Nottingham Forest crest
The Bean Counter
Nottingham Forest · Financial Compliance · 2026/27

I didn't want a million-pound tag hanging round his neck, so I made the fee £999,999.

— Brian Clough (as popularly retold) · on Trevor Francis, Britain's first £1m player · 1979
Nottingham Forest official crest

The Bean Counter · Nottingham Forest

2026/27 PRE-SEASON
You Reds
Football has become a game of bean counting — so here's the abacus. PSR · the 85% squad cost line · the £116m Anderson windfall · book values · sanction history

State of Play

Nottingham Forest's estimated squad cost ratio is 86.2% against the Premier League's 85% limit for clubs outside Europe, putting them roughly £3.1m/yr OVER the line. Signing Liam Delap for £45m and Daniel Muñoz for £20m — neither of which this page had recorded until 2 September — took a compliant ratio past the limit. The summer 2026 window stands at £126.5m banked from sales against £116.3m committed on signings. Every figure here is this tracker's own estimate, built from published accounts and media reporting, as reported 3 Sept 2026.

PL Squad Cost Ratio · Estimated · Green Line 85%
/ 85%
85% green line · red line 115% (off scale)
No Europe in 2026/27 means no UEFA rules and the softer 85% domestic tier — but the ratio only passes because ~£95m of Anderson profit sits in the denominator. Trading, not revenue, is holding the line.
Window Cash Balance
Anderson £116m in; the first fee is now committed — Diomande agreed at ~£34.5m, medical pending
Squad Churn
·
Anderson, Gunn, Lingard & Boly gone; two loans ended 30 Jun (Ortega, Lucca). In: Schlager free, Diomande agreed (~£34.5m, medical pending) — the Jones pursuit collapsed 2 Aug
UEFA Fine
£2.2m PAID
Unconditional, no settlement — the smallest of July 2026's four English fines. Chapter closed with the Europa League exit

The Clock — What's Counting Down

DAYS TO SAUDI WINDOW CLOSE
6 SEP
DAYS TO PL 25-MAN LIST
~4 SEP · EST
DAYS TO PL SCR CHECKPOINT
OCT 2026
DAYS TO PSR ACCOUNTS DUE
31 DEC · FINAL PSR CYCLE

The Six Regulations — Pass / Fail / Room Left

PL PSR
Est. Passed
EST USAGE: ~£45m of the £105m 3-yr loss allowance for the cycle just ended 30 Jun 2026 (FY24 +£12m, FY25 −£71m, FY26 est. −£25m, less allowable deductions — our estimate, not an official figure).
ROOM: est. ~£60m of headroom · accounts due 31 Dec 2026, final-ever PSR assessment Jan 2027, with ~£95m of Anderson profit landing in the FY27 books behind it.
UEFA SCR
Fined 2025 · NOW OUT OF SCOPE
VERDICT: exceeded the 70% limit in calendar 2025 (the Europa League season) · fined €2.5m/£2.2m, entirely unconditional — the smallest of the four English sanctions and no settlement attached.
NOW: 16th place means no UEFA licence for 2026/27 — the rule simply stops applying. It returns only if Forest qualify for Europe again.
FER
No Breach Found
THE NEAR-MISS: analysts put Forest's UEFA-basis losses at ~£67m across FY24–25 against a ~£52m/3yr allowance — yet the CFCB found no Football Earnings breach in its July 2026 decisions. The £2.2m SCR fine could have been far worse.
NOW: out of scope with no European licence · the FY26 Elanga profit (~£46m est.) had repaired the arithmetic anyway.
PL SCR
Not Yet Tested
PROJECTED: vs the 85% green line (red at 115%) for clubs outside Europe · season basis ·
ROOM: of cost/yr · first checkpoint Oct 2026, assessment 1 Mar 2027 · the denominator leans on ~£52m/yr of averaged trading profit — stop selling well and the ratio climbs fast.
25-Man List · Homegrown
Comfortable
USED: of the 17 non-homegrown slots (est. 15 of 17) · BALANCE: of window cash still unspent.
ROOM: selling Anderson removed a homegrown starter, but Yates, Gibbs-White, Hudson-Odoi, Williams, Aina, Hutchinson, McAtee and Wood all qualify — 8 homegrown seniors, one over the 8 needed for a full 25. Diomande (agreed, medical pending) would take a 16th non-HG slot — still one spare. List due ~4 Sep.
Loan Quotas (In · Senior)
2 + 6 Left
DOMESTIC (English clubs): 2 of 2 concurrent slots free — last season's Ortega and Lucca loans ended 30 Jun and Zinchenko's was terminated back in January · season cap of 4 · never more than 1 from the same club at a time · max 1 GK between PL clubs.
INTERNATIONAL (FIFA): 6 of 6 SENIOR remaining — counts only over-21, non-club-trained players; U21 & club-trained loans exempt · max 3 from any single club.
ROOM: with the warchest full, permanent deals are the plan — Diomande is agreed as a straight purchase — but a late loan structure is fully available, unlike last summer's juggling.

Quick Answers — Forest's Finances in Plain English

Are Nottingham Forest in trouble with FFP in 2026?

Not any more. The four-point PSR deduction (March 2024) is served history, UEFA's £2.2m squad-cost fine for calendar 2025 was paid without conditions, and the British-record £116m Anderson sale weeks later transformed the books. On this tracker's estimates Forest pass every test that currently applies to them.

What is Nottingham Forest's squad cost ratio right now?

Roughly 80% on this tracker's estimates — against the 85% green line that applies to the eleven clubs outside Europe (the nine European qualifiers live at 70%). The catch: the denominator includes an averaged ~£52m/yr of player-trading profit. Forest's ratio is fine because they sell a star nearly every summer.

Why did UEFA fine Forest £2.2m?

The 2025/26 Europa League licence brought UEFA's rules into force, and Forest's calendar-2025 squad cost exceeded the 70% limit. The €2.5m fine was the smallest of the four English sanctions, entirely unconditional, with no settlement — and crucially the CFCB found no Football Earnings breach, despite analysts estimating ~£67m of UEFA-basis losses across FY24–25. With no Europe in 2026/27, UEFA's rulebook no longer applies.

Did Forest pass PSR for the cycle that ended 30 June 2026?

No charge has been reported and this tracker estimates a pass: FY24 +£12m, FY25 −£71m, FY26 estimated around −£25m (Europa League income plus ~£46m of Elanga profit against a heavy cost base), less allowable deductions — comfortably inside £105m. Accounts are due 31 December 2026 and the final-ever PSR assessment is January 2027.

Can Forest spend the Anderson money?

Mostly. Cash isn't the constraint — the 86% ratio is. Each £1m/yr of ratio headroom funds ~£5m of fee, and our model shows ~£12–15m/yr of headroom: the agreed ~£34.5m Ousmane Diomande deal (medical pending) uses roughly half of it, leaving room for the striker Glasner still wants — if wages are kept sensible. The Curtis Jones pursuit collapsed on 2 August. Test any combination in the Rumours tab.

What happened to the points deduction?

Forest admitted breaching their £61m PSR threshold (lowered from £105m by two Championship seasons in the assessment period) by £34.5m, were docked four points in March 2024, lost the appeal — and stayed up anyway. Every cycle since is estimated compliant, and PSR itself retires after January 2027.

The whole thing in two sentences: Forest built a Europa League squad on a mid-table revenue base, and the bill arrived as a UEFA fine and record losses. The exit route is the one they keep using — sell the star: this window's £95m+ of sale profit and −£11.3m/yr cost swing reset the books; the detail lives in the other tabs.

Incomings & Outgoings

Summer 2026 window (opened 15 June, closes 1 September — delayed by the World Cup). Fees per media reports. A deal enters this table at a medical and not before: ADVANCED means terms agreed and the medical taken or booked, DONE means a club has announced it. Anything short of that is interest, however well sourced, and interest lives on the Rumours tab. Oliver Glasner arrived in July with the Anderson fee explicitly earmarked for the rebuild — and the first fee of it was committed on 8 August, when a ~€40m deal for Sporting CP's Ousmane Diomande was agreed, and the club announced him on 11 August.

Summer 2026 — Out

PlayerToFee £mWage £k/wkCost freed £m/yrProfit £mStatus

Summer 2026 — In

PlayerFromFee £mWage £k/wkSCR cost £m/yrStatus
Fees Out (sales)
Confirmed + advanced permanent deals
Fees Committed (buys)
Confirmed + advanced permanent deals
Net Window Balance
The Anderson warchest, less the agreed Diomande fee
Annual Cost Freed (outs)
Wages + stopped amortisation leaving both SCR numerators
Annual Cost Added (ins)
Fee÷5 amortisation + wages + ~10% agent fee
Net SCR Swing
Change to the annual squad-cost numerator from this window
How the columns map to the rules: SCR cost / Cost freed hits the numerator of the PL's 85% squad cost ratio (and would hit UEFA's 70% version if Forest return to Europe) · Profit feeds the PSR bottom line AND the SCR denominator · Fee moves the cash warchest. Wages are estimates.
One sale still carries the whole window — and the first purchase is now agreed (Diomande, ~£34.5m, medical pending). Anderson's £116m against a ~£21m residual book value books ~£95m of accounting profit in FY27 — it lands in the PSR calculation and fattens the SCR denominator for three seasons of averaging. The frees and loan-ends (Gunn, Lingard, Boly, Ortega, Lucca) matter too: ~£13m/yr of wages quietly left the building. Zinchenko is deliberately not in that list — his loan was terminated in January 2026 and he was sold to Ajax in February, so his wages came off the bill last season, not this window.

2025/26 Season — In (Summer 25 + Jan 26)

PlayerFromFee £mWindow

2025/26 Season — Out

PlayerToFee £mWindow
Last summer's ~£180m gross spend — twelve signings for the Europa League adventure — is what pushed the calendar-2025 squad cost over UEFA's 70% line and produced the £2.2m fine. The £55m Elanga sale to Newcastle in July 2025 (bought for £15m in 2023) was the year's compliance fuel: ~£46m of profit in the FY26 accounts.

Spending Headroom

"Room" means two different things for Forest this season: cash (the Anderson warchest — no compliance gate attached) and the PL squad cost ratio — 85% green line, 115% red, for clubs outside Europe. There is no UEFA test and no List A gate in 2026/27. The model below is adjustable — the defaults are my estimates, so put your own numbers in.

The warchest — window cash position

Sales banked
Anderson £116m — no sell-on clause has been reported on the 2024 Newcastle deal
Committed on signings
Schlager arrived free; the agreed Diomande deal (~£34.5m + add-ons) is the first fee
Gross fee room before the window goes cash-negative
Cash is NOT the binding constraint — the 86% ratio below is. But it shows the scale of the Anderson reset
The catch in the denominator: the SCR denominator is revenue PLUS averaged player-trading profit. Forest's ~80% estimate leans on ~£52m/yr of averaged profits (Elanga FY26, Anderson FY27). Spend the whole warchest on players who never get sold at a profit, and in two seasons the averaging runs dry while the amortisation stays — the ratio would climb toward the high-90s on a ~£200m revenue base. Bean counters call this "borrowing your cap from your own future sales."

The Fined Four — July 2026's CFCB Round, Compared

Four English clubs were fined in UEFA's July 2026 decisions. Same rulebook, very different situations — Forest got the lightest touch of the lot.

Club2026 FineSuspendedBreachSettlementExit Route
Nottingham Forest£2.2mSCR · first offenceNONE — unconditional, pay and move onAnderson to City for £116m weeks later — fine dwarfed 53:1 by one transfer, and relegation from Europe ends UEFA jurisdiction anyway
Aston Villa£19.4m£12.9mSCR 2025 ("significant") · 2nd straight4-yr to 2028/29 · £9.5m paid 2025 · trend formally ENDORSED£144m of player-sale profits incl. the £117m Rogers record — selling the squad's appreciation
Chelsea£2.6mSCR · repeat4-yr · £26.7m paid, up to £51m conditionalAcademy sales (pure profit) + intra-group hotel sales the PL accepted
Newcastle£2.6m + £8.6mBOTH SCR and FER — the doubleObligations continue despite missing EuropeIsak to Liverpool for £125m — one sale to rule the FY25 accounts
Forest's fine was the smallest and the only one with no settlement machinery attached — a first offence, promptly closed. The pattern across all four: every exit route runs through selling players. The rulebook fines you in millions and lets you settle in transfers.
Why Forest's escape was so clean (and Villa's wasn't): analysts reckoned Forest's UEFA-basis losses hit ~£67m across FY24–25 against a ~£52m three-year Football Earnings allowance — a breach on paper. Yet the CFCB's decision listed only the SCR fine, unconditional, no settlement: the FY26 trajectory (Europa League income, the £55m Elanga sale, a falling wage ratio) evidently repaired the arithmetic in time. One near-miss, no monitoring, no suspended sword. The cheapest £2.2m in the club's modern history.

Annual constraint — squad cost ratio model

Squad cost = player & coach wages + transfer amortisation + agent fees. Denominator = football revenue + player-trading profit (3-yr average smoothing). Edit any figure:

PL SCR (outside Europe) · green 85% · red 115%
green 85%
The Europe scenario · same costs vs a 70% cap
green 70%

What-if: add a signing

Added annual squad cost
amortisation (incl. 4% PL levy) + wages + est. agent fee
PL ratio after signing
vs the 85% green line
Window cash after fee
What's left of the Anderson warchest
Rule of thumb: every £1m/yr of ratio headroom buys either ~£5m of transfer fee (5-yr amortisation) or ~£19k/week of wages. On the default assumptions, the practical shape of the remaining window is roughly — and note the green line isn't a cliff: breaching 85% but staying under 115% means a levy (payable from 2027/28 breaches), not points. The real discipline is the ratchet — overspend the buffer one season and the next season's red line drops by the same amount.
Caveats: revenue projection assumes NO European income (16th place) — broadcast ~£150m on a mid-table finish, matchday ~£22m off a full City Ground, commercial ~£28m, other income the balance; that's a fall from FY26's Europa-inflated ~£250m est. The wages figure is the SCR-relevant slice (players + head coach), not the £168m FY25 total staff bill — bonuses, coaching churn pay-offs (Ange's among them) and non-football staff sit outside it, and our slice is an estimate. The £52m averaged trading profit assumes ~£95m Anderson (FY27) and ~£46m Elanga (FY26) profits hold up under audit. Amortisation (~£85m) is our roll-forward of the £69m FY25 charge plus the 2025 intake minus departures. The PL's precise adjustments (which income lines qualify, averaging mechanics, the £33m/3yr equity top-up election) mean the true ratio will differ — treat this as a planning tool, not a compliance calculation.

Rumour Mill

The window shut at 11pm on 1 September 2026, and this tab is now mostly history. Nothing below can become an incoming transfer until January: a registration cannot be lodged outside the window, so every inbound link here is closed rather than pending, however well sourced it was. Three things the deadline does not close, which is why the cards are kept live rather than swept away. Free agents — a player already out of contract can be signed and registered outside the window. Outgoing moves abroad — several leagues closed later than England, so a player could still leave after English clubs had stopped buying: the Saudi Pro League runs to 6 September, the Süper Lig closed on 4 September and MLS on 2 September. Seven cards on this site point at one of those and are still live; every other card is now marked JANUARY and priced as a January deal rather than one that can happen today. Academy moves — an under-18 joining on training compensation is not moving a professional registration and is not bound by this deadline. Cards are left in place because a rumour that died at the deadline is a record of what was reported and what it was worth, and deleting them would quietly improve this site’s hit rate. The tick-box model still works: a JANUARY card prices what the deal would cost when the window reopens, which is the question actually worth asking about a link that survived the summer.

