Testing times Football Money League Deloitte Sports Business Group January 2021

 
Testing times Football Money League Deloitte Sports Business Group January 2021
Testing times
Football Money League
Deloitte Sports Business Group
January 2021
                                 A
Testing times Football Money League Deloitte Sports Business Group January 2021
Deloitte Football Money League 2021 |
                                     Top 20 clubs

We estimate that those clubs
in this year’s Money League
will have missed out on over
€2 billion of revenue across
the 2019/20 and 2020/21
seasons. This is primarily driven
by matchday revenue, due to
the absence of fans, but also
rebates to broadcasters and
some commercial impacts as
well as the lost potential to
continue their previous growth
trajectory over the period.

B
Testing times Football Money League Deloitte Sports Business Group January 2021
Deloitte Football Money League 2021 |
                                                                                                                      Contents

Contents

Introduction                                                                02

Ups and downs                                                               11

Money League clubs positions 1-10                                           12

Testing times                                                               32

Money League clubs positions 11-20                                          34

Out of their seats                                                          54

The leading view on the business of football                                56

Deloitte Football Intelligence Tool                                         58

Edited by                               Sports Business Group
Dan Jones                               Telephone: +44 (0)161 455 8787
                                        PO Box 500, 2 Hardman Street,
Sub-editor                              Manchester, M60 2AT, UK
Calum Ross                              E-mail: sportsteamuk@deloitte.co.uk
                                        www.deloitte.co.uk/sportsbusinessgroup
Authors
Theo Ajadi, Tim Bridge, Chris Hanson,   January 2021
Tom Hammond and Zal Udwadia

                                                                                                                            01
Testing times Football Money League Deloitte Sports Business Group January 2021
Deloitte Football Money League 2021 |
                                     Introduction

Introduction

Welcome to the 24th edition of the Deloitte Football Money League, our most
challenging to produce to date. Whilst it continues to profile the highest revenue
generating clubs in world football and remains the most contemporary and reliable
independent analysis of the clubs’ relative financial performance, it also reflects the
implications of the unprecedented disrupted 2019/20 season and we have remained
cognisant of the impact of COVID-19 throughout this publication.

As the potential effects of COVID-19                 ending in 2020 reflecting the majority of       This year, as in previous years, the
became clearer in the first quarter of               the 2019/20 season. As a result, assessing      financial information in this publication is
2020, causing global economic and social             the comparability and relative performance      from the annual financial statements of
disruption, professional football was no             between clubs in this year’s Money League       clubs or sourced directly from clubs. The
exception. Governments around the world              is uniquely challenging this time around.       unprecedented impact of the COVID-19
responded to the pandemic in different                                                               pandemic has led to some different
ways at different speeds and to varying              In this edition, whilst we have published       accounting treatments between clubs
degrees, including enforcing national                the Money League rankings as usual, we          for the financial year ending in 2020.
lockdowns, closing sports venues and                 have also sought to highlight where clubs’      Throughout this introduction, and within
stadia, and on the whole, at least initially,        revenues were specifically impacted and         individual club pages, we will provide
prohibiting sporting events. As professional         where this may well have, in a more normal      guidance on how one can interpret the
sport made a return, extended restrictions           year, meant revenues (and hence rankings)       financial information, highlighting potential
on mass gatherings and non-essential                 were different. We also consider the effects    areas of inconsistency as well as helping to
travel also meant that fans could not attend         of COVID-19 on clubs’ operations and            understand the comparability of revenue
matches even when they were permitted to             business models, provide insight into the       across the Money League.
take place and many of these restrictions            changing strategic priorities of clubs and
remain in place or have been reintroduced            explore the collective and individual actions
in the early stages of 2021 having                   taken by stakeholders to adapt during the       We Didn’t Know
previously been eased later in 2020.                 global pandemic.                                When analysing the financial information
                                                                                                     in this publication it is important to
Leagues across the world had different                                                               understand that clubs typically have
ways of adapting to the challenges faced.            For Once in My Life                             a financial year covering the entirety
Many opted to postpone matches until they            There are a number of metrics, both             of domestic and international club
could take place under safer conditions,             financial and non-financial, that can           competition seasons (as scheduled prior
some were terminated (with final standings           be used to compare clubs, including             to COVID-19). For most European clubs,
determined using different methodologies)            attendances, worldwide fan base, social         this is typically a financial year to May or
and others annulled entirely. Each outcome           media following and on-pitch performance.       June, meaning that one season’s worth
had ramifications with broadcast and                 In the Money League we record clubs’            of matchday, broadcast and commercial
commercial partners alike, many of which             ability to generate revenue from matchday       revenue would be captured in each
sought rebates on rights fees for the                (including ticket and corporate hospitality     financial year, allowing comparability
changes to the delivery of the on-pitch              sales), broadcast rights (including             between clubs across multiple seasons.
product. The outcome pursued by the                  distributions from participation in domestic    Clearly, this is challenging for the 2019/20
respective leagues and the reaction of               leagues, cups and UEFA club competitions)       season as a result of the varying decisions
their broadcast and commercial partners,             and commercial sources (e.g. sponsorship,       made by leagues in respect of the season
therefore, had a significant impact on               merchandising, stadium tours and other          and the differing accounting treatments
clubs, not least on revenue generated (and           commercial operations).                         adopted by clubs referred to above.
hence recognised) in the financial year

02
Testing times Football Money League Deloitte Sports Business Group January 2021
Deloitte Football Money League 2021 |
                                                                                                                                       Introduction

The challenges in making comparisons            • the lowest position theoretically                Regular readers of the Money League
between clubs in this edition of the Money        achievable (i.e. if the club lost all of its     will know that performance in UEFA club
League are most prominent in respect of           remaining fixtures).                             competitions is a critical factor for the club
broadcast revenue. Clubs that completed                                                                       rankings. This year, it continues to
the full league campaign within their           Each scenario can have a                                          have a significant impact, but
respective financial years – such as those      significant effect on the                                            with the added complexity
in the Bundesliga (which concluded in           revenue recognised in the                                              in respect of on-pitch
June 2020) – recognised the majority of         financial year.                                                         performance and the
domestic broadcast distributions in their
financial statements for the year ending        The disruption caused by
                                                                                    €8.2 billion                         timing of matches relative
                                                                                                                         to clubs’ financial year-
                                                                                    Generated by this year’s
in 2020 in line with previous years. Other      COVID-19 also meant that           top 20 Money League clubs             ends. It will take at least
clubs that completed a longer campaign          for the majority of leagues,                                            another financial year for
                                                                                        2018/19: €9.3 billion
that ran into July (such as the Premier         the number of matches                                                 the impact of the timing of
                                                                                            Down 12%
League, Serie A and La Liga), will recognise    agreed to be delivered over                                         UEFA distributions to wash
the 2019/20 season’s broadcast revenue          a specified period was varied.                                   through, before allowing for
over two financial years (ending in 2020        As a result, broadcasters in some                           easier comparison between clubs
and 2021), net of any rebates, meaning          countries have sought to negotiate a               across a combined two-year period.
that only a proportion is recognised in this    rebate on rights fees, and the amounts
year’s Money League, with the remainder         leagues can distribute to clubs has,               As live football returned, matches
falling into the next edition. Whilst some      therefore, been reduced.                           were largely broadcast without fans in
clubs (such as those in Ligue 1) suffered                                                          attendance, with the strange sight of empty
reduced broadcast revenue because the           Matches in UEFA club competitions                  seats and lack of crowd atmosphere. The
league campaign was terminated resulting        – the UEFA Champions League and UEFA               financial impact of fans absence will be fully
in rebates to broadcasters.                     Europa League - were also postponed,               reflected in next year’s Money League and
                                                during the Round of 16 fixtures. The               depends, in no small part, on the timing
There are further complexities regarding        Finals – typically the last fixtures in the        and scale of fans return; with the hope
the composition of broadcast revenue. The       competitive European club competition              being a return to full stadia in 2021 as soon
revenue distribution model in most leagues      calendar – took place in August as opposed         as public health and safety considerations
includes an element of reward that is           to May or early June. Those clubs who              allow. Those clubs traditionally at the
based on a club’s final league position. With   managed to complete their Round of 16              top of the Money League will be most
many clubs’ year-ends falling before the        matches before the postponement and                impacted in absolute revenue terms, even
2019/20 season was completed, there are         in front of a live audience, were able to          though smaller, particularly lower league,
a number of ways in which the recognition       recognise both the associated matchday             clubs have potentially suffered more in
of these amounts has been interpreted           and majority of broadcast revenue in the           relative terms. Matchday operations are a
with reference to respective accounting         financial year ending in 2020. Those clubs         cornerstone of a club’s business model and
standards. For example, a club might            that were still in the competition after the       also help drive other revenue generating
recognise a proportion of the full league       restart, will recognise revenue generated          activity. Whilst we expect that many fans
campaign’s broadcast revenue based on:          from performance in the competition over           will want to return to their old habits, it
                                                two financial years (ending in 2020 and            remains uncertain how quickly and easily
• the club’s actual league position at its      2021). This means that the next edition of         the revenue generating ability of clubs will
  financial year-end;                           the Money League is likely to be a “bumper         return to pre-pandemic levels.
                                                year” in respect of broadcast revenue,
• the position the club would have              assuming no further disruption or delay, as        From a commercial perspective, matches
  historically achieved in previous seasons     some clubs will also be able to recognise          being played behind closed doors forced
  with its points total at the year-end; or     a full season of revenue in relation to the        a rapid and significant shift to digital
                                                2020/21 season in the financial year ending        platforms as the only way to interact
                                                in 2021.                                           and engage with fans, and activate the

