Wolverhampton Wanderers
Even after reporting a £128m loss over the 3-year monitoring period, Wolves were fine for PSR up to 2023/24, as they could make £37m allowable deductions for “healthy” expenditure, leading to an adjusted PSR loss of £90m, which was £15m below the £105m maximum loss.
However, the club did have to take some actions to ensure that they stayed the right side of the line, which included reducing the wage bill and selling a few big players, including Matheus Nunes to Manchester City, Ruben Neves to Al-Hilal and Nathan Collins to Brentford in the summer of 2023.
Wolves had more headroom in the 2024/25 assessment, as the 3-year period dropped the large £46m loss made in 2021/22, so we reckon that they could post a £61m loss and still be compliant.
Given that only £80m equity was provided in the form of a debt conversion, their maximum allowable loss under a narrow interpretation of secure funding would be £95m, meaning that could afford a £51m loss.
The club made good money from the sales of Pedro Neto to Chelsea and Max Kilman to West Ham last summer, which put them in good stead for PSR compliance.
In addition, they have just sold Matheus Cunha to Manchester United, which they could book in the 2024/25 accounts, thanks to the decision to extend their accounting close from 31st May to 30th June. This followed the precedents set by Leicester City in 2022/23 and Aston Villa in 2023/24.
That said, it is possible that this latest transfer might be slipped to 2025/26, if Wolves are already in the clear, especially as their total profit from player sales including Cunha would be well over £100m.