Football Money League.pdf

Theuntouchables

FootballMoneyLeague

SportsBusinessGroup

February2011

Weexpectabattle

betweenSpainstwo

superclubsfortopspot

intheMoneyLeague

forthenextfewyears

atleast

Contents

2 Welcome

6 How we did it

7 Ups and downs

8 The Deloitte Football Money League

30 Three pronged attack

36 TV Times

Editedby

Dan Jones

Sub-editor

Austin Houlihan

Authors

Richard Battle, Adam Bull, Martyn Hawkins,

Simon Hearne, Rich Parkes and Alexander Thorpe

SportsBusinessGroupatDeloitte

PO Box 500, 2 Hardman Street, Manchester, UK

M60 2AT

Telephone: +44 (0)161 455 8787

Fax: +44 (0)161 455 6013

E-mail: sportsteamuk@deloitte.co.uk

www.deloitte.co.uk/sportsbusinessgroup

February2011

FootballMoneyLeague2011 Sports Business Group 1

Welcome

Welcometothe14theditionoftheDeloitteFootball

MoneyLeague,inwhichweprofilethehighestearning

clubsintheworldsmostpopularsport.TheMoneyLeague

ispublishedninemonthsaftertheendofthe2009/10

season,andisthereforethemostcontemporaryandreliable

analysisofclubsrelativefinancialperformance.

The same ten clubs populate the top ten places in the

Money League for the second successive year, with the

top six ranking identical to last year. Six of those top ten

have been in our Money League top ten in each of the

last ten years. Each of this year’s top ten clubs has been

in for at least eight of the last ten years and none has

ever dropped below 13th in that period. This shows

both the enduring strength of these clubs and the scale

of the challenges to those aspiring to break into that

elite group. Nonetheless, we expect to see one or two

clubs make that step in the next year or two.

There are a number of methods that can be used to

determine clubs’ relative size including measures of

fanbase, attendance, broadcast audience, or on-pitch

success. Indeed the relative wealth of certain clubs’

owners has filled many column inches in recent times.

However, the Money League focuses on the clubs

themselves, comparing revenue from day to day

football operations which we believe is the best publicly

available financial comparison.

Spanishone-two

Congratulations to Real Madrid who head the Money

League for the sixth successive year. Los Blancos will

doubtless be confident that they can match Manchester

United’s eight year hegemony enjoyed from 1996/97,

the first edition of the Money League, through to

2003/04.

Whilst last year’s Money League, covering the 2008/09

season, showed football’s top clubs’ relative resistance

during the early stages of the economic downturn,

it wasn’t until the 2009/10 season, which is the focus

of this edition, that we expected to see the full impact

on clubs.

FC Barcelona is placed second in the Money League

completing a Spanish one-two for the second successive

year. Whilst the Catalan club could not quite match its

domestic double and UEFA Champions League winning

season of 2008/09 in 2009/10, it retained the La Liga

title and added the FIFA World Club Cup and UEFA

Super Cup.

We continued to assert that the game’s top clubs

would be well placed to meet these challenges given

their large and loyal supporter bases, ability to drive

broadcast audiences, and continuing attraction to

corporate partners.

It is Barca’s on-pitch success that has underpinned its

revenue growth in recent years. Conversely, Real’s recent

revenue growth has been achieved despite relatively

modest on-pitch performance by the club’s own high

standards, particularly in the Champions League.

This was more than borne out by clubs’ revenue

performance in 2009/10. The combined revenues of the

top 20 Money League clubs surpassed €4 billion for the

first time, with a total of €4.3 billion being an 8

increase on the previous year. All bar three of the top 20

clubs achieved revenue growth in 2009/10.

Thecombinedrevenues

ofthetop20Money

Leagueclubssurpassed

4billionforthefirst

timein2009/10

The established large and loyal supporter bases and

historic on-pitch success underpin the brand strength of

football’s top clubs. These characteristics mean that a

handful of clubs continue to drive the highest revenues

and populate the top positions within the Money League.

Chart1:Totalrevenues2009/10(m)

Fourteenofthetop20

clubsparticipatedinthe

ChampionsLeaguein

2009/10withsixclubs

participatinginthe

EuropaLeaguefromthe

Groupphaseonwards

450

400

350

300

250

200

As in last year’s edition, all of this year’s 20 clubs are

from the ‘big five’ European leagues with Germany and

Italy contributing four clubs each, Spain three clubs, and

France two clubs.

150

100

VfB Stuttgart and Aston Villa return to the top 20 after a

one year and five year absence respectively. Atltico de

Madrid’s success in winning the reformatted and

renamed UEFA Europa League, Europe’s second tier

clubs competition, allow it to claim 17th position, its

highest position since the 12th place secured in our first

edition of the Money League back in 1996/97.

Source: Deloitte analysis.

Whilst Real held a €40m revenue advantage over Barca

in 2009/10, Barca’s revenues should exceed €400m in

the next edition of the Money League, particularly given

the club’s new shirt sponsorship deal with the Qatar

Sports Investment Agency which will deliver revenue

from 2010/11. Hence, we expect a battle between

Spain’s two Superclubs for top spot in the Money

League for the next few years at least, with on-pitch

performance likely to be a key driver.

Two German clubs, Werder Bremen and Borussia

Dortmund, drop out of this year’s top 20, continuing a

recent trend of two or three clubs being relegated from

the top 20 each year, with on-pitch performance and

particularly participation, or a lack of it, in the

Champions League being a key driver of a club’s

promotion or relegation from the top 20. Fourteen of

the top 20 clubs participated in the Champions League

in 2009/10 with six clubs participating in the Europa

League from the Group phase onwards, four of whom

parachuted in from the top-tier competition. Four clubs

Manchester City, Tottenham Hotspur, Schalke 04, and

Aston Villa didn’t participate in any European

competition from the group phase onwards.

Promotionandrelegation

Whilst Spanish clubs claim the top two spots in the

Money League, England retains the largest

representation from any single country, again with seven

clubs. This strength in depth is driven by the scale and

relatively even distribution of the Premier League’s

centrally negotiated broadcast monies and the success

of English clubs in generating higher matchday revenues

than their continental competitors.

FootballMoneyLeague2011 Sports Business Group 3

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