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OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | CONTENTS Table of contents INTRODUCTION 01 BASIS OF PREPARATION 02 PREMIER LEAGUE 2018/19 AT A GLANCE 03 PREMIER LEAGUE CLUBS 06 PROMOTED CLUBS 2019/2020 66 COMPARISONS AND RANKINGS 75 Edited by All photos in this publication: Copyright © 2019 by Off The Pitch Mads Meisner Christensen Getty Images All rights reserved. This publication or any portion thereof may not be reproduced or Authors Graphic design: emotion.dk used in any manner whatsoever without Magnus Albertsen, analyst the express written permission of the Mads Christian Fogt Jensen, analyst Off The Pitch publisher. Telephone: +44 (0) 20 3696 6683 November 2019 71-75 Shelton Street, London, WC2H 9JQ www.offthepitch.com firstname.lastname@example.org
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | INTRODUCTION Introduction Welcome to Off The Pitch’s very first edition of Financial Forecast. This report aims to examine the major happenings in the Premier League’s 2018/19 season, with the purpose of estimating the key financials for the participating clubs. As the financial situation might heavily affect the current therefore we have made it part of our business analysis and future conduct of a football club in terms of strategic initiatives to give an overview of the financial landscape decisions, ownership, transfer behaviour and so forth, we by estimating the results of the 2018/19 season for each believe that stakeholders should be informed about the of the Premier League clubs. current condition of clubs competing in the English top tier. Whilst turnover is expected to increase for most of the clubs, the profitability differs significantly, which sheds The financial year for the majority of English football clubs light on the complex task of running a football club in an reflects the football season running from June to May. increasingly competitive environment. Despite having their accounts approved by the auditors in the autumn, most of them, however, publish their annual Enjoy the reading! accounts in the spring of the following year. Thus, when Mads Meisner the accounts of the 2018/19 season are published, we’re Co-founder and CEO almost done with the 2019/20 season and can hardly remember what happened the year before. Authors: Mads Christian Fogt Jensen and Magnus Albertsen At Off The Pitch, we strive to keep our customers up to date with quality news and in-depth analysis, and 01
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | PREPARATION Basis of preparation HOW WE DID IT players and managerial changes. It is tion derived from various publicly The forecasting method is based assumed that the wages of players available sources or directly from the on incremental changes from the on loan are paid by the loaning club, respective clubs. previous accounting year. Thus, for unless otherwise stated. each forecast we use the respective For the purpose of comparability, the 2017/18 figures adjusted for what- Player amortisations are based on prize money distributed by UEFA, ever changes happened throughout straightline amortisation of transfer which is officially reported in euro, the accounting year of 2018/19. fees over the period of the contract. has been converted to pound sterling In case of player departures, their using the following exchange rate: Turnover estimates are based on the released amortisation is deducted. £1 = €1.1289. officially reported Premier League, In case of contract extensions, the FA and UEFA payments, as well as remaining booked value is amortised DISCLAIMER values of e.g. new sponsorship deals over the period of the new contract. All forecasts have been sent to their reported from reliable sources. Player impairments are not expected respective clubs prior to publication to recur. with the opportunity for them to The football clubs typically break respond with any corrections or down their revenue into three main The profit on player sales is based on feedback. categories, namely matchday, broad- the initial transfer fees paid for the casting and commercial income. departing players, the booked value No verification has been performed Matchday revenue largely consists calculated in accordance with the in relation to the information used of income derived from ticket, food abovementioned player amortisa- in this publication. Thus, Off The and beverage sales on matchdays. tions, and the transfer fees received Pitch won’t give any assurance, Broadcast income is payments and for selling the player. The net loan whatsoever, on the accuracy of the prize money received from parti- fees receivable are included in the forecasts compared to the actual cipating in domestic and European profits on player sales. figures recorded in the 2018/19 competitions. Commercial income is annual reports. In turn, no further derived from sponsorships, licensing In case subsequent events and their dependence should be placed upon and merchandising as well as various financial impacts are reported in the the estimated forecasts. other commercial activities. financial statements, they overrule any given estimates made by Off The The information included is selective Matchday revenue is estimated Pitch or constitute the baseline of with no purpose of containing all based on developments in average further adjustments. the information that investors may matchday attendance and the require. Off The Pitch, its directors, number of matches played at home Manchester United released their employees and the authors of this ground. 2018/19 annual accounts on 24th publication disclaim liabilities of any September. Hence their actual kind due to errors or omissions from Income derived from sources other figures are reported in this publica- this publication. than those mentioned above is tion assumed to remain stable. I.e. we The publication is based on the haven’t analysed developments SOURCES OF INFORMATION information available at the time of in e.g. a club’s property trading The financial figures up until preparation. Off The Pitch has no portfolio. 2017/18 are derived from the clubs’ obligation to update or revise the financial statements reported to publication in case new information Wages are estimated based on Companies House. Forecast figures becomes publicly available subse- newly signed contracts, departing for 2018/19 are based on informa- quent to publishing. 02
