Deloitte Uk SBG dfml2018 PDF

Rising stars
Football Money League

Sports Business Group
January 2018
A
Deloitte Football Money League 2018 |
Top 20 clubs
Manchester United top the

Money League for the tenth
time, in a year that sees a record
number of English clubs (ten) in
the top 20. The clinching factor
in United retaining top spot
was securing the UEFA Europa
League title in Stockholm,
demonstrating the value of
UEFA’s second club competition.
Basis of preparation Matchday revenue is largely derived from The publication contains a variety of information For the purpose of the international
We have used the figure for total revenue gate receipts (including ticket and corporate derived from publicly available, or other direct, comparisons, unless otherwise stated, all figures
extracted from the annual financial statements hospitality sales). Broadcast revenue includes sources other than financial statements. We have for the 2016/17 season have been translated at
of the company or group in respect of each club, revenue from distributions from participation not performed any verification work or audited the average exchange rate for the year ending 30
or other direct sources, for the 2016/17 season in domestic leagues, cups and European club any of the information contained in the financial June 2017 or 31 December 2016 as appropriate
(unless otherwise stated). competitions. Commercial revenue includes statements or other sources in respect of each (£1 = €1.1637; €1 = RUB73.5604). Comparative
sponsorship, merchandising and revenue club for the purpose of this publication. figures have been extracted from previous
Revenue excludes player transfer fees, VAT from other commercial operations. For a more editions of the Deloitte Football Money League,
and other sales related taxes. In a few cases detailed analysis of the comparability of revenue Key performance indicators shown for each or from relevant annual financial statements or
we have made adjustments to total revenue generation between clubs, it would be necessary Money League club relate to the football other direct sources. For comparability, reference
figures to enable, in our view, a more meaningful to obtain information not otherwise publicly season ending in 2017, unless otherwise stated. to UEFA distributions have been extracted from
comparison of the football business on a club available. UEFA Champions League and Europa League UEFA’s “Distribution to clubs 2016/17” report.
by club basis. performances shown include participation from
Some differences between clubs, or over the final play-off round only. ‘Shirt sponsor’ and In relation to estimates and projection actual
Information is derived from annual financial time, may arise due to different commercial ‘Technical kit supplier’ refers to the club’s first results are likely to be different from those
statements or information sourced directly arrangements and how the transactions are team home kit for the season ending in 2017. projected because events and circumstances
from individual clubs. Based on the information recorded in the financial statements, due to Figures in respect of Twitter, Weibo, Facebook frequently do not occur as expected, and those
made available to us in respect of each club, to different financial reporting perameters in and Instagram are as at 8 January 2018. For a differences may be material. Deloitte can give
the extent possible, we have split revenue into respect of a club, and/or due to different ways club with multiple language accounts, only the no assurance as to whether, or how closely, the
three categories – being revenue derived from in which accounting practice is applied such that most liked/followed account has been included. actual results ultimately achieved will correspond
matchday, broadcast and commercial sources. the same type of transaction might be recorded to those projected and no reliance should be
Clubs are not wholly consistent with each other in different ways. Numbers in brackets after component parts of placed on such projections.
in the way they classify revenue. In some cases revenue and social media refer to a club’s ranking
we have made reclassification adjustments to the relative to other Money League top 20 clubs.
disclosed figures to enable, in our view, a more
meaningful comparison of the financial results.
B
Contents
Contents
Introduction 02
Ups and downs 07
The leading team in the business of football 08
Top 20 clubs 10
Rising stars 30
Deloitte Football Intelligence Tool 52
Edited by Sports Business Group

