Bullseye Football Money League Deloitte Sports Business Group January 2019 A Deloitte Football Money League 2019 | Top 20 clubs

Real Madrid return to first place in the Money League after generating record revenue of more than €750m in 2017/18, following unprecedented success on the pitch as the club secured a third consecutive Champions League title. FC Barcelona finish second to complete a Spanish one-two at the top, whilst Manchester United slip to third.

B Deloitte Football Money League 2019 | Contents

Contents

Introduction 02

Ups and downs 09

The leading team in the business of football 10

Top 20 clubs 12

Eurovision 32

Deloitte Football Intelligence Tool 54

Edited by Sports Business Group Dan Jones Telephone: +44 (0)161 455 8787 PO Box 500, 2 Hardman Street, Sub-editor Manchester, M60 2AT, UK Sam Boor E-mail: [email protected] www.deloitte.co.uk/sportsbusinessgroup Authors Calum Ross, Christopher Winn, January 2019 Chris Wood and Tom Hammond

01 Deloitte Football Money League 2019 | Introduction

Introduction

Welcome to the 22nd edition of the Deloitte Football Money League in which we profile the highest earning clubs in the world’s most popular sport. Published just eight months after the end of the 2017/18 season, the Money League remains the most contemporary and reliable independent analysis of the clubs’ relative financial performance.

There are a number of metrics, both €2.1 billion, just 5% short of the combined This year’s Money League continues to financial and non-financial, that can be used revenue of the top 20 clubs in 1999/00. underline the importance of qualification to compare clubs including attendance, for, and performance in, UEFA club worldwide fan base, broadcast audience Tottenham Hotspur break into the top ten competitions. The UEFA Champions League and on-pitch success. In the Money League for only the second time in Money League and UEFA Europa League have played an we focus on clubs’ ability to generate history replacing Italian giants Juventus and important role in improving, or retaining, revenue from matchday (including ticket marking a change in the composition of Money League positions for Liverpool, and corporate hospitality sales), broadcast clubs in the top ten for the first time since Chelsea, Tottenham, AS Roma, Everton and rights (including distributions from 2012/13. The revenue of the tenth placed AC Milan, whilst Arsenal, Juventus, Leicester participation in domestic leagues, cups club increased 6% to €428.3m in 2017/18 City and Southampton have lost positions and European club competitions) and (Tottenham Hotspur) from €405.7m in or even their top 20 status altogether after commercial sources (e.g. sponsorship, 2016/17 (Juventus). Only three of the top reduced European competition revenue merchandising, stadium tours and other ten clubs (Bayern Munich, Manchester in 2017/18. The impact of UEFA club commercial operations), and rank them on City and Chelsea) remained in the same competitions looks set to be even greater that basis. position as in the previous edition. in next year’s edition with distributions to participating clubs increasing to a reported European clubs remain dominant in the €2.55 billion in 2018/19 from €1.84 billion Euphoria Money League, with bullish revenue growth in 2017/18 following the start of a new The rises and falls in this year's Money in recent years, particularly across the ‘big broadcast cycle. League highlight the continuing evolution five’ leagues. As predicted in last year’s of the financial landscape in the world of publication, the combined revenue of the As well as this increase in the overall football. Whilst the top 20 retains many top 20 clubs (€8.3 billion) sets a new record, amount to be distributed by UEFA, changes familiar names from Europe’s ‘big five’ exceeding €8 billion for the first time. to the Champions League qualification leagues, 14 clubs see their position change process and distribution mechanism have from last year, including three new entrants. Broadcast revenue remains the most also been introduced. This will notably prominent source of revenue for benefit many of the clubs in the Money Real Madrid become the first club to break Money League clubs with a 43% share, League and bring the issue of financial the €700m barrier en route to returning to compared to 40% and 17% for commercial polarisation to the fore once again. The the top of the Money League, generating and matchday revenue respectively. four top-ranked national associations revenue of more than €750m. Barcelona Nonetheless, a noticeable trend in this in UEFA’s country coefficients (currently complete a first Spanish one-two since year's edition has been the commercial Spain, England, Italy and Germany) are now 2014/15, with revenue of €690.4m. The growth achieved by Europe's largest clubs, guaranteed four automatic Group Stage gap between the top two has grown to the particularly for those in the ‘big five’ leagues qualification places and alterations to the second widest in Money League history with no new broadcast cycles commencing distribution model mean that a portion of (€60.5m) after being the narrowest ever in in 2017/18 (i.e. England, France, Italy and the total amount available for distribution last year’s edition. Including Manchester Spain). will be allocated based on a club's historical United, who drop to third this year, the performance in UEFA competition over a top three clubs in the Money League ten-year period. collectively generated revenue in excess of

02 Deloitte Football Money League 2019 | Introduction

For the second consecutive year, no clubs Chart 1: Deloitte Football Money League top 20 – 2016/17 and 2017/18 outside of the ‘big five’ leagues in Europe revenue profile (€bn) appear in the Money League top 20 and only three are in the top 30. 17% 17% 38% 40%

Fairytale This year’s Money League sees a record six 2016/17 2017/18 English clubs in the top ten, with Tottenham €7.9bn €8.3bn Hotspur climbing above Juventus into the top ten for only the second time in Money League history, having previously appeared in 2006/07. The club experienced growth across all of its revenue streams, notably 45% 43% matchday revenue, which increased by 54% (£26.5m), the single largest percentage increase of any revenue stream across the Matchday Broadcast Commercial Source: Deloitte analysis. top ten Money League clubs, following their temporary move to Wembley Stadium to accommodate the development of the new Manchester United slip to third place in this Following a remarkable run to the Tottenham Hotspur Stadium. Interestingly, year’s Money League after two years in top Champions League Final, Liverpool there is now less than £10m separating position, despite a return to the Champions experienced the largest revenue increase Spurs (£379.4m) from North London rivals, League in 2017/18 and overall revenue in the Money League’s top ten (£90.6m) and Arsenal (£389.1m), whose 17-year stay in growth of 2% (£8.8m) to £590m. Improved are the highest climbers, jumping two spots the top ten could come under threat. on-pitch performance, both domestically to seventh. The club experienced growth and in Europe, will be crucial to the Red in all revenue streams and most notably, Devils retaining their position in the top alongside fellow finalists Real Madrid, they No clubs outside three of the Money League and responding generated the most broadcast revenue to the challenge of their nearest rivals. of any Money League club (£222.6m). of the ‘big five’ This broadcast revenue alone would see Manchester City retain their position in the them appear in the Money League's top leagues in Europe top five for the third consecutive season, 15, highlighting the impact of successful generating growth across all revenue performance in domestic and European have climbed into streams after a record-breaking Premier competition. League campaign that saw the the Money League club crowned Champions by the largest Conversely, Arsenal are the biggest fallers ever margin, breaking the 100-point mark in the top ten dropping three places to top 20 and only in the process, and also reaching the ninth, their lowest position since 2004/05. Quarter-finals of the Champions League. They experienced the largest revenue three appear in In the space of a season, the gap to city- decrease (£29.9m) across all top 20 clubs in rivals, Manchester United, has closed by 2017/18, predominantly due to their failure the top 30. over £40m, falling from £128m in 2016/17 to qualify for the Champions League for to £87m in 2017/18. the first time since 1997/98. Although the club reached the Semi-final of the Europa League, distributions from UEFA fell by €27m accounting for the majority of their overall decrease.

03 Deloitte Football Money League 2019 | Introduction

Chart 2: Deloitte Football Money League top 20 combined revenue (€bn) 2019/20, means distributions to clubs are likely to remain relatively stable for the 10.0 foreseeable future. Therefore, the onus is 8.3 7.9 now even more on English clubs to drive 8.0 7.4 revenue growth through their own activity, 6.6 particularly in matchday and commercial revenue streams, to enhance or even retain 6.0 5.0 their Money League positions. 3.9 4.0 3.3 2.8 2.2 Rock ‘n’ roll kids 2.0 1.2 Domestic treble winners Paris Saint- Germain climb one place to sixth position and remain the only French representative 0 96/97 99/00 02/03 05/06 08/09 11/12 14/15 15/16 16/17 17/18 in the top 20 for the sixth consecutive year. High-profile signings of Neymar Jr. Source: Deloitte analysis. and Kylian Mbappé have helped drive the club’s success both on and off-pitch, Elsewhere, Chelsea remain in eighth 1983. This represents astounding growth as they secured their fifth league title in position despite revenue exceeding £400m for a club that generated just £1.1m back six years and delivered growth of €10.4m for the first time in the club’s history, in 1996/97 as the 83rd highest revenue (12%) and €39.2m (14%) in matchday and boosted by a return to Champions League generating club in the UK, whilst in crisis commercial revenue streams respectively. football and the first year of the club’s and teetering on the brink of relegation Whilst marquee players have always had lucrative technical kit agreement with Nike. from the English Football League. the ability to drive wider commercial Everton (17th), Newcastle United (19th) benefits for a club, it appears that the and West Ham United (20th) complete The recent announcement that the Premier potential commercial impact of a player England’s representation in this year’s top League has been unable to deliver a on a club is becoming a more prominent 20, with Leicester City failing to appear substantial increase in overall broadcast factor in player acquisitions, particularly in for the first time since 2014/15 and rights values for the cycle beginning in the modern environment where individuals Southampton dropping out. As a result, the hold influential roles across social media total number of English clubs in the top 20 platforms. The scale of following of global falls to nine, having achieved a record of ten Liverpool star players can, in some cases, be even in last year’s edition. greater than that of the club and their experienced the impact can be more than just on-pitch The number of English clubs in the top 30 performances. falls to 13, failing to reach the heights of the highest revenue record 17 set in 2014/15, but comfortably PSG continue to innovate and disrupt the remaining the most represented nation in increase in the status quo, as evidenced by their new co- the Money League. The financial rewards branding initiative with Air Jordan this year. available at the highest level of English Money League’s However, progression in the Champions football continue to underpin the financial League beyond the Round of 16, which strength of its clubs. Most notably, Brighton top ten (£90.6m) has been a sticking point in the past two and Hove Albion join Beşiktaş in breaking seasons, is likely to be essential for the club into the top 30 for the first time in 2017/18, and are the highest to improve upon, or simply retain, sixth with revenue of £139.4m in 29th position, place in next year’s edition of the Money following their promotion to the top tier climbers. League. of English football for the first time since

04 Deloitte Football Money League 2019 | Introduction

Chart 3: Deloitte Football Money League’s top 20 – 2017/18 revenue profile (€m)

0 100 200 300 400 500 600 700 800

Real Madrid 143.4 251.3 356.2 750.9 FC Barcelona 144.8 223 322.6 690.4 Manchester United 119.5 230.4 316.1 666 Bayern Munich 103.8 176.7 348.7 629.2 Manchester City 63.9 238.8 265.7 568.4 Paris Saint-Germain 100.6 127.8 313.3 541.7 Liverpool 91.6 251.3 170.8 513.7 Chelsea 83.4 230.5 191.8 505.7 Arsenal 111.6 206.9 120.7 439.2 Tottenham Hotspur 85.2 226.6 116.5 428.3 Juventus 51.2 200.4 143.3 394.9 Borussia Dortmund 57.1 122.3 137.8 317.2 Atlético de Madrid 56.8 158.2 89.4 304.4 FC Internazionale Milano 35.3 97.7 147.8 280.8 AS Roma 35.4 166.8 47.8 250 Schalke 04 47 91 105.8 243.8 Everton 18.93160 4 212.9 AC Milan 36.9 100.6 70.2 207.7 Newcastle United 27 142.7 31.8 201.5 West Ham United 27.7 133.8 36.4 197.9

Matchday Broadcast Commercial Source: Deloitte analysis.

