So PSR is basically assessed on the capacity in a club’s Profit & Loss account, not cash flow. Our last 3 years are:
2022 - (£6.7m loss)
2023 - (£4.7m loss)
2024 - £8.7m profit
Averaged out, we’ve made a loss just shy of £1m each year. Theoretically we could make a loss of £43m in the coming...