That’s what I meant by “until they are sold”, Garnacho might have appreciated by £30m for example but that’s not reflected in the accounts

Yes there are things that can’t be accounted for, e.g. increase in brand value, that would increase the company’s market value even though its equity is decreasing every year.

Only £15m of the amount is depreciation, £150m is primarily player registration amortisation.

When they buy a player, they are really buying their registration, then that registration is amortised over the life of their contract.

What it doesn’t account for is when players increase in value, until they are sold.