West Bromwich Albion Group Limited (‘Group’) has submitted to Companies House its annual report and financial statements for the 12-month period ended 30 June 2025, which reflects the 2024/25 Sky Bet Championship season.
Group accounts have been submitted to the EFL in accordance with its Profit and Sustainability (P&S) rules. To ensure completeness and transparency with supporters and shareholders, the club’s website now annually reports on the financial statements of Group.
Group recorded a loss of £17m (2024: £31.3m loss) for the period ended 30 June 2025.
During this period, Bilkul Football WBA, LLC – the company owned by Shilen Patel and Dr Kiran C. Patel and holders of 93.9% of Group’s share issue – has continued its substantial commitment to provide operating monies to the club and additional capital injections totalling £17.6m (2024: £8.7m).
| West Bromwich Albion Group Limited | |||||||
| Summary Cashflow Statement | |||||||
| Year ended 30 June 2025 | |||||||
24/25 |
| 23/24 | |||||
| £m |
| £m | ||||
| Sales | |||||||
| League Distributions (inc Broadcast) | 12.8 |
| 11.4 | ||||
| Gate Receipts | 6.8 |
| 7.1 | |||
| Merchandising | 2.6 |
| 2.7 | |||
| Other Commercial Revenues | 8.2 |
| 7.0 | |||
| TOTAL | 30.4 |
| 28.2 | ||||
| |||||||
| Staff Costs | (37.1) |
| (42.9) | ||||
| Other Cash Operating Costs | (14.7) |
| (14.2) | ||||
| Other Operating Income | 7.8 |
| 0.5 | ||||
| Net Interest | (3.5) |
| (2.9) | ||||
| Operating Loss | (17.0) |
| (31.3) | ||||
| |||||||
| Purchase of Players | (5.4) |
| (6.4) | ||||
| Sale of Players | 8.2 |
| 6.6 | ||||
| Capital Expenditure | (1.0) |
| (1.0) | ||||
| Working Capital Movement | (0.5) |
| 4.0 | ||||
| Proceeds/(Repayment) of Borrowings | (4.2) |
| 9.5 | ||||
| Proceeds from Owner (Bilkul) | 17.6 |
| 8.7 | ||||
| |||||||
| Net decrease in Cash | (2.3) |
| (9.9) | ||||
Sales
League distributions increased by £1.4m to £12.8m (2024: £11.4m) as a result of a new broadcast agreement between the EFL and Sky Sports.
Gate receipts reduced by £300k to £6.8m (2024: £7.1m) despite an increase in average attendances at The Hawthorns to 24,984 (2024: 24,049). The higher revenue in 2024 largely a result of the FA Cup third-round tie against Wolverhampton Wanderers.
Other commercial revenues increased by £1.2m to £8.2m (2024: £7m) with sales from commercial operations – including sponsorship, hospitality, retail and conferencing and events – showing sustained growth.
Costs
Staff costs decreased from £42.9m to £37.1m, with the decrease predominantly driven by changes to the men’s first team playing squad and senior leadership staff.
The club continued to maintain tight control of its operating costs, despite operating – like all UK companies – in an inflationary environment. Other cash operating costs increased by £500k to £14.7m (2024: £14.2m).
Operating income & MSD loan
Bilkul have taken on the obligation to pay all interest arising from the MSD loan taken out during the club’s previous ownership. Consequently, during this period, Bilkul have been recharged for all MSD interest incurred since their February 2024 takeover (£5.2m). The outstanding balance of the MSD loan will be repaid by December 2026.
Net Operating Loss
The net operating loss of £17m (2024: £31.3m loss) arising from the above sales and costs is used as the basis for the EFL to assess the club’s financial performance against its P&S rules. Clubs in the Championship are permitted to add back the costs of operating academies, women’s teams and their financial contributions to community programmes in their P&S calculations. The Club is therefore pleased to report that its operating loss has been reduced.
Player Activity and Capital Expenditure
The club sold Brandon Thomas-Asante, Okay Yokuslu, Conor Townsend, Alex Palmer and Mo Faal during this period, bringing in revenue of £8.2m (2024: £6.6m). Torbjorn Heggem, Mikey Johnston, Callum Styles, Isaac Price, Tammer Bany and Nat Phillips joined at a total cost of £5.4m (2024: £6.4m).
Capital expenditure remained consistent with the prior year at £1m in 24/25 with the club facilities at The Hawthorns and its training ground. The principal costs were incurred in the refurbishment of the Millichip suite and converting almost 4,000 seats to safe standing across the upper Smethwick End and Millennium Corner.
