From what I read the Nike deal isn't front loaded like other deals done in the past. There is a portion guaranteed but that we have this new unique deal where we take risk in return for bigger %cut of the sales and as such that will be calculated throughout or at the end of the season, meaning that we actually started this season with less kit money than last year but will finish with far more.

Secondly, the prize money for winning the league is not much more than the amount we would have got for fourth place and what we had budgeted. We also won the EPL and we famously have bonus driven salaries meaning a big outlay will have been payed to staff and players as per their contracts and eat into a lot of the extra money we would have gotten by winning the league.

We exited the Champions League earlier than would have been thought based on last year's performances and the club is probably on budget in that regard.

We have no lucrative money spinning pre-season tour this year meaning we are down a significant amount of money.

We also losing match day income which somebody highlighted earlier at approximately £80m for the year. So we missed out on about 10-20m from last season and worst case scenario a possible 80m for this season.

I understand people are pissed off and we're looking at City, Chelsea and Utd in particular going hard on the transfers this year and we have made more money in transfers for last 3-4 windows than spent but there is a reality to our situation unfortunately. In reality I think the club has about 100-120m (based on nothing but my gut) but think that they want to hold that incase the pandemic does last and affects football for 2 or so seasons.