4 | Friday 2 May 2014 The Guardian | Friday 2 May 2014 5 Football finances Turnover £2.7bn Net debt £2.4bn The totals Wages £1.8bn (67% of turnover) Profit/loss £291m loss overall

David In sickness and in wealth A guide to the latest accounts at England’s top clubs Conn

Financial figures for 2012-13, for that season’s Premier League clubs. All details from published annual reports at Companies House. Net debt is as stated in the accounts: debts minus cash held at the bank. Turnover categories are rounded down or up, so added together do not always tally with total turnover Arsenal Aston Villa Chelsea Everton Fulham Liverpool Manchester City Manchester Utd Newcastle Utd Norwich City

Turnover 2nd highest in league £283m ▲ Turnover 10th highest in league £84m ▲ Turnover 4th highest in league £260m Turnover 9th highest in league £86m ▲ Turnover 13th highest in league £73m ▼ Turnover 5th highest in league £206m ▲ Turnover 3rd highest in league £271m ▲ Turnover 1st - highest in league £363m ▲ Turnover 7th highest in league £96m ▲ Turnover 12th highest in league £75m ▲ up from £245m in 2012 up from £80m in 2012 same as in 2011 up from £81m in 2012 down from £79m in 2012 up from £169m in 2012 up from £231m in 2012 up from £320m in 2012 up from £93m in 2012 up from £74m in 2012 Gate and match-day income £93m Gate and match-day income £13m Broadcasting £105m Gate and programme sales £17m Gate and match-day income £12m Gate and match-day income £45m Gate and match-day income £40m Gate and match-day income £109m Gate and match-day income £28m Gate receipts £12m TV and broadcasting £86m TV and broadcasting £46m Match-day income £71m TV and broadcasting £56m TV and broadcasting £49m TV and broadcasting £64m TV and broadcasting £88m TV and broadcasting £102m TV and broadcasting £51m TV and media £50m Retail £18m Commercial £16m Commercial £84m Sponsorship, advertising and Europa League £0.2m Commercial activities £98m Commercial activities £143m Commercial activities £153m Commercial activities £17m Catering £5m Commercial £44m Uefa pool money £0.5m merchandise £8m Sponsorship and commercial £11m Commercial and other income £8m Property development £38m Catering and other commercial £6m Compensation £0.1m Player trading £2m

Wage bill 4th highest in league £154m ▲ Wage bill 8th highest in league £72m ▲ Wage bill 3rd highest in League £179m ▲ Wage bill 10th highest in league £63m Wage bill 9th highest in league £67m ▲ Wage bill 5th highest in league £132m ▲ Wage bill 1st – highest in league £233m ▲ Wage bill 2nd highest in league £181m ▲ Wage bill 11th highest in league £62m ▼ Wage bill 16th highest in league £51m ▲ up from £143m in previous year up from £70m in previous year up from £173m in previous year same as previous year up from £62m in previous year up from £119m in previous year up from £202m in previous year up from £162m in previous year down from £64m in previous year up from £37m in previous year Wages as proportion of turnover 54% Wages as proportion of turnover 85.7% Wages as proportion of turnover 69% Wages as proportion of turnover 73% Wages as proportion of turnover 92% Wages as proportion of turnover 64% Wages as proportion of turnover 86% Wages as proportion of turnover 50% Wages as proportion of turnover 65% Wages as proportion of turnover 68% Profit before tax £7m Loss before tax £52m Loss before tax £56m Profit before tax £2m Loss before tax £2m Loss before tax £50m Loss before tax £52m Loss before tax £9m Profit before tax £10m Profit before tax £1m down from £37m profit in previous year up from £18m loss in previous year up from £4m loss in previous year up from £9m loss in previous year down from £18m loss in previous year up from £41m loss in previous year down from £99m loss in previous year up from £5m loss in previous year up from £1m profit in previous year down from £16m profit in previous year