Premier League 2018/19 at a glance The 2018/19 season had excite- The 20 participating clubs in Total Premier League ment to the very last matchday, 2018/19 have contributed to a as Liverpool and Manchester record-breaking turnover that is turnover (£m) City fought a desperate battle estimated to be around the £5 billion 5,148 (est) for the title. The trophy became mark for the first time ever. Never- 5,000 the crowning achievement of an theless, the overall profitability of the astonishing 14-win streak that clubs looks to decrease significantly 4,823 yielded Manchester City their by 67 per cent, which emphasises 4,575 second league title in a row. the level of investment made in The popularity of the Premier the squads in order to fight for the League has reached record top spots - or even just to retain heights, and so has the cash Premier League status. Let’s take a 4,000 flowing around in the clubs. This closer look at the key drivers of this has put massive pressure on development. the clubs, not only to perform 3,642 on the pitch, but also to run a TURNOVER responsible, financially sustain- The total turnover for the clubs 3,363 able business in order to remain participating in the respective 3,254 competitive on a long-term Premier League seasons has 3,000 basis. increased progressively for the last 2014 2015 2016 2017 2018 2019 03
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | AT A GLANCE six years, with an average yearly is also somewhat reflective of their Total proﬁt on player growth rate (CAGR) of 10 per cent. performance in the league. The three relegated clubs, for example, sales (£m) 836 This is primarily a result of the are estimated to record the smallest growing international popularity of turnover. the Premier League, demonstrated by the value of the broadcasting WAGES rights, which was the key driver for As the staff and players create the 551 the almost exponential growth from show, they also claim a fair and 2016 to 2017. Whilst the domestic proportionate share of the income 424 broadcasting deal has stalled, the generated. In turn, the development (est) value of the new overseas broad- in overall Premier League wages casting rights for 2019-2022 has follows the development in turnover 297 271 289 allegedly risen 35 per cent to a total quite precisely, reflected by a CAGR of £4.4 billion. of 9 per cent applying to wages. From 2017/18 to 2018/19 the Compared to 2017/18, the overall turnover is estimated to increase by wages are estimated to rise four six per cent, which is partly a result per cent, equal to an increase of of the 39 per cent increase in prize £125 million. The top-six clubs will 2014 2015 2016 2017 2018 2019 money distributed by UEFA due to account for 53 per cent of the total the beginning of a new broadcast wage bill, meaning that their average PROFIT ON PLAYER SALES cycle. This, indeed, favours the wages are 167 per cent above the Looking at the profits generated top-six clubs, and the gap between average of the remaining Premier from player sales, the Premier them and the rest of the league is League clubs. League clubs are estimated to face hard to overlook, as they’re esti- a significant reduction in 2018/19. mated to account for 59 per cent of After having experienced significant the overall revenue earned by the 20 growth for the last two years, the clubs in 2018/19. profits are now expected to fall 49 Total Premier League per cent compared to 2017/18. By Manchester United, whose 2018/19 wages (£m) 2,941 nature, the profits from player sales, figures have been published already, (est) along with player amortisations, 2,816 are set to keep pole position, increase in accordance with the primarily because their commercial 2,500 inflation in the football industry. business is worth almost twice the Apart from that, extraordinary sales 2,242 average of the rest of the top-six can contribute additionally, which 2,030 clubs. Tottenham and Liverpool, 1,888 was indeed the case in 2017/18 as however, lead in terms of growing the likes of Coutinho, Lukaku and their overall income on a year- Van Dijk generated huge profits for on-year basis with an estimated Liverpool, Everton and Southampton, increase of 18 per cent and 15 per respectively. cent, respectively, primarily due to both clubs making it to the Cham- The Premier League clubs appeared pions League final. As the distribu- to be more focused on acquiring tion of Premier League payments than selling players in 2018/19. Eden is partly based on the achieved Hazard might, however, change the league positions, the breakdown of picture, should his sale be excluded Premier League turnover by clubs in the 2018/19 accounts, as he is 2014 2015 2016 2017 2018 2019 04
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | AT A GLANCE estimated to generate a profit of £87 Total proﬁt before tax total pre-tax profit generated by the million for Chelsea. Premier League clubs is estimated to (£m) 564.9 be more than halved. PROFIT/LOSS BEFORE TAX The overall profitability of the 470.8 Evaluating the data on club level, it Premier League clubs varies appears that Tottenham continue considerably from season to season, their impressive effort from 2017/18 reflected by the change in pre-tax - their pre-tax profit is estimated to profit of £659 million from 2016 to grow a further eight per cent to a 2017, which is primarily due to the total of £150 million. broadcasting deal that came into 201.7 151.8 effect in 2017. Despite following the (est) Manchester City are set to record development in turnover, the fact 114.7 the greatest positive year-on-year that wages are based on contracts growth: 406 per cent with an suggests a delayed effect, meaning estimated pre-tax profit of £53 that the increasing turnover in million. Everton seem to be facing 2016/17 is likely to be reflected in huge financial problems as their the wages of 2017/18, when most focus on building a competitive contracts were renegotiated. This -94.5 squad, one capable of challenging might explain the large profits in 2014 2015 2016 2017 2018 2019 the top-six clubs, hasn’t paid off yet. 2016/17, as turnover grew 25 per Consequently, their pre-tax loss is cent while wages only grew 11 per estimated at £109 million, which cent. would be the largest loss incurred in English football for at least the past Looking at 2018/19, the combined to the year before. Despite the five years. total profit before tax for all 20 increasing turnover, the rising cost Premier League clubs is estimated of wages and player amortisations, at £152 million, which is equal to a along with the decrease in profit But let us now take a look at each decrease of 68 per cent compared from player sales, means that the Premier League club.
