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Financial Analysis of the Transfer Market in the Big-5 European Leagues (2010-2019)

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Financial Analysis of the Transfer Market in the Big-5 European Leagues (2010-2019) CIES Football Observatory Monthly Report n°47 - September 2019 Financial analysis of the transfer market in the big-5 European leagues (2010-2019) Drs Raffaele Poli, Loïc Ravenel and Roger Besson 1. Introduction Since its creation in 2005, the CIES Football Observatory has been monitoring the transfer of players through information published by clubs and the media. The 47th edition of the Monthly Report analyses from a financial per- spective paid transactions having taken place since 2010 which involved teams from the five major European championships: the English Premier League, the Spanish Liga, the German Bundesliga, the Italian Serie A and the French Ligue 1. In four chapters, the study analyses the sums paid in transfer indemnities by big-5 league teams, the clubs and championships who benefited from these investments, the net balance sheets for both teams and leagues, as well as inflation observed year by year since 2010. The latter is calculated on the basis of the exclusive CIES Football Observatory trans- fer value algorithm. The figures published in this report include fixed indemnities for permanent transfers, eventual add-ons, as well as sums invested for paying loans. The amounts paid in the case of loans with an obligation to buy are computed for the year of the transfer. Within the limits of the information available, the data on the beneficiaries take into account the resale per- centages negotiated by former clubs. 1 Monthly Report 47 - Financial analysis of the transfer market in the big-5 European leagues 2. Investments Figure 1: big-5 league club transfer fee investments, € million A new record for spending was recorded in Year Smmer nter Total 2019: €6.6 billion. This sum is almost a 10% in- 2010 194 14 142 crease over the previous record of 2017. In ten 2011 11 22 2 years, the investments in transfer indemnities carried out by big-5 league clubs have grown 2012 1668 27 19 by more than four times. In only two cases, in 201 22 37 271 2012 and 2018, were the amounts paid out less 2014 214 90 2904 than those for the preceding year. 201 3,367 44 1 In 2019, a new spending record was estab- 201 3,7 01 424 lished in three of the leagues studied: the Liga, 2017 279 75 6,04 the Serie A and the Bundesliga. As for the pre- 201 4766 1040 0 vious nine years, English clubs invested the 2019 5787 835 6,22 most for the recruitment of new players: €1.9 billion. Over the last decade, transfer indem- nity investments of Premier League teams ac- counted for 35.8% of the total measured for Figure 2: transfer fee investments by league, the big-5. This proportion has decreased since € million two years in line with the decision to close the E ES ITA ER FR summer transfer window before the opening of the season. 2010 475 0 416 17 19 2011 834 41 4 217 207 2012 722 17 483 09 24 201 922 47 79 11 447 2014 12 586 476 0 2 201 104 29 49 499 70 201 1774 607 855 71 283 2017 2093 79 122 797 1117 201 212 1292 117 1 79 2019 190 103 100 0 830 2 Monthly Report 47 - Financial analysis of the transfer market in the big-5 European leagues The rankings of clubs having invested the Figure 3: transfer fee investments by club, most in transfer fees since 2010 demonstrate € million (2010-2019) the incredible financial clout of a handful of 1 Manhester Cty FC E) 1638 dominant teams. While no club has spent as much as Manchester City, eight other teams 2 FC arelona ES) 12 have invested more than a billion euro over 3 Chelsea FC E) 142 ten years. All of the Champions League final- 4 ars St-erman FC FR) 192 ists since 2005 are part of the twenty teams 5 Jvents FC IA) 1272 having spent the most over the past decade. 6 Manhester nte FC E) 12 In 2019, three Spanish teams were at the top of 7 Real Mar CF ES) 12 the rankings for clubs having spent the most 8 Clb Atlto e Mar ES) 1110 on transfer indemnities. This finding reflects a 9 verpool FC E) 107 cyclical need for squad renewal, but also the availability of considerable financial possibili- 10 Internaonale Mlano FC IA) 9 ties linked to the establishment of the Span- 11 AS Roma IA) 9 ish top division as the second most powerful 12 AS Monao FR) 2 league on the planet after the English Premier 1 Mlan C (IA) 853 League. 