Adjusted football revenue

SCR is measured against adjusted football revenue, not headline turnover. The base is broadcasting, matchday and commercial income, plus revenue from non-football events hosted at the stadium such as concerts.

Net profit or loss on player sales is then added in. Analysts, and this site, average that profit over three seasons, because one exceptional sale can make a single year look far healthier than the club's actual trading model.

Sales of assets to entities linked to the owner — a hotel, or a women's team sold to a sister company — are stripped out, as are one-off items like an owner writing off a loan.

Getting this wrong changes conclusions, not decimal places. A club with heavy player trading can look amber on turnover alone and comfortably green once trading profit is netted in.