The chairman of the Blues responded to that: “Our goal is to generate as much revenue as (clubs with) parachute payments do, but without having received parachute payments, so ultimately we want to be in a position where we don’t care how many parachute clubs there are because we’re generating the same level or more than they are.” The R word – revenue, not relegation – has been a mantra throughout Knighthead’s term as Blues owners. They have looked at every potential way to increase revenue. Knighthead has transformed St Andrew’s into a destination for supporters who want to stay longer than 90 minutes.

Match revenues for the fiscal year ending June 2023 were £3.7 million, compared to £6.1 million in Knighthead’s first season in charge. The average gate jumped to 26,326 last season from 21,180 in 2023/24, indicating that figure will rise significantly in the coming fiscal year. Then there is commercial revenue. According to the most recent records, Blues earned about £13 million in commercial revenue in 2023/24, more than doubling their earnings of £6.2 million in 2022/23. Delta Airlines, which had an operational revenue of $61.6 billion in 2024, Vertu Motors, and Coral have since joined Nike and Undefeated.

The documentary charting the club’s record-breaking season will air on Amazon Prime this summer and that will see Blues rake cash in. And, as the story gets bigger, the price of entry for commercial partners will too.

It goes without saying that Blues’ commercial revenue increased in 2024/25, despite their League One status, and it will again next season.

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