The club were fined £2.6m for breaching the regulations, though £1.7m of that can be written off if they continue to reduce expenditure and/or increase revenue by next summer. They sold about £300m worth of players - a Premier League record - last season and are expected to generate a similar figure again this time around. Transfermarkt puts their squad value at £1.3bn - behind only Manchester City in the Premier League and the fourth-highest in Europe. Their most recent accounts - for 2024-25 - showed a Premier League record loss of £262m within the club's companies, with losses of £701m at parent-company level. Football finance expert Kieran Maguire said: "So, 85% is their PSR compliance with the Premier League but that does give them a slight advantage.