Net debt £93m Net debt £189m Net debt £958m Net debt £45m Net debt £1m Net debt £114m Net debt £54m Net debt £295m Net debt £133m Net debt Nil (£7m net cash in bank) Interest payable £14m Interest payable £1m Interest payable £Nil Interest payable £4m Interest payable £0.3m Interest payable £4m Interest payable £4m Interest payable £72m Interest payable £0.07m Interest payable £1m Highest paid director Highest paid director Highest paid director Highest paid director Highest paid director Highest paid director Highest paid director Highest paid director Highest paid director Highest paid director Ivan Gazidis £1.825m Unnamed (Paul Faulkner is chief exec) £251,000 Unnamed (Ron Gourlay is chief exec) £1.383m No directors paid; CEO Robert Elstone not a director Unnamed (Alastair Mackintosh is CEO) £810,000 Unnamed (Ian Ayre is managing director) £1.035m Unnamed (John MacBeath was acting CEO) £426,000 Unnamed (David Gill was CEO) £1.327m Unnamed (Derek Llambias was MD) £177,000 Unnamed (David McNally is CEO) £1.716m

Ownership Ownership Ownership Ownership Ownership Ownership Ownership Ownership Ownership Ownership Arsenal Holdings PLC major shareholders are: Owned by Randy Lerner Owned by Roman Abramovich, registered at Shares owned by: Owned by Shahid Khan via Big Cat Holdings, Owned by Fenway Sports Group, registered in USA, of Wholly owned by Sheikh Mansour bin Zayed Al Owned by the Glazer family via Red Football LLC. Owned by Mike Ashley via his company, MASH Majority owned by Delia Smith and her husband Kroenke Sports Enterprises UK 62% via Reform Acquisitions LLC, a USA company 100% Companies House as a Russian resident Bill Kenwright 25% registered in Bermuda, and Cougar HoldCo which John W Henry is the principal shareholder Nahyan, via the Abu Dhabi United Group, registered United now registered in Cayman Islands and listed on Holdings Limited Michael Wynn Jones Red and White Securities Limited 27% Jon Woods 19% in the UAE New York Stock Exchange Accounts of the holding company, Fordstam, for Accounts for the year to 31 May 2013 Accounts for the year to 31 May 2013 Robert Earl (resident of Florida) 23% Accounts for the year to 30 June 2013 Accounts for the year to 31 May 2013 Accounts for the year to 31 May 2013 Accounts for the year to 30 June 2013 Accounts for the year to 30 June 2013 Accounts for the year to 30 June 2013 the year to 30 June 2013 Accounts for the year to 31 May 2013

Profit Profit Profit Profit Profit Profit Profit Profit Profit Profit /Loss £7m /Loss £52m /Loss £56m /Loss £2m /Loss £2m /Loss £50m /Loss £52m /Loss £9m /Loss £10m /Loss £1m

Wage bill as % of Wage bill as % of Wage bill as % of Wage bill as % of Wage bill as % of Wage bill as % of Wage bill as % of Wage bill as % of Wage bill as % of Wage bill as % of their turnover their turnover their turnover their turnover their turnover their turnover their turnover their turnover their turnover their turnover 54% 85.7% 69% 73% 92% 64% 86% 50% 65% 68%