Dan Jones Telephone: +44 (0)161 455 8787
PO Box 500, 2 Hardman Street,
Sub-editor Manchester, M60 2AT, UK
Timothy Bridge E-mail: sportsteamuk@deloitte.co.uk
www.deloitte.co.uk/sportsbusinessgroup
Authors
Samuel Boor, Chris Hanson January 2018
and Calum Ross
01
Introduction
Introduction
Welcome to the 21st edition of the Deloitte Football and commercial) paints an interesting
picture. Broadcast revenue is now the
Money League in which we profile the highest earning largest revenue source for Money League
clubs in the world’s most popular sport. Published clubs with a 45% share, whilst shares
for commercial revenue and matchday
just eight months after the end of the 2016/17 season, revenue have reduced to 38% and 17%
the Money League remains the most contemporary respectively.
and reliable independent analysis of the clubs’ relative A place in the top 20 now requires clubs to
financial performance. generate almost €200m, a 16% increase on
the amount needed in the previous edition,
There are a number of metrics, both FC Zenit St Petersburg and AS Roma when Leicester City secured 20th position
financial and non-financial, that can lose their top 20 status after weakened with revenue of €172.1m. A place in the top
be used to compare clubs including European performances compared to 30 requires more than €157m (the first time
attendance, worldwide fan base, broadcast 2015/16. this benchmark has been above €150m),
audience and on-pitch success. In the an amount that would have guaranteed a
Money League we focus on clubs’ ability to Southampton are the only debutant in this Money League place just three seasons ago
generate revenue from matchday (including edition’s top 20 after broadcast revenues (2013/14). The increase in these thresholds
ticket and corporate hospitality sales), soared 58% to £143m, which is higher emphasises that revenue growth of recent
broadcast rights (including distributions than the club’s total revenue in 2015/16. A years has not been limited to just those
from participation in domestic leagues, return to the Europa League buoyed Saints’ clubs at the top of the Money League.
cups and European club competitions) revenue, but the over-arching factor behind
and commercial sources (e.g. sponsorship, this increase is the first year of the record
merchandising, stadium tours and other broadcast rights arrangements in England. Chart 1: 2015/16 and 2016/17
commercial operations), and rank them on composition of total revenue splits (€m)
that basis. The top ten remains consistent in
18%
composition for the fourth consecutive Matchday
year, but there were some notable shifts 43%
All Around The World in position with four clubs changing their 2015/16 Broadcast
As the Money League enters its third ranking from 2015/16. Real Madrid’s strong 7,415
decade it continues to intrigue, surprise commercial growth sees them move back Commercial
and set records. Whilst the top 20 retains into the top two at the expense of arch- 39%
a number of familiar names from Europe’s rivals FC Barcelona, who drop to third,
‘big five’ leagues, there have been a number whilst Arsenal jump ahead of Paris Saint- 17%
of ups and downs with 13 clubs seeing their Germain to claim sixth. This year’s battle
position change from last year. for first place was the closest in Money
League history, with just €1.7m separating 38%
Participation and performance in UEFA Manchester United and Real Madrid. For 2016/17
competitions has always been a critical the first time, the top three Money League 7,896
success factor in the Money League, clubs aggregate revenue totalled €2 billion,
but its impact on clubs’ revenue is more which is more than the total revenue of the
noticeable than ever in this edition. The eleven clubs ranked 20-30.
UEFA Champions League and UEFA Europa 45%
League have played an important role in Total revenue of the top 20 also reached a
improving, or retaining, Money League record high, increasing 6% to €7.9 billion.
positions for Manchester United, Leicester However, performance across individual Source: Deloitte analysis.
City, SSC Napoli and Southampton, whilst revenue streams (i.e. matchday, broadcast
02
Introduction
Supersonic Chart 2: Revenue of 20th placed clubs; Deloitte Football Money League (€m)
This year’s Money League sees a record ten 199.2
English clubs in the top 20. The number in 200 172.1
the top 30 increases to 14, although this 164.8
does not get close to the existing record of 144.1
150
17, set in 2014/15. 121.1
101
The increased number of English clubs 100 80.5 85.1
68.3
owes much to the start of the Premier
League’s record three year broadcast 50 36.2
arrangements, but also the significant
growth in revenue of its biggest clubs.
0
1996/97
1999/00
2002/03
2005/06
2008/09
2011/12
2013/14
2014/15
2015/16
2016/17
AFC Bournemouth, the only debutant
amongst clubs ranked 21 to 30, highlight
the impact the increase in broadcast
revenue distributions has had upon clubs. Source: Deloitte analysis.
The Cherries appear in 28th place with
revenue of £136.8m having been the 82nd
highest revenue generating club in the League for a third consecutive year and Manchester City are in fifth place for the
UK in 1996/97 with revenue of just £1.1m. draw level with Real Madrid’s record of 11 second year in a row as broadcast revenue
Bournemouth emphasise the financial Money League titles. soared to more than £200m, now the club’s
rewards available at the highest level largest revenue stream. This season, City’s
of English football, and the scale of the In the season after their shock Premier on pitch performances have been highly
opportunity for clubs that successfully League title Leicester City continued to impressive and the quadruple remains
navigate their way up English football’s surprise, reaching the Quarter-finals of a possibility. A strong showing for the
competitive league pyramid in the future. the Champions League. Whilst the Foxes remainder of the season, in particular in the
Premier League form dropped, their Champions League, could propel the Citizens
Despite the weakened Pound, Manchester European run sees them climb six places further up the Money League next year.
United retain first place in this year’s Money to 14th, outperforming Money League
League and make their tenth appearance ever-presents Internazionale, but falling Elsewhere, Arsenal managed their best
at the top with revenue of £581.2m. just short of their Champions League performance since 2011/12 by replacing
conquerors Atlético de Madrid. Their 81% Paris Saint-Germain in sixth place, whilst
The Red Devils’ revenue increased 13%, revenue increase is the highest in the Chelsea and Liverpool remain in eighth
with broadcast revenues up £53.7m after top 20. Broadcast revenue more than and ninth for the third and fourth year in a
enhanced Premier League distributions. doubled to £191m, after receiving the row respectively. Tottenham Hotspur climb
Their Europa League crown was also critical. second highest UEFA distribution from one place to 11th after finishing runners-
Given the gap to Real Madrid is just €1.7m, participating in the Champions League; up in the Premier League prior to their
the importance of the €3m additional more than winners Real Madrid. temporary relocation to Wembley Stadium
amount received from winning the Europa whilst White Hart Lane is redeveloped.
League Final is clearly evident. Commercial Southampton, in 18th, were helped by West Ham United are in their highest ever
revenue growth was limited in 2016/17, the new Premier League broadcast deals position, of 17th, aided by their move to the
but this revenue stream remains the club’s and participation in the Europa League. London Stadium and Everton appear in the
largest (48%) and is over 40% more than However, the club may struggle to retain top 20 for the fourth time.
closest domestic rivals, Manchester City. its place as a result of failing to qualify for
A strong performance on their return to UEFA competition in 2017/18. Premier League distributions will remain
the Champions League may enable United fairly stable in 2017/18 and maintaining
to retain first place in next year’s Money this year’s record performance will require
03
Introduction
Chart 3: Deloitte Football Money League’s top two clubs historic analysis (€m)
700
600
500
400
300
200
100
0
1996/97
1997/98
1998/99
1999/00
2000/01
2001/02
2002/03
2003/04
2004/05
2005/06
2006/07
2007/08
2008/09
2009/10
2010/11
2011/12
2012/13
2013/14
2014/15
2015/16
2016/17
First position Second position Source: Deloitte analysis.
clubs’ growth in commercial and matchday Olympique Lyonnais narrowly miss out Don’t Go Away
revenues. In the future, a critical factor on a top 20 position by less than €1m, This edition marks Italy’s worst ever Money
that we are following with interest is the but remain the only other French club to League performance. Only three clubs
on-going tender process for the next three feature in the top 30. Matchday revenue feature in the top 20, emphasising the
year broadcast rights cycle, which may increased almost 60% to €43.9m, as the relative decline in financial power of Italian
result in even further revenue increases for club completed their first full season at clubs. SSC Napoli return to the top 20 for
English football. Parc Olympique Lyonnais, demonstrating the fourth time with AC Milan and AS Roma
the potential impact of a new or even falling to 22nd and 24th respectively.
redeveloped stadium. Participation in the
Roll With It Champions League and a Europa League AC Milan’s departure from the top 20 is
Paris Saint-Germain remain the only French Semi-final defeat to Ajax (which ultimately their first and is remarkable given they had
club in the top 20, but fall to seventh, their prevented them reaching the Money been in the top ten in every edition up to
lowest position since 2011/12. Whilst PSG’s League top 20) also contributed to a rise in and including 2012/13. AS Roma fall outside
matchday and commercial revenue rank in broadcast revenue. With the lowest value the top 20 for only the third time after
the top six, their broadcast revenue is the domestic broadcast deal of any of the ‘big failing to reach the lucrative Champions
18th highest in the Money League, reflective five’, France is unlikely to have more than League Group stage. Next year, AS Roma
of French football’s appeal to broadcasters two clubs in the top 30 for the foreseeable may make a quick return to the top 20
relative to other ‘big five’ leagues, and PSG’s future, but the example of Lyon, who are having already progressed to the knock-
poor on-pitch season, when compared with challenging for a top 20 position for the first out stages in 2017/18, and this remains a
recent years. time since 2011/12, should serve to give possibility for AC Milan should they reach
others encouragement. the final stages of the Europa League.
04
Introduction
2016/17 Money League clubs 21-30 SSC Napoli climb 11 places to 19th. However, next year does mark the start
Increased distributions from being one of of a new broadcast rights cycle, covering
Pos. Club Revenue only two Italian clubs to compete in the the top two divisions in Germany. The
€m Group stage of the Champions League Bundesliga have taken the step to align
contributed to a 51% increase in broadcast their domestic and international rights
21. Olympique Lyonnais 198.3
revenue, but the club also signed a record cycle and the four year period starting in
22. AC Milan 191.7 partnership agreement with Acqua Lete, 2017/18 will see a reported c.80% increase
which benefited commercial revenue. in broadcast rights value compared with
23. FC Zenit Saint Petersburg 180.4
the previous cycle. German clubs will
24. AS Roma 171.8 As predicted last year, the Premier League’s benefit from improved distributions which
new broadcast deals have increased should help them in their quest to keep
25. Borussia VfL Mönchengladbach 169.3
competition for Money League places pace in the Money League, particularly with
26. Crystal Palace 164 and Italian clubs have been affected most their English and Spanish counterparts.
notably. Serie A’s existing broadcast deal is
27. West Bromwich Albion 160.5
in place up to and including 2020/21 and so
28. AFC Bournemouth 159.2 revenue growth will depend on improved Standing On The Shoulders Of Giants
commercial and matchday performance Real Madrid climb to second place after
29. Stoke City 158.3
on a club by club basis. Unfortunately, the a record breaking 2016/17 season. They
30. Benfica 157.6 picture continues to look bleak for Italian captured the La Liga crown and became
clubs in the Money League. Europe’s Champion club for a record
12th time following an emphatic victory
Note: 2017 financial results for FC Zenit are in
respect of the calendar year to December 2017. against Juventus. These performances
Little By Little on the pitch translated to growth in all
Source: Deloitte analysis. Bayern Munich retain fourth position revenue streams, with a €38m increase
despite a reduction in revenue. Whilst they in commercial revenue the most notable
exited the Champions League earlier than improvement, helping them to jump ahead
Juventus hold on to tenth position for the in 2015/16, Bayern continue to lead the way of FC Barcelona.
fourth consecutive season with revenue for German clubs and have now featured in
growth of 20%. Strong performances on the top five for ten successive editions. Despite a 5% revenue increase, FC
the pitch have underpinned Juve’s top ten Barcelona slip outside the top two for
status in recent seasons and they captured Despite growing revenue, both Borussia only the second time in nine years. The
a record sixth consecutive Serie A title and Dortmund and Schalke 04 drop places in Catalan giant’s first team performances
the Coppa Italia in 2016/17. Revenue from the Money League rankings, to 12th and failed to match dizzying expectations set
broadcast (58% of Juve’s total) was driven 16th respectively. For Dortmund, a return in recent seasons, finishing second in La
upward by a record distribution from UEFA to the Champions League contributed to Liga and exiting from the Quarter-final of
of €110.4m, despite losing to Real Madrid in revenue growth of €48.7m, but this was the Champions League. Atlético de Madrid
the Champions League Final. not enough to fend off the challenge of retain 13th place due to a €21.6m increase
Tottenham Hotspur. In line with a concerted in broadcast revenues. Champions League
In the first season after the takeover by effort by German clubs to increase their distributions were lower after failing to
Chinese retailer Suning, Internazionale exposure internationally, Dortmund report emulate their achievement of making the
climb to 15th, reporting commercial growth that an increase in international tours has final in 2015/16, but this was offset by
of €75.2m. Their commercial revenue is helped to boost commercial revenue. The increased distributions from La Liga’s new
now the most of any Italian club. hope will be that in the long run this sort of collective rights selling mechanism.
initiative will help to increase the broadcast
rights value in markets outside of Germany. Spain continues to have just three clubs
in the top 30 despite the new collective
arrangement coming into effect in 2015/16.
05
Introduction
With this in place it may have been “English clubs’ dominance

