UK_SBG_DeloitteFootballMoneyLeague2007.pdf
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February 2007
Football Money
League
The reign in Spain
Contents
Welcome
1
by Dan Jones
Ups and downs
3
The Deloitte Football Money League
4
Deal or no deal
20
by Austin Houlihan
The foreign legion
24
by Grant Ingles
More than a club
28
by Rich Parkes
Edited by
Dan Jones
Authors
Rich Parkes, Austin Houlihan, Grant Ingles and Martyn Hawkins
Sports Business Group at Deloitte
PO Box 500, 2 Hardman Street, Manchester, England 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
February 2007
Football Money League
Welcome
By Dan Jones, Partner, Sports Business Group at Deloitte.
Welcome to the 2005/06 Deloitte Football Money League. This is
the tenth year of our publication, profiling the largest clubs in the
world’s most popular sport. A number of methods may be used to
determine the size of a club – including measures of fanbase,
attendances, TV audiences, or on pitch success. For the purposes of
this publication, however, we look at the best publicly available
measure of ‘financial muscle’: turnover from day to day football
business operations. We don’t consider a club’s budget for
outgoings or what someone might pay to buy a club.
Barcelona have undergone a remarkable transformation in recent
seasons, doubling their revenue since 2002/03 (when they were
placed 13th in the Money League). Barca’s revenue has grown in all
three major areas, matchday, broadcasting and commercial, while
their great rivals Real Madrid, have made commercial revenue the
mainstay of their growth. It will be fascinating to watch these two
giants compete in future Money Leagues.
As the football business continues to develop, we are witnessing
further evidence of sustained financial polarisation in the sport, a
trend emphasised by the fact that in our ten editions we have had
12 ever presents, plus Chelsea who have appeared in nine editions.
The composition, but not the order, of the top ten clubs remains the
same as in 2003/04 and 2004/05, with Newcastle United the last
other club to break into the top ten in 2002/03. An indication of the
difficulty in breaking into the top ten is illustrated by comparing the
revenues of the tenth and eleventh clubs. In 2005/06 this gap has
increased to almost
The Deloitte Football Money League is the most contemporary and
reliable analysis of clubs’ relative financial performance and is
released less than nine months after the end of last season, as soon
as all the clubs’ accounts are available to us.
This year Real Madrid retains its place at the top of the Money
League, the club’s second season at the top, while Barcelona move
up four places to second. With both clubs having announced major
broadcasting deals in recent months, and forecasting revenues of
€
€
50m (£34.5m).
300m (£200m) in 2006/07, we may well see the two Spanish
giants at the top of the Money League again next year.
Manchester United fall to fourth place this year after an indifferent
2005/06 on the pitch, but we expect them to bounce back strongly
in next year’s table with the impact of their stadium expansion, while
Arsenal will be aiming to reach the top five in 2006/07 given the
revenue boost from their move to the Emirates Stadium.
Chart 1: Total revenues 2005/06
€
m
300
Football remains a growth sport, especially at the highest level. The
continued high level of public and commercial interest is reflected by
another year of strong growth. In our first Deloitte Football Money
League in 1996/97 the 20 clubs’ combined income was
275
€
1.2 billion.
This year, collective revenues of the top 20 clubs was over
€
250
3.3 billion after growing by 7%. Next year we can expect the top
20 clubs to have three times their revenue of ten years ago.
225
“Barcelona has undergone a
remarkable transformation in
recent seasons, doubling their
revenue since 2002/03
(when they were placed 13th in
the Money League).”
200
175
150
125
100
75
50
Source: Deloitte analysis.
1
Football Money League
How we did it
We have used, for each club, the figure for total revenue
extracted from the club’s annual financial statements, or other
direct sources, for the 2005/06 season. In some cases, the annual
financial statements do not cover a whole season, but are for the
calendar year, in which case we have used the figures for the most
recent calendar year available.
The main driver of this growth has been broadcasting rights values,
fuelled by continuing (and arguably still increasing) interest in the
game and deregulation of broadcast markets. Premium content
remains critical to the business models of Pay-TV broadcasters, and as
a result values for top class broadcasting rights continue to rise. The
development and convergence of technologies has seen new entrants
into the broadcast rights market, increasing competition for rights.
We use the terms ‘revenue’ and ‘income’ interchangeably.
Revenue excludes player transfer fees, VAT and other sales related
taxes. In a few cases we have made adjustments to total income
figures to enable, in our view, a more meaningful comparison of
the football business on a club by club basis. For instance, where
information was available to us, significant non-football activities
or capital transactions have been excluded from income.
With major new broadcasting deals coming onstream in the coming
seasons we may see some interesting changes to future Money
Leagues. This year we have eight English representatives, four from
Italy, three from Germany, two from Spain, and one each from
France, Scotland and Portugal. 2007/08 – the first year of new
Premiership broadcasting deals – could see England provide half the
Money League clubs – a sign of strength in depth, unlike Spain
whose big two are three times bigger than any other Spanish club.