State they’re in State they’re in State they’re in State they’re in State they’re in State they’re in State they’re in State they’re in State they’re in State they’re in With their pricey seating at 60,000 Punishing loss for a 13th-place finish, Still the “trophy asset” of the Russian Finishing sixth, with the 10th highest When René Meulensteen was sacked Clearly and steadily reviving under the The most spectacular funding and The blurb delivering these accounts The year the Mike Ashley revival turned A stable, financially well-managed club capacity , commercial and for the club’s owner Randy Lerner, oligarch Roman Abramovich, funded wage bill, Everton were seen as David as manager after just two months and ownership of John Henry’s Boston- overhaul of a club in English football is sprinkled with hubris now, hailing dour, ’s team finishing looks like this, with owners, Delia Smith income up, and £38m still being made whose venture into English football with the fruits of the fortunes he Moyes’s organisational achievement. replaced by Felix Magath in February, his based Fenway Sports Group, following history. These accounts show the a league championship, record shirt 16th, after the excitements of fifth in and publisher husband Michael Wynn from property development, Arsenal’s ownership has been expensive. Lerner’s grasped buying vast, previously But making money stretch, Everton immediate shell-shocked reflection was the shambolic tenure of Tom Hicks and investment from Sheikh Mansour bin sponsorship by Chevrolet, 34m 2011-12. The same facts and figures can Jones, who are fans – until such a club is income was a massive £283m. Still holding company increased its lending nationalised oil assets cut-price. The appear to be well run, by chairman and that Fulham were “freaking out” about George Gillett. FSG, having cleared the Zayed Al Nahyan, the senior member Facebook followers and other triumphs. be viewed differently by fans: sound relegated. The financial chasm between Arsenal argue they struggle to compete by £42m to £179m, on top of millions money Abramovich has poured into 25% owner Bill Kenwright, and chief the prospect of relegation. The accounts Hicks and Gillett takeover debt, are now of oil-rich Abu Dhabi’s ruling family, at “We are delighted to have David Moyes financial management can look like lack the Premier League and Football against Manchester United, Chelsea and already invested in shares since he Chelsea, in loans, to deliver him trophies executive Robert Elstone. Kenwright reveal why. In the Premier League, the borrowing from banks to reballast the £999,616,000, almost exactly £1bn, in lead our football team into a new and of ambition if few players are signed. League means relegation is a multi- Manchester City, with a wage bill at a bought the club in 2006. In December since he bought the club in 2003 nudged has proven himself a more formidable club US automotive magnate Shahid club – losing £50m remains significant – just five years. City have always said exciting chapter,” United stated. They Ashley has invested significantly million pound trauma, even with £59m sensible 54% of turnover and a profit Lerner waived repayment of £90m in £1bn in 2012-13, at £984m. Neither Uefa’s deal-maker than his air of bonhomie Khan bought in the summer was shaped and the Anfield expansion. They have, they will comply with financial fair play, will be affected by the failure to qualify in a club previously in debt. But in parachute payments over four years. made every year. Owned by the mostly loans. The accounts state a commitment financial fair play rules nor the promise suggests, and appointing Roberto under Mohamed Al Fayed over 16 years though, put significant money in, £69m despite headline £153m 2011-13 losses. for the Champions League and the 2012-13 £11m went to reduce Ashley’s Norwich have worked hard to nurture absentee American Stan Kroenke, to reducing player costs while giving to have the club breaking even stemmed Martínez to replace Moyes has worked into a tidy operation. Yet the club warns in an interest free loan. Liverpool still City still spent a net £84m after June cost of Moyes’s sacking. The Glazers’ interest free loans, to £129m, and his fans’ loyalty, on their Delia catering and Arsenal abide by the “self-sustaining manager £19m to spend further spending; Chelsea’s loss was out better than Moyes’s own career of relegation as its “main commercial spent a net £53m after the date of these 2013, according to their accounts, on economics are well understood; income company, Sports Direct, pays nothing other businesses, but memories are raw model”, meaning shareholders made last summer, but for Lerner the early £56m, and Abramovich then sanctioned move. Everton revealed a new stadium risk,” saying: “Revenues would fall to a accounts on the likes of Luis Alberto, players including Fernandinho, Jesús driven by selling multiple sponsorships, for ubiquitous advertising. This, and of relegations to League One after their millions selling up, but are not expected feelgood seasons must feel like a since June around £50m, net, on buying plan this week, without which they level which would not finance ongoing Iago Aspas, Tiago Ilori and Mamadou Navas, Álvaro Negredo, Stevan Jovetic while their 2005 takeover has cost the Wonga sponsorship, is prompting 2004-05 Premier League season. Hence to put any of their gains into the club. honeymoon long ago. more top-class overseas players. cannot compete with the richest clubs. contractual commitments.” Sakho, who have not featured greatly. and Martín Demichelis. almost £700m in interest and fees. Geordie disillusionment. last month’s sacking of Chris Hughton.

