Not the best of articles but I haven't started a rubbish thread for a while so I'll put that right 
As another busy football transfer window draws to a close, fans at both ends of the spectrum have had plentiful reminders of the huge spending required to succeed in the modern game.
What only very few people seem to be asking, though, is "what's in it for the owners?" After all, on-the-field success doesn't often produce a big enough profit to cover wages and other expenditure.
With the likes of Manchester City, Liverpool, Manchester United and Chelsea all spending big again this year - and with those all important Financial Fair Play rules soon coming into effect - here are my views on each club's chances of making a profit in the near future.
Choose your team from the list below or click through the slide show to see the 'profit ratings' for each Premier League side in alphabetical order.
'Profit likelihood' ratings: 1-2=Extremely unlikely; 3-4=Unlikely; 5-6=Probably break-even; 7-8=Good chance of profit; 9-10=Certain profit
Premier League football's profit index
Arsenal
Owner: Stan Kroenke (majority shareholder)
Arsenal made a pre-tax profit of £56 million for the last set of accounts against a turnover of £382 million (almost £100 million more in turnover than Manchester United thanks to property deals). With those property deals now complete the optimism for such a large profit figure is less.
However, Arsene Wenger has amassed a collection of world class players that the club has cashed in on this summer to the tune of a net transfer spend of -£36.9m so far.
So, with continued high matchday turnover, another season in the Champions League (just), and what appears to be a prudent transfer spend policy, I do expect Arsenal to post a profit, but it will be small.
Profit Score: 7/10
Aston Villa
Owner: Randy Lerner
Aston Villa are financially struggling. Randy Lerner's plan to concentrate on making Villa the biggest club 'locally' was perhaps the wrong road to go down.
A loss last year of £38m now followed by the removal of Gerard Houllier and appointment of Alex McLeish will not have been cheap.
The sale of Downing and Young for big money was therefore not surprising at all as Lerner looks to balance the books while retaining Premier League status and managing a £100m-plus debt.
A net spend of -£23 million in the summer will go some way to keeping the wolf from the door, but not far enough away to avoid yet another none-profit-making season.
Profit likelihood: 4/10
Blackburn Rovers
Owners: Venky's Limited
Blackburn Rovers have exceptionally wealthy owners but that doesn't equate to profit. A loss of £2 million last year means that they are far from the worst offenders and the sale of Phil Jones to Manchester United and the lack of major signings of note give them a net summer spend of -£10 million, which will help their cause.
However, there has been huge upheaval at Ewood Park over the past 12 months and there are question marks over whether the club can compete as well commercially as they have in the past. The recent tie-up with the Prince's Trust as the main sponsor of the first team kit not only suggests that they can't attract a major sponsor, but will also be a big blow to any hopes of producing a profit.
Profit likelihood: 7/10
Bolton Wanderers
Chairman: Phil Gartside
Bolton experienced losses of £35 million for the last accounting period, mainly thanks to their 75% wages-to-turnover ratio, which shows relatively weak commercial activity compared to other Premier League clubs. Any potential sale of Gary Cahill (not confirmed at the time of writing) would add to the -£3.1m transfer spend so far this season.
I do expect Bolton to dramatically reduce their losses this season but find it hard to see them achieving a break-even position just yet. To do so they would need a superb season on the pitch and would have to see attendances dramatically improve.
Profit likelihood: 4/10
Chelsea
Owner: Roman Abramovich
Chelsea are going to find it tougher than the vast majority of clubs to comply with Financial Fair Play and limit their losses, as well as try to achieve a break-even position (never mind profit).
Commercially they are operating pretty much at capacity in regards to the potential of Stamford Bridge. A move to a new ground will need to happen but where and how much it will cost are both big questions.
On the face of it, it appears that no-one has told Mr Abramovich about Uefa's new rules, as he has followed up a net spend last season of £96 million with a cool £41.9 million so far this season.
Losses of £78 million last season will stay stagnant at best unless they can agree a 'Man City-esque' type of sponsorship deal some time very soon.
Profit likelihood: 1/10
Everton
Chairman: Bill Kenwright
Everton have received a lot of public attention recently about the state of their finances. Similarly to Chelsea, they can't turn a profit mainly because of the lack of infrastructure the club possesses (most significantly the ground).