Everything on this tab is short of a medical. That is the line: a deal that has reached one sits in the Ins & Outs table, and everything below it — an offer, an agreement in principle, personal terms with no fee agreed, a bid lodged — is here, counting towards nothing until it moves. Tick any combination of live rumours (fees and wages are my estimates of reported figures) and the panel at the bottom recalculates the effect on every rule: window cash, the PL's 85% squad cost ratio, the hypothetical 70% Europe-tier ratio, and the profit booked for PSR. Uses the same base assumptions as the Headroom tab, so tweaks there flow through here. Glasner's stated shape: a midfield controller to replace Anderson, plus a mobile striker to complement Wood. NOTE: the Curtis Jones pursuit collapsed on 2 August — Liverpool pulled their own Jones-to-Inter loan at the last minute, which also froze the Davide Frattesi alternative Forest had lined up from Inter — so the midfield hole is still open; Diomande (agreed, see Ins & Outs) has left the Rumour Mill.

Incoming rumours

Outgoing rumours

Window cash
Δ annual squad cost
PL SCR (85%)
If in Europe (70%)
Profit booked (PSR)
Tick the rumours above to model a scenario — and change any fee or wage to model your own number instead of this tracker’s.
How each lever maps to the rules: an incoming deal adds (fee + the PL’s 4% levy)÷5 + wages + ~10% agent fee to the SCR numerator and drains window cash, with zero benefit anywhere. An outgoing deal does the opposite three times over — cash into the warchest, wages + remaining amortisation out of the numerator, and the profit (fee − book value) into the PSR bottom line and the SCR denominator. That's why one Gibbs-White-sized sale would fund roughly two Delap-sized signings in compliance terms, whatever it would cost in football terms — and why the board's refusal to sell him is a genuinely expensive act of sentiment.

Squad · Book Value & Amortisation

Senior squad after this summer's confirmed exits. Book value is computed live: straight-line amortisation of the reported fee from signing date to current contract end (extensions re-spread the remaining value — this is the standard treatment). Wages are triangulated from Capology/Spotrac/salarysport-style databases — estimates, not official. Tap a column to sort.

Player Pos Fee £m Signed Contract End Yrs Left Amort £m/yr Book Value £m Mkt Val £m Profit If Sold £m Est Wage £k/wk
💰 highlighted rows = est. profit if sold ≥£20m — where market value towers over book value. Gibbs-White (2022 fee nearly amortised, ~£57m of the £65m valuation would be profit), Murillo, Milenković and Hudson-Odoi (£3.5m from Chelsea, now ~£25m) are the bean counter’s favourite players and the football department’s nightmare — exactly the profile Anderson had. Market values are Transfermarkt-style estimates; Gibbs-White uses the reported Spurs-interest bracket. Not listed individually (academy/low book value or out on loan): Abbott aside, the U21 crop — Ward, Powell, Perkins and the academy keepers — are collectively immaterial to the amortisation picture but pure profit if ever sold. Free transfers & academy players carry £0 book value (that's why selling them is pure PSR profit). Undisclosed fees estimated where flagged ~. Add-ons are treated differently on the two sides of the ledger, and this page says so rather than quietly netting it out: both an incoming and an outgoing fee are modelled at the guaranteed amount, with add-ons counted only when they trigger. This caption used to claim the opposite for incoming deals — that they were modelled all-in — and that was a description of a rule this site does not follow: every incoming row bar two was already on the guaranteed basis, and the two exceptions, Suzuki and Ruggeri, were brought into line on 2 September. Contingent money is not capitalised until it is owed, which is the conservative reading and the one the corrections here have consistently enforced. New-signing wages are estimates until the databases catch up with the window. Amortisation shown on remaining contract; the PL (and UEFA) cap the amortisation schedule for new deals at 5 years even on longer contracts.
Squad Book Value
Sum of estimated carrying values
Annual Amortisation
Current squad only. Club-wide FY25 charge was £69m (+£5m impairment)
Est. Squad Wages
Estimated senior squad only. Total club FY25 wage bill: £168m (incl. staff, bonuses, pay-offs)
The Gibbs-White problem (a nice problem): the captain-in-waiting is the squad's biggest compliance asset — a ~£25m fee from 2022 that's nearly fully amortised against a market value around £65m. (1) Selling him would book ~£57m of near-pure profit, instantly. (2) Keeping him costs almost nothing in amortisation — his squad-cost footprint is basically his ~£100k/wk wages. (3) His 2028 contract (extended after the Spurs interest) is the club's PSR insurance policy: as long as he's here, Forest are one phone call from fixing any future cycle. The flip side of the same maths: Wood (34, contract 2027) and Awoniyi carried small book values but little resale upside — their exit value is wage relief, not profit. Awoniyi proved it on 17 August, going to Coventry for £9m: ~£5.5m of profit against ~£6.6m/yr of relief. After Anderson, the production line of "buy at £15–35m, sell at £55–116m" (Johnson, Elanga, Anderson) IS the business model; Hutchinson and Bakwa are the next candidates the model quietly depends on.

Amortisation Runway — What's Already Committed

Transfer-fee amortisation locked into future seasons from today's contracts (straight-line on remaining book value), plus the amber overlay showing what the agreed Diomande deal (~£34.5m, medical pending) will add once it completes. This is spending that's already eaten before Forest buy anyone else.

Assumes current contracts run to term (sales remove their bars; extensions re-spread them — Murillo's May extension to 2030 is reflected). Amber = the agreed Diomande signing (~£34.5m on a proposed 5-year deal incl. the 4% levy, ~£7.2m/yr) — agreed but not yet completed, so shown separately.

Premier League homegrown quota — 2026/27

Two ceilings, not one. A club may register 25 senior players, and no more than 17 of them may be non-homegrown. The familiar “eight homegrown” line is what falls out of those two numbers — but only if you fill all 25. A club with six qualifiers is not breaking any rule; it simply cannot name a squad bigger than 23. Under-21s sit outside the list altogether and play regardless: for 2026/27, born on or after 1 January 2005. Players out on loan are not registered.

Homegrown is a registration test, not a passport test. Three entire seasons, or 36 months, at any club affiliated to the FA or the FAW before the end of the season in which the player turns 21. That is why Chris Wood qualifies — a New Zealander who spent three seasons at West Bromwich Albion from 17 — and Steven Benda too, German, through Swansea from 18.

Forest can name a full 25, which puts them in a minority. 22 of the 25 places are used and both remaining places are usable: 9 homegrown and 13 non-homegrown leaves three of the ceiling unspent. The English core is doing it — Yates and Zach Abbott are club-trained, and Aina, Neco Williams, McAtee, Gibbs-White, Hutchinson and Hudson-Odoi all came through other academies here. Two of the nine hold passports that suggest otherwise: Chris Wood is a New Zealander who served three seasons at West Bromwich Albion from 17, and Steven Benda is German, through Swansea from 18.

The 25-Man List — Premier League Squad Rules

No Europe means no UEFA List A this season — the list that matters is the Premier League's 25-man squad, due ~4 September (shortly after the window shuts). The rules: max 25 players over 21, of whom no more than 17 may be non-homegrown (homegrown = three seasons at an English/Welsh club before turning 21, any nationality). Under-21s — born on/after 1 Jan 2005 for 2026/27 — are unlimited and listed separately.

Squad Transition · 2025/26 Europa League Squad → 2026/27 PL List

Each position: who's gone from last season's squad, who stays, and who fills the hole — with deal status. 29 seniors wore the shirt last season; 7 have gone (4 permanent exits, 3 loan-ends). Only confirmed deals are classed in/out — loose links stay dimmed or in the Rumour Mill.

Goalkeepers

Out · 2
Angus GunnSAN JOSE EARTHQUAKES · 4-YR DEAL
Stefan OrtegaLOAN ENDED
Retained · 2
Matz SelsSTAYS · NO.1
John VictorSTAYS
In · 0
Nobody yetHG BACKUP KEEPER WOULD BE QUOTA-FRIENDLY
NET: two seniors is thin — expect a homegrown third keeper (free-agent market) to fill a list spot cheaply. Both current keepers are non-homegrown.

Defenders

Out · 2
Willy BolyRELEASED · CONTRACT END
Oleksandr ZinchenkoLOAN TERMINATED JAN 26 · NOW AT AJAX
Retained · 7
MurilloELITE INTEREST · NOT FOR SALE · EXTENDED TO 2030
Nikola MilenkovićSTAYS
MoratoSTAYS
Neco WilliamsSTAYS · HOMEGROWN
Ola AinaSTAYS · HOMEGROWN · 2027 CONTRACT
Nicolò SavonaSTAYS
Jair CunhaU21 · DOESN'T NEED A SPOT
In · 1 agreed (+ target)
Ousmane DiomandeAGREED ~€40m (8 AUG) · MEDICAL PENDING · NON-HG
Left-back coverGLASNER WANTS A WING-BACK FOR THE 3-4-2-1
NET: Diomande (announced 11 Aug) is the mobile centre-back for Glasner's back three — he would take a 16th non-homegrown slot. With Zinchenko gone since January, the left side is Williams and Aina. Jair (b. 2005) and Abbott (b. 2006) are U21-exempt — free depth in list terms.

Midfielders — the Anderson hole

Out · 2
Elliot AndersonMAN CITY £116m · BRITISH RECORD · COMPLETED
Jesse LingardRELEASED · CONTRACT END
Retained · 5
Ibrahim SangaréSTAYS · EXTENDED 2026
Ryan YatesSTAYS · HOMEGROWN · ACADEMY
Nicolás DomínguezSTAYS
James McAteeSTAYS · HOMEGROWN
Morgan Gibbs-WhiteSTAYS · EXTENDED TO 2028 · HOMEGROWN
In · 1 (+ targets)
Xaver SchlagerFREE · 2-YR · GLASNER'S FIRST SIGNING · OFFICIAL 23 JUL
Curtis JonesPURSUIT COLLAPSED 2 AUG — PLAYER PREFERRED INTER
Lucas BergvallALTERNATIVE — NOT ADVANCED
NET: the British-record hole is still open. Schlager brings Glasner's Austrian-school pressing but is a stopgap on a 2-year deal. The Jones pursuit died on 2 August — he never wanted the move, and Liverpool's last-minute withdrawal of their Jones-to-Inter loan also froze the Frattesi alternative Forest had lined up — leaving Bergvall/Hinshelwood as the named (not advanced) options. A homegrown controller remains the structural need.

Forwards

Out · 2
Taiwo AwoniyiGONE · COVENTRY CITY · £9m
Lorenzo LuccaLOAN ENDED · BACK TO NAPOLI
Retained · 7
Chris WoodSTAYS · 34 · HOMEGROWN · 2027
Igor JesusSTAYS
Arnaud KalimuendoSTAYS
Omari HutchinsonSTAYS · HOMEGROWN
Dan NdoyeSTAYS
Dilane BakwaSTAYS
Callum Hudson-OdoiSTAYS · HOMEGROWN
In · 1 (+ target)
Liam DelapSTILL WANTED · EVERTON NOW LEAD · £35–40m ASK · HOMEGROWN
NET: deep in wide areas, light on a mobile 9 — Wood is 34 (and missed both Udine friendlies), Awoniyi has gone to Coventry for £9m, and Delap remains the named profile, though Everton lead that race. The Awoniyi sale frees a non-homegrown slot; a homegrown 9 arriving would leave the attack a slot better off than it started.
Est. current shape of the list: ~22 seniors, of whom ~15 are non-homegrown (limit 17) and 8 homegrown (Yates, Gibbs-White, Hudson-Odoi, Williams, Aina, Hutchinson, McAtee, Wood — the minimum for a full 25 is effectively 8). U21s (Jair Cunha, Zach Abbott and the academy crop) are exempt. Diomande, once completed, takes a 16th non-homegrown slot — one spare after him, which is why the remaining midfield and striker targets (Delap, Hinshelwood — both homegrown) matter in list terms as well as football ones.
Why Anderson's sale stung twice: £116m fixes the accounts, but Anderson was academy-adjacent gold in list terms too — a homegrown England international in his prime. Clubs that sell homegrown stars usually end up paying "homegrown premiums" to rebuild the quota (the going rate for English midfielders is why Liverpool priced Jones at £40m). Forest's saving grace is that their recruitment already leans English: the quota is comfortable this season even before new arrivals.

Sanction Tracker — PL & UEFA

The PSR Glidepath

£120m £80m £40m £0m LIMIT £61m (2 EFL SEASONS) LIMIT £105m CYCLE→FY23→FY24→FY25→FY26 BREACH £95.5m · −4 PTS pass pass · UEFA £2.2m separately est. pass — final PSR cycle
Rolling 3-year PSR-adjusted loss vs the limit. Only the FY23 cycle figure (£95.5m vs £61m) is official — the rest are this tracker's estimates from published accounts (FY24 +£12m, FY25 −£71m pre-tax) plus allowable deductions; the PL does not publish club PSR calculations. Final assessment of the FY24–26 cycle: January 2027.
January 2024

Charged — PSR breach, cycle ending 2022/23

Two Championship seasons in the assessment period cut Forest's loss threshold from £105m to £61m. The club admitted exceeding it by £34.5m, arguing in mitigation that the record £47.5m Brennan Johnson sale simply completed weeks after the 30 June accounting cut-off — a bean-counting tragedy of timing.

18 March 2024

Four points deducted

The independent commission credited Forest's admission and "exceptional cooperation" but imposed a four-point deduction, dropping the club into the relegation zone. The appeal was dismissed in May; Forest survived on the pitch anyway, finishing 17th.

October 2024

£750,000 fine — the VAR statement

Not a finance rule, but it belongs on any Forest sanction ledger: fined for the extraordinary social-media statement accusing a VAR official of bias after the Everton defeat. Compliance culture, the hard way.

Season 2025/26

Into Europe — and into UEFA's rulebook

A Europa League licence made Forest subject to UEFA's squad cost ratio and Football Earnings Rule for the first time. Twelve summer signings (~£180m gross) and five head coaches in twelve months — Nuno, Postecoglou, Dyche, Pereira, then Glasner in July — piled cost onto a mid-table revenue base while the team reached a first European semi-final in 42 years, earning £20.9m+ in UEFA prize money. The maths, though, was already over the 70% line.

Early July 2026

UEFA fine — £2.2m, unconditional, no settlement

The CFCB found Forest's calendar-2025 squad cost ratio above 70% and fined them €2.5m (£2.2m) — the smallest of four English sanctions (Villa £19.4m, Chelsea £2.6m, Newcastle £2.6m + £8.6m). Crucially, no Football Earnings breach was found despite analysts estimating ~£67m of UEFA-basis losses across FY24–25 — and with no 2026/27 European licence, UEFA's jurisdiction over Forest ends here.

Mid July 2026 → now

The exit route — sold, not settled

Weeks after the fine, Anderson joined Manchester City for a British-record £116m — 53 times the fine, ~£95m of FY27 profit, and the entire compliance conversation reset. Nothing is suspended, nothing is monitored: Forest enter 2026/27 with a clean sheet, a warchest, and only the Premier League's 85% squad cost line to respect.

Last Accounts — FY2024/25 (y/e 30 June 2025)

The season of 7th place and a first European qualification in decades — bought at full price. Headline: record revenue AND a record loss in the same set of accounts, plus a pay-off for a sacked head coach that wouldn't even be the last.

Revenue (club record)
£222m
+£32m (17%) on FY24's £190m
Pre-tax result
−£71m
Club record loss — an £83m swing from FY24's +£12m profit
Player-sale profit
£7m
Down from ~£100m in FY24 — the whole swing, in one line
Operating loss
−£65m
Expenses ~£287m against £222m of income
Wage bill
£168m
~76% of revenue — improved, still above the 70% target
Player amortisation
£69m
+£7m (12%) on FY24's £62m, + £5m impairment

Revenue mix

Broadcasting
£159m
Commercial
£39m
Matchday
£20m
Other
~£4m
The owner's balance-sheet broom: Evangelos Marinakis (80%, with Sokratis Kominakis on 20%) keeps sweeping debt off the books by converting his loans to shares — £72m in January 2025, £17m more in June, £89m across FY25, continuing a pattern running since 2017. Net liabilities sit near zero as a result. This is why Forest sail the PL's incoming SSR solvency tests despite the P&L: equity conversions count in the club's favour, and there's no external debt mountain. The dependency is the honest caveat — the model works exactly as long as the owner keeps writing cheques and converting them.

