Now that the Champions League group stage is over, I thought it might be interesting to look at how much money the clubs have already received. Spoiler alert: it’s a hell of a lot. Some numbers in the following thread.
The amount distributed to clubs in UEFA 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%) & coefficient ranking €585m (30%) 
In 2019/20 each of the 32 clubs qualified for the 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.
The maximum amount a club can earn from the Champions League (excluding TV pool & coefficient) is a substantial €82.5m, which is 44% (€25.3m) higher than the previous cycle’s €57.2m.
As an illustration of how much a club could potentially earn in total, let’s take #MCFC as a hypothetical. If they won the Champions League, winning all their group stage games (and the other English clubs were eliminated in the last 16), they would receive an incredible €134m.
All the numbers in this analysis are certain except for the TV pool, which is split into two: (a) based on position in prior season’s domestic league (known); (b) progress in this season’s Champions League (will change). For this analysis, I have only taken the known first half.
In addition, it is worth noting that the size of each country’s TV pool has been estimated, based on details sourced from some club accounts and media reports. Furthermore, I have only calculated figures for the “Big Five” leagues.
Looking at how Champions League revenue is distributed in the current cycle, the importance of the UEFA coefficient is evident. TV pool is much less important than it was before. This rewards historically successful clubs rather than those with larger national TV rights deals.
The first element of the Champions League revenue distribution model is the participation fee. Each of the 32 clubs that qualify for the group stage receive the same amount, namely €15.25m.
Bayern Munich have earned the highest prize money to date with €27.3m, as they won all 6 games in the group stage, which was worth €16.2m (€2.7m for each win), plus €1.6m for their share of the money left on the table for draws and then €9.5m for reaching the last 16.
UEFA coefficient is based on performances over 10 years, including bonus points for winning UEFA tournaments. The €585m pot is divided into shares with each worth €1.108m, so the highest ranked club (Real Madrid) gets €35.5m and the lowest (Slavia Prague) €1.1m.
#THFC Champions League revenue is adversely impacted by having the least successful record of English clubs in group stage, the lowest UEFA coefficient (based on last 10 years) and finishing 4th in 2018/19 Premier League (smallest TV pool).
Barcelona have the highest Champions League 2019/20 revenue to date in Spain with €81m, due to earning the most prize money and having the highest TV pool. Followed by Real Madrid €75m (best UEFA coefficient of all the clubs in Europe), Atletico Madrid €73m and Valencia €55m.
Spain have benefited the most from the introduction of the UEFA coefficient payment, thanks to their very successful record in Europe. In fact, Spanish clubs have three of the four highest rankings: Real Madrid 1st (€35m), Barcelona 2nd (€34m) and Atletico Madrid 4th (€32m).
Bayern Munich’s €82m is the highest Champions League 2019/20 revenue to date in Germany, due to earning the most prize money, having the best UEFA coefficient and highest TV pool. There is a big gap to Borussia Dortmund €63m, RB Leipzig €43m and Bayer Leverkusen €37m.
Bayern were boosted by winning all 6 games in the group stage (worth €2.7m each), while Leverkusen were one of only two clubs from the Big Five leagues not to reach the last 16. RB Leipzig’s relatively recent success means only €4m from UEFA coefficient against Bayern’s €33m.
Juventus’ €80m is the highest Champions League 2019/20 revenue to date in Italy, due to earning the most prize money, having the best UEFA coefficient and highest TV pool. There is a big gap to Napoli €59m, Inter €41m and Atalanta €40m.
Inter €41m earned more than Atalanta €40m, despite not reaching the last 16, entirely due to having a higher UEFA coefficient (€17m vs. €3m), which shows how this new distribution model protects the traditional large clubs against the up-and-coming teams.
Paris Saint-Germain have the highest Champions League 2019/20 revenue to date in France with €75m, due to earning the most prize money, having the best UEFA coefficient and highest TV pool. Followed by Lyon €57m and Lille €27m.
So Lille have earned a reasonable €27m (plus second half of TV pool) from the Champions League, despite only managing to draw one game in the group stage. Lyon were boosted by €22m from their UEFA coefficient, linked to former glories.
Although no club from outside the Big Five leagues reached the last 16, some of them still generated good money from their Champions league adventures. Excluding TV pool, the largest earners were Benfica €51m, Ajax €46m, Shakhtar Donetsk €44m and Zenit St Petersburg €41m.
It should be emphasised that these figures include assumptions around size of the TV pools, while revenue will clearly depend on progress in this season’s competition, but the analysis should give a good idea of the money that can be earned in the Champions League.
What is clear is that qualification for the Champions League is more lucrative than ever – and this reinforces the financial strength of the elite clubs from the Big Five leagues. Huge money from the CL makes qualification more likely, which delivers more cash. Rinse and repeat.