After finishing just outside the top 20 in from 2018/19, guaranteeing Group Stage Italian clubs (i.e. AS Roma), reducing their 2016/17, Olympique Lyonnais drop to places for the top three French clubs, could share of market pool distributions from 28th, as a result of failing to qualify for the prove crucial in this regard. UEFA. However, the club still managed to 2017/18 Champions League. Lyon remain generate a 19% increase in commercial the only other French club to feature in revenue following their stadium naming the top 30 with Olympique de Marseille Rise like a phoenix rights agreement with Allianz, back of shirt narrowly missing out, despite a return to Whilst no Italian clubs feature in the top arrangement with Cygames and increases UEFA club competition, reaching the final of ten for the first time, there was something in merchandising revenue, as it starts the Europa League. of a renaissance for them in 2017/18, with to reap the benefits of bringing these Italy regaining its position as the second operations in-house. With Ligue 1 in the midst of its domestic most represented nation in the top 20. Four broadcast rights cycle, and therefore Italian clubs rank between 11 and 20, with AS Roma return to the Money League top unable to provide significant uplifts in AC Milan and AS Roma returning to the top 20 as the highest climbers, rising nine distributions, France will likely not have 20, after dropping out of last year's edition. places to 15th. The club experienced more than two representatives in the top growth across all revenue streams in 30 for the next few years, unless its clubs Juventus fail to appear in the Money League achieving a club record revenue of €250m, can regularly reach the latter stages of top ten for the first time since 2011/12, following their impressive run to the UEFA club competitions. Changes to the largely due to poorer performance in Champions League Semi-final. Champions League qualification process the Champions League relative to other

05 Deloitte Football Money League 2019 | Introduction

Elsewhere, AC Milan also make a swift new international rights cycle, delivering an 2017/18 Money League clubs 21-30 return to the Money League top 20 after increase of 81% on the previous reported dropping out for the first time last year. minimum guarantees, distributions to Pos. Club Revenue The club’s revenue grew by 8% to €207.7m, Serie A clubs will see limited growth until at €m having returned to UEFA club competition least the next cycle beginning in 2021/22. 21. SSC Napoli 182.8 last season, reaching the Round of 16 of Therefore, further revenue increases for the Europa League. Local city-rivals FC Italian clubs will depend on a club’s ability to 22. Leicester City 179.4 Internazionale Milano continue to climb deliver growth in matchday and commercial 23. Southampton 172.0 the Money League table, reaching 14th. revenue streams, as well as success in UEFA Whilst the club were absent from UEFA competitions. 24. Crystal Palace 169.0 club competition in 2017/18, they managed 25. FC Zenit Saint Petersburg 167.8 to generate revenue growth through an increase in commercial revenue as Satellite 26. Beşiktaş 165.7 they continue to benefit from increased Despite the 2017/18 season signalling 27. Sevilla 165.2 exposure in Asia, following its acquisition the beginning of new domestic and by Chinese electronics retailer Suning in international broadcast rights cycles for 28. Olympique Lyonnais 164.2 2016. SSC Napoli drop out of the top 20 in the Bundesliga, only three German clubs 29. Brighton & Hove Albion 157.4 this edition, following a revenue reduction remain in the top 30 with Borussia VfL as the club narrowly lost out to Juventus in Mönchengladbach failing to appear for the 30. S.L. Benfica 150.7 the race for the Serie A title and struggled first time since 2014/15. in UEFA club competitions. Note: 2017 financial results for FC Zenit are in Bayern Munich continue to lead the respect of the calendar year to December 2017. Whilst the presence of Italian clubs in the way for German clubs, retaining their Money League top 20 has increased in this position in the top five, with revenue Source: Deloitte analysis. year’s edition, it is heavily reliant on UEFA increasing by 7% and becoming only the club competition participation. Changes fourth club to generate over €600m in to the Champions League qualification a single season. This was largely due to Schalke 04 remain in 16th position despite process has protected this to some increases in broadcast revenue driven by absence from UEFA competition in extent, providing Italian clubs with four a combination of reaching the Semi-finals 2017/18, with the increase in Bundesliga automatic Champions League Group Stage of the Champions League and increased distributions, following the commencement qualification places from 2018/19. However, Bundesliga distributions after winning their of the new broadcast rights cycle, this masks some of the underlying business sixth consecutive title. more than offsetting the loss of UEFA challenges for Italian football, particularly distributions. A return to this season's in the broadcast market and generation of Borussia Dortmund remain in 12th Champions League, reaching the Round of matchday revenue. position, despite a 5% reduction in revenue 16, where they will face Manchester City, to €317.2m in 2017/18 after exiting from should help secure, and perhaps improve, The latest domestic broadcast rights sales the Champions League Group Stages. This their position in next year's Money League. process delivered an increase of just 3% has seen them fall over €100m behind for the three-year cycle that commenced Tottenham Hotspur, a club they were With the Bundesliga's domestic and with Sky Italia and Perform (DAZN) in over €4m ahead of only two years ago. international broadcast rights in the 2018/19 (excluding up to a further €150m in Dortmund are on course for improved first of a four year cycle, German clubs bonuses reported to be payable dependent performances, both domestically and in are likely to require growth in matchday on broadcaster’s subscriber performance), the Champions League this season, which and commercial revenue, supplemented after two failed auction processes and could assist in reducing this gap. by strong performance in UEFA club a third process that resulted in the competition, to improve their standing in annulment of Mediapro’s acquisition of the the Money League. rights. Despite the commencement of a

06 Deloitte Football Money League 2019 | Introduction

After a two-year absence, Real Madrid All kinds of everything FC Zenit St Petersburg, Beşiktaş and S.L. returned to the top of the Money League Benfica are the only three representatives from outside of Europe’s ‘big five’ leagues for a record 12th time in some style, appearing in the top 30. FC Zenit’s absence from the Champions League since 2015/16 smashing through the €700m barrier and has hampered their ability to challenge for a position in the top 20, despite the level of opening up a €60.5m gap to nearest rivals infrastructure improvements for the 2018 World Cup in Russia and the opening of the FC Barcelona. club’s new multi-purpose stadium in 2017.

On the other hand, Beşiktaş’ run to the Round of 16 in the 2017/18 Champions Heroes Atlético de Madrid remain in 13th position, League has been a key factor in propelling After a two-year absence Real Madrid despite strong revenue growth of €31.9m them into the top 30 for the first time. return to the top of the Money League to €304.4m. This was largely driven Additionally, the club's new stadium for a record 12th time in some style, by the club’s move to the new Wanda opened in 2016 facilitating increased smashing through the €700m barrier and Metropolitano stadium, which saw average matchday revenue with the successful opening up a €60.5m gap to nearest rivals league attendances rise to over 55,000, leveraging of the commercial opportunities FC Barcelona. This was underpinned by delivering a 39% increase in matchday that came with it, which have been a key continued on-pitch success winning the revenue as well as creating new commercial factor in the club almost doubling revenue Champions League and FIFA Club World opportunities. since 2015/16. Cup for the third and second consecutive years respectively, leveraged successfully This year’s Money League is the first edition Benfica cling onto a place in the top 30 to generate commercial growth of 18% to a since 2012/13 in which four Spanish teams for the third consecutive year and remain record €356.2m, surpassing Bayern Munich have appeared in the top 30, as Sevilla the only Portuguese club ever to appear as the world’s highest commercial revenue return for the first time since 2009/10. It in the Money League. However, a second generating football club. appears that the benefits of the collective consecutive exit from the Group Stages of broadcast arrangements in Spain, this season's Champions League, combined FC Barcelona climb to second in the commencing in 2015/16, are starting to be with the success of league champions, FC Money League table and complete the seen with the distribution ratio between La Porto progressing to the Round of 16 and first Spanish one-two since 2014/15. The Liga’s top and bottom clubs falling from a subsequently impacting on their share of club’s revenue increased by €42.1m (6%) reported 8:1 in 2014/15 to 3.6:1 in 2017/18. market pool distributions from UEFA, could to €690.4m, predominately driven by hinder the Eagles ability to retain their commercial growth, which included the Improved domestic and international position in next year’s top 30. start of a lucrative new shirt sponsorship broadcast rights agreements commencing agreement with Rakuten in 2017/18. New in 2019/20, increased efforts by La Liga commercial arrangements commencing in to enhance its brand internationally, the 2018/19 and changes to their operational guarantee of four Champions League model, including bringing merchandising Group Stage qualification spots from activities in-house, should see continued 2018/19 and the Premier League’s lack revenue growth as they attempt to of substantial revenue increases for its overhaul rivals Real Madrid and become next broadcast rights cycle (commencing only the third club to top the Money in 2019/20), suggest that Spanish clubs League. may have an increasing presence in future editions of the Money League.

07 Deloitte Football Money League 2019 | Introduction

The Money League continues to be In the previous two editions we have focused on those clubs and markets dominated by clubs from the ‘big five’ outside of Europe, which aspire to challenge the Money League’s elite in future years European Leagues. There are a number of and decades. Recognising the growing prevalence of financial polarisation amongst large clubs outside of these leagues that European clubs, our attention has returned to Europe in this year's edition. In our are well established in their own domestic ‘Eurovision’ section we provide a snapshot of the future outlook for a selection of markets yet have struggled to break into some of the largest clubs around Europe outside of the ‘big five’ leagues. the top 20 in recent years.

Everybody Believe Recent years have seen a welcome With most domestic leagues in the and noticeable increase in interest and same broadcast rights cycle in 2018/19 awareness for women's sport, and football as 2017/18, excluding Serie A who in particular. In this year's edition we have have secured a modest increase on sought to provide a snapshot for each of their domestic and international rights the top 20 Money League clubs, covering: commencing in 2018/19, it is unlikely that broadcast revenue will increase at a similar Women's team; rate as we have seen previously. Therefore, revenue growth in next year's edition will Distinct women's team shirt sponsor; be driven by improved UEFA distributions and and increases in commercial revenue of the As we approach the UEFA club competition Money League's top clubs. broadcast rights sales process for the Women on club's Board(s). next cycle from 2021/22, the European The longer term composition of the football environment could also be subject We provide profiles of each of the top 20 Money League is a fascinating point of to change. It was recently announced clubs in this edition alongside selected discussion. With the Premier League’s that a new third-tier competition will be others from outside of Europe’s ‘big five’ lack of substantial increases for the introduced, running alongside the existing leagues. The Deloitte Football Money next broadcast cycle, we may see other Champions League and Europa League, League was compiled by Dan Jones, clubs from the other ‘big five’ leagues which could assist in addressing the Sam Boor, Calum Ross, Christopher begin to narrow the gap to their English issue of financial polarisation in European Winn, Chris Wood, and Tom Hammond. counterparts. However, the Premier football and helping to strengthen the Our thanks goes to those who have League’s decision to award a small package development of football across UEFA's helped us, inside and outside the Deloitte of rights to Amazon and the continued member associations. international network. We hope you enjoy emergence of over the top (OTT) platforms this edition. elsewhere in the market could provide a The Money League continues to be level of competition that could potentially dominated by clubs from the ‘big five’ Dan Jones, Partner deliver substantial increases in broadcast European Leagues. However, there are www.deloitte.co.uk/sportsbusinessgroup rights values in future cycle negotiations. a number of large clubs outside of these leagues that are well established in their own domestic markets yet have struggled to break into the top 20 in recent years.

