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Football Clubs' Valuation The European Elite 2020 Football Clubs’ Valuation May, 2020 KPMG Sports Advisory Practice footballbenchmark.com About KPMG Football Benchmark A business intelligence tool enabling relevant comparison with competitors, including: Finance & operations A consolidated and verified database of the financial and operational performance of over 200 football clubs, both in Europe and South America Social media analytics An updated and historical tracking of the social media activity of 400 football clubs, 300 footballers and 270 competitions and other sporting accounts Player valuation A proprietary algorithm, which calculates the market value of 5,200+ football players from ten European and two South American leagues. Table of contents P. 04 P. 05 Foreword Selection criteria P. 06 P. 16 Headline findings COVID-19 impact on the football industry P. 20 P. 22 Enterprise Value Our methodology ranges & mid points © 2020 KPMG Advisory Ltd., a Hungarian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 03 Foreword Andrea Sartori Partner KPMG Global Head of Sports Foreword [email protected] Dear Reader, The overall enterprise value of the 32 clubs has increased for the fourth consecutive year: the aggregate EV of these Welcome to the 5th edition of KPMG’s “Football Clubs’ clubs has grown by 51%, primarily driven by an aggregate Valuation: The European Elite 2020”, an analysis that 44% increase in total operating revenues over the past five provides an indication of the Enterprise Value (EV) years. All the revenue streams have consistently risen, with of the 32 most prominent European football clubs as at broadcasting income being the main source of growth: average 1 January 2020. broadcasting revenue among the top 32 clubs increased by 65%, while matchday and commercial revenues grew by 22% Our figures are from just five months ago – whereas today, and 39%, respectively, during this period. It is interesting to we seem to be in a different era, as the COVID-19 pandemic note that 25 out of 32 clubs have decreased their matchday has upended the world of football, causing an unprecedented dependence over the years: considering the fact that this complexity of logistical, financial, regulatory and legal issues revenue stream will be affected the most by the COVID-19 for the European football ecosystem. Club values have certainly pandemic, this could be seen as a relatively positive trend in the been affected, too, but the immediate impact cannot yet be short term. On club level, Olympique Lyonnais have seen quantified, as the financial statements for the current football their EV grow the most in five years (+193%), followed by season will only be published in the months to come. Tottenham Hotspur FC and FC Internazionale Milano. Within While we have witnessed a significant drop in share prices the same timeframe, Liverpool FC are the club who have grown of football clubs listed on various stock exchanges since the their EV the most in absolute terms (EUR 1,385m). Remarkably, outbreak of the crisis, there has been a slight recovery recently AC Milan are the only club in our 5-year analysis that suffered with the hope of a restart of the current season in most a decrease in EV from 2016 to 2020, showing a 3% drop. England 9 countries. This year’s enterprise values are nonetheless exciting Tottenham Hotspur FC and AC Milan are again on the to examine, especially as they allow us to analyse 5-year opposite end if we analyse clubs’ profitability over the five Arsenal FC Netherlands 1 business performance trends of Europe’s elite football clubs. years: the Spurs are by far the best performers in this regard Chelsea FC Everton FC AFC Ajax That analysis could be a crucial benchmark to compare values with a cumulative EUR 439m EBIT, while AC Milan registered a Leicester City FC and trends in our next yearly report, and thus see the true similar amount of negative EBIT (EUR -442m) since 2016. Liverpool FC impact of the pandemic. Manchester City FC Looking at the costs side, aggregate staff costs continued to Manchester United FC This year’s report reveals that Real Madrid CF and Manchester grow in 2018/19, but the average staff costs-to-revenue ratio of Tottenham Hotspur FC United FC maintained the 1st and 2nd positions, respectively, the top 32 remained stable at around 63%, compared to 64% West Ham United FC while FC Barcelona have regained the 3rd position, in 2016. Germany 3 leapfrogging FC Bayern München, who have never posted a Borussia Dortmund loss in their Financial Statements during the last 27 years. In this year’s report, we dedicate a separate chapter to FC Bayern München the impacts of the coronavirus