Certainly an interesting read, but it had me wondering a bit about something
@the esk said about capital being more important than revenue. I was thinking of the most successful teams in Europe over the past few years. Barca are self-funded, Bayern are self-funded, Man Utd are self-funded, as are Arsenal and Real Madrid also.
Those teams have managed to dominate their domestic leagues and European competitions without having to rely on capital from outside, but instead on the revenue they've generated as businesses.
Now I'll gladly confess that the club have probably been incredibly bad at raising our revenue, but it got me wondering whether we can grow the club by growing revenues. Obviously one of the reasons why we're clamouring for external capital is to build a new stadium, so I had a look at two northern clubs with much larger grounds than us (Newcastle and Sunderland).
This is how revenue breaks down for last year
Revenue £120.5 (EFC), £95.9m (NFC), £101m (SFC)
Gate receipts £19.3m (EFC), £27.8m (NFC), £15.7m (SFC)
Commercial £8.4m (EFC), £17.1m (NFC), £8.4m (SFC)
So despite Newcastle and Sunderland both having average gates several thousand higher than us, their overall revenue is considerably lower, and in Sunderland's case, even their gate receipts are below ours. It's not immediately obvious just how commercially beneficial having a new stadium would be for us, baring in mind the huge costs of building one.