expected to have impacted the revenue of
Spanish clubs more significantly and seen
will depend heavily on the
more entrants, particularly in the 21-30 outcome of the Premier
range. The lack of other Spanish clubs only
highlights the financial strength in depth
League’s ongoing tender for
of the Premier League and the distance the next three year TV deal
that Spanish clubs still have to travel to
compete in money terms with their English
starting from 2019/20.“
counterparts.
increases would maintain, if not improve, could aspire to see a member club enter
Half the World Away the positions of English clubs. However, the Money League in the future, whilst also
FC Zenit St Petersburg were the only club if growth is marginal, other countries acknowledging the recent rise of esports, a
to feature in last year’s top 20 from outside may have the opportunity to close the potentially significant competitor to football
one of the ‘big five’ leagues and this year gap, particularly in Spain who will also be in the future, that is certainly attracting the
they miss out having failed to qualify for the negotiating new broadcast deals. attention of the younger generation.
Champions League. Football’s attention will
turn to Russia in 2018 for the World Cup Champions League format changes from We provide profiles of each of the top 20
and this may provide a catalyst for a return 2018/19 mean that the top four clubs from clubs in this edition. The Deloitte Football
to the top 20 in future editions, in particular the four top-ranked national associations in Money League was compiled by Dan Jones,
as they have now moved into their new UEFA’s country coefficients (currently Spain, Timothy Bridge, Samuel Boor, Chris Hanson
multi-purpose stadium. Benfica cling on England, Italy and Germany) automatically and Calum Ross. Our thanks go to those
to a top 30 place this year having claimed qualify for the lucrative Group stage. In who have helped us, inside and outside the
a fourth consecutive domestic title. Exit at the past, clubs may have seen financial Deloitte international network. We hope
the Group stage of this year’s Champions gain where domestic peers have failed to you enjoy this edition.
League does however make retaining a top progress beyond the Play-off round, as they
30 position unlikely in next year’s edition. retain a larger proportion of their country’s Dan Jones, Partner
market pool. Juventus and SSC Napoli www.deloitte.co.uk/sportsbusinessgroup
were two of the three highest market pool
Live Forever recipients in 2016/17, after AS Roma’s Play-
Next year, we expect the €8 billion barrier off round defeat. From 2018/19, this market
will be broken, but revenue growth is pool would automatically be shared across
not expected to be as significant as seen four clubs and may impact such clubs’
in 2016/17. Germany’s new domestic Money League positions.
broadcast deal commences and will
increase revenue, but Premier League and The Money League remains dominated
La Liga distributions will remain relatively by the biggest European leagues, but club
stable, as both enter the second year of football in fast emerging footballing nations
existing TV deals. continues to develop rapidly. In last year’s
Money League we acknowledged the growth
Looking further ahead, the long term of football in major economies looking to
composition of the Money League is an become the next football powerhouses.
intriguing topic. English clubs’ dominance In our ‘Rising stars’ section we provide a
will depend on the outcome of the Premier snapshot of the key opportunities and
League’s ongoing tender for the next three challenges for high-profile clubs operating
year TV deal starting from 2019/20. Further in China and the USA, two leagues that
06
Ups and downs
Ups and downs
2016/17 Revenue (€m) 2015/16 Revenue (€m)
1 0 Manchester United 676.3 1 2 Manchester United 689
2 1 Real Madrid 674.6 2 0 FC Barcelona 620.2
3 (1) FC Barcelona 648.3 3 (2) Real Madrid 620.1
4 0 Bayern Munich 587.8 4 1 Bayern Munich 592
5 0 Manchester City 527.7 5 1 Manchester City 524.9
6 1 Arsenal 487.6 6 (2) Paris Saint-Germain 520.9
7 (1) Paris Saint-Germain 486.2 7 0 Arsenal 468.5
8 0 Chelsea 428 8 0 Chelsea 447.4
9 0 Liverpool 424.2 9 0 Liverpool 403.8
10 0 Juventus 405.7 10 0 Juventus 338.9
11 1 Tottenham Hotspur 355.6 11 0 Borussia Dortmund 283.9
12 (1) Borussia Dortmund 332.6 12 0 Tottenham Hotspur 279.7
13 0 Atlético de Madrid 272.5 13 3 Atlético de Madrid 228.6
14 6 Leicester City 271.1 14 (1) Schalke 04 224.5
15 4 Internazionale 262.1 15 0 AS Roma 218.2
16 (2) Schalke 04 230.2 16 (2) AC Milan 214.6
17 1 West Ham United 213.3 17 1 FC Zenit Saint Petersburg 196.5
18 n/a new Southampton 212.1 18 n/a new West Ham United 192.3
19 n/a new Napoli 200.7 19 1 Internazionale 179.2
20 n/a new Everton 199.2 20 n/a new Leicester City 172.1
DFML position Change on previous year Number of positions changed
07
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09
Top 20 clubs
1. Manchester United
Facebook likes Twitter followers Instagram followers
73.7m (3) 16.7m (3) 20.2m (3)
2017 Revenue Revenue 2013-2017 (€m) Revenue profile 2017 (€m)
€676.3m (£581.2m)
800
689 676
48%
€325.2m
19%
€125.2m
2016
Revenue 600 (£279.5m) (£107.6m)
€689m 518 520
400 424
(£515.3m)
200
Whilst the Europa League has historically 0 2013 2014 2015 2016 2017
Matchday 33%
been viewed as the financial minnow €225.9m
4 2 3 1 1 (£194.1m)
compared with the Champions League, Broadcast
United’s €44.5m UEFA distribution after
winning the competition is the critical Annual revenue DFML position Commercial
factor in keeping them ahead of Real
Madrid and Barcelona. This is over four
times greater than the amount received Comparison to other top 20 clubs (€m)
by Atlético de Madrid when they won the
800
competition in 2011/12, reflecting UEFA’s
drive to ensure that both competitions
provide appropriate financial reward. 600
United’s financial performance is

400
underpinned by their commercial revenue
which continues to see them outperform
their competitors and a welcome return 200
to the Champions League will give a boost

to both matchday and broadcast revenue 0 1 2 4 6 8 10 12 14 16 18 20
that will likely see them retain the top spot Position
next year. The challenge for United will be
whether they can retain their commercial
supremacy during the next round of
sponsorship renewals, but few would back
against them given the global popularity of
their brand. DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier
1st 21 Chevrolet adidas
Domestic league Average league UEFA Champions UEFA Europa League

position 2016/17 match attendance League performance performance
6th 75,305 n/a Winners
10
Top 20 clubs
Manchester United: FITness data
Matchday revenue 2013-2017 (€m) Broadcast revenue 2013-2017 (€m) Commercial revenue 2013-2017 (€m)
400 400 400 364

325
264
300 300 300
226 231
188
200 200 162 142 200
137 119
127 125 125 178
114
100 100 100
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017
Matchday Broadcast Commercial Source: Deloitte Football Intelligence Tool.

DFML average DFML top five average
United’s success in
the Europa League
was the critical
factor in them
retaining top spot.
11
Top 20 clubs
2. Real Madrid
106.4m (1) 28.6m (1) 54.7m (1)
€674.6m (£579.7m)
800
45%
€301.4m
20%
€136.4m
2016 675
Revenue 600 620 (£259m) (£117.2m)
577
550
€620.1m 400
519
(£463.8m)
200
After dropping out of the top two Money 0 2013 2014 2015 2016 2017
Matchday 35%
League clubs last year for the first time €236.8m
1 1 1 3 2 (£203.5m)
since 2002/03, Real Madrid jump above Broadcast
their arch rivals, FC Barcelona, back into
second place. Revenue grew by over Annual revenue DFML position Commercial
€50m, with a €38m uplift in commercial
revenue driving this. The continued on-
pitch success, in particular winning the Comparison to other top 20 clubs (€m)
Champions League for the 12th time,
800
translated into commercial growth, both in
the sale of merchandising and increases in
sponsorship revenue. 600
With the gap to Manchester United less

400
than €2m in this edition (the closest ever
gap at the top of the Money League), the
clubs’ overall performance on the pitch, 200
and particularly in the Champions League

where both have qualified for the Round of 0 1 2 4 6 8 10 12 14 16 18 20
16 in 2017/18, will be critical to determining Position
who tops the Money League next year.
DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier
3rd 21 Emirates adidas