08 Deloitte Football Money League 2019 | Ups and downs

Ups and downs

2017/18 Revenue (€m) 2016/17 Revenue (€m)

1 1 Real Madrid 750.9 1 0 Manchester United 676.3

2 1 FC Barcelona 690.4 2 1 Real Madrid 674.6

3 (2) Manchester United 666.0 3 (1) FC Barcelona 648.3

4 0 Bayern Munich 629.2 4 0 Bayern Munich 587.8

5 0 Manchester City 568.4 5 0 Manchester City 527.7

6 1 Paris Saint-Germain 541.7 6 1 Arsenal 487.6

7 2 Liverpool 513.7 7 (1) Paris Saint-Germain 486.2

8 0 Chelsea 505.7 8 0 Chelsea 428.0

9 (3) Arsenal 439.2 9 0 Liverpool 424.2

10 1 Tottenham Hotspur 428.3 10 0 Juventus 405.7

11 (1) Juventus 394.9 11 1 Tottenham Hotspur 359.5

12 0 Borussia Dortmund 317.2 12 (1) Borussia Dortmund 332.6

13 0 Atlético de Madrid 304.4 13 0 Atlético de Madrid 272.5

14 1 FC Internazionale Milano 280.8 14 6 Leicester City 271.1

15 n/a new AS Roma 250.0 15 4 FC Internazionale Milano 262.1

16 0 Schalke 04 243.8 16 (2) Schalke 04 230.2

17 3 Everton 212.9 17 1 West Ham United 213.3

18 n/a new AC Milan 207.7 18 n/a new Southampton 212.1

19 n/a new Newcastle United 201.5 19 n/a new Napoli 200.7

20 (3) West Ham United 197.9 20 n/a new Everton 199.2

DFML position Change on previous year Number of positions changed

09 Deloitte Football Money League 2019 | Sports Business Group

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10 Deloitte Football Money League 2019 | Sports Business Group

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11 Deloitte Football Money League 2019 | Top 20 clubs

1 Real Madrid

2018 Revenue Revenue 2014-2018 (€m) Revenue profile 2018 (€m)

800 751 €750.9m 675 19% (£665.2m) 2017 Revenue 620 €143.4m 577 550 (£127.1m) €674.6m 600 (£579.7m) 47% 400 €356.2m (£315.5m)

Real Madrid return to the top of the Money 200 League after a two year absence and for a 34% €251.3m record 12th time. Los Blancos are the first 0 2014 2015 2016 2017 2018 Matchday (2) (£222.6m) club to exceed revenue of €750m following Broadcast (1) 11321 growth of more than €75m, in no small Commercial (1) part thanks to the club’s third successive Champions League title. This translated Annual revenue DFML position into continued commercial improvement, with a €54.8m uplift in commercial revenue driving overall growth, including sales of Nearest club comparison 2018 (€m) merchandising, sponsorship revenue and exploitation of pre-season tours. Real now 12345 have the highest commercial revenue of DFML appearances UEFA competition any football club globally, testament to 800 751 22 UCL: Winner 690 the strength of their international brand 356 666 323 629 and the desire of the commercial market 316 568 600 349 to partner with Europe’s most successful 266 3rd clubs. 400 251 Domestic league Technical kit supplier 223 230 Real have financial security from long-term 177 239 position adidas partnerships with adidas and Emirates, but 200 143 145 the on and off-pitch impact from the sale 120 104 of talismanic forward Cristiano Ronaldo in 64 66,337 0 y the summer of 2018 remains to be seen. Whilst the commercial appeal of individual Average league Shirt front sponsor players and on-pitch performance has an match attendance Emirates Real Madrid FC Barcelon a

ever-growing influence on the financial Bayern Munich Manchester Cit performance of top clubs, the €60.5m Manchester United revenue gap to FC Barcelona is the second highest between the top two positions in Money League history, and Madrid will be Facebook likes Instagram followers confident that they can retain top spot in 109.4m (1st) 67.1m (1st) years to come.

Twitter followers Women’s football 31.3m (1st) Yes No

12 Deloitte Football Money League 2019 | Top 20 clubs

Real Madrid: FITness trend

Matchday revenue 2014-2018 (€m) Broadcast revenue 2014-2018 (€m) Commercial revenue 2014-2018 (€m)

400 400 400 356 301 263 300 300 251 300 247 228 237 232 204 200 200 200 200 136 143 114 130 129

100 100 100

0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018

Matchday Broadcast Commercial DFML average DFML top five average Source: Deloitte Football Intelligence Tool.

13 Deloitte Football Money League 2019 | Top 20 clubs

2 FC Barcelona

2018 Revenue Revenue 2014-2018 (€m) Revenue profile 2018 (€m)

800 690 €690.4m 648 21% (£611.6m) 2017 Revenue 620 €144.8m 561 (£128.3m) 600 €648.3m 485 (£557.1m) 47% 400 €322.6m (£285.8m)

FC Barcelona climb one place to second 200 after strong revenue growth of €42.1m 32% €223m (6%) in 2017/18. Commercial revenue 0 2014 2015 2016 2017 2018 Matchday (1) (£197.5m) increased by €27.7m following the start Broadcast (7) 42232 of a new four-year shirt front sponsorship Commercial (3) deal with Japanese e-commerce company Rakuten and improved exploitation of Annual revenue DFML position pre-season friendlies, with Barca playing notable games in the USA against both Real Madrid and Manchester United. Winning Nearest club comparison 2018 (€m) La Liga resulted in improved broadcast revenue and, despite a drop in average 12345 league attendance, matchday revenue DFML appearances UEFA competition also increased following growth in revenue 800 751 22 UCL: Quarter-final 690 from the sale of tickets released by the 356 666 323 629 club’s members and the Spanish Super Cup 316 568 600 349 fixture played against Real Madrid. 266 1st

Further commercial growth is also 400 251 Domestic league Technical kit supplier 223 230 expected next year, as the 2018/19 season 177 239 position Nike marks the start of two major commercial 200 143 145 agreements; the restructured technical 120 104 kit deal with Nike, which has enabled 64 70,872 0 y increased in-house merchandise activities, and the start of a new deal with Beko Average league Shirt front sponsor for rights to shirt sleeve and training kit match attendance Rakuten Real Madrid FC Barcelon a

sponsorship. However, progress beyond Bayern Munich Manchester Cit the Quarter-finals in this year’s Champions Manchester United League, a sticking point in recent years, is likely to be an important factor in determining how close FC Barcelona can Facebook likes Instagram followers get to the top spot in next year’s Money 102.7m (2nd) 63.8m (2nd) League.

Twitter followers Women’s football 29m (2nd) Yes No

14 Deloitte Football Money League 2019 | Top 20 clubs

FC Barcelona: FITness trend

Matchday revenue 2014-2018 (€m) Broadcast revenue 2014-2018 (€m) Commercial revenue 2014-2018 (€m)

400 400 400 323 296 295 300 300 300 244 215 223 200 203 182 186 200 200 200 139 145 117 117 121

100 100 100

0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018

Matchday Broadcast Commercial DFML average DFML top five average Source: Deloitte Football Intelligence Tool.

Commercial growth is also expected next year, as the 2018/19 season marks the start of two major commercial agreements.

15 Deloitte Football Money League 2019 | Top 20 clubs

3 Manchester United

2018 Revenue Revenue 2014-2018 (€m) Revenue profile 2018 (€m)

800 €666m 689 676 666 18% (£590m) 2017 Revenue €119.5m (£105.9m) €676.3m 600 518 520 (£581.2m) 47% 400 €316.1m (£280m)

After two consecutive years at the top of 200 the Money League, Manchester United fall 35% €230.4m two places to third, with the lowest revenue 0 2014 2015 2016 2017 2018 Matchday (3) (£204.1m) growth rate (2%) of any club in the top five. Broadcast (5) 23113 Despite a Champions League return in Commercial (4) 2017/18, UEFA distributions were broadly similar to the amount received from Annual revenue DFML position winning the Europa League in the previous season, as qualification via UEFA’s second tier competition resulted in a lower share Nearest club comparison 2018 (€m) of the lucrative market pool distributions relative to other English clubs participating 12345 in the Champions League. DFML appearances UEFA competition 800 751 22 UCL: R16 690 The Red Devils' most recent forecasts 356 666 323 629 indicate revenue will increase to c.£615- 316 568 600 349 630m in 2018/19 with commercial revenue 266 2nd continuing to underpin United’s financial performance, including long-term deals 400 251 Domestic league Technical kit supplier 223 230 with adidas and Chevrolet, new and 177 239 position adidas renewed global and regional partnerships 200 143 145 and a first shirt sleeve sponsorship 120 104 (Kohler). However, it is ultimately the 64 75,102 0 y virtuous link between strong on-pitch performance and financial growth that Average league Shirt front sponsor will influence the club’s ability to close match attendance Chevrolet Real Madrid FC Barcelon a

the gap on the Spanish duo at the top of Bayern Munich Manchester Cit this year’s Money League. Improved first team performance will drive increased Manchester United Premier League and UEFA distributions and enhance the potential to negotiate Facebook likes Instagram followers improved commercial deals. 73.3m (3rd) 25.3m (3rd)

Twitter followers Women’s football 18.6m (3rd) Yes No

16 Deloitte Football Money League 2019 | Top 20 clubs

Manchester United: FITness trend

Matchday revenue 2014-2018 (€m) Broadcast revenue 2014-2018 (€m) Commercial revenue 2014-2018 (€m)

400 400 400 364 325 316 264 300 300 300 226 230 231 188 200 200 162 142 200 137 125 114 125 120

100 100 100

0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018

Matchday Broadcast Commercial DFML average DFML top five average Source: Deloitte Football Intelligence Tool.

17 Deloitte Football Money League 2019 | Top 20 clubs

4 Bayern Munich

2018 Revenue Revenue 2014-2018 (€m) Revenue profile 2018 (€m)

€629.2m 800 17% 629 €103.8m (£557.4m) 2017 Revenue 592 588 (£92m) 600 €587.8m 488 474 (£505.1m) 55% 400 €348.7m (£308.9m)

Despite becoming only the fourth club to 200 surpass €600m revenue, Bayern Munich 28% €176.7m have been unable to climb the Money 0 2014 2015 2016 2017 2018 Matchday (5) (£156.5m) League and occupy fourth place for the Broadcast (10) 35444 third consecutive year. The club achieved Commercial (2) revenue growth of €41.4m (7%), which was largely due to an uplift in broadcast Annual revenue DFML position distributions of €30m, following the start of the Bundesliga’s more lucrative four-year domestic TV rights deal and a Nearest club comparison 2018 (€m) €15.7m increase in UEFA distributions compared to the previous season, after 23456 the club progressed to the Champions DFML appearances UEFA competition League Semi-finals in 2017/18. Despite 800 22 UCL: Semi-final 690 this improvement, Bayern remains the 666 323 629 second lowest recipient of revenue from 316 568 600 349 542 266 broadcasters in the top ten of the Money 313 1st League, such has been the relative scale of broadcast deal improvements, particularly 400 Domestic league Technical kit supplier 223 230 in England and Spain. 177 239 position adidas 128 200 145 Bayern are clearly the leading German club 120 104 101 in the Money League, generating revenue 64 75,354 y 0 n almost double that of domestic rivals Borussia Dortmund. The club has won six Average league Shirt front sponsor consecutive Bundesliga titles since 2012/13, match attendance Deutsche Telekom been a regular feature in the latter stages FC Barcelon a Manchester Cit Bayern Munich of the Champions League and benefitted Manchester United Paris Saint-Germai from lucrative commercial arrangements, including with partners owning a stake in the club, which have all contributed to the Facebook likes Instagram followers breadth of this gap. Whilst commercial 49.5m (4th) 14.9m (6th) revenue will remain the club’s key source of revenue for the foreseeable future, Bayern have lost their place as the most commercially successful club in world football in this year’s edition, surpassed by Twitter followers Women’s football Real Madrid. 4.5m (11th) Yes No

18 Deloitte Football Money League 2019 | Top 20 clubs

Bayern Munich: FITness trend

Matchday revenue 2014-2018 (€m) Broadcast revenue 2014-2018 (€m) Commercial revenue 2014-2018 (€m)

400 400 400 343 343 349

292 278 300 300 300

200 200 200 177 104 88 90 102 98 148 147 100 100 108 106 100

0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018

Matchday Broadcast Commercial DFML average DFML top five average Source: Deloitte Football Intelligence Tool.