A net spend this summer of -£2 million has seen the masses grow impatient and calls for chairman Bill Kenwright to resign. Supporters should attempt to realise that the situation can be viewed one of two ways.
One way would be to appreciate that the club made a loss of only £3 million last year, which in comparison to others is not so dramatic.
Secondly, the club has yielded over £80 million in the past 15 years from talent produced from the academy. One or two existing players would easily act as assets if things did get more serious.
There appears to be a 'catch 22' for Everton. They believe they can't climb the league without buying new players but any money that is available HAS to be put aside for new revenue-based infrastructure. With pressure from the bank wanting the club to correct its position, I believe a top player will be sold and a break-even position will be achieved.
Profit Likelihood: 5/10
Fulham
Owner: Mohamed Al-Fayed
Fulham are in a very similar position to Everton in that they face the very difficult task of expanding revenue streams with limited infrastructure.
Because of that, a sense of financial doping has taken place at Fulham over a sustained period of time.
The club had losses of £19 million in the last set of accounts, a loss softened by their Europa League run which brought in £12 million (before bonuses).
The club operates a healthy 63% wages-to-turnover ratio and has only spent £5 million on new buys this pre-season. There is actually little reason therefore why Fulham couldn't produce either a break-even position or a small profit.
However, it appears that despite having £28 million remaining after wages in the last set of accounts they still managed to spend £47 million to create the £19 million loss. I guess that bonuses and a change of manager ate into most of that.
It will be difficult for the club to turn around such heavy losses but I predict they will be smaller than last year (perhaps £10 million).
Profit Likelihood: 4/10
Liverpool
Owners: Fenway Sports Group
Big-spending Liverpool know they must find a new home in order to achieve long-term profitability. The loss of Champions League income has been an obvious blow to them. Since the last set of accounts showed a loss of £20 million the club has spent £50 million net on new talent without any new commercial deals of note. Clearly the plan is to attempt to spend their way back into the Champions League.
However, the Reds will need to keep one eye on Financial Fair Play so they can even achieve a licence to play in the competition should they qualify.
For this accounting period that we are experiencing now there is no chance of profit. With no European competition of any note but with huge expenditure (and wages) on new players, the club appears to be rolling the dice once more.
Profit Likelihood: 1/10
Manchester City
Owner: Sheikh Mansour bin Zayed Al Nahyan
A loss of £121 million in the last set of accounts has been followed up by huge spending to the tune of almost £200 million over the last two seasons (and that's net!).
The club has had playing success and was able to confirm a huge 10-year sponsorship deal with Ethiad for a reported £400 million (depending on success). Yet, despite that, the club is facing what appears to be a huge task to become stable enough to satisfy Uefa.
Champions League income will help their cause for this current accounting period but there is a long way to go to turn the ship around.
Profit Likelihood: 1/10
Manchester United
Owners: the Glazer family
Manchester United's last accounts showed they earned over double the income of Manchester City. However, where City were paying £4 million a year on their net £41 million of debt (which has probably gone now), United were paying £107 million in interest on their staggering £590 million debt.
That figure has reduced slightly - and talk of share offerings on foreign markets may reduce it further - but it remains the main barrier to United being consistently profitable. Sir Alex Ferguson has still been able to spend almost £50 million net on players over the past two seasons.
With the club operating a wages-to-turnover ratio of under 50%, it is such a shame that so much cash is leaving the game to service debt.
New deals, such as the most recent with DHL, will see United comfortably in the Financial Fair Play requirements and a probable return to breaking-even soon.
Profit Likelihood: 7/10
Newcastle United
Owner: Mike Ashley
Newcastle look on track to break-even as Mike Ashley looks to recoup some of the £139 million owed to him (as presented in the last set of accounts).
The last financial figures (for the season they got promoted) saw a loss of around £17 million. A return to the Premier League and a net spend of -£34 million over the past two seasons look set to put Newcastle on target to become profitable by the end of this accounting period.
It appears that the current owners are priming the business for another attempt at selling the club, only this time going to market with a solid Premier League team, smaller debts and a business making profit.
