Rising stars Football Money League Sports Business Group January 2018 A Deloitte Football Money League 2018 | Top 20 clubs
Manchester United top the Money League for the tenth time, in a year that sees a record number of English clubs (ten) in the top 20. The clinching factor in United retaining top spot was securing the UEFA Europa League title in Stockholm, demonstrating the value of UEFA’s second club competition.
Basis of preparation Matchday revenue is largely derived from The publication contains a variety of information For the purpose of the international We have used the figure for total revenue gate receipts (including ticket and corporate derived from publicly available, or other direct, comparisons, unless otherwise stated, all figures extracted from the annual financial statements hospitality sales). Broadcast revenue includes sources other than financial statements. We have for the 2016/17 season have been translated at of the company or group in respect of each club, revenue from distributions from participation not performed any verification work or audited the average exchange rate for the year ending 30 or other direct sources, for the 2016/17 season in domestic leagues, cups and European club any of the information contained in the financial June 2017 or 31 December 2016 as appropriate (unless otherwise stated). competitions. Commercial revenue includes statements or other sources in respect of each (£1 = €1.1637; €1 = RUB73.5604). Comparative sponsorship, merchandising and revenue club for the purpose of this publication. figures have been extracted from previous Revenue excludes player transfer fees, VAT from other commercial operations. For a more editions of the Deloitte Football Money League, and other sales related taxes. In a few cases detailed analysis of the comparability of revenue Key performance indicators shown for each or from relevant annual financial statements or we have made adjustments to total revenue generation between clubs, it would be necessary Money League club relate to the football other direct sources. For comparability, reference figures to enable, in our view, a more meaningful to obtain information not otherwise publicly season ending in 2017, unless otherwise stated. to UEFA distributions have been extracted from comparison of the football business on a club available. UEFA Champions League and Europa League UEFA’s “Distribution to clubs 2016/17” report. by club basis. performances shown include participation from Some differences between clubs, or over the final play-off round only. ‘Shirt sponsor’ and In relation to estimates and projection actual Information is derived from annual financial time, may arise due to different commercial ‘Technical kit supplier’ refers to the club’s first results are likely to be different from those statements or information sourced directly arrangements and how the transactions are team home kit for the season ending in 2017. projected because events and circumstances from individual clubs. Based on the information recorded in the financial statements, due to Figures in respect of Twitter, Weibo, Facebook frequently do not occur as expected, and those made available to us in respect of each club, to different financial reporting perameters in and Instagram are as at 8 January 2018. For a differences may be material. Deloitte can give the extent possible, we have split revenue into respect of a club, and/or due to different ways club with multiple language accounts, only the no assurance as to whether, or how closely, the three categories – being revenue derived from in which accounting practice is applied such that most liked/followed account has been included. actual results ultimately achieved will correspond matchday, broadcast and commercial sources. the same type of transaction might be recorded to those projected and no reliance should be Clubs are not wholly consistent with each other in different ways. Numbers in brackets after component parts of placed on such projections. in the way they classify revenue. In some cases revenue and social media refer to a club’s ranking we have made reclassification adjustments to the relative to other Money League top 20 clubs. disclosed figures to enable, in our view, a more meaningful comparison of the financial results. B Deloitte Football Money League 2018 | Contents
Contents
Introduction 02
Ups and downs 07
The leading team in the business of football 08
Top 20 clubs 10
Rising stars 30
Deloitte Football Intelligence Tool 52
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 Timothy Bridge E-mail: [email protected] www.deloitte.co.uk/sportsbusinessgroup Authors Samuel Boor, Chris Hanson January 2018 and Calum Ross
01 Deloitte Football Money League 2018 | Introduction
Introduction
Welcome to the 21st edition of the Deloitte Football and commercial) paints an interesting Money League in which we profile the highest earning picture. Broadcast revenue is now the largest revenue source for Money League clubs in the world’s most popular sport. Published clubs with a 45% share, whilst shares just eight months after the end of the 2016/17 season, for commercial revenue and matchday revenue have reduced to 38% and 17% the Money League remains the most contemporary respectively. and reliable independent analysis of the clubs’ relative A place in the top 20 now requires clubs to financial performance. generate almost €200m, a 16% increase on the amount needed in the previous edition, There are a number of metrics, both FC Zenit St Petersburg and AS Roma when Leicester City secured 20th position financial and non-financial, that can lose their top 20 status after weakened with revenue of €172.1m. A place in the top be used to compare clubs including European performances compared to 30 requires more than €157m (the first time attendance, worldwide fan base, broadcast 2015/16. this benchmark has been above €150m), audience and on-pitch success. In the an amount that would have guaranteed a Money League we focus on clubs’ ability to Southampton are the only debutant in this Money League place just three seasons ago generate revenue from matchday (including edition’s top 20 after broadcast revenues (2013/14). The increase in these thresholds ticket and corporate hospitality sales), soared 58% to £143m, which is higher emphasises that revenue growth of recent broadcast rights (including distributions than the club’s total revenue in 2015/16. A years has not been limited to just those from participation in domestic leagues, return to the Europa League buoyed Saints’ clubs at the top of the Money League. cups and European club competitions) revenue, but the over-arching factor behind and commercial sources (e.g. sponsorship, this increase is the first year of the record merchandising, stadium tours and other broadcast rights arrangements in England. Chart 1: 2015/16 and 2016/17 commercial operations), and rank them on composition of total revenue splits (€m) that basis. The top ten remains consistent in 18% composition for the fourth consecutive Matchday year, but there were some notable shifts 43% All Around The World in position with four clubs changing their 2015/16 Broadcast As the Money League enters its third ranking from 2015/16. Real Madrid’s strong 7,415 decade it continues to intrigue, surprise commercial growth sees them move back Commercial and set records. Whilst the top 20 retains into the top two at the expense of arch- 39% a number of familiar names from Europe’s rivals FC Barcelona, who drop to third, ‘big five’ leagues, there have been a number whilst Arsenal jump ahead of Paris Saint- 17% of ups and downs with 13 clubs seeing their Germain to claim sixth. This year’s battle position change from last year. for first place was the closest in Money League history, with just €1.7m separating 38% Participation and performance in UEFA Manchester United and Real Madrid. For 2016/17 competitions has always been a critical the first time, the top three Money League 7,896 success factor in the Money League, clubs aggregate revenue totalled €2 billion, but its impact on clubs’ revenue is more which is more than the total revenue of the noticeable than ever in this edition. The eleven clubs ranked 20-30. UEFA Champions League and UEFA Europa 45% League have played an important role in Total revenue of the top 20 also reached a improving, or retaining, Money League record high, increasing 6% to €7.9 billion. positions for Manchester United, Leicester However, performance across individual Source: Deloitte analysis. City, SSC Napoli and Southampton, whilst revenue streams (i.e. matchday, broadcast
02 Deloitte Football Money League 2018 | Introduction
Supersonic Chart 2: Revenue of 20th placed clubs; Deloitte Football Money League (€m) This year’s Money League sees a record ten 199.2 English clubs in the top 20. The number in 200 172.1 the top 30 increases to 14, although this 164.8 does not get close to the existing record of 144.1 150 17, set in 2014/15. 121.1 101 The increased number of English clubs 100 80.5 85.1 68.3 owes much to the start of the Premier
League’s record three year broadcast 50 36.2 arrangements, but also the significant growth in revenue of its biggest clubs. AFC Bournemouth, the only debutant 0 amongst clubs ranked 21 to 30, highlight 1996/97 1999/00 2002/03 2005/06 2008/09 2011/12 2013/14 2014/15 2015/16 2016/17 the impact the increase in broadcast revenue distributions has had upon clubs. Source: Deloitte analysis. The Cherries appear in 28th place with revenue of £136.8m having been the 82nd highest revenue generating club in the League for a third consecutive year and Manchester City are in fifth place for the UK in 1996/97 with revenue of just £1.1m. draw level with Real Madrid’s record of 11 second year in a row as broadcast revenue Bournemouth emphasise the financial Money League titles. soared to more than £200m, now the club’s rewards available at the highest level largest revenue stream. This season, City’s of English football, and the scale of the In the season after their shock Premier on pitch performances have been highly opportunity for clubs that successfully League title Leicester City continued to impressive and the quadruple remains navigate their way up English football’s surprise, reaching the Quarter-finals of a possibility. A strong showing for the competitive league pyramid in the future. the Champions League. Whilst the Foxes remainder of the season, in particular in the Premier League form dropped, their Champions League, could propel the Citizens Despite the weakened Pound, Manchester European run sees them climb six places further up the Money League next year. United retain first place in this year’s Money to 14th, outperforming Money League League and make their tenth appearance ever-presents Internazionale, but falling Elsewhere, Arsenal managed their best at the top with revenue of £581.2m. just short of their Champions League performance since 2011/12 by replacing conquerors Atlético de Madrid. Their 81% Paris Saint-Germain in sixth place, whilst The Red Devils’ revenue increased 13%, revenue increase is the highest in the Chelsea and Liverpool remain in eighth with broadcast revenues up £53.7m after top 20. Broadcast revenue more than and ninth for the third and fourth year in a enhanced Premier League distributions. doubled to £191m, after receiving the row respectively. Tottenham Hotspur climb Their Europa League crown was also critical. second highest UEFA distribution from one place to 11th after finishing runners- Given the gap to Real Madrid is just €1.7m, participating in the Champions League; up in the Premier League prior to their the importance of the €3m additional more than winners Real Madrid. temporary relocation to Wembley Stadium amount received from winning the Europa whilst White Hart Lane is redeveloped. League Final is clearly evident. Commercial Southampton, in 18th, were helped by West Ham United are in their highest ever revenue growth was limited in 2016/17, the new Premier League broadcast deals position, of 17th, aided by their move to the but this revenue stream remains the club’s and participation in the Europa League. London Stadium and Everton appear in the largest (48%) and is over 40% more than However, the club may struggle to retain top 20 for the fourth time. closest domestic rivals, Manchester City. its place as a result of failing to qualify for A strong performance on their return to UEFA competition in 2017/18. Premier League distributions will remain the Champions League may enable United fairly stable in 2017/18 and maintaining to retain first place in next year’s Money this year’s record performance will require
03 Deloitte Football Money League 2018 | Introduction
Chart 3: Deloitte Football Money League’s top two clubs historic analysis (€m)
700
600
500
400
300
200
100
0 1996/97 1997/98 1998/99 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17
First position Second position Source: Deloitte analysis.
