转载一个博主发的文章，附机翻。
Now that the season is over, the Newcastle United hierarchy can complete planning for the summer 2024 transfer window and next season.
现在赛季已经结束，纽卡斯尔联队高层可以完成2024年夏季转会窗口和下赛季的计划。
Financial Fair play (FFP has morphed into Profitability and Sustainability Rules (PSR). UEFA have changed their own rules to focus on wages and player contract costs. The Premier League will inevitably follow UEFA, perhaps with a period of adjustment which will be finalised by Premier League committees during June.
财务公平竞争（FFP 已演变为盈利能力和可持续性规则 （PSR）。欧足联已经改变了自己的规则，将重点放在工资和球员合同成本上。英超联赛将不可避免地跟随欧足联的脚步，也许会有一段调整期，英超联赛委员会将在6月最终确定。
The new system will restrict clubs to a maximum proportion of revenues that can be spent on a combination of wages (including coaching staff), amortisation (transfer fees spread over the life of the player’s contract) and agents’ fees. That proportion is currently 90% but reducing to 70% by 2025-26. As with FFP, deviation is allowed up to €60 million over three years, an extra €10 million per year if owners are investing rather than borrowing.
新系统将限制俱乐部收入的最大比例，这些收入可以用于工资（包括教练组）、摊销（在球员合同期限内分摊的转会费）和经纪人费用的组合。这一比例目前为90%，但到2025-26年将降至70%。与FFP一样，三年内最多允许6000万欧元的偏差，如果业主是投资而不是借贷，则每年额外1000万欧元。
It is possible, perhaps probable, that the Premier League will also include some form of salary cap, reputed to be a multiple of the revenue going to the lowest funded club.
英超联赛也有可能，也许还有可能包括某种形式的工资帽，据说是资金最低的俱乐部收入的倍数。
Notably, investments in academies, women’s football and infrastructure can be offset.
值得注意的是，对学院、女子足球和基础设施的投资可以被抵消。
Before going into more detail, it might be worth highlighting arguably the most farcical element of PSR for a club such as ours, investing in the future, not least in playing talent.
在更详细地讨论之前，对于像我们这样的俱乐部来说，可能值得强调一下PSR中最滑稽的元素，投资于未来，尤其是对球员的天赋。
As the squad has been improved, the overall amortisation cost rose from just under £50 million to almost £87 million in the accounts to 30th June 2023. The book value of the squad was £262 million against purchase costs of £472 million, which might take a moment to sink in when you look at the players on the field. Their book value has gone down by £210 million since purchased.
随着球队的改进，截至2023年6月30日，账户中的整体摊销成本从略低于5000万英镑上升到近8700万英镑。球队的账面价值为2.62亿英镑，而购买成本为4.72亿英镑，当你看到场上的球员时，这可能需要一些时间才能消化。自购买以来，他们的账面价值下降了2.1亿英镑。
Let’s take Bruno as an example, with a contract extension and a release clause . At first, his amortisation over the first 5 year contract was £8 million per year. After 2 years, his book value became £24 million. If his new contract is 5 years long, that £24 million is amortised at just under £5 million per year making his book value £19 million at the end of June. At the same time, his escape clause is speculated at £100 million. His true value, assuming that a European giant will be prepared to pay that, is grossly understated, after all, would we have been able to buy him now at £19 million?
让我们以布鲁诺为例，有合同延期和释放条款。起初，他在前5年合同中的摊销额为每年800万英镑。两年后，他的账面价值变成了2400万英镑。如果他的新合同为期5年，那么这2400万英镑的摊销额将略低于每年500万英镑，因此他在6月底的账面价值为1900万英镑。与此同时，他的解约金被推测为1亿英镑。假设一家欧洲豪门愿意支付这笔费用，他的真实价值被严重低估了，毕竟，我们现在能以1900万英镑的价格买下他吗？
There is no mechanism under current PSR to recognise the increase in value, unless he is sold. The same can be said for others who have renewed contract, such as Joelinton or those other players who have been improved, such as Gordon. This is why the media can easily speculate that we need to sell top players in order to meet PSR.
在目前的PSR下，除非他被出售，否则没有机制来确认价值的增加。对于其他续约的球员，比如乔林顿，或者其他已经进步的球员，比如戈登，也是如此。这就是为什么媒体可以很容易地推测我们需要出售顶级球员才能满足PSR的原因。
As we know, allowable losses over 3 years are not allowed to exceed £105 million, save for some “allowable adjustments”. For the 3 year period in which Everton had their first points deduction, losses for NUFC from 2020-21, 2021-22 and 2022-23 totalled around £150 million. Allowable adjustments include £26 million for Covid (much less than Everton’s reported £248 million)and £12.4 million for investment in the training ground and Strawberry Place, as well as other undisclosed costs for women’s football, the academy and sprucing up the stadium.
