Bullseye Football Money League Deloitte Sports Business Group January 2019

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Bullseye Football Money League Deloitte Sports Business Group January 2019
Bullseye
Football Money League
Deloitte Sports Business Group
January 2019
                                 A
Bullseye Football Money League Deloitte Sports Business Group January 2019
Deloitte Football Money League 2019 |
                                     Top 20 clubs

Real Madrid return to first place
in the Money League after
generating record revenue of
more than €750m in 2017/18,
following unprecedented
success on the pitch as the club
secured a third consecutive
Champions League title in
2017/18. FC Barcelona finish
second to complete a Spanish
one-two at the top, whilst
Manchester United slip to third.

B
Bullseye Football Money League Deloitte Sports Business Group January 2019
Deloitte Football Money League 2019 |
                                                                                                              Contents

Contents

Introduction                                                        02

Ups and downs                                                       09

The leading team in the business of football                        10

Top 20 clubs                                                        12

Eurovision                                                          32

Deloitte Football Intelligence Tool                                 54

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
Sam Boor                        E-mail: sportsteamuk@deloitte.co.uk
                                www.deloitte.co.uk/sportsbusinessgroup
Authors
Calum Ross, Christopher Winn,   January 2019
Chris Wood and Tom Hammond

                                                                                                                    01
Bullseye Football Money League Deloitte Sports Business Group January 2019
Deloitte Football Money League 2019 |
                                     Introduction

Introduction

Welcome to the 22nd edition of the Deloitte Football Money League in which we profile
the highest earning clubs in the world’s most popular sport. Published just eight months
after the end of the 2017/18 season, the Money League remains the most contemporary
and reliable independent analysis of the clubs’ relative financial performance.

There are a number of metrics, both                  €2.1 billion, just 5% short of the combined        This year’s Money League continues to
financial and non-financial, that can be used        revenue of the top 20 clubs in 1999/00.            underline the importance of qualification
to compare clubs including attendance,                                                                  for, and performance in, UEFA club
worldwide fan base, broadcast audience               Tottenham Hotspur break into the top ten           competitions. The UEFA Champions League
and on-pitch success. In the Money League            for only the second time in Money League           and UEFA Europa League have played an
we focus on clubs’ ability to generate               history replacing Italian giants Juventus and      important role in improving, or retaining,
revenue from matchday (including ticket              marking a change in the composition of             Money League positions for Liverpool,
and corporate hospitality sales), broadcast          clubs in the top ten for the first time since      Chelsea, Tottenham, AS Roma, Everton and
rights (including distributions from                 2012/13. The revenue of the tenth placed           AC Milan, whilst Arsenal, Juventus, Leicester
participation in domestic leagues, cups              club increased 6% to €428.3m in 2017/18            City and Southampton have lost positions
and European club competitions) and                  (Tottenham Hotspur) from €405.7m in                or even their top 20 status altogether after
commercial sources (e.g. sponsorship,                2016/17 (Juventus). Only three of the top          reduced European competition revenue
merchandising, stadium tours and other               ten clubs (Bayern Munich, Manchester               in 2017/18. The impact of UEFA club
commercial operations), and rank them on             City and Chelsea) remained in the same             competitions looks set to be even greater
that basis.                                          position as in the previous edition.               in next year’s edition with distributions to
                                                                                                        participating clubs increasing to a reported
                                                     European clubs remain dominant in the              €2.55 billion in 2018/19 from €1.84 billion
Euphoria                                             Money League, with bullish revenue growth          in 2017/18 following the start of a new
The rises and falls in this year's Money             in recent years, particularly across the ‘big      broadcast cycle.
League highlight the continuing evolution            five’ leagues. As predicted in last year’s
of the financial landscape in the world of           publication, the combined revenue of the           As well as this increase in the overall
football. Whilst the top 20 retains many             top 20 clubs (€8.3 billion) sets a new record,     amount to be distributed by UEFA, changes
familiar names from Europe’s ‘big five’              exceeding €8 billion for the first time.           to the Champions League qualification
leagues, 14 clubs see their position change                                                             process and distribution mechanism have
from last year, including three new entrants.        Broadcast revenue remains the most                 also been introduced. This will notably
                                                     prominent source of revenue for                    benefit many of the clubs in the Money
Real Madrid become the first club to break           Money League clubs with a 43% share,               League and bring the issue of financial
the €700m barrier en route to returning to           compared to 40% and 17% for commercial             polarisation to the fore once again. The
the top of the Money League, generating              and matchday revenue respectively.                 four top-ranked national associations
revenue of more than €750m. Barcelona                Nonetheless, a noticeable trend in this            in UEFA’s country coefficients (currently
complete a first Spanish one-two since               year's edition has been the commercial             Spain, England, Italy and Germany) are now
2014/15, with revenue of €690.4m. The                growth achieved by Europe's largest clubs,         guaranteed four automatic Group Stage
gap between the top two has grown to the             particularly for those in the ‘big five’ leagues   qualification places and alterations to the
second widest in Money League history                with no new broadcast cycles commencing            distribution model mean that a portion of
(€60.5m) after being the narrowest ever in           in 2017/18 (i.e. England, France, Italy and        the total amount available for distribution
last year’s edition. Including Manchester            Spain).                                            will be allocated based on a club's historical
United, who drop to third this year, the                                                                performance in UEFA competition over a
top three clubs in the Money League                                                                     ten-year period.
collectively generated revenue in excess of

02
Bullseye Football Money League Deloitte Sports Business Group January 2019
Deloitte Football Money League 2019 |
                                                                                                                                    Introduction

For the second consecutive year, no clubs      Chart 1: Deloitte Football Money League top 20 – 2016/17 and 2017/18
outside of the ‘big five’ leagues in Europe    revenue profile (€bn)
appear in the Money League top 20 and
only three are in the top 30.                                                     17%                                                   17%
                                                 38%                                               40%
Fairytale
This year’s Money League sees a record six                        2016/17                                            2017/18
English clubs in the top ten, with Tottenham
Hotspur climbing above Juventus into the
                                                              €7.9bn                                             €8.3bn
top ten for only the second time in Money
League history, having previously appeared
in 2006/07. The club experienced growth
across all of its revenue streams, notably                                        45%                                                   43%
matchday revenue, which increased by
54% (£26.5m), the single largest percentage
increase of any revenue stream across the         Matchday         Broadcast         Commercial                          Source: Deloitte analysis.
top ten Money League clubs, following their
temporary move to Wembley Stadium to
accommodate the development of the new         Manchester United slip to third place in this    Following a remarkable run to the
Tottenham Hotspur Stadium. Interestingly,      year’s Money League after two years in top       Champions League Final, Liverpool
there is now less than £10m separating         position, despite a return to the Champions      experienced the largest revenue increase
Spurs (£379.4m) from North London rivals,      League in 2017/18 and overall revenue            in the Money League’s top ten (£90.6m) and
Arsenal (£389.1m), whose 17-year stay in       growth of 2% (£8.8m) to £590m. Improved          are the highest climbers, jumping two spots
the top ten could come under threat.           on-pitch performance, both domestically          to seventh. The club experienced growth
                                               and in Europe, will be crucial to the Red        in all revenue streams and most notably,
                                               Devils retaining their position in the top       alongside fellow finalists Real Madrid, they
No clubs outside                               three of the Money League and responding
                                               to the challenge of their nearest rivals.
                                                                                                generated the most broadcast revenue
                                                                                                of any Money League club (£222.6m).
of the ‘big five’                              Manchester City retain their position in the
                                                                                                This broadcast revenue alone would see
                                                                                                them appear in the Money League's top
leagues in Europe                              top five for the third consecutive season,
                                               generating growth across all revenue
                                                                                                15, highlighting the impact of successful
                                                                                                performance in domestic and European
have climbed into                              streams after a record-breaking Premier
                                               League campaign that saw the
                                                                                                competition.

the Money League                               club crowned Champions by the largest
                                               ever margin, breaking the 100-point mark
                                                                                                Conversely, Arsenal are the biggest fallers
                                                                                                in the top ten dropping three places to
top 20 and only                                in the process, and also reaching the
                                               Quarter-finals of the Champions League.
                                                                                                ninth, their lowest position since 2004/05.
                                                                                                They experienced the largest revenue
three appear in                                In the space of a season, the gap to city-
                                               rivals, Manchester United, has closed by
                                                                                                decrease (£29.9m) across all top 20 clubs in
                                                                                                2017/18, predominantly due to their failure
the top 30.                                    over £40m, falling from £128m in 2016/17
                                               to £87m in 2017/18.
                                                                                                to qualify for the Champions League for
                                                                                                the first time since 1997/98. Although the
                                                                                                club reached the Semi-final of the Europa
                                                                                                League, distributions from UEFA fell by
                                                                                                €27m accounting for the majority of their
                                                                                                overall decrease.