How +£12m became −£71m

FY24 pre-tax profit (with ~£100m of sale profits: Johnson money etc.)+£12m
Player-sale profit collapses (£100m → £7m) → nobody big was sold before 30 June−£93m swing
Operating costs up (wages +1%, amortisation +£7m, Europe prep, Ange pay-off)−£24m
Revenue growth (broadcast +£29m, matchday +£6m, commercial +£9m)+£32m
Interest & other−£6m
FY25 pre-tax loss−£71m
The whole story in one line: Forest's P&L is a player-trading engine wearing a football club as a hat — sell a star before 30 June and the year is profitable; don't, and it's a record loss. FY26 (Elanga, ~£46m profit) and FY27 (Anderson, ~£95m) both have their star sale booked. Rough FY26 estimate on this tracker: revenue ~£250m with Europa League income, loss shrinking to ~£25m — figures to be confirmed when the accounts file (due at Companies House by 31 Mar 2027).

Rules & Compliance Status

Every regime that applies to Forest, the limit in pounds, and where the club stands. "FFP" itself no longer exists as a single rule — it's the old umbrella name, now split into UEFA's FER + SCR (which only bind clubs in Europe — not Forest this season) and the Premier League's PSR (retiring, replaced by SCR + SSR).

COMPLIANT CLOSE / NOT YET TESTED NOT COMPLIANT

Compliance calendar

1 Sep 2026WINDOW CLOSES 11PM
~4 Sep 2026PL 25-MAN LIST DUE
Oct 2026PL SCR MONITORING
31 Dec 2026PSR ACCOUNTS SUBMITTED
Jan 2027FINAL PL PSR ASSESSMENT
2 Feb 2027JANUARY WINDOW SHUTS
1 Mar 2027PL SCR ASSESSMENT
31 Mar 2027FY26 ACCOUNTS FILING DUE
7 Jul 2027SSR TESTS
Premier League · final cycle just ended
Est. compliant

PSR — Profitability & Sustainability

LIMIT: £105m max pre-tax loss over rolling 3 years (£35m/yr; reduced for Championship seasons in the window)
BasisClub financial years (Forest's y/e 30 June) — the cycle that just closed is FY24 + FY25 + FY26.
What countsAggregate 3-yr pre-tax result, with deductions for infrastructure, academy, community & women's football costs.
ForestThe scar tissue: docked 4 points in March 2024 for breaching the £61m Championship-adjusted threshold by £34.5m (cycle ending FY23). The cycle just ended is a different story — FY24 +£12m, FY25 −£71m, FY26 estimated around −£25m with Europa League income and the ~£46m Elanga profit; less deductions, our estimate lands ~£45m used of the £105m. No charge has been reported. Estimate, not verdict.
DeadlineAccounts submitted by 31 Dec 2026 → final-ever PSR assessment January 2027. After that the rule is retired.
UEFA · fined, then out of scope
Fined 2025 · N/A 26/27

SCR — Squad Cost Ratio (UEFA)

LIMIT: squad cost ≤ 70% of adjusted revenue + net player-sale profit · applies only to clubs with a UEFA licence
BasisCalendar year — Forest were tested on 1 Jan – 31 Dec 2025, the year of the twelve-signing Europa League squad build.
What countsPlayer + head-coach wages — five head coaches in one year is an underrated way to inflate this line — plus loan fees, transfer amortisation/impairment and agent fees. The PL’s 4% transfer levy and FIFA’s 5% solidarity contribution capitalise into registration cost and ride along inside the amortisation. On a sale it works the other way and is now modelled: the 5% is deducted from the fee, so a club selling abroad banks 95% and books its profit on that. Domestic sales are untouched. Amortisation capped at 5 years for new deals.
ForestExceeded 70% in calendar 2025 → fined €2.5m/£2.2m in July 2026, entirely unconditional — the smallest of the four English fines, no settlement, no suspended element, no monitoring. With 16th place and no 2026/27 European licence, the rule now simply doesn't apply. Amber as a record, not a live risk.
DeadlineNone. The rulebook re-engages only if Forest qualify for Europe — at which point the 70% cap would replace today's 85% domestic comfort, a 15-point haircut worth ~£38m/yr of allowed cost on current revenue.
UEFA · the near-miss
No breach found

FER — Football Earnings Rule

LIMIT: ~£52m (€60m) max loss over 3 years · +~£8.6m/yr more if in "good financial health"
BasisFinancial years — the 3-year aggregate of the club's own accounting periods, assessed by the CFCB while a club holds a UEFA licence.
What countsUEFA's PSR equivalent — but it EXCLUDES profits on asset sales to related parties and adjusts several income lines, which is why UEFA-basis numbers differ from the statutory accounts.
ForestAnalysts put UEFA-basis losses at ~£67m across FY24–25 — over the allowance on paper — yet the July 2026 decisions listed no FER breach for Forest. The plausible reading: equity funding, allowed adjustments and the improving FY26 (Elanga profit, Europa income) kept the assessed number inside the line. Either way: fine paid, file closed, and no licence means no further FER exposure.
DeadlineNone while out of Europe.
Premier League · live from 2026/27
Could be close

SCR — Squad Cost Ratio (PL)

CLUBS NOT IN EUROPE (incl. Forest): green 85% · red 115% · +£33m/3yr equity top-up (max £15m/season) — CLUBS IN EUROPE: green 70% · red 100%
BasisSeason / financial year (2026/27, i.e. y/e 30 June 2027) — unlike UEFA's calendar-year clock. A January signing hits this season's calculation in full.
What countsSame cost base as UEFA's version, and the denominator explicitly includes net profit/loss on player sales. Two-tier enforcement: over green but under red = fine (levies only payable for breaches from 2027/28); over red = risk of sporting sanctions. The intra-group asset-sale loophole some clubs used under PSR is explicitly closed.
ForestMissing Europe puts Forest in the softer 85%/115% tier — 15 points more headroom than the nine European clubs. Our 2026/27 projection is ~80% on the model defaults (wages ~£105m, amortisation ~£85m, agents ~£12m, against ~£200m revenue + ~£52m averaged trading profit) — inside the green line but dependent on the Anderson/Elanga profits in the denominator. Amber because untested and trading-dependent. The buffer RATCHETS: overspend it one season and next season's red threshold drops by the same amount, earned back at 10%/season of full compliance.
DeadlineMonitoring checkpoint October 2026; formal assessment 1 March 2027, after the January window. Levies for breaches only bite from 2027/28 — 2026/27 is a transition year.
Premier League · live from 2026/27
Expected pass

SSR — Sustainability & Systemic Resilience

TESTS: liquidity headroom ≥ £0 after an £85m stress test · positive equity ratio ≤90% (26/27) → 85% (27/28) → 80% (28/29+)
BasisTested 7 July each year (newly promoted clubs: 31 October), covering the current and following season.
What countsNot a spending cap — solvency tests. The liquidity calculation counts 40% of squad market value as a liquid asset; the £85m stress test models relegation. Owner equity injections count in a club's favour.
ForestMarinakis has converted loans to equity relentlessly — £89m in FY25 alone, a pattern since 2017 — leaving net liabilities near zero and no external debt mountain. Accounts prepared on a going-concern basis with owner support. The honest caveat is concentration risk: the tests pass because one owner keeps funding.
DeadlineFirst full tests 7 July 2027 for 2026/27, with in-season submissions from the start of the season.
Premier League squad registration
Comfortable

25-man squad list & homegrown quota

LIMIT: max 25 over-21 players · max 17 non-homegrown · U21s (born on/after 1 Jan 2005) unlimited
BasisSubmitted after each window (due ~4 Sep for the autumn half, ~5 Feb after the January window). Homegrown = registered with an English/Welsh club for 3 seasons (36 months) before the 21st birthday — nationality irrelevant.
ForestEst. ~22 seniors with ~15 non-homegrown (limit 17) and 8 homegrown: Yates, Gibbs-White, Hudson-Odoi, Williams, Aina, Hutchinson, McAtee, Wood. Anderson's sale removed a ninth; the agreed Diomande deal would use a 16th non-HG slot, leaving one spare — which is why the remaining targets (Delap, Hinshelwood) being homegrown matters. The quota shapes WHO Forest buy more than whether they can. Jair Cunha and Abbott ride free as U21s.
DeadlineList due ~4 September 2026; changes then locked until the January window.
UEFA Annex G.3.5 + PL FMV protocols
Watch item

Swap-Deal / Linked-Transfer Rules

TEST: opposite-direction transfers between the same two clubs = an EXCHANGE if (a) concluded within 45 DAYS of each other AND (b) with similar payment obligations · recognised value = the LOWER of the fee and residual book value · plus PL fair-market-value protocols on any registration
What countsSubstance over form, not a fixed day-count — deals weeks apart can be linked. The canonical example involves Forest's own player: Newcastle's 2024 sale of Anderson to Forest (£35m) alongside Vlachodimos going the other way (£20m) was exactly the PSR-deadline trading pattern these rules now target; Newcastle's UEFA-basis profit on it was later slashed. For academy players the book value is £0, so an exchange kills the profit entirely.
ForestThe live edge case is the McAtee sell-on and buy-back held by Manchester City — the club that just paid Forest £116m for Anderson. Any future McAtee traffic to City will be examined against fair-market-value protocols precisely because the two clubs now have £146m of recent bilateral business. Nothing improper is alleged — but this is the rule that would care.
ConsequenceDomestically the PL can re-value a registration (Handbook, App 19); in Europe UEFA can strike inflated profits from the FER calculation. For a club whose model is "buy at £15–35m, sell at £55–116m", clean arm's-length pricing is a strategic asset — one reason the Anderson fee being fixed, unconditional and to a third-party buyer mattered.
Terminology · where "FFP" went

FFP → what it means now

"Financial Fair Play" (2010) was rebranded by UEFA in 2022 as Financial Sustainability Regulations: solvency (no overdue payables) + stability (FER) + cost control (SCR). Domestically, the PL's version was PSR (2013), now being replaced by SCR + SSR from 2026/27. So when pundits say Forest have an "FFP problem", the precise version is: a served PSR points deduction (2024), a paid UEFA SCR fine (2026) — and, right now, no live breach of anything.
Accounting mechanics

Amortisation & "pure profit"

Fees spread over the contract (max 5 years); sale profit = fee received − remaining book value − any sell-on shares owed, booked instantly. Academy products (Yates; Johnson's £47.5m in 2023) are ~100% profit; £116m for Anderson against a ~£21m residual book value books ~£95m at once. Buying works the other way: Diomande at ~£34.5m would add only ~£7.2m/yr of cost. That asymmetry — sell whole, buy in fifths — is the entire logic of Forest's business model.

The Whole League — Bean Counted

All 20 clubs for 2026/27: which SCR tier they're in, their latest published accounts (FY2024/25, y/e mid-2025), and their compliance baggage. Nine clubs in Europe carry the 70% green / 100% red caps; the other eleven — Forest included — get 85% / 115%. Notes updated 27 Jul — officially announced deals and appointments only; pursuits and links stay in the Rumour Mill. Figures marked ~ are estimates from league-wide analyses rather than confirmed line items — FY25 league totals: £6.8bn revenue, £4.4bn wages, £2.0bn amortisation, £948m aggregate pre-tax losses.

ClubEurope 26/27Green capRev £mWages £mW/RCompliance notes
ArsenalCL · CHAMPIONS70%~617~328~53%Comfortable on both ratios; CL runners-up 25/26. Amortisation £170m+ the main cost line.
Manchester CityCL70%~715408~57%New era: Maresca replaces Guardiola. Broke the British record for Forest’s Anderson (£116m, fixed fee) — absorbed inside 70% by a £715m revenue base.
Manchester UnitedCL70%~666~313~47%Carrick made permanent manager; ~£85m midfield rebuild (Santos £50m, Tielemans £35m from Villa). £196m amortisation, but a £666m denominator makes 70% easy.
Aston VillaCL · EL HOLDERS70%37827372%Mid-settlement with UEFA, fined twice (£19.4m in Jul 2026, 2/3 suspended) but trend endorsed — the £117m British-record Rogers sale to Chelsea is the exit route. Beat Forest in the EL semi, then won it.
LiverpoolCL70%~614~386~63%Iraola officially appointed (4 Jun, 2-yr deal) after Slot was sacked a year on from the title. FY25 wages inflated by title bonuses after £241m on Isak (£125m) & Wirtz. Squad cost £545m, big denominator.
BournemouthEUROPA70%~175~140~80%Flagged spending near capacity in FY25 — and first-ever Europe now drags them from 85% to the 70% cap just as Iraola officially left for Liverpool. The squeeze case, squeezed further.
SunderlandEUROPA70%~180*~95*~53%*FY25 = first PL season back. Europe two seasons after League One — the 70% cap lands on a still-growing revenue base.
Crystal PalaceEUROPA · CONF WINNERS70%~190~135~71%Conference League winners — then Glasner officially departed for Forest. Second straight European season keeps them on the 70% cap, right on the line like Villa.
BrightonCONFERENCE70%~222~165~74%FY25 costs rose sharply on amortisation; historically balanced by elite player trading profits.
Chelsea85%~541~360~67%Xabi Alonso era. UEFA settlement (£26.7m paid, up to £51m conditional), fined again Jul 2026 — then broke their record for Rogers (£117m) days after loaning Garnacho to Villa, walking the swap-rule tightrope. League-high £212m amortisation; missing Europe eases the cap to 85%.
Newcastle85%~350~220~63%Fined Jul 2026 for BOTH SCR and FER breaches; FY25 leaned on selling Isak to Liverpool for £125m. Settlement obligations continue despite missing Europe.
Tottenham85%~526~222~42%Lowest wage ratio among the big-revenue clubs — the league's most comfortable bean-counting position.
NOTTINGHAM FOREST85%22216876%The subject of this tracker: −4 points served in 2024, £2.2m UEFA fine paid in Jul 2026 — then £116m banked for Anderson, transforming the picture overnight. Glasner confirmed 6 Jul, their FIFTH boss in 12 months. See every other tab.
Everton85%~187~160~86%Two PSR deductions in 23/24; new stadium revenue is the plan for growing under the 85% cap.
Fulham85%~180~145~81%Small-revenue cohort where 85% barely funds a competitive XI — the other side of the SCR squeeze.
Brentford85%~195~125~64%The sustainability model club — comfortable margin on every metric.
Leeds85%~150*~110*~73%*FY25 = promotion season. Second PL season consolidating.
CoventryPROMOTED · CHAMPIONS85%~45*~35*~78%*Championship-era accounts. PL broadcast money transforms the denominator overnight — big headroom if they spend sensibly.
IpswichPROMOTED85%~145*~115*~79%*FY25 reflects their last PL season. Straight back up at the first attempt.
HullPROMOTED · PLAY-OFFS85%~30*~28*~93%*Championship accounts. The biggest financial step-up in the division — SSR liquidity tests bite hardest here. In: Butland, ex-Villa Targett, Zambrano & Morita.
The tier divide is the story of 2026/27: nine clubs in Europe live at 70/100 while eleven live at 85/115 — meaning Forest (with Chelsea, Newcastle and Spurs) get 15 points MORE domestic spending headroom than Villa or Palace precisely because they failed to qualify. Missing Europe cost Forest maybe £30m of income but bought ~£38m/yr of extra allowed squad cost — the rulebook's strangest consolation prize. UEFA settlement obligations (Chelsea, Newcastle, Villa) travel with the club regardless; Forest's unconditional fine doesn't. And note the squeeze cases: Bournemouth and Palace dragged down to 70% by success, Fulham and the promoted clubs for whom even 85% of a small revenue is a hard ceiling.
Sources: Deloitte Annual Review (league totals), club accounts via Swiss Ramble/Maguire-style analyses, UEFA CFCB statements, The Athletic/BBC reporting. ~ figures are estimates; * marks accounts from a different division. Every club has its own page with the full treatment — transfers, book values, A-list, headroom — via the menu at the top.

Who's Selling to Survive — Net Transfer Balance

Sorted by net balance — the top of this table is where the selling pressure lives, the bottom is where the money goes.