                                                                                                                                                 03
Testing times Football Money League Deloitte Sports Business Group January 2021
Deloitte Football Money League 2021 |
                                     Introduction

sponsorship rights of, commercial partners.          Travelin’ Man                                   Premier League
Those clubs who had already taken steps              Before analysing the financial performance
to work in a more digital manner benefitted          of the Money League clubs, it is important      • Commenced a new domestic and
from a more seamless transition. Whilst              to understand the impact of COVID-19              international broadcast rights cycle for
                                                                                                       the 2019/20 – 2021/22 cycle, worth a
this might not provide immediate revenue             on the 2019/20 seasonal calendar, fan
                                                                                                       reported £1.7 billion and £1.5 billion per
generating benefits, when normality                  attendances and broadcast rights across           season respectively (total combined
returns, the combination of matchday                 leagues that contain clubs in this year’s         uplift of c.8% in value compared to the
                                                                                                       previous cycle).
attendance and digital engagement could              publication as illustrated opposite.
be compelling.                                                                                       • Postponed on 13 March 2020.

                                                                                                     • Resumed (behind closed doors) on
The impact of the pandemic on commercial             Superstition
                                                                                                       17 June 2020.
partnerships across clubs varies                     This year’s edition of the Money League
significantly, depending on individual               saw the top 20 clubs generate €8.2 billion      • Completed (behind closed doors) on
                                                                                                       26 July 2020.
contractual arrangements between clubs               of revenue, an average of €409m per club
and partners, as well as the strength                and a decline of 12% compared to last           • Broadcast revenue for 2019/20 season
of relationships, which should not be                year’s top 20 which generated revenue of          recognised over two financial years.
underestimated. The broadcasting of                  €9.3 billion (an average of €464m per club).
                                                                                                     • Broadcast rights rebate of a reported
additional matches, in most cases to a               This year’s Money League is still the third       c.£330m, shared proportionately
wider audience, has helped to placate most           highest total ever across the top 20 clubs.       between clubs, with cash flow impact
                                                                                                       deferred over the remaining period of
commercial partners. However, certain
                                                                                                       the rights cycle.
sponsorship arrangements may not be as               The cumulative decline in revenue (€1.1
straightforward to satisfy, with those clubs         billion) was predominantly a result of the
that are most innovative and adaptable,              decrease in broadcast revenue of €937m
best placed to mitigate any potential                (down 23%), through a combination of            UEFA club competitions
commercial revenue losses.                           deferrals of broadcast revenue into the
                                                     following financial year ending in 2021         • Postponed in mid-March 2020, part way
Such clubs were able to identify new                 and broadcaster rebates in relation to            through the Round of 16 fixtures, which
                                                                                                       were completed in early August 2020.
methods of delivering rights to commercial           the 2019/20 season. Matchday revenue
partners, including hosting virtual events,          fell €257m (down 17%), largely in line with     • Remaining knock-out fixtures were
or amending the commercial rights sold,              the proportion of matches postponed.              played as single-match knockout ties
                                                                                                       at neutral venues in Lisbon, Portugal
for example offering sponsorship of these            Impressively, commercial revenue
                                                                                                       (Champions League) and across four
events or other bespoke digital inventory,           increased by €105m (up 3%) to again               cities in Germany (Europa League)
such as those associated with esports.               (temporarily) become the most significant         between 7 to 23 August 2020 (behind
                                                                                                       closed doors).
Other more typical approaches included               contributor to revenue after a three-year
extending existing contracts to ensure               break, thanks to the commencement of a          • Broadcast rebates in respect of the
services would still be provided (just at a          number of new major commercial deals              2019/20 season of a reported €575m for
                                                                                                       the disruptions to the season.
later date). Nonetheless, some revenue               across the Money League, combined
was still unavoidably lost. A proportion of          with clubs’ ability to successfully mitigate    • Broadcast revenue for clubs knocked out
sponsors defaulted on contracts through              losses despite the closure of stadia and          of 2019/20 UEFA club competitions prior
                                                                                                       to postponement largely recognised in
financial difficulties, often induced by the         associated facilities, merchandise stores
                                                                                                       one financial year.
impact of COVID-19 on their own industry,            and the cancellation or postponement of
whilst others whose benefit is derived               matches, stadium tours and major events         • Broadcast revenue for clubs knocked
                                                                                                       out of UEFA club competitions after the
mainly from corporate hospitality or from            (such as concerts).
                                                                                                       postponement recognised over two
fan presence in the stadia, pursued rebates                                                            financial years.
from clubs.                                          On a club-by-club basis, only two clubs in
                                                     the Money League generated an increase
                                                     in revenue (in local currency) in this year’s

04
Testing times Football Money League Deloitte Sports Business Group January 2021
Bundesliga

                                                        • Postponed on 13 March 2020.

                                                        • Resumed (behind closed doors) on
                                                          16 May 2020.

                                                        • Completed (behind closed doors) on
                                                          27 June 2020.

                                                        • Broadcast revenue for 2019/20 season
                                                          largely recognised in one financial year.

                                                        • Minimal broadcast rights rebate in
                                                          respect of the 2019/20 season as a result
                                                          of the completed season.

                                                                                                       Russian Premier League

                                                                                                      • Postponed on 17 March 2020.

                                                                                                      • Resumed (with limitation on attendance
                                                                                                        – 10% of capacity) on 19 June 2020.

                                                                                                      • Completed (with limitation on attendance
                                                                                                        – 10% of capacity) on 22 July 2020.

                                                                                                      • Minimal impact on broadcast rights
                                                                                                        values. Remainder of 2019/20 matches
                                                                                                        broadcast free-to-air.

