Look at the just released Deloitte figures. Revenue declined 3% YOY going from the Champions League to no Europe.
The 2024/25 season set another new record, with the top 20 Money League clubs generating over €12 billion in revenue for the first time.
www.deloitte.com
That's real, it matters. But when the running player expenditure is as singularly out of line with industry standards as it has always been maintained under ENIC, that kind of decline does not change our status as the single club on planet earth with the most scope under PSR/FFP to spend more money on players.
It's not unlimited. You're not allowed to do a Man City anymore. A couple of wrong decisions and you can start chewing away at that wiggle room before you know it.
But it is a fact that we have headroom all of our competition does not. A massive advantage wrung penny by penny from supporters wallets, that current leadership will never exploit, and the club deserves leadership that will.
Incidentally, women's football, youth football, and "community development expenditure" are also exempt under PSR.