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The headline figure most likely behind reports of a “huge” Cardiff City wage-bill increase is the 2023/24 player wage bill: BBC Sport Wales reported it rose 40% to £19.9 million in the year ended 31 May 2024. The club’s later accounts, for the year ended 31 May 2025, record £29.190 million in player-related wages. These figures describe different accounting years and should not be treated as the same increase.
What was the reported wage-bill increase?
For the year ended 31 May 2024, BBC Sport Wales reported Cardiff City’s player wage bill increased by 40% to £19.9 million. The exact article behind the supplied headline has not been identified, so this is the best-supported explanation of the headline rather than a confirmed match to its original publication. BBC Sport Wales reported the figure in 2025.
In its own financial update on that year, Cardiff City reported player-related costs had increased by £5.712 million. It also said cost of sales rose by £9.473 million. Cost of sales is a broader measure, not another way of stating the player-wage increase. Cardiff City’s financial update.
What do Cardiff City’s latest accounts show?
The latest figures in the available reporting concern Cardiff City Football Club (Holdings) Limited for the year ended 31 May 2025. Those accounts were filed on 26 February 2026. They report £29.190 million in player-related wages and group turnover of £25.794 million. Cover Wales’ account of the filed accounts.
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Player-related wages therefore equalled about 113% of group turnover in that year. This is a comparison of player wages with turnover, not a claim that all club staffing costs exceeded turnover by that ratio. The accounts reporting gives total staff costs of £38.955 million, a broader figure that includes more than player wages. Cover Wales’ account of the filed accounts.
How the figures differ
| Accounting period | Measure | Reported figure |
|---|---|---|
| Year ended 31 May 2024 | Player wage bill; reported by BBC Sport Wales | £19.9 million, up 40% |
| Year ended 31 May 2024 | Increase in player-related costs; club financial update | £5.712 million |
| Year ended 31 May 2024 | Increase in cost of sales; club financial update | £9.473 million |
| Year ended 31 May 2025 | Player-related wages | £29.190 million |
| Year ended 31 May 2025 | Group turnover | £25.794 million |
| Year ended 31 May 2025 | Total staff costs | £38.955 million |
The table’s 2023/24 amounts come from BBC Sport Wales and Cardiff City’s financial update; the 2024/25 figures are reported by Cover Wales. The 40% rise to £19.9 million is not a year-on-year comparison with the £29.190 million recorded for 2024/25.
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What the accounts say about the wider financial picture
For the year ended 31 May 2025, the accounts report a £35.088 million loss before tax. This is a separate accounting period from the club’s 2023/24 update and should not be combined with its figures for that earlier year. Cover Wales’ account of the filed accounts.
For 2023/24, Cardiff City separately described £18.4 million in exceptional gains, chiefly a £12 million receivable linked to a share of litigation proceeds. Chairman Mehmet Dalman and finance director Philip Jenkins said: “The sum receivable is non-refundable and not dependant on the ultimate outcome of the litigation case itself.” That statement concerned the receivable discussed in the club’s 2023/24 update, not the later-year loss before tax. Cardiff City’s 2023/24 financial update.
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Do the figures reveal what individual players earn?
No. The available accounts reporting provides an aggregate player-related wage figure; it does not establish player-by-player pay. The total should not be divided or attributed to a named player without separate, reliable evidence. Cover Wales’ account of the filed accounts.
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