EFL Squad Cost Ratio
How much can Middlesbrough spend?
Under the EFL's Squad Cost Ratio rules, Middlesbrough can spend
around £42.4m on squad
costs - based on an estimated £32.2m of football
revenue and the 85% limit, plus the owner equity top-up.
That leaves an estimated £11m of headroom.
Middlesbrough: the SCR breakdown
- Estimated revenue (football) reported £32.2m
- SCR limit - 85% of revenue £27.4m
- + Owner equity top-up (max / season) £15m
- Effective spending allowance £42.4m
- Estimated squad cost reported £31.4m
- Headroom +£11m
High spending power
- squad cost is 97.5% of revenue
What this means
On these estimates, Middlesbrough sit comfortably inside the 85% Green Threshold. They have room to invest in the squad without straining the rules.
Old rules vs new: PSR compared to SCR
Under the old PSR system, clubs were judged on total losses over three years, not on what they spent on the squad as a share of revenue. Here's how Middlesbrough's position compares under both sets of rules.
| Old PSR (loss-based) | New SCR (revenue-based) |
|---|---|
|
3-year losses: −£38.4m
reported
Limit: £39m Headroom: +£600k 2021/22–2023/24 (Championship) |
Squad cost: £31.4m
Limit (85% + top-up): £42.4m Headroom: +£11m Based on £32.2m revenue |
Squeaked under the £39m limit with £38.4m in losses - only £600k of headroom. Losses of £20m, £6.4m and £12m. Owner Steve Gibson's £149m debt-to-equity conversion improved the PSR position by reclassifying debt as equity, which is an allowable adjustment under the rules.
Note on this club's figures. 2023/24 revenue £32.2m (up 13% from £28.6m). Wages £31.4m. Owner Steve Gibson converted £149m debt to equity. Sources: Swiss Ramble, gazettelive.co.uk, Companies House.
Source.
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Compare Middlesbrough with another club
Figures are illustrative estimates from published accounts and public reporting, not
official SCR submissions. SCR uses adjusted football revenue, which differs from headline
turnover. Last reviewed 2026-05-17.
Full rules explainer →