Something I don't understand about McKenna possibly going to Fulham by SuffolkPunchFC 2 Jun 23:20
The player is always an asset to some extent, even those that are not resold for a profit. And from a bookkeeping perspective, the value will be reduced each year of the contract. So a player bought for £8M on a 4 year contract can be sold for £6M after 2 years, and that is a positive £2M to that year’s accounts.

The injury risk is also likely well mitigated against with insurance.

None of this is applicable to a manager.

It’s all the subtle details of how club’s accounts and financial compliance is measured.

Last year Fulham had £194.5M revenue with £166.5M staff costs - exactly on the new 85% ratio. £8M for manager contract buyout would have pushed them to 90%, moving compliance from Green to Amber, requiring a reduction in the following year or two. That £8 paid out to bring a manager would probably equate to not being able the buy a £20M player on £65k/wk - to a decent signing.

Edited : to adjust the numbers, as I'd overegged the player equivalence.