Bayern are clearly the leading German club in the Money League, generating revenue almost double that of domestic rivals Borussia Dortmund.

19 Deloitte Football Money League 2019 | Top 20 clubs

5 Manchester City

2018 Revenue Revenue 2014-2018 (€m) Revenue profile 2018 (€m)

€568.4m 800 11% (£503.5m) 2017 Revenue €63.9m 568 (£56.6m) 600 525 528 €527.7m 463 (£453.5m) 416 47% 400 €265.7m (£235.4m)

Manchester City retain fifth spot for the 200 third year running with revenue growth 42% €238.8m of £50m (11%), surpassing £500m for the 0 2014 2015 2016 2017 2018 Matchday (10) (£211.5m) first time. Growth continued across all Broadcast (3) 66555 revenue streams after a season which saw Commercial (6) the club win the Premier League by the largest ever margin and reach the Quarter- Annual revenue DFML position finals of the Champions League. Their continued exposure at the highest level of club football brought new commercial Nearest club comparison 2018 (€m) opportunities with a new shirt sleeve sponsorship with Nexen Tire, and new 3456 7 partnerships with Gatorade and Amazon DFML appearances UEFA competition commencing in 2017/18. The latter included 800 14 UCL: Quarter-final 666 the filming of a documentary series 629 316 568 providing viewers with a behind the scenes 349 542 600 514 view of the club’s progress. 266 1st 313 171

Whilst matchday revenue improved 400 Domestic league Technical kit supplier 230 251 marginally, the club’s total of £56.6m is the 177 239 position Nike 128 lowest of any club in the top ten and likely 200 remains an area of potential growth for 120 104 101 92 City. Commercially, reports suggest that 64 54,054 y 0 n a lucrative new kit manufacturer deal has been agreed from 2019/20 which should Average league Shirt front sponsor Liverpool see revenue growth in the next edition match attendance Etihad Airways

of the Money League. Of pressing focus Bayern Munich will be on-pitch results in 2018/19, and in Manchester Cit Manchester United Paris Saint-Germai particular a strong performance in the Champions League to provide the revenue the club may require to ensure a top five Facebook likes Instagram followers position is maintained. 36.7m (7th) 9.8m (10th)

Twitter followers Women’s football 6.6m (9th) Yes No

20 Deloitte Football Money League 2019 | Top 20 clubs

Manchester City: FITness trend

Matchday revenue 2014-2018 (€m) Broadcast revenue 2014-2018 (€m) Commercial revenue 2014-2018 (€m)

400 400 400

300 300 300 266 237 239 239 231 216 178 228 200 200 159 200 200

100 57 57 70 60 64 100 100

0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018

Matchday Broadcast Commercial DFML average DFML top five average Source: Deloitte Football Intelligence Tool.

A strong performance in the Champions League would provide the revenue the club may require to ensure a top five position is maintained.

21 Deloitte Football Money League 2019 | Top 20 clubs

6 Paris Saint-Germain

2018 Revenue Revenue 2014-2018 (€m) Revenue profile 2018 (€m)

€541.7m 800 18% (£479.9m) 2017 Revenue €100.6m (£89.2m) 600 521 542 €486.2m 471 481 486 (£417.8m) 58% 400 €313.3m (£277.5m)

PSG climb one place to sixth in the Money 200 League due to impressive revenue growth 24% €127.8m of €55.5m (11%) to €541.7m. Despite a 0 2014 2015 2016 2017 2018 Matchday (6) (£113.2m) Round of 16 exit from the Champions Broadcast (16) 54676 League for the second consecutive season, Commercial (5) the high-profile signings of two of world football's most recognisable players, Kylian Annual revenue DFML position Mbappé and Neymar Jr, was a significant statement of intent ahead of the 2017/18 season and had a positive financial impact. Nearest club comparison 2018 (€m) The club won Ligue 1 and saw the second largest increase in commercial revenue of 456 78 the top 20 (€39.2m, 14%). The high-profile DFML appearances UEFA competition signings notably aided merchandising 800 9 UCL: R16 sales and matchday revenue with high 629 568 interest in both the replica shirts of, and the 349 542 600 514 266 508 opportunity to see live, PSG’s star-studded 313 1st 171 192 team. 400 Domestic league Technical kit supplier 251 231 PSG’s appetite to innovate is further 177 239 position Nike 128 evidenced through a co-branding initiative 200 with Air Jordan, owned by PSG’s kit 104 101 92 83 manufacturer Nike, which has seen the 64 46,929 0 y Jumpman logo appear on a football shirt Average league Shirt front sponsor for the first time in 2018/19. This unique Chelse a Liverpool offering is likely to benefit the club even match attendance Emirates

further commercially, and on the pitch Bayern Munich Manchester Cit PSG appear in a strong position, with the club on course for their sixth Ligue 1 title Paris Saint-Germain in seven years and having again qualified for the knockout stages of the Champions Facebook likes Instagram followers League. 35.7m (9th) 18.1m (5th)

Twitter followers Women’s football 6.6m (8th) Yes No

22 Deloitte Football Money League 2019 | Top 20 clubs

Paris Saint-Germain: FITness trend

Matchday revenue 2014-2018 (€m) Broadcast revenue 2014-2018 (€m) Commercial revenue 2014-2018 (€m)

400 400 400 324 297 305 313 274 300 300 300

200 200 200

93 90 101 64 78 123 122 128 100 100 106 100 83

0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018

Matchday Broadcast Commercial DFML average DFML 6-10 average Source: Deloitte Football Intelligence Tool.

23 Deloitte Football Money League 2019 | Top 20 clubs

7 Liverpool

2018 Revenue Revenue 2014-2018 (€m) Revenue profile 2018 (€m)

€513.7m 800 18% (£455.1m) 2017 Revenue €91.6m (£81.2m) €424.2m 600 514 424 (£364.5m) 392 404 33% €170.8m 400 306 (£151.3m)

Liverpool rise to seventh in this year’s 200 Money League, the club’s highest position 49% €251.3m since 2008/09 following a promising 0 2014 2015 2016 2017 2018 Matchday (7) (£222.6m) 2017/18 season on-pitch that culminated Broadcast (1) 99997 in the Red’s first Champions League Final Commercial (8) for 11 years. Whilst the club ultimately finished Runners-up, revenue increased Annual revenue DFML position by £90.6m (25%), the highest uplift of any top ten Money League club, emphasising the financial reward from a strong showing Nearest club comparison 2018 (€m) in UEFA’s flagship competition and the impact of on-pitch performance on a 56789 club’s Money League position. Almost half DFML appearances UEFA competition of total revenue (49%) was received from 800 22 UCL: Runner-up broadcasters with the club earning the 568 equal most broadcast revenue of the Money 542 600 514 266 506 League top 20 alongside Real Madrid. 313 4th 171 192 439 121 This season the club appear well 400 Domestic league Technical kit supplier 251 207 placed, currently challenging for their 239 231 position New Balance 128 first league title in the Premier League 200 era and successfully qualifying for the 101 92 83 112 Round of 16 of the Champions League, 64 52,958 y 0 n in which another strong performance

Arsena l Average league Shirt front sponsor will be critical to maintain the revenue Chelse a growth seen in 2017/18. Continued Liverpool match attendance Standard Chartered success on the pitch should also bring the Manchester Cit exposure the club requires to continue Paris Saint-Germai growth of its commercial revenue. Association with a club with the history of Liverpool, competing strongly in multiple Facebook likes Instagram followers competitions over a prolonged period 32.4m (10th) 11.5m (9th) of time, is an attractive proposition for potential commercial partners.

Twitter followers Women’s football 10.9m (6th) Yes No

24 Deloitte Football Money League 2019 | Top 20 clubs

Liverpool: FITness trend

Matchday revenue 2014-2018 (€m) Broadcast revenue 2014-2018 (€m) Commercial revenue 2014-2018 (€m)

400 400 400

300 300 251 300

183 171 164 168 160 162 200 200 200 129 153 123 75 76 80 92 54 100 100 100

0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018

Matchday Broadcast Commercial DFML average DFML 6-10 average Source: Deloitte Football Intelligence Tool.

This season the club are strongly challenging for their first league title in the Premier League era.

25 Deloitte Football Money League 2019 | Top 20 clubs

8 Chelsea

2018 Revenue Revenue 2014-2018 (€m) Revenue profile 2018 (€m)

€505.7m 800 16% (£448m) 2017 Revenue €83.4m (£73.9m) 600 506 €428m 447 420 428 (£367.8m) 388 38% 400 €191.8m (£169.9m)

Chelsea remain in eighth place for the 200 fourth consecutive year despite significant 46% €230.5m growth of £80.2m (22%) and generating 0 2014 2015 2016 2017 2018 Matchday (9) (£204.2m) revenue of over £400m for the first time Broadcast (4) 78888 in the club’s history, as rivals Liverpool Commercial (7) performed even more strongly through reaching the Final of the Champions Annual revenue DFML position League. The 2017/18 season marked a return to the Champions League and the commencement of a new kit deal with Nearest club comparison 2018 (€m) Nike worth a reported £60m per annum, which were the main drivers in broadcast 6 78910 and commercial revenue increases of 26% DFML appearances UEFA competition (£41.7m) and 22% (£30.1m) respectively. 800 21 UCL: R16

The club’s publicly stated objective to 542 600 514 506 identify premium brands to partner with 313 5th 171 192 439 428 has been activated in 2018/19, with a new 121 116 four-year shirt sleeve agreement with 400 Domestic league Technical kit supplier 251 207 Hyundai providing growth this season. 231 227 position Nike 128 However, with major deals with Nike and 200 Yokohama fixed for a number of years 101 92 83 112 85 and the club failing to secure Champions 41,281 0 n League football for 2018/19, it will be

difficult for Chelsea to increase revenue Arsena l Average league Shirt front sponsor Chelsea Liverpool and challenge those clubs above them in match attendance Yokohama Tyres the Money League in the short term. Tottenham Hotspur Paris Saint-Germai

Facebook likes Instagram followers 47.7m (5th) 14.4m (7th)

Twitter followers Women’s football 12.3m (5th) Yes No

26 Deloitte Football Money League 2019 | Top 20 clubs

Chelsea: FITness trend

Matchday revenue 2014-2018 (€m) Broadcast revenue 2014-2018 (€m) Commercial revenue 2014-2018 (€m)

400 400 400

300 300 300 231 191 189 192 167 178 163 163 200 200 200 136 149

93 93 83 85 76 100 100 100

0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018

Matchday Broadcast Commercial DFML average DFML 6-10 average Source: Deloitte Football Intelligence Tool.

Failing to secure Champions League football for 2018/19 will make it challenging for Chelsea to move up the Money League in the short term.