                                                                                                      • Broadcast revenue for 2019/20 season
                                                                                                        recognised over two financial years.

La Liga                                      Ligue 1                                                   Serie A

• Commenced a new domestic broadcast         • Postponed on 13 March 2020.                            • Postponed on 9 March 2020.
  cycle from 2019/20 to 2021/22 worth
  a reported €1.2 billion per season for     • Cancelled on 28 April 2020.                            • Resumed (behind closed doors) on
  La Liga and La Liga 2 (uplift of c.15%                                                                20 June 2020.
  compared to the previous cycle) and        • Announced on 30 April 2020 that league
  new international broadcast cycle from       rankings would be decided on a points                  • Completed (behind closed doors) on
  2019/20 to 2023/24 worth a reported          per game basis.                                          2 August 2020.
  €0.9 billion per season (uplift of c.38%
  compared to the previous cycle).           • Broadcast revenue for 2019/20 season                   • Broadcast revenue for 2019/20 season
                                               recognised in one financial year.                        recognised over two financial years.
• Postponed on 12 March 2020.
                                             • Domestic broadcast rights rebates                      • Sky Italia is reported to be withholding
• Resumed (behind closed doors) on             reported to be c.€73m (Canal Plus)                       payment of c.€130m in respect of
  11 June 2020.                                and c.€31.4m (beIN Sports), as well as                   domestic broadcast rights after
                                               international broadcast rights rebate                    requesting a 15-18% reduction as a result
• Completed (behind closed doors) on           reported to be €18.5m (beIN Sports), to                  of the delayed season. A court ruling
  19 July 2020.                                be split between all clubs.                              on the dispute with Serie A is expected
                                                                                                        imminently, whilst the league managed
• Broadcast revenue for 2019/20 season       • The Ligue de Football Professionnel                      to reach an agreement with DAZN (the
  recognised over two financial years.         (LFP) secured government guaranteed                      league’s other domestic broadcaster) in
                                               loans to make up for the shortfall in                    respect of the fulfilment of its obligations.
• Broadcast rights rebate reported to be       distributions to clubs. These loans
  c.€100m and split between all clubs          are to be repaid within five years and
                                               repayments are to be offset against
                                               future broadcast rights income.                        Source: Trade press; competition organisers;
                                                                                                                                   Deloitte analysis.

                                                                                                                                                   05
Testing times Football Money League Deloitte Sports Business Group January 2021
Deloitte Football Money League 2021 |
                                     Introduction

edition (FC Zenit and Everton). Of the 18            domestic campaign                     Only two clubs in the             reportedly see the
                                                                                        Money League top 20 saw
clubs to experience a decline in revenue,            was completed in                                                        overall international
                                                                                          an increase in revenue
seven dipped by less than 10%, ten saw               the financial year,                     compared to the                rights value fall from
revenue drop between 11-20% and one                  with the lost revenue                     previous year              c.€250m in 2019/20
experienced a fall of over 20%. This is              predominantly as a result of                                       to c.€200m (down 20%)
unsurprisingly a dramatically different              the prolonged UEFA campaign                                    in 2020/21. Whilst this was
landscape to the previous year, where                and lost matchday revenue. This                         largely as a result of being unable
only two clubs in the Money League saw a             resulted in an average revenue decline            to finalise a deal in the Middle East and
decrease in revenue (both less than 10%).            of just 3% for Bayern, Dortmund and               North Africa over ongoing piracy concerns.
                                                     Frankfurt, whilst Schalke 04’s revenue            Broadcast rights values also reportedly fell
Ligue 1 Money League clubs (Paris Saint-             fell by 31% due to poorer on-pitch                by approximately a third in Asia (outside
Germain and Olympique Lyonnais) on                   performance and failure to qualify for            of China) and over 90% in Latin America.
average suffered a 16% decline in revenue,           2019/20 UEFA club competitions.                   A proportion of these losses were offset
largely as a result of the early termination of                                                        by an increase in North America, as a
the league campaign and the subsequent               In our most recent Annual Review of               long-term strategic partnership with ESPN
deferral of Champions League broadcast               Football Finance, released in June 2020,          commenced. The value of the international
revenue for both clubs. This decline would           we predicted that the revenue of the ‘big         rights of the Bundesliga and 2. Bundesliga
have been greater had the LFP not secured            five’ leagues (other than the Bundesliga)         is reportedly expected to decline further in
government guaranteed loans to make up               would decline by between 9-17% in this            2021/22, by between €25-40m (12.5-20%).
for the shortfall in distributions to clubs.         financial year, which is broadly the level of
                                                     revenue decline seen across the club data         There is the potential for significant change
The four Bundesliga clubs in the Money               received so far. The speed of growth and          in the Italian football landscape during
League (Bayern Munich, Borussia                      relative financial scale of each league has       2021 as Serie A is in the advanced stages
Dortmund, Schalke 04 and Eintracht                   largely been driven by broadcast revenue, a       of finalising private equity investment in
Frankfurt) were the least impacted                   recurring theme in many previous editions         a new entity that will manage its media-
among the ‘big five’ leagues as the                  of the Money League, albeit a decrease            rights operations. The league has just
                                                     on this occasion. Any long-term impact of         launched its domestic broadcast rights
                                                     the pandemic on broadcast rights values           tender for the next rights cycle from the
Matchday revenue                                     may well determine the state of recovery in       2021/22 season, setting itself a challenging
                               17%                   future editions of the Money League.              target to secure a minimum of €1.15 billion
                              Down €257m                                                               per season (an 18% uplift on current
                                                     The ‘big five’ leagues remain in the midst        arrangements). Internationally, a recent
                                                     of the impact of the pandemic and at this         improvement in relations between Qatar
                                                     stage the future outlook for broadcast            and Saudi Arabia in the Middle East may
                      Broadcast revenue              rights values remains uncertain.                  help after beIN Sports, one of Serie A’s
     23%                                             The Bundesliga was the first to go to
                                                                                                       largest international partners, resorted to
                                                                                                       a brief blackout of Serie A content during
     Down €937m
                                                     market with its domestic broadcast                2020 due to piracy concerns.
                                                     rights tender since the disruptions to the
                                                     industry, achieving an average value of           Ligue 1’s broadcast rights value has
                                                     €1.1 billion per season for the Bundesliga        arguably been most affected by the
Commercial revenue
                                                     and 2. Bundesliga in the 2021/22 to               pandemic. It suffered severe and
                                 3%                  2024/25 rights cycle (5% below the average        ongoing consequences from the early
                               Up €105m
                                                     €1.16 billion per season achieved in the          termination of the 2019/20 season,
                                                     preceding four-year cycle). The Bundesliga        despite reaching agreements with
                                                     also faced challenges in the international        domestic and international broadcasters
                                                     broadcast rights market, which will               and subsequently protecting the level of

06
Testing times Football Money League Deloitte Sports Business Group January 2021
Deloitte Football Money League 2021 |
                                                                                                                                    Introduction

distributions for the 2019/20 season           Revenue movement of Money League clubs in local currency (%)
(via a state-guaranteed loan to be repaid
over five years by offsetting against future
                                                     15%+              1
rights values).
                                                    6-15%