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | CLUBS | AFC BOURNEMOUTH Following a 16th place finish and a busy transfer window, AFC Bourne- mouth’s chairman, Jeff Mostyn, is set to publish a bigger loss. AFC Bournemouth Following AFC Bournemouth’s been increasing rapidly as a highest-ever league finish a promotion to the Premier League result of broadcasting payments. ninth place in 2016/17 (£136.5 in 2015, their total revenue has It peaked following the club’s million) and took a minor dip the following year as a result of a 12th place finish (£134.9 million) £140m £120m As many other mid-level clubs in £100m the Premier League, Bournemouth’s revenue depends strongly on the £80m tv-money. Bournemouth made a loss £60m of £11 million last year and are likely to record an even bigger one this £40m season following a 16th place finish 15.1 12.0 £20m in the Premier League and a busy 134.9 134.8 101.9 104.9 26.9 37.7 2.4 1.3 0 transfer window. -29.8 -£20m TURNOVER -10.9 -£40m A small decrease is expected for Bournemouth’s turnover, mainly er es DA n s x ta le io due to a lower league position than ov ag IT sa at re rn W EB tis fo er Tu last season. For 12th place in the or be ay am pl ss 2017/18 season, Bournemouth n lo er to t/ ay received £111.3 million in broad- Pl o o Pr Pr casting payments, which will be 2017/18 2018/19 (Estimate) lowered to £108.1 million in the 06
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | CLUBS | AFC BOURNEMOUTH recently closed financial year, despite an 1.5 per cent increase in the overall Premier League payments. Bournemouth: Premier Bournemouth didn’t sign with any new major sponsors coming. League payments (£) However, they extended their partnership with the Gibraltar-based betting company Mansion for an Equal share 34,361,519 undisclosed fee. With their continued Facility Fees 12,198,828 presence in the Premier League Merit Payment 19,185,180 a further increase of £2.5 million should be reachable. All things International TV 43,184,608 considered, Bournemouth’s total Central Commercial 4,965,392 revenue is estimated to be £134.7 Total Payment 113,895,527 million, primarily as a result of their lower league position. Bournemouth’s matchday revenue was the lowest among Premier League clubs in 2018 at £7m due to biggest from 2016/17 to 2017/18, tions were acquired for a total cost a stadium capacity of only 11,329 when an increase of over £30 million of £73.4 million, including associated which shows how well the the south could be observed. However, that costs. In relation to this, the average coast club are doing to survive. increase is predicted to stagnate. contract length of newly acquired Average attendance fell slightly, Bournemouth acquired five players, players was 4.2 years, meaning an but with one more home game this and despite Jermain Defoe out on additional amortisation of £17.5 season it is likely matchday revenue loan, a slight increase of £3 million in million per year. The departures of will remain at £7m. the overall salary bill is expected. Benik Afobe, Lewis Grabban and Max Gradel will release a yearly WAGES PLAYER AMORTISATIONS amortisation of £6.6 million, which From 2016 to 2018 Bournemouth In the annual report of 2017/18, will consequently lead to an increase saw an increase of over 70 per cent Bournemouth mention that after the of £10.5 million. The amortisations in their wage bills. The increase was reporting period new player registra- are estimated to add up to a total of £37.7 million in the recently closed financial year. PROFIT ON PLAYER SALES Benik Lewis Player name Max Gradel Total Bournemouth had player sales Afobe Grabban amounting to £18.2 million and Acquisition price (£m) 12.0 8.4 9.0 29.4 spent £29.4 million on buying three Contract length (years) 4.5 4 4 players. Despite those figures, the Years at club 2.5 3 3 total profit on players only added up to £2.4 million, according to a note in the 2017/18 annual report. Amortisation (£m) 6.7 6.3 5.6 18.6 Max Gradel was the only player Bournemouth didn’t make a profit on. Selling price (£m) 10.3 6.1 1.8 18.2 Despite only having two years left on his second contract at the club, meaning the acquisition price was Pro t on player sale almost fully amortised, the club sold 4.9 4.0 -1.58 7.4 (£m) 07
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | CLUBS | AFC BOURNEMOUTH him for a loss of £1.58 million. Benik income, which is not expected to upon the rules. The charge had a Afobe and Lewis Grabban were both happen in the next financial year. value of £7.6 million in 2014/15 and sold for less than their acquisition Instead, Bournemouth are set to the settlement amounted to £4.75 price, however, profit was still made pay £4.75 million to the EFL. The million, which we estimate will be on these two players. dispute was about Bournemouth not paid in the 2018/19 financial year. following FFP rules in the 2014/15 EXCEPTIONAL ITEM season, however, the EFL acknowl- In 2017/18, Bournemouth received edges that Bournemouth did not a total of £2.6 million in exceptional take any drastic actions to infringe RECAP: Bournemouth are expected to make a bigger loss than last year. This is mainly due to the club’s growing amortisations and their lower league position. Also, the feud with the EFL came to an end, resulting in additional costs for the tight-budgeted Bournemouth. The loss before tax is estimated to be £30 million.
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | CLUBS | ARSENAL Owner Stan Kroenke (R) and the club’s chairman, Chips Keswick (L), must be disappointed that Arsenal are set for a financial blow - posting losses for the first time since 2002. Arsenal The 2018/19 season was Arse- When Arsenal disclosed their annual nal’s first without Wenger. But it accounts for the 2017/18 season, was not only on the pitch history they showed a massive profit of took place – financially Arsenal £70.2 million but also revealed are set to post the first pre-tax decreasing revenue. Despite posting loss since 2002. a profit, the accounts did not look healthy in the long run for Arsenal. They had an operating loss of £42 £450m million, which was only saved by the £400m profit on player sales of £120 million £350m with Alex Oxlade-Chamberlain and £300m Alexis Sánchez as the biggest. £250m In the 2018/19 season, when Lucas £200m Pérez was the biggest outgoing £150m transfer with a value of £4 million, £100m the departures were sloppier. Looking further into the transfers, £50m it is therefore very unlikely that the 403 422 223 230 120 -29 83 95 92 97 70 0 profit on player sales will save them -3 -£50m from publishing their first pre-tax loss in over 16 years. er es DA n s x ta le io ov ag IT sa at re rn W EB tis fo er Tu TURNOVER or be ay am pl ss Arsenal finished one spot higher n lo er to t/ ay than the season before. However, Pl o o Pr Pr only 25 matches were shown on 2017/18 2018/19 (Estimate) live TV in the UK, three matches less 09