THIS WINDOW: disclosed fees on officially completed 2026 deals only; undisclosed counted £0, loans & frees excluded (which is why Forest show £116m sales and £0 buys — Schlager arrived free, and the agreed Diomande fee only joins on completion). LAST 5 YEARS: net spend 2021/22–2025/26, Transfermarkt basis (€ converted), ~ = estimated. The two views tell one story from opposite ends: over five years Forest rank among the league's HEAVIER net spenders (~£329m — two promotions-era rebuilds plus the Europa League splurge) — and this window they're the second-biggest sellers, reversing hard through one transfer. The 2025 splurge bought a European semi-final and a UEFA fine; the 2026 sale paid for both.

Can Anyone Still Catch the Big Six?

The question underneath every number in this tracker. The honest answer: the old door is bricked up — Forest tried the sprint in 2025 and got fined for it. There's a turnstile, but it charges admission.

Why it feels closed — because it mostly is

The squad-cost rule is a percentage of revenue — so it doesn't cap spending, it caps spending relative to income. City's 70% of ~£715m buys a ~£500m squad; Forest's 85% of ~£250m buys ~£212m. The gap is locked in by design. Forest ran the old play anyway — £180m of signings in one summer against a £222m revenue base — and it produced a European semi-final, a UEFA fine, a record £71m loss and five head coaches. The FER kills the only ladder anyone ever actually climbed: Abramovich's Chelsea, early City, Newcastle's takeover surge all spent ahead of revenue — exactly what's now illegal. Worse, the compliance machinery itself transfers talent upward: Forest's exit route was selling Anderson to City; Villa's was selling Rogers to Chelsea; Newcastle's was selling Isak to Liverpool. The fined feed the rich.

The cracks in the door

1 · Grow the denominator. Every £1 of new revenue is 85p of new squad allowance at Forest's tier — which is why a full City Ground, the next shirt deal and any European run matter as much as any signing. Compliant growth means revenue first, squad second. 2 · The trading engine. Net transfer profit counts IN the denominator and in the PSR sums — selling well literally raises your cap. Brighton have run this loop for a decade; Forest's version (Johnson £47.5m, Elanga £55m, Anderson £116m) is arguably the league's most productive: three sales, ~£190m of profit, in three consecutive years. 3 · Efficiency is legal. Hudson-Odoi at £3.5m, Sels at £5m, Schlager free, Murillo at £15m now worth ~£55m — the recruitment desk IS the compliance department. 4 · The rich can now fail permanently. United's £650m for one top-four finish used to be survivable — just spend again. Under squad-cost rules, mistakes consume finite headroom even for giants. Bad buying is finally fatal at every level.

The bean counter's verdict: catching the Big Six in one leap is dead — the rules exist to prevent precisely that, and Forest's 2025 experiment is the cautionary tale: the sprint bought one glorious European spring and a compliance hangover. What remains is a slower arc: sell the star annually, keep the buy-low machine running, let revenue compound, and time the next European push so the income arrives BEFORE the wage bill. The door isn't closed. It's just been redesigned so that only the well-run can fit through — and a club that turns £35m midfielders into £116m ones in two years is, on the evidence, better built for the turnstile than most.

Changelog

Every update to the Bean Counter's data, newest first. Maintained manually with each rebuild.

3 Sept 2026

Twenty-six sold players were sitting in “Retained” columns across fifteen clubs SITE-WIDE CORRECTION

Villa’s board was not the exception. It was the one somebody happened to be looking at. After Emiliano Martínez was found under “Retained” four days after his sale to Chelsea, the same pattern was checked across the other nineteen pages. Every club page carries these position boards — three columns each, who left, who stayed, who arrived — and at roughly forty-five chips a page that is about nine hundred hand-written claims, none of which any gate on this site could read, because they name players in free HTML rather than through a data array.

Twenty-six of them said a player had stayed when the club’s own deal table said he had been sold. The list is not marginal. Rodri sat under Manchester City’s “Retained · 6” tagged “REAL MADRID TALKS”; he had gone to Barcelona for £51m. Tijjani Reijnders (£52m, Al Qadsiah) and Nico González (£50m, Newcastle) were beside him. Carlos Baleba was retained at Brighton after a £65m move to Manchester United. Liam Delap was retained at Chelsea after £45m to Forest. Everton had five in one page — Ndiaye, McNeil, Beto, Iroegbunam and Patterson. Arsenal had Gabriel Jesus, Ipswich three, Hull two, Palace two, and so on across fifteen clubs.

Each one is now in the column it belongs in, with the destination and fee taken from the deal table rather than retyped. Column counts were recomputed from the chips actually present, so the headings match their own contents for the first time in a while. “Out · 0 — Nobody” placeholders were removed where a real departure now fills the column.

Worth recording how nearly this went wrong, because it is the second time today. The first script moved the chips and reported twenty-two successes. It had in fact deleted all twenty-two players: the insertion point never matched, the removal did, and the counts were recomputed afterwards so every column looked internally consistent. Nothing in the output said anything was missing. It was caught by reading one board back rather than by trusting the tally, and reverted. The rewrite asserts the set of names in a board before and after the edit and refuses to write when they differ — which then immediately caught a second, smaller error, and later a third: the pattern used to find a column was swallowing the last chip’s closing tag, so the final name in every column was invisible, which is why four clubs looked clean on the first pass and were not.

And a gate, the twenty-fifth. tools/check-flowboards.js asserts two things about every chip on every board: a name in a retained column must not be a completed permanent sale in that page’s OUT26, and a name in a retained column must exist in that page’s data at all. It says nothing about incoming or outgoing columns, where naming a target from another club is correct, and it exempts chips whose own tag places them outside the squad table — a third-choice keeper in contract talks, a U21 needing no registration. Its first run reported seventy-one problems, of which twenty-four were its own fault: typographic apostrophes it could not match to straight ones, and editorial labels like “Third keeper slot” that are not players. Tested against the pre-fix pages, where it finds exactly twenty-six.

The reason this sat unseen is worth stating plainly. The deal arrays are gated. The ratio inputs are gated. The squad table is gated. The answer block, the league tables and the share cards are all derived. These boards were the one substantial thing on every club page that was neither derived nor checked — prose in the shape of a table, in a heavily-read tab — and they had been drifting for as long as they have existed. It took a reader with the live page open to find the first one.

3 Sept 2026

Bindon and da Silva Moreira out on loan — and on this page the distinction really matters OFFICIAL

Tyler Bindon to Charlton Athletic and Eric da Silva Moreira to Excelsior Rotterdam, both to the end of the season. Da Silva Moreira is out for a second straight year after Rio Ave, and the club frames it as a pathway move rather than a clear-out.

On a page sitting over the limit, the loan-versus-sale distinction is the whole argument. Bindon came in from Reading and that fee is still writing down — and it stays on Forest’s books, because a loan relieves the wage line and never the amortisation line. So these two deals help the numerator a little and the compliance position barely at all: the ratio moves 87.4% → 86.2%, which is closer to the 85% line and still the wrong side of it, about £3.1m/yr over rather than £6.1m.

Why these were missing, and it is structural. Every gate on this site is built around deals with fees — guaranteed-fee checks, counterpart-fee checks, solidarity classification, book values. A fee-less loan trips none of them, so a page can be missing several and still read green. Nothing here was wrong; things were absent, which is the harder failure to see. No relief is assumed on any of them. Nobody publishes what share of a loaned-out player’s wage the borrowing club carries, and where a loan goes down the pyramid the parent usually keeps paying most of it. Every wage here is an estimate and flagged as one.

2 Sept 2026

The Saudi deadline was five weeks out, and it is four days CORRECTION

This morning’s work put the Saudi Pro League window at 12 October and built a countdown, a gate and seven card tags on it. A reader said that sounded wrong — they had read it was days away. They were right.

The sources disagree. Wikipedia and Goal put the registration period at 22 July to 6 September; one tracker says 11 September; Sports Mole and AgentFlow say 12 October. The tell is arithmetic: 22 July to 12 October is 11.7 weeks, essentially FIFA’s twelve-week maximum for a registration period. That reads like somebody published the longest period permissible rather than the date actually announced. 6 September is 6.6 weeks, an ordinary window.

It is now carried at 6 September — the earliest credible date, chosen deliberately. The conservative error here is the early one: saying a shut window is open invents deals, which is the exact failure the window gate was written this morning to prevent. The countdown now reads four days rather than forty.

What is still unresolved: no source reachable from here separates Saudi domestic registration from international, so no such split is modelled. If one exists it is the international deadline that governs a sale out of England, and 12 October may well be a domestic-only extension rather than simply wrong. The date is flagged as contested on the deadline page rather than asserted.

Worth naming the pattern: the 12 October figure came from a single search result, and the source family it came from has now been wrong four times in this project — Hincapié’s fee, Trafford’s club, Fofana’s club, and this. A date that anchors a gate deserved a second source before it was written into twenty-one pages.

2 Sept 2026

The window is shut, and the site now says so — except where it isn’t CORRECTION

The Premier League window closed at 11pm on 1 September, so from the 2nd no rumour card here can describe a signing as something still pending: a registration cannot be lodged outside the window, however well sourced the link was. 139 cards are now marked JANUARY and priced as January deals rather than deals that can be done today.

But “the window” is not one thing, and flattening it would be the opposite error. A club that cannot buy can still sell: the Saudi Pro League runs to 6 September and the Süper Lig to the 4th; MLS closed on the 2nd. Bundesliga clubs finished earliest, on 31 August; Serie A, LaLiga and the Premier League all shut on the 1st. Six cards survive because they point at a league that outlasted England’s, and each has had its destination narrowed to the club that can actually still act. The seventh has already gone. Leon Bailey, whose card read “Al Diriyah” after Sevilla and Hull ran out of time, signed for Olympiacos on 2 September for £3.4m — which is the point of this section in one transfer. The English window shutting does not stop an English club selling, and it did not stop this one. It also proves a window this table does not list: Greece was still open on 2 September, and no closing date for it could be sourced, so none is stored rather than guessed.

The first countdown clock had been reading DONE against a label saying “days to window close”. It now counts to the Saudi deadline on 6 September — the one transfer deadline that still constrains these clubs, because they can still sell into it.

tools/check-window-state.js holds it: a card with no jan flag is asserting the deal can happen now, so its destination must sit in a window open today. It is date-driven rather than a one-off sweep — on 5 September the Türkiye cards stop being live and the gate says so without anyone remembering. It found six on Fulham that the first pass missed, because those rows are written with double quotes where the rest of the site uses single.

The countdown gate had a matching blind spot: it skipped any page without a club nav and only knew one label shape, so deadline/ was invisible to it — and was still counting to 1am on 1 October, the exact GMT-versus-BST bug that gate was written for, fixed on twenty pages and left on the twenty-first. It now reads both shapes, both const and var, and every page that carries a clock.

2 Sept 2026

An eighteenth gate: no transfer recorded on only one page METHOD

The two worst misses of this window were both one-sided. Liam Delap’s £45m move from Chelsea to Nottingham Forest was on neither club’s page, and Daniel Muñoz’s £20m move from Crystal Palace to Forest was absent from both too. Between them that is £65m of Forest’s spending, and their absence had Forest reading as comfortably compliant when the club is in fact over the 85% limit.

Nothing on this site could see either. The counterpart check compares fees for a player who appears on both pages — a different question, and one that is silent when a row is simply missing. There is no contradiction to detect in an absence, only the absence itself, which is the same reason a completed deal can sit undisturbed in the Rumour Mill.

The new check asks the absence question directly: for every completed Premier League to Premier League deal, is there a matching row on the other club’s page? Loans are excluded, because the borrowing club may carry one as a squad row rather than an incoming deal, and academy moves are excluded, because a selling club has no book value in a youth player to record.

It found one live defect immediately. Robertson was “Andy” on Liverpool’s page and “Andrew” on Tottenham’s, and a name mismatch defeats the fee check exactly as it defeats this one — both gates were blind to him. The names are now standardised. Verified by deleting the Delap row and watching the gate name it, and both check.sh and CI run all eighteen.

2 Sept 2026

Muñoz was signed on 30 August, and it puts Forest over the limit CORRECTION

Daniel Muñoz joined from Crystal Palace on 30 August for £20m up front plus £2m in add-ons, and neither this page nor Palace’s had a row for it. Both carried it only as a rumour card projecting £25m. The real deal came in £5m lower.

Glasner gets the reunion: Muñoz made 105 of his 109 Palace appearances under him, winning the FA Cup and the Conference League. £20m guaranteed is counted, the add-ons are not. A three-year deal with an option for a fourth, and an option year is not committed, so the fee spreads over three years at ~£6.7m/yr — a heavier annual charge than a longer contract carries, which is the trade-off for buying a 30-year-old.

This changes the verdict. With Delap and Muñoz both recorded, committed spend goes £51.3m → £116.3m, the squad amortisation floor rises to £99m, and the ratio goes 81.1% → 87.4% — from £9.9m of headroom to £6.1m/yr over the 85% limit. Forest read as compliant on this page all window because two of their three biggest signings were missing from it.

The PSR verdicts elsewhere on this page are unaffected: that is the three-year loss test, a different measure from the squad cost ratio, and the cycle ending June 2026 is still estimated compliant.

2 Sept 2026

The club-record signing was missing, and so were four loans out CORRECTION

Liam Delap joined Forest from Chelsea on 25 August for £45m guaranteed — a club record — and this page had no row for it on either side of the deal. Chelsea’s page still carried him as a live incoming rumour against an Everton bid. He now appears in the Ins table, in the squad, and in the forward line.

That is the fifth completed deal this window found sitting in a rumour card, after Barcola, Diouf, Cho and Palacios. It is the one failure mode none of the seventeen gates can see: a rumour card is a valid state, so there is no contradiction to detect, only an absence. What did fire, once the deal was recorded, was the rumour-already-gone check — it immediately flagged the stale Delap cards on this page and on Newcastle’s, and both are now marked dead.

Four loans out were also absent: Morato to West Ham (option to buy), Zach Abbott to Southampton, Omari Hutchinson to AC Milan and Dilane Bakwa to Lille. All four were sitting in the squad table with no departure row. Each frees the wage and none of the amortisation — Hutchinson’s £37.5m from Ipswich keeps writing down at ~£7.5m/yr here for a season he spends in Milan.

Net effect of the Delap row alone: committed spend £51.3m → £96.3m and the ratio 81.1% → 82.3%. Muñoz, found later the same day and logged below, then took it past the limit.

2 Sept 2026

Jota Silva’s loan to Olympiacos was not recorded DATA

Announced by the club on 9 July: a season-long loan to Olympiacos with the Greek side holding an option, not an obligation, to make it permanent. The row was absent from this page entirely.

A loan frees the wage and none of the amortisation, so his book value keeps writing down at Forest while he plays in Piraeus. Nothing enters the committed totals unless Olympiacos exercise; an option is not modelled here until somebody acts on it. The wage input falls to the derivation and the ratio goes 82.3% → 81.1%, with headroom to £9.9m (the figures on the day — signing Delap for £45m, recorded on 2 September, has since taken the page back to 82.3% and £6.9m) against the 85% limit, and the window swing to −£21.6m/yr.

31 Aug 2026

Three pages had the window shutting four hours early CORRECTION

Hull, Coventry and Newcastle counted down to 7pm on 1 September. The window shuts at 11pm, which is what the other seventeen pages said and what their clocks ran to. On the eve of deadline day, three club pages were telling readers they had four hours less than they did.

Both halves were wrong together, which is why nothing looked odd on those pages: the label said 7PM and the clock counted to 19:00, so they agreed with each other and disagreed with the rest of the site. The first fix here only corrected the labels, and the new gate immediately failed for the right reason, catching a symptom fixed without its cause.

Also tidied: a squad-list deadline written as “after the window closes (~2 September)”, where the date belongs to the list and the parenthetical made it read as hedging on the window itself. And the Premier League checkpoint countdown was set to midnight UTC on 1 October, which is one o’clock in the morning here, because it was stored as though Britain were on GMT in October rather than BST.

tools/check-countdowns.js now renders each stored target through Europe/London and compares it to the label written beside it. Timezone is the whole difficulty: 22:00 UTC is 11pm in September and would not be in December, so the two can only be compared after conversion. Broken on purpose in both directions before being trusted, once with a wrong label against a right clock and once the other way about.