1st 69,426 Winners n/a
12
Top 20 clubs
Real Madrid : FITness data
400 400 400
301
300 300 300 247 263
228 237 232
212
204 200
188
200 200 200
130 129 136
119 114
100 100 100
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017

13
Top 20 clubs
3. FC Barcelona
103.4m (2) 26.9m (2) 54m (2)
€648.3m (£557.1m)
800
46%
€296.2m
21%
€137.2m
2016 648
Revenue 600 620 (£254.5m) (£117.9m)
561
€620.2m 400
483 485
(£463.8m)
200
FC Barcelona fall to third place in the 0 2013 2014 2015 2016 2017
Matchday 33%
Money League despite healthy revenue €214.9m
2 4 2 2 3 (£184.7m)
growth of €28.1m (5%). As forecast last Broadcast
year, the strong performance of Real
Madrid and Manchester United prevents Annual revenue DFML position Commercial
Barça from becoming only the third club to
top the Money League. Matchday revenue
grew thanks to an increase in hospitality Comparison to other top 20 clubs (€m)
usage whilst commercial revenue remained
800
relatively flat. Broadcast revenue increased
by €12.2m as the impact of the Spanish
centralised selling arrangement kicked in. 600
With FC Barcelona forecasting revenue

400
of close to €700m for 2018/19, boosted
by a new shirt sponsorship with Rakuten,
they are likely to once again compete for 200
the top spot. As with the two clubs above

them, Barcelona’s on-pitch performance 0 1 2 4 6 8 10 12 14 16 18 20
may have a crucial impact on their position Position
in the Money League next year and with
all through to the Round of 16 of the
Champions League, it is certainly going to
be an interesting battle.
2nd 21 Qatar Airways Nike

2nd 78,678 Quarter-finals n/a
14
Top 20 clubs
FC Barcelona: FITness data
400 400 400
300 300 300 296

296
203 215
200 244
188 182
200 200 200
137 177 186
118 117 117 121
100 100 100
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017

15
Top 20 clubs
4. Bayern Munich
43.7m (5) 4.3m (10) 11.5m (4)
€587.8m (£505.1m)
800
58%
€343.4m
17%
€97.7m
2016
Revenue 600 592 588 (£295.1m) (£83.9m)
€592m 400
431
488 474
(£442.7m)
200
Despite a revenue decrease of just over 0 2013 2014 2015 2016 2017
Matchday 25%
€4m (1%), Bayern Munich hold on to fourth €146.7m
3 3 5 4 4 (£126.1m)
place in this year’s Money League, making Broadcast
this their tenth consecutive year in the top
five. Bayern have the highest commercial Annual revenue DFML position Commercial
revenue of any football club globally,
supported by long-standing investment
agreements, but their inability to grow Comparison to other top 20 clubs (€m)
revenue in 2016/17 (the only top five club
800
to suffer a revenue decrease in their home
currency) highlights the challenges facing
all German clubs, as others around Europe 600
continue to grow and develop.
400
As high as second in 1998/99, as low
as eighth in 2003/04 and despite out-
performing competitors commercially, for 200
Bayern Munich to ever financially challenge

the clubs at the top of the Money League 0 1 2 4 6 8 10 12 14 16 18 20
would take a significant shift in the value Position
of the German League’s centralised media
arrangements. Whilst an uplift from a
new deal is anticipated in 2017/18, it is
unlikely that it will provide the revenue
transformation required to see Bayern
climb further up the Money League. DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier
4th 21 Deutsche Telekom adidas

1st 75,024 Quarter-finals n/a
16
Top 20 clubs
Bayern Munich: FITness data
400 400 400

343 343
292 278
300 300 300 237
200 200 200
87 88 90 102 98 148 147

100 100 107 108 106 100
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017

Bayern have the

highest commercial
revenue of any
football club globally,
supported by long-
standing investment
agreements.
17
Top 20 clubs
5. Manchester City
29.4m (10) 5.6m (9) 6m (9)
€527.7m* (£453.5m)
800
44%
€230.5m
11%
€60.4m
2016
Revenue 600 (£198.1m) (£51.9m)
€524.9m
525 528
463
400 416
(£392.6m)
317
200
Manchester City are in the Money League 0 2013 2014 2015 2016 2017
Matchday 45%
top five for the second consecutive year, €236.8m
6 6 6 5 5 (£203.5m)
after growth in both broadcast and Broadcast
commercial revenue. The impact of the
Premier League broadcasting deals saw Annual revenue DFML position Commercial
broadcast revenue increase by over £40m
and a suite of new commercial partners
helped to boost commercial revenue by Comparison to other top 20 clubs (€m)
almost £20m.
800
With reportedly significant commercial

deals agreed with Gatorade and Amazon 600
for 2017/18, it is clear that commercial
revenue generation remains one of City’s
400
priorities, but the impact of a strong
season on-pitch, may well be the factor
that could propel them even further up 200
the Money League. The effect of strong

performance in UEFA competitions is clear 0 1 2 4 6 8 10 12 14 16 18 20
in other club rankings in this year’s edition Position
and were City to reach the latter stages
of this year’s Champions League, they will
close the gap to Bayern Munich.
5th 13 Etihad Airways Nike

*Revenue for 2016/17 is an estimate for 12 months,
derived by Deloitte from the financial statements position 2016/17 match attendance League performance performance
of Manchester City Limited covering a 13 month 3rd 54,019 R16 n/a
period to 30 June 2017 (due to a change in
accounting period).
18
Top 20 clubs
Manchester City: FITness data
400 400 400
300 300 300

237
216
178 228 239 231
200 200 159 200 200
168
103
100 57 57 70 60 100 100
46
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017

19
Top 20 clubs
6. Arsenal
37.9m (6) 12.8m (4) 10.5m (7)
€487.6m (£419m)
800
28%
€136.5m
24%
€116.4m
2016
Revenue 600 (£117.3m) (£100m)
€468.5m 400
436
469 488
(£350.4m) 359
284
200
Arsenal climb to sixth, for the first time 0 2013 2014 2015 2016 2017
Matchday 48%
since 2011/12, jumping ahead of Paris €234.7m
8 8 7 7 6 (£201.7m)
Saint-Germain. This is due almost entirely Broadcast
to the new Premier League broadcast
arrangements which saw Arsenal receive Annual revenue DFML position Commercial
close to £140m in central revenue, nearly
£40m more than in 2015/16.
Comparison to other top 20 clubs (€m)
Arsenal’s failure to qualify for the
800
Champions League will have a significant
impact on their revenue in 2017/18, but as
was the case with Manchester United this 600
year, a strong performance in the Europa
League can go a long way to easing the
400
financial pain.
200
0 1 2 4 6 8 10 12 14 16 18 20
Position
7th 21 Emirates Puma

5th 59,957 R16 n/a
20
Top 20 clubs
Arsenal: FITness data
400 400 400
300 300 300

235
192
200 200 168 200
134 147
120 132
108 116 103 143 137
136
100 100 100 92
73
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017

DFML average DFML 6-10 average
21
Top 20 clubs
7. Paris Saint-Germain
32.9m (7) 6m (7) 11m (5)
€486.2m (£417.8m)
800
56%
€274.1m
19%
€90.2m
2016
Revenue 600 (£235.5m) (£77.5m)
€520.9m
521
471 481 486
400 399
(£389.6m)
200
PSG slip to seventh in the Money League 0 2013 2014 2015 2016 2017
Matchday 25%
as revenue fell by €34.7m (7%) to €486.2m. €121.9m
5 5 4 6 7 (£104.8m)
A worsening of on-pitch performance in Broadcast
2016/17, as PSG finished second in Ligue
1 and only reached the Round of 16 in Annual revenue DFML position Commercial
the Champions League, was reflected in a
decrease in commercial bonuses received
from commercial partners, resulting in Comparison to other top 20 clubs (€m)
a €31.2m (10%) decrease in commercial
800
revenue.
The high profile signings of both Neymar Jr. 600

and Kylian Mbappé reflect a very clear
desire for PSG to regain their superiority
400
in France and to aim to win the Champions
League. The revenue that this could
generate would likely propel PSG up 200
the Money League and back towards

challenging for a top five position. 0 1 2 4 6 8 10 12 14 16 18 20
Position
6th 8 Emirates Nike