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | CLUBS | ARSENAL than the year before and therefore Arsenal’s prizemoney remained at £142 million. Going a round further Arsenal: Premier League payments (£) in the FA Cup Arsenal will gain an estimated £135,000 in FA Cup payments. Looking at the prize money from UEFA, Arsenal played in Europa Equal share 34,361,519 League in 2017/18 as well as Facility Fees 28,985,373 2018/19, and achieved success in Merit Payment 30,696,288 both seasons, reaching the semi- final in 2018 and the final in 2019. International TV 43,184,608 Despite being the runner-up in Central Commercial 4,965,392 2018/19, it is expected that the Total Payment 142,193,180 overall UEFA payments will drop by £1.4 million as a result of a smaller share of the market pool. The overall broadcasting revenue and Arsenal will thereby earn an WAGES is estimated to be £179 million, £1 extra £10 million per season. Arsenal Arsenal are ranked fifth in wages million less than the year before. allegedly also signed the largest in the Premier League, just behind Arsenal’s matchday revenue was sleeve sponsor deal in Premier Chelsea, and £75 million ahead of £99m in 2017/18 and has been League history with the Rwanda Tottenham Hotspur. The £223.3 fairly stable around £100 million Tourist Board - the deal is estimated million wage bill – excluding the since 2014 which we expect would to be worth £30 million over a three- exceptional costs of £16.8 million continue. Maybe we would see a year period. In total, we expect the from Wenger compensation slight increase due to reaching the commercial revenue to increase by package - from the 2017/18 season Europa League final. £20 million. is expected to increase by £7 million mainly due to an extended deal with Arsenal signed two new major All-in-all, we estimate revenue to see Mesut Özil, which is reported worth sponsorship deals. The partnership a growth of £19.9 million to £422.2 £18.2 million on a yearly basis. with Fly Emirates was extended to million. Bernd Leno, Lucas Torreira, Mattéo 2024 with a value of £200 million Guendouzi and Sokratis were all acquired during the summer, which will increase the wage bill as well. Lucas Joel Overall, wages are expected to rise Player name Chuba Akpom Total Perez Campbell to £230 million. Academy Acquisition price (£m) 18.0 0.9 18.9 Player PLAYER AMORTISATIONS Contract length (years) 4 8 Arsenal reveal in their 2017/18 Years at club 2 7 accounts that the club had a net spending of £61.4 million in 2018/19. During that season, they Amortisation (£m) 9.0 0.8 9.8 sold Lucas Pérez, Joel Campbell and Chuba Akpom for a total of £6.2 Selling price (£m) 4.0 1.4 0.9 6.2 million, which means that Arsenal spent £67.6 million on the acquisi- tion of Leno, Torreira, Guendouzi and Pro t on player sale Sokratis. -5.0 1.2 0.9 -2.9 (£m) 10
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | CLUBS | ARSENAL The average contract length between the four players is 4.3 RECAP: years, which means that £15.7 million is likely to be added to the Financially, the 2018/19 season will overall amortisations. However, £4.6 most likely be one to forget for Arsenal. million in amortisations was released from the departures in the season, Even though the club increased their total and with impairments of £5.9 million, we estimate the overall increase revenue, Arsenal are expected to reveal a to be £5.2 million. As a result, the estimated total amortisations is £97 loss before tax of £29 million. The loss is million. mainly due to the decrease in profit from PROFIT ON PLAYER SALES player sales, where their income took a Player sales of £6.2 million is £133 million less than the year before, £123 million dive compared to the season which will be a significant factor in Arsenal’s 2018/19 annual report. before. Lucas Pérez was sold for £4 million, however, he was bought for £18 million just two years earlier, which means that only half of his £18 million price tag was amortised. Therefore, it is expected that Arsenal will make a loss on the departure of Lucas Pérez of £5 million. As a consequence, Arsenal are expected to reveal a loss on player sales of £2.9 million - a decrease of almost £123 million compared to the season before. EXCEPTIONAL COSTS Gunners said goodbye to long-time manager Arsene Wenger and signed a contract with Unai Emery in 2017/18, which had a cost of £17.2 million. No exceptional costs is expected in the 2018/19 annual accounts.
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | CLUBS | BRIGHTON Brighton were very active in the transfer window and as a result the club’s owner, Tony Bloom, is looking at posting a loss before tax. Brighton & Hove Albion The 2017/18 season was the first season back in the Premier League for Brighton, ending a 34-year absence from the top. £160m In that same season, the club £140m posted a record revenue of £120m £139.4 million, which led to a profit of £12 million. £100m £80m To avoid the so-called “Second Season Syndrome,” Brighton were £60m very active in the transfer period, £40m when the club spent a club-record of 19.3 £79.5 million on player additions. But 12.1 £20m 139.4 142.5 7.1 -13.4 Brighton barely survived relegation, 77.6 87.6 34.1 41.2 37.6 3.4 0 dropping two spots from their posi- -£20m tion the season before and manager Chris Hughton lost his job. er es DA n s x ta le io ov ag IT sa at re rn W EB tis fo er Tu As a result of the lower league or be ay am pl ss ranking and an active transfer period, n lo er to t/ ay the club are expected to post a loss Pl o o Pr Pr before tax. 2017/18 2018/19 (Estimate) 12
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | CLUBS | BRIGHTON TURNOVER Despite a 1.5 per cent increase in the overall Premier League payments, Brighton: Premier League payments (£) Albion got £2 million less compared to the year before due to their lower league position - all in all, £105.7 million. Brighton had a successful FA Cup run, which led to an addi- tional £2.1 million of the prize pool. Equal share 34,361,519 That means we are estimating the Facility Fees 15,556,137 Seagulls to have a small decrease Merit Payment 7,674,072 in broadcasting payments of £0.1 million. International TV 43,184,608 Central Commercial 4,965,392 Brighton didn’t sign any new major Total Payment 105,741,728 sponsorship deals, however they survived another season in the Premier League, and the trend from last year is expected to be seen again. With survival bonusses Brighton’s commercial are expected to be around the £12 million mark. Brighton have an impressive continued presence in the Premier 2017/18, they are estimated to see a matchday revenue for a club their League. big increase to £97 million. size, and we expect it should remain at a similar mark of £19 million, WAGES The expected increase is likely considering the club had 22 home Having signed 14 new players, to put pressure on the overall games once again. Brighton’s wages are expected to annual accounts, and with only take a big leap. The overall wages in a small increase in total revenue, Brighton are therefore estimated to the Premier League are growing at a EBITDA will take a hit compared to have an increase in overall revenue fast pace, and with Brighton having 2017/2018. of £3 million, mainly due to their one of the lowest wage-bills in PLAYER AMORTISATIONS Brighton spent £79.5 million on Sam Connor Mathias Other player additions, which is a club Player name Total Baldock Goldson Normann players record. The 14 new additions have Acquisition price an average contract length of four 2.3 0.8 1.3 3.4 7.7 years, thereby a further £19.9 (£m) million is expected to be added to Contract length 4 4 3 the existing player amortisations. (years) However, Brighton also sold players Years at club 4 3 1.5 during the season, whose amorti- sations should be subtracted. We Amortisation 1.9 0.5 0.6 2.5 5.5 estimate player amortisations to (£m) £37.6 million. Selling price (£m) 3.5 3.1 1.5 4.0 12.1 PROFIT ON PLAYER SALES Albion sold players for £12.1 million. The biggest departures were Sam Pro t on player Baldock and Connor Goldson, each 3.1 2.8 0.9 3.1 9.9 sale (£m) 13
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | CLUBS | BRIGHTON sold for a fee over £3 million. Four EXCEPTIONAL COSTS hired on a four-year contract. The other players were sold as well, Chris Hughton were laid off after change of management during the but for less than £2 million each, the last match of the season against last couple of months of the fiscal and with each player almost fully Manchester City. Hughton had year will be a costly activity and amortised, the profit on player sales two years left of his contract. As could therefore worsen the loss. is estimated to be £9.9 million. a replacement, the club leaned towards Graham Potter, who were RECAP: Brighton’s revenue is expected to see a slight increase and their wages are estimated to be increasing by over 12 per cent. Therefore, the £12 million pre-tax profit of last year is expected to be exchanged to a loss of £13.4 million. An active transfer period and wages are to blame for this development.