This was found because a reader corrected something said in conversation, not by anything that runs. Sixteen gates check this site and none of them read a clock.

31 Aug 2026

The bolding was doing too much work — 2,316 signposts dropped EDITORIAL

A reader said the site reads as though a machine wrote it. That is worth measuring rather than arguing with, so it was measured.

The design came out fine. Claret and blue are the club’s own rather than the cream-and-terracotta that generated pages default to, the display face is Barlow Condensed rather than Inter, corners are three or four pixels rather than fully rounded, and there are five emoji on a 530KB page. Nothing there needed changing.

The prose was the problem, and one habit dominated: a bolded editorial sentence opening almost every paragraph. There were 2,612 of them, roughly one bold span every 62 words across half a million words of text. Bold is for things a reader scans for — a fee, a name, a date, a verdict. Used on the thesis of every paragraph it stops marking anything at all, and it is one of the most recognisable tells there is.

2,316 of those have gone. Figures, names, labels and short verdicts keep theirs. No wording changed anywhere, only tags, so nothing about the analysis moved and the whole pass reverts with one command. Density goes from one bold every 62 words to one every 85.

Two things this does not fix, stated plainly because the difference matters. The em-dash rate is 17.3 per thousand words against one to three in edited prose, and that needs a slower pass: a blanket substitution produces comma splices. And underneath both is a rhetorical habit no script reaches — signpost, then aphorism, then antithesis, three times a paragraph. That is the thing the reader actually noticed, and it has to be rewritten by hand.

One note on method: the first attempt stripped the bold from the two sentences that state the medical rule, which tools/check-deal-stage.js holds byte-identical across all twenty pages. The gate failed and the sentences are excluded now. It was written to guard a transfer convention and it caught a typography change, which is the argument for gating wording as well as arithmetic.

31 Aug 2026

Agent fees to 10%, the wage gross-up to 1.55x — both were too low, and the FA publishes the proof MODEL CHANGE

Two constants underneath every figure on this site have moved, at a reader’s prompting. The agent fee charged on a signing goes from 5% of the transfer fee to 10%, and the wage gross-up from 1.45x to 1.55x. Both were estimates that had never been checked against a published source. Both now have one.

The agent rate was checkable all along. The FA publishes what every club pays intermediaries. Between 4 February 2025 and 2 February 2026, Premier League clubs paid £460.3m — against the £3,137m of incoming fees this site records for that window, an implied rate of 14.7%, nearly three times the 5% being charged. Chelsea alone paid £65.1m, Aston Villa £38.4m. 10% is the figure taken, deliberately below the implied ceiling: the FA total also covers sales, loans and contract renewals, and only the buy-side portion is capitalised into a transfer’s cost. It is a floor with evidence under it rather than a rule of thumb.

The gross-up was missing a whole category of pay. It covered employer NI, bonuses and image rights — but not signing-on fees, and UEFA is explicit that they count. Annex G.3 of the Club Licensing and Financial Sustainability Regulations: all forms of consideration to and/or benefit of players, such as sign-on fees, must be treated as employee benefit expenses and not costs of a player’s registration. So they belong in the numerator, they sit with the wage rather than the amortisation, and they spread across the contract as a prepayment for services. Employer NI alone is 15%, so of the old 45% only about 30 points were doing the work of bonuses, image rights and signing-on fees together. 55% gives that last item somewhere to live.

What actually moved. League-wide, the annual cost this window adds rises from £1,257m to £1,330m. Twelve clubs’ wage inputs were re-derived by the bridge and reset to it; no club crossed a limit, and headline ratios moved by at most 0.9 of a point — mostly downwards, which is worth understanding rather than glossing: the gross-up applies to the net wage movement, and most clubs sold more wage than they bought, so a bigger multiplier makes a negative movement more negative. Every projection built on an old baseline was recomputed too, not just the baselines.

One piece of tidying that mattered more than it looks. The gross-up existed as a named constant and then as five hard-coded copies of 1.45 in the same file, on all twenty pages. They all now read the constant. A number duplicated a hundred times across a site is not a convention, it is a hundred chances to change ninety-nine of them.

30 Aug 2026

Nothing below a medical belongs in the Ins & Outs tables RULE CHANGE

No row on this page had to move — every deal in the tables here was already at a medical or announced. The rule and its gate apply the same way, and the wording on both tabs now states it.

The status ladder ran done → advanced → in talks → offer, and all four rungs were rendered as rows in the deal tables. The bottom two contributed nothing to any figure — every total on this site filters to done and advanced — which made them arithmetically harmless and editorially loud. A reader scanning the Ins table saw rows the club had never agreed to, in the same table, in the same shape, as business that is done. Being excluded from the totals is not visible; being in the table is.

The threshold is now a medical. A deal enters at advanced — terms agreed and the medical taken or booked, awaiting only an announcement — and moves to done when a club announces it. A loan row is an agreed loan. Everything short of that is interest, however well sourced, and interest lives in the Rumour Mill, where it can still be ticked and modelled against the ratio. Nothing has been deleted. A row that counted towards nothing still counts towards nothing; it is just no longer sitting where settled business sits.

Four figures did move, and they moved because they had been wrong. The headline ratios, the swing and the window balance all filter to done and advanced and were untouched. But the amortisation column added to the deal tables sums every row in the table with no filter at all, and writes its total into a footer labelled “TOTALS IN (confirmed/advanced)” — a total that named a filter it did not apply. The same total feeds the “Added by this window’s deals” and “Net change” lines under the run-off chart. So unagreed deals were being amortised into figures that said they excluded them:

  • Crystal Palace — added by this window’s deals +£12.4m/yr → +£6.6m/yr, nearly halved, because Le Guen (£12m) and Njie (£16m) were being amortised though neither fee exists; freed −£18.3m/yr → −£12.3m/yr; net −£5.9m → −£5.7m/yr.
  • Sunderland — added +£11.2m/yr → +£6.7m/yr and net change +£9.2m → +£4.8m/yr, on an asking price for Poku that no one had agreed to pay.
  • Brentford — added +£16.9m/yr → +£16.1m/yr, net +£16.5m → +£15.6m/yr.
  • Liverpool — totals out, wage ~£735k/wk → ~£725k/wk and cost freed £61m → £60.2m/yr, for a loan with no agreed destination.

The amortisation code has deliberately not been changed. Its filter is now the whole table, because the whole table is now business at a medical or beyond — and the fix belongs at the input, in one gate, rather than as a twenty-first copy of the same rule pasted into twenty pages of inline script. That is also the answer to why this survived: nothing compared a table’s footer against the label printed on it, and the rows doing the damage were invisible in every figure a reader would have checked.

Twelve rows moved across eight clubs, and the wording moved on all twenty. The ledes described the threshold nine different ways — “medical/verbal”, “option/verbal”, “talks/verbal”, “medical or negotiating” — and three of those promised a table that now excludes what they promised. One sentence states the rule on the Ins & Outs tab and its counterpart on the Rumours tab, identical on every page, and tools/check-deal-stage.js holds both to the letter as well as failing any deal row below the threshold. The gate was broken on purpose twice before being trusted: once by dropping a row’s stage entirely, which is the obvious way round a stage check, and once by adding a season array no hard-coded list would have known about.

30 Aug 2026

The Ins & Outs tab scrolled sideways on a phone, and so did every other tab CORRECTION

One table on this site sat outside a scroll container. The amortisation runoff — Season, Already here, This window, Combined — is 560px wide and had nothing but a margin on its wrapper, while every other table on the page sits inside .twrap with overflow-x:auto. At phone width it stretched the whole document about 200px past the viewport, and because it was the document scrolling rather than a box inside it, every tab slid sideways, not just the one containing the table. All twenty club pages, identically.

It is not new and it was not the Read more button. The version of this page from before that change overflows by exactly the same 597 pixels against a 390-pixel viewport, which is worth stating plainly rather than letting the newest change take the blame for the oldest bug.

Why it went unseen is the more useful part. The browser check that runs against every page loaded it at desktop width and never clicked a tab, so it could not have seen either half of this: not the narrow viewport, and not the tab the table lives on. It now runs at 390px and walks all twelve tabs on all twenty pages, failing on any page whose document scrolls horizontally. That costs real time on each run, which is the honest price of catching a class of fault that only exists on the device most readers use.

30 Aug 2026

The deal notes now fold away behind a button LAYOUT

The note under a player’s name is where the reasoning for a deal lives, and on the busiest rows it runs to several hundred words. Read end to end that is the point of the table; scrolled past on a phone it buries the row underneath and everything after it. Long notes now clamp to two lines with a Read more button, and short ones are left exactly as they were — a note that fits gets no furniture around it. The full text stays in the page whether or not it is open, so it is still searchable, copyable and printable.

It did not work the first time, and the reason is worth writing down. The clamp was styled on a single class, and the table already carried a td .glide-cap rule setting the notes to display as blocks — a more specific selector, so it won. The result was a button that toggled its own label and changed nothing else: the line-clamp property applied, the display property it depends on did not, and the note stayed full height. Checked in a browser at phone width rather than by reading the stylesheet, which is the only way that particular failure shows up.

30 Aug 2026

A sell-on reduces the profit, not just the cash — and the gate that should have said so was reading a different page CORRECTION

Asked whether everything a transfer actually contains was applied to the deals on this site, and one thing was not. A sell-on owed to a former club is a cost of the disposal: it comes off the profit booked, not only off the cash banked. This site deducted it from the window balance and the List A test and then left it out of profit entirely — and profit is what feeds the squad-cost denominator through the three-year average. It now comes off booked profit, so the only quantified clause on the site, Villa’s £15m to Middlesbrough on the £117m Rogers fee, is handled by the model rather than by hand.

The gate was passing green on a £15m disagreement, and the reason is worth recording. The trading bridge’s check pulls the profit function out of the page and runs it — but that function reaches outside its own block for the sell-on data, which the extract did not include. Undefined dependency, guard returns zero, and the checker quietly computed a different profit from the one the page computes. A checker that does not mirror the page is not checking the page. It now pulls its dependencies across too, and it failed immediately when it did.

No figure moves today. The £15m had already been taken off this club’s denominator by hand when the sell-on was first noticed; the anchor gives that third back so the arithmetic lands in the same place, and from here it flows automatically. The three other clauses on the site — Baleba, Reijnders and Chérif — are recorded as unquantified and still contribute nothing, which is honest rather than convenient: the exposure is real and the percentage has never been reported.

30 Aug 2026

A full 25 available, which puts Forest in a minority NEW

The Premier League’s own squad rule arrives on this page. Until today it carried UEFA’s List A and nothing about the domestic quota — a different rule with different arithmetic: 25 senior places, no more than 17 non-homegrown, under-21s outside the list altogether, and players out on loan not registered at all.

Where this squad stands: 22 of the 25 places used, 9 homegrown and 13 non-homegrown, with 2 under-21s playing free of the list. They can name a full 25, which on this tracker is the minority position.

Homegrown is a registration test, not a passport test, which is why every player now carries a stated basis rather than a bare flag: three entire seasons, or 36 months, at any club affiliated to the FA or the FAW before the end of the season in which he turns 21. Nationality is not the question and repeatedly gives the wrong answer.

Why it was missing until now. The section was built for one club eleven months ago and the commit that shipped it said the other nineteen would follow. They did not, because an absent feature breaks no gate and nothing was watching for absence. Every count here derives from the squad table, and the same headcount gate that holds every other page holds this one.

30 Aug 2026

The sale-profit input now derives itself, like the wage input above it METHOD

in-psp is the three-year average player-trading profit in the squad-cost denominator, and it was hand-set on all twenty pages. The failure mode is the one the wage bridge was built to stop, one input along: a sale completes, its profit is booked in the table, and the figure meant to carry a third of it stays where somebody last typed it. It only ever moved when whoever booked the deal remembered — which is the definition of a number that will eventually be wrong.

The page now shows its working beside the input: the earlier years’ contribution, plus this window’s booked profit divided by three, because UEFA smooths player-trading profit over three years so one window enters at roughly a third. Booked means done and not a loan — an advanced deal has not completed and its profit is not in the accounts, which is also the convention this page was already kept on. The profit is net of the FIFA solidarity taken out of a foreign sale.

One thing about the anchor is worth stating rather than glossing. The earlier years’ figure is carried forward from the number this page already used, not sourced from published accounts, so the bridge agrees with today’s input by construction. It earns its keep from here on, by moving when a deal lands. Tested by planting a completed sale into the tables and leaving the input alone: the gate said the denominator was £20m short, which is exactly the silence it exists to break.

30 Aug 2026

A sale can lose money once FIFA has taken its 5%, and the formatter could not write it down CORRECTION

Modelling solidarity produced the site’s first negative profit on a completed sale. Villa banked ~£8.08m of Lucas Digne’s £8.5m fee against a book value of £8.5m, so that deal is a small loss rather than a break-even — which is the correct answer, and one the gross-fee basis could never produce.

The money formatter could not render it. It put the pound sign first and the minus wherever the number happened to start, so the cell read “£-0.4m” against a site that writes −£0.4m everywhere else. Nineteen pages had that version. Bournemouth had the correct one, negative-aware, written when its own trading profit went below zero — so the fix was to adopt the version already in the codebase rather than invent a twentieth. All twenty now share one formatter.

Checked in a browser rather than by inspection, because the failure this could introduce is a doubled sign where a caller already prepends its own minus: no malformed negative on any of the twenty, and no JavaScript error.

30 Aug 2026

FIFA takes 5% of every fee sold abroad, and this site had been booking 100% of it CORRECTION

Asked what else is inside a completed deal that these numbers miss, and the answer was the solidarity contribution. 5% of any international transfer fee is deducted from the fee and shared among the clubs that trained the player between 12 and 23. The mechanics decide who pays: the buying club hands over the headline number and distributes the 5% out of it, so a purchase costs exactly the fee already capitalised here — nothing was wrong on that side. The selling club banks 95%. Every profit booked on a sale abroad was therefore 5% too high, across all twenty pages, from launch. Around £28m league-wide.

On this page it is £0.08m, from the foreign sales of Omar Richards. That comes off booked profit, and a third of it off the denominator, because sale profit feeds the squad-cost ratio through a three-year average.

The glossary had been claiming this was modelled the whole time. It said the 4% Premier League levy and FIFA’s 5% solidarity contribution both capitalise into registration cost — true of the levy, true of solidarity for a buyer, and quietly untrue of the thing that actually matters, which is what a seller keeps. Documentation that describes a calculation the code does not perform is worse than no documentation, because it stops anyone looking.

It is derived, not typed. The deduction comes from where the player went, which puts all the weight on classifying a destination — and getting that wrong is silent: an English club missing from the list costs its seller 5% of a fee it actually keeps, and no total looks odd. So tools/check-solidarity.js refuses to classify by default. Every fee-carrying destination must be a club one of the two lists already knows; a name in neither fails until a human decides which it is. The gate also holds the twenty inline copies of the classifier to being identical, for the same reason the wage gross-up is a single constant.

One assumption is recorded rather than hidden: Cardiff, Newport, Swansea and Wrexham are Welsh clubs inside the English pyramid, and are treated here as domestic because their registrations run through the English system.

Also documented, deliberately not changed: add-ons are modelled all-in on a purchase and guaranteed-only on a sale. That asymmetry makes the buy column a best case and the sell column a conservative one, and it now says so on the page instead of being visible only to whoever recomputes the fees.

30 Aug 2026

Wages in the deal tables were understated by 45%, and the sentence describing the fix was wrong on nine other pages CORRECTION

The site grosses wages by 1.45 to cover employer NI, bonuses and image rights — everywhere except the two columns readers actually look at. The cost of an arrival and the relief from a departure in the Incomings and Outgoings tables were built from raw weekly wages, so every one of them understated the real charge. Both columns are now grossed through a single GROSS constant, so they cannot come apart again. The headline ratio does not move: it is computed from the wage, amortisation and agent inputs, which were already on the grossed basis. What moves is the Net SCR Swing card and the two columns feeding it.

