This part is rather confusing. Commercial revenues have been flat for three years now - the noodle/tractor partners have dried up and our overall revenue growth is entirely predicated on the ever-increasing value of the TV deals. Another finish outside the top 4 this coming season will also wipe a third off the value of the Adidas deal, our highest commercial partner.He'll lose them plenty of money when the sponsors jump ship.
And yet, despite the squad not being fit for purpose, it's a relatively modest transfer spend again this summer. Club up for sale, maybe?