EFL Squad Cost Ratio

How much can Millwall spend?

Under the EFL's Squad Cost Ratio rules, Millwall can spend around £35.3m on squad costs - based on an estimated £23.9m of football revenue and the 85% limit, plus the owner equity top-up. That leaves an estimated £1.1m of headroom.

Millwall: the SCR breakdown

Estimated revenue (football) reported £23.9m
SCR limit - 85% of revenue £20.3m
+ Owner equity top-up (max / season) £15m
Effective spending allowance £35.3m
Estimated squad cost reported £34.2m
Headroom +£1.1m

High spending power - squad cost is 143.1% of revenue

What this means

On these estimates, Millwall 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 Millwall's position compares under both sets of rules.

Old PSR (loss-based)	New SCR (revenue-based)
3-year losses: −£31.4m estimated Limit: £39m Headroom: +£7.6m 2022/23–2024/25 (Championship)	Squad cost: £34.2m Limit (85% + top-up): £35.3m Headroom: +£1.1m Based on £23.9m revenue

Approximately £31.4m losses over three years - £7.6m under the limit. Losses of ~£12m, £19.1m and £0.3m. Consistent player trading profits (£21.6m in 2024/25) kept overall losses manageable. One of the better-managed PSR positions among mid-table Championship clubs.

Note on this club's figures. 2024/25 revenue £23.9m (up from £21.5m). Total staff costs £34.2m incl. £5.4m player amortisation; wages alone £28.6m. £21.6m player sales kept overall loss to just £0.3m. Sources: matchdayfinance.com, millwallfc.co.uk official accounts, Companies House.
Source.

Compare Millwall with another club

Wolverhampton Wanderers Sheffield United Southampton Burnley Luton Town Watford

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 →