clubs’ growth in commercial and matchday Olympique Lyonnais narrowly miss out Don’t Go Away revenues. In the future, a critical factor on a top 20 position by less than €1m, This edition marks Italy’s worst ever Money that we are following with interest is the but remain the only other French club to League performance. Only three clubs on-going tender process for the next three feature in the top 30. Matchday revenue feature in the top 20, emphasising the year broadcast rights cycle, which may increased almost 60% to €43.9m, as the relative decline in financial power of Italian result in even further revenue increases for club completed their first full season at clubs. SSC Napoli return to the top 20 for English football. Parc Olympique Lyonnais, demonstrating the fourth time with AC Milan and AS Roma the potential impact of a new or even falling to 22nd and 24th respectively. redeveloped stadium. Participation in the Roll With It Champions League and a Europa League AC Milan’s departure from the top 20 is Paris Saint-Germain remain the only French Semi-final defeat to Ajax (which ultimately their first and is remarkable given they had club in the top 20, but fall to seventh, their prevented them reaching the Money been in the top ten in every edition up to lowest position since 2011/12. Whilst PSG’s League top 20) also contributed to a rise in and including 2012/13. AS Roma fall outside matchday and commercial revenue rank in broadcast revenue. With the lowest value the top 20 for only the third time after the top six, their broadcast revenue is the domestic broadcast deal of any of the ‘big failing to reach the lucrative Champions 18th highest in the Money League, reflective five’, France is unlikely to have more than League Group stage. Next year, AS Roma of French football’s appeal to broadcasters two clubs in the top 30 for the foreseeable may make a quick return to the top 20 relative to other ‘big five’ leagues, and PSG’s future, but the example of Lyon, who are having already progressed to the knock- poor on-pitch season, when compared with challenging for a top 20 position for the first out stages in 2017/18, and this remains a recent years. time since 2011/12, should serve to give possibility for AC Milan should they reach others encouragement. the final stages of the Europa League.
04 Deloitte Football Money League 2018 | Introduction
2016/17 Money League clubs 21-30 SSC Napoli climb 11 places to 19th. However, next year does mark the start Increased distributions from being one of of a new broadcast rights cycle, covering Pos. Club Revenue only two Italian clubs to compete in the the top two divisions in Germany. The €m Group stage of the Champions League Bundesliga have taken the step to align contributed to a 51% increase in broadcast their domestic and international rights 21. Olympique Lyonnais 198.3 revenue, but the club also signed a record cycle and the four year period starting in 22. AC Milan 191.7 partnership agreement with Acqua Lete, 2017/18 will see a reported c.80% increase which benefited commercial revenue. in broadcast rights value compared with 23. FC Zenit Saint Petersburg 180.4 the previous cycle. German clubs will 24. AS Roma 171.8 As predicted last year, the Premier League’s benefit from improved distributions which new broadcast deals have increased should help them in their quest to keep 25. Borussia VfL Mönchengladbach 169.3 competition for Money League places pace in the Money League, particularly with 26. Crystal Palace 164 and Italian clubs have been affected most their English and Spanish counterparts. notably. Serie A’s existing broadcast deal is 27. West Bromwich Albion 160.5 in place up to and including 2020/21 and so 28. AFC Bournemouth 159.2 revenue growth will depend on improved Standing On The Shoulders Of Giants commercial and matchday performance Real Madrid climb to second place after 29. Stoke City 158.3 on a club by club basis. Unfortunately, the a record breaking 2016/17 season. They 30. Benfica 157.6 picture continues to look bleak for Italian captured the La Liga crown and became clubs in the Money League. Europe’s Champion club for a record 12th time following an emphatic victory Note: 2017 financial results for FC Zenit are in respect of the calendar year to December 2017. against Juventus. These performances Little By Little on the pitch translated to growth in all Source: Deloitte analysis. Bayern Munich retain fourth position revenue streams, with a €38m increase despite a reduction in revenue. Whilst they in commercial revenue the most notable exited the Champions League earlier than improvement, helping them to jump ahead Juventus hold on to tenth position for the in 2015/16, Bayern continue to lead the way of FC Barcelona. fourth consecutive season with revenue for German clubs and have now featured in growth of 20%. Strong performances on the top five for ten successive editions. Despite a 5% revenue increase, FC the pitch have underpinned Juve’s top ten Barcelona slip outside the top two for status in recent seasons and they captured Despite growing revenue, both Borussia only the second time in nine years. The a record sixth consecutive Serie A title and Dortmund and Schalke 04 drop places in Catalan giant’s first team performances the Coppa Italia in 2016/17. Revenue from the Money League rankings, to 12th and failed to match dizzying expectations set broadcast (58% of Juve’s total) was driven 16th respectively. For Dortmund, a return in recent seasons, finishing second in La upward by a record distribution from UEFA to the Champions League contributed to Liga and exiting from the Quarter-final of of €110.4m, despite losing to Real Madrid in revenue growth of €48.7m, but this was the Champions League. Atlético de Madrid the Champions League Final. not enough to fend off the challenge of retain 13th place due to a €21.6m increase Tottenham Hotspur. In line with a concerted in broadcast revenues. Champions League In the first season after the takeover by effort by German clubs to increase their distributions were lower after failing to Chinese retailer Suning, Internazionale exposure internationally, Dortmund report emulate their achievement of making the climb to 15th, reporting commercial growth that an increase in international tours has final in 2015/16, but this was offset by of €75.2m. Their commercial revenue is helped to boost commercial revenue. The increased distributions from La Liga’s new now the most of any Italian club. hope will be that in the long run this sort of collective rights selling mechanism. initiative will help to increase the broadcast rights value in markets outside of Germany. Spain continues to have just three clubs in the top 30 despite the new collective arrangement coming into effect in 2015/16.
