Crystal Palace’s 2023/24 financial results paint a picture of measured progress and strategic stability. As the South London club celebrated its 11th consecutive season in the Premier League, the published accounts reveal a blend of operational improvements and ongoing challenges typical of a mid-table Premier League club. While posting a pre-tax loss of £35.6 million, Palace’s ability to achieve record EBITDA figures and transform their balance sheet from net liabilities to net assets tells a more nuanced story of institutional strengthening under current ownership.

On-Field Performance

The 2023/24 campaign was marked by tactical evolution and squad development. Under the guidance of Roy Hodgson, who was later replaced by Oliver Glasner in February, the Eagles concluded the season with 49 points – a performance that saw them finish in 10th place, equaling the club’s highest-ever Premier League position from the 2014/15 season.

The season’s highlight came in the final match, where Palace thrashed Aston Villa 5-0, capping off a remarkable run of 19 points from their last seven games. The team scored an impressive 21 goals during this period, showcasing the attacking prowess that has become synonymous with Palace under their current ownership.

Financial Overview

Revenue Breakdown

Total Revenue: £189.2 million (up from £180.1m in 2022/23, +5.1%)

• Matchday Income: £13.8 million (up from £12.3m, +12.2%)
• Broadcast Income: £145.5 million (up from £141.1m, +3.1%)
• Commercial Income: £30.0 million (up from £27.0m, +11.1%)

Crystal Palace demonstrated strong revenue growth across all key streams, with total revenue increasing by £9.1 million year-on-year. The 12.2% increase in matchday income reflects improved fan engagement and pricing optimisation, while the 11.1% growth in commercial revenue suggests successful partnership development. Broadcast income, though the largest component, showed more modest growth of 3.1%, primarily driven by improved league position and distribution pool performance.

Key Expenses

• Staff Costs: £133.7 million (up from £130.6m, +2.4%)
• Operating Expenses: £28.1 million (up from £26.1m, +7.7%)
• Player Amortisation: £47.1 million (up from £41.7m, +13.0%)

Despite increases in absolute terms across all cost categories, the wages-to-revenue ratio improved from 73% to 71%, demonstrating more efficient cost management relative to revenue growth. The 13% increase in player amortisation reflects the club’s continued investment in squad development, while the modest 2.4% increase in staff costs shows disciplined wage management despite Premier League inflation pressures.

Financial Performance

• Operating Loss: £21.5 million (slight increase from £21.4m loss in 2022/23, -0.3%)
• Loss Before Tax: £35.6 million (worsened from £29.7m loss in 2022/23, 20% deterioration)
• EBITDA: £28.4 million (improved from £23.3m in 2022/23, +21.9%)

Crystal Palace’s financial performance in 2023/24 showed contrasting trends across different measures. While the club maintained a similar operating loss position of £21.5 million – essentially flat with the previous year’s £21.4 million loss – the story diverges significantly when looking at other metrics. EBITDA improved markedly by 21.9% to £28.4 million, demonstrating stronger cash generation from core operations. However, the loss before tax widened significantly to £35.6 million, primarily due to increased interest charges and one-off costs.

Player Investment & Trading

Crystal Palace continued their active approach to the transfer market, investing £90.1 million in new talent during the 2023/24 season, up from £56.1 million the previous year. This represents a 61% increase in transfer spending, demonstrating the club’s ambition to compete at a higher level. Key acquisitions included England internationals Adam Wharton (from Blackburn Rovers) and Dean Henderson (from Manchester United), while the club also secured the services of Jefferson Lerma, Matheus França, Rob Holding, and Daniel Munoz throughout the season.

On the sales front, Palace generated only £1.5 million from player disposals, resulting in a net spend of £88.7 million – a significant increase from their historical transfer activity. The limited sales revenue reflects the club’s desire to retain promising talents, though several long-term servants including James Tomkins and Jairo Riedewald departed on free transfers.

Premier League Context

When comparing to Premier League averages:

• Matchday Income: Palace’s 7% of total revenue significantly lags the typical league average of around 15%, suggesting potential for growth in this area
• Wages to Revenue Ratio: At 71%, Palace spends more on wages proportionally than the league average of 60-65%, though this has improved from the previous year’s 73%
• Broadcast Dependence: The club’s 77% reliance on broadcasting considerably exceeds the league average of approximately 65%, reflecting their dependence on TV revenues

Financial Position Strengthening

One of the most notable improvements in Crystal Palace’s financial statements is the improvement in their balance sheet position. The club moved from net liabilities of £0.4 million in 2022/23 to net assets of £2.7 million in 2023/24 – a swing of over £3 million that demonstrates improved financial stability.

Total debt levels rose to £84.5 million, partially due to the increased transfer spending, but the club’s ability to service this debt has improved alongside revenue growth. The £37.5 million capital raise initiated during the financial year (completing in January 2025) provided additional financial firepower for future investments.

Strategic Approach

Crystal Palace’s current strategy appears focused on several key pillars:

• Youth Development Model: The academy’s success, highlighted by the U21 team winning the Premier League International Cup, continues to provide pathways for homegrown talent
• Selective Premium Signings: Focus on acquiring younger players with experience in English football, such as Wharton and Henderson, rather than expensive overseas stars
• Infrastructure Investment: The Main Stand redevelopment project represents a long-term commitment to improving matchday experience and revenue generation
• Sustainable Growth: Despite increased spending, the club maintained positive EBITDA and improved operational efficiency

What This Means For Fans

The Positives

• England International Breakthrough: Adam Wharton’s rapid rise to the England squad showcases the club’s eye for talent
• Squad Depth: Increased investment has provided better rotation options throughout the season
• Balance Sheet Recovery: Moving from net liabilities to net assets provides a stronger foundation for future growth

The Challenges

• Limited Sales Revenue: The lack of meaningful player sales constrains financial flexibility for future windows
• High Wage Burden: At 71% of revenue, the wage bill remains above sustainable Premier League levels
• Transfer Dependency: The club’s financial health remains closely tied to maintaining Premier League status

Looking Forward

Crystal Palace’s 2023/24 financial results represent a period of strategic investment and institutional strengthening. The combination of improved revenue generation, better cost control (evidenced by the improved wages-to-revenue ratio), and enhanced balance sheet position provides a solid platform for future growth.

The upcoming completion of the £37.5 million capital raise and progression of the Main Stand project suggest the ownership remains committed to long-term development rather than short-term profit extraction. However, the club will need to address the imbalance between revenue streams and continue developing young talent to ensure sustainable progress.

The challenge now is to convert this improved foundation into consistent mid-table Premier League security while building toward potential European qualification in the coming years.

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This analysis is based on published financial information from Palace Holdco UK Limited‘s annual report for the year ending 30 June 2024, along with publicly available club information. The blog aims to present complex financial data in an accessible format for fans, while acknowledging that financial reports provide a snapshot at a specific moment in time.