In the 2020/21 season, the situation has             0-5%              1

significantly worsened after the bold move         (1)-(5)%                               3
to award domestic broadcast rights to             (6)-(10)%                                        4
Mediapro at a reported €780m per season          (11)-(15)%                                                                      7
has failed to pay off. In December 2020, it
                                                 (16)-(20)%                               3
was announced that the LFP had reached
                                                    (20)%+             1
a €100m settlement with Mediapro to
cancel its arrangements for the 2020/21                       0    1         2        3        4         5         6         7          8
to 2023/24 cycle, after the agency failed to
meet two scheduled payment instalments            Decrease        Increase                                               Source: Deloitte analysis.
in October (reportedly c.€172.5m) and
December (reportedly c.€150m) 2020.
                                               The Premier League appeared to very              were reached for the Champions League in
The LFP is now faced with the prospect         successfully and quickly agree amicable          Germany (up a reported 68% / c.€130m per
of re-selling these rights, with Canal Plus    arrangements regarding scheduling,               season) and France (up 19% / c.€60m per
and beIN Sports reportedly in the frame        match allocation and broadcast rights            season). Notably, rights for all competitions
to reclaim the rights they lost to Mediapro.   rebates with its domestic broadcast              rose in the UK (up 2% / c.£6m per season),
In the meantime, the league has secured        partners throughout the pandemic to              the Nordics (up 113% / c.€106m per season),
a second loan to meet the shortfall in         date. Internationally, aside from the early      Balkans (up 134% / c.€26m per season)
distributions to clubs in the short term,      termination of its agreements with Chinese       and the US (up 58% / c.$55m per season),
but repayments will necessitate a further      broadcaster PPTV, the Premier League             whereas rights in Spain remained flat (at a
reduction in future distributions. There       seems to have avoided any disruption             reported €350m per season). Elsewhere it
is speculation that the league may follow      to its broadcast arrangements. Like La           has been reported that UEFA has seen a
the lead of ‘big five’ counterparts Serie A    Liga, the Premier League’s progress in           decline in the value of broadcast rights in
in seeking private equity investment to        the market in 2021 for its next broadcast        some markets, most notably in Italy (where
enhance its longer term financial position.    rights cycle from 2022/23 onwards will           Champions League rights were reportedly
                                               be watched with interest for signs of the        down 20% / c.€55m per season), a reminder
After agreeing broadcast rebates worth         impact of the COVID-19 pandemic. This will       that the premium properties are not wholly
around €100m, La Liga will be looking to       be particularly interesting in its domestic      insulated from a challenging market.
continue its significant growth in domestic    market, where values were restrained at
broadcast rights values since their            the last renewal relative to previous growth,    Whilst remaining uncertain, at this stage
centralisation from the 2015/16 season,        which was fuelled by intense competition.        broadcast rights values appear to be
with its eagerly anticipated entry to the                                                       stabilising, and in some cases declining,
market for the sale of its next domestic       UEFA delayed going to market in the              amidst the pandemic, particularly in
broadcast rights cycle in 2021. On the         summer of 2020 during the initial                domestic markets. Therefore, the onus
international front the league is reportedly   disruptions of COVID-19, instead releasing       is on clubs to drive their own revenue
looking to take advantage of its ability to    its initial tenders for its club competition     growth from matchday and commercial
offer extended broadcast rights contracts      broadcast rights (which now include the          sources, supplemented by successful on-
in Europe (beyond three years) following an    third-tier UEFA Europa Conference League         pitch performance and exploitation of the
amendment to government legislation in         competition) for the 2021/22 to 2023/24          transfer market, as noted in the previous
April 2020.                                    cycle in the autumn, where it has received       edition of the Money League. The events
                                               a range of results. Positive agreements          of the past year have made this even more

                                                                                                                                                07
Testing times Football Money League Deloitte Sports Business Group January 2021
Deloitte Football Money League 2021 |
                                     Introduction

The full impact of COVID-19 may not be realised for years                                            financial success. Liverpool’s completion
to come, with the associated uncertainty forcing existing                                            of its Champions League campaign before
                                                                                                     the pause in the season meant it could
and potential broadcast and commercial partners to                                                   recognise the majority of UEFA broadcast
consider the amount they are willing and able to invest                                              revenue in the financial year ending in
                                                                                                     2020. The next two clubs in the rankings,
in sport.                                                                                            Manchester City (€549.2m) and Paris
                                                                                                     Saint-Germain (€540.6m) finished their
                                                                                                     respective Champions League campaigns
challenging for clubs and any short term             FC Barcelona (€715.1m) and Real Madrid          behind closed doors and after the end
ambitions they may have had will likely only         (€714.9m) are again paired together at the      of their financial years (hence deferring a
be achievable as medium term goals as                top of this year’s Money League, with the       proportion of UEFA broadcast revenue to
fans return to stadia and the impact of the          gap between the top two of €0.2m being          the next financial year).
pandemic on the global economy, and the              the closest in Money League history. This
path to recovery, becomes clearer.                   was remarkable following last year having       Chelsea (€469.7m) are in eighth place,
                                                     the widest gap ever between the top two         whilst London rivals Tottenham Hotspur
The full impact of COVID-19 may not                  clubs in our ranking. Barcelona suffered a      (€445.7m) – in ninth – were one of only
be realised for years to come, with the              larger revenue decrease than their rivals,      three clubs to generate an increase in
associated uncertainty forcing existing              down 15% (almost €126m) compared to             matchday revenue compared to the
and potential broadcast and commercial               last year, with all revenue streams declining   previous edition of the Money League,
partners to consider the amount they are             by double-digit percentages. Real Madrid        following their move to the Tottenham
willing and able to invest in sport. More            saw a lesser drop of over €42m (6%).            Hotspur Stadium. Tottenham’s domestic
positively for the Money League clubs,               This was as a result of broadcast and           broadcast revenue from the Premier
the global pandemic has highlighted the              matchday revenue falls being mitigated          League was recognised on the basis of a
importance of sport to so many people,               by commercial revenue growth of almost          prudent estimate of the club’s final league
reinforcing its fundamental strengths and            €30m (8%), as the club extended its             position at the financial year end (30
appeal to broadcasters and sponsors. We              partnership with adidas and benefitted          June 2020). After ultimately finishing the
will watch with interest as leagues go to            from bringing more commercial operations        season in sixth place, the club will report a
market for their next round of broadcast             in-house.                                       significant increase in domestic broadcast
rights and clubs approach commercial                                                                 revenue in its financial year to 30 June
partners for the sale and/or renewal of              Bayern Munich, despite not seeing the full      2021. This reflects the deferral of 2019/20
commercial rights to assess how valuations           benefit of being the winners of the delayed     season broadcast distributions, including
have been impacted.                                  2019/20 Champions League in the financial       an amount attributable to an improvement
                                                     year ending in 2020, generated €634.1m of       on its estimated performance.
                                                     revenue and secured a top three place for
Another Star                                         the first time since 2013/14.                   The composition of the Money League
Despite the significantly different conditions                                                       thereafter, remains relatively stable
reported in this year’s publication, the             Despite dropping out of the top three for       compared to the previous year with only
Money League composition has remained                the first time since 2012/13, largely due to    two new entrants FC Zenit (€236.5m) and
broadly consistent with previous years,              the club’s absence from the Champions           Eintracht Frankfurt (€174m).
illustrating both the ubiquitous global              League, Manchester United (€580.4m)
impact of the pandemic and the robustness            remain in the top five, as only they have       The financial information of FC Zenit
of the revenue generating capacity of the            done in every edition of this publication.      reflects the calendar year to 31 December
most established clubs. The constituents             On the other hand, Liverpool (€558.6m)          2019, which saw negligible financial impacts
of the top ten remain unchanged, whilst 18           enter the top five for the first time since     of COVID-19, and was boosted by the club’s
of the 20 clubs were present in last year’s          2001/02. The club’s on-pitch success            participation in the 2019/20 Champions
Money League.                                        of the past few years continues to fuel         League. The inclusion of FC Zenit marks the

08
Deloitte Football Money League 2021 |
                                                                                                                                            Introduction