QPR Reading Southampton Stoke City Sunderland Swansea City Tottenham H West Bromwich Utd Athletic

Turnover 18th highest in league £61m ▼ Turnover 19th highest in league £59m ▲ Turnover 14th highest in league £72m ▲ Turnover Joint 16th highest in league £67m ▼ Turnover 11th highest in league £76m ▼ Turnover Joint 16th highest in league £67m ▲ Turnover 6th highest in league £147m ▲ Turnover 15th highest in league £70m ▲ Turnover 8th highest in league £91m ▲ Turnover 20th highest in league £56m ▲ down from £64m in 2012 up from £15m in 2012 up from £23m in 2012 down from £71m in 2012 down from £78m in 2012 up from £65m in 2012 up from £144m in 2012 up from £67m in 2012 up from £67m in 2012 up from £53m in 2012 Gate receipts £8m Gate receipts £9m Match-day income £17m Gate receipts £7m Gate receipts £13m Match income £10m Match receipts £33m Gate receipts £7m Match receipts and related £18m Premier League TV and other £44m TV and media £43m Commercial income £5m Premier League and broadcasting £47m Sponsorship and advertising £6m TV and media £45m Media £51m TV and media £57m Merchandising £3m Commercial £14m Gate and match-day £5m Sponsorship and advertising £5m Media and broadcasting £44m Commercial activities £7m TV and media £46m Sponsorship and royalties £11m Commercial and other £6m All commercial activities £57m TV and media £53m Premier League and broadcasting £52m Cup competitions £4m Commercial £4m Rugby and other £1m Other income £1m Conferencing and hospitality £3m Conference, catering £6m Other commercial income £7m Retail and merchandising £6m Sponsorship and commercial £2m Uefa and other £0.9m Other £1m Retail and other commercial £2m Other £1m Retail and merchandising £2m

Wage bill 7th highest in league £78m ▲ Wage bill 19th highest in league £46m ▲ Wage bill 18th highest in league £47m ▲ Wage bill 12th highest in league £60m ▲ Wage bill 13th highest in league £58m ▼ Wage bill 17th highest in league £49m ▲ Wage bill 6th highest in league £96m ▲ Wage bill 15th highest in league £54m ▲ Wage bill 14th highest in league £56m ▲ Wage bill 20th highest in league £44m ▲ up from £58m in previous year up from £27m in previous year up from £29m in previous year up from £53m in previous year down from £64m in previous year up from £35m in previous year up from £90m in previous year up from £50m in previous year up from £42m in previous year up from £38m in previous year Wages as proportion of turnover 128% Wages as proportion of turnover 78% Wages as proportion of turnover 65% Wages as proportion of turnover 90% Wages as proportion of turnover 76% Wages as proportion of turnover 73% Wages as proportion of turnover 65% Wages as proportion of turnover 77% Wages as proportion of turnover 62% Wages as proportion of turnover 79% Loss before tax £65m Loss before tax £2m Loss before tax £7m Loss before tax £31m Loss before tax £13m Profit before tax £21m Profit before tax £4m Profit before tax £6m Loss before tax £4m Profit before tax £1m up from £23m profit in previous year down from £12m profit in previous year down from £12m loss in previous year up from £10m loss in previous year down from £32m profit in previous year up from £17m profit in previous year up from £7m loss in previous year up from £0.4m profit in previous year up from £24m profit in previous year down from £4m profit in previous year