2nd 45,160 R16 n/a
22
Top 20 clubs
Paris Saint-Germain: FITness data
400 400 400

324
297 305
274
300 300 300 255
200 200 200
93 90
64 78 123 122
100 53 100 91 106 100
83
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017

23
Top 20 clubs
8. Chelsea
47.8m (4) 11.4m (5) 10.7m (6)
€428m(£367.8m)
800
38%
€162.7m
18%
€76.2m
2016
Revenue 600 (£139.8m) (£65.5m)
€447.4m 400 420

447
428
(£334.6m) 388
303
200
Chelsea remain in eighth position in the 0 2013 2014 2015 2016 2017
Matchday 44%
Money League during a season which saw €189.1m
7 7 8 8 8 (£162.5m)
them win the Premier League title, but not Broadcast
compete in UEFA competitions. The impact
on revenue from not participating in the Annual revenue DFML position Commercial
Champions League, which meant they
missed out on a UEFA distribution (€69.2m
in 2015/16) and saw matchday revenue fall Comparison to other top 20 clubs (€m)
£4.2m (6%), was more than offset by the
800
increase in central distributions from the
Premier League. Commercial revenue also
grew by £17.8m. 600
The club have publicly stated their target

400
to double revenue in the next decade with
a plan to focus on securing commercial
arrangements with premium brands. In 200
the short term, a deal with Nike, worth

a reported £60m per annum, will help 0 1 2 4 6 8 10 12 14 16 18 20
to boost revenue for next year’s edition Position
and it will be interesting to see if they can
reach their target, an achievement that
would very likely move them up the Money
League.
8th 20 Yokohama Tyres adidas

1st 41,532 n/a n/a
24
Top 20 clubs
Chelsea: FITness data
400 400 400
300 300 300
191 189
167 178 163 163
200 200 200 136 149
123 98
85 93 93
83 76
100 100 100
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017

25
Top 20 clubs
9. Liverpool
30.5m (9) 9.5m (6) 5.3m (10)
€424.2m (£364.5m)
800
38%
€161.6m
19%
€80.1m
2016
Revenue 600 (£138.9m) (£68.8m)
€403.8m 400 404 424

(£302m) 392
306
241
200
Liverpool remain in ninth place for the 0 2013 2014 2015 2016 2017
Matchday 43%
fourth consecutive year, as the composition €182.5m
12 9 9 9 9 (£156.8m)
of the top ten has remained unchanged Broadcast
over the same period. 2016/17 saw the
opening of the newly developed Main Annual revenue DFML position Commercial
Stand at Anfield and, despite not being in a
European competition, matchday revenue
increased by £12m (21%) to £68.8m as Comparison to other top 20 clubs (€m)
Liverpool finished in fourth place, qualifying
800
for the Champions League in 2017/18.
Liverpool will now be hoping that a 600

sustained period of Champions League
participation over the coming years will
400
lead to a move up the Money League.
Successful performance on the pitch,
together with their continued commercial 200
growth and increased matchday revenue,

could see them into a higher position this 0 1 2 4 6 8 10 12 14 16 18 20
time next year. Position
9th 21 Standard Chartered New Balance

4th 53,094 n/a n/a
26
Top 20 clubs
Liverpool: FITness data
400 400 400
300 300 300
183
164 168 160 162
200 200 200 129 153
123 114
100 100 100

75 76 80 74
52 54
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017

27
Top 20 clubs
10. Juventus
30.8m (8) 5.8m (8) 8.6m (8)
€405.7m (£348.6m)
800
28%
€114.4m
14%
€57.8m
2016
Revenue 600 (£98.3m) (£49.6m)
€338.9m 400 406

(£253.5m)
324 339
272 279
200
Juventus are tenth in the Money League for 0 2013 2014 2015 2016 2017
Matchday 58%
the fourth year running following a season €233.5m
9 10 10 10 10 (£200.7m)
which saw them become the first team to Broadcast
win six consecutive Serie A titles, as well
as another Coppa Italia. However, their Annual revenue DFML position Commercial
performance in the Champions League,
finishing as runners-up and earning them
the highest ever UEFA distribution of Comparison to other top 20 clubs (€m)
€110.4m, was the key factor in driving a
800
€66.8m (20%) increase in revenue.
Sustaining a top ten Money League 600

position may prove difficult for Juventus in
the coming years given the lower broadcast
400
rights values for Serie A than in the Premier
League. To maintain their position they
will need to reach the latter stages of 200
the Champions League on a consistent

basis. Tottenham Hotspur and Atlético de 0 1 2 4 6 8 10 12 14 16 18 20
Madrid’s moves to new stadia are likely to Position
further challenge their position.
10th 21 Jeep adidas

1st 37,195 Runner-up n/a
28
Top 20 clubs
Juventus: FITness data
400 400 400
300 300 300

234
199 196
200 200 166 155 200
100 114
83 74
100 100 100 68
51 44 58
38 41
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017

29
Rising stars
Fnatic (esports)
Rising stars Facebook

2.6m
Instagram
0.5m
Last year’s Money League (‘Planet Football’) considered the chances of non-European
clubs taking a place in the Money League by 2030. This year we have sought to Twitter
understand some of the key opportunities and challenges facing clubs in two nations 1.1m
that we considered to be among the most likely to gain a place in future editions of
the Money League – China and the USA. esports titles
8 contested
This edition also acknowledges an emerging form of entertainment, esports, which
may increasingly compete with football for audiences, commercial partners and
broadcasters in the future. In doing so we explore the challenges, opportunities and
potential for growth of a global esports organisation. Here we take a look at some of
the world’s ‘Rising stars’.
Atlanta United FC
League position Facebook Revenue profile 2017

2017: 4th 0.2m
8%
40% Matchday
Avg. league Twitter Commercial
50%
attendance 0.8m Matchday
€76.3m 18%
2017: 48,200 Broadcast Com
74%
Instagram Commercial
0.1m 10%
Broadcast
Key challenges and opportunities • MLS broadcast rights – with the

• USA sports market – the congested developing popularity of football in the
sports market in the USA (e.g. NFL, NBA, USA, the MLS are targeting a significant
MLB, NHL and College sports), in addition increase in the future value of domestic
to the popularity of other global football broadcast rights to increase distributions
competitions (e.g. ‘big five’, Liga MX, to all clubs (current contract expiring in
Champions League), provides significant 2022).
challenge when seeking to attract and
retain the interest of the US audience. Future outlook
• Increasing attendances, expansion of
• New stadium – moving to the Mercedes- the MLS into new markets and the USA’s
Benz Stadium mid-way through the joint-bid to host the 2026 World Cup
2017 season saw Atlanta United FC set (with Canada and Mexico) all suggest
a new MLS attendance record (71,874), wider growth that Atlanta should be well
indicating that local markets have a positioned to take advantage of.
strong appetite to watch live, competitive
football. Maximising engagement with
existing and new fans should support “The tailwinds for soccer, and the MLS,
growth in matchday revenues. in the USA are very strong and there is
every reason to believe that a US team To read the full interviews with
may feature in the Money League in Atlanta United FC, Guangzhou
the future.” Evergande Taobao FC and Fnatic
please see www.deloitte.co.uk/dfml
Darren Eales, Atlanta United FC President
30
Rising stars
Revenue profile 2017 Key challenges and opportunities • Relationship with football – esports
• Shifting landscape – constantly evolving brands are regularly teaming up with
ay
relationships with publishers and league football clubs. This provides a more
operators presents opportunities for mainstream exposure for esports brands
% 66% 34% structural opportunities as well as whilst offering football clubs access to a
cast Commercial Broadcast potential risks. An example of this is the younger audience.
Overwatch League which had high buy-in
franchise prices and an inability to utilise Future outlook
a team’s existing brand, compared with “At Fnatic we have a unique business
Introducing Fnatic established tournaments such as the model and we’re convinced that we are
• Fnatic is a global esports organisation League of Legends Championship series, on track to close the existing revenue
and one of the world’s most established which franchised in America at a similar gap to Money League clubs. Fnatic not
esports brands. It is represented across time and is now coming to Europe. only earns money through traditional
eight different esports titles (including sponsorships and broadcasting
EA Sport’s FIFA, League of Legends, • Competition – the rapidly increasing rights, but we’ve diversified into
CS:GO) and has an existing relationship number of esports teams brings lifestyle products, content creation,
with AS Roma. additional competitive pressure when events and other activities - each of
trying to attract new partners and remain which could become very scalable
• Commercial partnerships, competitive competitive across esports titles. revenue streams. We’ve built a global
league participation, products and infrastructure to support growth in
merchandise are the largest sources of • Sponsorship – an increasing number each of these areas and feel extremely
revenue which is consistent with of non-endemic brands (i.e. not directly well placed to capitalise on the
football clubs. Revenue is associated with the hardware and growing interest in esports.”
also generated from software industry) are turning to the
areas unique to esports market. Wouter Sleijffers, CEO
the industry (e.g.
branded digital
in-game items).
Guangzhou Evergrande Taobao FC
League position Weibo Revenue profile 2016 (€m)