                                                                                                                                                03
Bullseye Football Money League Deloitte Sports Business Group January 2019
Deloitte Football Money League 2019 |
                                     Introduction

Chart 2: Deloitte Football Money League top 20 combined revenue (€bn)                                   2019/20, means distributions to clubs are
                                                                                                        likely to remain relatively stable for the
10.0
                                                                                                        foreseeable future. Therefore, the onus is
                                                                                             8.3
                                                                                   7.9                  now even more on English clubs to drive
 8.0                                                                      7.4                           revenue growth through their own activity,
                                                                 6.6                                    particularly in matchday and commercial
                                                                                                        revenue streams, to enhance or even retain
 6.0                                                    5.0
                                                                                                        their Money League positions.
                                              3.9
 4.0                                 3.3
                            2.8
                  2.2                                                                                   Rock ‘n’ roll kids
 2.0      1.2                                                                                           Domestic treble winners Paris Saint-
                                                                                                        Germain climb one place to sixth position
                                                                                                        and remain the only French representative
     0   96/97   99/00    02/03     05/06    08/09     11/12    14/15    15/16    16/17     17/18
                                                                                                        in the top 20 for the sixth consecutive
                                                                                                        year. High-profile signings of Neymar Jr.
                                                                           Source: Deloitte analysis.   and Kylian Mbappé have helped drive
                                                                                                        the club’s success both on and off-pitch,
Elsewhere, Chelsea remain in eighth                  1983. This represents astounding growth            as they secured their fifth league title in
position despite revenue exceeding £400m             for a club that generated just £1.1m back          six years and delivered growth of €10.4m
for the first time in the club’s history,            in 1996/97 as the 83rd highest revenue             (12%) and €39.2m (14%) in matchday and
boosted by a return to Champions League              generating club in the UK, whilst in crisis        commercial revenue streams respectively.
football and the first year of the club’s            and teetering on the brink of relegation           Whilst marquee players have always had
lucrative technical kit agreement with Nike.         from the English Football League.                  the ability to drive wider commercial
Everton (17th), Newcastle United (19th)                                                                 benefits for a club, it appears that the
and West Ham United (20th) complete                  The recent announcement that the Premier           potential commercial impact of a player
England’s representation in this year’s top          League has been unable to deliver a                on a club is becoming a more prominent
20, with Leicester City failing to appear            substantial increase in overall broadcast          factor in player acquisitions, particularly in
for the first time since 2014/15 and                 rights values for the cycle beginning in           the modern environment where individuals
Southampton dropping out. As a result, the                                                              hold influential roles across social media
total number of English clubs in the top 20                                                             platforms. The scale of following of global
falls to nine, having achieved a record of ten
in last year’s edition.
                                                     Liverpool                                          star players can, in some cases, be even
                                                                                                        greater than that of the club and their

The number of English clubs in the top 30
                                                     experienced the                                    impact can be more than just on-pitch
                                                                                                        performances.
falls to 13, failing to reach the heights of the
record 17 set in 2014/15, but comfortably
                                                     highest revenue                                    PSG continue to innovate and disrupt the
remaining the most represented nation in
the Money League. The financial rewards
                                                     increase in the                                    status quo, as evidenced by their new co-
                                                                                                        branding initiative with Air Jordan this year.
available at the highest level of English
football continue to underpin the financial
                                                     Money League’s                                     However, progression in the Champions
                                                                                                        League beyond the Round of 16, which
strength of its clubs. Most notably, Brighton
and Hove Albion join Beşiktaş in breaking
                                                     top ten (£90.6m)                                   has been a sticking point in the past two
                                                                                                        seasons, is likely to be essential for the club
into the top 30 for the first time in 2017/18,
with revenue of £139.4m in 29th position,
                                                     and are the highest                                to improve upon, or simply retain, sixth
                                                                                                        place in next year’s edition of the Money
following their promotion to the top tier
of English football for the first time since
                                                     climbers.                                          League.

04
Bullseye Football Money League Deloitte Sports Business Group January 2019
Deloitte Football Money League 2019 |
                                                                                                                                                                            Introduction

Chart 3: Deloitte Football Money League’s top 20 – 2017/18 revenue profile (€m)

                  0                   100                   200                     300                      400                 500               600              700               800

        Real Madrid                            143.4                                                     251.3                                                              356.2 750.9
       FC Barcelona                            144.8                                                   223                                                      322.6     690.4
  Manchester United                        119.5                                                230.4                                                       316.1 666
     Bayern Munich                    103.8                                    176.7                                                                  348.7 629.2
    Manchester City           63.9                                                238.8                                                     265.7 568.4
 Paris Saint-Germain                 100.6                        127.8                                                                 313.3 541.7
           Liverpool                 91.6                                                      251.3                              170.8 513.7
            Chelsea                 83.4                                               230.5                                     191.8 505.7
            Arsenal                    111.6                                            206.9                       120.7 439.2
 Tottenham Hotspur                  85.2                                               226.6                       116.5 428.3
           Juventus         51.2                                        200.4                            143.3 394.9
 Borussia Dortmund           57.1                       122.3                          137.8 317.2
  Atlético de Madrid         56.8                               158.2                  89.4 304.4
      Internazionale   35.3                   97.7                              147.8 280.8
           AS Roma     35.4                                166.8        47.8     250
         Schalke 04          47                    91               105.8 243.8
            Everton 18.9                                 160      34 212.9
           AC Milan 36.9                      100.6             70.2 207.7
   Newcastle United    27                            142.7 31.8 201.5
   West Ham United 27.7                            133.8    36.4 197.9

   Matchday            Broadcast                   Commercial                                                                                                    Source: Deloitte analysis.

After finishing just outside the top 20 in                       from 2018/19, guaranteeing Group Stage                                 Italian clubs (i.e. AS Roma), reducing their
2016/17, Olympique Lyonnais drop to                              places for the top three French clubs, could                           share of market pool distributions from
28th, as a result of failing to qualify for the                  prove crucial in this regard.                                          UEFA. However, the club still managed to
2017/18 Champions League. Lyon remain                                                                                                   generate a 19% increase in commercial
the only other French club to feature in                                                                                                revenue following their stadium naming
the top 30 with Olympique de Marseille                           Rise like a phoenix                                                    rights agreement with Allianz, back of shirt
narrowly missing out, despite a return to                        Whilst no Italian clubs feature in the top                             arrangement with Cygames and increases
UEFA club competition, reaching the final of                     ten for the first time, there was something                            in merchandising revenue, as it starts
the Europa League.                                               of a renaissance for them in 2017/18, with                             to reap the benefits of bringing these
                                                                 Italy regaining its position as the second                             operations in-house.
With Ligue 1 in the midst of its domestic                        most represented nation in the top 20. Four
broadcast rights cycle, and therefore                            Italian clubs rank between 11 and 20, with                             AS Roma return to the Money League top
unable to provide significant uplifts in                         AC Milan and AS Roma returning to the top                              20 as the highest climbers, rising nine
distributions, France will likely not have                       20, after dropping out of last year's edition.                         places to 15th. The club experienced
more than two representatives in the top                                                                                                growth across all revenue streams in
30 for the next few years, unless its clubs                      Juventus fail to appear in the Money League                            achieving a club record revenue of €250m,
can regularly reach the latter stages of                         top ten for the first time since 2011/12,                              following their impressive run to the
UEFA club competitions. Changes to the                           largely due to poorer performance in                                   Champions League Semi-final.
Champions League qualification process                           the Champions League relative to other

