He's referring to operating loss of 35m, this is bwfore player sales although does include player amortisation ie purchases (8m in last account)
Best to look at EBITDA (Earnings before income, tax and depreciation) so 27m. However player sales is a perfectly acceptable business plan (although hindered in this window by the pandemic.
You can see why clubs are desperate to get a salary cap in, when you see how much most are spending on wages. Any loss is obviously covered by the owner, so he's likely investing around 10-15m a year. Not cheap!
For me biggest mistake was pushing so hard to go up straight away. Restructuring wage bill and building from the academy would've been my preference.
Best to look at EBITDA (Earnings before income, tax and depreciation) so 27m. However player sales is a perfectly acceptable business plan (although hindered in this window by the pandemic.
You can see why clubs are desperate to get a salary cap in, when you see how much most are spending on wages. Any loss is obviously covered by the owner, so he's likely investing around 10-15m a year. Not cheap!
For me biggest mistake was pushing so hard to go up straight away. Restructuring wage bill and building from the academy would've been my preference.