众所周知，3年内的允许损失不得超过1.05亿英镑，但一些“允许的调整”除外。在埃弗顿首次被扣分的3年期间，NUFC在2020-21赛季、2021-22赛季和2022-23赛季的损失总计约为1.5亿英镑。允许的调整包括2600万英镑用于新冠疫情（远低于埃弗顿报告的2.48亿英镑）和1240万英镑用于训练场和草莓广场的投资，以及其他未披露的女子足球、学院和美化体育场的费用。
These assets can be seen to have added to the book value of the club. Investment in players is treated completely differently to those other assets.
可以看出，这些资产增加了俱乐部的账面价值。对球员的投资与其他资产的处理方式完全不同。
Ostensibly, that Covid year drops out of the rolling 3 year period, a season which showed a loss of a mere £13.7 million. That means that a significant surplus has to be made in the season just finished, after 2 years showing a combined loss of around £140 million.
从表面上看，新冠疫情年退出了滚动的 3 年，该赛季仅亏损 1370 万英镑。这意味着在刚刚结束的赛季中必须有大量的盈余，此前两年的总亏损约为1.4亿英镑。
How have they done?
他们做得怎么样？
Turnover has been significantly higher than the Mike Ashley years, the last Covid affected Ashley year being at £140 million. This went up to around £250 million in the first full Amanda Staveley consortium year. Adding in sponsorship deals and the Champions League campaign, that should be in excess of £300 million for the season just finished, perhaps comfortably. On that note, yes, we don’t have UEFA football next season. However, the Adidas arrangements may well cover that particular revenue loss.
营业额明显高于迈克·阿什利（Mike Ashley）的年份，上一个受新冠疫情影响的阿什利年为1.4亿英镑。在阿曼达·斯塔夫利（Amanda Staveley）财团的第一个完整年度，这一数字上升到约2.5亿英镑。加上赞助协议和欧冠赛季，对于刚刚结束的赛季来说，这应该超过3亿英镑，也许是很舒服的。在这一点上，是的，我们下赛季没有欧足联足球。然而，阿迪达斯的安排很可能弥补这一特定的收入损失。
There will have been some relatively minor profits made from the sales of Manquillo, with Chris Wood possibly accounted for in the current financial year, not to mention Allan Saint-Maximin.
出售曼基略将获得一些相对较小的利润，克里斯·伍德（Chris Wood）可能在本财政年度被计算在内，更不用说艾伦·圣马克西曼（Allan Saint-Maximin）了。
Outgoing transfers this summer 2024 transfer window can also add to the kitty. Addressing the media hype, if Bruno were to be sold for the £100 million release clause, understood only to be valid until 30th June, that would represent a paper profit of £75 million or so. Clearly that would increase the amount available to contribute to future years’ allowances for amortisation and wages.
今年夏天2024年转会窗口的转会也可以增加小猫。为了应对媒体的炒作，如果布鲁诺以1亿英镑的释放条款出售，据了解，该条款仅在6月30日之前有效，这将意味着7500万英镑左右的账面利润。显然，这将增加可用于支付未来几年摊销和工资津贴的数额。
With 5 year contracts being the norm, if a replacement’s wages were at the same level of Bruno’s, that theoretically would mean 5 times that figure, £375 million could be spent on new players. In reality, agents’ fees and signing on bonuses would reduce that, maybe to £300 million. Having been signed more recently, those others who are the subject of speculation, Isak and Gordon would fetch less profit, having not been amortised as much.
由于5年合同是常态，如果替代者的工资与布鲁诺的工资水平相同，理论上这意味着这个数字的5倍，3.75亿英镑可以花在新球员身上。实际上，经纪人的费用和签约奖金将减少到3亿英镑。最近签下了伊萨克和戈登，其他那些被投机的人，他们的利润会更少，因为没有那么多摊销。
That may seem to be an accounting miracle but in the real world, we have other assets that may be expendable in the quest for the longer term vision. Players over 30 with low book value, Almiron, Wilson, Dubravka, might be attractive to different markets, such as newly promoted clubs, the Saudi league, or even European clubs.
这似乎是一个会计奇迹，但在现实世界中，我们还有其他资产，这些资产可能是在追求长期愿景时可以消耗的。30岁以上、账面价值低的球员，阿尔米隆、威尔逊、杜布拉夫卡，可能对不同的市场有吸引力，比如新晋升的俱乐部、沙特联赛，甚至欧洲俱乐部。
Others on the fringe could include Targett, not to mention current loanees such as Fraser, Lewis, Hayden. A contingent of supporters may even add the likes of Longstaff and Trippier to the list of expendables.
