Deloitte Football Money League 2012
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Fan power Football Money League Sports Business Group February 2012 The top 20 Money League clubs generated combined revenues of €4.4 billion in 2010/11, over a quarter of the European football market Contents 2 Welcome 6 How we did it 7 Ups and downs 8 The Deloitte Football Money League positions 1-10 22 A new chapter 26 The Deloitte Football Money League positions 11-20 36 Around the world in 90 minutes Edited by Dan Jones Sub-editor Austin Houlihan Authors Richard Battle, Tim Bridge, Adam Bull, Chris Hanson, Richard Taylor and Alexander Thorpe Sports Business Group at Deloitte PO Box 500, 2 Hardman Street, Manchester, UK M60 2AT Telephone: +44 (0)161 455 8787 E-mail: [email protected] www.deloitte.co.uk/sportsbusinessgroup February 2012 Football Money League 2012 Sports Business Group 1 Welcome The huge fan interest in both domestic and international Welcome to the 15th edition of the Deloitte Football markets underpin the brand strength of football’s very Money League, in which we profile the highest earning top clubs and means there is limited movement in positions at the top of the Money League. For the fourth clubs in the world’s most popular sport. Published nine successive year, the clubs comprising the top six remain months after the end of the 2010/11 season, the Money the same with no movement amongst these six for the League is the most contemporary and reliable analysis of last three years. clubs’ relative financial performance. El clásico Whilst there are a number of non-financial methods Real Madrid top the Money League for the seventh that can be used to determine a clubs’ relative size successive year with an impressive €41m (9%) revenue – including measures of attendance, fanbase, broadcast growth to €480m in 2010/11. One more year in top audience, or on-pitch success – we focus on clubs’ position will match the dominance of Manchester ability to generate revenue from day to day football United during the first eight years of the Money League. operations. We therefore rank clubs based on the A phenomenal achievement. money coming in. We do not consider a club’s budget for outgoings, what someone might pay to buy or invest FC Barcelona retain second place, maintaining a Spanish in a club or owner wealth. one-two for the third successive year, with a €53m (13%) growth driving revenues beyond €450m. Nonetheless they remain €29m behind their arch rivals. Strength in numbers The top 20 clubs generated combined revenues of The full impact of Barca’s shirt sponsorship deal with the over €4.4 billion in 2010/11, which is the focus of this Qatar Foundation worth an average of €30m a season edition, a 3% increase on the previous year. This and US$5m (€3.5m) prize money gained from winning represents over a quarter of the total revenues of the the FIFA Club World Cup will boost the club’s revenue in European football market. 2011/12. This may allow it to narrow, or even bridge, the gap to Real. However, relative on-pitch performance Continued growth in revenues of the top 20 emphasises particularly in the Champions League, may determine the strength of football’s top clubs in these tough next year’s top two Money League placings. economic times. Whilst clubs have undoubtedly had to adjust their approach in certain areas, the large and In any case, both clubs are closing in on revenues of loyal supporter bases, ability to drive strong broadcast €500m and are likely to pass this threshold within the audiences and continuing attraction to corporate next few years. Each club’s annual revenues have grown partners has made them relatively resistant to the by almost €200m compared with five years before, a economic downturn. remarkable achievement. Whilst, in their home currency, seven of the top 20 clubs experienced a drop in revenue, this was mostly due to less successful on-pitch performance, particularly in European competition, and the resulting decreases in central distributions and matchday revenues rather than wider recessionary impacts. Nine of the 20 clubs enjoyed double digit percentage revenue growth in 2010/11. 2 Total revenues 2010/11 (€m) 500 Schalke’s run in the 5 . 9 Champions League 7 450 4 7 . 0 resulted in the club 5 4 400 reaching the Money 7 League top ten 350 6 3 4 . 1 The emergence of Manchester City within European club 300 2 3 football’s elite, supported by heavy investment from the club’s Abu Dhabi based owners, and participation in the 250 1 8 . Champions League in 2011/12 means that the club 1 9 1 5 4 . 2 2 5 looks set to break into the top ten from next year, at the 3 2 4 . 200 4 3 . expense of Schalke who missed out on Champions 1 . 2 1 3 0 4 2 0 . 2 2 League qualification in 2011/12. 1 0 5 . 8 5 8 6 . 8 1 . 1 2 3 9 150 3 9 1 6 . 1 1 3 5 . 5 3 1 8 e 4 l . l i 1 8 Emerging forces 8 9 e . s 2 s i r 6 r 4 1 d 100 d a u a 1 1 e n n p There are three new entrants in the top 20 with t 1 1 i u s y n M t t n i h o m V o e e c y t U l C i S a Borussia Dortmund, Valencia and Napoli replacing r d L H a r r n n r o d n e e i e e u 4 e o t r t m D l o l u u 0 s g i s a n 50 d a e Atlético de Madrid, VfB Stuttgart and Aston Villa. M r a o s q z q a e e i a a i l i c i h e a l u m u i a o r c i h h s n a l p p t k e n b o r l n s M c p a c n s n o n e r r l M e l a R m u m n B e n t e e m p l e e e r y a t y y h s a a t v l l S a a v a C r h a e o C c i o u n V A F O H O A R L T S I C A B M N M J B Dortmund’s resurgent on-pitch form, which resulted in 0 Die Borussen lifting the Bundesliga, provided a €33m (£30m) increase in revenue, allowing the club to return Source: Deloitte analysis. Euro boost to the Money League after a one year absence. Indeed, As a result of the club’s run to the semi-final of the UEFA French champions Lille is the only club of the ‘big five’ Champions League German club Schalke 04 is this year’s domestic league title winners in 2010/11 not to gain a biggest climber, jumping six places and breaking into the place in the Money League. Money League top ten for the first time. Not since our very first edition covering the 1996/97 season has Valencia return to the Money League after a three year another German club, Borussia Dortmund, joined Bayern absence as a result of participation in the Champions Munich in the top ten. League. Italian club Napoli’s third place finish in Serie A, its highest finishing position since the Diego Maradona Schalke push Italian giants Juventus out of the top ten. inspired team won the Scudetto in 1989/90, means it Aside from Schalke, the other nine clubs in the top ten gains a Money League placing for the first time. have maintained a position in the top half of the Money League for each of the last eight years. Champions League participation in 2011/12 for both Dortmund and the Neapolitans will result in these two The German club’s strong Champions League famous clubs achieving further revenue growth and as a performance means Tottenham just miss out on a top result they should climb up next year’s Money League. ten position despite achieving the second highest rate of revenue growth amongst Money League clubs – 36% (£44m) – following its first participation in the Champions League. Football Money League 2012 Sports Business Group 3 From 2012/13, four German clubs will qualify for the Champions League compared with three clubs from The revenue advantage that Real and Italy, a reversal of the current situation. Five clubs from Barca enjoy over their European peers Italy, and four from Germany, appear in this year’s Money League. This change in allocation could indicates that a more even distribution potentially shift the balance of clubs from the two of La Liga broadcast revenues would countries within the top 20 in future editions. not necessarily challenge the two clubs’ Bridging the divisions dominance at the top of the Real Madrid and Barcelona will head the list and contest the top two Money League positions for the foreseeable Money League future. Manchester United’s disappointing Champions League performance in 2011/12 means it is unlikely to close the €84m gap to the Spanish clubs. The gulf may Famous five widen to over €100m next year. Once again, our top 20 comprises clubs from the ‘big five’ European leagues in England (six clubs), Italy Spanish clubs are currently negotiating a collective (five), Germany (four), Spain (three) and France (two).