                                                                                                                                                                                          05
Bullseye Football Money League Deloitte Sports Business Group January 2019
Deloitte Football Money League 2019 |
                                     Introduction

Elsewhere, AC Milan also make a swift                new international rights cycle, delivering an      2017/18 Money League clubs 21-30
return to the Money League top 20 after              increase of 81% on the previous reported
dropping out for the first time last year.           minimum guarantees, distributions to               Pos. Club                              Revenue
The club’s revenue grew by 8% to €207.7m,            Serie A clubs will see limited growth until at     		                                          €m
having returned to UEFA club competition             least the next cycle beginning in 2021/22.
                                                                                                        21.   SSC Napoli                            182.8
last season, reaching the Round of 16                Therefore, further revenue increases for
of the Europa League. Local city-rivals              Italian clubs will depend on a club’s ability to   22. Leicester City                          179.4
Internazionale continue to climb the Money           deliver growth in matchday and commercial
                                                                                                        23. Southampton                             172.0
League table, reaching 14th. Whilst the club         revenue streams, as well as success in UEFA
were absent from UEFA club competition               competitions.                                      24. Crystal Palace                          169.0
in 2017/18, they managed to generate
                                                                                                        25. FC Zenit Saint Petersburg               167.8
revenue growth through an increase in
commercial revenue as they continue                  Satellite                                          26. Beşiktaş                                165.7
to benefit from increased exposure in                Despite the 2017/18 season signalling
                                                                                                        27.   Sevilla                               165.2
Asia, following its acquisition by Chinese           the beginning of new domestic and
electronics retailer Suning in 2016. SSC             international broadcast rights cycles for          28. Olympique Lyonnais                      164.2
Napoli drop out of the top 20 in this edition,       the Bundesliga, only three German clubs
                                                                                                        29. Brighton & Hove Albion                  157.4
following a revenue reduction as the club            remain in the top 30 with Borussia VfL
narrowly lost out to Juventus in the race for        Mönchengladbach failing to appear for the          30. S.L. Benfica                            150.7
the Serie A title and struggled in UEFA club         first time since 2014/15.
competitions.
                                                                                                        Note: 2017 financial results for FC Zenit are in
                                                     Bayern Munich continue to lead the                 respect of the calendar year to December 2017.
Whilst the presence of Italian clubs in the          way for German clubs, retaining their
Money League top 20 has increased in this            position in the top five, with revenue                                      Source: Deloitte analysis.
year’s edition, it is heavily reliant on UEFA        increasing by 7% and becoming only the
club competition participation. Changes              fourth club to generate over €600m in
to the Champions League qualification                a single season. This was largely due to           Schalke 04 remain in 16th position despite
process has protected this to some                   increases in broadcast revenue driven by           absence from UEFA competition in
extent, providing Italian clubs with four            a combination of reaching the Semi-finals          2017/18, with the increase in Bundesliga
automatic Champions League Group Stage               of the Champions League and increased              distributions, following the commencement
qualification places from 2018/19. However,          Bundesliga distributions after winning their       of the new broadcast rights cycle,
this masks some of the underlying business           sixth consecutive title.                           more than offsetting the loss of UEFA
challenges for Italian football, particularly                                                           distributions. A return to this season's
in the broadcast market and generation of            Borussia Dortmund remain in 12th                   Champions League, reaching the Round of
matchday revenue.                                    position, despite a 5% reduction in revenue        16, where they will face Manchester City,
                                                     to €317.2m in 2017/18 after exiting from           should help secure, and perhaps improve,
The latest domestic broadcast rights sales           the Champions League Group Stages. This            their position in next year's Money League.
process delivered an increase of just 3%             has seen them fall over €100m behind
for the three-year cycle that commenced              Tottenham Hotspur, a club they were                With the Bundesliga's domestic and
with Sky Italia and Perform (DAZN) in                over €4m ahead of only two years ago.              international broadcast rights in the
2018/19 (excluding up to a further €150m in          Dortmund are on course for improved                first of a four year cycle, German clubs
bonuses reported to be payable dependent             performances, both domestically and in             are likely to require growth in matchday
on broadcaster’s subscriber performance),            the Champions League this season, which            and commercial revenue, supplemented
after two failed auction processes and               could assist in reducing this gap.                 by strong performance in UEFA club
a third process that resulted in the                                                                    competition, to improve their standing in
annulment of Mediapro’s acquisition of the                                                              the Money League.
rights. Despite the commencement of a

06
Bullseye Football Money League Deloitte Sports Business Group January 2019
Deloitte Football Money League 2019 |
                                                                                                                                  Introduction

After a two-year absence, Real Madrid                                                         All kinds of everything
                                                                                              FC Zenit St Petersburg, Beşiktaş and S.L.
returned to the top of the Money League                                                       Benfica are the only three representatives
                                                                                              from outside of Europe’s ‘big five’ leagues
for a record 12th time in some style,                                                         appearing in the top 30. FC Zenit’s absence
                                                                                              from the Champions League since 2015/16
smashing through the €700m barrier and                                                        has hampered their ability to challenge for
                                                                                              a position in the top 20, despite the level of
opening up a €60.5m gap to nearest rivals                                                     infrastructure improvements for the 2018
                                                                                              World Cup in Russia and the opening of the
FC Barcelona.                                                                                 club’s new multi-purpose stadium in 2017.

                                                                                              On the other hand, Beşiktaş’ run to the
                                                                                              Round of 16 in the 2017/18 Champions
Heroes                                       Atlético de Madrid remain in 13th position,      League has been a key factor in propelling
After a two-year absence Real Madrid         despite strong revenue growth of €31.9m          them into the top 30 for the first time.
return to the top of the Money League        to €304.4m. This was largely driven              Additionally, the club's new stadium
for a record 12th time in some style,        by the club’s move to the new Wanda              opened in 2016 facilitating increased
smashing through the €700m barrier and       Metropolitano stadium, which saw average         matchday revenue with the successful
opening up a €60.5m gap to nearest rivals    league attendances rise to over 55,000,          leveraging of the commercial opportunities
FC Barcelona. This was underpinned by        delivering a 39% increase in matchday            that came with it, which have been a key
continued on-pitch success winning the       revenue as well as creating new commercial       factor in the club almost doubling revenue
Champions League and FIFA Club World         opportunities.                                   since 2015/16.
Cup for the third and second consecutive
years respectively, leveraged successfully   This year’s Money League is the first edition    Benfica cling onto a place in the top 30
to generate commercial growth of 18% to a    since 2012/13 in which four Spanish teams        for the third consecutive year and remain
record €356.2m, surpassing Bayern Munich     have appeared in the top 30, as Sevilla          the only Portuguese club ever to appear
as the world’s highest commercial revenue    return for the first time since 2009/10. It      in the Money League. However, a second
generating football club.                    appears that the benefits of the collective      consecutive exit from the Group Stages of
                                             broadcast arrangements in Spain,                 this season's Champions League, combined
FC Barcelona climb to second in the          commencing in 2015/16, are starting to be        with the success of league champions, FC
Money League table and complete the          seen with the distribution ratio between La      Porto progressing to the Round of 16 and
first Spanish one-two since 2014/15. The     Liga’s top and bottom clubs falling from a       subsequently impacting on their share of
club’s revenue increased by €42.1m (6%)      reported 8:1 in 2014/15 to 3.6:1 in 2017/18.     market pool distributions from UEFA, could
to €690.4m, predominately driven by                                                           hinder the Eagles ability to retain their
commercial growth, which included the        Improved domestic and international              position in next year’s top 30.
start of a lucrative new shirt sponsorship   broadcast rights agreements commencing
agreement with Rakuten in 2017/18. New       in 2019/20, increased efforts by La Liga
commercial arrangements commencing in        to enhance its brand internationally, the
2018/19 and changes to their operational     guarantee of four Champions League
model, including bringing merchandising      Group Stage qualification spots from
activities in-house, should see continued    2018/19 and the Premier League’s lack
revenue growth as they attempt to            of substantial revenue increases for its
overhaul rivals Real Madrid and become       next broadcast rights cycle (commencing
only the third club to top the Money         in 2019/20), suggest that Spanish clubs
League.                                      may have an increasing presence in future
                                             editions of the Money League.