其他处于边缘地位的球员可能包括塔吉特，更不用说弗雷泽、刘易斯、海登等目前的租借球员了。一大批支持者甚至可能会将朗斯塔夫和特里皮尔等人添加到消耗品名单中。
Others will have ideas of their valuations in the market but if fees can be generated totalling a conservative (?) £40 million, that could produce a transfer budget in excess of £150 million. Also, bear in mind that a Toney transfer from Brentford might also add to that, in view of sell on clauses.
其他人会对他们在市场上的估值有想法，但如果可以产生保守的（？）4000万英镑的费用，这可能会产生超过1.5亿英镑的转会预算。另外，请记住，托尼从布伦特福德的转会也可能增加这一点，因为出售条款。
With out of contract players from other clubs, if rumours are to be believed our central defensive injury problems might already be sorted using that route, notably eliminating the need to amortise those players’ transfer fees. There will be some wage savings on those NUFC players who will be out of contract. To coin a phrase, Tonali would be like a new signing, Willock too, if he recuperates during the summer.
由于其他俱乐部的球员合同到期，如果谣言可信，我们的中后卫伤病问题可能已经通过这条途径解决了，特别是不需要摊销这些球员的转会费。那些将失去合同的NUFC球员将节省一些工资。用一句话来形容，如果托纳利在夏天恢复健康的话，他就会像一名新签约的球员一样，威洛克也一样。
In short, we can expect an exciting summer.
简而言之，我们可以期待一个激动人心的夏天。
We do not have full control over players’ wishes but we are in a position that we can hold out for top $ if any players were to be seeking a move away. We now have assets in the squad combined with desire from the Newcastle United owners to invest and improve, a manager in place who demonstrably develops players and adds value. We are high profile for talent from South America with academy players also coming through.
我们无法完全控制球员的意愿，但如果有任何球员寻求离开，我们可以坚持高价。我们现在在球队中拥有资产，纽卡斯尔联队老板希望投资和改进，一位明显培养球员并增加价值的主教练。我们非常重视来自南美的人才，同时也培养出优秀的学院球员。
Now that the season is over, the Newcastle United hierarchy can complete planning for the summer 2024 transfer window and next season.
现在赛季已经结束，纽卡斯尔联队高层可以完成2024年夏季转会窗口和下赛季的计划。
Financial Fair play (FFP has morphed into Profitability and Sustainability Rules (PSR). UEFA have changed their own rules to focus on wages and player contract costs. The Premier League will inevitably follow UEFA, perhaps with a period of adjustment which will be finalised by Premier League committees during June.
财务公平竞争（FFP 已演变为盈利能力和可持续性规则 （PSR）。欧足联已经改变了自己的规则，将重点放在工资和球员合同成本上。英超联赛将不可避免地跟随欧足联的脚步，也许会有一段调整期，英超联赛委员会将在6月最终确定。
The new system will restrict clubs to a maximum proportion of revenues that can be spent on a combination of wages (including coaching staff), amortisation (transfer fees spread over the life of the player’s contract) and agents’ fees. That proportion is currently 90% but reducing to 70% by 2025-26. As with FFP, deviation is allowed up to €60 million over three years, an extra €10 million per year if owners are investing rather than borrowing.
新系统将限制俱乐部收入的最大比例，这些收入可以用于工资（包括教练组）、摊销（在球员合同期限内分摊的转会费）和经纪人费用的组合。这一比例目前为90%，但到2025-26年将降至70%。与FFP一样，三年内最多允许6000万欧元的偏差，如果业主是投资而不是借贷，则每年额外1000万欧元。
It is possible, perhaps probable, that the Premier League will also include some form of salary cap, reputed to be a multiple of the revenue going to the lowest funded club.
英超联赛也有可能，也许还有可能包括某种形式的工资帽，据说是资金最低的俱乐部收入的倍数。
Notably, investments in academies, women’s football and infrastructure can be offset.
值得注意的是，对学院、女子足球和基础设施的投资可以被抵消。
Before going into more detail, it might be worth highlighting arguably the most farcical element of PSR for a club such as ours, investing in the future, not least in playing talent.
在更详细地讨论之前，对于像我们这样的俱乐部来说，可能值得强调一下PSR中最滑稽的元素，投资于未来，尤其是对球员的天赋。
As the squad has been improved, the overall amortisation cost rose from just under £50 million to almost £87 million in the accounts to 30th June 2023. The book value of the squad was £262 million against purchase costs of £472 million, which might take a moment to sink in when you look at the players on the field. Their book value has gone down by £210 million since purchased.