27 Deloitte Football Money League 2019 | Top 20 clubs

9 Arsenal

2018 Revenue Revenue 2014-2018 (€m) Revenue profile 2018 (€m)

€439.2m 800 25% (£389.1m) 2017 Revenue €111.6m (£98.9m) 600 €487.6m 469 488 436 439 (£419m) 359 28% 400 €120.7m (£106.9m)

Arsenal fall three places to ninth, their 200 lowest position in the Money League 47% €206.9m since 2004/05, highlighting the financial 0 2014 2015 2016 2017 2018 Matchday (4) (£183.3m) consequences from their failure to qualify Broadcast (8) 87769 for the Champions League. Revenue fell Commercial (12) £29.9m (7%), the most of any Money League club, and is the Gunners’ first Annual revenue DFML position annual revenue reduction since 1995/96. Despite the club reaching the Europa League Semi-finals, reduced UEFA Nearest club comparison 2018 (€m) distributions from a lack of Champions League football resulted in a marked 7891011 decline in broadcast revenue (£18.4m). DFML appearances UEFA competition 800 22 UEL: Semi-final The appointment of Unai Emery as first team manager appears to have provided 600 514 506 a renewed sense of optimism at the 6th 171 192 439 428 Emirates Stadium in 2018/19. Whilst the 395 121 116 club has managed to secure a shirt sleeve 400 143 Domestic league Technical kit supplier 251 207 sponsorship with ‘Visit Rwanda’ that will 231 227 position Puma 200 boost commercial revenue, their continued 200 absence from the Champions League this 92 83 112 85 season means it is unlikely that Arsenal will 51 59,323 0 s climb next year’s Money League, and will Average league Shirt front sponsor come under pressure to retain ninth, or Chelse a Arsena l Juventu Liverpool even perhaps a place in the top ten. match attendance Emirates Tottenham Hotspur

Facebook likes Instagram followers 37.8m (6th) 13m (8th)

Twitter followers Women’s football 13.9m (4th) Yes No

28 Deloitte Football Money League 2019 | Top 20 clubs

Arsenal: FITness trend

Matchday revenue 2014-2018 (€m) Broadcast revenue 2014-2018 (€m) Commercial revenue 2014-2018 (€m)

400 400 400

300 300 300 235 207 192 200 200 168 200 147 132 134 120 116 112 143 137 136 121 100 100 100 92

0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018

Matchday Broadcast Commercial DFML average DFML 6-10 average Source: Deloitte Football Intelligence Tool.

29 Deloitte Football Money League 2019 | Top 20 clubs

10 Tottenham Hotspur

2018 Revenue Revenue 2014-2018 (€m) Revenue profile 2018 (€m)

€428.3m 800 20% (£379.4m) 2017 Revenue €85.2m (£75.5m) €359.5m 600 428 (£308.9m) 360 27% 400 €116.5m 258 280 (£103.2m) 216 As predicted last year, Tottenham 200 Hotspur edge out Juventus to finish in the 53% €226.6m top ten for the second time, the club’s 0 2014 2015 2016 2017 2018 Matchday (8) (£200.7m) best Money League performance since Broadcast (6) 13 12 12 11 10 2006/07. Impressive revenue growth of Commercial (13) £70.5m (23%) has seen the club close in on the £400m mark. A season-long Annual revenue DFML position relocation to Wembley Stadium resulted in Spurs’ average league attendance more than doubling and a matchday revenue Nearest club comparison 2018 (€m) increase of £26.5m (54%) to £75.5m. Only Manchester United achieved higher 8910 11 12 average league attendance in the 2017/18 DFML appearances UEFA competition Premier League. The start of a lucrative 800 22 UCL: R16 new deal with Nike, replacing Under Armour, was a key factor in commercial 600 506 growth of £31.5m (44%). 3rd 192 439 428 395 121 116 Performances on the pitch for the rest of 400 143 317 Domestic league Technical kit supplier 207 this season are likely to be the deciding 231 227 138 position Nike 200 factor in whether Spurs reach new heights 200 122 in next year’s Money League. A Round of 16 83 112 85 Champions League tie with Borussia 51 57 70,642 0 s Dortmund and strong form in the Premier

Arsena l Average league Shirt front sponsor

League sets up an intriguing finish for Chelse a Juventu the remainder of this season. Capacity match attendance AIA restrictions at Wembley Stadium means that a decline in matchday revenue is Borussia Dortmund likely in 2018/19. Delay to the club’s much- Tottenham Hotspur awaited move into Tottenham Hotspur Stadium means it will not be until the Facebook likes Instagram followers Money League published in 2021 that we 10.3m (15th) 3.4m (14th) get the chance to see the financial impact of a full season at the club’s state-of-the-art new home.

Twitter followers Women’s football 3.2m (14th) Yes No

30 Deloitte Football Money League 2019 | Top 20 clubs

Tottenham Hotspur: FITness trend

Matchday revenue 2014-2018 (€m) Broadcast revenue 2014-2018 (€m) Commercial revenue 2014-2018 (€m)

400 400 400

300 300 300 219 227

200 200 200 117 148 84 125 78 78 100 100 113 100 51 85 51 54 55 57 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018

Matchday Broadcast Commercial DFML average DFML 6-10 average Source: Deloitte Football Intelligence Tool.

It will not be until we publish our Money League in 2021 that we will see the financial impact of a full season at the club’s state-of-the-art new home.

31 Deloitte Football Money League 2019 | Eurovision

Eurovision

Having considered clubs and markets outside Europe with league attendance and performance in UEFA club competitions. ambitions to challenge for a place in the top 20 in the previous Our summary highlights the scale of the financial challenges two editions, our focus returns to Europe in this year’s Money faced by those clubs outside of the ‘big five’ leagues aspiring League. Recognising the growing prevalence of the issue of for a place in the Money League. Unable to rely on significant financial polarisation in European football, we have sought to broadcast distributions from their respective domestic leagues, provide a snapshot of the current status and future outlook these clubs are highly dependent on participation and strong for a selection of some of the largest clubs around Europe performances in UEFA club competitions as well as their ability outside of the ‘big five’ leagues. to innovate and optimise matchday and commercial revenue. Additionally, some of these clubs have focussed heavily on More specifically, the analysis below provides a summary optimising player development to take advantage of the of each club’s most recent on and off-pitch performance, transfer market and make gains through player trading to including revenue profile, social media following, average reinvest in growing their club.

AFC Ajax FC Basel S.L. Benfica

Revenue profile 2017/18 Revenue profile 2017/18 Revenue profile 2017/18

9.5 Facebook Facebook 5.35.7 Facebook 9.5 9.5 5.35.7 5.35.7 22.8 22.8 13.4 13.4 22.8 13.4 31.7 31.7 40.5 40.5 2.6m13.9 13.9 31.7 2m 14.1 14.1 40.5 3.7m 13.9 14.1 47.6 47.6 31.5 31.5 26.7 26.7 47.6 31.5 26.7 44.6 44.6 Twitter Twitter 44.6 68.5 Twitter68.5 68.5 €114.7m €114.7m€150.7m €150.7m47.9 €91.9m 47.9 €91.9m0.9m€70.7m €70.7m€52.7m €114.7m0.1m€52.7m€56.2m €150.7m€56.2m€165.7m47.1.2m9 €91.9m€165.7m€167.8m €70.7m€167.8m €52.7m €56.2m €165.7m €167.8m 27.9 19.527.9 19.5 27.9 19.5 Instagram Instagram Instagram 74.4 74.4 74.4 12.5 30.12.15 30.1 36.4 36.4 12.5 144.9 30.1 144.9 36.4 144.9 38.4 38.4 62.6 62.6 0.9m 38.4 0.2m 62.6 1m Average attn. Average attn. Average attn. 49,670 25,857 53,209 After reaching the Final UEFA comp. Despite improved UEFA comp. Benfica remain UEFA comp. of the Europa League UEL: Play-off distributions from UCL: R16 Portugal’s highest UCL: Group in 2016/17, Ajax failed UEFA due to reaching revenue generating to qualify for the Group Stages of UEFA the Champions League Round of 16 club, despite elimination from the Group club competition in 2017/18, delivering in 2017/18, FC Basel’s matchday and Stages of the 2017/18 Champions League. a significant blow to revenue. Despite commercial revenue fell after a challenging The club derives a far greater proportion this, the club’s world-renowned academy domestic season, finishing a distant second of its revenue from club-controlled sources appears to have produced another talented to BSC Young Boys. Looking ahead, a than most clubs in Europe. The Primeira generation of players with Ajax reaching significant reduction in revenue is likely this Liga is one of the last remaining leagues the knockout stages of the Champions season, with the club failing to qualify for in Europe to sell its broadcast rights on a League and performing strongly in the Group Stages of this season’s Europa club-by-club basis. Benfica continue to take domestic competition this season. Whilst League, highlighting the extent of reliance advantage of this through their own Pay-TV the club should see a substantial increase on UEFA club competitions for those clubs channel and have driven strong commercial in revenue in 2018/19 driven by growth competing in markets where there is growth in recent years, including improved in UEFA distributions, it is likely that their limited revenue generated from domestic agreements with adidas and Emirates. future strategy and financial outlook will league broadcast rights arrangements. This, combined with astute player trading, rely heavily on their continued and proven has been critical in allowing the club to ability to develop playing talent providing continue to compete amongst the highest both success on the pitch and ongoing revenue generating clubs in the world. funding from player transfers.

32 Deloitte Football Money League 2019 | Eurovision

FC Zenit Saint Petersburg

Revenue profile 2017/18

9.5 Facebook 5.35.7 22.8 13.4 31.7 40.5 13.9 14.1 1m 47.6 31.5 26.7 44.6 68.5 Twitter €114.7m €150.7m 47.9 €91.9m €70.7m €52.7m €56.2m €165.7m €167.8m 0.8m 27.9 19.5 Instagram 74.4 12.5 30.1 36.4 144.9 38.4 62.6 0.5m Average attn. 43,963 FC Zenit last UEFA comp. appeared in the UEL: R16 Beşiktaş J.K. Celtic FC Money League top 20 in 2015/16, owing largely to their Revenue profile 2017/18 Revenue profile 2017/18 performances in the Champions League. Following the opening of the Krestovsky Facebook9. 5 Facebook Stadium in 2017 ahead of the 2018 FIFA 9.5 5.35.7 22.8 13.4 5.35.7 22.8 13.4 31.7 40.5 13.9 14.1 5.9m 31.7 2m 40.5 World Cup, FC Zenit will be hoping to 13.9 14.1 47.6 31.5 26.7 47.6 31.5 26.7 44.6 68.5 Twitter 44.6 Twitter enhance matchday revenue in future years, 68.5 €114.7m €150.7m 47.9 €91.9m €70.7m €52.7m €56.2m €165.7m 3.8m€167.8m €114.7m 0.6m€150.7m as initiatives47.9 to€91.9m attract more fans to their €70.7m €52.7m €56.2m €165.7m €167.8m 27.9 19.5 27.9 19.5 Instagram Instagram new stadium bore fruit in attendance 74.4 74.4 12.5 30.1 36.4 144.9 12.5 30.1 36.4 144.9 38.4 62.6 2.5m 38.4 0.3m 62.6 growth in 2017/18. Broadcast revenue is Average attn. Average attn. likely to increase from 2018/19, following 26,983 57,562 the commencement of a new domestic Whilst other Turkish UEFA comp. Celtic generated UEFA comp. rights cycle in Russia, whilst the club clubs have traditionally UCL: R16 record revenue of UCL: Group continues to maximise its relationship been in and around £101.6m in 2017/18. UEL: R32 with majority shareholders Gazprom. the Money League top 20, Beşiktaş This is mainly driven Nonetheless, a return to the Champions has emerged as the highest revenue- by qualification for, and performance in, League seems essential if Zenit is to return generating club in Turkey in recent years. the Champions League; UEFA distributions to the Money League top 20. This owes much to strong performances accounted for 29% of revenue in 2017/18. in the Champions League, reaching The club’s future financial performance the Round of 16 in 2017/18, and the will fluctuate significantly depending successful exploitation of the commercial on participation in UEFA’s flagship Annual revenue opportunities arising from the opening competition. However, the impact of failing Matchday of their new stadium in 2016, which has to qualify for this season’s Champions Broadcast been critical in driving increased matchday League may be mitigated somewhat by the Commercial and commercial revenue. The club has club’s recent record shirt front sponsorship ambitious plans to enhance the global (Dafabet) and technical kit (New Balance) appeal of its brand, aided by the increased agreements. In future years the club international broadcast distribution of the stands to benefit from a renewed sense of Turkish Superlig, as it strives to climb up optimism in Scottish football, with a highly the Money League. competitive domestic season including the resurgence of Old Firm rivals Rangers and the league securing a record broadcast rights agreement commencing in 2020/21. 33 Deloitte Football Money League 2019 | Top 20 clubs

