The stark reality for Exeter City behind the magic of the FA Cup | OneFootball

There’s a picture in Gary Caldwell’s office that perfectly illustrates the highs and lows of football.

The top half shows Caldwell after Wigan’s relegation from the Premier League was all but confirmed after a home defeat to Swansea in May 2013. The bottom, taken a few days after, shows the then-Wigan captain and his teammates celebrating with the FA Cup trophy after beating Manchester City in one of the biggest shocks the competition has ever seen.

Now, as manager of Exeter City, Caldwell is set to face Manchester City again, this time in the FA Cup third round, aiming to mastermind another seismic victory in a game being dubbed ‘State Owned’ vs Fan Owned.

“Exeter and Manchester City work in a different stratosphere in terms of the finances that they have at their disposal,” Caldwell says. “But ultimately, on Saturday, it’s a game of football.”

Exeter, owned by the club’s Supporters’ Trust since 2003, will be up against a side, part of the City Football Group, funded by an investment vehicle owned by Sheikh Mansour bin Zayed Al Nahyan, the vice president and deputy prime minister of the United Arab Emirates.

According to data from Capology, Exeter have the lowest playing budget in League One. In fact, the 2025/26 budget of just more than £4m would only be 10th highest in League Two.

But punching above their weight, and boxing clever, has personified Exeter’s history since the Supporters’ Trust took over, with its emphasis on a successful academy that has produced players such as Ollie Watkins, Ethan Ampadu and Jay Stansfield who, through transfer sales and add-on fees, have generated significant funds for the club.

Indeed, the Manchester City game has evoked parallels with the famous Manchester United tie of 2005. Back then, Exeter, of the Conference, were crippled with debts and almost went bust. Famously, they went to Old Trafford and forced a replay. Through ticket sales and TV money, Exeter made around £1m from the game, which ultimately saved the club.

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Exeter City plot another giant killing (Rich Amofa)

Today, the backdrop is similarly stark. Operational issues led to the resignation of club CEO Joe Gorman, and chairman Nick Hawker. An internal probe revealed significant issues, including inaccurate financial forecasting and a breach of compliance regarding VAT payments to HMRC. The club have since made the relevant payment to get out of the arrears, and measures have been implemented to prevent a recurrence. To compound matters, a fire broke out at the stadium in November, which caused substantial damage to the stadium’s control room. Repair costs were said to be around £100,000. Two loans, worth a combined £600,000, have been given by the Exeter City Supporters' Trust to the club since the summer to keep the club afloat. Redundancies have followed.

Light relief, meanwhile, has come in the form of "deferred transfer monies". It is understood this relates to the transfer of Stansfield from Fulham to Birmingham City in August 2024, which Exeter benefited from via a substantial sell-on fee.

But while the romance of an away FA Cup clash consumes the air 21 years after Manchester United, the financial impact will not be the same. Taking into account the 45 per cent Exeter will receive from the gate receipts, the Manchester City tie will earn them around £350,000. The game is not being televised, so there is no chance of TV money this time round, and no replays, either. On Wednesday, The Supporters’ Trust wrote to Manchester City “to ask whether they would consider voluntarily transferring a portion of their share of the matchday gate receipts to Exeter City”. Back in 2005, Manchester United gave Exeter their full share of gate receipts, which proved to be significant. Manchester City have not responded to requests for comment on this from The Independent.

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Jayden Wareham of Exeter City thanks the supporters after their FA Cup First Round win at Halifax Town (Getty Images)

After having an already tight playing budget slashed, Caldwell has had to steady the ship on the pitch. They will have to sell if they want to strengthen an already wafer-thin squad this month. And yet, amid all the noise, a fruitful festive period saw Exeter rise to 14th, nine points off the play-offs.

Despite the financial disparities, both sides also have stability in the dugout. Pep Guardiola, in his 10th season at the helm, is currently the second-longest serving manager in English football. Caldwell is 15th, having been at Exeter for just over three years. The sides have never faced each other before, but they do have a link in Caldwell, who briefly worked at Man City as loans manager in 2021. “I watched one of Pep’s training sessions, which was incredible. The way he delivered the tactical information, the players were left with no doubts about what they needed to do.”

In contrast, clubs such as Manchester United, Chelsea and Celtic – who Caldwell also played for – have been plagued with recent instability. Outbursts or rambling monologues from head coaches – Ruben Amorim, Enzo Maresca and Wilfred Nancy – were followed by those men losing their jobs. Nevertheless, their departures have provided opportunities for two ex-teammates of Caldwell’s: Darren Fletcher at United, who he played with for Scotland, and Shaun Maloney, who the Exeter boss played with at both club (Celtic, Wigan) and country.

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Gary Caldwell in his office at Exeter City (Rich Amofa)

“This is a great opportunity for Fletch,” Caldwell says. “I'm delighted for him because he was a fantastic player, but more than that, a brilliant person.” The pair will likely catch up on Friday, when Exeter will travel to Manchester to train at United’s Carrington complex ahead of Saturday’s game.

And as for Maloney, who, alongside Martin O’Neill, assumed the role of assistant caretaker in the autumn? “I said to Shaun recently, ‘You’d better get your whistle ready because it looks like you'll be back soon!’” On Monday, he was.

The main thing that exudes from Caldwell stoicism, even through the difficult spells. His outlook has been heavily influenced by Alan Irvine, the current assistant manager at Everton under David Moyes, who coached him during his youth team days at Newcastle. He picked Irvine’s brains this week over how to crack the Manchester City code. He has high praise for Gordan Strachan and Walter Smith, too, but as a coach, there is one standout.

“At Wigan, Roberto (Martinez) opened my mind to a different way of coaching, a different way of playing, how to set the games up, how to free players and how to tactically give opposition teams problems. Where he is now, with Portugal, is not a shock at all.”

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Gary Caldwell briefly worked at Man City during Pep Guardiola’s reign (PA Wire)

And that brings us nicely to Manchester City again. In addition to the shock of 2013, Caldwell has had his own share of magic individual moments – the winners against World Champions, France, in 2006, and against Liverpool at Anfield in 2012 spring to mind. On Saturday, one of his players will have a chance at becoming a hero.

“When the ‘moment’ comes, as a player, are you ready? Are you calm enough? Are you going to make the right decision? We’re also under no illusions. The players know Manchester City’s record at home in cup competitions. We could get turned over eight, 9-0; they can easily do that to teams. We have to have incredible behaviours as a team that, in difficult moments, we stand up for each other, we defend well, we put our bodies on the line.”

With all being considered, should Exeter win, it might rank as the biggest FA Cup shock of all time.