Profit Likelihood: 7/10
Stoke
Chairman: Sebastian Coates
Stoke City have a healthy-looking future: almost an established Premier League team, ground at capacity most weeks, small debts, a rich and committed owner and European football.
While Stoke did spend big last year they haven't done so this year.
With the additional income from the Europa League, there is a likely outcome that the club could break-even for this accounting period.
Profit Likelihood: 6/10
Sunderland
Owner: Ellis Short
Sunderland find themselves in a very difficult position. Successive years of losses of over £25 million and additional spend this pre-season of £7 million makes it hard to see how they are going to get anywhere near reaching a break-even position.
Chairman Niall Quinn has bemoaned the lack of capacity crowds at the Stadium of Light but in reality their big problem is a wages-to-turnover ratio of over 80%, a weaker commercial proposition than other clubs and a policy of spending to survive.
In owner Ellis Short they have a man who can afford to pay the losses, but with debts of over £50 million the future for Sunderland remains murky at best.
Profit Likelihood: 1/10
Tottenham Hotspur
Chairman: Daniel Levy
Spurs' next set of accounts will include the cash they received from their superb run in the Champions League (and, of course, the likely bonuses that were also paid out as a result).
Spurs' arch-rivals Arsenal have double the matchday income. They need either a move away from White Hart Lane or a pressing of the green button on its redevelopment for the club to have any long-term hopes of organic revenue to make a constant challenge for Champions League places.
Spurs' net -£6.8 million spend this summer is a sharp signal that the club is aiming to remain financially solid by not overstretching themselves and having the ability to retain their already strong squad.
A well-run club, Spurs' medium-term chances of consistent profit will be at the mercy of playing success and European involvement, which at the moment looks good. Let's not forget that the club posted a £33 million profit in 2009.
Profit Likelihood: 7/10
West Bromwich Albion
Chairman: Jeremy Peace
In the same bag as their Black Country rivals Wolves, West Brom fans have a superbly well-run club and are realising the extent and power of the resources available. A small profit of £500,000 was posted in the last set of accounts (for the season they reached promotion to the Premier League) and there has been no real spending of note to suggest that a similar figure can't be seen again and again.
There is talk about further development to The Hawthorns to either increase capacity and/or conferencing and hospitality areas, but nothing has yet been finalised.
Profit Likelihood: 7/10
Wigan Athletic
Chairman: Dave Whelan
It is conservative to state that over 80% of Wigan's income comes in the form of cheques from the Premier League. The lack of commercial income to the club puts it on a permanent war footing when it comes to the challenge of breaking-even.
Owner and chairman Dave Whelan has publicly declared his desire to sell the club as he battles to keep it in the Premier League without it taking all of his fortune with it. Losses of £4 million and a wages-to-turnover ratio of 91% are unlikely to have changed since the last set of accounts. The lack of spending this summer (net -£5 million) shows the aim is to rely more on the ability of manager Roberto Martínez than the cash of Dave Whelan.
Profit Likelihood: 5/10
Wolverhampton Wanderers
Chairman: Steve Morgan
Wolves were the only club to produce genuine profit in the last set of accounts - £9 million. A solid ownership and leadership structure have seen Wolves marry the urge to increase the quality of their squad (net spend of £20 million over the last two seasons) and the need to run the business correctly.
Cash is now being used to redevelop Molineux and some borrowing will need to take place in the coming years in order to finish that. A slightly reduced capacity this season will see gate revenue reduced but, as a percentage of total income, a finish one or two places higher in the league will easily cover that early loss, such is the value of final league standings in the Premier League.
Despite the outlay on the new stands and investment in the squad, I feel confident the club will still be able to break-even, with a profitable position not totally out of the question.
Profit Likelihood: 6.5/10
Norwich City, Queen Park Rangers, Swansea City
Owners: Delia Smith (Norwich); Tony Fernandes (QPR); Huw Jenkins (Swansea)
Each of these clubs should make a profit for the current accounting period. Even Swansea, who are the biggest spenders of the three with a £10 million outlay this summer, should be looking to post a profit based upon larger attendances, commercial income and, of course, the £40 million they can expect from just being in the Premier League.
It is too early to speak about the future profitability of these clubs as it so heavily depends on whether or not they can remain in the Premier League.