                                                                                                                                            07
Bullseye Football Money League Deloitte Sports Business Group January 2019
Deloitte Football Money League 2019 |
                                     Introduction

The Money League continues to be                                                                   In the previous two editions we have
                                                                                                   focused on those clubs and markets
dominated by clubs from the ‘big five’                                                             outside of Europe, which aspire to challenge
                                                                                                   the Money League’s elite in future years
European Leagues. There are a number of                                                            and decades. Recognising the growing
                                                                                                   prevalence of financial polarisation amongst
large clubs outside of these leagues that                                                          European clubs, our attention has returned
                                                                                                   to Europe in this year's edition. In our
are well established in their own domestic                                                         ‘Eurovision’ section we provide a snapshot
                                                                                                   of the future outlook for a selection of
markets yet have struggled to break into                                                           some of the largest clubs around Europe
                                                                                                   outside of the ‘big five’ leagues.
the top 20 in recent years.
                                                                                                   Everybody
Believe                                                                                            Recent years have seen a welcome
With most domestic leagues in the                                                                  and noticeable increase in interest and
same broadcast rights cycle in 2018/19                                                             awareness for women's sport, and football
as 2017/18, excluding Serie A who                                                                  in particular. In this year's edition we have
have secured a modest increase on                                                                  sought to provide a snapshot for each of
their domestic and international rights                                                            the top 20 Money League clubs, covering:
commencing in 2018/19, it is unlikely that
broadcast revenue will increase at a similar                                                          Women's team;
rate as we have seen previously. Therefore,
revenue growth in next year's edition will                                                            Distinct women's team shirt sponsor;
be driven by improved UEFA distributions                                                              and
and increases in commercial revenue of the           As we approach the UEFA club competition
Money League's top clubs.                            broadcast rights sales process for the           Women on club's Board(s).
                                                     next cycle from 2021/22, the European
The longer term composition of the                   football environment could also be subject    We provide profiles of each of the top 20
Money League is a fascinating point of               to change. It was recently announced          clubs in this edition alongside selected
discussion. With the Premier League’s                that a new third-tier competition will be     others from outside of Europe’s ‘big five’
lack of substantial increases for the                introduced, running alongside the existing    leagues. The Deloitte Football Money
next broadcast cycle, we may see other               Champions League and Europa League,           League was compiled by Dan Jones,
clubs from the other ‘big five’ leagues              which could assist in addressing the          Sam Boor, Calum Ross, Christopher
begin to narrow the gap to their English             issue of financial polarisation in European   Winn, Chris Wood, and Tom Hammond.
counterparts. However, the Premier                   football and helping to strengthen the        Our thanks goes to those who have
League’s decision to award a small package           development of football across UEFA's         helped us, inside and outside the Deloitte
of rights to Amazon and the continued                member associations.                          international network. We hope you enjoy
emergence of over the top (OTT) platforms                                                          this edition.
elsewhere in the market could provide a              The Money League continues to be
level of competition that could potentially          dominated by clubs from the ‘big five’        Dan Jones, Partner
deliver substantial increases in broadcast           European Leagues. However, there are          www.deloitte.co.uk/sportsbusinessgroup
rights values in future cycle negotiations.          a number of large clubs outside of these
                                                     leagues that are well established in their
                                                     own domestic markets yet have struggled
                                                     to break into the top 20 in recent years.

08
Deloitte Football Money League 2019 |
                                                                                                                       Ups and downs

Ups and downs

2017/18 Revenue (€m)                                           2016/17 Revenue (€m)

 1           1    Real Madrid              750.9                 1          0     Manchester United             676.3

 2           1    FC Barcelona             690.4                 2          1     Real Madrid                   674.6

 3          (2)   Manchester United        666.0                 3         (1)    FC Barcelona                  648.3

 4           0    Bayern Munich            629.2                 4          0     Bayern Munich                 587.8

 5           0    Manchester City          568.4                 5          0     Manchester City               527.7

 6           1    Paris Saint-Germain      541.7                 6          1     Arsenal                       487.6

 7           2    Liverpool                513.7                 7         (1)    Paris Saint-Germain           486.2

 8           0    Chelsea                  505.7                 8          0     Chelsea                       428.0

 9          (3)   Arsenal                  439.2                 9          0     Liverpool                     424.2

 10          1    Tottenham Hotspur        428.3                10          0     Juventus                      405.7

 11         (1)   Juventus                 394.9                11          1     Tottenham Hotspur             359.5

 12          0    Borussia Dortmund        317.2                12         (1)    Borussia Dortmund             332.6

 13          0    Atlético de Madrid       304.4                13          0     Atlético de Madrid            272.5

 14          1    Internazionale           280.8                14          6     Leicester City                271.1

 15   n/a   new   AS Roma                  250.0                15          4     Internazionale                262.1

 16          0    Schalke 04               243.8                16         (2)    Schalke 04                    230.2

 17          3    Everton                  212.9                17          1     West Ham United               213.3

 18   n/a   new   AC Milan                 207.7                18   n/a   new    Southampton                   212.1

 19   n/a   new   Newcastle United         201.5                19   n/a   new    Napoli                        200.7

20          (3)   West Ham United           197.9               20   n/a   new    Everton                       199.2

  DFML position         Change on previous year     Number of positions changed

                                                                                                                                  09
Deloitte Football Money League 2019 |
                                     Sports Business Group

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business of football

Improve your strategy and governance               We help deliver effective governance,
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10
Deloitte Football Money League 2019 |
                                                                                                           Sports Business Group

                                   Make informed investment decisions            We utilise our experience, industry
                                   Deloitte has an extensive track-record of     knowledge and global networks to provide
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                                                                                                                              11
Deloitte Football Money League 2019 |
                                     Top 20 clubs

      1              Real Madrid

      2018 Revenue                                   Revenue 2014-2018 (€m)                                                                     Revenue profile 2018 (€m)

 €750.9m                                             800

                                                                                        620
                                                                                                              675
                                                                                                                              751
                                                                                                                                                                                  19%
         (£665.2m)           2017 Revenue                                                                                                                                          €143.4m
                                                                         577                                                                                                      (£127.1m)
                                                           550
                            €674.6m                  600

                               (£579.7m)                                                                                                        47%
                                                     400                                                                                         €356.2m
                                                                                                                                                (£315.5m)

Real Madrid return to the top of the Money           200

League after a two year absence and for a                                                                                                                                     34%
                                                                                                                                                                              €251.3m
record 12th time. Los Blancos are the first            0   2014          2015           2016                 2017             2018                Matchday (2)               (£222.6m)
club to exceed revenue of €750m following                                                                                                         Broadcast (1)
                                                               1             1                3                   2                1
growth of more than €75m, in no small                                                                                                             Commercial (1)
part thanks to the club’s third successive
Champions League title. This translated                Annual revenue                                       DFML position
into continued commercial improvement,
with a €54.8m uplift in commercial revenue
driving overall growth, including sales of           Nearest club comparison 2018 (€m)
merchandising, sponsorship revenue and
exploitation of pre-season tours. Real now                     1             2                3                   4                5

have the highest commercial revenue of                                                                                                           DFML appearances     UEFA competition
any football club globally, testament to             800   751                                                                                          22               UCL: Winner
                                                                         690            666
the strength of their international brand                  356
                                                                         323                                  629
                                                                                        316                                   568
and the desire of the commercial market                                                                       349
                                                     600
to partner with Europe’s most successful                                                                                      266                       3rd
clubs.
                                                     400   251                                                                                    Domestic league    Technical kit supplier
                                                                         223            230
Real have financial security from long-term                                                                   177             239                     position              adidas
partnerships with adidas and Emirates, but           200
the on and off-pitch impact from the sale                  143           145
                                                                                        120                   104
of talismanic forward Cristiano Ronaldo in                                                                                      64                    66,337
                                                       0
                                                           Real Madrid

                                                                         FC Barcelona

                                                                                        Manchester United

                                                                                                              Bayern Munich

                                                                                                                              Manchester City

the summer of 2018 remains to be seen.
Whilst the commercial appeal of individual                                                                                                        Average league      Shirt front sponsor
players and on-pitch performance has an                                                                                                          match attendance           Emirates
ever-growing influence on the financial
performance of top clubs, the €60.5m
revenue gap to FC Barcelona is the second
highest between the top two positions in
Money League history, and Madrid will be                                                                                                          Facebook likes     Instagram followers
confident that they can retain top spot in                                                                                                         109.4m (1st)           67.1m (1st)
years to come.

