Exeter City’s FA Cup third round trip to Manchester City is set to deliver a financial boost, but the scale of that uplift is unlikely to match the expectations often attached to such high-profile ties.
Modern FA Cup economics mean that even visits to Premier League giants rarely transform the finances of lower-league clubs. In Exeter’s case, the benefits of the draw are real but limited, shaped by gate-share rules, the absence of a replay, and the lack of broadcast revenue.
Caldwell puts the record straight
Manager Gary Caldwell has moved quickly to manage the narrative around the fixture, cautioning supporters against assumptions that the match represents a major payday.
“I had my mates texting me saying it would be worth millions,” Caldwell said. “Straight away I knew it wouldn’t be that.”
Exeter will receive 45% of the gate receipts after matchday costs are deducted, a figure that football finance expert Kieran Maguire estimates could amount to around £350,000.
While that income arrives at a helpful moment, it sits within a challenging financial environment for League One clubs, particularly those operating without private ownership.
“If you take a look at League One, the average losses are £120,000 a week,” Maguire said. “For a club such as Exeter City, which is fan-owned, clearly Exeter can’t incur that level of losses.”
Honest Man City pricing doesn’t help
Caldwell acknowledged that Manchester City’s strong attendances and accessible ticket pricing limit the upside of the draw, even while ensuring a strong crowd for the occasion.
“It’s great that they’ve made the ticket prices reasonable and should hopefully fill out the stadium,” he said. “It’ll be a nice bonus, but it’s not going to be the millions that we expect.”
The financial discussion has inevitably prompted comparisons with Exeter’s FA Cup meeting with Manchester United in 2005, a match that played a crucial role in the club’s recovery during a period of severe financial distress. That tie resulted in a televised replay and extraordinary gate receipts, circumstances that no longer exist under the current competition format.
Caldwell was clear that the historical parallel does not apply.
“As much as the finances are going to help, they’re not going to change the future of the club,” he said. “That really did change the future of the club, but at this moment in time, to get 45 percent is going to help.”
With Exeter having received significant financial support from their Supporters’ Trust in recent months, the emphasis has shifted away from balance-sheet impact and toward the significance of the event itself.
Exeter still winners
Financially, Exeter will still benefit significantly. Given their problems this season, which are well documented, they’re expected to net a healthy six-figure sum, ensuring they will at least look like reaching the end of the season.
It does beg the question if the ‘reasonable pricing’ at Man City, and other big clubs such as Wolves, is morally right. On the one hand, they’re offering their supporters a chance to get cut-price entry, but robbing Exeter and Shrewsbury of possible income on the other hand.
Ticket pricing will always be an issue – Tamworth were heavily criticised last season for putting their prices up against Spurs. It’s hard for struggling smaller clubs to balance their big payday against fan accessibility.