11 Juventus

2018 Revenue Revenue 2014-2018 (€m) Revenue profile 2018 (€m)

€394.9m 800 13% (£349.8m) 2017 Revenue €51.2m (£45.4m) €405.7m 600 (£348.6m) 406 395 36% 400 324 339 €143.3m 279 (£126.9m)

Juventus drop to 11th, the club’s lowest 200 position since 2011/12, making this the 51% €200.4m first edition with no Italian club in the top 0 2014 2015 2016 2017 2018 Matchday (13) (£177.5m) ten. Revenue fell €10.8m (3%) despite Broadcast (9) 10 10 10 10 11 a seventh consecutive Serie A title and Commercial (10) commercial growth of €22.7m (19%), as the club continue to see the benefits of Annual revenue DFML position their decision to bring merchandise and licensing operations in-house in 2015 and entered into a number of new sponsorship Nearest club comparison 2018 (€m) agreements in 2017/18, including a stadium naming rights deal with Allianz and back 91011 12 13 of shirt arrangement with Cygames. The DFML appearances UEFA competition €33.1m decline in broadcast revenue was the 800 22 UCL: Quarter-final result of an earlier exit from the Champions League compared to the previous season 600 and improved performances of other 1st 439 428 Italian clubs (i.e. AS Roma). 395 121 116 400 143 317 304 Domestic league Technical kit supplier 207 A return to the top ten may prove difficult 227 138 89 position adidas 200 for Juventus due to the lower broadcast 158 200 122 rights values for Serie A relative to the 112 85 Premier League and changes to the 51 57 57 36,510 0 qualification process for the Champions

League. In 2018/19, participation in the Arsena l Average league Shirt front sponsor Group Stages of UEFA’s flagship competition Juventu s match attendance Jeep is guaranteed for four Italian clubs and

Juve’s share of the market pool may Atlético de Madrid Borussia Dortmund Tottenham Hotspur reduce. Juve will hope to secure an eighth consecutive Serie A title this season and the high-profile signing of five time Ballon d’Or Facebook likes Instagram followers winner Cristiano Ronaldo may be a catalyst 36.1m (8th) 20.6m (4th) for improved financial performance. The club's increased social media following in the weeks leading up to, and after, the signing of Cristiano Ronaldo demonstrate the platform for commercial growth that a Twitter followers Women’s football marquee signing can bring. 6.4m (10th) Yes No

34 Deloitte Football Money League 2019 | Top 20 clubs

Juventus: FITness trend

Matchday revenue 2014-2018 (€m) Broadcast revenue 2014-2018 (€m) Commercial revenue 2014-2018 (€m)

400 400 400

300 300 300 234 199 196 200 200 200 155 200 143 121 100 83 74 100 51 52 51 100 100

41 44 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018

Matchday Broadcast Commercial DFML average DFML 11-15 average Source: Deloitte Football Intelligence Tool.

A return to the top ten may prove difficult for Juventus due to the lower broadcast rights values for Serie A relative to the Premier League.

35 Deloitte Football Money League 2019 | Top 20 clubs

12 Borussia Dortmund

2018 Revenue Revenue 2014-2018 (€m) Revenue profile 2018 (€m)

€317.2m 800 18% (£281m) 2017 Revenue €57.1m (£50.6m) €332.6m 600 (£285.8m) 43% 400 333 317 €137.8m 262 281 284 (£122.1m)

Borussia Dortmund remain in 12th 200 position despite worsened performance 39% €122.3m across all revenue streams and an overall 0 2014 2015 2016 2017 2018 Matchday (11) (£108.3m) reduction of €15.4m (5%). The primary Broadcast (17) 11 11 11 12 12 reason for the decline was a €10.4m Commercial (11) reduction in commercial revenue, an area of significant growth in recent years, Annual revenue DFML position due to lower merchandise sales after a challenging Bundesliga campaign and failure to reach the final of a domestic cup Nearest club comparison 2018 (€m) or UEFA competition for the first time since the 2010/11 season. Broadcast revenue 10 11 12 13 14 fell by €3.5m as an earlier exit from the DFML appearances UEFA competition Champions League and the associated 800 15 UCL: Grp UEL:R16 reduction in UEFA distributions more than offset a c.€15m increase in Bundesliga 600 distributions following the start of the new 4th 428 domestic TV rights deal. 395 116 400 143 317 304 281 Domestic league Technical kit supplier 227 138 With the club challenging in 2018/19 for 89 148 position Puma 200 its first Bundesliga title in seven years and 158 200 122 qualification for the Champions League 98 85 Round of 16 secured, the club is well 51 57 57 35 79,864 0 s positioned to improve financially. Action taken by the club to improve international Average league Shirt front sponsor Juventu awareness of the brand, including an match attendance Evonik increased presence in Asia and a pre-

season tour of the USA in the summer Atlético de Madrid Tottenham Hotspur of 2018, may also drive future revenue Borussia Dortmund growth. However, the gap to 11th (€77.7m) FC Internazionale Milano has almost tripled in this year’s Money Facebook likes Instagram followers League. Retaining 12th position from the 15.2m (12th) 6.6m (11th) challenge of rivals immediately below them in the Money League, namely Atlético de Madrid and Internazionale, is perhaps the most realistic objective for Dortmund in 2018/19. Twitter followers Women’s football 3.2m (13th) Yes No

36 Deloitte Football Money League 2019 | Top 20 clubs

Borussia Dortmund: FITness trend

Matchday revenue 2014-2018 (€m) Broadcast revenue 2014-2018 (€m) Commercial revenue 2014-2018 (€m)

400 400 400

300 300 300

200 200 200 144 140 148 124 138 126 122 100 56 54 61 59 57 100 100 82 82 83

0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018

Matchday Broadcast Commercial DFML average DFML 11-15 average Source: Deloitte Football Intelligence Tool.

37 Deloitte Football Money League 2019 | Top 20 clubs

13 Atlético de Madrid

2018 Revenue Revenue 2014-2018 (€m) Revenue profile 2018 (€m)

€304.4m 800 19% (£269.6m) 2017 Revenue €56.8m (£50.3m) €272.5m 600 (£234.2m) 29% €89.4m 400 304 273 (£79.2m) 229 170 177 Atlético de Madrid remain in 13th for the 200 third consecutive season. The 2017/18 52% €158.2m season marked the club’s first year in 0 2014 2015 2016 2017 2018 Matchday (12) (£140.1m) the Wanda Metropolitano stadium and Broadcast (13) 15 16 13 13 13 delivered impressive growth in matchday Commercial (15) (€15.8m, 39%) and commercial (€18.9m, 27%) revenue. Average league attendance Annual revenue DFML position rose by 24% to over 55,000 and the club successfully leveraged new commercial opportunities on offer in its new home. Nearest club comparison 2018 (€m) Broadcast revenue fell marginally (2%) as additional UEFA distributions from winning 11 12 13 14 15 the Europa League softened the potentially DFML appearances UEFA competition significant financial consequences from 800 9 UCL: Grp UEL: Winner a disappointing Group Stage exit in the Champions League. 600 2nd With the gap to Borussia Dortmund 395 400 143 317 reducing to less than €13m in this edition, 304 281 Domestic league Technical kit supplier 138 250 Atlético will no doubt be seeking to climb 89 148 position Nike 200 48 the Money League next year. A boost to 158 200 122 167 commercial performance is expected in 98 2018/19, with the start of an improved deal 51 57 57 35 35 55,477 0 s with Plus500 for shirt front sponsorship, Hyundai taking on shirt sleeve sponsorship Average league Shirt front sponsor Juventu AS Roma and a range of new regional partnerships match attendance Plus500 from the Americas and India. However, progression into the latter stages of the Borussia Dortmund Atlético de Madrid Champions League may be necessary to overhaul the club directly above, and a FC Internazionale Milano tantalising tie with Juventus in the Round of Facebook likes Instagram followers 16 provides an interesting opportunity to 13.7m (13th) 6.1m (12th) close the financial gap on another Money League rival.

Twitter followers Women’s football 4.1m (12th) Yes No

38 Deloitte Football Money League 2019 | Top 20 clubs

Atlético de Madrid: FITness trend

Matchday revenue 2014-2018 (€m) Broadcast revenue 2014-2018 (€m) Commercial revenue 2014-2018 (€m)

400 400 400

300 300 300

200 200 161 158 200 139 96

100 100 100 87 89 71 53 53 33 37 36 41 57 41 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018

Matchday Broadcast Commercial DFML average DFML 11-15 average Source: Deloitte Football Intelligence Tool.

With the gap to Borussia Dortmund reduced to less than €13m in this edition, Atlético will no doubt be seeking to climb the Money League next year.

39 Deloitte Football Money League 2019 | Top 20 clubs

14 FC Internazionale Milano

2018 Revenue Revenue 2014-2018 (€m) Revenue profile 2018 (€m)

€280.8m 800 12% (£248.7m) 2017 Revenue €35.3m (£31.3m) €262.1m 600 (£225.2m) 53% 400 €147.8m 262 281 (£130.9m)

163 165 179 Inter climb one place to 14th, having 200 been placed as low as 20th just three 35% €97.7m years previously. The Money League ever- 0 2014 2015 2016 2017 2018 Matchday (17) (£86.5m) presents revival on and off-pitch continues, Broadcast (19) 17 20 19 15 14 with revenue increasing by €18.7m (7%) Commercial (9) in 2017/18. Whilst commercial growth has slowed, this remains the largest growing Annual revenue DFML position revenue stream for the club, up €17.7m (14%) as they benefit from increased presence in Asia and the local reach of Nearest club comparison 2018 (€m) Chinese electronics retailer Suning who acquired the club in 2016. Three new 12 13 14 15 16 deals in China were the primary drivers of DFML appearances UEFA competition improved commercial performance. 800 22 n/a

Suning's acquisition appears to have 600 marked a turning point and bodes well for 4th the club's future. On-pitch results improved 400 317 in 2017/18 as Inter finished fourth in Serie 304 281 Domestic league Technical kit supplier 138 250 244 A and qualified for this season’s Champions 89 148 position Nike 48 106 League. Inter’s first appearance in UEFA’s 158 200 122 167 flagship competition since 2011/12 will 98 91 provide a boost to revenue through 57 57 35 35 47 56,044 0 enhanced distributions and may help them to retain their status as the second highest Average league Shirt front sponsor AS Roma placed Italian club in the Money League. Schalke 04 match attendance Pirelli Atlético de Madrid Borussia Dortmund FC Internazionale Milano Facebook likes Instagram followers 11.3m (14th) 2.4m (15th)

Twitter followers Women’s football 1.6m (17th) Yes No

40 Deloitte Football Money League 2019 | Top 20 clubs

FC Internazionale Milano: FITness trend

Matchday revenue 2014-2018 (€m) Broadcast revenue 2014-2018 (€m) Commercial revenue 2014-2018 (€m)

400 400 400

300 300 300

200 200 200

148 99 104 98 100 100 100 130 88 97 54 45 55 21 22 26 28 35 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018

Matchday Broadcast Commercial DFML average DFML 11-15 average Source: Deloitte Football Intelligence Tool.