                                                                                                                                                 Twitter followers    Women’s football
                                                                                                                                                    31.3m (1st)             Yes      No

12
Deloitte Football Money League 2019 |
                                                                                                                                 Top 20 clubs

Real Madrid: FITness trend

Matchday revenue 2014-2018 (€m)               Broadcast revenue 2014-2018 (€m)                Commercial revenue 2014-2018 (€m)

400                                            400                                            400                                         356
                                                                                                                                 301

300                                            300                                            300              247      263
                                                                             237     251
                                                                      228                              232
                                                       204    200
200                                            200                                            200
                                136   143
       114   130      129

100                                            100                                            100

  0   2014   2015     2016   2017     2018         0   2014   2015   2016    2017   2018         0    2014     2015     2016     2017     2018

  Matchday          Broadcast         Commercial       DFML average         DFML top five average     Source: Deloitte Football Intelligence Tool.

                                                                                                                                                 13
Deloitte Football Money League 2019 |
                                     Top 20 clubs

      2              FC Barcelona

      2018 Revenue                                   Revenue 2014-2018 (€m)                                                                     Revenue profile 2018 (€m)

 €690.4m                                             800

                                                                                        620
                                                                                                              648
                                                                                                                              690                                                 21%
         (£611.6m)           2017 Revenue                                                                                                                                          €144.8m
                                                                         561                                                                                                      (£128.3m)
                            €648.3m                  600
                                                           485
                               (£557.1m)                                                                                                        47%
                                                     400                                                                                         €322.6m
                                                                                                                                                (£285.8m)

FC Barcelona climb one place to second               200

after strong revenue growth of €42.1m                                                                                                                                        32%
                                                                                                                                                                               €223m
(6%) in 2017/18. Commercial revenue                    0   2014          2015           2016                 2017             2018                Matchday (1)               (£197.5m)
increased by €27.7m following the start                                                                                                           Broadcast (7)
                                                               4             2                2                   3                2
of a new four-year shirt front sponsorship                                                                                                        Commercial (3)
deal with Japanese e-commerce company
Rakuten and improved exploitation of                   Annual revenue                                       DFML position
pre-season friendlies, with Barca playing
notable games in the USA against both Real
Madrid and Manchester United. Winning                Nearest club comparison 2018 (€m)
La Liga resulted in improved broadcast
revenue and, despite a drop in average                         1             2                3                   4                5

league attendance, matchday revenue                                                                                                              DFML appearances     UEFA competition
also increased following growth in revenue           800   751                                                                                          22           UCL: Quarter-final
                                                                         690            666
from the sale of tickets released by the                   356
                                                                         323                                  629
                                                                                        316                                   568
club’s members and the Spanish Super Cup                                                                      349
                                                     600
fixture played against Real Madrid.                                                                                           266                       1st

Further commercial growth is also                    400   251                                                                                    Domestic league    Technical kit supplier
                                                                         223            230
expected next year, as the 2018/19 season                                                                     177             239                     position               Nike
marks the start of two major commercial              200
agreements; the restructured technical                     143           145
                                                                                        120                   104
kit deal with Nike, which has enabled                                                                                           64                    70,872
                                                       0
                                                           Real Madrid

                                                                         FC Barcelona

                                                                                        Manchester United

                                                                                                              Bayern Munich

                                                                                                                              Manchester City

increased in-house merchandise activities,
and the start of a new deal with Beko                                                                                                             Average league      Shirt front sponsor
for rights to shirt sleeve and training kit                                                                                                      match attendance           Rakuten
sponsorship. However, progress beyond
the Quarter-finals in this year’s Champions
League, a sticking point in recent years,
is likely to be an important factor in
determining how close FC Barcelona can                                                                                                            Facebook likes     Instagram followers
get to the top spot in next year’s Money                                                                                                           102.7m (2nd)          63.8m (2nd)
League.

                                                                                                                                                 Twitter followers    Women’s football
                                                                                                                                                    29m (2nd)               Yes       No

14
Deloitte Football Money League 2019 |
                                                                                                                                 Top 20 clubs

FC Barcelona: FITness trend

Matchday revenue 2014-2018 (€m)               Broadcast revenue 2014-2018 (€m)                Commercial revenue 2014-2018 (€m)

400                                            400                                            400
                                                                                                                                          323
                                                                                                                        296      295
300                                            300                                            300              244
                                                                             215    223
                                                              200     203
                                                       182                                             186
200                                            200                                            200
                                139   145
       117   117      121

100                                            100                                            100

  0   2014   2015     2016   2017     2018         0   2014   2015   2016    2017   2018         0    2014     2015     2016     2017     2018

  Matchday          Broadcast         Commercial       DFML average         DFML top five average     Source: Deloitte Football Intelligence Tool.

                                                                                              Commercial growth
                                                                                              is also expected
                                                                                              next year, as the
                                                                                              2018/19 season
                                                                                              marks the start
                                                                                              of two major
                                                                                              commercial
                                                                                              agreements.

                                                                                                                                                 15
Deloitte Football Money League 2019 |
                                     Top 20 clubs

      3              Manchester United

      2018 Revenue                                   Revenue 2014-2018 (€m)                                                                     Revenue profile 2018 (€m)

     €666m                                           800
                                                                                        689                   676             666                                                 18%
          (£590m)            2017 Revenue                                                                                                                                          €119.5m
                                                                                                                                                                                  (£105.9m)
                            €676.3m                  600   518           520

                               (£581.2m)                                                                                                        47%
                                                     400                                                                                        €316.1m
                                                                                                                                                (£280m)

After two consecutive years at the top of            200

the Money League, Manchester United fall                                                                                                                                      35%
                                                                                                                                                                               €230.4m
two places to third, with the lowest revenue           0   2014          2015           2016                 2017             2018                Matchday (3)                (£204.1m)
growth rate (2%) of any club in the top five.                                                                                                     Broadcast (5)
                                                               2             3                1                   1                3
Despite a Champions League return in                                                                                                              Commercial (4)
2017/18, UEFA distributions were broadly
similar to the amount received from                    Annual revenue                                       DFML position
winning the Europa League in the previous
season, as qualification via UEFA’s second
tier competition resulted in a lower share           Nearest club comparison 2018 (€m)
of the lucrative market pool distributions
relative to other English clubs participating                  1             2                3                   4                5

in the Champions League.                                                                                                                         DFML appearances     UEFA competition
                                                     800   751                                                                                            22                UCL: R16
                                                                         690            666
The Red Devils' most recent forecasts                      356
                                                                         323                                  629
                                                                                        316                                   568
indicate revenue will increase to c.£615-                                                                     349
                                                     600
630m in 2018/19 with commercial revenue                                                                                       266                      2nd
continuing to underpin United’s financial
performance, including long-term deals               400   251                                                                                    Domestic league    Technical kit supplier
                                                                         223            230
with adidas and Chevrolet, new and                                                                            177             239                    position                adidas
renewed global and regional partnerships             200
and a first shirt sleeve sponsorship                       143           145
                                                                                        120                   104
(Kohler). However, it is ultimately the                                                                                         64                    75,102
                                                       0
                                                           Real Madrid

                                                                         FC Barcelona

                                                                                        Manchester United

                                                                                                              Bayern Munich

                                                                                                                              Manchester City

virtuous link between strong on-pitch
performance and financial growth that                                                                                                             Average league      Shirt front sponsor
will influence the club’s ability to close                                                                                                       match attendance           Chevrolet
the gap on the Spanish duo at the top of
this year’s Money League. Improved first
team performance will drive increased
Premier League and UEFA distributions
and enhance the potential to negotiate                                                                                                            Facebook likes     Instagram followers
improved commercial deals.                                                                                                                         73.3m (3rd)           25.3m (3rd)

                                                                                                                                                 Twitter followers    Women’s football
                                                                                                                                                   18.6m (3rd)              Yes       No

16
Deloitte Football Money League 2019 |
                                                                                                                                 Top 20 clubs

Manchester United: FITness trend

Matchday revenue 2014-2018 (€m)               Broadcast revenue 2014-2018 (€m)                Commercial revenue 2014-2018 (€m)

400                                            400                                            400                       364
                                                                                                                                 325
                                                                                                                                          316
                                                                                                               264
300                                            300                                            300
                                                                             226    230                231
                                                                      188
200                                            200     162    142                             200
      125             137
             114                125   120

100                                            100                                            100

  0   2014   2015     2016   2017     2018         0   2014   2015   2016    2017   2018         0    2014     2015     2016     2017     2018

  Matchday          Broadcast         Commercial       DFML average         DFML top five average     Source: Deloitte Football Intelligence Tool.

