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Atletico Madrid’s 2017/18 accounts cover their first season in the Wanda Metropolitano stadium, when they finished 2nd in La Liga behind Barcelona and won the Europa League (after being eliminated at the Champions League group stage). Some thoughts in the following thread #Atleti
#Atleti profit before tax increased from €5m to €12m (after tax down from €5m to €4m), as revenue rose €31m (11%) to record high of €313m, though profit on player sales fell €20m to €16m. Large exceptional items: Vicente Calderon sale rights €41m, Wanda investment €47m. 
Main driver of the #Atleti revenue increase was the move to the new stadium, as match day rose €17m (37%) to €62m and commercial was up €17m (22%) to €93m. Broadcasting slipped slightly to €158m, as lower Champions/Europa League distribution offset higher money from La Liga.
#Atleti wage bill surged €34m (19%) to €212m and depreciation rose €5m to €7m, though player amortisation fell €8m (13%) to €52m. Other expenses doubled to €110m, due to movement in stocks swinging from €22m credit to €19m charge. Net interest payable up €2m to €25m.
Most clubs in La Liga are profitable, so #Atleti €4m profit after tax is only around mid-table. Two clubs that have so far published 2017/18 accounts made more money, though they are the leading two: Real Madrid €31m and Barcelona €13m. However, Valencia reported a €36m loss.
#Atleti profit on player sales fell from €37m to €16m (revenue €22m less expenses €5m), mainly Theo Hernandez to Real Madrid and Carrasco and Gaitan to China. Significantly below Barcelona’s unprecedented €208m, thanks to the Neymar sale to PSG, and Real Madrid’s €54m.
#Atleti profits have been improving with the last loss coming seven years ago in 2011. Since then, they have reported aggregate profits of €39m, almost all in the last 4 years (including €19m in 2015 and €12m in 2018). This is in stark contrast to the €28m loss in 2009.
That said, #Atleti’s 2018 €12m profit has been boosted by two exceptional items: (a) €41m sales value of urban rights from old Vicente Calderon stadium; (b) €47m Wanda investment for development of the academy. If these were excluded, club would have reported a €76m loss.
However, #Atleti were not so reliant on player sales to make a profit last year, though they have earned a thumping great €234m from this activity in last 8 years. If these sales were excluded, total loss would have been €206m. Next year will include Castro and Jota to Wolves.
#Atleti EBITDA (Earnings Before Interest, Depreciation and Amortisation), which strips out player sales and non-cash items to give underlying profitability, fell from €53m to €32m, though still much better than €9m in 2012. Would be €51m if €19m movement in stocks excluded.
#Atleti revenue has grown by nearly €200m (160%) in just 5 years from €120m in 2013 to €313m in 2018, largely from TV €107m (split between domestic TV deal and Champions League), then commercial €55m & match day €31m. Revenue mix: TV 50%, commercial 30% and match day 20%.
However, the revenue gap to Real Madrid €751m and Barcelona €690m continues to grow and is now €390m-450m. On the other hand, #Atleti are significantly outpacing Sevilla and Valencia, generating between €140m and €190m more than these rivals.
#Atleti retained 13th place in the Deloitte Money League for the third consecutive year, though they narrowed the gap to 12th placed Borussia Dortmund to just €13m. Worth noting that the revenue definition used here is slightly different: €304m compared to the club’s €313m.
#Atleti also had the 13th highest broadcasting income in the Money League with €158m, split between €110m domestic and €48m Europe. That’s not too bad, but to place it into context it was lower than Everton €160m, due to the blockbuster Premier League TV deal.
After move to collective Spanish TV deal (50% equal share, 25% performance & 25% popularity), Barcelona €154m and Real Madrid €148m still get most, but #Atleti share grew more to €111m. New 3-year deal from 19/20 will further increase revenue: domestic 15%, international 30%.
#Atleti earned €48m from Europe: €32m after group stage exit in the Champions League, before dropping to the Europa League, where they got €16m for winning it. This is €13m lower than the €61m they received the previous season when they reached Champions League semi-finals.
Real Madrid received €89m for winning the Champions League, while Barcelona & Sevilla got €57m and €48m for reaching the quarter-finals. #Atleti TV pool share impacted by finishing 3rd in La Liga in 2016/17, so only received 20% of first half (Real Madrid 40% & Barcelona 30%).
Even though they actually won the Europa League, #Atleti €16m revenue was lower than three other clubs: Arsenal €38m, Marseille €23m and Lazio €17m all benefited from higher TV pool, either because their countries’ TV deal is higher or shared between fewer clubs.
Nevertheless, #Atleti’s recent success in Europe, including twice reaching Champions League final and winning Europa League 3 times, has had a big impact on finances, earning them €272m in last 5 years, almost as much as Barcelona €277m, though well behind Real Madrid €360m.
Champions League revenue will rise by 54% in 2018/19. There is also a new UEFA coefficient payment (based on performances over 10 years), which will benefit #Atleti at the expense of clubs from countries with large TV pools (England and Italy), guaranteeing them €32m.