05 Deloitte Football Money League 2018 | Introduction
With this in place it may have been “English clubs’ dominance expected to have impacted the revenue of will depend heavily on the Spanish clubs more significantly and seen more entrants, particularly in the 21-30 outcome of the Premier range. The lack of other Spanish clubs only League’s ongoing tender for highlights the financial strength in depth of the Premier League and the distance the next three year TV deal that Spanish clubs still have to travel to starting from 2019/20.“ compete in money terms with their English counterparts.
increases would maintain, if not improve, could aspire to see a member club enter Half the World Away the positions of English clubs. However, the Money League in the future, whilst also FC Zenit St Petersburg were the only club if growth is marginal, other countries acknowledging the recent rise of esports, a to feature in last year’s top 20 from outside may have the opportunity to close the potentially significant competitor to football one of the ‘big five’ leagues and this year gap, particularly in Spain who will also be in the future, that is certainly attracting the they miss out having failed to qualify for the negotiating new broadcast deals. attention of the younger generation. Champions League. Football’s attention will turn to Russia in 2018 for the World Cup Champions League format changes from We provide profiles of each of the top 20 and this may provide a catalyst for a return 2018/19 mean that the top four clubs from clubs in this edition. The Deloitte Football to the top 20 in future editions, in particular the four top-ranked national associations in Money League was compiled by Dan Jones, as they have now moved into their new UEFA’s country coefficients (currently Spain, Timothy Bridge, Samuel Boor, Chris Hanson multi-purpose stadium. Benfica cling on England, Italy and Germany) automatically and Calum Ross. Our thanks go to those to a top 30 place this year having claimed qualify for the lucrative Group stage. In who have helped us, inside and outside the a fourth consecutive domestic title. Exit at the past, clubs may have seen financial Deloitte international network. We hope the Group stage of this year’s Champions gain where domestic peers have failed to you enjoy this edition. League does however make retaining a top progress beyond the Play-off round, as they 30 position unlikely in next year’s edition. retain a larger proportion of their country’s Dan Jones, Partner market pool. Juventus and SSC Napoli www.deloitte.co.uk/sportsbusinessgroup were two of the three highest market pool Live Forever recipients in 2016/17, after AS Roma’s Play- Next year, we expect the €8 billion barrier off round defeat. From 2018/19, this market will be broken, but revenue growth is pool would automatically be shared across not expected to be as significant as seen four clubs and may impact such clubs’ in 2016/17. Germany’s new domestic Money League positions. broadcast deal commences and will increase revenue, but Premier League and The Money League remains dominated La Liga distributions will remain relatively by the biggest European leagues, but club stable, as both enter the second year of football in fast emerging footballing nations existing TV deals. continues to develop rapidly. In last year’s Money League we acknowledged the growth Looking further ahead, the long term of football in major economies looking to composition of the Money League is an become the next football powerhouses. intriguing topic. English clubs’ dominance In our ‘Rising stars’ section we provide a will depend on the outcome of the Premier snapshot of the key opportunities and League’s ongoing tender for the next three challenges for high-profile clubs operating year TV deal starting from 2019/20. Further in China and the USA, two leagues that
06 Deloitte Football Money League 2018 | Ups and downs
Ups and downs
2016/17 Revenue (€m) 2015/16 Revenue (€m)
1 0 Manchester United 676.3 1 2 Manchester United 689
2 1 Real Madrid 674.6 2 0 FC Barcelona 620.2
3 (1) FC Barcelona 648.3 3 (2) Real Madrid 620.1
4 0 Bayern Munich 587.8 4 1 Bayern Munich 592
5 0 Manchester City 527.7 5 1 Manchester City 524.9
6 1 Arsenal 487.6 6 (2) Paris Saint-Germain 520.9
7 (1) Paris Saint-Germain 486.2 7 0 Arsenal 468.5
8 0 Chelsea 428 8 0 Chelsea 447.4
9 0 Liverpool 424.2 9 0 Liverpool 403.8
10 0 Juventus 405.7 10 0 Juventus 338.9
11 1 Tottenham Hotspur 355.6 11 0 Borussia Dortmund 283.9
12 (1) Borussia Dortmund 332.6 12 0 Tottenham Hotspur 279.7
13 0 Atlético de Madrid 272.5 13 3 Atlético de Madrid 228.6
14 6 Leicester City 271.1 14 (1) Schalke 04 224.5
15 4 Internazionale 262.1 15 0 AS Roma 218.2
16 (2) Schalke 04 230.2 16 (2) AC Milan 214.6
17 1 West Ham United 213.3 17 1 FC Zenit Saint Petersburg 196.5
18 n/a new Southampton 212.1 18 n/a new West Ham United 192.3
19 n/a new Napoli 200.7 19 1 Internazionale 179.2
20 n/a new Everton 199.2 20 n/a new Leicester City 172.1
DFML position Change on previous year Number of positions changed
07 Deloitte Football Money League 2018 | Sports Business Group
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09 Deloitte Football Money League 2018 | Top 20 clubs
1. Manchester United
Facebook likes Twitter followers Instagram followers 73.7m (3) 16.7m (3) 20.2m (3)
2017 Revenue Revenue 2013-2017 (€m) Revenue profile 2017 (€m)
€676.3m 800 48% 19% (£581.2m) 2016 689 676 €325.2m €125.2m Revenue 600 (£279.5m) (£107.6m) €689m 518 520 424 (£515.3m) 400
200
Whilst the Europa League has historically 0 2013 2014 2015 2016 2017 Matchday 33% been viewed as the financial minnow €225.9m 4 2 3 1 1 compared with the Champions League, Broadcast (£194.1m) United’s €44.5m UEFA distribution after winning the competition is the critical Annual revenue DFML position Commercial factor in keeping them ahead of Real Madrid and Barcelona. This is over four times greater than the amount received Comparison to other top 20 clubs (€m) by Atlético de Madrid when they won the competition in 2011/12, reflecting UEFA’s 800 drive to ensure that both competitions provide appropriate financial reward. 600
United’s financial performance is 400 underpinned by their commercial revenue which continues to see them outperform their competitors and a welcome return 200 to the Champions League will give a boost to both matchday and broadcast revenue 0 142 6810 12 14 16 18 20 that will likely see them retain the top spot Position next year. The challenge for United will be whether they can retain their commercial supremacy during the next round of sponsorship renewals, but few would back against them given the global popularity of their brand. DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier 1st 21 Chevrolet adidas
Domestic league Average league UEFA Champions UEFA Europa League position 2016/17 match attendance League performance performance 6th 75,305 n/a Winners
10 Deloitte Football Money League 2018 | Top 20 clubs
Manchester United: FITness data
Matchday revenue 2013-2017 (€m) Broadcast revenue 2013-2017 (€m) Commercial revenue 2013-2017 (€m)
400 400 400 364 325
264 300 300 300 226 231 188 142 200 200 119 162 200 137 178 127 125 114 125
100 100 100
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017
Matchday Broadcast Commercial Source: Deloitte Football Intelligence Tool. DFML average DFML top five average
United’s success in the Europa League was the critical factor in them retaining top spot.
11 Deloitte Football Money League 2018 | Top 20 clubs
2. Real Madrid
Facebook likes Twitter followers Instagram followers 106.4m (1) 28.6m (1) 54.7m (1)
2017 Revenue Revenue 2013-2017 (€m) Revenue profile 2017 (€m)
€674.6m 800 45% 20% (£579.7m) 2016 675 €301.4m €136.4m 600 620 (£259m) (£117.2m) Revenue 577 550 €620.1m 519 (£463.8m) 400
200
After dropping out of the top two Money 0 2013 2014 2015 2016 2017 Matchday 35% League clubs last year for the first time €236.8m 1 1 1 3 2 since 2002/03, Real Madrid jump above Broadcast (£203.5m) their arch rivals, FC Barcelona, back into second place. Revenue grew by over Annual revenue DFML position Commercial €50m, with a €38m uplift in commercial revenue driving this. The continued on- pitch success, in particular winning the Comparison to other top 20 clubs (€m) Champions League for the 12th time, translated into commercial growth, both in 800 the sale of merchandising and increases in sponsorship revenue. 600
With the gap to Manchester United less 400 than €2m in this edition (the closest ever gap at the top of the Money League), the clubs’ overall performance on the pitch, 200 and particularly in the Champions League where both have qualified for the Round of 0 142 6810 12 14 16 18 20 16 in 2017/18, will be critical to determining Position who tops the Money League next year.
DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier 3rd 21 Emirates adidas
Domestic league Average league UEFA Champions UEFA Europa League position 2016/17 match attendance League performance performance 1st 69,426 Winners n/a
12 Deloitte Football Money League 2018 | Top 20 clubs
Real Madrid : FITness data
Matchday revenue 2013-2017 (€m) Broadcast revenue 2013-2017 (€m) Commercial revenue 2013-2017 (€m)
400 400 400
301 300 300 300 247 263 237 232 228 212 204 200 188 200 200 200 136 119 114 130 129
100 100 100
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017
Matchday Broadcast Commercial Source: Deloitte Football Intelligence Tool. DFML average DFML top five average
13 Deloitte Football Money League 2018 | Top 20 clubs
3. FC Barcelona
Facebook likes Twitter followers Instagram followers 103.4m (2) 26.9m (2) 54m (2)
2017 Revenue Revenue 2013-2017 (€m) Revenue profile 2017 (€m)
€648.3m 800 46% 21% (£557.1m) €296.2m €137.2m 2016 648 Revenue 600 620 (£254.5m) (£117.9m) 561 €620.2m 483 485 (£463.8m) 400
200
FC Barcelona fall to third place in the 0 2013 2014 2015 2016 2017 Matchday 33% Money League despite healthy revenue €214.9m 2 4 2 2 3 growth of €28.1m (5%). As forecast last Broadcast (£184.7m) year, the strong performance of Real Madrid and Manchester United prevents Annual revenue DFML position Commercial Barça from becoming only the third club to top the Money League. Matchday revenue grew thanks to an increase in hospitality Comparison to other top 20 clubs (€m) usage whilst commercial revenue remained relatively flat. Broadcast revenue increased 800 by €12.2m as the impact of the Spanish centralised selling arrangement kicked in. 600
With FC Barcelona forecasting revenue 400 of close to €700m for 2018/19, boosted by a new shirt sponsorship with Rakuten, they are likely to once again compete for 200 the top spot. As with the two clubs above them, Barcelona’s on-pitch performance 0 142 6810 12 14 16 18 20 may have a crucial impact on their position Position in the Money League next year and with all through to the Round of 16 of the Champions League, it is certainly going to be an interesting battle.
DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier 2nd 21 Qatar Airways Nike
Domestic league Average league UEFA Champions UEFA Europa League position 2016/17 match attendance League performance performance 2nd 78,678 Quarter-finals n/a
14 Deloitte Football Money League 2018 | Top 20 clubs
FC Barcelona: FITness data
Matchday revenue 2013-2017 (€m) Broadcast revenue 2013-2017 (€m) Commercial revenue 2013-2017 (€m)
400 400 400
300 300 300 296 296 215 200 203 188 182 244 200 200 200 137 177 186 118 117 117 121
100 100 100
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017
Matchday Broadcast Commercial Source: Deloitte Football Intelligence Tool. DFML average DFML top five average
15 Deloitte Football Money League 2018 | Top 20 clubs
4. Bayern Munich
Facebook likes Twitter followers Instagram followers 43.7m (5) 4.3m (10) 11.5m (4)
2017 Revenue Revenue 2013-2017 (€m) Revenue profile 2017 (€m)
€587.8m 800 58% 17% (£505.1m) 2016 €343.4m €97.7m (£83.9m) Revenue 600 592 588 (£295.1m)
488 474 €592m 431 (£442.7m) 400
200
Despite a revenue decrease of just over 0 2013 2014 2015 2016 2017 Matchday 25% €4m (1%), Bayern Munich hold on to fourth €146.7m 3 3 5 4 4 place in this year’s Money League, making Broadcast (£126.1m) this their tenth consecutive year in the top five. Bayern have the highest commercial Annual revenue DFML position Commercial revenue of any football club globally, supported by long-standing investment agreements, but their inability to grow Comparison to other top 20 clubs (€m) revenue in 2016/17 (the only top five club to suffer a revenue decrease in their home 800 currency) highlights the challenges facing all German clubs, as others around Europe 600 continue to grow and develop.
400 As high as second in 1998/99, as low as eighth in 2003/04 and despite out- performing competitors commercially, for 200 Bayern Munich to ever financially challenge the clubs at the top of the Money League 0 142 6810 12 14 16 18 20 would take a significant shift in the value Position of the German League’s centralised media arrangements. Whilst an uplift from a new deal is anticipated in 2017/18, it is unlikely that it will provide the revenue transformation required to see Bayern climb further up the Money League. DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier 4th 21 Deutsche Telekom adidas
Domestic league Average league UEFA Champions UEFA Europa League position 2016/17 match attendance League performance performance 1st 75,024 Quarter-finals n/a
16 Deloitte Football Money League 2018 | Top 20 clubs
Bayern Munich: FITness data
Matchday revenue 2013-2017 (€m) Broadcast revenue 2013-2017 (€m) Commercial revenue 2013-2017 (€m)
400 400 400 343 343
292 278 300 300 300 237
200 200 200
87 88 90 102 98 148 147 100 100 107 108 106 100
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017
Matchday Broadcast Commercial Source: Deloitte Football Intelligence Tool. DFML average DFML top five average
Bayern have the highest commercial revenue of any football club globally, supported by long- standing investment agreements.
17 Deloitte Football Money League 2018 | Top 20 clubs
5. Manchester City
Facebook likes Twitter followers Instagram followers 29.4m (10) 5.6m (9) 6m (9)
2017 Revenue Revenue 2013-2017 (€m) Revenue profile 2017 (€m) * €527.7m 800 44% 11% (£453.5m) 2016 €230.5m €60.4m Revenue 600 (£198.1m) (£51.9m) 525 528 €524.9m 463 416 (£392.6m) 400 317
200
Manchester City are in the Money League 0 2013 2014 2015 2016 2017 Matchday 45% top five for the second consecutive year, €236.8m 6 6 6 5 5 after growth in both broadcast and Broadcast (£203.5m) commercial revenue. The impact of the Premier League broadcasting deals saw Annual revenue DFML position Commercial broadcast revenue increase by over £40m and a suite of new commercial partners helped to boost commercial revenue by Comparison to other top 20 clubs (€m) almost £20m. 800 With reportedly significant commercial deals agreed with Gatorade and Amazon 600 for 2017/18, it is clear that commercial revenue generation remains one of City’s 400 priorities, but the impact of a strong season on-pitch, may well be the factor that could propel them even further up 200 the Money League. The effect of strong performance in UEFA competitions is clear 0 142 6810 12 14 16 18 20 in other club rankings in this year’s edition Position and were City to reach the latter stages of this year’s Champions League, they will close the gap to Bayern Munich.
DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier 5th 13 Etihad Airways Nike
Domestic league Average league UEFA Champions UEFA Europa League *Revenue for 2016/17 is an estimate for 12 months, derived by Deloitte from the financial statements position 2016/17 match attendance League performance performance of Manchester City Limited covering a 13 month 3rd 54,019 R16 n/a period to 30 June 2017 (due to a change in accounting period).
18 Deloitte Football Money League 2018 | Top 20 clubs
Manchester City: FITness data
Matchday revenue 2013-2017 (€m) Broadcast revenue 2013-2017 (€m) Commercial revenue 2013-2017 (€m)
400 400 400
300 300 300 237 216 178 228 239 231 159 200 200 200 200 168 103 70 60 100 46 57 57 100 100
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017
Matchday Broadcast Commercial Source: Deloitte Football Intelligence Tool. DFML average DFML top five average
19 Deloitte Football Money League 2018 | Top 20 clubs
6. Arsenal
Facebook likes Twitter followers Instagram followers 37.9m (6) 12.8m (4) 10.5m (7)
2017 Revenue Revenue 2013-2017 (€m) Revenue profile 2017 (€m)
€4 87.6m 800 28% 24% (£419m) 2016 €136.5m €116.4m Revenue 600 (£117.3m) (£100m)
469 488 €468.5m 436 400 (£350.4m) 359 284 200
Arsenal climb to sixth, for the first time 0 2013 2014 2015 2016 2017 Matchday 48% since 2011/12, jumping ahead of Paris €234.7m 8 8 7 7 6 Saint-Germain. This is due almost entirely Broadcast (£201.7m) to the new Premier League broadcast arrangements which saw Arsenal receive Annual revenue DFML position Commercial close to £140m in central revenue, nearly £40m more than in 2015/16. Comparison to other top 20 clubs (€m) Arsenal’s failure to qualify for the Champions League will have a significant 800 impact on their revenue in 2017/18, but as was the case with Manchester United this 600 year, a strong performance in the Europa League can go a long way to easing the 400 financial pain.