Net debt £177m Net debt £38m Net debt £19m Net debt £36m Net debt £78m Net debt Nil; £4m cash in bank Net debt £55m Net debt n/a Net debt £77m Net debt £12m Interest payable £0.1m Interest payable £0.6m Interest payable £0.6m Interest payable Nil Interest payable £2m Interest payable £0.05m Interest payable £8m Interest payable Nil Interest payable £5m Interest payable £0.4m Highest paid director Highest paid director Highest paid director Highest paid director Highest paid director Highest paid director Highest paid director Highest paid director Highest paid director Highest paid director Directors of holding company were not paid Not disclosed Nicola Cortese £2.129m Unnamed (Tony Scholes is CEO) £642,000 Unnamed (Margaret Byrne is CEO) £535,000 Huw Jenkins £250,000 Daniel Levy £1.658m Unnamed (Jeremy Peace is CEO) £1.341m Unnamed (Karen Brady in CEO) £1.6m Jonathan Jackson (CEO) paid but not disclosed

Ownership Ownership Ownership Ownership Ownership Ownership Ownership Ownership Ownership Ownership 66% by Tune QPR, registered in Malaysia, owned by Owned by: Owned by Katharina Liebherr, resident of Switzerland, Owned by bet365 Group, the online gambling Owned by the American Ellis Short via Drumaville, a Martin Morgan 22.5%; Brian Katzen 20%; Swansea Enic International Limited, registered in the Bahamas, Majority owned by chairman Jeremy Peace Majority owned, 86.2% by David Sullivan and David Owned by Dave Whelan and family, registered in UK Tony Fernandes and partners Kamarudin Meranun and Anton Zingarevich 51% via undisclosed company structure company controlled by Denise Coates, daughter of company registered in Jersey City Supporters Society Limited 20%; Huw Jenkins owns 85%. , resident in the Bahamas, has a Gold Ruben Gnanalingam. 33% by Sea Dream Ltd, family 49% chairman, Peter, and family 12.5%; Robert Davies 10% controlling 70.6% ownership of Enic, with chairman holding of Lakshmi Mittal Accounts for the year to 30 June 2013 Accounts for the year to 30 June 2013 Accounts for the year to 31 May 2013 Accounts for the year to 31 July 2013 Accounts for the year to 31 May 2013 Daniel Levy and family owning the other 29.4% Accounts for the year to 30 June 2013 Accounts for the year to 31 May 2013 Accounts for the year to 31 May 2013 Accounts for the year to 31 May 2013 Accounts for the year to 30 June 2013

Profit Profit Profit Profit Profit Profit Profit Profit Profit Profit /Loss £65m /Loss £2m /Loss £7m /Loss £31m /Loss £13m /Loss £21m /Loss £4m /Loss £6m /Loss £4m /Loss £1m

Wage bill as % of Wage bill as % of Wage bill as % of Wage bill as % of Wage bill as % of Wage bill as % of Wage bill as % of Wage bill as % of Wage bill as % of Wage bill as % of their turnover their turnover their turnover their turnover their turnover their turnover their turnover their turnover their turnover their turnover 128% 78% 65% 90% 76% 73% 65% 77% 62% 79%

