FULHAM FC — THE LEDGER
FY 2024/25 COMPANIES HOUSE FILING COMPANY NO. 2114486
An interactive reading of the accounts

A £39m loss.
A billionaire owner.
And new rules on the horizon.

Fulham's 2024/25 accounts tell the story of a mid-table Premier League club spending at the edge of its means while its American owner keeps writing cheques. Here's what's really going on — and why the incoming Squad Cost Ratio rules change the conversation entirely.

Revenue
£194.8m
▲ 7.3% YoY
Loss after tax
(£39.0m)
▼ widened £6.8m
Wages / Revenue
85.4%
▲ dangerously high
League Finish
11th
▲ up 2 places
Cash in bank
£13.2m
▼ down £19.6m
§ 01

The headline is scary. The reality is nuanced.

At first glance, a club that lost £39m on revenues of £195m is in trouble. But football accounting is weird, and so is Fulham's ownership structure. Both matter.

Profit & Loss Breakdown
How £194.8m in revenue became a £39m loss

Fulham's income grew nicely this year. Better league finish, more commercial deals, full stadiums — all good. The wage bill grew faster. That's the core tension.

Then comes football's quirk: amortisation. When Fulham buy a player for £30m on a 5-year deal, they don't expense £30m immediately. Instead, £6m hits the P&L each year for five years. In 2024/25, that non-cash charge was £61.5m — nearly £6 in every £10 of the reported loss.

"Wages at 85% of revenue is the kind of number that keeps finance directors awake at night. One relegation away from a serious problem."

The silver lining: £41m profit from player sales. Fulham bought and sold well, developing assets and cashing in. It's the lever that keeps this model viable.

§ 03

Where the money comes from.

Click each stream to explore. Bars show the proportion of total revenue. The Premier League's central pot is by far the biggest ticket — which is also the biggest risk if relegation ever comes.

§ 04

Where the money goes — and why 85% matters.

Every pound Fulham earned this year, 85.4p went to staff costs. That's the top of the Premier League danger zone, and the single most important number when the new financial rules arrive next season.

Red Flag

Wages eating revenue

85.4%

UEFA caps this at 70% for European clubs. The Premier League's new SCR will cap it at 85% from 2026/27. Fulham are sitting right at the line.

Red Flag

Cash in bank falling

-60%

Cash dropped from £32.8m to £13.2m year-on-year. Operational cash burn plus heavy transfer spending has thinned the buffer considerably.

Watch

Losses widening

(£39.0m)

Up from £32.2m. Operating loss pre-amortisation went from £10.7m to £17.3m — costs are outpacing revenue growth.

Watch

Transfer debts outstanding

£98.1m

Owed to other clubs in deferred transfer payments (£55.2m due within 1yr, £42.9m after). Netted against £45.3m owed TO Fulham.

Bright Spot

Commercial growth

+23%

Sponsorship and commercial income rose from £27.8m to £34.2m. Premier League stability is attracting partners — the fastest-growing revenue line.

Bright Spot

Player trading profit

£41.0m

The art of buying low and selling high is working. This gain is included in SCR calculations and effectively increases the squad-cost ceiling.

Bright Spot

Attendance climbing

+10.3%

Total Premier League attendance hit 509,689 (avg 26,826). The Riverside Stand's new Thameside destination opened mid-year — matchday income will grow.

§ 05

The balance sheet: stronger than it looks.

Net assets nearly doubled from £33.9m to £61.3m — but that's mostly because Khan converted £66m of loans into equity. In other words, he turned the debt he was owed into shares he owns. Clever accounting. Real capital.

Balance Sheet Snapshot
Assets — what the club owns
§ 06

How does Fulham compare?

Wage-to-revenue ratio across the Premier League. The UEFA threshold for clubs in Europe is 70%. Fulham sit uncomfortably high — but not alone. Clubs chasing European football routinely push into the amber zone. The question is how quickly you can pull back.

UEFA green (≤70%)
SCR amber (70–85%)
SCR red zone (≥85%)

Source: Most recent published accounts (2023/24). Fulham figure is 2024/25. Illustrative comparison only.

§ 07

The rules are changing. Try the new maths.

From 2026/27, the Premier League's Profit & Sustainability Rules (PSR) die. In their place: the Squad Cost Ratio (SCR). It's simpler, harsher, and assessed every season. Move the sliders to see where Fulham stand.

Live calculator
Build Fulham's Squad Cost Ratio
Football revenue £195m
Player trading profit £41m
Squad costs (wages + amort + agents) £228m
Resulting ratio
96.6%
GREEN (≤85%)
AMBER (85–115%)
0%85% Green115% Red
Amber zone. Fulham would be over the 85% green threshold but within the 30% buffer. Result: a financial levy (fine) but no points deduction. Manageable — though not comfortable.

PSR is dead. Long live SCR.