200
0 142 6810 12 14 16 18 20 Position
DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier 7th 21 Emirates Puma
Domestic league Average league UEFA Champions UEFA Europa League position 2016/17 match attendance League performance performance 5th 59,957 R16 n/a
20 Deloitte Football Money League 2018 | Top 20 clubs
Arsenal: FITness data
Matchday revenue 2013-2017 (€m) Broadcast revenue 2013-2017 (€m) Commercial revenue 2013-2017 (€m)
400 400 400
300 300 300 235 192 200 200 168 200 147 132 134 120 116 108 103 143 136 137 100 100 100 92 73
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017
Matchday Broadcast Commercial Source: Deloitte Football Intelligence Tool. DFML average DFML 6-10 average
21 Deloitte Football Money League 2018 | Top 20 clubs
7. Paris Saint-Germain
Facebook likes Twitter followers Instagram followers 32.9m (7) 6m (7) 11m (5)
2017 Revenue Revenue 2013-2017 (€m) Revenue profile 2017 (€m)
€486.2m 800 56% 19% (£417.8m) 2016 €274.1m €90.2m Revenue 600 (£235.5m) (£77.5m) 521 €520.9m 471 481 486 (£389.6m) 400 399
200
PSG slip to seventh in the Money League 0 2013 2014 2015 2016 2017 Matchday 25% as revenue fell by €34.7m (7%) to €486.2m. €121.9m 5 5 4 6 7 A worsening of on-pitch performance in Broadcast (£104.8m) 2016/17, as PSG finished second in Ligue 1 and only reached the Round of 16 in Annual revenue DFML position Commercial the Champions League, was reflected in a decrease in commercial bonuses received from commercial partners, resulting in Comparison to other top 20 clubs (€m) a €31.2m (10%) decrease in commercial revenue. 800
The high profile signings of both Neymar Jr. 600 and Kylian Mbappé reflect a very clear desire for PSG to regain their superiority 400 in France and to aim to win the Champions League. The revenue that this could generate would likely propel PSG up 200 the Money League and back towards challenging for a top five position. 0 142 6810 12 14 16 18 20 Position
DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier 6th 8 Emirates Nike
Domestic league Average league UEFA Champions UEFA Europa League position 2016/17 match attendance League performance performance 2nd 45,160 R16 n/a
22 Deloitte Football Money League 2018 | Top 20 clubs
Paris Saint-Germain: FITness data
Matchday revenue 2013-2017 (€m) Broadcast revenue 2013-2017 (€m) Commercial revenue 2013-2017 (€m)
400 400 400 324 297 305 274 300 300 300 255
200 200 200
93 90 64 78 123 122 100 53 100 106 100 91 83
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017
Matchday Broadcast Commercial Source: Deloitte Football Intelligence Tool. DFML average DFML 6-10 average
23 Deloitte Football Money League 2018 | Top 20 clubs
8. Chelsea
Facebook likes Twitter followers Instagram followers 47.8m (4) 11.4m (5) 10.7m (6)
2017 Revenue Revenue 2013-2017 (€m) Revenue profile 2017 (€m)
€428m 800 38% 18% (£367.8m) 2016 €162.7m €76.2m Revenue 600 (£139.8m) (£65.5m)
447 €4 47.4m 420 428 (£334.6m) 400 388 303
200
Chelsea remain in eighth position in the 0 2013 2014 2015 2016 2017 Matchday 44% Money League during a season which saw €189.1m 7 7 8 8 8 them win the Premier League title, but not Broadcast (£162.5m) compete in UEFA competitions. The impact on revenue from not participating in the Annual revenue DFML position Commercial Champions League, which meant they missed out on a UEFA distribution (€69.2m in 2015/16) and saw matchday revenue fall Comparison to other top 20 clubs (€m) £4.2m (6%), was more than offset by the increase in central distributions from the 800 Premier League. Commercial revenue also grew by £17.8m. 600
The club have publicly stated their target 400 to double revenue in the next decade with a plan to focus on securing commercial arrangements with premium brands. In 200 the short term, a deal with Nike, worth a reported £60m per annum, will help 0 142 6810 12 14 16 18 20 to boost revenue for next year’s edition Position and it will be interesting to see if they can reach their target, an achievement that would very likely move them up the Money League.
DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier 8th 20 Yokohama Tyres adidas
Domestic league Average league UEFA Champions UEFA Europa League position 2016/17 match attendance League performance performance 1st 41,532 n/a n/a
24 Deloitte Football Money League 2018 | Top 20 clubs
Chelsea: FITness data
Matchday revenue 2013-2017 (€m) Broadcast revenue 2013-2017 (€m) Commercial revenue 2013-2017 (€m)
400 400 400
300 300 300
191 189 167 178 163 163 200 200 200 136 149 123 98 93 93 83 85 76 100 100 100
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017
Matchday Broadcast Commercial Source: Deloitte Football Intelligence Tool. DFML average DFML 6-10 average
25 Deloitte Football Money League 2018 | Top 20 clubs
9. Liverpool
Facebook likes Twitter followers Instagram followers 30.5m (9) 9.5m (6) 5.3m (10)
2017 Revenue Revenue 2013-2017 (€m) Revenue profile 2017 (€m)
€424.2m 800 38% 19% (£364.5m) 2016 €161.6m €80.1m Revenue 600 (£138.9m) (£68.8m)
€403.8m 424 (£302m) 400 392 404 306 241 200
Liverpool remain in ninth place for the 0 2013 2014 2015 2016 2017 Matchday 43% fourth consecutive year, as the composition €182.5m 12 9 9 9 9 of the top ten has remained unchanged Broadcast (£156.8m) over the same period. 2016/17 saw the opening of the newly developed Main Annual revenue DFML position Commercial Stand at Anfield and, despite not being in a European competition, matchday revenue increased by £12m (21%) to £68.8m as Comparison to other top 20 clubs (€m) Liverpool finished in fourth place, qualifying for the Champions League in 2017/18. 800
Liverpool will now be hoping that a 600 sustained period of Champions League participation over the coming years will 400 lead to a move up the Money League. Successful performance on the pitch, together with their continued commercial 200 growth and increased matchday revenue, could see them into a higher position this 0 142 6810 12 14 16 18 20 time next year. Position
DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier 9th 21 Standard Chartered New Balance
Domestic league Average league UEFA Champions UEFA Europa League position 2016/17 match attendance League performance performance 4th 53,094 n/a n/a
26 Deloitte Football Money League 2018 | Top 20 clubs
Liverpool: FITness data
Matchday revenue 2013-2017 (€m) Broadcast revenue 2013-2017 (€m) Commercial revenue 2013-2017 (€m)
400 400 400
300 300 300
183 164 168 160 162 200 200 200 129 153 123 114
100 100 100 75 76 80 74 52 54
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017
Matchday Broadcast Commercial Source: Deloitte Football Intelligence Tool. DFML average DFML 6-10 average
27 Deloitte Football Money League 2018 | Top 20 clubs
10. Juventus
Facebook likes Twitter followers Instagram followers 30.8m (8) 5.8m (8) 8.6m (8)
2017 Revenue Revenue 2013-2017 (€m) Revenue profile 2017 (€m)
€405.7m 800 28% 14% (£348.6m) 2016 €114.4m €57.8m Revenue 600 (£98.3m) (£49.6m) €338.9m (£253.5m) 400 406 324 339 272 279 200
Juventus are tenth in the Money League for 0 2013 2014 2015 2016 2017 Matchday 58% the fourth year running following a season €233.5m 9 10 10 10 10 which saw them become the first team to Broadcast (£200.7m) win six consecutive Serie A titles, as well as another Coppa Italia. However, their Annual revenue DFML position Commercial performance in the Champions League, finishing as runners-up and earning them the highest ever UEFA distribution of Comparison to other top 20 clubs (€m) €110.4m, was the key factor in driving a €66.8m (20%) increase in revenue. 800
Sustaining a top ten Money League 600 position may prove difficult for Juventus in the coming years given the lower broadcast 400 rights values for Serie A than in the Premier League. To maintain their position they will need to reach the latter stages of 200 the Champions League on a consistent basis. Tottenham Hotspur and Atlético de 0 142 6810 12 14 16 18 20 Madrid’s moves to new stadia are likely to Position further challenge their position.
DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier 10th 21 Jeep adidas
Domestic league Average league UEFA Champions UEFA Europa League position 2016/17 match attendance League performance performance 1st 37,195 Runner-up n/a
28 Deloitte Football Money League 2018 | Top 20 clubs
Juventus: FITness data
Matchday revenue 2013-2017 (€m) Broadcast revenue 2013-2017 (€m) Commercial revenue 2013-2017 (€m)
400 400 400
300 300 300 234 199 196 200 200 166 155 200
100 114 83 74 100 100 100 68 58 38 41 51 44 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017
Matchday Broadcast Commercial Source: Deloitte Football Intelligence Tool. DFML average DFML 6-10 average
29 Deloitte Football Money League 2018 | Rising stars
Fnatic (esports) Rising stars Facebook 2.6m
Instagram 0.5m Last year’s Money League (‘Planet Football’) considered the chances of non-European clubs taking a place in the Money League by 2030. This year we have sought to Twitter understand some of the key opportunities and challenges facing clubs in two nations 1.1m that we considered to be among the most likely to gain a place in future editions of the Money League – China and the USA. esports titles 8 contested This edition also acknowledges an emerging form of entertainment, esports, which may increasingly compete with football for audiences, commercial partners and broadcasters in the future. In doing so we explore the challenges, opportunities and potential for growth of a global esports organisation. Here we take a look at some of the world’s ‘Rising stars’.
