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The Pyramid — Edition 6
Edition 6 — What the front of a football shirt is actually worth, from Chelsea's £50m to a £15,000 Step 3 quote, plus Bath City's fan-ownership vote, Dulwich Hamlet's balance sheet, Marine's £10 virtual ticket, and the Burger Index at Hanwell Town.
Edition 6 · 24 August 2026
The Pyramid

We were up at Peterborough this weekend, where Posh finally got their first win of the season. Another ground visited, another set of numbers to come back to — and a reminder that The Pyramid is increasingly spending as much time inside football grounds as looking at them from a spreadsheet.

That feels particularly appropriate this week. After spending the last fortnight writing about football sponsorship from the outside, we've become part of the story ourselves, with The Pyramid now appearing pitchside at Boreham Wood and Corinthian-Casuals.

So we asked the obvious question: what is football sponsorship actually worth?

Chelsea reportedly want around £50 million for the front of their shirt. Two Step 3 clubs quoted us £50,000 and £15,000 despite playing in the same division. And now that we've spent some sponsorship money ourselves, we've looked at whether the evidence suggests brands actually get it back.

Elsewhere, Bath City's supporters voted overwhelmingly to give up majority control of their own club; Dulwich Hamlet's balance sheet looks alarming until you see what the money actually paid for; and a £10 virtual ticket bought during lockdown turned into a real football pitch — and could eventually help produce a new stadium.

Plus, the Burger Index reaches Hanwell Town, where we found three food operations, a newly restructured football club and one of the best burgers of the season.

Here's the roundup.

 
The Lead Story

From £50m to £15,000: What Is the Front of a Football Shirt Actually Worth?

Chelsea reportedly want around £50 million for their shirt front and are leaving it empty rather than take less. Two Step 3 clubs quoted us £50,000 and £15,000 — despite playing in the same division. What actually determines the price of football's most visible advertising space, and why doesn't league position explain it?

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The Pyramid — Edition 6 · Also in this edition
 
Also in this edition

The Hidden Price of Fan Ownership

More than 96% of Bath City's supporters voted to hand over majority control of their own club, after relegation exposed the limits of what community ownership alone could fund. It's a much more interesting story than simply another wealthy group buying a football club.

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Dulwich Hamlet: Crowded turnstiles, strained cash, and the £8m Greendale breakthrough

Cash down £100,000, creditors up to £450,000, a six-figure deficit. Read the accounts in isolation and it looks like trouble. Put them alongside an £8 million stadium plan and a 125-year lease, and the picture changes considerably.

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The £10 virtual ticket that helped save Marine FC — and built its future

When Marine's FA Cup tie against Tottenham was played behind closed doors, supporters bought imaginary tickets for a match they couldn't attend. The club turned the proceeds into a real 3G pitch — and is now trying to do it again with plans for an £8 million stadium.

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Is Football Sponsorship Actually Worth It?

Having just become sponsors ourselves, we went looking for the evidence. Nielsen's data suggests football fans really are more receptive to sponsor brands than the general public. But receptivity isn't revenue — so we're going to spend this season finding out whether our own boards were worth the money.

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The Pyramid partners with Boreham Wood FC

The Pyramid is now pitchside at Meadow Park. Here's why putting the brand inside a National League ground makes sense for a publication built around football below the Premier League.

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The Pyramid — Edition 6 — Burger Index #6
 
🍔 Burger Index #6

Hanwell Town

Three separate food operations at one Step 3 ground, a club that's just restructured to make outside investment easier — and a genuinely excellent £5 burger.

7.8 out of 10 →
 
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That's the roundup for this week. If you've got a club whose numbers don't add up, a takeover clause worth unpacking, or a non-league burger that needs investigating, hit reply and let me know.

Arthur Lewis
The Pyramid

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