2019/20 Money League clubs 21-30 (€m)               Benfica (23rd) and Ajax (27th) are the only         an uncertain broadcast rights market,
                                                    other clubs in the top 30 from outside of           rapidly changing government policy and an
Pos. Club                           Revenue         the ‘big five’ leagues (along with FC Zenit),       uncertain commercial landscape in sport,
                                                    with the Premier League providing strong            this edition’s feature article – in the centre
21.   Valencia                            172.1
                                                    representation between positions 21                 pages of this publication - estimates that
22. Leicester City                        171.0     and 30 (five teams, including a first ever          this year’s Money League clubs will have
                                                    appearance for Sheffield United, who were           missed out on over €2 billion of revenue
23. Benfica                              170.3
                                                    still in League One in 2016/17). Notably            across the 2019/20 and 2020/21 seasons.
24. Borussia VfL Mönchengladbach 167.9              from an Italian perspective, AC Milan
                                                    drop to their lowest ever position (30th)           Additionally, to gain a clearer picture of
25. Crystal Palace                        161.3
                                                    as the club served a ban from UEFA club             fans attitudes towards the future, we
26. West Ham United                      158.0      competitions, whilst AS Roma have fallen            surveyed hundreds from around the world
                                                    out of the top 30 after placing 16th in the         to determine trends in viewing habits
27.   Ajax                               155.5
                                                    previous edition, largely as a result of failing    throughout the disrupted footballing
28. Sheffield United                     152.0      to qualify for the Champions League.                seasons, how engagement with clubs has
                                                                                                        changed, as well as attitudes to returning
29. Wolverhampton Wanderers               151.2
                                                                                                        to stadia and whether these have been
30. AC Milan                             148.5      I’m Wondering                                       permanently altered. The key highlights,
                                                    The return of fans to stadia remains                presented towards the back of the
                       Source: Deloitte analysis.   a key priority for clubs given the                  publication, provide some food for thought
                                                    importance of matchday revenue and                  as we navigate 2021 and beyond.
                                                    the interdependence of broadcast and
first time in four years that a club in             commercial revenue streams and a vibrant
the top 20 of the Money League has been             matchday atmosphere. The COVID-19                   We Can Work It Out
from outside the ‘big five’ markets (also           pandemic has provided an impetus for                Whilst the Money League will continue
FC Zenit – 17th in the 2017 edition of the          clubs to rethink and recalibrate their wider        to focus on the core business activity of
Money League).                                      strategic objectives and business models to         a football club, we continue to recognise
                                                    ensure a strong recovery from the current           that the sale of players forms a key part of
Eintracht Frankfurt enter the Money                 situation. In particular, the focus on both         certain clubs’ business models, particularly
League for the first time, benefitting              internal and external digital capabilities          those clubs outside our top 20 within the
from the completion of the Bundesliga               has necessarily accelerated as digital              ‘big five’ leagues and even the largest of
season within the financial year and its            interaction quickly became the dominant             clubs from outside the ‘big five’ leagues
participation in the Europa League.                 way in which clubs could engage with their          such as Ajax and Benfica, contributing
                                                    staff and fans. Therefore, as alluded to in         significant and regular financial returns.
Similar factors, including on-pitch                 last year’s Money League, the most agile,           This year our report includes information
performance in UEFA club competitions               and innovative clubs will be the best placed        on aggregate player transfer income in
and the timing of season completion,                to deliver the greatest value to their key          respect of the Money League clubs and we
influence the composition of the list of            stakeholders and be rewarded with the               hope to be able to expand on this analysis
those clubs ranked between 21 and 30.               fastest and strongest recovery.                     in future editions.
Valencia (21st) narrowly miss out (by €1.9m)
on a return to the Money League for the             All football clubs have faced varying               17 of the top 20 Money League clubs
first time since 2010/11, whilst Borussia VfL       degrees of challenges as a result of                provided information on player transfer
Mönchengladbach rise to 24th as a result of         COVID-19, and Money League clubs                    income for this edition of the Money
Europa League participation and the timely          have felt by far the greatest financial             League, with clubs generating average
completion of the Bundesliga season.                impact in absolute value terms. Whilst              income of €116m for the financial year
                                                    there are plenty of unknowns about the              ending in 2020. These same clubs
                                                    future football landscape, in respect of            generated an average player transfer

                                                                                                                                                      09
Deloitte Football Money League 2021 |
                                     Introduction

The COVID-19 pandemic has provided an impetus for
clubs to rethink and recalibrate their wider strategic
objectives and business models to ensure a strong
recovery from the current situation. In particular, the
focus on both internal and external digital capabilities
has necessarily accelerated as digital interaction quickly
became the dominant way in which clubs could engage
with their staff and fans.

income of €86m in the previous year, and             men’s team (defined as the women’s team         business operations of their clubs. Whilst
reflects the growth seen across the wider            having a sponsor anywhere on the shirt          this edition is unlike any that has come
transfer market prior to COVID-19.                   e.g. front, sleeve, back that is different to   before, we hope that our readers find our
                                                     what is printed on the men’s team shirt),       analysis useful in understanding the varying
As a result of the COVID-19 pandemic,                indicating that, whilst there has been          impact across the game’s biggest clubs.
European club activity in the delayed                significant progress in recent years, there
summer 2020 window as a whole was                    is still substantial growth potential. In       The Deloitte Football Money League was
more subdued. Typically, the spend of the            particular, the development of a dedicated      compiled by Dan Jones, Theo Ajadi, Tim
larger clubs with greater resources was less         commercial strategy for the women’s             Bridge, Tom Hammond, Chris Hanson,
impacted, whilst smaller clubs sought to             team aimed at separating key rights from        Calum Ross and Zal Udwadia.
retain their best players unless forced into         the men’s team where appropriate and
a sale for financial sustainability purposes.        defining the appropriate sales channels         Our thanks go to Henry Wong and those
                                                     and targets for these rights, should be a       who have helped us, inside and outside
                                                     key priority for clubs.                         of the Deloitte international network.
Superwoman                                                                                           We particularly thank greatly those clubs
We have also continued to request and                Finally, 70% have female members of the         who have taken the time to help us with
report information on the key metrics                Board (compared with 65% in the previous        explanations and we wish them all the best
in women’s football, an area that is                 year), as gender equality continues to be       of luck in navigating the challenges ahead.
increasingly becoming a central part of              rightfully pursued.
many football clubs and continuing to                                                                We look forward to completing the analysis
grow despite the current circumstances.              We remain committed to developing               of the COVID-19 impact on their finances
The growing stature of women’s football              the Money League, and our insights and          in next year’s edition as we hopefully all
presents a significant opportunity for clubs         publications more widely, to report more        return to a more normal environment to
to increase brand profile and grow revenue           fully on the women’s game in future.            enjoy our football. Until then, stay safe and
in the future, whilst also achieving on-pitch                                                        well and we hope you enjoy this edition.
success. We are pleased to report that 18
of the top 20 clubs have women’s teams in            Keep on Running                                 Dan Jones, Global Lead for Sport and
this edition of the Money League and we              Across the football industry, the               Head of the Sports Business Group
hope and expect that this will become all            Money League is recognised as a key             www.deloitte.co.uk/sportsbusinessgroup
20 in the near future.                               benchmarking tool, used by clubs to
                                                     understand how they compare to their
Of those Money League clubs that have                peers; by investors and other stakeholders
a women’s team, only eight (44%) have                who are keen to learn more; and by fans
a separable shirt sponsor from their                 who wish to gain more insight into the

10
Deloitte Football Money League 2021 |
                                                                                                                                    Ups and downs

Ups and downs

2019/20 Revenue (€m)                                                    2018/19 Revenue (€m)