Premier League football's profit index
As another busy football transfer window draws to a close, fans at both ends of the spectrum have had plentiful reminders of the huge spending required to succeed in the modern game.
What only very few people seem to be asking, though, is "what's in it for the owners?" After all, on-the-field success doesn't often produce a big enough profit to cover wages and other expenditure.
With the likes of Manchester City, Liverpool, Manchester United and Chelsea all spending big again this year - and with those all important Financial Fair Play rules soon coming into effect - here are my views on each club's chances of making a profit in the near future.
Choose your team from the list below or click through the slide show to see the 'profit ratings' for each Premier League side in alphabetical order.
'Profit likelihood' ratings: 1-2=Extremely unlikely; 3-4=Unlikely; 5-6=Probably break-even; 7-8=Good chance of profit; 9-10=Certain profit
Premier League football's profit index
Arsenal
Owner: Stan Kroenke (majority shareholder)
Arsenal made a pre-tax profit of £56 million for the last set of accounts against a turnover of £382 million (almost £100 million more in turnover than Manchester United thanks to property deals). With those property deals now complete the optimism for such a large profit figure is less.
However, Arsene Wenger has amassed a collection of world class players that the club has cashed in on this summer to the tune of a net transfer spend of -£36.9m so far.
So, with continued high matchday turnover, another season in the Champions League (just), and what appears to be a prudent transfer spend policy, I do expect Arsenal to post a profit, but it will be small.
Profit Score: 7/10
Aston Villa
Owner: Randy Lerner
Aston Villa are financially struggling. Randy Lerner's plan to concentrate on making Villa the biggest club 'locally' was perhaps the wrong road to go down.
A loss last year of £38m now followed by the removal of Gerard Houllier and appointment of Alex McLeish will not have been cheap.
The sale of Downing and Young for big money was therefore not surprising at all as Lerner looks to balance the books while retaining Premier League status and managing a £100m-plus debt.
A net spend of -£23 million in the summer will go some way to keeping the wolf from the door, but not far enough away to avoid yet another none-profit-making season.
Profit likelihood: 4/10
Blackburn Rovers
Owners: Venky's Limited
Blackburn Rovers have exceptionally wealthy owners but that doesn't equate to profit. A loss of £2 million last year means that they are far from the worst offenders and the sale of Phil Jones to Manchester United and the lack of major signings of note give them a net summer spend of -£10 million, which will help their cause.
However, there has been huge upheaval at Ewood Park over the past 12 months and there are question marks over whether the club can compete as well commercially as they have in the past. The recent tie-up with the Prince's Trust as the main sponsor of the first team kit not only suggests that they can't attract a major sponsor, but will also be a big blow to any hopes of producing a profit.
Profit likelihood: 7/10
Bolton Wanderers
Chairman: Phil Gartside
Bolton experienced losses of £35 million for the last accounting period, mainly thanks to their 75% wages-to-turnover ratio, which shows relatively weak commercial activity compared to other Premier League clubs. Any potential sale of Gary Cahill (not confirmed at the time of writing) would add to the -£3.1m transfer spend so far this season.
I do expect Bolton to dramatically reduce their losses this season but find it hard to see them achieving a break-even position just yet. To do so they would need a superb season on the pitch and would have to see attendances dramatically improve.
Profit likelihood: 4/10
Chelsea
Owner: Roman Abramovich
Chelsea are going to find it tougher than the vast majority of clubs to comply with Financial Fair Play and limit their losses, as well as try to achieve a break-even position (never mind profit).
Commercially they are operating pretty much at capacity in regards to the potential of Stamford Bridge. A move to a new ground will need to happen but where and how much it will cost are both big questions.
On the face of it, it appears that no-one has told Mr Abramovich about Uefa's new rules, as he has followed up a net spend last season of £96 million with a cool £41.9 million so far this season.
Losses of £78 million last season will stay stagnant at best unless they can agree a 'Man City-esque' type of sponsorship deal some time very soon.
Profit likelihood: 1/10
Everton
Chairman: Bill Kenwright
Everton have received a lot of public attention recently about the state of their finances. Similarly to Chelsea, they can't turn a profit mainly because of the lack of infrastructure the club possesses (most significantly the ground).