#Atleti’s first year at the Wanda Metropolitano stadium increased match day income (Deloitte definition) by €16m (39%) to €57m, though still only 12th highest in the Money League, way behind Barcelona €145m and Real Madrid €143m. Around the same level as Borussia Dortmund.
Following the move from the Vicente Calderon to the newly renovated, 68,000 capacity Wanda Metropolitano in 2017/18, #Atleti attendance rose from 44,675 to 55,485. The stadium has cost over €300m, though it is hoped to recoup up to €200m from sale of Calderon property rights.
Despite the steep increase, #Atleti average attendance of 55,485 remains the third highest in Spain, though the gap has narrowed to Barcelona 68,591 and Real Madrid 65,653.
#Atleti commercial income rose €19m (27%) to €89m. However, as Gil said, they “still have a long way to go” with the club only 15th highest in Money League, generating about a quarter of Real Madrid €356m and Barcelona €323m. Hope to leverage opportunities from new stadium.
#Atleti extended Plus500 shirt sponsorship by 3 seasons to 2020/21 (reportedly worth around $10m a year), while their kit deal has been with Nike since 2001. Recently announced Hyundai as new sleeve sponsor from 2018/19 season. Club has €50m naming rights for 5 years from Wanda.
#Atleti wage bill shot up €34m (19%) to €212m, partly due to new contracts (Griezmann, Godin, etc), increasing wages to turnover ratio from 63% to 68%. This means that wages have more than tripled from €64m in 2013, though revenue also up from €120m to €313m in same period.
Once again, this leaves #Atleti as the “Inbetweeners” of La Liga, as their €212m wage bill is around half of Barcelona €487m and Real Madrid €395m, but twice as much as the closest challengers: Sevilla €100m, Valencia €87m and Athletic Bilbao €71m.
In fact, the gap between #Atleti and Barcelona’s wage bills has never been higher: it was up to €275m in 2018. Although the difference with Real Madrid has reduced, it is still a massive €183m. Worth noting this is based on pure football wages, as I have excluded other sports.
Despite the growth, #Atleti’s €212m wage bill is still a fair way behind Europe’s elite clubs. As one comparison, they are far behind England’s two Europa League representatives: Chelsea €276m and Arsenal €252m.
#Atleti wages to turnover ratio of 68% is their highest since 2012, but it is still (just) below UEFA’s recommended 70% threshold. Indeed, it is 2% lower than Barcelona’s 70% after the Catalans’ huge wages growth, though a lot more than Real Madrid’s 53%.
In fact, #Atleti wages to turnover ratio of 68% is the second highest (worst) of the top 15 Money League clubs, only surpassed by Barcelona 70%. This is largely due to their relatively low turnover, but Dortmund, who have a similar revenue level, have managed to achieve 59%.
#Atleti’s other staff cost, player amortisation, has been steadily rising over the last few seasons from €17m in 2014, reflecting their growing investment in the playing squad, though it did slip back last year from €59m to €52m.
To place this into context, #Atleti total amortisation of €58m (including €7m depreciation) is still a long way below the Big Two (Barcelona €132m and Real Madrid €102m), while Valencia somehow have an annual €53m charge.
#Atleti average net transfer spend has significantly grown from £(8)m in 5 years 2009-14 to £26m in 5 years 2014-19. Even though average player sales have doubled in this period from €43m to €88m, purchases have more than tripled from €35m to €114m.
In fact, #Atleti’s €117m net sales over last 3 seasons is only behind Barcelona’s €212m, including buying Lemar, Diego Costa, Vitolo, Gameiro, Gaitan & Rodri. Perhaps surprisingly Real Madrid have net sales, largely due to transfers of Ronaldo to Juventus & Morata to Chelsea.
It was much the same for gross transfer spend, as #Atleti €307m was only surpassed by Barcelona €613m (though only around half), but ahead of Real Madrid €249m, Sevilla €234m and Valencia €217m.
#Atleti have suffered from huge debt for many years, though total liabilities did fall from €847m to £808m. The good news is that debt to tax authorities has been cut from €206m in 2012 to “only” €47m, but amounts owed to staff up to €125m (a high proportion of €212m wages).
#Atleti debt to financial institutions has been cut from €231m to €195m, mainly loans from Mexican magnate Carlos Slim to finance new stadium development. Transfer fees owed are up from €71m to €85m (net €59m considering €26m owed by other clubs).
On a net basis #Atleti have by some distance the highest debt in Liga, rising from €739m to €749m in 2018. This is much more than Barcelona €502m, Real Madrid €373m, Valencia €339m and Espanyol €142m.
#Atleti generated €30m cash from operations in 2018, but spent €80m on capex, €47m on loan & interest payments & just €8m (net) on players. This was partly funded by €33m asset disposal & €50m capital injection (Quantum Pacific buying 15% stake), leaving a €24m shortfall.
In the last 8 years #Atleti have been largely funded by €426m of loans and €50m capital. This has been spent on infrastructure €192m, (net) player purchases €153m and interest payments €75m, while covering €64m operating losses. In the same period, cash balance is up €12m.
There is much to applaud about #Atleti’s efforts to compete with Real Madrid and Barcelona, despite considerable financial disadvantages. The new stadium should help, but their business model still requires good progress in the Champions League – or player sales.