 1           0    (15)      FC Barcelona               715.1              1              1     22      FC Barcelona                  840.8

 2           0    (6)       Real Madrid                714.9              2              (1)    1      Real Madrid                   757.3

 3           1    (4)       Bayern Munich              634.1              3              0      7      Manchester United             711.5

 4          (1)   (19)      Manchester United          580.4              4              0      5      Bayern Munich                 660.1

 5           2    (8)       Liverpool                  558.6              5              1     17      Paris Saint-Germain           635.9

 6           0    (11)      Manchester City            549.2              6              (1)    7      Manchester City               610.6

 7          (2)   (15)      Paris Saint-Germain        540.6              7              0     18      Liverpool                     604.7

 8           1    (9)       Chelsea                    469.7              8              2     22      Tottenham Hotspur              521.1

 9          (1)   (15)      Tottenham Hotspur          445.7              9              (1)    1      Chelsea                        513.1

 10          0    (13)      Juventus                   397.9              10             1     17      Juventus                      459.7

 11          0    (13)      Arsenal                    388.0              11             (2)    1      Arsenal                       445.2

 12          0    (2)       Borussia Dortmund          365.7              12             0     17      Borussia Dortmund             371.7

 13          0    (10)      Atlético de Madrid         331.8              13             0     21      Atlético de Madrid            367.6

 14          0    (20)      FC Internazionale Milano   291.5              14             0     30      FC Internazionale Milano      364.6

 15   n/a   new   29        FC Zenit                   236.5              15             1     33      Schalke 04                    324.8

 16         (1)   (31)      Schalke 04                 222.8              16             (1)   (8)     AS Roma                       231.0

 17          2     0        Everton                    212.0              17     n/a    new    35      Olympique Lyonnais            220.9

 18         (1)   (18)      Olympique Lyonnais         180.7              18             2      9      West Ham United               216.4

 19          1    (15)      SSC Napoli                 176.3              19             (2)   (1)     Everton                       210.5

 20   n/a   new   (5)       Eintracht Frankfurt        174.0              20     n/a    new    13      SSC Napoli                    207.4

  DFML position          Change on previous year   Number of positions changed         Revenue percentage movement in local currency (%)

                                                                                                                                               11
Deloitte Football Money League 2021 |
                                     Top 20 clubs

      1              FC Barcelona

                                2019 Revenue         Revenue 2016-2020 (€m)                         Revenue profile 2020 (€m)
      2020 Revenue                €840.8m

     €715.1m
                                  (£741.1m)                   2      3      2      1         1
                                                     1,000
                                                                                  841                                                             18%
                                                                                                                                                   €126.4m
         (£627.1m)                 (15%)              750           648
                                                                           690              715                                                   (£110.9m)
                                                             620                                                               1
                                                                                                     47%                       1
                                                      500                                            €340.2m
                                                                                                    (£298.4m)
                                                                                                                               3
FC Barcelona’s revenue was severely
impacted by COVID-19 with total revenue
decreasing €125.7m (15%) to €715.1m, the
                                                      250
                                                                                                                                               35%
                                                                                                                                                €248.5m
second largest revenue fall in absolute                                                                                                        (£217.8m)
                                                        0    2016   2017   2018   2019      2020
terms of any Money League club. The
club has publicly stated that it expected               Annual revenue      DFML position               Matchday           Broadcast           Commercial
revenue to be €174m higher if it was not
                                                                                                    Note: Figures in circles show top 20 ranking
for the impact of the pandemic, with all                                                            per revenue stream.
revenue streams significantly affected.
Matchday revenue fell by €31.9m (20%)
due to the loss of ticketing and hospitality         After suffering its first campaign without     Total social media followers 2020 (m)
revenue following the initial postponement           a trophy since the 2007/08 season, Barca
of matches and the return behind closed              are in a state of limbo off the pitch. A                                                     103.2 (2)
doors. Broadcast revenue declined by                 combination of its on-pitch performance                                               92.5 (2)
€49.6m (17%) with distributions for the              and financial situation saw the club’s
club’s final five league games and two               members bring a vote of no confidence in                         35 (2)

Champions League games to be recognised              president Josep Maria Bartomeu, leading               10.7 (1)
                                                                                                                                                   Total
in the financial year ending in 2021.                to his resignation in October along with the
                                                     entire board of directors.
                                                                                                          6.6 (1)                              248m
The €44.2m (11%) decline in commercial                                                              0        20       40           80       100        120
revenue was primarily driven by a                    The club continues to capitalise on the
                                                                                                    Note: Figures in brackets show top 20 ranking per
decrease in merchandising and stadium                strength of its global brand with a new        social media account.
tours revenue with lockdown restrictions             digital and commercial strategy which
preventing visits to the stadium. The club           included the launch of a new streaming
has taken steps to reverse this decline with         platform, Barça TV+, in June 2020 aimed
the recent announcement of a one-year                at improving fan engagement as well as
extension of its partnership with shirt front        commercial revenue, in a year that also
sponsor Rakuten for the 2021/22 season,              saw the club become the first sports club          Player transfer                 Women’s football
albeit with the value of the deal adjusted to        to gain over 10m YouTube subscribers.                 income                           Yes        No
reflect the current situation. The club will         Looking closer to home, the pandemic                  €167m
be working hard to secure an extension or            has also resulted in a delay to the club’s
replacement to its training kit and sleeve           Espai Barca project which includes the
sponsor, Beko, which expires at the end of           redevelopment of Camp Nou (to a capacity
the 2020/21 season.                                  of c.105,000) and its surrounding areas
                                                     aimed at driving further revenue growth.           Average league             On-pitch performance
                                                                                                         attendance*                     League: 2nd
                                                                                                           72,400                         UCL: Q/F

                                                                                                    *Attendance figure is the average home attendance
                                                                                                    for league games played in the 2019/20 season
                                                                                                    prior to the disruptions caused by COVID-19.
12
Deloitte Football Money League 2021 |
                                                                                                                                Top 20 clubs

Matchday revenue 2016-2020 (€m)            Broadcast revenue 2016-2020 (€m)                  Commercial revenue 2016-2020 (€m)
                                                                                                                                 384
400                                        400                                               400
                                                                                                                                          340
                                                                                                                        323
                                                                            298                       296      295
300                                        300                                      249      300
                                                                    223
                                                  203       215

200                 145    159             200                                               200
             139
      121                         126

100                                        100                                               100

  0   2016   2017   2018   2019   2020       0   2016   2017       2018     2019    2020        0    2016     2017     2018     2019     2020

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

                                                                                                                                                13
Deloitte Football Money League 2021 |
                                     Top 20 clubs

      2              Real Madrid

                                2019 Revenue         Revenue 2016-2020 (€m)                            Revenue profile 2020 (€m)
      2020 Revenue                €757.3m

     €714.9m
                                  (£667.5m)                   3       2       1       2        2
                                                     1,000
                                                                                                                                                    15%
                                                                                                                                                    €108.2m
          (£627m)                  (6%)               750            675
                                                                             751    757
                                                                                              715                                                    (£95m)
                                                             620                                                                2
                                                                                                        54%                     3
                                                      500                                               €382.7m
                                                                                                       (£335.6m)
                                                                                                                                1
Real Madrid’s revenue fell by €42.4m (6%) to
€714.9m, largely attributable to the impact           250
of COVID-19. Unsurprisingly, matchday                                                                                                           31%
revenue was the most severely impacted,                                                                                                          €224m
                                                        0    2016   2017    2018    2019      2020                                             (£196.4m)
falling by €36.6m (25%) to €108.2m, whilst
broadcast revenue also slipped by €33.9m                Annual revenue        DFML position                Matchday          Broadcast           Commercial
(13%) to €224m. Impressively, commercial
                                                                                                       Note: Figures in circles show top 20 ranking
revenue increased by €28.1m (8%) to                                                                    per revenue stream.
€382.7m, influenced by the extension of
the club’s partnership with adidas to 2028,
and increased success in merchandising               On the pitch, it was a successful season          Total social media followers 2020 (m)
operations.                                          domestically, with the club winning the
                                                     La Liga title for the first time since 2016/17.                                                    110.9 (1)
This increase in commercial revenue                  In Europe, a second successive exit at the                                              94.5 (1)
follows the club taking control of more              Champions League Round of 16 was a
revenue generating activities in-house.              disappointment following a three-year run                           35.7 (1)

