I haven't read the accounts fully but to go from a 5m loss to a 25m one whilst making a 10m profit in the transfer market feels clumsy...
Definitely clumsy bordering on mismanaged, but the legacy of failed managers and bloated squad size are abundantly evident.... yet some feel that we should have splashed even more cash in January.
The operating loss in the accounts to 2018 was £20m, from a lower turnover but notably, this saw a significantly lower (by c£14m) admin expenses.
In that year, there was also a £10m profit from player sales and a £5m loan write off, which brought that down to £5m loss.
As stated, the wages/admin expenses were over £14m higher in the year to 31-5-2019, largely due to the increase in player numbers (+9), wages & amortisation.
It is this problem that Modesto/Anigo/Sabri & co have had to address, which has seen a significant reduction in the number of players and that will reduce further.
They have also sold numerous players this season, mostly at a profit - so, you'd think the accounts to May 2020 would show the result of that hard work - they will certainly know the loss target for this year end, to ensure FFP compliance.