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Now that the UEFA Champions League round of last 16 has finally been completed, I thought it would be interesting to look at how much money clubs have already received, focusing on the Big 5 leagues. Some analysis in the following thread.
The amount distributed to clubs in Champions League (group stage onwards) has risen €681m (54%) from €1.269 bln to €1.950 bln in the current cycle. This is split: participation €488m (25%), performance €585m (30%), TV pool €292m (15%) and coefficient ranking €585m (30%).
In 2019/20 each of the 32 clubs qualified for Champions League group stage gets €15.25m plus €2.7m for a win and €900k for a draw. Additional prize money for each further stage reached: last 16 €9.5m, quarter-final €10.5m, semi-final €12m, final €15m and winners €19m.
Read 28 tweets
Sunderland’s 2018/19 financial results cover the first season under the ownership of Stewart Donald, when they finished 5th in League One following relegation from the Championship the previous year, but lost to Charlton in the play-off final. Some thoughts follow #SAFC
Despite relegation, #SAFC loss narrowed from £20m to £11m, even though revenue fell £5m (8%) to £59m, profit on player sales down £6m and no repeat of £8m sale of old training facility, as expenses were slashed by £50m. Would have been profitable without £20.5m debt write-off. Image
The #SAFC £5m revenue decline actually represented a good performance, given that broadcasting fell £9m (18%) from £49m to £40m, due to lower parachute payments, as gate receipts increased £2m (31%) from £6.6m to £8.6m and commercial rose £1.9m (22%) from £8.2m to £10.1m. Image
Read 45 tweets
Earlier this week I posted a thread on the 2018/19 financials for the Big Six Premier League clubs. Today I am going to look at the numbers for the Other 14 clubs #AFCB #BHAFC #BurnleyFC #CardiffCity #CPFC #EFC #FFC #HTAFC #LCFC #NUFC #SaintsFC #WatfordFC #WHUFC #WWFC
Obviously, there will be a significant impact on these numbers in the 2019/20 season (and probably 2020/21 as well) as a result of the COVID-19 lockdown, which has resulted in clubs earning much less revenue for a few months, but how did it look before the pandemic struck? ImageImage
Other 14 Premier League clubs generated £2.2 bln of revenue, but £2.6 bln of expenses (including £1.5 bln wages and £0.6 bln player amortisation) meant £393m operating loss. This was improved by £241m profit on player sales, offset by £35m interest, giving £188m loss before tax. Image
Read 35 tweets
Now that all the Premier League clubs have published their 2018/19 financials, we can compare the results, but we will do this a little differently by separating the analysis into two parts, as the numbers are so different for: (1) the Big Six clubs; and (2) the Other 14 clubs.
Today’s thread will focus on the 2018/19 financial results for the Big Six Premier League clubs #AFC #CFC #LFC #MCFC #MUFC #THFC. Clearly, there will be a significant impact on these numbers in 2019/20 following the COVID-19 lockdown, but how did it look before the pandemic?
Big 6 Premier League clubs generated £3.0 bln of revenue, but £3.1 bln of expenses (including £1.7 bln wages and £0.7 bln player amortisation) meant a £97m operating loss. This was improved by £193m profit on player sales, offset by £23m interest, giving £33m profit before tax.
Read 36 tweets
Crystal Palace’s 2018/19 financial results covered a season when they finished “in a respectable” 12th place under Roy Hodgson. This secured a seventh successive year in the Premier League, their longest ever spell in England’s top division. Some thoughts follow #CPFC
#CPFC improved from a £36m loss before tax to a £5m profit, very largely due to profit on player sales (mainly Aaron Wan-Bissaka’s move to #MUFC) surging from £2m to £46m, though revenue also rose £5m (3%) to a club record £155m. Partly offset by expenses increasing £8m.
All three #CPFC revenue streams grew, led by broadcasting, which rose £3.2m (3%) to £124.4m. There were also increases in commercial, up £1.0m (6%) to £16.4m, and match day, up £0.9m (7%) to £14.6m. Note: this revenue split is taken from the club’s Annual Review.
Read 44 tweets
Manchester United have announced financial results for Q3 of 2019/20, incorporating the first 9 months of the season. This covers January to March 2020, so provides some early insight into the impact of the football lockdown. Some thoughts in the following thread #MUFC
#MUFC swung from £11m profit before tax to £29m loss for Q3, as revenue fell by £28m (19%) from £152m to £124m, partly offset by £15m (18%) reduction in wages to £69m. Hit by interest payable rising £22m from £3m to £25m (forex losses). Loss after tax £23m due to £6m tax credit.
The main reason for #MUFC £28m revenue reduction was broadcasting, which more than halved from £54m to £26m, due to £15m provision for COVID-19 rebate and playing in the far less lucrative Europa League, compared to the previous season’s Champions League.