14 rsenal FC E) 830 1 Tottenham otspr FC E) 73 1 Everton FC E) 72 17 FC ayern Mnhen ER) 727 1 BV 09 orssa ortmn ER) 702 19 SSC apol IA) 69 20 Valena CF ES) 11 Figure 4: transfer fee investments by club, € million (2019) 1 Clb Atlto e Mar ES) 29 2 Real Mar CF ES) 324 3 FC arelona ES) 2 4 Internaonale Mlano FC IA) 212 5 Jvents FC IA) 1 6 Mlan C (IA) 183 7 Manhester Cty FC E) 177 8 Aston lla FC E) 174 9 BV 09 orssa ortmn ER) 17 10 Tottenham otspr FC E) 170 11 Sevlla FC ES) 1 . Manhester nte FC E) 1 1 rsenal FC E) 10 . FC ayern Mnhen ER) 10 . AS Monao FR) 10 1 ars St-erman FC FR) 10 17 Everton FC E) 147 1 Real ets alomp ES) 124 19 Chelsea FC E) 11 20 SSC apol IA) 11 3 Monthly Report 47 - Financial analysis of the transfer market in the big-5 European leagues 3. Receipts Figure 5: beneficiaries of transfer fees invested by big-5 league clubs The analysis of teams who have benefited Clbs n the same leae Lower vson lbs 2010-2019 n the same ontry from the transfer fees invested by big-5 league Non-EFA lbs 8.1% clubs over the last decade shows that most of 6.1% the money stays within these championships: 31.2% 66.0% of the total. A similar percentage was Clbs n other 18.4% EFA assoatons recorded in 2019. The high level of these per- centages reflects the fact that the most ex- 1.4% pensive transfers generally take place between Lower vson lbs 34.8% n other b- clubs of the five major European leagues. leae ontres With more than one billion euro received since Clbs n other b- leaes January 2010, Monaco is the team having ben- efited the most from investments made by Clbs n the same leae Lower vson lbs 2019 n the same ontry big-5 league clubs for the recruitment of new Non-EFA lbs 9.5% players. Chelsea and Juventus also received a 5.1% lot of money. However, as with the other major 27.8% clubs in this ranking, the amounts received are Clbs n other 19.0% EFA assoatons lower than those spent. Only three teams out- side of the five major championships figure in 1.2% the top twenty places: Benfica (4th, €780 mil- Lower vson lbs 37.4% n other b- lion), Porto (11th, €592 million) and Ajax (14th, leae ontres €513 million). Clbs n other b- leaes Figure 6: clubs having received the most transfer fees by big-5 league teams, € million (2010-2019) 1 AS Monao FR) 1029 2 Chelsea FC E) 868 3 Jvents FC IA) 77 4 SL Benfica (POR) 70 5 Real Madrid CF (ESP) 73 6 Club Atlético de Madrid (ESP) 74 7 AS Roma IA) 72 . FC Barcelona (ESP) 72 9 verpool FC E) 71 10 BV 09 orssa ortmn ER) 67 11 FC Porto (POR) 92 12 Sevilla FC (ESP) 2 1 Valencia CF (ESP) 9 14 FC a (E) 1 . Tottenham otspr FC E) 1 1 Olympique Lyonnais (FRA) 497 17 Manchester City FC (ENG) 492 1 LOSC Lille (FRA) 483 19 FC enoa 19 IA) 472 20 Paris St-Germain FC (FRA) 4 4 Monthly Report 47 - Financial analysis of the transfer market in the big-5 European leagues 4. Net balance Figure 7: net balances of transfers, big-5 leagues For an optimum understanding of the econ- E ITA ES ER FR omy of the transfer market, aside from the 2010 -2 -7 23 -29 18 amounts spent and the beneficiaries, it is es- 2011 -11 -100 -104 - -17 sential to examine the net balance of opera- tions. Over the past decade, the big-5 league 2012 -338 15 4 -124 -9 clubs have recorded a cumulative deficit of 201 - -6 +65 -74 -141 €8.9 billion. English Premier League clubs 2014 -0 -8 - -14 +31 alone have a total net negative balance of €6.5 201 -720 -197 -1 +38 +100 billion. 201 -1038 9 -19 -1 +11 Despite the considerable investments by Paris 2017 -767 -14 -2 -99 -209 St-Germain (cumulative deficit of €901 million 201 -121 -2 -220 12 +333 over the past decade), the French Ligue 1 is the 2019 -762 -40 -67 -17 +12 only championship of the big-5 with a positive net balance (+€359 million). During the last Total -4 -121 -00 -7 +9 two years, the net balance of transfer opera- tions carried out by French top division teams have reached historic new heights (+€485 mil- lion overall). 5 Monthly Report 47 - Financial analysis of the transfer market in the big-5 European leagues The rankings of big-5 league teams with the Figure 8: most positive net balances for most positive balance sheets on the transfer transfers, big-5 league clubs market since 2010 highlight again the excep- 2010-2019 2019 tional case of the Ligue 1.
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