41 Deloitte Football Money League 2019 | Top 20 clubs

15 AS Roma

2018 Revenue Revenue 2014-2018 (€m) Revenue profile 2018 (€m)

€250m 800 14% (£221.5m) 2017 Revenue €35.4m (£31.4m) €171.8m 600 (£147.6m) 19% 400 €47.8m (£42.3m) 250 218 179 172 Following an absence from last year’s 200 127 Money League top 20, AS Roma climb 67% €166.8m nine places to 15th with record revenue of 0 2014 2015 2016 2017 2018 Matchday (16) (£147.8m) €250m, up €78.2m (46%) overall. A strong Broadcast (11) n/a1515n/a 15 season on the pitch saw AS Roma reach Commercial (17) the Semi-finals of the Champions League, resulting in the club being the recipient Annual revenue DFML position of the second highest UEFA distribution (€83.8m) and overall broadcast revenue growth of €52.2m, having failed to qualify Nearest club comparison 2018 (€m) for the Group Stage in the previous season. The positive effect from strong 13 14 15 16 17 performances in UEFA club competitions DFML appearances UEFA competition was further underlined by matchday and 800 19 UCL: Semi-final commercial growth of 44% (€10.9m) and 46% (€15.1m) respectively, with the latter 600 including an up-front payment from Qatar 3rd Airways who agreed to become the club’s 400 shirt front sponsor from the start of the 304 281 Domestic league Technical kit supplier 89 250 244 2018/19 season. 148 213 position Nike 208 198 48 106 34 183 200 158 167 70 160 134 We expect the club to retain a Money 98 91 101 122 League position next year, having already 57 35 35 47 19 37,683 0 n secured qualification to the Champions

League Round of 16. The potential revenue Everton Average league Shirt front sponsor AC Mila AS Roma Schalke 04 increase from moving to the club’s match attendance Qatar Airways* SSC Napoli proposed new stadium is not expected West Ham United until at least the start of the 2020/21 Atlético de Madrid season, meaning a continued presence and strong performances in the Champions FC Internazionale Milano League will be critical if the club are to Facebook likes Instagram followers retain top 20 status in future editions. 9.4m (16th) 2.2m (16th)

Twitter followers Women’s football *Shirt front sponsor agreement entered into during 2017/18 season. 1.7m (15th) Yes No

42 Deloitte Football Money League 2019 | Top 20 clubs

AS Roma: FITness trend

Matchday revenue 2014-2018 (€m) Broadcast revenue 2014-2018 (€m) Commercial revenue 2014-2018 (€m)

400 400 400

300 300 300

167 200 200 154 200

115 100 100 114 100 48 69 38 35 36 33 30 35 21 28 25 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018

Matchday Broadcast Commercial DFML average DFML 11-15 average Source: Deloitte Football Intelligence Tool.

43 Deloitte Football Money League 2019 | Top 20 clubs

16 Schalke 04

2018 Revenue Revenue 2014-2018 (€m) Revenue profile 2018 (€m)

€243.8m 800 19% (£216m) 2017 Revenue €47m (£41.7m) €230.2m 600 (£197.8m) 44% 400 €105.8m (£93.7m) 244 214 220 225 230 Schalke 04 remain in 16th position this 200 year making it 16 consecutive appearances 37% €91m in the top 20. Despite missing out on 0 2014 2015 2016 2017 2018 Matchday (14) (£80.6m) participation in UEFA club competitions Broadcast (20) 14 13 14 16 16 in 2017/18, the club achieved overall Commercial (14) revenue growth of 6% (€13.6m) to €243.8m, including an increase in broadcast revenue Annual revenue DFML position of €8.7m as incremental revenue from the Bundesliga’s improved new broadcast rights cycle and a higher finishing position Nearest club comparison 2018 (€m) in the league offset reduced UEFA distributions. Commercial growth of 14 15 16 17 18 €11.2m (12%) included the renewal of the DFML appearances UEFA competition shirt front sponsorship agreement with 800 16 n/a Gazprom and a new shirt sleeve deal with AllyouneedFresh. 600 2nd The club opened a new office in Shanghai 400 and partnered with Chinese Super 281 Domestic league Technical kit supplier 250 244 League's Hebei China Fortune FC in 2018 148 213 208 position adidas 48 106 as part of their plans to pursue further 34 70 200 167 160 commercial growth in a key emerging 98 91 101 market for football. Given Schalke 04 return 35 35 47 19 37 61,081 0 n to the Champions League this season, we

expect continued revenue growth in next Everton Average league Shirt front sponsor AC Mila AS Roma

year’s edition of the Money League, with Schalke 04 match attendance Gazprom the club’s revenue potentially surpassing €300m for the first time. This should enable the club to improve its position in next year’s Money League. FC Internazionale Milano Facebook likes Instagram followers 2.9m (18th) 0.6m (19th)

Twitter followers Women’s football 0.7m (20th) Yes No

44 Deloitte Football Money League 2019 | Top 20 clubs

Schalke 04: FITness trend

Matchday revenue 2014-2018 (€m) Broadcast revenue 2014-2018 (€m) Commercial revenue 2014-2018 (€m)

400 400 400

300 300 300

200 200 200

100 39 51 53 47 100 100 104 108 98 106 41 91 95 69 73 75 82

0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018

Matchday Broadcast Commercial DFML average DFML 16-20 average Source: Deloitte Football Intelligence Tool.

With Schalke 04 returning to the Champions League this season, we expect continued revenue growth and, probably, a higher placing in next year’s edition.

45 Deloitte Football Money League 2019 | Top 20 clubs

17 Everton

2018 Revenue Revenue 2014-2018 (€m) Revenue profile 2018 (€m)

€212.9m 800 9% (£188.6m) 2017 Revenue €18.9m (£16.7m) €199.2m 600 (£171.2m) 16% 400 €34m (£30.1m) 199 213 144 165 163 Everton appear in the Money League 200 for the second consecutive year, rising 75% €160m three places to 17th, the club’s best ever 0 2014 2015 2016 2017 2018 Matchday (20) (£141.8m) position. The Toffees generated record Broadcast (12) 20 19 n/a2017 revenue of £188.6m after growth of 10% Commercial (19) (£17.4m), with the primary catalyst being a return to UEFA club competition for the Annual revenue DFML position first time since 2014/15. The return of European football to Goodison Park had a positive impact on matchday revenue Nearest club comparison 2018 (€m) and the €14.1m distribution for Europa League participation and performance 15 16 17 18 19 provided the revenue boost required to DFML appearances UEFA competition climb the Money League. Commercially, 800 5 UEL: Group the club entered into a record shirt front sponsorship arrangement with SportPesa, 600 replacing a long-standing partnership with 8th Chang Beer. 400 Domestic league Technical kit supplier 250 244 Everton’s matchday revenue continues 213 208 202 position Umbro 48 106 34 183 179 to rank the lowest of any club in the 200 167 70 32 160 143 140 Money League and remains a key area 91 101 122 for improvement in coming years. The 35 47 19 37 27 39,043 0 n club's ambitions to move to a new stadium remain, but any financial impact would Average league Shirt front sponsor Everton AC Mila AS Roma Schalke 04 not be realised for a number of years. match attendance SportPesa SSC Napoli Despite having failed to qualify for UEFA Leicester Cit y competition for 2018/19, Everton may Newcastle United secure a third consecutive appearance in next year’s Money League if they finish the Premier League season strongly. Facebook likes Instagram followers 3.1m (17th) 0.8m (17th)

Twitter followers Women’s football 1.7m (16th) Yes No

46 Deloitte Football Money League 2019 | Top 20 clubs

Everton: FITness trend

Matchday revenue 2014-2018 (€m) Broadcast revenue 2014-2018 (€m) Commercial revenue 2014-2018 (€m)

400 400 400

300 300 300

152 160 200 200 112 200 114 101

100 100 100 21 25 24 17 19 22 26 27 31 34 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018

Matchday Broadcast Commercial DFML average DFML 16-20 average Source: Deloitte Football Intelligence Tool.

47 Deloitte Football Money League 2019 | Top 20 clubs

18 AC Milan

2018 Revenue Revenue 2014-2018 (€m) Revenue profile 2018 (€m)

€207.7m 800 18% (£184m) 2017 Revenue €36.9m (£32.7m) €191.7m 600 (£164.7m) 34% 400 €70.2m (£62.2m) 250 199 215 192 208 AC Milan return to the Money League 200 in 18th position, having fallen out of the 48% €100.6m top 20 for the first time last year, with 0 2014 2015 2016 2017 2018 Matchday (15) (£89.1m) revenue increasing by €16m (8%) to Broadcast (18) 12 14 16 n/a18 €207.7m. The Rossoneri’s first season Commercial (16) of European football since 2013/14, contributed to improved broadcast Annual revenue DFML position revenue (up €10.8m) and underlines the importance of participation in UEFA club competitions for Money League positions. Nearest club comparison 2018 (€m) However, matchday revenue improved most, as renewed optimism amongst fans, 16 17 18 19 20 buoyed by the return of Gennaro Gattuso DFML appearances UEFA competition as manager, resulted in average league 800 21 UEL: R16 attendance soaring to 51,472, having failed to break 40,000 in the previous season. 600 6th Having featured in the top ten of the Money League in all of the first 17 editions, this 400 Domestic league Technical kit supplier 244 is the first time AC MIlan have improved 213 208 202 198 position adidas 106 34 their position since 2009/10. Changes to 200 70 32 37 160 143 134 senior management personnel and the 91 101 start of a new technical kit partnership 47 19 37 27 28 51,472 0 with Puma from the start of the 2018/19

season are clear indicators of the club’s Everton Average league Shirt front sponsor AC Mila n ambition to improve. Whilst AC Milan have Schalke 04 match attendance Emirates failed to progress beyond the Group Stage Newcastle United of the Europa League this season, UEFA West Ham United distributions should be sufficient to retain a top 20 position next year. Qualification for the Champions League, will be necessary if Facebook likes Instagram followers the club is to make further progress up the 24.8m (11th) 5.2m (13th) Money League in the next couple of years.

Twitter followers Women’s football 6.7m (7th) Yes No

48 Deloitte Football Money League 2019 | Top 20 clubs

AC Milan: FITness trend

Matchday revenue 2014-2018 (€m) Broadcast revenue 2014-2018 (€m) Commercial revenue 2014-2018 (€m)

400 400 400

300 300 300

200 200 200 123 101 81 100 100 101 100 102 97 70 80 88 90 25 22 26 21 37

0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018

Matchday Broadcast Commercial DFML average DFML 16-20 average Source: Deloitte Football Intelligence Tool.