pandemic. As there is a lot France 2 FC Schalke 04 Further major changes in the top 10 this year include UEFA of uncertainty regarding the immediate effects and reactions Olympique Lyonnais Tu rkey 2 Champions League title holders Liverpool FC advancing two (amongst others, calendar issues, effects on clubs’ revenue and Paris Saint-Germain FC th spots to reach the 5 position, and Arsenal FC, similarly to financial losses, players devaluation and impact on transfers Beşiktaş JK the previous year, dropping two spots again, to land in the 10th activities), we are focusing on longer-term implications, with five Galatasaray SK position, down five spots in the ranking since our first edition industry personalities sharing their views on the most topical of the report in 2016. For the first time in our analysis, there is questions. All contributors to our report have underlined no Italian club among this elite, as Juventus FC have dropped the importance of ensuring that football stakeholders, Spain 7 Italy 6 out of the top 10, while Paris Saint-Germain FC have advanced in response to the COVID-19 crisis, grasp the opportunity two spots to land in the 9th position, thus re-joining the elite to create a more balanced, financially sustainable and Athletic Club Bilbao AC Milan 10 for the first time since 2016. At club level, Galatasaray SK competitive football ecosystem, with a focus on common Atlético de Madrid AS Roma FC Barcelona FC Internazionale Milano registered the highest (49%) year-on-year EV increase, followed goals and mutual long-term benefits, rather than short-term Real Madrid CF Juventus FC closely by Paris Saint-Germain FC and FC Internazionale Milano. individual objectives. This for the benefit of rights holders, Sevilla FC SS Lazio clubs, players, media and sponsors involved in the industry, Valencia CF SSC Napoli Over the five years of our analysis, Real Madrid CF managed but, above all, this should be done for the millions of fans and Portugal 2 Villarreal CF to retain their leadership primarily due to the rewards of their supporters of the “beautiful game” globally. FC Porto three UEFA Champions League trophies in a row, and a 41% SL Benfica aggregate growth in commercial revenue. After three years on We trust our report, prepared by the Football Benchmark team top, Manchester United FC stayed up on the podium thanks of KPMG’s Sports Advisory Practice, provides stimulating to the brand’s appeal and an impressive cumulative EBIT of insight into the European football landscape. Who is new in the top 32 Who is out of the top 32 EUR 338m. FC Barcelona’s 5-year trend reveals a 50% growth in total operating revenues, while commercial activities became If you would like to receive further information or discuss our FC Porto (Portugal) AS Monaco FC (France) their most successful revenue stream, resulting in 52% growth findings, please contact us through footballbenchmark.com, or Valencia CF (Spain) Celtic FC (Scotland) from 2016. myself directly. I would be pleased to discuss them with you. © 2020 KPMG Advisory Ltd., a Hungarian limited liability company and a member firm of the KPMG network of independent 04 member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Selection criteria The European Elite: Selection criteria Besides availability of annual financial statements of the clubs, The rationale behind these selection criteria is that the KPMG set three parameters to be fulfilled in order for a club to chosen clubs are largely successful on pitch, are not in be included in our research. The two primary criteria that have danger of being relegated and possess a brand with high to be simultaneously fulfilled are: international visibility. 1. Clubs must be among the top 50 European teams by Based on the pre-established selection criteria, 38 clubs total operating revenues; and from 9 European countries have met the requirements and have been analysed by KPMG. The 32 clubs which make 2. Clubs must be among the top 50 teams according to this year’s edition of KPMG’s Football Clubs’ Valuation report the 5-year UEFA coefficient. are provided in the map below, while the six “runners-up” ranked by their EV are: Celtic FC (Scotland), PSV Eindhoven In case one of the above criteria is not fulfilled, a club could still (Netherlands), Olympique de Marseille and AS Monaco FC be shortlisted if: (France), Fenerbahçe SK (Turkey) and Sporting Clube de Portugal (Portugal). 3. It is among the top 30 European teams by number of social media followers (Facebook, Twitter, Instagram and YouTube combined) as at 1 January 2020. England 9 Arsenal FC Netherlands 1 Chelsea FC Everton FC AFC Ajax Leicester City FC Liverpool FC Manchester City
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