The Premier League's new rules, approved in November 2025, shift focus from cumulative losses to annual spending discipline. Here's the key difference:

Old: PSR

£105m max loss over 3 years

Assessed retrospectively

Includes off-pitch spending

Points deductions for breaches

New: SCR

Squad costs ≤ 85% of adjusted revenue

Assessed in-season (March 1)

Only on-pitch spending counts

Levy up to 115%, points beyond

What counts in "squad costs": first-team wages, head coach/manager wages, amortised transfer fees, and agents' commissions. Debt interest and stadium costs are excluded — helpful for Fulham given the £125m JPMorgan loan for the Riverside Stand.

What counts in "adjusted revenue": football revenue PLUS net profit from player sales. Fulham's £41m trading profit this year materially increases the spending room.

The 2025/26 season is shadow year — clubs submit SCR data but no enforcement. Full teeth arrive in 2026/27, with financial levies from 2027/28 onwards.

§ 08

The Khan factor.

Fulham aren't just "losing money."
They're being capitalised by a billionaire who treats the club as part of a wider sports empire.

Shahid Khan's net worth is estimated in the billions. He also owns the Jacksonville Jaguars (NFL), All Elite Wrestling (AEW), and owns Flex-N-Gate, a $20bn+ auto parts empire. Fulham's £39m annual loss is, by his standards, a rounding error — and he's been an unbroken source of funding since buying the club in 2013.

The accounts themselves tell the story: during this year alone, the owner's group converted £145.2m of loans into equity, and then poured in another £62.7m after year-end. K2TR Family Holdings 2 has formally stated its intent to keep providing support for as long as the club needs it.

£145.2m
Shareholder loans converted to equity during FY25
£62.7m
Additional post year-end funding committed
£125m
JPMorgan loan secured for Riverside Stand (5-year term)
13 yrs
Unbroken Khan ownership and support since 2013
IF
§ 09

The what-if nobody wants to think about.

Relegation is the doomsday scenario for any Premier League club. Central awards collapse, sponsorships often have drop clauses, and wages stay (mostly) the same. Toggle the scenarios below to see the cliff edge — and how Khan's backing keeps Fulham well away from it.

The bottom line: even in a relegation scenario, parachute payments soften the blow for 2–3 seasons. Fulham would face a painful year but the owner's track record suggests he'd fund it. The real risk isn't insolvency — it's the long, slow decline clubs sometimes enter when they can't bounce straight back.

§ 10

Seven things hiding in the footnotes.

The most interesting stuff is never on the front page. Here's what jumps out once you dig through the notes.

Tax

£65.7m of stored-up losses

£65.7m

Unrecognised deferred tax asset — accumulated losses that could offset future tax if Fulham ever turn profitable. The club hasn't booked it because, as things stand, there's too much uncertainty they'll ever use it.

Ownership

The Jacksonville connection

£500k

Fulham invoiced Khan's NFL team (Jacksonville Jaguars) for £500k in services this year, plus £269k outstanding. Arm's-length, but reveals the sports-empire structure operating behind the scenes.

People

675 people on the books

675

328 full-time staff (66 players, 262 admin/ground) plus 347 matchday part-timers. The highest-paid director took home £955k — while three directors (the Khans and Lamping) waive all compensation.

Future

Contingent transfer fees

£2.9m

Hidden commitments that only trigger on future player appearances — add-on clauses in deals. Not on the balance sheet, but real obligations if players keep performing.

Charity

The £1,000 charitable donation

£1,000

Down from £3,000 the year before. This is the direct club donation (separate from Foundation support, which cost £0.4m). A striking contrast to the scale of operations everywhere else.

Infrastructure

The second training ground

BBC

The parent company bought the former BBC sports ground in May 2017. Plans are now being drawn up for a second elite training facility — a major long-term investment in squad development.

Development

Riverside Stand opens

OPEN

The Thameside destination opened to the public on non-matchdays towards year-end. Once fully operational, the new stand transforms Craven Cottage from a stadium into a 365-day venue — new revenue streams incoming.

Women's Game

Investment in Women's programme

£0.9m

Up from £0.8m, now run directly by the Club rather than the Foundation. New Academy programme linked to the Foundation's Girls Development Centre. Small numbers, but growing.

Fans

The stands are fuller than ever

26,826

Average Premier League attendance per game, up 10.3%. Craven Cottage's capacity is constrained, but the Riverside Stand redevelopment will lift it meaningfully and bring premium hospitality income.

§ 11 / THE BOTTOM LINE

Fulham are living close to the edge.
But the edge is a long way from the cliff.

A 85% wage ratio, £39m annual losses and shrinking cash reserves would be a five-alarm fire at a club with a normal owner. With Shahid Khan writing the cheques — and writing them faster than the club can burn them — the going-concern question is effectively settled. The real battle from 2026/27 isn't survival. It's fitting within the Squad Cost Ratio while keeping the squad competitive. That's the game Fulham now have to play.