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Last week I estimated how much English clubs would earn from the 2018/19 Champions League. Today I take a look at this season’s Europa League revenue for Arsenal and Chelsea #AFC #CFC
Although total Europa League revenue has significantly increased (by 40%) in 2018/19, two points are worth noting: (a) this is lower than the 54% Champions League increase; (b) the impact of the new UEFA coefficient (though only 15% of total distribution, compared to 30% in CL).
As a result, both #AFC and #CFC are estimated to earn less than last year. #CFC is obvious, as they were in the Champions League in 2017/18, but #AFC is due to the impact of UEFA coefficient & TV pool. As it stands (prior year in brackets):

#AFC €36m (€38m)
#CFC €40m (€65m)
Read 16 tweets
Swansea City’s 2017/18 financial results covered a “difficult” season when they finished 18th, so were relegated to the Championship after 7 consecutive years in the Premier League. They had 3 managers: Paul Clement, Carlos Carvahal and Graham Potter. Some thoughts follow #Swans
#Swans made a loss before tax of £3.2m, compared to a prior year profit of £13.4m, representing a £16.6m deterioration, as revenue fell £1m from £128m to £127m, though profit on player sales was up £9m to £46m. After tax, the club went from a £13.0m profit to a £2.9m loss.
#Swans £1m revenue fall was very largely driven by broadcasting’s £4.7m (4%) decrease from £109.4m to £104.7m, due to less prize money for a lower league position. In contrast, commercial rose £3.8m (35%) from £10.7m to £14.5m, while match day was flat at £7.4m.
Read 44 tweets
As the Champions League and Europa League reach the semi-final stage, I took a quick look at the latest available revenue and wages data for those clubs still in the competition. Some analysis in the following thread.
The Champions League has the “fairest” financial pairings, as it matches the clubs with the highest and 2nd highest revenues, then 3rd and 4th.

However, the differences are still huge: Barcelona £612m is £150m more than #LFC £455m; while #THFC £379m is nearly 5 times Ajax £81m.
It’s a similar story and nether Champions League with wages. Barcelona’s £431m (excluding other sports such as basketball and handball) is again over £150m higher than #LFC £264m, while #THFC £148m might be low for a leading Premier League club, but it is triple Ajax £47m.
Read 7 tweets
Newcastle United’s 2017/18 financial results reflect their promotion after a single season in the Championship. Managing director Lee Charnley said, “A 10th placed finish in our first season back in the Premier League was a fantastic achievement.” Some thoughts follow #nufc
#NUFC promotion brought the club back to “a healthy financial position”, moving from £47m loss before tax to £23m profit, as revenue more than doubled from £86m to a record £178m and no repeat of prior year £32m exceptional costs: £10m promotion bonus & £22m onerous contracts.
#NUFC £93m revenue growth very largely driven by broadcasting’s £79m increase to £126m, reflecting vastly higher TV money in the Premier League, while commercial also increased £13m (90%) to £28m, but match day flat at £24m. However, profit on player sales dropped £39m to £4m.
Read 48 tweets
#SSCNapoli 2017/18 accounts cover a season where they finished second in the league with a club record for points under Maurizio Sarri, but were eliminated at the group stage of the Champions League before dropping down to the Europa League. Some thoughts in the following thread.
#SSCNapoli posted a €3m loss before tax, compared to €101m profit prior year, as profit on player sales dropped €74m to €30m and revenue fell €18m (9%) from €204m to €185m, mainly due to worse performance in Champions League. After tax, went from €67m profit to €6m loss.
Less progress in Champions League reduced #SSCNapoli revenue by €28m, impacting broadcasting, down €24m (17%) to €119m, & match day, down €1m (3%) to €19m. However, commercial was up €6m (16%) to €45m. Including player sales, revenue fell €92m (30%) from €308m to €216m.
Read 44 tweets
Crystal Palace’s 2017/18 financial results covered their 5th consecutive season in the Premier League, when they finished “in a very creditable” 11th place. Roy Hodgson replaced Frank De Boer as manager in September 2017. Some thoughts in the following thread #CPFC
#CPFC posted a £35.5m loss before tax, compared to an £11.8m profit the prior year, mainly due to profit on player sales falling £32m to just £2m, though revenue grew £7.6m (5%) from £142.7m to a club record £150.3m. Loss after tax was £33.4m, thanks to a £2.1m tax credit.
#CPFC £8m revenue growth was very largely driven by broadcasting’s £4m (4%) increase from £117m to £121m, mainly due to increased prize money for finishing 11th, while commercial also increased £3.1m (21%) from £15.2m to £18.3m and match day was up £0.3m (2%) to £10.9m.
Read 38 tweets
As the Champions League and Europa League reach the quarter-final stage, I took a quick look at the latest available revenue and wages data for those clubs still in the competition. Some brief comparisons in the following thread.
Three clubs in the Champions League quarter-finals have over half a billion pounds revenue, led by Barcelona £612m, followed by the two Manchester clubs, #MUFC £590m and #MCFC £500m. Other English clubs: #LFC £455m and #THFC £379m. Lowest revenue by far at Ajax £81m & Porto £94m.
Barcelona £431m have by far the highest wage bill (even after excluding other sports), followed by #MUFC £296m. #LFC £264m and #MCFC £260m are closely matched, way ahead of the other English club #THFC £148m. Porto and Ajax only £75m and £47m respectively.
Read 6 tweets
Tottenham Hotspur’s 2017/18 financial results covered a season when they finished 3rd in the Premier League and reached the last 16 of the Champions League and the FA Cup semi-finals. Home games played at Wembley, while new stadium was being developed. Some thoughts follow #THFC
#THFC profit before tax improved by £87m from £52m to £139m, as revenue rose by £71m (23%) to £381m and profit on player sales was up £33m to £73m. New club records for both revenue and profit. Profit after tax “only” increased by £77m from £36m to £113m.
All three #THFC revenue streams increased: commercial rose £33m (43%) from £76m to £109m; match day was up £26m (57%) from £45m to £71m, due to the larger capacity at Wembley; while broadcasting was £13m (7%) higher at £201m, due to advancing further in the Champions League.
Read 47 tweets
Arsène Wenger on leaving #AFC: “In life there are some break-ups that you choose and some that are mandatory. In this case it was a bit of a mix of the two...the fans needed a change and in my last season I started suffering health wise.”
Arsène: "You're loved when you're born, you're loved when you die, in between you have to manage."
Arsène: “A coach is someone who totally identifies with his club. He must behave as if he will stay there forever. He must be loyal. Every year I took a photo with everyone at #AFC (gardener, cook) and I displayed it with a phrase "everyone counts inside the club".”
Read 8 tweets
Jonathan Liew in the Independent:

'There’s a natural limit to what numbers can tell us. There comes a point where “show us your medals” exhausts its usefulness. Thierry Henry is the greatest player the #PL has ever seen, and I can’t prove it, or show it on a graph. He just is.
"As a striker, as a winger, as a playmaker, he moulded English football in his own image, snapping it out of its rigid structures and helping to forge something entirely new. #AFC
''You can split the #PL into two eras: Before Thierry and After Thierry. Before Henry, under no circumstances could you have included the #PL in any discussion of the world’s best leagues. After him, under no circumstances could you leave it out. #AFC
Read 4 tweets
Paris Saint-Germain’s 2017/18 financial results cover a season when they won every domestic completion, including Ligue 1 for the 5th time in 6 years, but were eliminated by eventual winners Real Madrid in the Champions League last 16. Some thoughts in the following thread #PSG
#PSG were acquired in 2011 by Qatar Sports Investments (QSI), a subsidiary of Qatar's sovereign wealth fund Qatar Investment Authority (QIA), making the club by far the richest in France and one of the wealthiest in the world. Nasser Al-Khelaifi is the club’s chairman and CEO.
Pre-tax #PSG went from a €19m loss to a €40m profit, a €59m improvement. Revenue (DNCG definition) rose €54m (11%) from €503m to a record high of €557m, while profit on player sales shot up €132m to €145m. This was partially offset by significant cost growth.
Read 48 tweets
Southampton’s 2017/18 financial results covered a season when they finished 17th in the Premier League and reached the FA Cup semi-finals, much worse than previous season (8th place in PL, competed in the Europa League and got to the EFL Cup final). Some thoughts follow #SaintsFC
Although #SaintsFC directors described the season as “disappointing”, they were “pleased to report another year of positive financial performance.” This was the first season under the ownership of Lander Sports (UK), controlled by Chinese businessman Jisheng Gao.
#SaintsFC pre-tax profit fell from £42m to £35m, as revenue dropped 16% (£30m) to £153m, due to the poor performance on the pitch, though this was largely offset by profit on player sales increasing by £27m to £69m. Profit after tax was down from £34m to £29m.
Read 38 tweets
Szczesny in an interview on his old teammates thread:

On Ramsey:

He never considered football as a tactical game. He is the guy who runs for the whole 90 mins. He runs more than any player I’ve played with, 13 km per game with no problem. Imo, he’ll be a great addition to Juve
On Rosicky:

You watch him play with great pleasure. His movement on the pitch was impressive, full of class and grace. I still believe he must be the richest footballer I know. He never spent any money.
The whole time I was at Arsenal he had the same car, a 2005/6 Mercedes, and he only wore clothes from his sponsor. The only thing he didn’t spare on was his guitar.
Read 22 tweets
Leicester City’s 2017/18 financial results covered a season when they finished 9th in the Premier League and reached the quarter-finals in both domestic cups. Claude Puel replaced Craig Shakespeare as manager in October. Some thoughts in the following thread #LCFC
#LCFC profit before tax significantly decreased from a record £92m to £2m (profit after tax down from £80m to £1m), as revenue fell by around a third (£74m) from £233m to £159m, because there was no repeat of the unprecedented 2016/17 Champions League participation.
The #LCFC revenue decline was driven by broadcasting income’s £67m (35%) decrease to £124m, mainly due to £70m from the Champions League in the prior season. For much the same reason, gate receipts fell £4m (22%) to £13m, while commercial income was also £4m (15%) lower at £22m.
Read 39 tweets
Liverpool’s 2017/18 financial results covered a season when they finished 4th in the Premier League and returned to European competition with a bang by reaching the Champions League final, where they were defeated by Real Madrid. Some thoughts in the following thread #LFC
#LFC profit before tax increased from £40m to £125m, as profit on player sales surged £86m to £124m and the impressive Champions League run helped drive revenue up £91m (25%) to a record £455m. Profit after tax improved from £39m to £106m.
All three #LFC revenue streams increased: broadcasting was a substantial £66m (43%) higher at £220m, due to Champions League participation; match day climbed £7m (10%) to £81m, while commercial rose £18m (13%) to £154m, also largely linked to European success.
Read 47 tweets
As the Champions League reaches the last 16 and the Europa League the last 32, I took a quick look at the latest available revenue and wages data for those clubs still in the competition. Some analysis in the following thread.
Five clubs in Champions League last 16 have over half a billion revenue, led by the Spanish giants: Real Madrid £665m, Barcelona £612m, #MUFC £590m, Bayern Munich £557m & #MCFC £500m. Other English clubs: #LFC £455m & #THFC £379m. Lowest revenue by far at Ajax £81m & Porto £94m.
Barcelona £431m and Real Madrid £350m again have the highest wage bills (even after excluding other sports), followed by #MUFC £296m. Then come 3 clubs in a narrow range: Bayern Munich £268m, #LFC £263m and #MCFC £260m. #THFC £127m is 2016/17 figure. Ajax wages only £47m.
Read 6 tweets
Deloitte have published the 22nd edition of their annual Football Money League, which ranks the world’s leading football clubs by revenue, this time covering the 2017/18 season. Some thoughts in the following thread.
Real Madrid £665m reclaimed top spot, while Barcelona £612m made it a Spanish “one-two” – the first clubs to break the £600m barrier. #MUFC £590m fell to 3rd, having been 1st last year. Bayern Munich £557m and #MCFC £503m retained 4th & 5th places, while PSG £480m were up to 6th.
There are no fewer than six English clubs in the top ten, including #LFC £455m, #CFC £448m, #AFC £389m and #THFC £379m (overtaking Juventus). Roma, Milan and #NUFC were new entrants to the top 20, replacing #LCFC, #SaintsFC and Napoli.
Read 31 tweets
Arsenal’s 2017/18 financial results covered a season when they finished 6th in the Premier League, while reaching the Europa League semi-finals. Manager Arsène Wenger was replaced by Unai Emery, while Stan Kroenke took full ownership. Some thoughts in the following thread #AFC
#AFC profit before tax increased from £45m to £70m, despite revenue falling £35m (8%) to £388m, mainly due to participating in Europa League rather than more lucrative Champions League, as profit on player sales surged £113m to £120m. Profit after tax improved from £35m to £57m.
All #AFC revenue streams decreased: broadcasting was £19m (9%) lower at £180m, mainly due to lower Europa League distributions; commercial dropped £10m (9%) to £107m; match day declined £1m (1%) to £99m; while player loans fell £5m to £2m.
Read 47 tweets
Following my recent analyses of where Premier League and Championship clubs source their money and what they spend it on, I received many questions on how a cash flow statement works, so I will explain the mechanics (using Premier League season 2016/17) in the following thread.