Atlanta United FC
League position Facebook Revenue profile 2017 2017: 4th 0.2m 8% 40% Matchday Avg. league Twitter Commercial 50% attendance 0.8m Matchday 18% 66% 34% €76.3m Commercial Broadcast 2017: 48,200 74% Broadcast Instagram Commercial 0.1m 10% Broadcast
Key challenges and opportunities • MLS broadcast rights – with the • USA sports market – the congested developing popularity of football in the sports market in the USA (e.g. NFL, NBA, USA, the MLS are targeting a significant MLB, NHL and College sports), in addition increase in the future value of domestic to the popularity of other global football broadcast rights to increase distributions competitions (e.g. ‘big five’, Liga MX, to all clubs (current contract expiring in Champions League), provides significant 2022). challenge when seeking to attract and retain the interest of the US audience. Future outlook • Increasing attendances, expansion of • New stadium – moving to the Mercedes- the MLS into new markets and the USA’s Benz Stadium mid-way through the joint-bid to host the 2026 World Cup 2017 season saw Atlanta United FC set (with Canada and Mexico) all suggest a new MLS attendance record (71,874), wider growth that Atlanta should be well indicating that local markets have a positioned to take advantage of. strong appetite to watch live, competitive football. Maximising engagement with existing and new fans should support “The tailwinds for soccer, and the MLS, growth in matchday revenues. in the USA are very strong and there is every reason to believe that a US team To read the full interviews with may feature in the Money League in Atlanta United FC, Guangzhou the future.” Evergande Taobao FC and Fnatic please see www.deloitte.co.uk/dfml Darren Eales, Atlanta United FC President
30 Deloitte Football Money League 2018 | Rising stars
Revenue profile 2017 Key challenges and opportunities • Relationship with football – esports • Shifting landscape – constantly evolving brands are regularly teaming up with 8% 40% Matchday relationships with publishers and league football clubs. This provides a more Commercial operators presents opportunities for mainstream exposure for esports brands 50% structural opportunities as well as whilst offering football clubs access to a Matchday 18% 66% 34% €76.3m Commercial Broadcast 74% Broadcast potential risks. An example of this is the younger audience. Commercial Overwatch League which had high buy-in 10% franchise prices and an inability to utilise Future outlook Broadcast a team’s existing brand, compared with “At Fnatic we have a unique business Introducing Fnatic established tournaments such as the model and we’re convinced that we are • Fnatic is a global esports organisation League of Legends Championship series, on track to close the existing revenue and one of the world’s most established which franchised in America at a similar gap to Money League clubs. Fnatic not esports brands. It is represented across time and is now coming to Europe. only earns money through traditional eight different esports titles (including sponsorships and broadcasting EA Sport’s FIFA, League of Legends, • Competition – the rapidly increasing rights, but we’ve diversified into CS:GO) and has an existing relationship number of esports teams brings lifestyle products, content creation, with AS Roma. additional competitive pressure when events and other activities - each of trying to attract new partners and remain which could become very scalable • Commercial partnerships, competitive competitive across esports titles. revenue streams. We’ve built a global league participation, products and infrastructure to support growth in merchandise are the largest sources of • Sponsorship – an increasing number each of these areas and feel extremely revenue which is consistent with of non-endemic brands (i.e. not directly well placed to capitalise on the football clubs. Revenue is associated with the hardware and growing interest in esports.” also generated from software industry) are turning to the areas unique to esports market. Wouter Sleijffers, CEO the industry (e.g. branded digital in-game items).
Guangzhou Evergrande Taobao FC
League position Weibo Revenue profile 2016 (€m) 2017: 1st 7.8m 8% 40% Matchday CommercialAvg. league 50% attendance Matchday 18% 66% 34% €76.3m Commercial Broadcast 2017: 45,587 74% Broadcast Commercial Key challenges10% and opportunities • RegulationsBroadcast and escalating costs – the rapid development of Chinese football has seen clubs’ operating costs escalate, • Chinese market – coupling the most with player wages seeing the most popular sport in the world with the notable increases. The clubs’ battle to scale of the Chinese market presents attract the best talent has resulted in new an exciting opportunity for all football financial regulations, including a tax on stakeholders in China. transfer values. “In the next 10 years we expect to see Future outlook at least one, and perhaps as many • On-pitch performance – the club have • Guangzhou’s revenue was c.€76m in 2016, as three, Chinese club(s) challenge the opportunity to leverage their position 38% of the amount generated by Everton for a place in the top 20. The huge as the most successful Chinese club. (€199.2m) who are this year’s 20th placed commercial potential of the Chinese Maintaining this on pitch success will be club. To close this gap, Chinese football Super League and wider growth of critical to ensuring growth of all revenue must outpace the growth of the ‘big five’ the Chinese economy point towards a streams, including the attraction of new significantly. However, the Chinese football significant growth opportunity.” fans and commercial partners. industry is underdeveloped relative to the ‘big five’ leagues and has the potential to Guangzhou Evergrande Taobao FC operate on a far larger scale, presenting Management an intriguing opportunity.
31 Deloitte Football Money League 2018 | Top 20 clubs
11. Tottenham Hotspur
Facebook likes Twitter followers Instagram followers 8.7m (13) 2.6m (13) 1.6m (15)
2017 Revenue Revenue 2013-2017 (€m) Revenue profile 2017 (€m)
€355.6m 400 24% 15% 356 (£305.6m) 2016 €83.9m €52.7m 300 (£72.1m) (£45.3m) Revenue 280 258 €279.7m 216 (£209.2m) 200 172
100
Spurs edge up the Money League into 0 2013 2014 2015 2016 2017 Matchday 61% 11th position mainly due to an increase of €219m 14 13 12 12 11 £77.8m in broadcast revenue helped by Broadcast (£188.2m) the club’s participation in the Champions League. The final season before the Annual revenue DFML position Commercial redevelopment of White Hart Lane, saw a £4.5m (11%) increase in matchday revenue, although this is predominantly due to Comparison to other top 20 clubs (€m) Spurs hosting their home Champions League matches at Wembley Stadium. 800
The Money League top ten appears to 600 beckon for Spurs who, with participation in the Champions League, a new record kit 400 deal with Nike and increased attendances from playing all of their home games at Wembley, should see healthy revenue 200 growth in 2017/18. Interestingly, and given the impact performance in UEFA 0 142 6810 12 14 16 18 20 competitions has had on this year’s Position Money League, their position in the top ten next year may well be decided by who progresses from their Round of 16 Champions League tie, as they are competing against the club directly above them, Juventus. DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier 12th 21 AIA Under Armour
Domestic league Average league UEFA Champions UEFA Europa League position 2016/17 match attendance League performance performance 2nd 31,703 Group R32
32 Deloitte Football Money League 2018 | Top 20 clubs
Tottenham Hotspur: FITness data
Matchday revenue 2013-2017 (€m) Broadcast revenue 2013-2017 (€m) Commercial revenue 2013-2017 (€m)
400 400 400
300 300 300 219
200 200 148 200 113 125 73 84 78 78 100 47 51 54 55 53 100 100 52 51
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017
Matchday Broadcast Commercial Source: Deloitte Football Intelligence Tool. DFML average DFML 11-15 average
33 Deloitte Football Money League 2018 | Top 20 clubs
12. Borussia Dortmund
Facebook likes Twitter followers Instagram followers 15.4m (11) 3.1m (12) 4.8m (11)
2017 Revenue Revenue 2013-2017 (€m) Revenue profile 2017 (€m)
€332.6m 400 44% 18% (£285.8m) 2016 333 €148.2m €58.6m 300 (£127.4m) (£50.4m) Revenue 281 284 €283.9m 256 262 (£212.3m) 200
100
Borussia Dortmund slip a place down the 0 2013 2014 2015 2016 2017 Matchday 38% Money League to 12th, despite revenue €125.8m 11 11 11 11 12 being significantly boosted by increased Broadcast (£108m) UEFA distributions as the club returned to the Champions League. The club also cite Annual revenue DFML position Commercial that an increase in commercial revenue is in part thanks to a concerted effort to improve their brand internationally and Comparison to other top 20 clubs (€m) an increased number of international tours generated improved sponsorship 800 arrangements. 600 The new Bundesliga broadcast rights arrangement provides further opportunity 400 for broadcast revenue growth in 2017/18. However, Borussia Dortmund’s failure to progress to the knockout stages of the 200 2017/18 Champions League, coupled with other clubs around Europe benefitting 0 142 6810 12 14 16 18 20 from moves to new stadia, means it is Position unlikely that they will climb up the Money League next year.
DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier 11th 14 Evonik Puma
Domestic league Average league UEFA Champions UEFA Europa League position 2016/17 match attendance League performance performance 3rd 79,206 Quarter-finals n/a
34 Deloitte Football Money League 2018 | Top 20 clubs
Borussia Dortmund: FITness data
Matchday revenue 2013-2017 (€m) Broadcast revenue 2013-2017 (€m) Commercial revenue 2013-2017 (€m)
400 400 400
300 300 300
200 200 200 144 140 148 124 109 88 126 100 60 56 54 61 59 100 100 82 82 83
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017
Matchday Broadcast Commercial Source: Deloitte Football Intelligence Tool. DFML average DFML 11-15 average
35 Deloitte Football Money League 2018 | Top 20 clubs
13. Atlético de Madrid
Facebook likes Twitter followers Instagram followers 13.8m (12) 3.8m (11) 4m (12)
2017 Revenue Revenue 2013-2017 (€m) Revenue profile 2017 (€m)
€272.5m 400 26% 15% (£234.2m) 2016 €70.5m €41m Revenue 300 (£60.6m) (£35.2m) 273 €228.6m 229 (£171m) 200 170 177
120 100
Atlético de Madrid remain in 13th place 0 2013 2014 2015 2016 2017 Matchday 59% in the Money League. Broadcast revenue €161m 20 15 16 13 13 increased by €21.6m to €161m despite a Broadcast (£138.4m) €9m reduction in UEFA distributions, with the club exiting the 2016/17 Champions Annual revenue DFML position Commercial League at the Semi-final stage, having been runners-up in 2015/16. Collective media rights selling in Spain has not yet had a Comparison to other top 20 clubs (€m) major impact on the composition of the Money League, with Atleti the only Spanish 800 club to make the top 30 alongside Real Madrid and FC Barcelona. 600
Atleti’s move to the 68,000 capacity 400 Wanda Metropolitano stadium for the 2017/18 season should deliver increased matchday and commercial revenue 200 in coming seasons. The club will need on-pitch success, including progression 0 142 6810 12 14 16 18 20 into the latter stages of the Champions Position League, as well as the benefits from the new stadium, if it is to put pressure on the clubs immediately above it for a place in the Money League top ten.
DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier 13th 8 Plus500 Nike
Domestic league Average league UEFA Champions UEFA Europa League position 2016/17 match attendance League performance performance 3rd 44,678 Semi-finals n/a
36 Deloitte Football Money League 2018 | Top 20 clubs
Atlético de Madrid: FITness data
Matchday revenue 2013-2017 (€m) Broadcast revenue 2013-2017 (€m) Commercial revenue 2013-2017 (€m)
400 400 400
300 300 300
200 200 200 139 96 161 87 100 100 100 71 53 53 53 27 33 37 36 41 40 41 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017
Matchday Broadcast Commercial Source: Deloitte Football Intelligence Tool. DFML average DFML 11-15 average
37 Deloitte Football Money League 2018 | Top 20 clubs
14. Leicester City
Facebook likes Twitter followers Instagram followers 6.6m (15) 1.1m (18) 1.9m (13)
2017 Revenue Revenue 2013-2017 (€m) Revenue profile 2017 (€m)
€271.1m 400 11% 7% (£233m) 2016 €29.9m €19.2m Revenue 300 (£25.7m) (£16.5m) 271 €172.1m (£128.7m) 200 172 137 100
23 37 Whilst Leicester couldn’t repeat their 0 2013 2014 2015 2016 2017 Matchday 82% incredible feat of winning the Premier €222m n/a n/a n/a 20 14 League in 2016/17, their achievements Broadcast (£190.8m) in reaching the Quarter-final of the Champions League, coupled with the Annual revenue DFML position Commercial growth in the Premier League broadcast arrangements, helped boost total revenue by £104.3m. The Foxes’ title winning Comparison to other top 20 clubs (€m) success helped to attract new commercial partners and a range of new deals were 800 agreed, giving a boost to commercial revenue in 2016/17. 600
Without a repeat of their on-pitch feats, it 400 is likely that this will be Leicester’s highest Money League position for the foreseeable future, but securing a position in the top 200 ten of the Premier League on a consistent basis could keep them in our top 20. 0 142 6810 12 14 16 18 20 Position
DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier 20th 2 King Power Puma
Domestic league Average league UEFA Champions UEFA Europa League position 2016/17 match attendance League performance performance 12th 31,920 Quarter-finals n/a
38 Deloitte Football Money League 2018 | Top 20 clubs
Leicester City: FITness data
Matchday revenue 2013-2017 (€m) Broadcast revenue 2013-2017 (€m) Commercial revenue 2013-2017 (€m)
400 400 400
300 300 300 222
200 200 200 127 97 100 7 8 14 15 19 100 100 26 30 30 77 9 22
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017
Matchday Broadcast Commercial Source: Deloitte Football Intelligence Tool. DFML average DFML 11-15 average
Without a repeat of their on-pitch feats, it is likely that this will be the Foxes’ highest Money League position for the foreseeable future.
39 Deloitte Football Money League 2018 | Top 20 clubs
15. Internazionale
Facebook likes Twitter followers Instagram followers 7.5m (14) 1.5m (14) 1.7m (14)
2017 Revenue Revenue 2013-2017 (€m) Revenue profile 2017 (€m)
€262.1m 400 50% 11% (£225.2m) 2016 €130.1m €28.4m Revenue 300 (£111.8m) (£24.4m) €179.2m 262 200 (£134m) 179 165 163 165
100
Ever-present in the Money League, 0 2013 2014 2015 2016 2017 Matchday 39% Internazionale’s resurgence, up four places €103.6m 15 17 20 19 15 to 15th, has been driven by a remarkable Broadcast (£89m) €75.2m (137%) increase in commercial revenue, following the club’s acquisition Annual revenue DFML position Commercial by Chinese electronics retailer Suning in June 2016. This increase masked Inter’s continued faltering on-field efforts which Comparison to other top 20 clubs (€m) resulted in a seventh placed finish in Serie A and no participation in UEFA competition 800 in 2017/18. 600 The impact of the increase in commercial revenue has significantly brightened the 400 future Money League prospects of Inter, who had looked destined to drop out of the top 20 for the first time, especially as all 200 three of the revenue categories of Serie A clubs have grown at the lowest rates of the 0 142 6810 12 14 16 18 20 ‘big five’ leagues over recent years. Position
DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier 19th 21 Pirelli Nike
Domestic league Average league UEFA Champions UEFA Europa League position 2016/17 match attendance League performance performance 7th 45,572 n/a Group
40 Deloitte Football Money League 2018 | Top 20 clubs
Internazionale: FITness data
Matchday revenue 2013-2017 (€m) Broadcast revenue 2013-2017 (€m) Commercial revenue 2013-2017 (€m)
400 400 400
300 300 300
200 200 200
94 88 130 100 100 97 99 104 100 51 54 45 55 19 21 22 26 28 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017
Matchday Broadcast Commercial Source: Deloitte Football Intelligence Tool. DFML average DFML 11-15 average
41 Deloitte Football Money League 2018 | Top 20 clubs
16. Schalke 04
Facebook likes Twitter followers Instagram followers 2.9m (18) 0.7m (20) 0.4m (19)
2017 Revenue Revenue 2013-2017 (€m) Revenue profile 2017 (€m)
€230.2m 400 41% 23% (£197.8m) 2016 €94.6m €53.3m Revenue 300 (£81.3m) (£45.8m)
230 €224.5m 214 220 225 (£167.9m) 200 198
100
A 15th consecutive top 20 position for 0 2013 2014 2015 2016 2017 Matchday 36% Schalke who, despite a €3.7m decrease in €82.3m 13 14 13 14 16 commercial revenue, saw overall revenue Broadcast (£70.7m) growth of 3% to €230.2m. A Quarter-final exit from the Europa League went some Annual revenue DFML position Commercial way in making up for the club’s failure to qualify for the Champions League, with Schalke receiving a UEFA distribution of Comparison to other top 20 clubs (€m) €17.7m, over €7m more than they received in the previous year. 800
However, a tenth place finish in the 600 Bundesliga means Schalke 04 miss out on participation in UEFA competition for 400 the 2017/18 season. This may put their Money League spot in doubt in the next edition, albeit Schalke’s 15 year run in the 200 Money League has survived the impact of non-participation previously and the 0 142 6810 12 14 16 18 20 uplift in centralised revenue that they will Position receive from the new Bundesliga broadcast arrangement in 2017/18 may just keep them in the top 20 next year.
DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier 14th 15 Gazprom adidas
Domestic league Average league UEFA Champions UEFA Europa League position 2016/17 match attendance League performance performance 10th 60,506 n/a Quarter-finals
42 Deloitte Football Money League 2018 | Top 20 clubs
Schalke 04: FITness data
Matchday revenue 2013-2017 (€m) Broadcast revenue 2013-2017 (€m) Commercial revenue 2013-2017 (€m)
400 400 400
300 300 300
200 200 200
108 100 43 41 39 51 53 100 100 93 104 98 95 75 82 63 69 73
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017
Matchday Broadcast Commercial Source: Deloitte Football Intelligence Tool. DFML average DFML 16-20 average
43 Deloitte Football Money League 2018 | Top 20 clubs
17. West Ham United
Facebook likes Twitter followers Instagram followers 2.3m (19) 1.4m (16) 0.5m (18)
2017 Revenue Revenue 2013-2017 (€m) Revenue profile 2017 (€m)
€213.3m 400 19% 16% (£183.3m) 2016 €41.2m €33.3m Revenue 300 (£35.4m) (£28.6m)
€192.3m 213 (£143.8m) 200 192 161 139 100 106
Like all other Premier League clubs, 0 2013 2014 2015 2016 2017 Matchday 65% West Ham United’s place in the top 20, €138.8m n/a n/a n/a 18 17 for only the fourth time, owes much to Broadcast (£119.3m) the improvement in the value of central broadcasting rights. Nonetheless, their Annual revenue DFML position Commercial highest ever position of 17th is also thanks to their move to the London Stadium. The highly competitive pricing structure Comparison to other top 20 clubs (€m) employed by the club was intended to fill the stadium and they were rewarded with 800 an average attendance of almost 57,000, the eighth highest amongst Money League 600 clubs.
