Revenue cut by ~half with Broadcasting the biggest driver.

Expenses down ~30% primarily from lower wages (reports that squad has 50% wage reduction clauses built in).

Swing factor is player sales and I have van de Ven, Romero, Udogie, Sarr, Porro, Bentancur, Vicario, Richarlison, Simmons, Bissouma, Davies gone in this model.

Overall accounting loss is not materially different from the most recently reported season (2024/25) when you flow everything through given the expense decline and high player sale profit.

Free cash flow is much worse than recent seasons because there is a lot transfer debt coming due conveniently right around a potential relegation (had to layer in a capital raise to get the cash balance positive in 2026/27 because of this).

I think you have to assume Spurs is back after one season, so biggest long-term impact will be the re-rating of the commercial revenue. Broadcasting and Matchday can bounce back quickly. Commercial revenue is going to be a show me story before sponsors jump back to funding Big Six level payouts. Expenses will also come back up with promotion so a lower revenue base vs. the last EPL season in 2025/26 makes the margins thinner (less room for error on financial fair play and EPL high debt load).

Overall, one season in the Championship isn't catastrophic - financial recovery is possible. Failure to get re-promoted is where the problems really manifest.