DeloitteFML2010.pdf

SpanishMasters

FootballMoneyLeague

SportsBusinessGroup

March2010

RealMadridbecomes

thefirstsportsteamto

recordrevenuesin

excessof400m

Contents

2 Welcome

5 How we did it

6 Ups and downs

7 The Deloitte Football Money League

29 Golden years

32 Spain lights the way

37 Risky businesss?

Editedby

Dan Jones

Authors

Austin Houlihan, Rich Parkes, Adam Bull,

Martyn Hawkins, Simon Hearne

and Caspar Schmick

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

March2010

FootballMoneyLeague2010 Sports Business Group 1

Welcome

Welcome to the 13th edition of the Deloitte Football

Money League, in which we profile the highest earning

clubs in the world’s most popular sport. Coming nine

months after the end of the 2008/09 season, it is the

most contemporary and reliable analysis of clubs’

relative financial performance.

Chart1:Totalrevenues2008/09(€m)

400

350

300

Whilst 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 we compare clubs using revenue from day to

day football operations which we believe is the best

publicly available financial comparison.

250

200

150

We published last year’s edition of the Money League

amidst an economic downturn impacting on the majority

of industry sectors. We predicted that 2008/09, the season

covered by this edition, would show some early signs of

football’s top clubs’ resistance to the recession. But we

knew it would not be until 2009/10, the season currently in

progress, before we saw the full impact on clubs’ revenues.

100

We continue to assert that the game’s top clubs are

well placed to meet the challenges presented by the

difficult economic environment. Their large and loyal

supporter bases, ability to drive broadcast audiences,

and continuing attraction to corporate partners provide

a strong base to underpin revenues.

Source: Deloitte analysis.

Congratulations to Real Madrid who top the Money

League for the fifth consecutive year and become the

first team in any sport to record revenues in excess of

€400m. FC Barcelona’s exceptional season on the pitch,

winning the domestic double and the UEFA Champions

League, helped drive the largest year on year absolute

revenue growth of any Money League club with a

€57m increase to €366m resulting in the club returning

to second place in the list and completing a Spanish

one-two.

This premise is supported by clubs’ revenue performance

in 2008/09. The combined revenues of the top 20

Money League clubs was over €3.9 billion in 2008/09,

a €26m increase on the previous year. However, nine of

the top 20 clubs showed a decrease in revenues in local

currency in 2008/09 compared to the previous year,

although for two of these clubs the revenue fall was due

to inferior performance in European competitions, and

hence lower UEFA central distributions.

The sustained depreciation of the Pound Sterling against

the Euro continues to impair English clubs’ positions in

the list. For example, had Manchester United’s 2008/09

revenues been converted to Euros at the summer 2007

exchange rate, the club would have topped this year’s

Money League. For the purposes of our analysis, we use

the exchange rate as at the 30 June each year, and the

Pound Sterling fell by 21% against the Euro between

2007 and 2009 meaning that Manchester United’s

revenue in Euros for 2008/09 is €74m below that of

Real Madrid and €39m below FC Barcelona, who

leapfrog the English champions in to second place.

The vast majority of Money League clubs maintained

average match attendances when comparing 2008/09

with 2007/08. This continued into 2009/10, other than

for clubs who face additional challenges in 2009/10 in

maintaining attendances at previous levels, due to

on-pitch performance or stadium redevelopment issues.

Nonetheless, the changing economic environment has

placed increased pressure on ticket pricing strategies

and all clubs will continue to face challenges in

managing matchday yields.

However, England retains seven clubs in this year’s top

20, the largest representation of any single country

reflecting its continued strength in depth as a result of

the Premier League’s central broadcast deals and the

ability of the league’s clubs to generate comparatively

high matchday revenues.

Thecombinedrevenues

ofthetop20clubs

wasover3.9billion

in2008/09

All of this year’s top 20 clubs are from the ‘big five’

European leagues with Germany contributing five clubs,

Italy four, and France and Spain represented by two clubs

each. In fact there is little change in the top 20 clubs

compared with last year with two new clubs, Werder

Bremen and Manchester City, replacing VfB Stuttgart and

Turkish club Fenerbahce. The limited change in the clubs

comprising the Money League top 20 reflects the fact

that those clubs with the largest supporter bases in the

strongest economic markets, high attraction to

commercial partners, and consistent participation in

European competition will dominate the top positions.

There is only one change to the clubs comprising the

top ten with Juventus’ return to Europe’s top-tier clubs

competition for the first time since 2005/06 allowing it

to replace fellow Italian club AS Roma. This restores the

long term top ten of all the three seasons prior to the

Turin club’s well publicised off-pitch difficulties.

However, competing in Europe’s top clubs competition

need not be the sole factor in allowing a club to achieve

significant revenue growth. Eleventh placed Hamburger

SV, which participated in the UEFA Cup in 2008/09,

achieved a €19m (15%) growth in revenues largely

through a growth in matchday and commercial income,

and was the highest climber in this year’s list jumping

four places.

This is reinforced by the fact that clubs from the

‘big five’ European leagues also occupy most of the

positions immediately below the top 20 as the table

below indicates.

Whilst there is now almost a €50m gap between tenth

and eleventh place, consistent qualification for the

Champions League, coupled with pressure on top Italian

clubs’ revenues with the re-introduction of collective

selling of Serie A broadcast rights, may help the German

club challenge for a top ten position. The same could be

said for 15th placed Tottenham Hotspur for whom

completion of a new stadium will provide additional

revenue growth and the opportunity to climb further up

the list. French champions Olympique Lyonnais also have

plans for a new facility which may provide the platform

to challenge the top ten, particularly if the club can

consistently progress to the latter stages of the

Champions League.

Club

Reportedrevenue

€m

Paris Saint-Germain

100.8

Club Atltico de Madrid

100.3

FC Girondins de Bordeaux

99.8

VfB Stuttgart

99.8

Aston Villa

98.9

ACF Fiorentina

94.1

Everton

93.5

SSC Napoli

90.1

West Ham United

89.3

Fenerbahce SK

87.0

So what of the future? Whilst there has been relatively

little change in the clubs that comprise the top 20,

participation and relative performance in the UEFA

Champions League continues to be a key factor in

determining a club’s position in the Money League. Six

clubs in our top 20 did not compete in the Champions

League in 2008/09, although only one (AC Milan) was in

the top ten. Of these six only Newcastle United did not

compete in any European competition in 2008/09.

Juventus, Internazionale and AC Milan occupy positions

eight to ten in the Money League and there has been a

gradual decline in Italian clubs’ positions in the list in

recent years emphasising the need to address a number

of issues specific to Italian football, particularly with

regard to matchday revenues, if they are to remain

competitive with the elite clubs in European football.

FootballMoneyLeague2010 Sports Business Group 3

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