2017: 1st 7.8m
8%
40% Matchday
Commercial
Avg. league
50%
attendance 66
Matchday
€76.3m 18%
2017: 45,587 Broadcast Comm
74%
Commercial
Key challenges
10% and opportunities
Broadcast
• Regulations and escalating costs – the
rapid development of Chinese football
has seen clubs’ operating costs escalate, • Chinese market – coupling the most
with player wages seeing the most popular sport in the world with the
notable increases. The clubs’ battle to scale of the Chinese market presents
attract the best talent has resulted in new an exciting opportunity for all football
financial regulations, including a tax on stakeholders in China.
transfer values.
“In the next 10 years we expect to see Future outlook
at least one, and perhaps as many • On-pitch performance – the club have • Guangzhou’s revenue was c.€76m in 2016,
as three, Chinese club(s) challenge the opportunity to leverage their position 38% of the amount generated by Everton
for a place in the top 20. The huge as the most successful Chinese club. (€199.2m) who are this year’s 20th placed
commercial potential of the Chinese Maintaining this on pitch success will be club. To close this gap, Chinese football
Super League and wider growth of critical to ensuring growth of all revenue must outpace the growth of the ‘big five’
the Chinese economy point towards a streams, including the attraction of new significantly. However, the Chinese football
significant growth opportunity.” fans and commercial partners. industry is underdeveloped relative to the
‘big five’ leagues and has the potential to
Guangzhou Evergrande Taobao FC operate on a far larger scale, presenting
Management an intriguing opportunity.
31
Top 20 clubs
11. Tottenham Hotspur

8.7m (13) 2.6m (13) 1.6m (15)
€355.6m (£305.6m)
400
356
24%
€83.9m
15%
€52.7m
2016
Revenue 300 (£72.1m) (£45.3m)
280
€279.7m 200
216
258
(£209.2m) 172
100
Spurs edge up the Money League into 0 2013 2014 2015 2016 2017
Matchday 61%
11th position mainly due to an increase of €219m
14 13 12 12 11 (£188.2m)
£77.8m in broadcast revenue helped by Broadcast
the club’s participation in the Champions
League. The final season before the Annual revenue DFML position Commercial
redevelopment of White Hart Lane, saw a
£4.5m (11%) increase in matchday revenue,
although this is predominantly due to Comparison to other top 20 clubs (€m)
Spurs hosting their home Champions
800
League matches at Wembley Stadium.
The Money League top ten appears to 600

beckon for Spurs who, with participation
in the Champions League, a new record kit
400
deal with Nike and increased attendances
from playing all of their home games at
Wembley, should see healthy revenue 200
growth in 2017/18. Interestingly, and

given the impact performance in UEFA 0 1 2 4 6 8 10 12 14 16 18 20
competitions has had on this year’s Position
Money League, their position in the top
ten next year may well be decided by
who progresses from their Round of
16 Champions League tie, as they are
competing against the club directly above
them, Juventus. DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier
12th 21 AIA Under Armour

2nd 31,703 Group R32
32
Top 20 clubs
Tottenham Hotspur: FITness data
400 400 400
300 300 300

219
200 200 148 200

113 125
73 84
78 78
100 47 51 54 55 53 100 100 52 51
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017

33
Top 20 clubs
12. Borussia Dortmund

15.4m (11) 3.1m (12) 4.8m (11)
€332.6m (£285.8m)
400
44%
€148.2m
18%
€58.6m
2016 333
Revenue 300 (£127.4m) (£50.4m)
281 284
€283.9m 200
256 262
(£212.3m)
100
Borussia Dortmund slip a place down the 0 2013 2014 2015 2016 2017
Matchday 38%
Money League to 12th, despite revenue €125.8m
11 11 11 11 12 (£108m)
being significantly boosted by increased Broadcast
UEFA distributions as the club returned to
the Champions League. The club also cite Annual revenue DFML position Commercial
that an increase in commercial revenue
is in part thanks to a concerted effort to
improve their brand internationally and Comparison to other top 20 clubs (€m)
an increased number of international
800
tours generated improved sponsorship
arrangements.
600
The new Bundesliga broadcast rights
arrangement provides further opportunity
400
for broadcast revenue growth in 2017/18.
However, Borussia Dortmund’s failure to
progress to the knockout stages of the 200
2017/18 Champions League, coupled with

other clubs around Europe benefitting 0 1 2 4 6 8 10 12 14 16 18 20
from moves to new stadia, means it is Position
unlikely that they will climb up the Money
League next year.
11th 14 Evonik Puma

3rd 79,206 Quarter-finals n/a
34
Top 20 clubs
Borussia Dortmund: FITness data
400 400 400
300 300 300
200 200 200 148

144 140
124
109
88 126
100 60 56 54 61 59 100 100
82 82 83
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017

35
Top 20 clubs
13. Atlético de Madrid

13.8m (12) 3.8m (11) 4m (12)
€272.5m (£234.2m)
400
26%
€70.5m
15%
€41m
2016
Revenue 300 (£60.6m) (£35.2m)
273
€228.6m 200
229
(£171m) 177
170
120
100
Atlético de Madrid remain in 13th place 0 2013 2014 2015 2016 2017
Matchday 59%
in the Money League. Broadcast revenue €161m
20 15 16 13 13 (£138.4m)
increased by €21.6m to €161m despite a Broadcast
€9m reduction in UEFA distributions, with
the club exiting the 2016/17 Champions Annual revenue DFML position Commercial
League at the Semi-final stage, having been
runners-up in 2015/16. Collective media
rights selling in Spain has not yet had a Comparison to other top 20 clubs (€m)
major impact on the composition of the
800
Money League, with Atleti the only Spanish
club to make the top 30 alongside Real
Madrid and FC Barcelona. 600
Atleti’s move to the 68,000 capacity

400
Wanda Metropolitano stadium for the
2017/18 season should deliver increased
matchday and commercial revenue 200
in coming seasons. The club will need

on-pitch success, including progression 0 1 2 4 6 8 10 12 14 16 18 20
into the latter stages of the Champions Position
League, as well as the benefits from the
new stadium, if it is to put pressure on the
clubs immediately above it for a place in the
Money League top ten.
13th 8 Plus500 Nike

3rd 44,678 Semi-finals n/a
36
Top 20 clubs
Atlético de Madrid: FITness data
400 400 400
300 300 300
200 200 200

139
96 161
87
100 100 100
71
53 53 53
27 33 37 36 41 40 41
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017

37
Top 20 clubs
14. Leicester City

6.6m (15) 1.1m (18) 1.9m (13)
€271.1m (£233m)
400
11%
€29.9m
7%
€19.2m
2016
Revenue 300 (£25.7m) (£16.5m)
271
€172.1m 200
(£128.7m)
172
137
100
37
Whilst Leicester couldn’t repeat their 0
23
2013 2014 2015 2016 2017
Matchday 82%
incredible feat of winning the Premier €222m
n/a n/a n/a 20 14 (£190.8m)
League in 2016/17, their achievements Broadcast
in reaching the Quarter-final of the
Champions League, coupled with the Annual revenue DFML position Commercial
growth in the Premier League broadcast
arrangements, helped boost total revenue
by £104.3m. The Foxes’ title winning Comparison to other top 20 clubs (€m)
success helped to attract new commercial
800
partners and a range of new deals were
agreed, giving a boost to commercial
revenue in 2016/17. 600
Without a repeat of their on-pitch feats, it

400
is likely that this will be Leicester’s highest
Money League position for the foreseeable
future, but securing a position in the top 200
ten of the Premier League on a consistent

basis could keep them in our top 20. 0 1 2 4 6 8 10 12 14 16 18 20
Position
20th 2 King Power Puma