As the largest clubs continue to evolve and          of winning the competition previously.                 6.2 (2)
                                                                                                                                                    Total
grow, their appetite seems to be increasing
to reduce the role of third parties, taking          The club has publicly stated that they have
                                                                                                            4.2 (2)                            251.5m
more control of their operations and                 taken measures to mitigate the impact             0        20      40          80        100        120
hence brand experience for their fans                of COVID-19, but forecast that the lost
                                                                                                       Note: Figures in brackets show top 20 ranking per
and commercial partners with the aim                 revenue for the financial year ending in          social media account.
of generating longer term loyalty and                2021 will be in the region of €300m in
financial return. Madrid will hope to benefit        comparison to anticipated revenue in
significantly from this as it responds to the        respect of the 2020/21 season prior to
impact of the pandemic, with the ability             the pandemic. One consolation amid fans
to adopt a more tailored and engaging                being unable to attend matches is that the
approach with fans and commercial                    club has been able to make good progress              Player transfer               Women’s football
partners.                                            redeveloping its iconic Bernabeu stadium                 income                         Yes         No
                                                     whilst playing matches at their training                €152.6m
                                                     ground stadium. Whilst those clubs with
                                                     the highest matchday revenue have been
                                                     hit the most significantly, with the much
                                                     anticipated return of fans and a newly
                                                     developed stadium on the horizon, Real                Average league           On-pitch performance
                                                     Madrid will feel well placed to bounce back            attendance*                    League: 1st
                                                     strongly in future years.                                66,984                     UCL: Round of 16

                                                                                                       *Attendance figure is the average home attendance
                                                                                                       for league games played in the 2019/20 season
                                                                                                       prior to the disruptions caused by COVID-19.
14
Deloitte Football Money League 2021 |
                                                                                                                                Top 20 clubs

Matchday revenue 2016-2020 (€m)            Broadcast revenue 2016-2020 (€m)                  Commercial revenue 2016-2020 (€m)
                                                                                                                                          383
400                                        400                                               400                        356      355
                                                                                                               301

300                                        300                      251     258              300
                                                  228       237                     224
                                                                                                      263

200                                        200                                               200
             136    143    145
      129
                                  108

100                                        100                                               100

  0   2016   2017   2018   2019   2020       0   2016   2017       2018     2019    2020        0    2016     2017     2018     2019     2020

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

                                                                                             Impressively, commercial
                                                                                             revenue increased by
                                                                                             €28.1m (8%) to €382.7m,
                                                                                             influenced by the
                                                                                             extension of the club’s
                                                                                             partnership with adidas
                                                                                             to 2028, and increased
                                                                                             success in merchandising
                                                                                             operations.

                                                                                                                                                15
Deloitte Football Money League 2021 |
                                     Top 20 clubs

      3              Bayern Munich

                                2019 Revenue         Revenue 2016-2020 (€m)                         Revenue profile 2020 (€m)
      2020 Revenue                 €660.1m

     €634.1m
                                  (£581.8m)                   4      4      4      4         3
                                                     1,000
                                                                                                                                                     11%
                                                                                                                                                      €70.3m
         (£556.1m)                 (4%)               750                         660       634
                                                                                                                                                     (£61.6m)
                                                                           629                                                    8
                                                             592    588
                                                                                                     57%                          6
                                                      500                                            €360.5m
                                                                                                    (£316.2m)
                                                                                                                                  2
Bayern Munich celebrated its 120th
anniversary with a coveted treble of the              250                                                                                           32%
Bundesliga, German Cup and Champions                                                                                                              €203.3m
League, helping to deliver the lowest                                                                                                            (£178.3m)
                                                        0    2016   2017   2018   2019      2020
overall revenue decrease (4%) of the Money
League top ten. Despite the impacts                     Annual revenue      DFML position               Matchday               Broadcast            Commercial
of COVID-19, Bayern actually saw an
                                                                                                    Note: Figures in circles show top 20 ranking
increase in commercial revenue of €4m                                                               per revenue stream.
to €360.5m, representing 57% of total
revenue (€634.1m). The club also benefitted
from being able to recognise the majority            The delayed end to the 2019/20 season          Total social media followers 2020 (m)
of its domestic broadcast revenue in                 will result in a proportion of broadcast and
the financial year ending in 2020 due to             commercial revenue from Bayern’s success                                     51.4 (4)
the earlier completion of the Bundesliga             in the Champions League being recognised                       24.8 (7)
season.                                              in the next edition of the Money League.
                                                     Notably, and admirably, the Bavarians,              5.2 (11)

Bayern’s commercial strength has been                along with the three other German teams             1.9 (10)
                                                                                                                                                     Total
evident for years, yet the club is not               competing in the Champions League
resting on its laurels, and is embracing             in 2019/20, agreed to forego a share of
                                                                                                         3.8 (4)                                    87.1m
digital channels to further engage fans in           2020/21 domestic broadcast revenues            0        20         40            60       80       100
international markets and complement                 to redistribute €20m to support other
                                                                                                    Note: Figures in brackets show top 20 ranking per
its physical footprint, particularly in Asia.        Bundesliga and 2. Bundesliga clubs             social media account.
In May 2020 Douyin (TikTok) became an                suffering from the effects of the pandemic.
official partner in China and the Bavarians
were the first to produce a weekly
interactive livestream on the social media
platform.
                                                                                                        Player transfer                    Women’s football
Ahead of the 2020/21 season the club                                                                       income                              Yes      No
extended partnerships with a number                                                                        €63.9m
of sponsors, most notably platinum
partner Siemens and main partner (and
shareholder) Audi. In order to maintain
global exposure and engagement with
its international fanbase, Bayern’s 2020                                                                Average league                On-pitch performance
Audi Summer Tour went virtual, including                                                                 attendance*                        League: 1st
real-time streaming of pre-season training,                                                                75,000                           UCL: Winner
virtual fan challenges and interactions with
                                                                                                    *Attendance figure is the average home attendance
international athletes.                                                                             for league games played in the 2019/20 season
                                                                                                    prior to the disruptions caused by COVID-19.
16
Deloitte Football Money League 2021 |
                                                                                                                                   Top 20 clubs

Matchday revenue 2016-2020 (€m)               Broadcast revenue 2016-2020 (€m)                  Commercial revenue 2016-2020 (€m)

400                                           400                                               400                        349      357      361
                                                                                                         343      343

300                                           300                                               300

200                                           200                              211     203      200
                    104                                                177
      102    98                                      148       147
100                                           100                                               100
                            92
                                      70

  0   2016   2017   2018   2019      2020       0   2016   2017       2018     2019    2020        0    2016     2017     2018     2019     2020

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

                                                                                                The delayed end to the
                                                                                                2019/20 season will
                                                                                                result in a proportion of
                                                                                                broadcast and commercial
                                                                                                revenue from Bayern’s
                                                                                                success in the Champions
                                                                                                League being recognised
                                                                                                in the next edition of the
                                                                                                Money League.