                                                                                                                                                 17
Deloitte Football Money League 2019 |
                                     Top 20 clubs

      4              Bayern Munich

      2018 Revenue                                   Revenue 2014-2018 (€m)                                                                             Revenue profile 2018 (€m)

  €629.2m                                            800
                                                                                                                                  629
                                                                                                                                                                                          17%
         (£557.4m)           2017 Revenue                                                     592               588
                                                                                                                                                                                          €103.8m
                                                                                                                                                                                           (£92m)
                            €587.8m                  600
                                                           488            474
                               (£505.1m)                                                                                                                55%
                                                     400                                                                                                 €348.7m
                                                                                                                                                        (£308.9m)

Despite becoming only the fourth club to             200

surpass €600m revenue, Bayern Munich                                                                                                                                                 28%
                                                                                                                                                                                      €176.7m
have been unable to climb the Money                    0   2014           2015                2016             2017               2018                    Matchday (5)               (£156.5m)
League and occupy fourth place for the                                                                                                                    Broadcast (10)
                                                               3                5                 4                  4                  4
third consecutive year. The club achieved                                                                                                                 Commercial (2)
revenue growth of €41.4m (7%), which
was largely due to an uplift in broadcast              Annual revenue                                         DFML position
distributions of €30m, following the
start of the Bundesliga’s more lucrative
four-year domestic TV rights deal and a              Nearest club comparison 2018 (€m)
€15.7m increase in UEFA distributions
compared to the previous season, after                         2                3                 4                  5                  6

the club progressed to the Champions                                                                                                                     DFML appearances     UEFA competition
League Semi-finals in 2017/18. Despite               800                                                                                                        22             UCL: Semi-final
                                                           690            666
this improvement, Bayern remains the                       323                                629
                                                                          316                                   568
second lowest recipient of revenue from                                                       349                                 542
                                                     600
broadcasters in the top ten of the Money                                                                        266
                                                                                                                                  313
                                                                                                                                                                1st
League, such has been the relative scale of
broadcast deal improvements, particularly            400                                                                                                  Domestic league    Technical kit supplier
                                                           223            230
in England and Spain.                                                                         177               239                                           position              adidas
                                                                                                                                  128
                                                     200
Bayern are clearly the leading German club                 145
                                                                          120                 104                                 101
in the Money League, generating revenue                                                                           64                                          75,354
                                                       0
                                                           FC Barcelona

                                                                          Manchester United

                                                                                              Bayern Munich

                                                                                                                Manchester City

                                                                                                                                  Paris Saint-Germain

almost double that of domestic rivals
Borussia Dortmund. The club has won six                                                                                                                   Average league      Shirt front sponsor
consecutive Bundesliga titles since 2012/13,                                                                                                             match attendance    Deutsche Telekom
been a regular feature in the latter stages
of the Champions League and benefitted
from lucrative commercial arrangements,
including with partners owning a stake in
the club, which have all contributed to the                                                                                                               Facebook likes     Instagram followers
breadth of this gap. Whilst commercial                                                                                                                      49.5m (4th)          14.9m (6th)
revenue will remain the club’s key source
of revenue for the foreseeable future,
Bayern have lost their place as the most
commercially successful club in world
football in this year’s edition, surpassed by                                                                                                            Twitter followers    Women’s football
Real Madrid.                                                                                                                                                4.5m (11th)             Yes      No

18
Deloitte Football Money League 2019 |
                                                                                                                                Top 20 clubs

Bayern Munich: FITness trend

Matchday revenue 2014-2018 (€m)              Broadcast revenue 2014-2018 (€m)                Commercial revenue 2014-2018 (€m)

400                                           400                                            400                                         349
                                                                                                                       343      343
                                                                                                      292     278
300                                           300                                            300

200                                           200                                            200
                                                                                    177
                      102       98   104                             148    147
       88    90
100                                           100     108    106                             100

  0   2014   2015     2016   2017    2018         0   2014   2015   2016    2017   2018         0    2014     2015     2016     2017     2018

  Matchday          Broadcast        Commercial       DFML average         DFML top five average     Source: Deloitte Football Intelligence Tool.

                                                                                             Bayern are clearly
                                                                                             the leading German
                                                                                             club in the Money
                                                                                             League, generating
                                                                                             revenue almost
                                                                                             double that of
                                                                                             domestic rivals
                                                                                             Borussia Dortmund.

                                                                                                                                                19
Deloitte Football Money League 2019 |
                                     Top 20 clubs

      5              Manchester City

      2018 Revenue                                   Revenue 2014-2018 (€m)                                                                          Revenue profile 2018 (€m)

 €568.4m                                             800
                                                                                                                                                                                       11%
         (£503.5m)           2017 Revenue                                                                                                                                               €63.9m
                                                                                                                                         568                                           (£56.6m)
                            €527.7m                  600
                                                                               463
                                                                                               525                 528

                               (£453.5m)                   416                                                                                       47%
                                                     400                                                                                              €265.7m
                                                                                                                                                     (£235.4m)

Manchester City retain fifth spot for the            200

third year running with revenue growth                                                                                                                                            42%
                                                                                                                                                                                   €238.8m
of £50m (11%), surpassing £500m for the                0   2014                2015            2016               2017                   2018          Matchday (10)              (£211.5m)
first time. Growth continued across all                                                                                                                Broadcast (3)
                                                                 6                 6                5                    5                  5
revenue streams after a season which saw                                                                                                               Commercial (6)
the club win the Premier League by the
largest ever margin and reach the Quarter-             Annual revenue                                            DFML position
finals of the Champions League. Their
continued exposure at the highest level
of club football brought new commercial              Nearest club comparison 2018 (€m)
opportunities with a new shirt sleeve
sponsorship with Nexen Tire, and new                             3                 4                5                    6                  7

partnerships with Gatorade and Amazon                                                                                                                 DFML appearances     UEFA competition
commencing in 2017/18. The latter included           800                                                                                                     14           UCL: Quarter-final
                                                           666
the filming of a documentary series                                            629
                                                           316                                 568
providing viewers with a behind the scenes                                     349                                 542
                                                     600                                                                                 514
view of the club’s progress.                                                                   266
                                                                                                                   313
                                                                                                                                                             1st
                                                                                                                                         171

Whilst matchday revenue improved                     400                                                                                               Domestic league    Technical kit supplier
                                                           230                                                                           251
marginally, the club’s total of £56.6m is the                                  177             239                                                         position               Nike
lowest of any club in the top ten and likely                                                                       128
                                                     200
remains an area of potential growth for                    120                 104                                 101                    92
City. Commercially, reports suggest that                                                         64                                                        54,054
                                                       0
                                                           Manchester United

                                                                               Bayern Munich

                                                                                               Manchester City

                                                                                                                   Paris Saint-Germain

                                                                                                                                         Liverpool

a lucrative new kit manufacturer deal has
been agreed from 2019/20 which should                                                                                                                  Average league      Shirt front sponsor
see revenue growth in the next edition                                                                                                                match attendance      Etihad Airways
of the Money League. Of pressing focus
will be on-pitch results in 2018/19, and in
particular a strong performance in the
Champions League to provide the revenue
the club may require to ensure a top five                                                                                                              Facebook likes     Instagram followers
position is maintained.                                                                                                                                  36.7m (7th)          9.8m (10th)

                                                                                                                                                      Twitter followers    Women’s football
                                                                                                                                                         6.6m (9th)              Yes      No

20
Deloitte Football Money League 2019 |
                                                                                                                                Top 20 clubs

Manchester City: FITness trend

Matchday revenue 2014-2018 (€m)              Broadcast revenue 2014-2018 (€m)                Commercial revenue 2014-2018 (€m)

400                                           400                                            400

300                                           300                                            300                                         266
                                                                            237     239                                239      231
                                                                     216
                                                             178                                              228
200                                           200     159                                    200      200

100    57    57        70       60    64      100                                            100

  0   2014   2015     2016   2017    2018         0   2014   2015   2016    2017   2018         0    2014     2015     2016     2017     2018

  Matchday          Broadcast        Commercial       DFML average         DFML top five average     Source: Deloitte Football Intelligence Tool.