Read 47 tweets
#BrentfordFC 2018/19 financial results covered a season when they came 11th in the Championship, their 5th consecutive top half finish, a great achievement for a club with such low income, especially as head coach Dean Smith left for #AVFC in October, replaced by Thomas Frank.
#BrentfordFC swung from £4m loss before tax to £24m, very largely due to £14m sale of land to stadium developers & profit on player sales rising by £13m to £27m. Revenue grew £2.6m (21%) to £15.2m, while expenses were £3.5m higher. Profit after tax was £20m due to £4m tax charge.
All three #BrentfordFC revenue streams grew with broadcasting contributing the largest increase, up £1.6m (23%) to £8.8m, followed by commercial, up £0.7m (30%) to £3.0m, and ticketing income, up £0.3m (10%) to £3.4m. Other operating income (player loans) up £2.3m to £2.7m.
Read 47 tweets
I’ve prepared a few more of the financial fact sheets for selected football clubs. To be clear, this is not new information as such, but just a more succinct presentation of previous data. This thread covers #AVFC, #AFCB, #CardiffCity, #HTAFC, #NCFC, #SUFC, #WatfordFC and #WWFC.
#AVFC posted huge £69m net loss. Operating loss even higher at £115m, including £46m promotion payments, but £14m HS2 compensation. Offset by £36m stadium sale and £11m player sales. Revenue fall due to lower parachute payments. Debt-free after write-offs and equity conversion.
#AFCB lost money 2 years in a row, as revenue has fallen from £136m to £131m, while wage bill has grown from £72m to £111m. Little benefit from low player sales. Debt up to £100m, 9th highest in PL. Spent £150m on player purchases in last 2 years with transfer debt up to £81m.
Read 10 tweets
Southampton’s 2018/19 financial results covered a “second consecutive difficult season” when they finished 16th in the Premier League. Manager Mark Hughes was replaced by Ralph Hasenhüttl in December 2018. Some thoughts in the following thread #SaintsFC
#SaintsFC went from £35m pre-tax profit to £41m loss, a swing of £76m, mainly due to profit on player sales decreasing by £48m from £69m to £21m (Virgil van Dijk sale prior year). Revenue also down £3m (2%) to £150m, while expenses grew £25m. After tax, £29m profit to £34m loss.
#SaintsFC £3m revenue fall was driven by broadcasting’s £4m (4%) decrease from £117m to £113m, mainly due to fewer Premier League shown live. Match day was also down £2.2m (11%) from £19.2m to £17.0m, but commercial rose £3.4m (21%) from £16.4m to £19.8m.
Read 39 tweets
Sheffield United’s 2018/19 financial results covered a season when they finished second in the Championship, securing automatic promotion to mark a remarkable rise from League One to the Premier League in 3 years under Manager of the Year Chris Wilder. Some thoughts follow #SUFC
These accounts cover the final year of #SUFC co-ownership between Kevin McCabe and Prince Abdullah. Since then the High Court has ruled that McCabe must sell his 50% share to the Prince for £5m. As a result, the club will purchase the stadium and training facility for £43.5m.
#SUFC loss increased from £2m to £21m, reflecting the “exceptional cost of promotion to the Premier League”. Revenue rose 4% (£0.8m) to £21m, while profit on player sales was up £6m (69%) to £14m, but this was more than offset by £26m of cost growth.
Read 42 tweets
Leeds United’s 2018/19 accounts cover “one of the most exciting years in over a decade” under renowned coach Marcelo Bielsa, though it ultimately ended in disappointment, as they finished 3rd in the Championship before losing to #DCFC in the play-offs. Some thoughts follow #LUFC
#LUFC loss widened from £4m to £21m, despite revenue rising £8m (20%) from £41m to £49m, as profit on player sales dropped £2m to £16m and expenses increased by a chunky £23m, as owner Andrea Radrizzani made significant investments to turn Leeds into promotion contenders.
The main reason for #LUFC £8.2m revenue growth was a £5.4m (25%) increase in commercial income from £21.8m to £27.2m (mainly merchandising and hospitality), though gate receipts also rose £1.4m (12%) to £12.6m, while broadcasting was up £1.5m (19%) to £9.1m.
Read 45 tweets
Middlesbrough’s 2018/19 financial results covered a season when they finished 7th in the Championship, just missing out on a play-off position. Former player Jonathan Woodgate replaced Tony Pulis as manager in July 2019. Some thoughts in the following thread #Boro
#Boro improved from a £6m loss before tax to a £2m profit, even though revenue dropped £6m (10%) from £62m to £56m and expenses were £3m higher, because profit on player sales more than doubled from £15m to £33m.