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | CLUBS | BURNLEY Chairman Mike Garlick (L), seen here with the club’s manager, Sean Dyche, faces a significant drop in the club’s profit before tax. Burnley After some rather turbulent years with promotions and relegations, Burnley finally seem to have found solid ground in the Premier League, with the fourth £140m consecutive season recently £120m secured by reaching 15th place. £100m Compared to the seventh place achieved in 2017/18 and securing £80m a preliminary spot in the Europa League, however, this declining £60m performance is expected to be reflected in the annual accounts. The £40m club reported record-high profits of £45 million in 2017/18, but with £20m 11.1 both decreasing turnover and profits 139.0 131.9 7.2 81.6 78.1 44.0 40.4 27.8 34.7 30.7 45.1 0 on player sales, the pre-tax profits are estimated to drop to £11 million. er es DA n s x ta le io ov ag IT sa at re rn W EB tis fo er Tu TURNOVER or be ay am pl ss As a result of reaching 15th place n lo er to t/ ay compared to seventh in 2017/18, Pl o o Pr Pr Burnley’s broadcasting payments 2017/18 2018/19 (Estimate) from the Premier League payments 15
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | CLUBS | BURNLEY will decrease by £12.4 million, which is offset a tiny bit by the prize money received from UEFA and FA Cup. Burnley: Premier League payments (£) Consequently, the broadcasting income is estimated to decrease by £11.5 million, equal to a total of £110 million. By playing the Europa League Equal share 34,361,519 qualification matches, Burnley had Facility Fees 13,317,931 three additional home matches. With Merit Payment 11,511,108 an average matchday income of £190,000 in 2017/18, the matchday International TV 43,184,608 income is therefore estimated to Central Commercial 4,965,392 increase by £0.6 million, equal to a Total Payment 107,340,558 total of £6.2 million. A small amount due to the disappointing failure to make the groupstage. Burnley have seen commercial revenue more than double since Overall Burnley had a disappointing bonuses paid to both players and promotion. In 2018/19 the club had a season and that will have negative coaching staff for their seventh-place new sponsorship deal with Laba360 impact on revenue. Even though finish. Sources close to the club have allegedly worth £5 million per year, increasing matchday and commer- revealed to Off The Pitch that wages thus doubling their previous deal cial income will slightly offset the will return towards 2016/17 levels. with DafaBet. However, Burnley downfall in broadcasting payments, However, with several signings, that didn’t land a shirt sleeve sponsor the total turnover is expected to of Joe Hart in particular, as well as deal. As Burnley are presence in the decrease by £7 million to £132 numerous contract extensions with Premier League for the third consec- million. the likes of Ben Mee and James utive season, commercial deals are Tarkowski, we estimate the wages expected to increase. Consequently, WAGES to only decrease by £3.5 million to a we estimate the commercial income Burnley’s wages rose by £20 million total of £78 million. to increase by £4 million to a total of from 2016/17 to 2017/18 which, £16 million. according to the 2017/18 annual PLAYER AMORTISATIONS report, was partly attributable to the Burnley signed Ben Gibson, Matej Vydra and Joe Hart in the summer transfer window of 2018 at a total fee of approximately £30 million. Player name Sam Vokes Based on their respective contract Acquisition price (£m) 0.57 lengths, the additional amortisations generated amount to £9 million Contract length (years) 9 per year. However, by letting Chris Years at club 7 Long go at a free transfer as well as signing contract extensions Amortisation (£m) 0.57 with Tarkowski, Ashley Barnes and Steven Dafour, the amortisations will be offset by £2.3 million. We expect Selling price (£m) 7.2 amortisations to rise by £7 million to £35 million. Pro t on player sale (£m) 7.2 16
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | CLUBS | BURNLEY PROFIT ON PLAYER SALES player sold, at a price of £7.2 million. by £23 million, which has a heavy Burnley had a record-high profit on As he was acquired in 2012, the impact on the bottom-line. player sales in 2017/18 as Michael initial transfer fee of £0.5 million was Keane and Andre Gray were sold for almost fully written off and the £7.2 a total fee of £44 million, generating million will in turn be considered pure a profit of £30 million. Looking at profit. Compared to 2017/18, profits 2018/19, Sam Vokes was the only from players sold will decrease RECAP: Following a year with record-high turnover as well as profits, Burnley are facing a year with lower profits. This is primarily a result of decreasing turnover as broadcasting payments from the Premier League depend on league performance, which has declined severely since 2017/18. Furthermore, higher player amortisations from new signings as well as decreasing profits from players sold contribute to the declining pre-tax profits which, consequently, are estimated to land at £11 million.