随着球队的改进，截至2023年6月30日，账户中的整体摊销成本从略低于5000万英镑上升到近8700万英镑。球队的账面价值为2.62亿英镑，而购买成本为4.72亿英镑，当你看到场上的球员时，这可能需要一些时间才能消化。自购买以来，他们的账面价值下降了2.1亿英镑。
Let’s take Bruno as an example, with a contract extension and a release clause . At first, his amortisation over the first 5 year contract was £8 million per year. After 2 years, his book value became £24 million. If his new contract is 5 years long, that £24 million is amortised at just under £5 million per year making his book value £19 million at the end of June. At the same time, his escape clause is speculated at £100 million. His true value, assuming that a European giant will be prepared to pay that, is grossly understated, after all, would we have been able to buy him now at £19 million?
让我们以布鲁诺为例，有合同延期和释放条款。起初，他在前5年合同中的摊销额为每年800万英镑。两年后，他的账面价值变成了2400万英镑。如果他的新合同为期5年，那么这2400万英镑的摊销额将略低于每年500万英镑，因此他在6月底的账面价值为1900万英镑。与此同时，他的解约金被推测为1亿英镑。假设一家欧洲豪门愿意支付这笔费用，他的真实价值被严重低估了，毕竟，我们现在能以1900万英镑的价格买下他吗？
There is no mechanism under current PSR to recognise the increase in value, unless he is sold. The same can be said for others who have renewed contract, such as Joelinton or those other players who have been improved, such as Gordon. This is why the media can easily speculate that we need to sell top players in order to meet PSR.
在目前的PSR下，除非他被出售，否则没有机制来确认价值的增加。对于其他续约的球员，比如乔林顿，或者其他已经进步的球员，比如戈登，也是如此。这就是为什么媒体可以很容易地推测我们需要出售顶级球员才能满足PSR的原因。
As we know, allowable losses over 3 years are not allowed to exceed £105 million, save for some “allowable adjustments”. For the 3 year period in which Everton had their first points deduction, losses for NUFC from 2020-21, 2021-22 and 2022-23 totalled around £150 million. Allowable adjustments include £26 million for Covid (much less than Everton’s reported £248 million)and £12.4 million for investment in the training ground and Strawberry Place, as well as other undisclosed costs for women’s football, the academy and sprucing up the stadium.
众所周知，3年内的允许损失不得超过1.05亿英镑，但一些“允许的调整”除外。在埃弗顿首次被扣分的3年期间，NUFC在2020-21赛季、2021-22赛季和2022-23赛季的损失总计约为1.5亿英镑。允许的调整包括2600万英镑用于新冠疫情（远低于埃弗顿报告的2.48亿英镑）和1240万英镑用于训练场和草莓广场的投资，以及其他未披露的女子足球、学院和美化体育场的费用。
These assets can be seen to have added to the book value of the club. Investment in players is treated completely differently to those other assets.
可以看出，这些资产增加了俱乐部的账面价值。对球员的投资与其他资产的处理方式完全不同。
Ostensibly, that Covid year drops out of the rolling 3 year period, a season which showed a loss of a mere £13.7 million. That means that a significant surplus has to be made in the season just finished, after 2 years showing a combined loss of around £140 million.
从表面上看，新冠疫情年退出了滚动的 3 年，该赛季仅亏损 1370 万英镑。这意味着在刚刚结束的赛季中必须有大量的盈余，此前两年的总亏损约为1.4亿英镑。
How have they done?
他们做得怎么样？
Turnover has been significantly higher than the Mike Ashley years, the last Covid affected Ashley year being at £140 million. This went up to around £250 million in the first full Amanda Staveley consortium year. Adding in sponsorship deals and the Champions League campaign, that should be in excess of £300 million for the season just finished, perhaps comfortably. On that note, yes, we don’t have UEFA football next season. However, the Adidas arrangements may well cover that particular revenue loss.
营业额明显高于迈克·阿什利（Mike Ashley）的年份，上一个受新冠疫情影响的阿什利年为1.4亿英镑。在阿曼达·斯塔夫利（Amanda Staveley）财团的第一个完整年度，这一数字上升到约2.5亿英镑。加上赞助协议和欧冠赛季，对于刚刚结束的赛季来说，这应该超过3亿英镑，也许是很舒服的。在这一点上，是的，我们下赛季没有欧足联足球。然而，阿迪达斯的安排很可能弥补这一特定的收入损失。
There will have been some relatively minor profits made from the sales of Manquillo, with Chris Wood possibly accounted for in the current financial year, not to mention Allan Saint-Maximin.
