How much can Millwall spend under SCR?

Millwall has a guaranteed SCR spending limit of £20.3m — 85% of estimated football revenue of £23.9m. If the owner uses the full equity top-up, the ceiling rises to £35.3m.

What is Millwall's SCR headroom?

Millwall's estimated SCR headroom is −£13.9m — the difference between their guaranteed 85% limit of £20.3m and their estimated £34.2m squad cost. With the owner top-up, the max allowance rises to £35.3m.

EFL Squad Cost Ratio

How much can Millwall spend?

Under the EFL's Squad Cost Ratio rules, Millwall have a guaranteed spending limit of £20.3m — 85% of estimated football revenue of £23.9m. Against their estimated squad cost that is £13.9m short. If the owner injects the maximum top-up (£15m/season), the ceiling rises to £35.3m.

Millwall: the SCR breakdown

Estimated revenue (football) reported £23.9m
85% SCR limit (no owner top-up) £20.3m
Estimated squad cost reported £34.2m
Headroom vs 85% limit −£13.9m
+ Max owner equity top-up (if used) £15m
Max spending allowance (with top-up) £35.3m
Headroom vs max allowance +£1.1m

Restricted - squad cost is 143.1% of revenue

What this means

On these estimates, Millwall are spending well above what SCR allows. Closing that gap usually means selling players or growing revenue before they can strengthen further.

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 85% limit: £20.3m · Max (with top-up): £35.3m Headroom: −£13.9m 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

← All Championship clubs ranked by SCR headroom

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 →