Which is where the second problem was. The swing is derived from the deal arrays and was therefore right the moment the gross-up landed — but the same figure is also typed into the overview callout, and typed figures do not move. The cost swing in the overview read −£11m/yr against a computed −£18m/yr. Palace’s was the clearest case: it read “still negative” where the page computed a positive swing, so the sentence was not stale but inverted.

Nothing showed this in a browser. A small script copies the derived card into the overview span at load, so the screen self-healed while the file stayed wrong — the same failure as the share card that displayed correctly and shipped a stale number to anyone who read the source. tools/check-overview-figures.js now runs the page’s own formulas against the page’s own arrays and fails on any stated swing or profit that disagrees, in the callout or in prose. The changelog is excluded, because a dated entry is a record.

Two more holes closed while the gate was being written. The baseline gate knew five ways of phrasing a ratio and not the one in the most-read sentence on every page, which is how City carried “~65% ratio vs the 70% wall” against a computed 57.1%; it now reads that shape too. And tools/check-parity.js checks that CI runs every gate the local suite runs — twice a gate had been wired into one and not the other, and both times it was caught by eye rather than by anything.

30 Aug 2026

Ten answer blocks disagreed with their own pages — and the rule that lets that happen is now written down CORRECTION

The answer block is the first paragraph on every club page and the one a search engine quotes. It states four things that are all derivable — the ratio, the headroom or overshoot, what the club has banked from sales, what it has committed on signings — and only the ratio had a gate. Ten of the twenty disagreed with their own data. Brighton said £91.9m banked against £156.9m of completed sales; Manchester United £89m committed against £154m; Sunderland £0m against £32.6m; Forest was wrong on all three. Every answer block is now written from the deal tables and the ratio inputs rather than typed, and a gate holds them there.

One of the ten was two days old and mine. Manchester City’s said “£338m banked from sales”, which came from reading a total that includes advanced deals into a sentence that says banked. It is £288m. Advanced business is committed, not banked, and the gate now applies that distinction rather than trusting whoever writes the sentence to remember it.

Chelsea, Fulham and Ipswich stated no headroom at all, because they are over their line and the sentence had been written for clubs that are under it. They now say by how much: −£23.3m, −£19.2m and −£17.7m per year.

And the underlying rule is now recorded in the repo rather than relied on. A club page is twelve sections plus the head, the same quantity is stated in several of them, and every significant error here has had one shape: a figure corrected where somebody noticed it and left standing everywhere else. tools/echoes.js reports which sections state a given figure before it is edited, and the gates that exist because of this rule are listed alongside it. Anything derivable gets derived; anything typed gets a gate.

30 Aug 2026

No gate had ever read a headcount CORRECTION

Ten gates run on every build and not one of them counted players. They read percentages, deal statuses, transfer rows, bar widths and card images — so a sentence saying “nineteen senior players, six places unused” could sit beside a card correctly showing 22 and 3, indefinitely, with everything green.

There is now a gate that recounts from the squad table, using the page’s own registration rule rather than a second copy of it: a player is on the list unless he is loaned out or under 21 on the season’s cut-off, and the cut-off is read from the page rather than assumed. It checks the registered total, the homegrown and non-homegrown split, the free places and the under-21 count, in both digits and words.

It missed one of its own test cases on the first run. “Six more players are under 21” begins a sentence, so the word is capitalised, and a lowercase-only pattern walked straight past it — found only by planting each stale figure back and checking the build failed. Four claim types, four confirmed failures, then green. A check you have not watched fail is a guess about what it catches.

30 Aug 2026

The hero stat cards were three-across on a phone, and four of them left an orphan LAYOUT

Reported on Villa: three columns on a 430px screen squeezed the longest card into a ribbon, and because that page carries four cards rather than three, the fourth dropped alone onto a second row beside two empty cells. Below 760px the grid is now two columns, which gives Villa a clean 2×2.

The other nineteen pages carry three cards, so two columns would have left an orphan there instead. A lone last card now spans the full row rather than sitting beside a hole — so three reads as two-then-one and four reads as two-and-two, without a special case for either.

Desktop had the same orphan and nobody had mentioned it. Four cards in a fixed three-column grid is unbalanced at every width, not just on a phone. The grid fits its own content now, so Villa gets four across on a wide screen and the three-card pages are unchanged. Measured at 390, 430 and 1400px rather than eyeballed.

And the card that caused it got shorter. Villa’s List A churn description had just been lengthened to fix an arrival count, which is what made it tower over its neighbour. The names moved out — they are on the Ins & Outs tab — and every figure in it stayed.

30 Aug 2026

A stale ratio phrased one way slipped a gate built for another CORRECTION

The prose-baseline gate catches “roughly N% of football revenue”. It did not catch “sit at roughly N%”, which is how the glossary phrases the same claim — so a stale ratio could sit in a definition indefinitely while the identical statement in the FAQ was checked on every build. Found on Villa, where the glossary was two revisions behind the page.

Extending the rule found the same fault on three more pages nobody had asked about. Arsenal’s glossary said 64% against 66.1% computed; Fulham’s said 90% against 94.0%; Ipswich’s said the ratio “sits at roughly 85% — on the line” when it is 94.6%, about ten points over. Ipswich’s sentence also quoted a “~£106m gross window” that the deal table puts at ~£147m. That one was wrong twice and read as reassurance both times.

A gate that matches one phrasing of a claim is a gate against that phrasing, not against the claim. Both forms are checked now, and the extension was tested by planting the old figure back and confirming the build fails.

30 Aug 2026

Both loan bars read as full when only one quota was used CORRECTION

Reported by a reader looking at Villa on a phone, and right. The card showed two full amber bars, so both ceilings looked hit — when the line under the second one said 6 of 6 international slots still free. Only the domestic quota was used. The bar was hard-coded to 100% and had nothing to do with the sentence beneath it.

Every one of these bars was a literal width typed in beside the text it was meant to summarise. That is the same fault as the headline reading “1 + 6 Left” above a body saying none left, which already had a gate; the bar had simply never been looked at. They are derived now — “N of M remaining” means M−N used, and the width and the colour come from that, so the picture and the sentence cannot disagree. Amber only when nothing is left, which is the point at which a quota starts deciding what a club can do.

Writing the check found four more pages the report had not mentioned. Fulham, Ipswich, Tottenham and Coventry each had a quota line with no bar above it at all, so the international ceiling was invisible on those cards. And Chelsea’s international bar sat at 33% beside a sentence that stated no count whatsoever — nothing could have derived it and nobody could have checked it. That line now says 5 of 6 senior slots remaining and shows its working: Badiashile at Napoli is the one senior non-club-trained loan abroad, with Antwi and Murray-Campbell treated as academy and therefore exempt. Disagree with that classification if you like — the point is that it is now possible to.

The gate checks the source, not just the screen. Villa’s rendered card was fixed by the derivation the moment it was added, while the hard-coded 100% was still sitting in the file — correct in the browser, wrong in the thing a checker reads and the thing that renders before any script runs. Both are right now, and the gate compares the typed width against the stated numbers so a hand edit cannot quietly reintroduce it.

30 Aug 2026

Deep audit of the rules and the inputs: the wage figure had drifted from its own derivation on five clubs CORRECTION

The rule constants are unanimous across all twenty pages and all correct — the £105m PSR cap, the €60m earnings limit, the five-year amortisation cap and its 1 July 2023 start, the 4% Premier League levy, the 1 January 2005 under-21 cut-off, 17 non-homegrown of 25, two concurrent domestic loans and six international. Thirty-nine separate statements of the five-year cap; not one disagreed with another. That is the half of this audit with nothing to report, and it is worth reporting that it has nothing to report.

Every club’s cap now agrees with its European status. In Europe the UEFA line is 70%, outside it the Premier League’s is 85% — fifteen points of headroom turning on a single yes/no, asserted in three places at once and checked in none. All twenty agree: nine in Europe at 70%, eleven outside at 85%. A gate now enforces it, because a club’s European status is exactly what changes between seasons.

The real finding is the wage input. This site’s stated convention is that the wage figure IS the wage bridge’s own derivation on every accounts-basis club — that is what makes the league table comparable, and what makes the input track the window instead of sitting at a pre-window figure nobody updates. It had decayed on five clubs, because deals get booked by hand and the input gets nudged by hand with them, and a nudge drifts from the derivation the moment the arithmetic differs by a rounding. Tottenham were £22m adrift. All five are now set to the derivation and a gate holds them there. Promoted clubs are correctly exempt and the bridge explains why in its own text: a wage bill roughly doubles on going up, so last season’s accounts are the wrong anchor in both directions at once.

One club changes compliance status as a result. Bournemouth go from 69.8% to 71.2% — from just inside the 70% cap to about £3.4m/yr over it, in their first European season, on the tighter cap that European qualification brings. Tottenham move 64.6% to 68.3%, Forest 81.9% to 82.7%, Manchester City 57.7% to 57.1%, Villa 64.0% to 63.8%.

And two more pages were flooring their headroom at zero. Ipswich read “£0m of room” while sitting £17.8m/yr over the 85% line; Bournemouth would have done the same on crossing it. The same defect was fixed on Palace four days ago and not looked for elsewhere — which is the lesson, not the bug. Both now state the overshoot.

What the audit could not do. Every football site and reference database is blocked from this environment, so the transfer tables were reconciled internally — squad rows against deal rows, amortisation floors against inputs, both sides of every intra-league move — and checked externally only as far as search summaries allow. Internally they reconcile on all twenty clubs. That is a real guarantee about consistency and not a guarantee about completeness, and the £50m signing found missing yesterday is what the difference looks like.

30 Aug 2026

The share card is now checked like everything else — and two gates had never run in CI at all CORRECTION

Rebuilding the cards fixed today’s figures and fixed nothing about tomorrow’s. A generator someone has to remember to run is exactly what produced a card reading 60.2% four days out of date, so the question is not whether the cards are right now but whether they can go wrong again quietly. A gate now recomputes the card’s figures from the page and compares them against the token the builder stamped into the meta tag. Move any input — a wage, a fee, a sale — and the build fails until the card is rebuilt. It was tested by nudging Villa’s wage input and confirming the failure, and by stripping the token to confirm that fails too.

The builder and the gate read the figures through one shared module. Two copies of the same calculation drifting apart is the failure this site has hit more than any other, and it would be absurd to reintroduce it in the check designed to prevent it.

And checking the CI list against the local one turned up a real gap. Two gates — the one that catches stale ratio figures in prose, and the loan-quota headline check — existed, worked, and had never run in CI. They only ran when someone ran the full suite by hand, which means a direct push could have deployed stale numbers with a green tick. Both now run on every push, and the two lists are asserted to match. The prose-baseline gate is the one that has caught the most this week, and it was the one running least often.

30 Aug 2026

The share cards were showing a ratio four days and six deals out of date CORRECTION

The squad cost ratio is printed into the card image itself, which is fine until the ratio moves. Villa’s card said 60.2% against a page saying 64.0% — the figure from before the Goretzka wage correction, and before Jackson, Martínez, Suzuki, Ruggeri and the rest. Anyone sharing the link was posting a number this site had stopped believing on 27 August. Chelsea’s said 83% against 88.7%; Manchester City’s said ~65% against 57.7%.

There was no generator. The cards were made once, by hand, on 26 August and left, so nothing could have kept them current. There is one now: tools/build-og-cards.js reads every figure from the page it belongs to and rebuilds all twenty, and it runs like any other build step.

Cache-busting is the part that actually matters for sharing. X and Facebook cache a card image against its URL for days, so replacing the file in place does nothing for a link anyone has already posted. Each card’s meta tag now carries a version token derived from the figures on it, so the URL changes exactly when the picture changes and not otherwise.

The number is now coloured the way the page colours it — green three points clear of the limit, amber up to it, red past it. A card showing Ipswich at 94.6% against an 85% line in the same neutral cream as one showing Manchester United at 56.9% throws away the only thing a reader takes from a shared image.

And a gate now checks the alt text against the computed ratio, because that was stale too and in a way nobody would ever notice: six pages carried figures in the card’s alt attribute that no longer matched, including one that had never matched any published base. It was tested by planting the old 60.2% and confirming the build fails.

30 Aug 2026

Full pre-deadline audit of all 20 clubs — one £50m transfer was missing entirely SWEEP

Nico González, Manchester City to Newcastle, ~£50m, completed and announced. Medical taken, presented to supporters before the West Brom cup tie, No.6 shirt issued — and absent from both pages. It is the largest single omission this site has had to correct, and it moved two ratios materially: City 60.4% → 57.7% with headroom out to £100.2m, Newcastle 70.8% → 74.7% with headroom down to £46.8m against their 85% line. The fee is reported as reaching £50m after add-ons, so the guaranteed portion is lower and unpublished; £50m is carried on both sides because a counterpart has to agree, and it is flagged. The same number cannot be conservative for both clubs at once — it flatters City’s profit while overstating Newcastle’s charge — and that is stated rather than smoothed over.

Everything else checked out, which is the more useful result. Forty-odd names drawn from external reporting were tested against the pages one by one and every single one was already there. Where the reporting and this site disagreed, this site was right: one summary placed Detourbet, Monga and Rulli at Nottingham Forest when all three are Manchester City signings, and another had Bouaddi at Forest when City announced him.

Two numeric errors found by audit rather than by reading. Manchester City’s Kalvin Phillips loan credited £11.3m of relief when a loan frees the wage and none of the amortisation — the registration stays, and so does the charge. Corrected to £7.8m. Nottingham Forest’s Gustavo Sá loan freed nothing at all when Olympiacos pay his wages; corrected to £1.8m. Two more outgoing loans, at Leeds and Liverpool, carried no loan flag, so the amortisation book and the List A gate were treating them as permanent sales.

Eight new checks, and they were run against real data before being trusted. A completed permanent signing must have a squad row; a sold player must not still be in one; a destination reading “loan” must carry a loan flag; no duplicate squad rows; no fee without contract dates; no end date before the signing date; no signing dated in the future; no expired contract still in the squad. All eight are clean across all twenty clubs, and two were deliberately broken to confirm they fail. Three earlier checks this week passed on their first run because they were wrong, not because the data was right, so nothing goes in now without being made to fail first.

What this sweep cannot claim. Every football site, news aggregator and reference database is blocked from this environment, so external checking is search summaries only — and those summaries mixed up clubs twice in this pass alone. The internal consistency of these pages is now verified exhaustively and mechanically. Their completeness against the real world is verified as far as search allows, which is not the same thing, and the González miss is what that gap looks like.

30 Aug 2026

The stale-rumour gate could only see half the market — two more boards were selling players who had left CORRECTION

Yesterday’s gate checked live rumours against completed incomings at other clubs. That catches a player who moved between Premier League clubs and nothing else. Two whole classes of exit were invisible to it, and both had live cards sitting on boards.

A player sold abroad appears in no incoming table anywhere. Spurs sold Cristian Romero to Atlético Madrid and announced it on 15 August; Arsenal’s board went on offering him to the scenario modeller for a fortnight. The gate now reads completed outgoing rows as well, taking the destination from the row itself — which is derivable, and should have been there first time.

And a move between two non-Premier-League clubs is recorded on no page at all. Bayern sold João Palhinha to Benfica on 26 August — €14m plus up to €5m, contract to 2030 — and Newcastle’s card still read “door ajar again”. Nothing structural could ever have caught that, so there is now a small list at tools/gone.json for exactly this case, and the gate fails against it. Two names so far: Palhinha, and Leão to Galatasaray.

One false positive, worth recording because it nearly shipped. The first version read Jadon Sancho’s outgoing row — destination “Free agent” — as him having joined a club called Free agent, and would have killed two perfectly live cards. A released player has left a club and joined nobody: he is more signable, not less. Release destinations are now excluded, while a row naming an onward club after an arrow still counts. All three arms were then tested by un-flagging a closed card and checking the gate fired, because a check nobody has seen fail is not yet a check.

Cards closed: Romero (Arsenal), Palhinha (Newcastle), Cho (Hull, where Hull themselves ended the talks on 10 August). Each keeps its note as the record and leaves the modeller.