#Boro £6m revenue decline was very largely driven by broadcasting’s £6m (12%) fall from £47m to £41m, due to a smaller parachute payment, though gate receipts also dropped £1m (15%) from £7m to £6m. Commercial rose slightly by £0.3m (4%) from £8.3m to £8.6m.
Read 39 tweets
Huddersfield Town’s 2018/19 financial results accounts cover a season when they finished 20th in the Premier League, so were relegated after 2 years in the top flight. Manager David Wagner was replaced by Jan Siewert in January 2019. Some thoughts in the following thread #HTAFC
After these accounts closed, chairman Dean Hoyle sold a 75% controlling ownership stake to Pure Sports Consultancy Limited, a previous shirt sponsor, owned by lifelong #HTAFC fan Phil Hodgkinson. Danny Cowley was appointed manager in September, assisted by his brother Nicky.
#HTAFC profit before tax fell £26m from £30m to £4m, as revenue decreased £6m (5%) from £125m to £119m, profit on player sales halved from £6m to £3m and expenses rose £17m. After tax, prior season’s £26m profit was down to £3m, as the tax charge dropped from £4.1m to £0.5m. Image
Read 39 tweets
Tottenham Hotspur’s 2018/19 financial results covered a successful season when they reached the Champions League final, finished fourth in the Premier League and got to EFL Cup semi-finals. Home games played at Wembley until new stadium opened in April. Some thoughts follow #THFC
#THFC profit before tax dropped by £52m from £139m to a still excellent £87m, as revenue rose £80m (21%) to a club record £461m, but profit on player sales fell £62m to £11m and expenses increased £70m. Profit after tax decreased £44m from £113m to £69m.
All three #THFC revenue streams had significant growth: broadcasting rose £43m (22%) from £201m to £244m, due to reaching the Champions League final; commercial increased £26m (24%) from £109m to £135m; while match day was up £11m (15%) from £71m to £82m.
Read 49 tweets
Fulham’s financial results for 2018/19 cover a season when they were relegated back to the Championship after just one year in the Premier League (finishing 19th). They dismissed two managers: Slavisa Jokanovic in November & Claudio Ranieri in February. Some thought follow #FFC
#FFC reduced their loss from £45m to £20m. However, the club still lost money, despite revenue rising £100m from £38m to £138m following promotion, as competing in the Premier League increased expenses by £63m, while profit on player sales fell £11m to £3m. Image
The main driver of the #FFC £100m revenue increase was broadcasting, which rose £87m from £22m to £109m, due to the significantly more lucrative Premier League TV deal, though commercial also grew £8m (88%) to £18m, while gate receipts were up £3.7m (53%) to £10.7m. Image
Read 41 tweets
AFC Bournemouth’s 2018/19 financial results covered a season when they finished 14th in the Premier League, securing a fifth consecutive year in the top flight. Some thoughts follow #AFCB
#AFCB loss before tax almost tripled from £11m to £32m, very largely due to higher staff costs and a small £4m (3%) drop in revenue from £135m to £131m, though profit on player sales rose slightly from £1.3m to £3.1m.
#AFCB £4m revenue fall largely due to broadcasting income dropping £3.6m (3%) to £116m, due to a lower finish in the league, though match day also fell £0.3m (6%) to £5.0m, partly offset by commercial rising £0.2m (2%) to £10.2m. Other income (player loans) up £2.8m to £8.0m.
Read 39 tweets
#CardiffCity financial results for 2018/19 covered a season in the Premier League following promotion, but their stay in the top flight was brief, as it culminated in relegation to the Championship after they finished in 18th place. Some thoughts in the following thread.
Unfortunately, the 2018/19 season will also be remembered for the tragic death of striker Emiliano Sala in a plane crash following his transfer from French club Nantes. #CardiffCity are disputing the payment of a transfer fee, but have “prudently” booked a £19.5m provision.
#CardiffCity swung from £39m loss before tax in the Championship to £3m profit, thanks to revenue surging £90m from £35m to £125m, though competing in the Premier League increased expenses by £31m. Still reported £0.8m loss after tax, due to £3m tax charge.
Read 40 tweets
Aston Villa’s 2018/19 financial results covered a season when they finished 5th in the Championship, but were promoted to the Premier League after beating Derby County in the play-off final under manager Dean Smith, who replaced Steve Bruce in October. Some thoughts follow #AVFC
In July 2018 NSWE SCS, owned by billionaire businessmen Nassef Sawiris and Wes Edens, bought a controlling stake from Dr. Tony Xia after #AVFC “experienced significant liquidity problems”, including a missed tax payment to HMRC. Xia’s minority share bought out in August 2019.