出售曼基略将获得一些相对较小的利润，克里斯·伍德（Chris Wood）可能在本财政年度被计算在内，更不用说艾伦·圣马克西曼（Allan Saint-Maximin）了。
Outgoing transfers this summer 2024 transfer window can also add to the kitty. Addressing the media hype, if Bruno were to be sold for the £100 million release clause, understood only to be valid until 30th June, that would represent a paper profit of £75 million or so. Clearly that would increase the amount available to contribute to future years’ allowances for amortisation and wages.
今年夏天2024年转会窗口的转会也可以增加小猫。为了应对媒体的炒作，如果布鲁诺以1亿英镑的释放条款出售，据了解，该条款仅在6月30日之前有效，这将意味着7500万英镑左右的账面利润。显然，这将增加可用于支付未来几年摊销和工资津贴的数额。
With 5 year contracts being the norm, if a replacement’s wages were at the same level of Bruno’s, that theoretically would mean 5 times that figure, £375 million could be spent on new players. In reality, agents’ fees and signing on bonuses would reduce that, maybe to £300 million. Having been signed more recently, those others who are the subject of speculation, Isak and Gordon would fetch less profit, having not been amortised as much.
由于5年合同是常态，如果替代者的工资与布鲁诺的工资水平相同，理论上这意味着这个数字的5倍，3.75亿英镑可以花在新球员身上。实际上，经纪人的费用和签约奖金将减少到3亿英镑。最近签下了伊萨克和戈登，其他那些被投机的人，他们的利润会更少，因为没有那么多摊销。
That may seem to be an accounting miracle but in the real world, we have other assets that may be expendable in the quest for the longer term vision. Players over 30 with low book value, Almiron, Wilson, Dubravka, might be attractive to different markets, such as newly promoted clubs, the Saudi league, or even European clubs.
这似乎是一个会计奇迹，但在现实世界中，我们还有其他资产，这些资产可能是在追求长期愿景时可以消耗的。30岁以上、账面价值低的球员，阿尔米隆、威尔逊、杜布拉夫卡，可能对不同的市场有吸引力，比如新晋升的俱乐部、沙特联赛，甚至欧洲俱乐部。
Others on the fringe could include Targett, not to mention current loanees such as Fraser, Lewis, Hayden. A contingent of supporters may even add the likes of Longstaff and Trippier to the list of expendables.
其他处于边缘地位的球员可能包括塔吉特，更不用说弗雷泽、刘易斯、海登等目前的租借球员了。一大批支持者甚至可能会将朗斯塔夫和特里皮尔等人添加到消耗品名单中。
Others will have ideas of their valuations in the market but if fees can be generated totalling a conservative (?) £40 million, that could produce a transfer budget in excess of £150 million. Also, bear in mind that a Toney transfer from Brentford might also add to that, in view of sell on clauses.
其他人会对他们在市场上的估值有想法，但如果可以产生保守的（？）4000万英镑的费用，这可能会产生超过1.5亿英镑的转会预算。另外，请记住，托尼从布伦特福德的转会也可能增加这一点，因为出售条款。
With out of contract players from other clubs, if rumours are to be believed our central defensive injury problems might already be sorted using that route, notably eliminating the need to amortise those players’ transfer fees. There will be some wage savings on those NUFC players who will be out of contract. To coin a phrase, Tonali would be like a new signing, Willock too, if he recuperates during the summer.
由于其他俱乐部的球员合同到期，如果谣言可信，我们的中后卫伤病问题可能已经通过这条途径解决了，特别是不需要摊销这些球员的转会费。那些将失去合同的NUFC球员将节省一些工资。用一句话来形容，如果托纳利在夏天恢复健康的话，他就会像一名新签约的球员一样，威洛克也一样。
In short, we can expect an exciting summer.
简而言之，我们可以期待一个激动人心的夏天。
We do not have full control over players’ wishes but we are in a position that we can hold out for top $ if any players were to be seeking a move away. We now have assets in the squad combined with desire from the Newcastle United owners to invest and improve, a manager in place who demonstrably develops players and adds value. We are high profile for talent from South America with academy players also coming through.
我们无法完全控制球员的意愿，但如果有任何球员寻求离开，我们可以坚持高价。我们现在在球队中拥有资产，纽卡斯尔联队老板希望投资和改进，一位明显培养球员并增加价值的主教练。我们非常重视来自南美的人才，同时也培养出优秀的学院球员。