Traditionally, supporters have focused on a club’s profit and loss account, which is not surprising, because: (a) that is what the media tend to report; (b) it is intuitively easy to understand, being basically revenue less expenses (mainly player wages).
Nevertheless, the reported figure is an accounting profit, which is not necessarily a “real” cash profit, as it is based on the accountant’s accruals concept and this can be very different from actual cash movements.
Read 43 tweets
Chelsea’s 2017/18 financial results covered a season when they finished 5th in the Premier League, thus qualifying for the Europa League, and defeated #MUFC to win the FA Cup. Manager Antonio Conte replaced by Maurizio Sarri in July. Some thoughts in the following thread #CFC
#CFC profit before tax increased from £16m to £67m, as revenue rose by £82m (23%) to a record £433m, primarily due to the club’s return to European competition, and profit on player sales was up £44m to £113m. Profit after tax improved from £15m to £62m.
All #CFC revenue streams increased: broadcasting was £42m (26%) higher at £204m, due to Champions League; match day climbed £8m (13%) to £74m, largely for the same reason; while commercial rose £32m (24%) to £165m, mainly from the new Nike kit deal.
Read 43 tweets
“Revenue is vanity, profit is sanity, but cash is king.” I thought it might be interesting to look at where Premier League clubs source their money and what they spend it on by reviewing the clubs’ cash flow statements over the last decade. Some thoughts in the following thread.
In the 10 years between 2008 and 2017 Premier League clubs had over £8 bln of available cash with more than half (£4.3 bln) generated from their own operating activities and a further £3.4 bln from their owners (loans £1.8 bln and shares £1.6 bln) plus £0.3 bln external loans.
54% of cash came from operations (revenue less expenses +/- movements in working capital) with another 42% from owner financing and 3% from external loans. There was no need for any of the PL clubs to generate cash via (net) player sales or indeed dip into existing cash balances.
Read 20 tweets
West Ham’s 2017/18 financial results covered their second season at the new London Stadium, which the club described as “difficult”, despite finishing a “satisfactory” 13th in the Premier League, as managers Slaven Bilic and David Moyes both left. Some thoughts follow #WHUFC
#WHUFC profit before tax reduced by £25m from £43m to £18m, as revenue fell by £8m (4%) to £175m, though profit on player sales was up £2m to £30m. Despite the revenue decline, wages increased by £12m (12%) to £107m, but player amortisation dropped £4m (10%) to £41m.
All #WHUFC revenue streams decreased: match receipts were £4.1m (14%) lower at £24.5m, due to no Europa League; while commercial fell £3m (9%) to £32m, mainly due to one-offs in the previous year; and broadcasting was slightly lower at £119m, due to lower Premier League place.
Read 39 tweets
Everton’s 2017/18 financial results covered a season when they finished 8th in the Premier League and competed in the Europa League, but also saw the sacking of two managers: Ronald Koeman and Sam Allardyce. Majority owner Farhad Moshiri has provided around £250m of funding #EFC
#EFC went from a profit of £31m to a loss of £13m, a £44m deterioration, despite revenue growing by 10% (£18m) to a record £189m and profit on player sales up £36m to £88m, due to a huge increase (£70m) in player costs (wages & player amortisation) and £34m of exceptional items.
All #EFC revenue streams rose: broadcasting was up £12m (9%) to £142m; commercial up £4m (14%) to £31m; and gate receipts up £2m (16%) to £16m. Note that I have reclassified Europa League money from Other Commercial to Broadcasting to be consistent with other clubs.
Read 41 tweets
Bayern Munich 2017/18 accounts cover a season when they won the Bundesliga (for the sixth season in a row) and reached the Champions League semi-finals before being eliminated by eventual winners Real Madrid. Some thoughts in the following thread #FCBayern
#FCBayern profit before tax fell from €66m to €46m (profit after tax €29m). Revenue (per Bayern’s definition) rose €17m (3%) to a record high of €657m including €28m profit on player sales, mainly Douglas Costa to Juventus. The board described the figures as “outstanding”.
Excluding player sales, #FCBayern revenue rose €41m (7%) from €588m to €629m, mainly due to broadcasting, up €30m (20%) to €177m, though other streams also grew: match day increased €6m (6%) to €104m, while commercial was up €5m (2%) to €349m.
Read 40 tweets

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