A net spend this summer of -£2 million has seen the masses grow impatient and calls for chairman Bill Kenwright to resign. Supporters should attempt to realise that the situation can be viewed one of two ways.
One way would be to appreciate that the club made a loss of only £3 million last year, which in comparison to others is not so dramatic.
Secondly, the club has yielded over £80 million in the past 15 years from talent produced from the academy. One or two existing players would easily act as assets if things did get more serious.
There appears to be a 'catch 22' for Everton. They believe they can't climb the league without buying new players but any money that is available HAS to be put aside for new revenue-based infrastructure. With pressure from the bank wanting the club to correct its position, I believe a top player will be sold and a break-even position will be achieved.
Profit Likelihood: 5/10
Fulham
Owner: Mohamed Al-Fayed
Fulham are in a very similar position to Everton in that they face the very difficult task of expanding revenue streams with limited infrastructure.
Because of that, a sense of financial doping has taken place at Fulham over a sustained period of time.
The club had losses of £19 million in the last set of accounts, a loss softened by their Europa League run which brought in £12 million (before bonuses).
The club operates a healthy 63% wages-to-turnover ratio and has only spent £5 million on new buys this pre-season. There is actually little reason therefore why Fulham couldn't produce either a break-even position or a small profit.
However, it appears that despite having £28 million remaining after wages in the last set of accounts they still managed to spend £47 million to create the £19 million loss. I guess that bonuses and a change of manager ate into most of that.
It will be difficult for the club to turn around such heavy losses but I predict they will be smaller than last year (perhaps £10 million).
Profit Likelihood: 4/10
Liverpool
Owners: Fenway Sports Group
Big-spending Liverpool know they must find a new home in order to achieve long-term profitability. The loss of Champions League income has been an obvious blow to them. Since the last set of accounts showed a loss of £20 million the club has spent £50 million net on new talent without any new commercial deals of note. Clearly the plan is to attempt to spend their way back into the Champions League.
However, the Reds will need to keep one eye on Financial Fair Play so they can even achieve a licence to play in the competition should they qualify.
For this accounting period that we are experiencing now there is no chance of profit. With no European competition of any note but with huge expenditure (and wages) on new players, the club appears to be rolling the dice once more.
Profit Likelihood: 1/10
Manchester City
Owner: Sheikh Mansour bin Zayed Al Nahyan
A loss of £121 million in the last set of accounts has been followed up by huge spending to the tune of almost £200 million over the last two seasons (and that's net!).
The club has had playing success and was able to confirm a huge 10-year sponsorship deal with Ethiad for a reported £400 million (depending on success). Yet, despite that, the club is facing what appears to be a huge task to become stable enough to satisfy Uefa.
Champions League income will help their cause for this current accounting period but there is a long way to go to turn the ship around.
Profit Likelihood: 1/10
Manchester United
Owners: the Glazer family
Manchester United's last accounts showed they earned over double the income of Manchester City. However, where City were paying £4 million a year on their net £41 million of debt (which has probably gone now), United were paying £107 million in interest on their staggering £590 million debt.
That figure has reduced slightly - and talk of share offerings on foreign markets may reduce it further - but it remains the main barrier to United being consistently profitable. Sir Alex Ferguson has still been able to spend almost £50 million net on players over the past two seasons.
With the club operating a wages-to-turnover ratio of under 50%, it is such a shame that so much cash is leaving the game to service debt.
New deals, such as the most recent with DHL, will see United comfortably in the Financial Fair Play requirements and a probable return to breaking-even soon.
Profit Likelihood: 7/10
Newcastle United
Owner: Mike Ashley
Newcastle look on track to break-even as Mike Ashley looks to recoup some of the £139 million owed to him (as presented in the last set of accounts).
The last financial figures (for the season they got promoted) saw a loss of around £17 million. A return to the Premier League and a net spend of -£34 million over the past two seasons look set to put Newcastle on target to become profitable by the end of this accounting period.
It appears that the current owners are priming the business for another attempt at selling the club, only this time going to market with a solid Premier League team, smaller debts and a business making profit.