State they’re in State they’re in State they’re in State they’re in State they’re in State they’re in State they’re in State they’re in State they’re in State they’re in In a league generally more steadily run Back following relegation under The stand-out figure in these sensible- In the top league for the sixth season in After the narrow escape from relegation Widely regarded as a model club, There is a sense that Daniel Levy’s Exactly what is expected at the The agreement by West Ham’s owners, Dave Whelan’s project finally dropped these days, QPR under owners Tony the reluctant control of Auto Trader looking accounts is the £2.129m salary a row, yet still financially reliant on the then turmoil under ’s including by the Premier League’s chief managerial sackings, of Hawthorns; a tightly run, financially the pornography magnates David Gold out of the Premier League in 2013 with Fernandes and his associates feels like magnate Sir John Madejski, after the paid to the parent company’s sole chairman Peter Coates and his family. management, relegation this season is executive, Richard Scudamore, who in 2012, André Villas-Boas in December, healthy club, no debt, makes a profit, and David Sullivan, secured by the the FA Cup victory over Manchester an overspending throwback. Loftus planned takeover by Anton Zingarevich, director, Nicola Cortese. In a sport Lifelong Stoke fans and residents, they no less painful a prospect than it would said their ownership, with 20% held by and next, almost certainly, Tim tries to put together the best possible relentless negotiating of Karren Brady, City as a delirious farewell. Whelan, Road’s 18,000 capacity will always son of a Russian billionaire, was not marked by vast sums paid to chief own the club via their online gambling have been last year. The club still made the supporters trust and a fan elected Sherwood, are displacement activities team without running reckless to occupy the Olympic stadium from who spent £25m building the DW struggle to support a Premier League- completed. Zingarevich did provide executives, this was the highest in business, bet365, which makes huge a significant loss, £13m, although it on the board, is ideal. Swansea made a for the new stadium Spurs have been gambles. Yet the relative success of 2016 is one of the most advantageous stadium,and wrote off the £48m cost sized wage bill, but after promotion £19m loans to Reading, via his Gibraltar- 2012-13. Cortese, unhappy with some money from the country’s betting was reduced from the year before and large profit principally from selling Joe hoping to build for years. They finished this method, with last season’s eighth deals ever struck. While Everton, of funding Wigan from the bottom under in 2011, Fernandes registered company, and bought 51% of plans of Saints’ owner Katharina explosion – taking £19bn of bets in 2012- efforts are clearly being made to bring Allen to Liverpool and Scott Sinclair fourth in 2012 under Redknapp, fifth last place under , following Tottenham, Liverpool, Chelsea and division to the top, says that unlike sanctioned huge expenditure for new the club in May 2012, but never fulfilled Liebherr, resigned in January despite 13, making £179m profit. That subsidises the finances into shape. Ellis Short, the to Manchester City – yet the wage bill season, and currently sit comfortably 11th and 10th under Roy Hodgson, others fret over the cost and logistics of other Championship clubs, he supports manager Mark Hughes in 2012, then the agreement to buy the other 49%. reportedly being offered a further huge spending on Stoke, whose loss of £31m US private equity investor who bought jumped 40% to £49m. This was the sixth under Sherwood. There, for all has somewhat stalled. When Clarke expanding or building new stadiums, financial fair play. Whelan states that Harry Redknapp in January 2013, which Zingarevich has since withdrawn from salary. Liebherr, whose father, Markus, was principally due to the wage bill, at the club from the original Irish investors year the directors awarded the owners Levy’s impatience, is where they appear was sacked in December the club West Ham will move into the Premier the release of several players after did not stave off relegation. The result involvement in Reading and Madejski invested in Saints’ rebuilding, has 90% of income, and further investment in the Jersey-registered Drumaville a handsome £2m in dividends; it was to belong, given the Premier League’s complained of his 20% win rate in 2013 League’s third biggest stadium, built relegation, and selling Arouna Koné is the £65m loss, £110m loaned by is looking for another buyer to bear the since populated the board, including in players principally funded by £18m consortium, was repaid £28m of his generally accepted by Swans fans, given sixth highest income at White Hart despite “substantial investment”. That orginally with £500m public money, and James McCarthy to Everton, means Fernandes and partners, with the club in financial cost of supporting a club at the appointing the Canada ice hockey coach, from the owners. Their loans, by the loans, while the club’s bank overdraft the fairy tale journey from financial ruin Lane, which pays for the sixth highest amounted to £7.5m net spend on players whose £150m conversion for them will “relegation has not affected our financial the Championship. yo-yo level of Reading. Ralph Kreuger, as chairman. financial year end, were £42m. increased by that amount, to £39m. in 2001. wage bill. although the wage bill jumped to £54m. be almost entirely public money too. objective to break even”.