With eye-watering transfer fees, soaring wages, and many clubs operating at a loss, the financial state of football is a hot topic.

To understand the numbers behind the headlines, this episode of the Learn Better Podcast, hosts Caron and Lee speak with football finance expert Kieran Maguire, author, university lecturer, and co-host of ‘The Price of Football’ podcast. Known for his ability to make complex financial topics engaging, Kieran helps take the fear out of numbers, and shows how even the world of sport can teach us powerful lessons about money, ethics, and learning itself.

Revenue is vanity, profit is sanity

Caron begins by asking Kieran to put the scale of the industry into context. He explains that since the launch of the Premier League in 1992, revenues have risen by an astonishing 2996%. But wages have increased by over 4000%, and transfer fees by nearly 4500%.

It’s a striking reminder that while football might dominate headlines, it’s “a small industry with a big megaphone.” Clubs generate enormous income, but that doesn’t necessarily translate into profit - or sustainability. The extra money flowing into the game has largely ended up in the pockets of players and agents rather than club owners.

The rules of the game – and how they’re bent

Lee steers the discussion toward the Profit and Sustainability Rules (PSR), which is the Premier League’s attempt to curb reckless spending by limiting clubs to losses of £105 million over three years. However, as Kieran explains, spending on facilities, academies, community projects, and women’s football can be excluded from these limits, which encourages investment in the right areas of the game.

Even so, Kieran points out that some clubs have become increasingly creative in their accounting. From adjusting when income is recognised to using related-party deals, these tactics might meet the letter of the law but not always its spirit. It’s a real-world example of why ethics and professional scepticism remain vital skills for anyone working with numbers.

Ownership, ethics, and ambition

Football ownership has never been more diverse (or more controversial). Kieran categorises owners by four motivations: love, profit, vanity, and insanity.

Some owners have enjoyed remarkable financial success, while others see their clubs as passion projects or status symbols. The recent takeovers of Wrexham and Newcastle United show how investment can bring both excitement and ethical questions, from celebrity involvement to state-funded ownership.

As Kieran explains, football fans often compartmentalise these issues because “football is the most important of the unimportant things in life.” For many, it’s an escape, even when the business behind it is complex.

The sustainability challenge

Kieran explains that, despite its glamour, football is a loss-making industry. Most Premier League clubs fail to make a profit, and in the Championship, average losses reach around £400,000 a week.

That’s why he welcomes moves to establish an independent football regulator - a world first. Such oversight, he believes, could protect clubs, communities, and the heritage of the game by enforcing greater transparency and accountability.

The future of the women’s game

Lee asks about the rapid rise of the women’s game and whether it can achieve financial balance. Kieran is optimistic about the growth of women’s football, describing it as an exciting, inclusive product that should “stand on its own two feet.” However, he warns that it must avoid repeating the mistakes of the men’s game, particularly the concentration of wealth and power.

Sustainable investment and fair exposure will be key to building a strong foundation for the sport’s future.

Learning through what you love

As the conversation draws to a close, Lee asks Kieran what ‘Learn Better’ means to him. His answer perfectly captures his philosophy on education: he encourages learners to focus “not on the whats, but on the whys, and the so-whats.”

Understanding cause, effect, and consequence turns knowledge into insight. And as this episode shows, whether you’re studying finance or following football, learning becomes far more meaningful when it connects to something you care about.