30 Aug 2026

Dead rumours were still tickable — three players could be “signed” on boards they had already left CORRECTION

The scenario modeller priced any card you ticked, including cards whose own tag said the player was gone. Newcastle’s board offered Nicolas Jackson after he had joined Villa; the tag read “DEAD — JOINED ASTON VILLA” and ticking it still moved the ratio. Liverpool’s offered Ezri Konsa, an Arsenal player since 20 August. Chelsea’s offered Ousmane Diomande, who is at Forest. This site has named that exact contradiction in its own changelog — “a completed deal and a live rumour for the same player” — and then kept shipping it, because nothing was looking for it.

Now something looks. A gate fails any live incoming rumour naming a player who has completed a move to another club, which is derivable from the transfer tables rather than from a tag somebody remembered to type. Only incoming cards are checked: an outgoing rumour naming a player another club has signed is the same move seen from the selling side, and that is correct. It found all three on its first run.

Dead cards now stay on the board and leave the model. They keep their note as the record of what a club looked at, greyed, with the tick removed and the impact line replaced by “no longer available”. Deleting them would lose the history; leaving them live was worse.

30 Aug 2026

Deadline-week sweep: four announced deals the tables had missed, and a gate that was crying wolf SWEEP

Four deals were sitting at “advanced” after their clubs had announced them. Bouaddi to Manchester City — announced on the club’s own site on 26 August, and carried here as unannounced for four days, with the prose quoting “~£95m/€110m… agreed in principle” when the real deal is £81.3m fixed plus £4.3m of add-ons on a contract to 2031. Badiashile to Napoli, announced 22 August. Disasi to Crystal Palace, announced 26 August by both clubs. And Emi Martínez to Chelsea, announced by Villa on 30 August. All four are now booked, with the ratios on five pages moving as a result.

The Disasi loan is the one with a consequence nobody was watching. Palace were sitting a whisker inside the 70% cap that their European qualification imposes. Taking a £120k/wk centre-back on loan added ~£9.0m/yr of grossed wages and put them over it — a loan, with no fee, no amortisation and no transfer to report, moving a compliance position that a £30m signing would have been scrutinised for. This page has argued all summer that loans are treated as free when they are not; this is the arithmetic saying it.

And the prose-baseline gate was flagging a correct sentence. It reads any “roughly N% of football revenue” as a claim about the club’s own ratio — but “capped at roughly 70% of football revenue” describes the LIMIT, and Palace’s page says exactly that, twice. A gate that fails on correct text is worse than one that stays quiet, because the next person learns to skim past it. It now ignores the phrase when cap or limit wording precedes it, and it still fails on a genuinely stale figure — checked by planting one before shipping.

28 Aug 2026

Gustavo Sá had a squad row and no signing — found by a new gate, not by reading CORRECTION

A changelog entry from the July sweep says he was added “both halves of him”. Only one half was. The squad row has been here since — carrying a £17m fee, a book value and ~£3.5m/yr of amortisation — while the incoming transfer table showed no signing at all. So the cost was in the ratio and the deal was not in the ledger, which is the one direction that never looks wrong: the numbers were right and the story explaining them was missing.

Found by a new invariant, added after an unrelated edit elsewhere deleted two deal rows without any gate noticing: a squad player signed inside the window must also appear in the incoming table. The squad row is the witness, because it survives when the deal row does not. This was the first thing it caught and nobody had touched this page.

The transaction remains the interesting part. Bought on 28 July and loaned to Olympiacos, under the same ownership, on the 29th. The loan frees his wage and none of the fee — the amortisation runs at Forest for a player who will not play for Forest this season.

28 Aug 2026

The league window table was wrong on 19 of its 20 rows — and an edit ate two deal rows without a single gate noticing CORRECTION

The “Who’s Selling to Survive” table is a derivation and had stopped being one. Its own caption defines it exactly — disclosed fees on officially completed 2026 deals, loans and frees excluded — so every figure in it can be recomputed from the transfer tables it summarises. Nineteen of the twenty rows disagreed with those tables. Six clubs were shown as having spent nothing at all, including Newcastle at £0 against £174.9m of completed incomings and Manchester City at £0 of sales against £238m. The rows were hand-maintained, the pages moved on, and nothing compared the two. All twenty are now derived from the pages, with the hand-written notes kept, and a gate recomputes them so the table cannot drift from the deals again.

The second fault is worse, because it was self-inflicted and invisible. Promoting Jackson spliced his row out of one array and into another by matching the next }, — and deal rows share source lines, so the edit swallowed whatever followed on the same line. Goretzka’s incoming row vanished from Villa and Kellyman’s outgoing row from Chelsea. All eight gates passed. A missing row breaks no parse, satisfies every invariant, and simply makes the totals smaller — and nothing on the page knew what they should have been.

Two things now catch it. A squad player signed inside the window must also appear in the incoming table, which is a real structural invariant: the squad row survives when the deal row dies, so it is the witness. That check found a third case immediately, one nobody had touched today — Forest’s Gustavo Sá has had a squad row since July, with a book value and an amortisation charge, and his incoming row was never written. A changelog entry from that sweep claims he was added “both halves of him”. One half was missing. And for outgoing rows, which leave no trace on the page once the player has gone, there is now tools/diff-rows.js: it reports every deal row added or removed against a git ref, to be read before committing rather than after.

20 Aug 2026

Two method changes: the five-year cap, and the wage input becomes the derivation METHOD

The ratio moves from 77.2% to 81.5% (wages 102→113).

The five-year cap, finally applied. This site's glossary has always described the rule that fees must be amortised over a maximum of five years however long the contract — and the code did not do it, spreading every fee across the whole contract instead. An eight-year deal was therefore charged at five-eighths of its true annual cost. The cap now applies to contracts signed from 1 July 2023, when it took effect; earlier deals are left alone, which correctly grandfathers the January 2023 contracts that prompted the rule and avoids capping long spans that are really a record of extensions rather than of one contract.

And the wage input is now the derivation. The wage bridge has been showing a derived figure beside a hand-set input since it was built, and on most pages the two disagreed. The hand-set number was anchored to a pre-window figure and never tracked the window, which is why the inputs sat high at clubs that sold heavily and low at clubs that bought. The input is now the derivation on all fourteen accounts-basis clubs, so it updates itself as deals land and the same method produces every club's number. That is what makes the league table comparable, which was the point of building the bridge.

What has not changed is how good the number is. It still rests on two assumptions — 80% of staff cost being players and coaches, and a 1.45x gross-up — and the bridge still shows both. Agreement between input and derivation means they are consistent, not that they are right.

27 Aug 2026

A free transfer was costing the window totals nothing at all — £35.7m/yr across six pages CORRECTION

The cost-per-arrival calculation returned zero for any signing without a fee unless the row also carried a loan flag. So a free signing’s wages vanished from “cost added by this window” entirely. Goretzka was showing as costing Villa £0.0m. On the very page whose card argues that “the free one is the expensive one — a fee buys an asset that amortises and can be sold, a wage buys nothing and recurs”. The card was right and the arithmetic underneath it dropped the wage.

£35.7m/yr was missing across six pages: Villa £13.6m (Goretzka, Özcan, Guessand), Palace £8.1m (McNeil, Guessand), Liverpool £7.8m (Araújo), Everton £4.9m (Johnson), Coventry £1.1m, Fulham £0.2m. Villa’s window swing moves from +£12.4m/yr to +£26.0m/yr.

There were seven different versions of that one line across twenty pages, each special-casing frees and loans slightly differently, and the differences were exactly what caused this. They are now one formula — the one Hull already used: amortisation and the agent fee when there is a fee, and the wage on every arrival, fee or not.

And it exposes something this card cannot fix by itself. The List A gate carried a hand-typed margin of “Villa pass by ~£3.5m/yr” on the cost-based test. The page’s own sums now put the window at adding ~£26m/yr. That figure predates Jackson and Watkins, and the window totals count wages ungrossed while the ratio grosses them, so the two were never on one basis. The cost-based margin is now marked UNVERIFIED rather than passing — the fee-based balance above it is sound, that one is not, and saying so beats printing a number that cannot be reproduced.

27 Aug 2026

A headline that contradicted its own paragraph — and nine more stale ratios behind it CORRECTION

Villa’s loan-quota card said “1 + 6 Left” in green, directly above a paragraph reading “0 of 2 concurrent remaining” and “ROOM: none left domestically”. Wan-Bissaka’s loan on 18 August took the second slot. The body was updated; the big number at the top was not. So the figure a reader sees first said a slot was free while the text underneath called the same thing a binding constraint. The bar sat at 50% with nothing left, and the card was still green. Crystal Palace had the same shape — “2 + 6” above “1 of 2”, left over from before the Guessand loan.

The failure runs one way every time: the prose gets edited and the summary above it does not. tools/check-quotas.js now fails when a loan-quota headline disagrees with its own body, including when the room note says “none left” and the headline disagrees. Verified by sabotage — put the wrong number back and it fails on exactly that.

Then the baseline gate was widened and found nine more. It was matching “ratio is X%” and “X% → Y%” but not the Quick Answers phrasing, “roughly 63% of football revenue” — which is the plain-English answer a reader or a search engine is most likely to lift. Brentford were claiming 75% while computing 84.9%. Manchester City 65% against 57.3%. Newcastle 74% against 70.8%. Ten pages rebased from their own inputs.

Two gates, two days, and both found more than the bug that prompted them. That is the argument for writing the check rather than the fix: the fix closes one hole, the check tells you how many others there were.

27 Aug 2026

The baseline gate had a hole in it and was passing on what it could not see CORRECTION

The gate shipped this morning excluded the changelog by truncating each page at <section id="log">. The data arrays holding every rumour card sit in a script block after that point. So it was scanning 167KB of a 422KB page, never saw a single card’s projection, and reported green.

It now removes only that section and keeps the rest. On the first honest run it immediately found eleven stale figures across three pages — every Villa projection still quoting a baseline two changes old, and two on Chelsea. All recomputed.

A gate with a hole in it is worse than no gate, because no gate makes you check and a green one stops you looking. This one was written, tested against the case that prompted it, and shipped — and the case that prompted it happened to sit in the part of the file it could still see.

One rule came out of it. A live rumour card may state a projection, because the gate now keeps it honest against the current base. A completed deal may not: “60.2% → 63.4%” was true the day it was written and decays the moment anything else moves, and the effect is already in the headline. Those now state what the deal costs instead.

27 Aug 2026

A new gate: does the prose still quote the ratio the page computes? CORRECTION

Twelve of the twenty pages were asserting a squad cost ratio their own inputs no longer produced. Manchester City claimed 63.0% while computing 57.3%. Manchester United said 53.9% against 56.9%, Sunderland 60.9% against 63.2%, Coventry 69.7% against 71.0%. Every one has been rebased from the page’s own figures.

Most of it sat in the answer paragraph and its structured-data twin — the text search engines and AI crawlers read before anything else, which makes it the worst place on the page to be stale. The headroom figures beside them were rebased too.

Nothing was catching this. The status gate reads deal status; the invariants gate reads the arrays; neither reads a percentage in a sentence. It surfaced only because a single free transfer moved one club’s baseline and the knock-on was visible. tools/check-baselines.js now recomputes every page’s ratio from its inputs and fails on prose asserting a different one, and it runs with the rest on every change.

Two things it deliberately does not flag. A sentence reading “68.6% → 62.0%” where 62.0% is the current ratio is a completed move being described, not a stale claim, so a done deal can still say what it did. And the changelog is excluded entirely: a dated entry recording August’s number is the record, and rewriting it to match today would be the opposite of what this tab is for.

26 Aug 2026

The amortisation graph now splits the squad you had from the squad you bought FEATURE

One bar was hiding the more interesting number. The run-off now stacks two series — the squad that was already here in blue, and everyone signed this window in amber — with both totals and a combined figure above it, and a per-season split beside each bar.

It changes what the chart says about a club. A settled squad shows a thin amber band on a thick blue one; a rebuild inverts it. Coventry carry £14.0m already here against £28.9m signed this window, so two-thirds of their amortisation arrived in ten weeks, and their inherited book runs out entirely by 2028/29 while the new one still has three years to run. Liverpool are the other extreme at £143.6m against £18.4m. Same chart, opposite stories, and neither was visible when it was one bar.

Who counts as “this window” is taken from the signing date, not from the flag the squad rows carry. The two disagree: the date catches six players the flag had missed — Garnacho and Cissé here at Villa, Bentley at Coventry, Charles at Fulham, Sá and Diomande at Forest — and never disagrees the other way. A derived test cannot be forgotten the way a hand-set one can, which is the same reasoning that put the sell-ons and the outgoing amortisation on derivations.

Two rows of figures now sit above the chart and they will not always agree, so the panel says which is which rather than leaving a reader to spot it. The first row and the graph are the SQUAD, split by arrival date. The second row is the DEALS, including advanced ones whose players are not in the squad table yet. Where they differ the panel names the gap and what it is — agreed business that has not completed.

26 Aug 2026

Every deal now shows what it costs per year — and the agent fee was being charged five times over FEATURE + FIX

A fee only means something against the charge it creates. £47.5m is a headline; £9.9m a year for five years is the thing that reaches the squad cost ratio. Until now this page printed the fee on every row and the amortisation on none of them. Both tables now carry an AMORT £m/yr column, and a panel underneath gives the number those rows add up into: the squad’s total annual amortisation, what this window has added and freed, and how the charge runs off over the next five seasons as existing deals finish.

None of it is newly typed data, which is the point. Incoming charges come from the player’s own squad row where one exists — real contract dates, five-year cap applied where it bites — and from fee over five years where a deal is advanced and the player is not in the squad yet, flagged est when that happens. Outgoing charges are derived rather than stored: a row’s cost-freed figure is the ungrossed wage plus the amortisation, so subtracting the wage leaves the charge that stops. They cannot drift from the totals above them because they are computed from them.

Loans show a zero, and that is the correct answer rather than a missing one. A loan moves the wage and leaves the registration here, so the amortisation stays too — the point this site has made about loans since the wage bridge, now visible as a column entry instead of a paragraph.

And a bug the new column sat straight on top of. The cost-per-year calculation behind these tables charged the agent fee in full every single year instead of capitalising it and spreading it over five — the same error corrected in the scenario modeller last week and missed here. On a £47.5m signing it overstated the annual cost by £1.9m. Every SCR-cost figure in the Ins and Outs tables, and the window’s cost-added total, move down accordingly.

One thing the new column makes visible and this page is not hiding: the SCR cost figures in these tables count wages at face value, while the rumour cards, the scenario panel and the wage bridge gross them up 1.45x for employer NI, bonuses and image rights. The same signing can therefore read £17.1m in the table and £20.2m on its card. The grossed figure is this site’s convention and the table is the odd one out. It is stated in the panel rather than quietly reconciled, because restating it moves every published window total on all twenty pages and deserves its own pass.

25 Aug 2026

The “last updated” notice is gone — it had stopped telling the truth REMOVED

There were two of them. A line under the header reading “DEALS & FEES AS REPORTED [date] · BOOK VALUES & CALCS RECOMPUTE DAILY”, and a script that read that date and, once it was four days old, pushed an amber banner above the header warning that the page had last been checked N days ago.

The second one was firing on all twenty pages. The date it keyed off was hand-typed and ranged from 9 to 19 August across the site — while the deals underneath had in fact been swept on the 24th and 25th. So the site was leading with a warning about itself, generated from the one number on the page that nobody was maintaining. A staleness notice that is itself stale is worse than none: it tells readers to distrust figures that are current.

Both are removed, with their CSS. Nothing else changes — every ratio, book value and window total is unaffected, and the dated entries in this changelog remain the honest record of when each page was actually worked on.

23 Aug 2026

You can now change the numbers — and the card line beside them was still wrong FEATURE + FIX

Every fee on the rumour board is somebody’s estimate. Brugge “value him around €45m”. Al-Hilal’s bid reached this site in the wrong currency and had to be chased down. Marmoush’s fee is arithmetic off a reported two-player budget rather than a figure anyone published. Readers were being asked to take those guesses as given.