                                                                                                                                                   17
Deloitte Football Money League 2021 |
                                     Top 20 clubs

      4              Manchester United

                                2019 Revenue         Revenue 2016-2020 (€m)                        Revenue profile 2020 (€m)
      2020 Revenue                €711.5m

  €580.4m
                                  (£627.1m)                   1      1      3      3         4
                                                     1,000
                                                                                                                                                    17%
                                                                                                                                                     €98.8m
          (£509m)                  (19%)              750
                                                             689    676    666
                                                                                  712                                                               (£86.7m)
                                                                                            580                                  4
                                                                                                    55%                         10
                                                      500                                           €321.7m
                                                                                                   (£282.1m)
                                                                                                                                 4
Revenue of £509m represents a £118.1m
(19%) decrease on 2018/19. £101m (86%) of             250                                                                                           28%
this decrease is represented by broadcast                                                                                                            €159.9m
revenue, the absence of Champions League                                                                                                            (£140.2m)
                                                        0    2016   2017   2018   2019      2020
football and resultant UEFA distributions
and the impact of COVID-19 – with the                   Annual revenue      DFML position              Matchday               Broadcast            Commercial
deferral of matches into the financial year
                                                                                                   Note: Figures in circles show top 20 ranking
ending in 2021 and rebates to broadcasters                                                         per revenue stream.
– being the primary causes of this decline.

Matchday revenue also fell by £19.6m as a            United’s return to the Champions League       Total social media followers 2020 (m)
consequence of COVID-19, with all home               in 2020/21 will undoubtedly help boost
matches from mid-March being played                  broadcast and commercial revenue,                                                        73.4 (3)
behind closed doors and all bar one of               although the absence of fans at home                                38.5 (4)
these being deferred into the financial year         matches will continue to restrict matchday
ending in 2021. With Old Trafford being              income. On the commercial front, the                          24.1 (3)

the largest football club stadium in the             extension of the main shirt sponsorship            3.6 (4)
                                                                                                                                                     Total
Premier League and with a high utilisation,          deal with Chevrolet until a mid-season
the pandemic has had a significant impact            date at the end of 2021 due to the
                                                                                                        1.2 (12)                                140.8m
on the club’s matchday revenue. The safe             disruption caused by the pandemic can         0        20         40            60       80         100
return of fans to the stadium is, naturally,         be seen as evidence of a more challenging
                                                                                                   Note: Figures in brackets show top 20 ranking per
high on the club’s agenda.                           sponsorship environment, even for such        social media account.
                                                     a globally recognised brand with a large
The club’s commercial revenue has                    worldwide following.
remained remarkably consistent in the
2019/20 season, despite the closure of
the club’s megastore for three months                The Red Devils remain the
affecting merchandising. The club’s
                                                     top commercial revenue                            Player transfer                    Women’s football
investment in digital capabilities, such as its                                                            income                             Yes        No
global mobile application, ecommerce and             generating Premier League                            €80.3m
MUTV, in recent years has been a key factor
                                                     club, totalling £282.1m, and
in maintaining commercial revenue, whilst
providing a strong platform for future               the fourth highest in the
growth. The Red Devils remain the top
                                                     Money League.
commercial revenue generating Premier                                                                  Average league                On-pitch performance
League club, totalling £282.1m, and the                                                                 attendance*                        League: 3rd
fourth highest in the Money League.                                                                        73,956                         UEL: Semi-Final

                                                                                                   *Attendance figure is the average home attendance
                                                                                                   for league games played in the 2019/20 season
                                                                                                   prior to the disruptions caused by COVID-19.
18
Deloitte Football Money League 2021 |
                                                                                                                                Top 20 clubs

Matchday revenue 2016-2020 (€m)            Broadcast revenue 2016-2020 (€m)                  Commercial revenue 2016-2020 (€m)

400                                        400                                               400      364
                                                                                                               325      316              322
                                                                                                                                 317
                                                                            274
300                                        300                                               300
                                                            226     230
                                                  188
200                                        200                                               200
      137
             125    120    121                                                      160
                                   99
100                                        100                                               100

  0   2016   2017   2018   2019   2020       0   2016   2017       2018     2019    2020        0    2016     2017     2018     2019     2020

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

                                                                                                                                                19
Deloitte Football Money League 2021 |
                                     Top 20 clubs

      5              Liverpool

                                2019 Revenue         Revenue 2016-2020 (€m)                        Revenue profile 2020 (€m)
      2020 Revenue                €604.7m

  €558.6m
                                  (£533m)                     9      9      7      7         5
                                                     1,000
                                                                                                                                                  15%
                                                                                                                                                   €82.7m
         (£489.9m)                 (8%)               750                                           43%                                           (£72.5m)
                                                                                  605               €243.4m                     7
                                                                                            559
                                                                           514                     (£213.5m)
                                                                    424                                                         2
                                                      500    404
                                                                                                                                7
Liverpool returned to the top five in our
Money League for the first time since
2001/02 with total revenue of £489.9m,
                                                      250
                                                                                                                                               42%
                                                                                                                                               €232.5m
a £43.1m (8%) decrease compared to                                                                                                            (£203.9m)
                                                        0    2016   2017   2018   2019      2020
2018/19. On the pitch, the club decisively
ended its 30-year wait for a league title,              Annual revenue      DFML position              Matchday              Broadcast            Commercial
combined with success in the UEFA
                                                                                                   Note: Figures in circles show top 20 ranking
Super Cup and FIFA Club World Cup and                                                              per revenue stream.
continued participation in the Champions
League. This collectively drove a £27.6m
increase in commercial revenue as well as            While Liverpool has set their longest         Total social media followers 2020 (m)
delivering the second highest broadcast              domestic unbeaten streak at Anfield in
revenue of Money League clubs (£203.9m),             the club’s history (68 games), they have                            37.1 (10)
boosted by the recognition of UEFA                   missed the presence of its passionate                         29.4 (6)
distributions in respect of the Champions            fanbase both on and off the pitch as
League Final triumph played at the                   matchday revenue fell £10.8m (13%). After               16.2 (5)

beginning of the financial year ending               significant investment in Anfield in recent        5.4 (3)
                                                                                                                                                    Total
in 2020.                                             years, coupled with reported exploration
                                                     of further expansion opportunities, the
                                                                                                        3.6 (5)                                   91.7m
Despite Liverpool’s continued on-pitch               club will be seeking to restore matchday      0        20          40          60       80        100
success, broadcast revenue decreased by              revenue as fans return to the stadium.
                                                                                                   Note: Figures in brackets show top 20 ranking per
£59.9m (23%) in comparison to 2018/19                                                              social media account.
as a proportion of Premier League                    With the Reds continuing to enjoy success
distributions was deferred into the financial        on the pitch, they will be optimistic
year ending in 2021 as a result of the               for revenue growth once normality
extended season. Reaching the Round of               resumes. In particular, with the new Nike
16 stage of the Champions League before              arrangements coming into effect for the
the disruptions caused by the pandemic               2020/21 season, the club will be confident        Player transfer                   Women’s football
meant that Liverpool recognised the                  of increased merchandising sales through             income                             Yes       No
majority of its 2019/20 UEFA distributions           the successful utilisation of Nike’s global             n/a
in the financial year ending in 2020, unlike         distribution network, capitalising on its
some other clubs.                                    on-pitch success.

                                                                                                       Average league                On-pitch performance
                                                                                                        attendance*                        League: 1st
                                                                                                          52,871                         UCL: Round of 16

                                                                                                   *Attendance figure is the average home attendance
                                                                                                   for league games played in the 2019/20 season
                                                                                                   prior to the disruptions caused by COVID-19.
20
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