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | CLUBS | CARDIFF Cardiff’s owner, Vincent Tan, had a disappointing season with the quick relegation to the Championship. £140m £120m Cardiff £100m £80m £60m £40m £20m The 2018/19 season was the 128 first in five years for Cardiff back 5 33 48 55 61 13 38 0 2 0 in the Premier League. -27 -39 -£20m -£40m Sadly, the tragic death of Emiliano Sala seems to be er es DA n s x ta le io what most people connect with ov ag IT sa at re rn W EB tis fo er Tu Cardiff’s season in the top tier, or be ay am pl ss which ended with relegation. n lo er to t/ ay Pl o o Pr Pr So, just like in the 2013/14 season, 2017/18 2018/19 (Estimate) the perks of playing Premier League 18
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | CLUBS | CARDIFF Cardiff: Premier League payments (£) Equal share 34,361,519 Facility Fees 14,437,034 Merit Payment 5,755,554 International TV 43,184,608 Central Commercial 4,965,392 Total Payment 102,704,107 were short term, although the club payment of £102 million will be WAGES still look forward to parachute received from the Premier League. When promoted to the Premier payments worth around £80 million League, clubs usually pay promotion over the following two seasons. Commercially, Cardiff agreed on bonusses to staff and players, which a shirt-sleeve partnership with amounted to £23 million for Cardiff Nevertheless, their presence in JD during their Premier League in 2017/18. Despite that these costs the Premier League have Cardiff campaign. Together with the £3 won’t recur, the arrival of players looking to record a much-needed million allegedly received from their like Josh Murphy and Bobby Reid, profit following three seasons with main shirt sponsor, Visit Malaysia, together with general pay raises due an accumulated pre-tax loss of £70 Cardiff are expected to increase their to promotion, means that Cardiff’s million. commercial income by £4 million to a wages are predicted to increase by total of £10 million. £7 million, bringing their total wage TURNOVER bill to £55 million. Primarily by taking a share of the Finally, even though fewer home sky-high broadcasting payments games are played in the Premier PLAYER AMORTISATIONS in the Premier League, Cardiff League compared to the Champion- According to their annual report of are looking to triple their income ship, Cardiff are estimated to double 2017/18, Cardiff City spent £35.4 compared to the previous season. their matchday income. The rising million in the summer transfer Despite losing the parachute matchday ticket prices from playing window, of which £2.6 million was payments received for the last in the Premier League, along with contingent on the club surviving the four seasons, contributing £16.6 a 50 per cent increase in average first season in the Premier League. million in 2017/18 alone, Cardiff’s matchday attendance, are expected As this wasn’t the case, £32.8 million broadcasting income is estimated to to result in growth of around £5 should be amortised over the period increase to £86 million. This being million, leading to a total matchday of the player contracts. Note that a result of the fact that two-thirds income of £10 million. To summarise, this excludes the transfer fee of of the Premier League payments Cardiff City are estimated to increase Emiliano Sala, as no agreement had are shared equally amongst the their overall income by £95 million, been reached between Cardiff and clubs, and thus have no relation to leading to a total of £128 million. Nantes. Using a weighted average performance. Consequently, a total relative to the reported transfer fee 19
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | CLUBS | CARDIFF of the respective players, the average contract length of the new arrivals RECAP: is calculated to be 3.93 years. Thus, the additional yearly amortisation Cardiff are set to make the most of their amounts to £8 million, bringing them to an estimated total of £13 million. one season back in the Premier League, This is equal to an increase of 160 per cent compared to the £5 million as their turnover is estimated to increase player amortisations in 2017/18. threefold while wages and amortisations PROFIT ON PLAYER SALES Cardiff only had players leaving on will only increase relatively slightly. Despite free transfers, and no profits were not generating any profits from player sales, therefore recorded from player sales. Thus, the incremental change will Cardiff are estimated to turn their 2017/18 be minus £2.4 million - equal to the total profit on player sales that was pre-tax loss of £39 million into a pre-tax recorded in 2017/18. profit of £38 million.
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | CLUBS | CHELSEA Despite winning the Europa League, Chelsea’s owner, Roman Abramovich, will see a downfall of £19 million in prize money from not playing in the Champions League. Chelsea Chelsea enjoyed a fine season on League, thus safely securing a spot Chelsea have been heavily affected the pitch, reaching third place in in the Champions League for the by playing Europa League instead the league and winning the Europa coming season. Financially, however, of Champions League due to the disappointing 2017/18 season. £450m Furthermore, with increasing wages £400m and player amortisations, the profit is £350m estimated to fall significantly, only to be saved by the potential inclusion of £300m the sale of Eden Hazard this summer. £250m If not included Chelsea will report a huge loss after a season ending £200m with the departure of Sarri, leading £150m to club legend Frank Lampard taking the reins. £100m 34.0 £50m TURNOVER 443.4 445.6 244.1 265.1 125.6 154.4 113.0 121.3 94.0 75.1 67.5 0 Chelsea reported a record-high turnover of £443 million in 2017/18, er es DA n s x ta le io primarily due to their participation ov ag IT sa at re rn W EB tis fo er Tu in the Champions League and the or be ay am pl ss general increase of 47 per cent n lo er to t/ ay in Premier League broadcasting Pl o o Pr Pr payments from 2016 to 2018. 2017/18 2018/19 (Estimate) However, as the club played Europa 21
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | CLUBS | CHELSEA League in 2018/19, the prize money will drop significantly. Despite lifting the Europa League trophy, a Chelsea: Premier League payments (£) downfall of £19 million is expected from not playing in the Champions League. Furthermore, the club won the FA Cup in 2017/18, generating £3.4 million in prize money, while they were eliminated in the fifth Equal share 34,361,519 round, worth only £0.3 million. Facility Fees 28,985,373 Merit Payment 34,533,324 This is offset by an increase of £4.3 million in payments from the Premier International TV 43,184,608 League, primarily as a result of Central Commercial 4,965,392 reaching third place, compared to Total Payment 146,030,216 fifth place in 2017/18. Consequently, the total broadcasting income is expected to decrease by £17.8 million. Chelsea agreed to a £40 million playing Europa League instead of Antonio Conte, who was fired in July sleeve sponsorship deal with Champions League. As a result, the 2018. The total increase in wages is Hyundai, running until 2022 and turnover is estimated to increase therefore estimated at £21 million, generating an additional commercial by £2 million, bringing the total to bringing the wage bill to a total of income of £10 million per year. £445.6 million. £265 million. With other major deal signed in pre-season and expected bonusses WAGES PLAYER AMORTISATION from a top 3 finish, the Blues might Chelsea sold Thibaut Courtois, but By bringing in the above-mentioned witness an additional £10 million in acquired players like Kepa, Christian players, the amortisation pool commercial revenue. Pulisic and Jorginho. Consequently, increases as well. The signing of the player wages are expected to Kepa alone, allegedly for a fee of Despite playing two additional home increase by £12 million compared to £80 million, will generate a yearly matches, the matchday income is 2017/18. Besides that, Chelsea paid amortisation of £11 million over his estimated to remain stable due to £9 million in compensation fees to seven-year contract. With additional amortisations of £10.5 million and £10.3 million from Pulisic and Player name Thibaut Courtois Eden Hazard Total Jorginho respectively, the three sign- ings generate a total of £32 million in Acquisition price (£m) 8.1 35.5 43.6 amortisations for 2018/19. Contract length (years) 8 8 Years at club 7 7 This is partly offset, however, by Courtois’ released amortisations, but as he was in the club for eight Amortisation (£m) 7.7 32.7 40.4 years, his transfer fee was almost fully amortised, releasing only a £0.3 Selling price (£m) 31.5 90.0 121.5 million amortisation bill. Chelsea also released Cesc Fabregas on a free transfer in January 2019 - conse- Pro t on player sale (£m) 31.2 87.2 118.3 quently, they didn’t have to recognise the remaining £3 million amorti- 22