                                                                                             A strong
                                                                                             performance in the
                                                                                             Champions League
                                                                                             would provide
                                                                                             the revenue the
                                                                                             club may require
                                                                                             to ensure a top
                                                                                             five position is
                                                                                             maintained.

                                                                                                                                                21
Deloitte Football Money League 2019 |
                                     Top 20 clubs

      6              Paris Saint-Germain

      2018 Revenue                                   Revenue 2014-2018 (€m)                                                                Revenue profile 2018 (€m)

     €541.7m                                         800
                                                                                                                                                                             18%
         (£479.9m)           2017 Revenue                                                                                                                                    €100.6m
                                                                                                                                 542                                         (£89.2m)
                            €486.2m                  600
                                                           471             481
                                                                                             521
                                                                                                                     486
                               (£417.8m)                                                                                                   58%
                                                     400                                                                                    €313.3m
                                                                                                                                           (£277.5m)

PSG climb one place to sixth in the Money            200

League due to impressive revenue growth                                                                                                                                  24%
                                                                                                                                                                         €127.8m
of €55.5m (11%) to €541.7m. Despite a                  0   2014            2015              2016                   2017         2018        Matchday (6)               (£113.2m)
Round of 16 exit from the Champions                                                                                                          Broadcast (16)
                                                               5                4                  6                    7          6
League for the second consecutive season,                                                                                                    Commercial (5)
the high-profile signings of two of world
football's most recognisable players, Kylian           Annual revenue                                              DFML position
Mbappé and Neymar Jr, was a significant
statement of intent ahead of the 2017/18
season and had a positive financial impact.          Nearest club comparison 2018 (€m)
The club won Ligue 1 and saw the second
largest increase in commercial revenue of                      4                5                  6                    7          8

the top 20 (€39.2m, 14%). The high-profile                                                                                                  DFML appearances     UEFA competition
signings notably aided merchandising                 800                                                                                               9               UCL: R16
sales and matchday revenue with high                       629
interest in both the replica shirts of, and the                            568
                                                     600   349                               542
                                                                                                                     514         508               1st
opportunity to see live, PSG’s star-studded                                266
                                                                                             313                     171         192
team.
                                                     400                                                                                     Domestic league    Technical kit supplier
                                                                                                                     251
PSG’s appetite to innovate is further                                      239                                                   231             position                Nike
                                                           177
evidenced through a co-branding initiative                                                   128
                                                     200
with Air Jordan, owned by PSG’s kit                        104                               101                      92         83
manufacturer Nike, which has seen the                                        64                                                                  46,929
                                                       0
                                                           Bayern Munich

                                                                           Manchester City

                                                                                             Paris Saint-Germain

                                                                                                                     Liverpool

                                                                                                                                 Chelsea

Jumpman logo appear on a football shirt
for the first time in 2018/19. This unique                                                                                                   Average league      Shirt front sponsor
offering is likely to benefit the club even                                                                                                 match attendance           Emirates
further commercially, and on the pitch
PSG appear in a strong position, with the
club on course for their sixth Ligue 1 title
in seven years and having again qualified
for the knockout stages of the Champions                                                                                                     Facebook likes     Instagram followers
League.                                                                                                                                        35.7m (9th)          18.1m (5th)

                                                                                                                                            Twitter followers    Women’s football
                                                                                                                                               6.6m (8th)              Yes      No

22
Deloitte Football Money League 2019 |
                                                                                                                               Top 20 clubs

Paris Saint-Germain: FITness trend

Matchday revenue 2014-2018 (€m)              Broadcast revenue 2014-2018 (€m)               Commercial revenue 2014-2018 (€m)

400                                           400                                              400
                                                                                                     324                                 313
                                                                                                              297      305
                                                                                                                                274
300                                           300                                              300

200                                           200                                              200

                       93       90   101
       64     78                                                     123    122    128
100                                           100            106                               100
                                                      83

  0   2014   2015     2016   2017    2018         0   2014   2015   2016    2017   2018         0    2014     2015     2016     2017     2018

  Matchday          Broadcast        Commercial       DFML average         DFML 6-10 average         Source: Deloitte Football Intelligence Tool.

                                                                                                                                                23
Deloitte Football Money League 2019 |
                                     Top 20 clubs

      7              Liverpool

      2018 Revenue                                   Revenue 2014-2018 (€m)                                                          Revenue profile 2018 (€m)

     €513.7m                                         800
                                                                                                                                                                       18%
         (£455.1m)           2017 Revenue                                                                                                                               €91.6m
                                                                                                                                                                       (£81.2m)
                            €424.2m                  600                                                                   514

                               (£364.5m)                                     392                   404           424
                                                                                                                                     33%
                                                     400                                                                              €170.8m
                                                           306
                                                                                                                                     (£151.3m)

Liverpool rise to seventh in this year’s             200

Money League, the club’s highest position                                                                                                                         49%
                                                                                                                                                                   €251.3m
since 2008/09 following a promising                    0   2014              2015                  2016         2017       2018        Matchday (7)               (£222.6m)
2017/18 season on-pitch that culminated                                                                                                Broadcast (1)
                                                                9                  9                  9            9         7
in the Red’s first Champions League Final                                                                                              Commercial (8)
for 11 years. Whilst the club ultimately
finished Runners-up, revenue increased                 Annual revenue                                          DFML position
by £90.6m (25%), the highest uplift of any
top ten Money League club, emphasising
the financial reward from a strong showing           Nearest club comparison 2018 (€m)
in UEFA’s flagship competition and the
impact of on-pitch performance on a                             5                  6                  7            8         9

club’s Money League position. Almost half                                                                                             DFML appearances     UEFA competition
of total revenue (49%) was received from             800                                                                                     22             UCL: Runner-up
broadcasters with the club earning the
equal most broadcast revenue of the Money                  568
                                                     600                     542
                                                                                                   514           506                         4th
League top 20 alongside Real Madrid.                       266
                                                                             313                   171                     439
                                                                                                                 192
                                                                                                                           121
This season the club appear well                     400                                                                               Domestic league    Technical kit supplier
                                                                                                   251
placed, currently challenging for their                    239                                                   231       207             position          New Balance
first league title in the Premier League                                     128
                                                     200
era and successfully qualifying for the                                      101                                           112
                                                                                                    92           83
Round of 16 of the Champions League,                         64                                                                            52,958
                                                       0
                                                           Manchester City

                                                                             Paris Saint-Germain

                                                                                                   Liverpool

                                                                                                                 Chelsea

                                                                                                                           Arsenal

in which another strong performance
will be critical to maintain the revenue                                                                                               Average league      Shirt front sponsor
growth seen in 2017/18. Continued                                                                                                     match attendance    Standard Chartered
success on the pitch should also bring the
exposure the club requires to continue
growth of its commercial revenue.
Association with a club with the history of
Liverpool, competing strongly in multiple                                                                                              Facebook likes     Instagram followers
competitions over a prolonged period                                                                                                    32.4m (10th)          11.5m (9th)
of time, is an attractive proposition for
potential commercial partners.

