After lengthy delays, Fulham’s shiny, new Riverside Stand has finally opened, creating “a unique Thameside destination with first class facilities for supporters and partners on match days, as well as for the wider community year-round”.

This ambitious project has increased Craven Cottage’s capacity by around 4,000 to 29,600, while it has also taken advantage of the club’s fantastic location and wealthy catchment area by including two Michelin star restaurants, a rooftop swimming pool, corporate hospitality and event space, all benefiting from views of the Thames.

Chief executive Alistair Mackintosh observed, “Fulham is the sort of club that can have a business class or first class and have fans that turn left on a plane.”

Indeed, there is also an exclusive members club – with a football season ticket as an optional extra. It’s fair to say that “the times they are a-changing”, as this is a long way from the traditional pie and a pint.

However, in a world where clubs face the twin challenges of competing with wealthier rivals and complying with Profitability and Sustainability Regulations (PSR), this development does make sense – even though the payback on a substantial investment costing an estimated £350m will take a considerable time.

League Position

The fact is that Fulham had to try something in order to improve their prospects of surviving (and thriving) in the Premier League - and lose their tag of a “yo-yo” club.

On the previous two occasions that Fulham had been promoted to the top flight, they had immediately dropped back to the Championship. As Shahid Khan said, when asked about his experiences as an owner, “The highs and the lows are much more extreme than I would have thought: the agony of relegation and the ecstasy of promotion.”

However, they can now look forward to a fourth consecutive year in the Premier League. Indeed, Fulham currently sit in a very respectable 10th with Marco Silva’s team having an outside chance of qualifying for Europe.

A review of Fulham’s finances helps explain why the Riverside development is so important to the club’s business model, using the most recent accounts. These are from the 2023/24 season, when they finished 13th in the Premier League, while also reaching the semi-finals of the Carabao Cup, before losing to eventual winners Liverpool.

Profit/(Loss) 2023/24

Fulham’s pre-tax loss widened from £26m to £33m, despite profit on player sales rising from £9m to £33m. Revenue “remained consistent” at £182m, but there was a sharp increase in operating expenses, which shot up £34m (15%) from £217m to £251m.

There was good growth in both commercial, which rose £6m (26%) from £23m to £29m, and gate receipts, up £3m (21%) from £15m to £18m. However, this was offset by a £9m (7%) reduction in broadcasting from £144m to £135m, due to finishing three places lower in the Premier League.

In order to help survive in the top flight, Fulham continued to invest in the squad, so wages rose £16m (11%) from £139m to £155m, while player amortisation increased £11m (26%) from £46m to £57m. Both of these staff costs established new club records.

Other expenses were also significantly higher, rising £5m (18%) from £31m to £36m, while net interest swung from £0.3m receivable to £0.3m payable.

Fulham’s £32m pre-tax loss was in the bottom half of the Premier League, though six clubs did even worse last season, with three of them losing more than twice as much, namely Manchester United £131m, Aston Villa £86m and Bournemouth £66m.