Profit Likelihood: 7/10
Stoke
Chairman: Sebastian Coates
Stoke City have a healthy-looking future: almost an established Premier League team, ground at capacity most weeks, small debts, a rich and committed owner and European football.
While Stoke did spend big last year they haven't done so this year.
With the additional income from the Europa League, there is a likely outcome that the club could break-even for this accounting period.
Profit Likelihood: 6/10
Sunderland
Owner: Ellis Short
Sunderland find themselves in a very difficult position. Successive years of losses of over £25 million and additional spend this pre-season of £7 million makes it hard to see how they are going to get anywhere near reaching a break-even position.
Chairman Niall Quinn has bemoaned the lack of capacity crowds at the Stadium of Light but in reality their big problem is a wages-to-turnover ratio of over 80%, a weaker commercial proposition than other clubs and a policy of spending to survive.
In owner Ellis Short they have a man who can afford to pay the losses, but with debts of over £50 million the future for Sunderland remains murky at best.
Profit Likelihood: 1/10
Tottenham Hotspur
Chairman: Daniel Levy
Spurs' next set of accounts will include the cash they received from their superb run in the Champions League (and, of course, the likely bonuses that were also paid out as a result).
Spurs' arch-rivals Arsenal have double the matchday income. They need either a move away from White Hart Lane or a pressing of the green button on its redevelopment for the club to have any long-term hopes of organic revenue to make a constant challenge for Champions League places.
Spurs' net -£6.8 million spend this summer is a sharp signal that the club is aiming to remain financially solid by not overstretching themselves and having the ability to retain their already strong squad.
A well-run club, Spurs' medium-term chances of consistent profit will be at the mercy of playing success and European involvement, which at the moment looks good. Let's not forget that the club posted a £33 million profit in 2009.
Profit Likelihood: 7/10
West Bromwich Albion
Chairman: Jeremy Peace
In the same bag as their Black Country rivals Wolves, West Brom fans have a superbly well-run club and are realising the extent and power of the resources available. A small profit of £500,000 was posted in the last set of accounts (for the season they reached promotion to the Premier League) and there has been no real spending of note to suggest that a similar figure can't be seen again and again.
There is talk about further development to The Hawthorns to either increase capacity and/or conferencing and hospitality areas, but nothing has yet been finalised.
Profit Likelihood: 7/10
Wigan Athletic
Chairman: Dave Whelan
It is conservative to state that over 80% of Wigan's income comes in the form of cheques from the Premier League. The lack of commercial income to the club puts it on a permanent war footing when it comes to the challenge of breaking-even.
Owner and chairman Dave Whelan has publicly declared his desire to sell the club as he battles to keep it in the Premier League without it taking all of his fortune with it. Losses of £4 million and a wages-to-turnover ratio of 91% are unlikely to have changed since the last set of accounts. The lack of spending this summer (net -£5 million) shows the aim is to rely more on the ability of manager Roberto Martínez than the cash of Dave Whelan.
Profit Likelihood: 5/10
Wolverhampton Wanderers
Chairman: Steve Morgan
Wolves were the only club to produce genuine profit in the last set of accounts - £9 million. A solid ownership and leadership structure have seen Wolves marry the urge to increase the quality of their squad (net spend of £20 million over the last two seasons) and the need to run the business correctly.
Cash is now being used to redevelop Molineux and some borrowing will need to take place in the coming years in order to finish that. A slightly reduced capacity this season will see gate revenue reduced but, as a percentage of total income, a finish one or two places higher in the league will easily cover that early loss, such is the value of final league standings in the Premier League.
Despite the outlay on the new stands and investment in the squad, I feel confident the club will still be able to break-even, with a profitable position not totally out of the question.
Profit Likelihood: 6.5/10
Norwich City, Queen Park Rangers, Swansea City
Owners: Delia Smith (Norwich); Tony Fernandes (QPR); Huw Jenkins (Swansea)
Each of these clubs should make a profit for the current accounting period. Even Swansea, who are the biggest spenders of the three with a £10 million outlay this summer, should be looking to post a profit based upon larger attendances, commercial income and, of course, the £40 million they can expect from just being in the Premier League.
It is too early to speak about the future profitability of these clubs as it so heavily depends on whether or not they can remain in the Premier League.
post/rant, best ever
good question
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