In 2007/08 another important milestone could be reached as all 20
clubs could have turnover over
Each club’s financial information has been prepared on the basis
of national accounting practice or International Financial
Reporting Standards (“IFRS”). In some cases, a club has changed
the basis of accounting to IFRS for the 2005/06 period, or will be
changing to IFRS for 2006/07 or later. The financial results of
some clubs have changed, or may in future change, due to the
change in the basis of accounting practice. In some cases these
changes may be significant.
€
100m (£69m).
We have seen four changes to the composition of the 20 Money
League clubs since last year. Lazio drop out of the top 20 for the
first time, and we have also lost Celtic, Valencia and Everton.
They have been replaced by Hamburg, Rangers, West Ham United
and Benfica. At the bottom of the table, on pitch performance often
tends to be the difference between appearing in the Money League
and just missing out.
Based on the information made available to us in respect of each
club, to the extent possible, we have split income into three
categories – being income derived from matchday, broadcast and
commercial sources. Clubs are not wholly consistent with each
other in the way they classify revenue. In some cases we have made
reclassification adjustments to the disclosed figures to enable, in our
view, a more meaningful comparison of the financial results.
Our focus this year
In addition to our usual profiles of the top 20 clubs and their
revenue sources we provide three additional articles this year. We
outline recent developments in the football broadcast market and
some of the recently agreed deals and their implications for club
revenues. Perhaps as a result of these broadcasting deal
announcements, and the broadly healthy state of the game, we
have seen a wave of interest in football clubs from investors, and a
number of takeover deals have been completed. We profile this
trend in a feature article. Finally, we discuss Barcelona’s impressive
increase in revenues, which has resulted in their reappearance in the
Money League top two after an eight year absence. But firstly we
provide the profiles of the top 20 clubs.
Matchday income is largely derived from gate receipts (including
season tickets and memberships). Broadcast income includes
revenue from television and radio and from both domestic and
international competitions. Commercial income includes
sponsorships and merchandising revenues.
The publication contains a variety of information derived from publicly
available or other direct sources, other than financial statements.
We have not performed any verification work or audited any of
the information contained in the club financial statements for the
purpose of this publication.
The Deloitte Football Money League was compiled by Dan Jones,
Rich Parkes, Austin Houlihan, Grant Ingles and Martyn Hawkins of
the Sports Business Group at Deloitte. Our thanks go to all those
who have assisted us, inside and outside the Deloitte international
network. We hope you enjoy this edition.
•
All figures for the 2005/06 season have been translated at 30
June 2006 exchange rates (£1 =
€
1.4464). Comparative figures
have been extracted from previous editions of the Deloitte
Football Money League.
There are many ways of examining the relative wealth or value of
football clubs – and at Deloitte we have developed sophisticated
models of anticipated future cash flows to help potential investors
or sellers do just that. However, for an exercise such as this, there is
insufficient public information to do that. Here – in the Deloitte
Football Money League – we use income as the most easily
available and comparable measure of financial wealth. Income, like
salary for an individual, is not the be all and end all of ‘richness’,
but all would agree that – as a starting point – it is better to have
more than less, and the choice of how to spend it.
•
Dan Jones
www.deloitte.co.uk/sportsbusinessgroup
2
Football Money League
Ups and downs
€
€
2005/06 Revenue (
m)
2004/05 Revenue (
m)
€
€
1
0
Real Madrid
292.2
1
1
Real Madrid
275.7
€
€
2
4
FC Barcelona
259.1
2
1
Manchester United
246.4
€
€
3
1
Juventus
251.2
3
0
AC Milan
234.0
€
€
4
2
Manchester United
242.6
4
1
Juventus
229.4
€
€
5
2
AC Milan
238.7
5
1
Chelsea
220.8
€
€
6
1
Chelsea
221.0
6
1
FC Barcelona
207.9
€
€
7
2
Internazionale
206.6
7
2
Bayern Munich
189.5
€
€
8
1
Bayern Munich
204.7
8
2
Liverpool
181.2
€
€
9
1
Arsenal
192.4
9
1
Internazionale
177.2
€
€
10
2
Liverpool
176.0
10
4
Arsenal
171.3
€
€
11
4
Olympique Lyonnais
127.7
11
1
AS Roma
131.8
12
1
AS Roma
€
127.0
12
1
Newcastle United
€
128.9
€
€
13
1
Newcastle United
124.3
13
1
Tottenham Hotspur
104.5
€
€
14
0
Schalke 04
122.9
14
3
Schalke 04
97.4
15
2
Tottenham Hotspur
€
107.2
15
Olympique Lyonnais
€
92.9
New
€
€
16
New
Hamburg SV
101.8
16
3
Celtic
92.7
€
€
17
0
Manchester City
89.4
17
1
Manchester City
90.1
18
Rangers
€
88.5
18
Everton
€
88.8
New
New
€
€
19
New
West Ham United
86.9
19
New
Valencia
86.6
€
€
20
New
Benfica
85.1
20
5
SS Lazio
83.1
Position in Football Money League
No change
Change on previous year – up
Change on previous year – down
New entry
3
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