49 Deloitte Football Money League 2019 | Top 20 clubs

19 Newcastle United

2018 Revenue Revenue 2014-2018 (€m) Revenue profile 2018 (€m)

€201.5m 800 16% 13% (£178.5m) 2017 Revenue €31.8m €27m (£28.2m) (£23.9m) €99.7m 600 (£85.7m) 400

202 155 169 168 Newcastle United return to the Money 200 100 League for the first time since 2014/15 71% €142.7m in 19th position. The Magpies generated 0 2014 2015 2016 2017 2018 Matchday (19) (£126.4m) revenue of £178.5m, having earned less Broadcast (14) 19 17 n/an/a 19 than £100m in the previous season in Commercial (20) which the club achieved promotion from the English Championship. A return to the Annual revenue DFML position most lucrative league in world football, and successfully avoiding relegation in its first season, resulted in a £79m (167%) Nearest club comparison 2018 (€m) increase in broadcast revenue highlighting the financial reward on offer for clubs that 16 17 18 19 20 reach the very top of the English football DFML appearances UEFA competition pyramid. Premier League status also had a 800 15 n/a noticeable impact on commercial revenue, which almost doubled, as performance- 600 based clauses triggered by promotion, 10th resulted in notable uplifts in key deals with the club’s technical kit supplier and shirt 400 Domestic league Technical kit supplier 244 front sponsor, as well as the start of a 213 208 202 198 position Puma 106 34 new shirt sleeve sponsorship deal with 200 70 32 37 160 143 134 MRF Tyres. 91 101 47 19 37 27 28 52,297 0 n The relatively equal nature of Premier

League distributions means participation Everton Average league Shirt front sponsor AC Mila in this season’s Premier League may be Schalke 04 match attendance FUN88 sufficient in itself for the club to retain a place in the top 20 next year, with West Ham United Newcastle United commercial growth also likely due to additional commercial deals signed this season. However, Newcastle’s long-term Facebook likes Instagram followers future in the Money League will be dictated 2.2m (20th) 0.2m (20th) by the retention of their Premier League status with the club currently occupying a place towards the bottom of the table.

Twitter followers Women’s football 1.3m (19th) Yes No

50 Deloitte Football Money League 2019 | Top 20 clubs

Newcastle United: FITness trend

Matchday revenue 2014-2018 (€m) Broadcast revenue 2014-2018 (€m) Commercial revenue 2014-2018 (€m)

400 400 400

300 300 300

200 200 200 143

100 100 94 101 97 100 35 33 31 27 27 55 17 31 33 38 32 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018

Matchday Broadcast Commercial DFML average DFML 16-20 average Source: Deloitte Football Intelligence Tool.

The Magpies generated revenue of £178.5m, having earned less than £100m in the previous season in which the club achieved promotion from the English Championship.

51 Deloitte Football Money League 2019 | Top 20 clubs

20 West Ham United

2018 Revenue Revenue 2014-2018 (€m) Revenue profile 2018 (€m)

€197.9m 800 14% (£175.3m) 2017 Revenue €27.7m (£24.5m) €213.3m 600 (£183.3m) 18% 400 €36.4m (£32.3m) 192 213 198 139 161 West Ham retain a place in the top 20 200 for the third consecutive year despite a 68% €133.8m marginal revenue decline of £8m (4%) 0 2014 2015 2016 2017 2018 Matchday (18) (£118.5m) to £175.3m, dropping three places to Broadcast (15) n/an/a 18 17 20 20th. Whilst on-pitch performance in Commercial (18) the Premier League dipped last season, with the Hammers slipping two places (to Annual revenue DFML position 13th), the fact that the club generated the 15th highest level of broadcast revenue in our top 20 despite no participation in Nearest club comparison 2018 (€m) UEFA club competitions highlights the importance of the central broadcast rights 16 17 18 19 20 value to clubs in England. The 2017/18 DFML appearances UEFA competition season saw lower matchday revenue, a 800 5 n/a trend occasionally seen in the second year of a club moving to a new stadium, but 600 Premier League attendances at the London 13th Stadium remained strong with an average attendance of almost 57,000, the ninth 400 Domestic league Technical kit supplier 244 highest amongst Money League clubs. 213 208 202 198 position Umbro 106 34 200 70 32 37 160 143 134 A potential source of revenue growth in 91 101 future years is maximising commercial 47 19 37 27 28 56,896 0 n opportunities that may become available

at the London Stadium. West Ham have Everton Average league Shirt front sponsor AC Mila also invested in Manuel Pellegrini and his Schalke 04 match attendance Betway management team in an attempt to ensure Newcastle United

the club remain in the Premier League and West Ham United potentially challenge for a place in UEFA club competitions. If the Hammers are successful in achieving finishes in the top Facebook likes Instagram followers half of the Premier League on a consistent 2.3m (19th) 0.7m (18th) basis they are likely to remain a top 20 club in the Money League.

Twitter followers Women’s football 1.4m (18th) Yes No

52 Deloitte Football Money League 2019 | Top 20 clubs

West Ham United: FITness trend

Matchday revenue 2014-2018 (€m) Broadcast revenue 2014-2018 (€m) Commercial revenue 2014-2018 (€m)

400 400 400

300 300 300

200 200 200 139 134 116

100 100 90 104 100 23 26 36 33 28 41 26 31 40 36 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018 0 2014 2015 2016 2017 2018

Matchday Broadcast Commercial DFML average DFML 16-20 average Source: Deloitte Football Intelligence Tool.

Premier League attendances at the London Stadium remained strong with an average attendance of almost 57,000.

53 Deloitte Football Money League 2019 | Sports Business Group

Deloitte Football Intelligence Tool

The Deloitte Football Money League, profiling the highest earning clubs around the world, provides the most contemporary and reliable independent analysis of clubs’ relative financial performance. Reflecting this, and a greater industry appetite for financial information than ever before, Deloitte has developed the Football Intelligence Tool (‘FIT’), which powered the analysis contained in this years’ edition.

This digital solution allows the user to those included in the Annual Review of Please contact the Deloitte Sports Business manipulate data in a quick and easy to Football Finance Databook. We hope FIT Group ([email protected]) for use format utilising leading technology to will be a valuable asset for anyone looking further information. display many of the data points contained to deepen their understanding of the in the Football Money League, as well as football business. 01 02 ‘Big five’ European Users can plot the leagues plotted charts based on on a map, with a range of league users able to level metrics, such

and analysis select one or as revenue, wage more by clicking costs and average on them. attendance. League wide trends wide League

03 Revenue splits for each league 05 set out and Matrix analysis shown over time. on a club-by-club 04 basis with the axes An interactive map defined by user of Europe allows selected metrics. the user to quickly Peer group averages select the clubs most and correlation lines appropriate to their also plotted. specific geography and circumstances, with FIT currently containing data for the ‘big five’ European leagues and

Club trends and analysis the EFL Championship.

54 Deloitte Football Money League 2019 | Sports Business Group

10 11 06 08 Explore the local Historical details Overall revenue Users can see area of a given club, of key financial trend for given where their with population measures and selection of clubs, highlighted club data displaying the supporting matrix with ability to click is relative to their socio-economic analysis for two through to further own user selected Club profiling profile of the parameters explore historic peer group. catchment area. simultaneously. revenue trends.

07 Users can configure the screen by selecting any metric 09 they wish to explore, Users can create their setting up the own peer groups by overall dashboard to filtering by a variety reflect their areas of of possible metrics interest, providing such as stadium size, visual analysis of whether a club has

Individual club benchmarking specific clubs. played in European competitions, their average attendance or their league position.

55 Deloitte Football Money League 2019 | Basis of preparation

Basis of preparation

We have used the figure for total revenue to different financial reporting parameters Women’s team shirt sponsor: if the extracted from the annual financial in respect of a club, and/or due to different women’s football team has a shirt statements of the company or group ways in which accounting practice is applied sponsor that is different to that of the in respect of each club, or other direct such that the same type of transaction men’s first team (i.e. the club have a sources, for the 2017/18 season (unless might be recorded in different ways. wholly separable shirt sponsor for the otherwise stated). women’s team); The publication contains a variety Revenue excludes player transfer fees, of information derived from publicly Women on club's Board(s): if there is VAT and other sales related taxes. In a few available, or other direct, sources other female representation on the club’s cases we have made adjustments to total than financial statements. We have not Board(s) of Directors. revenue figures to enable, in our view, performed any verification work or audited a more meaningful comparison of the any of the information contained in the Analysis with respect to the ‘Women's football business on a club by club basis. financial statements or other sources in football’ metric is based on information respect of each club for the purpose of collated as at 18 January 2019. Information is derived from annual financial this publication. Note some charts may not statements or information sourced directly sum due to rounding. For the purpose of the international from individual clubs. Based on the comparisons, unless otherwise stated, information made available to us in respect Key performance indicators shown for all figures for the 2017/18 season have of each club, to the extent possible, we each Money League club relate to the been translated at the average exchange have split revenue into three categories football season ending in 2018, unless rate for the year ending 30 June 2018 or – being revenue derived from matchday, otherwise stated. UEFA Champions League 31 December 2017 as appropriate broadcast and commercial sources. Clubs and Europa League performances shown (£1 = €1.1289; €1 = RUB65.7201; are not wholly consistent with each other include participation from the final play- €1 = CHF 1.1598; €1 = DKK 7.4442; in the way they classify revenue. In some off round only. ‘Shirt front sponsor’ and €1 = TRY 4.6271). Comparative figures have cases we have made reclassification ‘Technical kit supplier’ refers to the club’s been extracted from previous editions of adjustments to the disclosed figures to first team home kit for the season ending the Deloitte Football Money League, or enable, in our view, a more meaningful in 2018. Figures in respect of Twitter, from relevant annual financial statements comparison of the financial results. Facebook and Instagram are as at 3 January or other direct sources. For comparability, 2019. For a club with multiple language reference to UEFA distributions have been Matchday revenue is largely derived from accounts, only the most liked/followed extracted from UEFA’s Distribution to clubs gate receipts (including ticket and corporate account has been included. 2017/18 report. hospitality sales). Broadcast revenue includes revenue from distributions Numbers in brackets after component In relation to estimates and projections from participation in domestic leagues, parts of revenue and social media refer actual results are likely to be different cups and European club competitions. to a club’s ranking relative to other Money from those projected because events and Commercial revenue includes sponsorship, League top 20 clubs. Social media rankings circumstances frequently do not occur as merchandising and revenue from other are based on actual figures and not expected, and those differences may be commercial operations. For a more detailed rounded figures shown in this publication. material. Deloitte can give no assurance analysis of the comparability of revenue as to whether, or how closely, the actual generation between clubs, it would be In respect of the ‘Women’s football’ metric, results ultimately achieved will correspond necessary to obtain information not segments are shaded ‘yes’ based on the to those projected and no reliance should otherwise publicly available. following criteria: be placed on such projections.

Some differences between clubs, or over Women’s team: if the club has a time, may arise due to different commercial professional or amateur women’s arrangements and how the transactions are football team that is participating in a recorded in the financial statements, due domestic league;

56

57 This publication has been written in general terms and we recommend that you obtain professional advice before acting or refraining from action on any of the contents of this publication. Deloitte LLP accepts no liability for any loss occasioned to any person acting or refraining from action as a result of any material in this publication.

Deloitte LLP is a limited liability partnership registered in England and Wales with registered number OC303675 and its registered office at 1 New Street Square, London EC4A 3HQ, United Kingdom.

Deloitte LLP is the United Kingdom affiliate of Deloitte NWE LLP, a member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”). DTTL and each of its member firms are legally separate and independent entities. DTTL and Deloitte NWE LLP do not provide services to clients. Please see www.deloitte.com/about to learn more about our global network of member firms.

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