12th 31,920 Quarter-finals n/a
38
Top 20 clubs
Leicester City: FITness data
400 400 400
300 300 300

222
200 200 200

127
97
100 7 8 14 15 19 100 100
22 26 30 30
7 7 9
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017

Without a repeat of
their on-pitch feats,
it is likely that this
will be the Foxes’
highest Money League
position for the
foreseeable future.
39
Top 20 clubs
15. Internazionale
7.5m (14) 1.5m (14) 1.7m (14)
€262.1m (£225.2m)
400
50%
€130.1m
11%
€28.4m
2016
Revenue 300 (£111.8m) (£24.4m)
€179.2m
262
200
(£134m) 179
165 163 165
100
Ever-present in the Money League, 0 2013 2014 2015 2016 2017

Matchday 39%
Internazionale’s resurgence, up four places €103.6m
15 17 20 19 15 (£89m)
to 15th, has been driven by a remarkable Broadcast
€75.2m (137%) increase in commercial
revenue, following the club’s acquisition Annual revenue DFML position Commercial
by Chinese electronics retailer Suning in
June 2016. This increase masked Inter’s
continued faltering on-field efforts which Comparison to other top 20 clubs (€m)
resulted in a seventh placed finish in Serie
800
A and no participation in UEFA competition
in 2017/18.
600
The impact of the increase in commercial
revenue has significantly brightened the
400
future Money League prospects of Inter,
who had looked destined to drop out of
the top 20 for the first time, especially as all 200
three of the revenue categories of Serie A

clubs have grown at the lowest rates of the 0 1 2 4 6 8 10 12 14 16 18 20
‘big five’ leagues over recent years. Position
19th 21 Pirelli Nike

7th 45,572 n/a Group
40
Top 20 clubs
Internazionale: FITness data
400 400 400
300 300 300
200 200 200
94
88 130
100 100 97 99 104 100
51 54 45 55
19 21 22 26 28
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017

41
Top 20 clubs
16. Schalke 04
2.9m (18) 0.7m (20) 0.4m (19)
€230.2m (£197.8m)
400
41%
€94.6m
23%
€53.3m
2016
Revenue 300 (£81.3m) (£45.8m)
€224.5m 200
214 220 225 230
(£167.9m) 198
100
A 15th consecutive top 20 position for 0 2013 2014 2015 2016 2017
Matchday 36%
Schalke who, despite a €3.7m decrease in €82.3m
13 14 13 14 16 (£70.7m)
commercial revenue, saw overall revenue Broadcast
growth of 3% to €230.2m. A Quarter-final
exit from the Europa League went some Annual revenue DFML position Commercial
way in making up for the club’s failure to
qualify for the Champions League, with
Schalke receiving a UEFA distribution of Comparison to other top 20 clubs (€m)
€17.7m, over €7m more than they received
800
in the previous year.
However, a tenth place finish in the 600

Bundesliga means Schalke 04 miss out
on participation in UEFA competition for
400
the 2017/18 season. This may put their
Money League spot in doubt in the next
edition, albeit Schalke’s 15 year run in the 200
Money League has survived the impact

of non-participation previously and the 0 1 2 4 6 8 10 12 14 16 18 20
uplift in centralised revenue that they will Position
receive from the new Bundesliga broadcast
arrangement in 2017/18 may just keep
them in the top 20 next year.
14th 15 Gazprom adidas

10th 60,506 n/a Quarter-finals
42
Top 20 clubs
Schalke 04: FITness data
400 400 400
300 300 300
200 200 200
100 43 41 39 51 53 100 100 104 108 98

93 95
69 73 75 82
63
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017

43
Top 20 clubs
17. West Ham United

2.3m (19) 1.4m (16) 0.5m (18)
€213.3m (£183.3m)
400
19%
€41.2m
16%
€33.3m
2016
Revenue 300 (£35.4m) (£28.6m)
€192.3m 200 213

(£143.8m) 192
161
139
100 106
Like all other Premier League clubs, 0 2013 2014 2015 2016 2017
Matchday 65%
West Ham United’s place in the top 20, €138.8m
n/a n/a n/a 18 17 (£119.3m)
for only the fourth time, owes much to Broadcast
the improvement in the value of central
broadcasting rights. Nonetheless, their Annual revenue DFML position Commercial
highest ever position of 17th is also thanks
to their move to the London Stadium.
The highly competitive pricing structure Comparison to other top 20 clubs (€m)
employed by the club was intended to fill
800
the stadium and they were rewarded with
an average attendance of almost 57,000,
the eighth highest amongst Money League 600
clubs.
400
West Ham’s future in the Money League
will rely largely on their ability to maximise
the commercial opportunities that 200
arise from their new home. If they can

consistently finish in the top half of the 0 1 2 4 6 8 10 12 14 16 18 20
Premier League and challenge for a place Position
in UEFA competitions, they could become a
regular in our Money League top 20 for the
foreseeable future.
18th 4 Betway Umbro

11th 56,973 n/a Play-off
44
Top 20 clubs
West Ham United: FITness data
400 400 400
300 300 300
200 200 200
139
100 100 90 104 116 100
21 23 26 36 33 60
31 40 41
25 26
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017

West Ham’s average

attendance of
almost 57,000, was
the eighth highest
amongst Money
League clubs.
45
Top 20 clubs
18. Southampton
1.7m (20) 0.9m (19) 0.3m (20)
€212.1m (£182.3m)
400
9%
€19.6m
12%
€26.1m
2016
Revenue 300 (£16.9m) (£22.4m)
€166.2m 200 212

(£124.3m)
166
150
127
100
84
Southampton enter the Money League top 0 2013 2014 2015 2016 2017
Matchday 79%
20 for the first time as they consolidated €166.4m
n/a n/a n/a n/a 18 (£143m)
their top ten Premier League status with Broadcast
an eighth place finish and reached the
Europa League Group stage. Europa Annual revenue DFML position Commercial
League participation, coupled with the
new Premier League broadcast contracts,
boosted broadcast revenue to £143m, a Comparison to other top 20 clubs (€m)
growth of 58%. Southampton’s broadcast
800
revenue alone would be sufficient to see
them in 26th place in the Money League.
Despite Southampton having the lowest 600
commercial revenue of all Money League
clubs, it was boosted by a three-year record
400
deal with Virgin Media.
Southampton will face a challenge to retain 200
their top 20 Money League position in

future editions after failing to qualify for 0 1 2 4 6 8 10 12 14 16 18 20
UEFA competitions in 2017/18, especially Position
with Money League regulars AS Roma
returning to the Champions League.
However, continued consolidation of a
Premier League top ten position would
represent real success for the Saints, who
as recently as 2010/11 were competing in DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier
the third tier of English football. n/a 1 Virign Media Under Armour

8th 31,087 n/a Group
46
Top 20 clubs
Southampton: FITness data
400 400 400
300 300 300
200 200 166 200
100 100 95 111 121 100

20 20 24 25 26 55 20 20
9 11 15
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017

47
Top 20 clubs
19. SSC Napoli

4m (16) 1.3m (17) 0.8m (16)
€200.7m (£172.5m)
400
17%
€34.3m
10%
€19.4m
2016
Revenue 300 (£29.5m) (£16.7m)
€144.2m 200 201

(£107.8m)
165
144
116 125
100
SSC Napoli return to the Money League top 0 2013 2014 2015 2016 2017
Matchday 73%
20 for the first time since the 2015 edition €147m
n/a 16 n/a n/a 19 (£126.3m)
after a successful 2016/17 season which Broadcast
saw them progress to the Champions
League Round of 16, and finish third in Annual revenue DFML position Commercial
Serie A. This drove broadcast revenue
up 51% to €147m, more than their entire
revenue in 2015/16. On-field success Comparison to other top 20 clubs (€m)
also saw matchday revenue increase by
800
28% to €19.4m and further highlights
the importance of UEFA competitions to
Italian clubs’ position in the Money League. 600
Commercially, Napoli’s main sponsor,
Acqua Lete, renewed its sponsorship in a
400
record partnership ahead of the 2016/17
season.
200
Whilst Napoli’s prospects of moving up the

Money League next year are weakened by 0 1 2 4 6 8 10 12 14 16 18 20
their Group stage exit from the Champions Position
League, their current title challenge, which
is unfolding alongside Juventus, could
see them win Serie A for the first time
since 1989/90 and break Juve’s six year
stranglehold on the Scudetto.
n/a 4 Lete/Garofalo Kappa

