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PREMIER LEAGUE FINANCIAL FORECAST 2019
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
contact@offthepitch.com
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
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due to a lower league position than
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last season. For 12th place in the
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2017/18 season, Bournemouth
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received £111.3 million in broad-
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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.
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TURNOVER
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Arsenal finished one spot higher
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than the season before. However,
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only 25 matches were shown on
2017/18 2018/19 (Estimate) live TV in the UK, three matches less
09OFF 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)
10OFF 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.
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As a result of the lower league
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ranking and an active transfer period,
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the club are expected to post a loss
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before tax.
2017/18 2018/19 (Estimate)
12OFF 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)
13OFF 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.
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TURNOVER
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Burnley’s broadcasting payments
2017/18 2018/19 (Estimate) from the Premier League payments
15OFF 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
16OFF 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
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So, just like in the 2013/14 season,
2017/18 2018/19 (Estimate) the perks of playing Premier League
18OFF 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
19OFF 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,
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in the Champions League and the
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in Premier League broadcasting
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payments from 2016 to 2018.
2017/18 2018/19 (Estimate) However, as the club played Europa
21OFF 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-
22OFF 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
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renewed, and Max Meyer received
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a big contract as well. However, the
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if included in the 2018/19 annual
2017/18 2018/19 (Estimate) accounts.
24OFF 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
25OFF 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
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Everton signed a number of new
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2017/18 2018/19 (Estimate) to increase with £4 million to £47
27OFF 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)
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