rose £3.6m (13%) from £28.6m to £32.2m, though this was largely offset by other operating income falling £2.7m (69%) from £3.9m to £1.2m. Operating expenses were pretty much unchanged, only rising by £0.9m (1%) to £62.5m, but there was a £0.8m adverse swing in interest from £0.3m receivable to £0.5m payable.

The loss after tax also widened from £4.5m to £9.6m, after considering a £2.8m tax credit.

The largest revenue increase was match day, which rose £1.8m (19%) from £9.1m to £10.9m, though there was also good growth in commercial, up £1.7m (17%) from £10.0m to £11.7m. Broadcasting was slightly higher, rising £0.2m to £9.7m.

Investment in Middlesbrough’s squad led to increase in both wages, up £1.8m (6%) from £29.6m to £31.4m, and player amortisation, up £1.2m (15%) from £8.0m to £9.2m.

Other expenses continued to grow, rising £1.4m (8%) from £17.7m to £19.1m. On the other hand, there was no repeat of the previous season’s £3.6m player impairment.

Only seven Championship clubs have to date published accounts for 2023/24, but we can see that Middlesbrough’s £12.4m pre-tax loss is around mid-table in the division, looking at results from the previous season.