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | CLUBS | CHELSEA sation bill. As a result, Chelsea’s from start-July to end-June and the profit generated from the sale of player amortisations are expected to sale took place in mid-June 2019. As Courtois. increase by £29 million to a total of the table shows, the sale of Courtois £154.4 million. and Hazard brings in a profit of Chelsea had also several players £118 million as both players were loaned out, which generated loan fee PROFIT ON PLAYER SALES almost fully amortised with one year receivables of £21 million. However, Chelsea recorded a player profit of remaining on their contracts. Yet, the by bringing in Gonzalo Higuaín on £113 million in 2017/18, with Diego club were able to sell the players for loan, Chelsea had to pay an £8.1 Costa, Nemanja Matic, Nathan Aké, reasonable amounts: £31.5 million million loan fee. As a result, the net Juan Cuadrado, Asmir Begovic and and £90 million, respectively. loan fee receivables are estimated at Bertrand Traoré leaving the club. £13.5 million, which is an increase of The 2018/19 player profit might Should Hazard’s transfer fee instead £2.9 million compared to 2017/18. well reach the same height, if be recognised in the 2019/20 This brings the profit on player sales it turns out that Eden Hazard’s accounts, Chelsea would record a to a total of £121 million, which is an transfer fee is recognised in the huge loss as his £87 million player increase of £8 million. 2018/19 accounts. This is possible profit would be moved, leaving the as Chelsea’s accounting year runs club with only £31 million in players RECAP: With the decreasing turnover as well as increasing wages and player amortisations, the pre-tax profit is highly dependent on whether Eden Hazard’s transfer profit will be recognised in the 2018/19 or 2019/20 accounts. If the profit is recognised in 2018/19, Chelsea’s profit is estimated at £34 million, which is £33 million less the year before. But if the profit is recognised in 2019/20, Chelsea will instead record an estimated pre-tax loss of £53 million.
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | CLUBS | CRYSTAL PALACE After a year during which the club did not sell any players to offset rising wages, Crystal Palace’s co-owner, Steve Parish, has to deal with another loss. Crystal Palace Following two years with solid growth in total revenue, Crystal Palace faced stagnation in the recently closed financial year. £160m Crystal Palace recorded an all-time- £140m high revenue of £150.3 million in £120m 2017/18. However, grooming wages £100m resulted in an operating loss of £36.9 million and profit on player sales did £80m not prevent a pre-tax loss as it did in £60m 2016/17. £40m With this trend in mind, Crystal 13.7 12.4 £20m 150.3 155.9 117.3 121.5 Palace are looking to be the second 46.0 48.5 2.4 0.0 0 year in a row with a pre-tax loss. -35.5 -39.2 -£20m The Eagles had another decent year -£40m on the pitch but no players were sold, Wilfried Zaha’s contract was er es DA n s x ta le io renewed, and Max Meyer received ov ag IT sa at re rn W EB tis fo er Tu a big contract as well. However, the or be ay am pl ss departure of Wan-Bissaka prior to n lo er to t/ ay June 30th could result in a profit Pl o o Pr Pr if included in the 2018/19 annual 2017/18 2018/19 (Estimate) accounts. 24
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | CLUBS | CRYSTAL PALACE TURNOVER Finishing 12th resulted in a slight Crystal Palace: Premier decrease in Premier League broad- casting payments of £0.1 million League payments (£) to £114.2 million, even though the overall broadcasting payments rose with 1.5 per cent. Reaching the quarter-finals in the FA Cup resulted in £0.7 million, while Equal share 34,361,519 no prize money was received for the Facility Fees 14,437,034 Eagles’ third-round exit in 2018. We Merit Payment 17,266,662 therefore expect Crystal Palace’s broadcast revenue to hit £121.7 International TV 43,184,608 million – almost the same as the year Central Commercial 4,965,392 before. Total Payment 114,215,215 The matchday revenue is only expected to see a slight increase due to two more home matches in the FA Cup. Crystal Palace signed a new kit deal with Puma. The value of the deal is the season of 2015/16. Total is million, which means they spent still unreported; however, we have expected to increase again, mainly £10.3 million on the acquisition of estimated the value of the deal to due to an extension with Wilfried Cheikhou Kouyaté and on the loan be £4 million annually - the latest Zaha, and newly acquired Max fee of Michy Batshuayi. Max Meyer Macron deal was worth £1 million. Meyer. The new signing from West was acquired on a free transfer, as Due to their continued presence Ham, Cheikhou Kouyaté, is also was Bakary Sako. Kouyaté is the in the top flight, an additional £2 expected to impact the wage bill only new signing that needs to be million of commercial revenue is significantly. Crystal Palace’s wage amortised over the following years reasonable to expect meaning a total bill is estimated to increase by £4 and added to the existing amorti- commercial revenue of £15.2 million million to £122 million. sations. Kouyaté’s contract length is predicted. is four years, which will result in a PLAYER AMORTISATIONS yearly amortisation of £2.6 million. All in all, we estimate that Crystal Crystal Palace mention in the annual The sale of Aaron Wan-Bissaka, Palace’s revenue will increase to report of 2017/18 that the sum of which could be accounted for in the £156 million. their player purchases and sales 2018/19 fiscal year, will not affect resulted in a net cost of £10 million the player amortisations, due to WAGES in 2018/19. The only activity in his status as a homegrown player. Crystal Palace have seen their wage player sales was Alexander Sörloth Hence, the player amortisations are bills increase by almost a third since on a loan deal with a value of £0.3 expected to be increasing to a total of £48.5 million. Player name Cheikhou Kouyaté PROFIT ON PLAYER SALES Acquisition price (£m) 10.3 As mentioned, Crystal Palace didn’t Contract length (years) 4 sell any players. The only activity was the loan deal for Alexander Sörloth to Trabzonspor. It is worth Amortisation per year (£m) 2.6 25
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | CLUBS | CRYSTAL PALACE mentioning Aaron Wan-Bissaka front with an additional £5 million with Manchester United starting 1st though because he was sold just payable based on appearances and July 2019. We therefore expect that a few days prior to 30th June. The achievements. He is not included he will be included in the 2019/20 fee was reported at £45 million up in our forecast due to his contract annual accounts. RECAP: Even though the total turnover is expected to be a new all-time high for Crystal Palace, they are estimated to post a loss for a second consecutive year. The increase in wages and amortisations, as well as not producing a profit on player sales, will result in an estimated pre-tax loss of £39 million. That loss could be turned into a £4 million profit if the Wan-Bissaka deal is included in the 2018/19 accounts.