3rd 33,147 R16 n/a
48
Top 20 clubs
SSC Napoli: FITness data
400 400 400
300 300 300
200 200 200
147
100 100 107 97 100
15 19 79
15 21 14 67
34 37 32 32 34
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017

Napoli’s current title

challenge, could see them
win Serie A for the first
time since 1989/90.
49
Top 20 clubs
20.Everton
3.1m (17) 1.5m (14) 0.6m (17)
€199.2m (£171.2m)
400
15%
€30.5m
9%
€16.8m
2016
Revenue 300 (£26.2m) (£14.5m)
€162.5m 200 199

(£121.5m)
165 163
144
100 101
After narrowly missing out in the 2017 0 2013 2014 2015 2016 2017
Matchday 76%
edition, Everton return to the Money €151.9m
n/a 20 19 n/a 20 (£130.5m)
League top 20 for the fourth time, thanks Broadcast
to a seventh place Premier League finish
and improved commercial revenue. Annual revenue DFML position Commercial
Another English club to benefit from
the new broadcast arrangement, the
Toffees’ broadcast revenue increased by Comparison to other top 20 clubs (€m)
56% to £130.5m. A new training ground
800
sponsor during 2016/17 boosted the
club’s commercial revenue, which was
up 31%. This more than offset a 20% 600
fall in matchday revenue, after the club
reduced ticket prices to coincide with the
400
new broadcast deal and performed less
strongly in domestic cup competitions than
in the previous year. 200
A new main sponsor for 2017/18, coupled 0 1 2 4 6 8 10 12 14 16 18 20

with the benefits of Europa League Position
participation, could ensure Everton remain
a top 20 club for the 2019 edition of the
Money League. In the long-term, until a
proposed new stadium is built, significant
growth in matchday revenue looks unlikely,
as does a significant move up the Money DFML 2017 position DFML appearances Shirt sponsor Technical kit supplier
League. n/a 4 Chang Umbro

7th 39,310 n/a n/a
50
Top 20 clubs
Everton: FITness data
400 400 400
300 300 300
152
200 200 112 200
114
101
65
100 100 100 27 31
15 22 26
20 21 25 24 17
0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017 0 2013 2014 2015 2016 2017

A new training
ground sponsor
during 2016/17
boosted Everton’s
commercial
revenue.
51
Deloitte Football Intelligence Tool
The Deloitte Football Money League, profiling the highest earning clubs around the
world, provides the most contemporary and reliable independent analysis of clubs’
relative financial performance. Reflecting this, and a greater industry appetite for
financial information than ever before, Deloitte has developed the Football Intelligence
Tool (‘FIT’), which powered the analysis contained in this years’ edition.
This digital solution allows the user to those included in the Annual Review of Please contact the Deloitte Sports Business
manipulate data in a quick and easy to Football Finance Databook. We hope FIT Group (sportsteamuk@deloitte.co.uk) for
use format utilising leading technology to will be a valuable asset for anyone looking further information.
display many of the data points contained to deepen their understanding of the
in the Football Money League, as well as football business.
01 02
League wide trends
and analysis
Big five European Users can plot the

leagues plotted charts based on
on a map, with a range of league
users able to level metrics, such
select one or as revenue, wage
more by clicking costs and average
on them. attendance.
03
Revenue splits
for each league 05
Club trends and analysis
set out and Matrix analysis

shown over time.
04
An interactive map
on a club-by-club
basis with the axes
defined by user
of Europe allows selected metrics.
the user to quickly Peer group averages
select the clubs most and correlation lines
appropriate to their also plotted.
specific geography and
circumstances, with FIT
currently containing
data for the ‘big five’
European leagues and
the EFL Championship.
52
10 11
Club profiling
06
Overall revenue
08
Users can see
Explore the local
area of a given club,
Historical details
of key financial
trend for given where their with population measures and
selection of clubs, highlighted club data displaying the supporting matrix
with ability to click is relative to their socio-economic analysis for two
through to further own user selected profile of the parameters
explore historic peer group. catchment area. simultaneously.
revenue trends.
07
Users can configure
the screen by
09
Individual club
benchmarking
selecting any metric

they wish to explore, Users can create their
setting up the own peer groups by
overall dashboard to filtering by a variety
reflect their areas of of possible metrics
interest, providing such as stadium size,
visual analysis of whether a club has
specific clubs. played in European
competitions, their
average attendance or
their league position.
53
This publication has been written in general terms and we recommend that
you obtain professional advice before acting or refraining from action on any
of the contents of this publication. Deloitte LLP accepts no liability for any loss
occasioned to any person acting or refraining from action as a result of any
material in this publication.
Deloitte LLP is a limited liability partnership registered in England and Wales with
registered number OC303675 and its registered office at 2 New Street Square,
London EC4A 3BZ, United Kingdom.
Deloitte LLP is the United Kingdom affiliate of Deloitte NWE LLP, a member firm
of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee
(“DTTL”). DTTL and each of its member firms are legally separate and independent
entities. DTTL and Deloitte NWE LLP do not provide services to clients.
Please see www.deloitte.com/about to learn more about our global network of
member firms.
© 2018 Deloitte LLP. All rights reserved.
Designed and produced by www.heliographic.co.uk

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Rising stars

Football Money League

Manchester United top the

Ups and downs 07

The leading team in the business of football 08

Deloitte Football Intelligence Tool 52

Edited by Sports Business Group

With this in place it may have been “English clubs’ dominance

Ups and downs

2016/17 Revenue (€m) 2015/16 Revenue (€m)

1 0 Manchester United 676.3 1 2 Manchester United 689

2 1 Real Madrid 674.6 2 0 FC Barcelona 620.2

3 (1) FC Barcelona 648.3 3 (2) Real Madrid 620.1

4 0 Bayern Munich 587.8 4 1 Bayern Munich 592

5 0 Manchester City 527.7 5 1 Manchester City 524.9

6 1 Arsenal 487.6 6 (2) Paris Saint-Germain 520.9

7 (1) Paris Saint-Germain 486.2 7 0 Arsenal 468.5

8 0 Chelsea 428 8 0 Chelsea 447.4

9 0 Liverpool 424.2 9 0 Liverpool 403.8

10 0 Juventus 405.7 10 0 Juventus 338.9

11 1 Tottenham Hotspur 355.6 11 0 Borussia Dortmund 283.9

12 (1) Borussia Dortmund 332.6 12 0 Tottenham Hotspur 279.7

13 0 Atlético de Madrid 272.5 13 3 Atlético de Madrid 228.6

14 6 Leicester City 271.1 14 (1) Schalke 04 224.5

15 4 Internazionale 262.1 15 0 AS Roma 218.2

16 (2) Schalke 04 230.2 16 (2) AC Milan 214.6

17 1 West Ham United 213.3 17 1 FC Zenit Saint Petersburg 196.5

19 n/a new Napoli 200.7 19 1 Internazionale 179.2

20 n/a new Everton 199.2 20 n/a new Leicester City 172.1

DFML position Change on previous year Number of positions changed

The leading team in the

Improve your strategy and governance We help deliver effective governance,

Restructuring of Strategy review

Optimise your revenues

Market analysis Ticketing and

Make informed investment decisions We utilise our experience, industry

Advice on the Business

Targeting and acquiring Financial and commercial

Ensure financial integrity

Our clients benefit from our expert review,

Investigatory and Club licensing and cost

2017 Revenue Revenue 2013-2017 (€m) Revenue profile 2017 (€m)

€689m 518 520

United’s financial performance is

to the Champions League will give a boost

Domestic league Average league UEFA Champions UEFA Europa League

Manchester United: FITness data

400 400 400 364

100 100 100

Matchday Broadcast Commercial Source: Deloitte Football Intelligence Tool.

2017 Revenue Revenue 2013-2017 (€m) Revenue profile 2017 (€m)

With the gap to Manchester United less

and particularly in the Champions League

Domestic league Average league UEFA Champions UEFA Europa League

Real Madrid : FITness data

400 400 400

100 100 100

Matchday Broadcast Commercial Source: Deloitte Football Intelligence Tool.

2017 Revenue Revenue 2013-2017 (€m) Revenue profile 2017 (€m)

With FC Barcelona forecasting revenue

the top spot. As with the two clubs above

Domestic league Average league UEFA Champions UEFA Europa League

FC Barcelona: FITness data