                                                                                                                                      Twitter followers    Women’s football
                                                                                                                                         10.9m (6th)             Yes      No

24
Deloitte Football Money League 2019 |
                                                                                                                               Top 20 clubs

Liverpool: FITness trend

Matchday revenue 2014-2018 (€m)              Broadcast revenue 2014-2018 (€m)               Commercial revenue 2014-2018 (€m)

400                                           400                                              400

300                                           300                                  251         300

                                                                            183                                                          171
                                                             164     168                                               160      162
200                                           200                                              200   129      153
                                                      123
              75       76       80    92
       54
100                                           100                                              100

  0   2014   2015     2016   2017    2018         0   2014   2015   2016    2017   2018         0    2014     2015     2016     2017     2018

  Matchday          Broadcast        Commercial       DFML average         DFML 6-10 average         Source: Deloitte Football Intelligence Tool.

                                                                                            This season the
                                                                                            club are strongly
                                                                                            challenging for
                                                                                            their first league
                                                                                            title in the Premier
                                                                                            League era.

                                                                                                                                                25
Deloitte Football Money League 2019 |
                                     Top 20 clubs

      8              Chelsea

      2018 Revenue                                   Revenue 2014-2018 (€m)                                                            Revenue profile 2018 (€m)

  €505.7m                                            800
                                                                                                                                                                         16%
          (£448m)            2017 Revenue                                                                                                                                 €83.4m
                                                                                                                                                                         (£73.9m)
                             €428m                   600                                                           506

                                                                                                                                       38%
                                                                                             447         428
                                                                                 420
                               (£367.8m)                   388
                                                     400                                                                                €191.8m
                                                                                                                                       (£169.9m)

Chelsea remain in eighth place for the               200

fourth consecutive year despite significant                                                                                                                          46%
                                                                                                                                                                     €230.5m
growth of £80.2m (22%) and generating                  0   2014                  2015        2016       2017       2018                  Matchday (9)               (£204.2m)
revenue of over £400m for the first time                                                                                                 Broadcast (4)
                                                                 7                  8          8           8            8
in the club’s history, as rivals Liverpool                                                                                               Commercial (7)
performed even more strongly through
reaching the Final of the Champions                    Annual revenue                                  DFML position
League. The 2017/18 season marked a
return to the Champions League and the
commencement of a new kit deal with                  Nearest club comparison 2018 (€m)
Nike worth a reported £60m per annum,
which were the main drivers in broadcast                         6                  7          8           9        10

and commercial revenue increases of 26%                                                                                                 DFML appearances     UEFA competition
(£41.7m) and 22% (£30.1m) respectively.              800                                                                                       21                  UCL: R16

The club’s publicly stated objective to                    542
                                                     600                         514         506
identify premium brands to partner with                    313
                                                                                                                                               5th
                                                                                 171         192         439       428
has been activated in 2018/19, with a new                                                                121       116
four-year shirt sleeve agreement with                400                                                                                 Domestic league    Technical kit supplier
                                                                                 251
Hyundai providing growth this season.                                                        231         207       227                       position                Nike
However, with major deals with Nike and                    128
                                                     200
Yokohama fixed for a number of years                       101                                           112
                                                                                  92         83                     85
and the club failing to secure Champions                                                                                                     41,281
                                                       0
                                                           Paris Saint-Germain

                                                                                 Liverpool

                                                                                             Chelsea

                                                                                                         Arsenal

                                                                                                                   Tottenham Hotspur

League football for 2018/19, it will be
difficult for Chelsea to increase revenue                                                                                                Average league      Shirt front sponsor
and challenge those clubs above them in                                                                                                 match attendance     Yokohama Tyres
the Money League in the short term.

                                                                                                                                         Facebook likes     Instagram followers
                                                                                                                                           47.7m (5th)          14.4m (7th)

                                                                                                                                        Twitter followers    Women’s football
                                                                                                                                           12.3m (5th)             Yes      No

26
Deloitte Football Money League 2019 |
                                                                                                                               Top 20 clubs

Chelsea: FITness trend

Matchday revenue 2014-2018 (€m)              Broadcast revenue 2014-2018 (€m)               Commercial revenue 2014-2018 (€m)

400                                           400                                              400

300                                           300                                              300
                                                                                   231
                                                                     191    189                                                          192
                                                      167    178                                                       163      163
200                                           200                                              200   136      149

       85     93       93             83
                                76
100                                           100                                              100

  0   2014   2015     2016   2017    2018         0   2014   2015   2016    2017   2018         0    2014     2015     2016     2017     2018

  Matchday          Broadcast        Commercial       DFML average         DFML 6-10 average         Source: Deloitte Football Intelligence Tool.

                                                                                            Failing to secure
                                                                                            Champions
                                                                                            League football for
                                                                                            2018/19 will make
                                                                                            it challenging for
                                                                                            Chelsea to move up
                                                                                            the Money League
                                                                                            in the short term.

                                                                                                                                                27
Deloitte Football Money League 2019 |
                                     Top 20 clubs

      9              Arsenal

      2018 Revenue                                   Revenue 2014-2018 (€m)                                                 Revenue profile 2018 (€m)

 €439.2m                                             800
                                                                                                                                                              25%
         (£389.1m)           2017 Revenue                                                                                                                     €111.6m
                                                                                                                                                              (£98.9m)
                            €487.6m                  600
                                                                                 469         488

                                (£419m)                    359
                                                                       436                                       439
                                                                                                                            28%
                                                     400                                                                     €120.7m
                                                                                                                            (£106.9m)

Arsenal fall three places to ninth, their            200

lowest position in the Money League                                                                                                                       47%
                                                                                                                                                           €206.9m
since 2004/05, highlighting the financial              0   2014        2015      2016       2017                 2018         Matchday (4)                (£183.3m)
consequences from their failure to qualify                                                                                    Broadcast (8)
                                                              8          7         7              6                9
for the Champions League. Revenue fell                                                                                        Commercial (12)
£29.9m (7%), the most of any Money
League club, and is the Gunners’ first                 Annual revenue                      DFML position
annual revenue reduction since 1995/96.
Despite the club reaching the Europa
League Semi-finals, reduced UEFA                     Nearest club comparison 2018 (€m)
distributions from a lack of Champions
League football resulted in a marked                          7          8         9          10                 11

decline in broadcast revenue (£18.4m).                                                                                       DFML appearances     UEFA competition
                                                     800                                                                            22             UEL: Semi-final
The appointment of Unai Emery as first
team manager appears to have provided
                                                     600   514         506
a renewed sense of optimism at the                                                                                                  6th
                                                           171         192       439         428
Emirates Stadium in 2018/19. Whilst the                                          121
                                                                                                                 395
                                                                                             116
club has managed to secure a shirt sleeve            400                                                         143          Domestic league    Technical kit supplier
                                                           251
sponsorship with ‘Visit Rwanda’ that will                              231       207         227                                  position               Puma
                                                                                                                 200
boost commercial revenue, their continued            200
absence from the Champions League this                                           112
                                                            92         83                     85
season means it is unlikely that Arsenal will                                                                    51               59,323
                                                       0
                                                           Liverpool

                                                                       Chelsea

                                                                                 Arsenal

                                                                                             Tottenham Hotspur

                                                                                                                 Juventus

climb next year’s Money League, and will
come under pressure to retain ninth, or                                                                                       Average league      Shirt front sponsor
even perhaps a place in the top ten.                                                                                         match attendance           Emirates

                                                                                                                              Facebook likes     Instagram followers
                                                                                                                                37.8m (6th)             13m (8th)

                                                                                                                             Twitter followers    Women’s football
                                                                                                                                13.9m (4th)             Yes      No

28
Deloitte Football Money League 2019 |
                                                                                                                                Top 20 clubs

Arsenal: FITness trend

Matchday revenue 2014-2018 (€m)               Broadcast revenue 2014-2018 (€m)               Commercial revenue 2014-2018 (€m)

400                                            400                                              400

300                                            300                                              300
                                                                             235
                                                                                    207
                                                                      192
200                                            200            168                               200
                      134                              147
       120   132
                                116   112                                                                               143      137
                                                                                                               136                        121
100                                            100                                              100    92

  0   2014   2015     2016   2017     2018         0   2014   2015   2016    2017   2018         0    2014     2015     2016     2017     2018

  Matchday          Broadcast         Commercial       DFML average         DFML 6-10 average         Source: Deloitte Football Intelligence Tool.

                                                                                                                                                 29
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