#AVFC loss widened by £33m from £36m to £69m, as revenue dropped £14m (21%) to £54m and profit on player sales fell £5m from £16m to £11m. Operating expenses increased by £15m, while £46m promotion payments were offset by stadium sale £36m and HS2 land compensation £14m.
Read 45 tweets
Leicester City’s 2018/19 financial results covered a season when they finished 9th in the Premier League for the second year in a row. Brendan Rodgers replaced Claude Puel as manager in February. Some thoughts in the following thread #LCFC
Despite the tragic loss of club chairman, Vichai Srivaddhanaprabha, in a helicopter accident in October 2018, #LCFC have made great progress since King Power International acquired the club in 2010 with “a renewed commitment to investing growing revenues back into the club.”
#LCFC went from £2m profit before tax to a £20m loss, even though revenue rose £20m (12%) to £178m and profit on player sales was up £20m to £58m, as costs grew £61m, due to investment in the squad and the “transfer fee” for Brendan Rodgers. After tax, club posted a £17m loss.
Read 41 tweets
Liverpool’s 2018/19 financial results covered a season when they won the Champions League for the 6th time and finished runners-up to #MCFC in the Premier League with 97 points, the most scored without winning the title. Some thoughts in the following thread #LFC
#LFC profit before tax fell from £125m to £42m, as profit on player sales dropped £79m to £45m, though revenue rose £78m (17%) to a record £533m. This was offset by £83m cost growth following significant investment in the squad. Profit after tax down from £106m to £33m.
All three #LFC revenue streams increased, particularly broadcasting, which rose £41m (19%) to £261m, mainly due to the Champions League triumph, and commercial, up £34m (22%) to £188m. Match day was slightly higher at £3m (4%) to £84m.
Read 46 tweets
Arsenal’s 2018/19 financial results covered a season when they finished 5th in the Premier League, while reaching the Europa League final. This was first season in 22 years without manager Arsène Wenger, who was replaced by Unai Emery. Some thoughts in the following thread #AFC
#AFC swung from £70m profit before tax to £32m loss, a £102m deterioration, very largely due to profit on player sales falling by £108m from £120m to £12m, though revenue rose slightly by £7m (2%) to £395m. After tax, went from £57m profit to £27m loss (£5m tax credit).
Highest #AFC revenue growth came from commercial, up £4m (4%) to £111m, while there were also increases in broadcasting, up £3m (2%) to £183m, and player loans, which doubled to £5m. On the other hand, match day dropped £3m (3%) to £96m. Property contribution was down £5m.
Read 48 tweets
Wolverhampton Wanderers 2018/19 financial results covered a “successful” season, when they finished 7th in their first season back in the Premier League since 2012, reached the FA Cup semi-final and qualified for the Europa League. Some thoughts in the following thread #WWFC
Since being bought by Chinese investment group Fosun International in July 2016, #WWFC is a club transformed, helped by a close relationship with super-agent Jorge Mendes. Under charismatic manager Nuno Espirito Santo, Wolves can realistically compete for European qualification.
#WWFC swung from £57m loss before tax in the Championship to £20m profit in the Premier League, a £77m improvement, as revenue surged from £26m to a club record £172m and profit on player sales was up £4m to £12m, though costs also increased significantly in the top flight.
Read 40 tweets
Deloitte have published the 23rd edition of their annual Football Money League, which ranks the world’s leading football clubs by revenue, this time covering the 2018/19 season. Some thoughts in the following thread.
Barcelona £741m overtook Spanish rivals Real Madrid £667m to claim top spot for the first time, becoming the first club to break through the £700m barrier. #MUFC £627m and Bayern Munich £582m retained 3rd and 4th ranking, while PSG £560m (5th) and #MCFC £538m (6th) swapped places
There are no fewer than five English clubs in the top ten, also including #LFC £533m, #THFC £459m, and #CFC £452m. However, #AFC £393m dropped two places to 11th, their lowest position since 2000/01. Lyon and Napoli were new entrants to the top 20, replacing Milan and #NUFC.
Read 39 tweets
#Lazio 2018/19 financial results cover a season when they finished 8th in Serie A, which was a little disappointing after coming 5th the previous two years, but they did win the Coppa Italia and reached the last 32 of the Europe League. Some thoughts in the following thread.
#Lazio swung from €39m profit before tax to a €4m loss, mainly due to profit on player sales dropping €38m from €64m to €26m, though revenue also fell €5m (4%) from €129m to €124m. There was an even larger decline after tax to a €13m loss, due to €9m tax charge.
Main reason for €5m decrease in #Lazio revenue was they did not accrue guaranteed revenue from next season’s Europa League (unlike previous year) to comply with new FIGC recommendation, which led to TV income falling by €3m (4%) to €82m: UEFA down €7m, domestic up €4m.
Read 45 tweets

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