Birmingham City have ‘already pledged’ £50m on transfers and wages – inside Tom Wagner’s ‘big costs’

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Birmingham City have had an excellent start to life back in the Championship, with Chris Davies’ side unbeaten in their opening three league games.

While a disappointing Carabao Cup exit to League One Port Vale has put a slight dampener on the opening month of 2025/26, two victories from three games in the second tier is very promising.

Position	Team	Played MP	Won W	Drawn D	Lost L	For GF	Against GA	Diff GD	Points Pts
1	Stoke CityStoke City	3	3	0	0	8	2	6	9
2	MiddlesbroughMiddlesbrough	3	3	0	0	6	1	5	9
3	CoventryCoventry	3	2	1	0	12	4	8	7
4	West BromWest Brom	3	2	1	0	5	3	2	7
5	BirminghamBirmingham	3	2	1	0	4	2	2	7
6	PrestonPreston	3	2	1	0	4	2	2	7
7	LeicesterLeicester	3	2	0	1	4	3	1	6
8	MillwallMillwall	3	2	0	1	3	4	-1	6

Blues travel to the East Midlands on Friday evening as they face Leicester City at the King Power Stadium, and they will be hoping to take yet more points off a recently relegated Premier League side.

However, with time still left in the transfer window, those from the outside may be questioning why Birmingham have perhaps not spent more than they have done this summer.

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Birmingham City’s financial state of play ahead of deadline day

Of course it cannot be denied that the moves that Blues have made are outstanding for this level, and Kyogo Furuhashi is proof of that. Nevertheless, finance expert Adam Williams has exclusively explained to EFL Analysis why he believes Birmingham are yet to go all out in the transfer window.

He said: “Birmingham had about £6m of transfer debt in 2023-24, the last published financial year. When their 2024-25 accounts are published, that figure is obviously going to rise quite significantly.

“Their wage bill is going to be higher too, looking at the profile of player that they have signed this summer. The last time they were in the Championship, they had the highest wage bill of all but one of the clubs who didn’t have parachute payments. They’re going to be back up there this season, I suspect, so they have got big costs to deal with.

“The owners have already provided a lot of working capital as debt, so perhaps they’re reluctant to increase their investment as things stand. The owners have also given the club a £100m funding facility, but that comes with interest, so they will be wary of drawing down on that too much.

“It’s difficult to say with certainty why they aren’t spending perhaps as much as anticipated, but I suspect it’s a combination of these factors. They are expecting big revenue in 2024-25 of around £50m, but that’s cash that they’ll generate throughout the year. Also, £50m has probably already been pledged in wages and transfer debt.

“I do think we’ll see some movement from them before the window shuts. And once they re-establish themselves, I think we can expect more big spending going forward. But for the time being, it may be the right thing to be just a little more restrained.

“It’s early days of course, but they’ve shown already they can compete in the Championship with the squad they have put together. And while Wagner certainly has a win-now mentality, they will be balancing that with the long-term health of the club on and off the pitch.”

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What areas could Blues still improve in this summer?

Birmingham have made vast improvements to their squad in terms of the quality that has been brought in, but there are definitely some positions that may still need more depth.

After missing out on Chuba Akpom to Ipswich Town, Chris Davies may still be keen to add another striker to his ranks. Bringing in more competition for Jay Stansfield and Kyogo is something that will only help the pair raise their game, while also adding more firepower off the bench.

There will also be a desire to bring in at least one more winger. Birmingham do have some excellent options out wide, but they are perhaps lacking a natural wide player on the bench at times and this should be an area to target.

The left-back position is also a potential cause for concern, with Alex Cochrane once again taking on responsibility there with Lee Buchanan still working his way back to full fitness following a severe knee injury in December.

Ensuring there is adequate cover is vital if Birmingham are to mount a play-off push, and this is just one position Blues may target in the final days of the window.