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | CLUBS | EVERTON It could be necessary for Everton’s owner, Farhad Moshiri, to invest further in the club after another financial loss. Everton The annual accounts of 2017/18 Hidden beneath this reasonable Looking at the player sales in revealed a rather turbulent year loss, though, was an operating loss 2018/19, it’s unlikely that these for Everton. The club recorded amounting to £98 million, meaning profits will save them again, espe- an all-time-high turnover of that the pre-tax loss would have cially taking the continuous spending £189 million (2017: £171 been significantly higher, had it not on new players into account. million), yet had their pre-tax been for the £88 million reported profit of £31 million in 2016/17 profit on player sales, primarily TURNOVER replaced by a loss of £13 million. stemming from the sale of Romelu A slight decrease of £14 million in Lukaku. turnover is expected for Everton as a result of the club missing out on European football. By reaching the £200m group stage of Europa League in 2017/18, Everton received £12.6 £150m million in prize money from UEFA. £100m Furthermore, the club reported a £2.2 million increase in matchday £50m income, largely due to the European campaign, which will be missing as 189.2 179.3 145.5 150.5 75.1 82.5 87.8 8.6 6.9 0 well. -108.6 -8.0 -13.1 -£50m This will be slightly offset by an -£100m additional £0.6 million to be received in broadcasting income compared to -£150m 2017/18, due to a general increase of 1.5 per cent in Premier League er es DA n s x payments. ta le io ov ag IT sa at re rn W EB tis fo er Tu or be ay am pl ss Everton signed a number of new n lo er to t/ ay sponsorship agreements, so the Pl o o Pr Pr commercial income is expected 2017/18 2018/19 (Estimate) to increase with £4 million to £47 27
OFF THE PITCH PREMIER LEAGUE FINANCIAL FORECAST 2019 | CLUBS | EVERTON million. Consequently, their turnover is estimated to decline from £189 million to £179 million. Everton: Premier WAGES Everton saw their wage bill rising League payments (£) tremendously in 2017/18 - by 39 per cent to £145.5 million - placing them almost on a par with Tottenham’s Equal share 34,361,519 wages of £147 million. Despite Facility Fees 21,151,652 the release of top-earning Wayne Merit Payment 24,940,734 Rooney, Everton’s player wages are expected to increase a further £5 International TV 43,184,608 million to a total of £150.5 million. Central Commercial 4,965,392 This is primarily a result of bringing Total Payment 128,603,905 in Richarlison, Bernard, Lucas Digne and Yerry Mina, as well as having Andre Gomes and Kurt Zouma on season-long loans from FC Barce- spent £107 million on acquiring Everton incurred £8 million in player lona and Chelsea, respectively. Richarlison, Mina, Digne and impairments in 2017/18, which is Bernard. not expected to recur. Consequently, PLAYER AMORTISATIONS the total amortisations are expected Everton mention in their 2017/18 As the average contract length of to increase by £7 million to a total of annual report that the net amount these players is 4.75 years, these £82 million. payable for purchase and sale of acquisitions will generate additional players totalled £82.7 million. Selling player amortisations of £22.5 million. PROFIT ON PLAYER SALES Davy Klaasen, Funes Mori and Tyias However, the departures of Klaasen, As mentioned, Everton had player Browning brought in £24 million, Mori and Browning release a yearly sales amounting to £24 million. which in turn means that Everton amortisation of £7 million. Finally, However, on 7th June the club announced that their financial year of 2018/19 would be extended by one month, thus running from the start of June 2018 to the end of June 2019. Player Davy Ramiro Funes Tyias Nikola Vlasic Total By doing this, Everton made it name Klaassen Mori Browning possible to include early player sales Acquisition Academy 24.3 11.6 9.7 45.6 from the recently ended summer price (£m) player transfer window. The mid-June sale Contract 5 5 5 of Nikola Vlasic is therefore assumed length (years) to be recognised in the 2018/19 Years at club 1 3 2 accounts, contributing an additional £10 million in player sales. Amortisation 4.9 7.0 3.9 15.7 (£m) Despite sales worth £38.5 million, the profit on player sales is only esti- mated at £8.6 million due to the loss Selling price 12.2 8.1 4.1 14.1 38.5 on Davy Klaasen, who only spent (£m) one year in Everton, thus having a carrying value £7 million higher than Pro t on the £12 million he was sold for. player sale -7.3 3.5 4.1 8.3 8.6 (£m) 28
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