So the amounts are editable now. Every card carries a fee box, and incoming cards a wage box too. Type your own number and the card’s cost line and the scenario panel both follow it immediately. Reset puts the reported figure back — overrides are held separately and the underlying data is never overwritten, so there is always something true to return to. Outgoing cards expose the fee but not the wage, because an outgoing player’s relief is derived from his squad row rather than typed, and the fee is the part that actually moves the profit on the sale.

And a fix that should have landed with the modeller rebuild. The card’s own “ADDS £Xm/yr” line was still running the OLD formula — ungrossed wages, and the agent fee charged in full every year. The calculation underneath was corrected; the display beside it was not, so every card showed one number while the panel below computed another. On this site’s own worked example the card said £10.1m and the panel used £10.7m — the exact discrepancy that rebuild was written to explain, sitting in the markup the whole time. Both now call the same helper, and that is checked on all twenty pages: tick a card, and its figure and the panel’s agree.

22 Aug 2026

The 22 August sweep, and a modeller that was wrong three ways DATA + METHOD

Diomande was announced on 11 August and had no squad row. Eleven days at ‘advanced’ on a completed deal — and because he existed nowhere in the squad, his £34.3m carried no book value and no amortisation. The term is four years to 2030, not the five the row assumed, which makes the annual charge higher, not lower: ~£8.8m/yr. Gustavo Sá was missing entirely, both halves of him. Bought for £17m on 28 July and loaned to Olympiacos — same owner — on the 29th. The fee amortises here at ~£3.5m/yr for a player who will not appear for Forest this season. That asymmetry is the transaction. Omar Richards left for Aris; coverage calls it a heavy loss on his £10m 2022 fee, but that loss was taken in four years of amortisation nobody wrote about, and the book is near zero.

The scenario modeller was wrong in three ways at once, on every page on this site. An incoming signing's wage was charged with no gross-up, while the wage bridge, the ratio inputs and every note here gross wages by 1.45x for employer NI and image rights — so every modelled signing was 45% cheaper on the wage line than the same player would be in the ratio directly above it. The agent fee was charged in full every year instead of being capitalised with the fee and amortised, so a £60m signing carried £3m/yr of agent cost rather than £0.6m. And sale profit never reached the denominator: nineteen pages let a sale relieve the numerator and stop, when the profit also lands in the denominator through the three-year average, and the twentieth added the whole window's profit when one window belongs at roughly a third.

Why none of it showed up. The first two faults pull in opposite directions and roughly cancel at a typical fee-to-wage ratio — for a £25m signing on £70k/wk the old code gave £10.09m/yr against a true £10.73m, close enough to look right. They do not cancel at the edges: a free transfer on big wages was understated by 45%, a big fee on modest wages overstated by about 9%. Two errors that hide each other are worse than one that does not.

Outgoing relief is now derived, not typed. The hand-set relief on all eighty outgoing rumour cards carried the same ungrossed wage — checked against the squad, the stated figures reproduced the ungrossed derivation almost exactly. Relief and profit now come from the squad row, on the same gross-up and the same five-year cap as everything else, with the typed figure kept as a fallback for the handful of names with no squad row. Profit is allowed to be negative, because some of these sales are losses and the page should say so.

19 Aug 2026

Correcting a sale-profit input I moved too far CORRECTION

The Awoniyi sale was recorded earlier today with the sale-profit input raised by the full ~£5.5m of booked profit. That input is a three-year average under UEFA's smoothing, so a single window's profit belongs in it at roughly a third. Corrected from £58m to £54m.

19 Aug 2026

Awoniyi sold to Coventry and Benda announced — two rumour cards become two table rows DEALS COMPLETED

Taiwo Awoniyi to Coventry City, £9m, announced 17 August. Carried here as an exit-interest card modelled at £15m to West Ham or Leeds; the buyer and the fee both turned out different. Book value was ~£3.5m on the £17.5m paid to Union Berlin in 2022, so the sale books ~£5.5m of profit — but the number that matters is the ~£6.6m/yr of relief, £60k/wk of wages plus ~£3.5m of amortisation, for a striker who had lost his place. It also frees a non-homegrown squad slot.

Steven Benda, free, announced 15 August. Held here at ADVANCED since his medical; the club confirmed it on the 15th, a one-year deal with an option. No fee, no amortisation, ~£1.9m/yr of grossed-up wages. Sels’s backup filled at the lowest cost a squad cost ratio permits.

Net effect. Wages down ~£2.6m, amortisation down ~£3.5m, sale profit up ~£5.5m. All three inputs moved by these two deals alone.

15 Aug 2026

Benda agreed on a free · Glasner circles Muñoz · Arsenal jump the Hinshelwood queue RUMOUR MOVES ONLY

Steven Benda. Agreed on a free (ex-Fulham), medical Friday, Sels’s backup — £0 book, small wage, hole filled.

Daniel Muñoz. Palace are reported ready to sell at ~£25m and Glasner wants the reunion; Everton are the concrete rival.

Jack Hinshelwood. Arsenal are now reported leading that race, with £43–51m talk — Forest’s interest card stays, but the price has left the room.

09 Aug 2026

Diomande agreed, the Jones saga collapses, Delap race drifts — the window's first fee

In — announced 11 Aug: Forest and Sporting CP reached agreement on 8 August for centre-back Ousmane Diomande — a fixed €40m (~£34.5m) plus €5m in add-ons per Romano/The Athletic reporting, on a proposed five-year deal. He stayed in Sporting's squad for their league opener rather than travelling on Saturday; the medical is expected early this week, so he enters the Ins & Outs table at ADVANCED, not done, and stays out of the squad/book-value tables until the club announces. He would be the first fee of the Anderson warchest (window balance moves to ~+£81.5m) and, being non-homegrown, would take a 16th of the 17 non-HG list slots.

Collapsed: the Curtis Jones pursuit is dead for now — the player never wanted the City Ground move (his public denial stands), and on 2 August Liverpool withdrew their own Jones-to-Inter loan at the last minute, a collapse that also froze the Davide Frattesi alternative Forest had lined up from Inter. Jones has been removed from the Ins & Outs table and the Rumour Mill; Frattesi is noted in prose only, as no Forest fee or terms were ever reported. Drifted: Liam Delap remains a named Forest target but Everton now lead that race, with Coventry joining — his Rumour Mill entry is reworded accordingly and he leaves the transfers table. Corrected: Murillo's contract end moves from 2029 to 2030, per the club's own May 2026 extension announcement this page had missed — his book value re-spreads and the auto-derived amortisation input shifts slightly. No hero baseline changed hands: no completed in or out, so SCR wages stay ~£105m, the 3-yr smoothed trading profit stays ~£52m, and amortisation continues to derive from the squad contracts. Pre-season: 0-1 v Udinese and 0-1 v Barcelona in Udine on 8 Aug (45-minute games; not part of any calculation here).

04 Aug 2026

Methodology: squad-cost amortisation now derives from the squad contracts

The headroom model's amortisation input used to be a hand-maintained estimate, while the Squad tab computed the same thing bottom-up from every player's fee and contract dates. The two had drifted apart — by up to £29m across the league, which is several points of squad cost ratio on pages whose whole purpose is showing how close a club sits to a compliance line. The hero model now takes its amortisation straight from the squad contracts, so the headline ratio and the squad table can no longer disagree, and the figure updates itself whenever the squad data changes. The field is still editable: type over it and the what-if model responds as before. Wages remain a stated estimate — clubs publish total staff costs, not the players-plus-head-coach slice the rule needs, so that split is still this tracker's assumption and is labelled as one.

04 Aug 2026

Zinchenko correction — a phantom summer departure removed

Corrected: Oleksandr Zinchenko was never a summer-2026 departure. This page had him in the Summer 2026 Out table as an Arsenal loan that "ended 30 Jun", carrying £120k/wk and £6.2m/yr of cost relief into this window's ledger. That is wrong on the dates: the deadline-day loan of 1 Sep 2025 was cut short and terminated by mutual consent in January 2026, and Arsenal sold him to Ajax the following month — so he cannot also have been a Forest player until 30 June. His wages left the bill last season, not this summer. He has been removed from the 2026 Out table, the 2025/26 In row now records the January termination, and the Ins & Outs chip, the squad-churn stat, the loan-quota lines and the glossary have all been reworded to match. Consequence: the window's Annual Cost Freed drops from ~£30.1m/yr to ~£23.9m/yr, which is the figure the tables and summary cards now compute. Fees, net window balance, book values, PSR headroom and the squad-cost ratio are untouched — no fee moved.

Checked and found correct, no change made: Stefan Ortega's loan (in from Manchester City in January 2026, ran to 30 June 2026, no option) and James McAtee's £30m arrival from City — which was summer 2025 business, correctly filed here in the 2025/26 table and not in this window. Both had been flagged as cross-page mismatches; in both cases Forest's own record was already right and the counterpart pages have since been brought into line. The £116m Anderson sale, the Schlager free and the Gunn, Lingard, Boly and Lucca exits all reconcile.

Scope note, in the interests of not overclaiming: this pass could not reach any external source — the search budget was exhausted and the egress policy blocked Transfermarkt, the club site, the Premier League, BBC, Sky, the Guardian and every other feed. The reconciliation was therefore done against the other nineteen club pages on this site, which is what surfaced the Zinchenko error. No transfer has been added on that basis, and none should be: an independent, source-backed sweep of Forest's full summer ledger is still outstanding, so treat the in/out lists as unconfirmed-complete until it runs.

27 Jul 2026

Page launched

The Bean Counter goes live at bean-counter.co.uk/nottingham-forest. Baseline data: FY24/25 accounts (record £222m revenue, record −£71m loss, £168m wages, £69m amortisation); the July 2026 UEFA sanction round (Forest £2.2m, unconditional, no FER breach); the British-record £116m Anderson sale to Manchester City and the ~£95m FY27 profit it books; Schlager confirmed as Glasner's first signing (free, 2-yr); Gunn, Lingard and Boly exits plus the Zinchenko/Ortega/Lucca loan-ends logged. Squad book values, the 85% PL SCR model (est. ~80%), the PSR glidepath, the 25-man/homegrown board and the Rumour Mill (Jones, Delap, Hinshelwood, Bergvall in; Gibbs-White, Murillo watch items) all ship in this build.

Glossary

Every rule in this tracker, in plain English — each with a real Forest example. For the group chat member who just asked "what's SCR?"

PSR (Profit & Sustainability Rules)
The Premier League's rule capping losses at £105m over a rolling three-year period (£35m/yr — less for seasons spent in the Championship), after 'good' spending on academy, infrastructure, community and women's football is deducted. Forest breached a £61m Championship-adjusted threshold by £34.5m in the cycle ending 2022/23 (−4 points); the cycle just ended 30 June 2026 is estimated compliant, with the final-ever assessment in January 2027.
Squad Cost Ratio (UEFA SCR)
UEFA's rule limiting spending on the squad — player and head-coach wages, transfer amortisation and agent fees — to 70% of football revenue plus net transfer profit, tested on a calendar-year basis, but only for clubs holding a UEFA licence. Forest exceeded it in calendar 2025 (the £180m Europa League squad build) and were fined £2.2m, unconditional. Out of Europe, it no longer applies.
PL Squad Cost Ratio (PL SCR)
The Premier League's squad cost rule, live from 2026/27 as PSR retires: green line 85% and red line 115% for the eleven clubs outside Europe (Forest's tier), 70%/100% for the nine in it. Season basis — Forest face an October 2026 checkpoint and a 1 March 2027 assessment. This tracker estimates Forest at ~80%.
Football Earnings Rule (FER)
UEFA's successor to break-even: clubs may lose no more than €60m (~£52m) over three years, counting only football earnings — intra-group asset sales excluded. Analysts put Forest's UEFA-basis losses at ~£67m across FY24–25, yet the CFCB found no breach in July 2026 — the near-miss that made the £2.2m fine look like a bargain.
CFCB
UEFA's Club Financial Control Body — the panel that judges compliance, imposes fines and agrees settlements. In its July 2026 round it sanctioned four English clubs; Forest's fine was the smallest and the only one with no settlement machinery attached.
Points Deduction
The Premier League's sporting sanction for PSR breaches. Forest were docked four points in March 2024 — the commission credited their admission and cooperation but rejected the timing argument about the Brennan Johnson sale completing weeks after the accounting cut-off. The appeal failed; survival on the pitch didn't.
25-Man Squad List
The Premier League's squad registration, submitted after each window: up to 25 players over 21, of whom no more than 17 may be non-homegrown. Under-21s are unlimited — Jair Cunha and Zach Abbott cost Forest nothing in list terms.
Homegrown Player
A player registered with an English or Welsh club for three seasons before their 21st birthday, any nationality. Forest count eight homegrown seniors (Yates, Gibbs-White, Hudson-Odoi, Williams, Aina, Hutchinson, McAtee, Wood) — and the remaining 2026 targets (Delap, Hinshelwood) would add to the column Anderson's sale depleted, while the agreed Diomande deal takes a non-homegrown slot.
Amortisation
Spreading a transfer fee as a cost over the contract length (max five years). A £40m signing on a five-year deal costs ~£8.3m/yr in the books — which is why fees are judged per-year while sales count at once. Forest's FY25 charge: £69m plus a £5m impairment.
Five-Year Amortisation Cap
UEFA and PL rule that fees must be amortised over a maximum of five years even on longer contracts — closing the eight-year-contract loophole Chelsea made famous.
Book Value
What's left of a player's fee still to be amortised. Sale profit = fee minus book value. Anderson's £35m fee had amortised down to ~£21m — so the £116m sale books ~£95m of profit. Academy players carry £0 book value, which is why selling them is pure profit.
Pure Profit
Shorthand for selling a £0-book-value player (academy graduate or free transfer): the entire fee lands as profit for PSR purposes. Brennan Johnson's £47.5m in 2023 was Forest's textbook case; Ryan Yates is the one still on the books.
45-Day Exchange Rule
UEFA Annex G.3.5: opposite-direction transfers between the same clubs within 45 days on similar payment terms are treated as a player exchange, valued at the LOWER of fee and book value — slashing bookable profit. The 2024 Anderson–Vlachodimos traffic between Newcastle and Forest is the deal pattern this rule was written for.
PL 4% Transfer Levy
A 4% surcharge on transfer fees paid by Premier League clubs, funding player pension and education schemes. It capitalises into the registration cost and amortises with the fee — a £40m signing really costs £41.6m.
FIFA Solidarity Contribution
Up to 5% of an international transfer fee distributed to the clubs that trained the player between ages 12 and 23. Rides inside the transfer cost for compliance purposes.
Sell-On Clause
A percentage of any future sale owed to a selling club. Manchester City's reported sell-on (and buy-back) on James McAtee is Forest's live example — worth remembering when valuing him as an asset. No sell-on has been reported on Newcastle's 2024 Anderson deal.
Debt-to-Equity Conversion
An owner swapping club debt for shares, cleaning the balance sheet. Marinakis converted £89m in FY25 alone (£72m in January, £17m in June) — the reason Forest carry record losses but near-zero net liabilities, and the backbone of their SSR position.
Senior Loan Quotas
Limits on loan signings: domestically, max 2 concurrent (4 per season) from English clubs and never two from the same club; internationally, max 6 senior loans (over-21, non-club-trained) with U21 and academy players exempt. Forest's slate is clean: last season's Ortega and Lucca loans ran to 30 June and the Zinchenko loan was terminated in January.
SSR (Sustainability & Systemic Resilience)
The PL's incoming liquidity and solvency tests running alongside the squad cost rules — proving clubs can actually pay their bills. Owner equity injections count in a club's favour; first full tests 7 July 2027.
Headroom
The gap between current squad cost and the applicable green line — the practical transfer budget. Forest's is estimated at ~£12–15m/yr of running cost against the 85% line: the agreed Diomande deal uses roughly half, leaving room for a striker, if the wages are sensible.
Calendar vs Season Test
UEFA tests its ratio over the calendar year; the PL tests the season (assessment March 2027). It mattered to Forest in 2025 — the twelve summer signings all landed inside UEFA's calendar-2025 test window. This season only the PL clock is running.