400 West Ham’s future in the Money League will rely largely on their ability to maximise the commercial opportunities that 200 arise from their new home. If they can consistently finish in the top half of the 0 142 6810 12 14 16 18 20 Premier League and challenge for a place Position in UEFA competitions, they could become a regular in our Money League top 20 for the foreseeable future.
DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier 18th 4 Betway Umbro
Domestic league Average league UEFA Champions UEFA Europa League position 2016/17 match attendance League performance performance 11th 56,973 n/a Play-off
44 Deloitte Football Money League 2018 | Top 20 clubs
West Ham United: FITness data
Matchday revenue 2013-2017 (€m) Broadcast revenue 2013-2017 (€m) Commercial revenue 2013-2017 (€m)
400 400 400
300 300 300
200 200 200
139 100 100 90 104 116 100 21 23 26 36 33 60 41 25 26 31 40 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017
Matchday Broadcast Commercial Source: Deloitte Football Intelligence Tool. DFML average DFML 16-20 average
West Ham’s average attendance of almost 57,000, was the eighth highest amongst Money League clubs.
45 Deloitte Football Money League 2018 | Top 20 clubs
18. Southampton
Facebook likes Twitter followers Instagram followers 1.7m (20) 0.9m (19) 0.3m (20)
2017 Revenue Revenue 2013-2017 (€m) Revenue profile 2017 (€m)
€212.1m 400 9% 12% (£182.3m) 2016 €19.6m €26.1m Revenue 300 (£16.9m) (£22.4m)
€166.2m 212 (£124.3m) 200 166 150 127 100 84
Southampton enter the Money League top 0 2013 2014 2015 2016 2017 Matchday 79% 20 for the first time as they consolidated €166.4m n/a n/a n/a n/a 18 their top ten Premier League status with Broadcast (£143m) an eighth place finish and reached the Europa League Group stage. Europa Annual revenue DFML position Commercial League participation, coupled with the new Premier League broadcast contracts, boosted broadcast revenue to £143m, a Comparison to other top 20 clubs (€m) growth of 58%. Southampton’s broadcast revenue alone would be sufficient to see 800 them in 26th place in the Money League. Despite Southampton having the lowest 600 commercial revenue of all Money League clubs, it was boosted by a three-year record 400 deal with Virgin Media.
Southampton will face a challenge to retain 200 their top 20 Money League position in future editions after failing to qualify for 0 142 6810 12 14 16 18 20 UEFA competitions in 2017/18, especially Position with Money League regulars AS Roma returning to the Champions League. However, continued consolidation of a Premier League top ten position would represent real success for the Saints, who as recently as 2010/11 were competing in DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier the third tier of English football. n/a 1 Virign Media Under Armour
Domestic league Average league UEFA Champions UEFA Europa League position 2016/17 match attendance League performance performance 8th 31,087 n/a Group
46 Deloitte Football Money League 2018 | Top 20 clubs
Southampton: FITness data
Matchday revenue 2013-2017 (€m) Broadcast revenue 2013-2017 (€m) Commercial revenue 2013-2017 (€m)
400 400 400
300 300 300
200 200 166 200
100 100 95 111 121 100 20 24 25 26 20 55 9 11 15 20 20 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017
Matchday Broadcast Commercial Source: Deloitte Football Intelligence Tool. DFML average DFML 16-20 average
47 Deloitte Football Money League 2018 | Top 20 clubs
19. SSC Napoli
Facebook likes Twitter followers Instagram followers 4m (16) 1.3m (17) 0.8m (16)
2017 Revenue Revenue 2013-2017 (€m) Revenue profile 2017 (€m)
€200.7m 400 17% 10% (£172.5m) 2016 €34.3m €19.4m Revenue 300 (£29.5m) (£16.7m) €144.2m (£107.8m) 200 201 165 144 116 125 100
SSC Napoli return to the Money League top 0 2013 2014 2015 2016 2017 Matchday 73% 20 for the first time since the 2015 edition €147m n/a 16 n/a n/a 19 after a successful 2016/17 season which Broadcast (£126.3m) saw them progress to the Champions League Round of 16, and finish third in Annual revenue DFML position Commercial Serie A. This drove broadcast revenue up 51% to €147m, more than their entire revenue in 2015/16. On-field success Comparison to other top 20 clubs (€m) also saw matchday revenue increase by 28% to €19.4m and further highlights 800 the importance of UEFA competitions to Italian clubs’ position in the Money League. 600 Commercially, Napoli’s main sponsor, Acqua Lete, renewed its sponsorship in a 400 record partnership ahead of the 2016/17 season. 200 Whilst Napoli’s prospects of moving up the Money League next year are weakened by 0 142 6810 12 14 16 18 20 their Group stage exit from the Champions Position League, their current title challenge, which is unfolding alongside Juventus, could see them win Serie A for the first time since 1989/90 and break Juve’s six year stranglehold on the Scudetto. DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier n/a 4 Lete/Garofalo Kappa
Domestic league Average league UEFA Champions UEFA Europa League position 2016/17 match attendance League performance performance 3rd 33,147 R16 n/a
48 Deloitte Football Money League 2018 | Top 20 clubs
SSC Napoli: FITness data
Matchday revenue 2013-2017 (€m) Broadcast revenue 2013-2017 (€m) Commercial revenue 2013-2017 (€m)
400 400 400
300 300 300
200 200 200
147 100 100 107 97 100 79 15 21 14 15 19 67 34 37 32 32 34 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017
Matchday Broadcast Commercial Source: Deloitte Football Intelligence Tool. DFML average DFML 16-20 average
Napoli’s current title challenge, could see them win Serie A for the first time since 1989/90.
49 Deloitte Football Money League 2018 | Top 20 clubs
20.Everton
Facebook likes Twitter followers Instagram followers 3.1m (17) 1.5m (14) 0.6m (17)
2017 Revenue Revenue 2013-2017 (€m) Revenue profile 2017 (€m)
€199.2m 400 15% 9% (£171.2m) 2016 €30.5m €16.8m Revenue 300 (£26.2m) (£14.5m) €162.5m (£121.5m) 200 199 165 163 144 100 101
After narrowly missing out in the 2017 0 2013 2014 2015 2016 2017 Matchday 76% edition, Everton return to the Money €151.9m n/a 20 19 n/a 20 League top 20 for the fourth time, thanks Broadcast (£130.5m) to a seventh place Premier League finish and improved commercial revenue. Annual revenue DFML position Commercial Another English club to benefit from the new broadcast arrangement, the Toffees’ broadcast revenue increased by Comparison to other top 20 clubs (€m) 56% to £130.5m. A new training ground sponsor during 2016/17 boosted the 800 club’s commercial revenue, which was up 31%. This more than offset a 20% 600 fall in matchday revenue, after the club reduced ticket prices to coincide with the 400 new broadcast deal and performed less strongly in domestic cup competitions than in the previous year. 200
A new main sponsor for 2017/18, coupled 0 142 6810 12 14 16 18 20 with the benefits of Europa League Position participation, could ensure Everton remain a top 20 club for the 2019 edition of the Money League. In the long-term, until a proposed new stadium is built, significant growth in matchday revenue looks unlikely, as does a significant move up the Money DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier League. n/a 4 Chang Umbro
Domestic league Average league UEFA Champions UEFA Europa League position 2016/17 match attendance League performance performance 7th 39,310 n/a n/a
50 Deloitte Football Money League 2018 | Top 20 clubs
Everton: FITness data
Matchday revenue 2013-2017 (€m) Broadcast revenue 2013-2017 (€m) Commercial revenue 2013-2017 (€m)
400 400 400
300 300 300
152 200 200 112 200 114 101 65 100 100 100 22 26 27 31 20 21 25 24 17 15
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017
Matchday Broadcast Commercial Source: Deloitte Football Intelligence Tool. DFML average DFML 16-20 average
A new training ground sponsor during 2016/17 boosted Everton’s commercial revenue.
51 Deloitte Football Money League 2018 | 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.
52 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.
53 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.
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