I’ve had a couple of requests to update the two-page “executive summary” for leading Dutch clubs, so this thread includes 2019/20 financial overviews for #Ajax #PSV #Feyenoord and #AZ. Note: the Dutch season ended early in April due to COVID-19.
#Ajax pre-tax profit fell €42m from €69m to €27m, mainly due to revenue dropping €37m (19%) from record €199m to €162m and expenses increasing by €17m, partly offset by profit on player sales rising €12m to €84m. Debt now includes €151m financial leases due to IFRS 16.
#PSV revenue fell €25m (26%) from €97m to €72m, as they competed in Europa League, rather than Champions League in prior season. As a result, operating loss widened to €41m, but pre-tax profit only fell from €6m to €2m, due to profit from player sales rising €26m to €47m.
#Feyenoord revenue up 4% to €73m thanks to reaching Europa League group stage. However, pre-tax loss slightly worse at €9m, highest in the Eredivisie, as profit from player sales fell from €8m to €4m. Wages up €3m to €38m, but 51% wages to turnover ratio lowest in league.
#AZ had second highest pre-tax profit in Netherlands of €8m, despite profit on player sales falling from €24m to €13m. Revenue up 21% to €31m after reaching Europa League last 32. Wages increased 12% to €22m. Included €10m insurance payment for damaged stand roof.

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More from @SwissRamble

30 Nov
#RangersFC 2019/20 financial results cover a season when Scottish football was ended early in March due to COVID-19, though they were awarded second place in the Premiership based on average points. They also reached the last 16 of the Europa League. Some thoughts follow.
#RangersFC pre-tax loss widened from £11.4m to £17.8m, despite revenue rising £5.9m (11%) to £59.0m, though profit on player sales fell £2.4m to £0.7m. This was due to £11.5m (18%) increase in operating expenses, as the club invested in the first team. After tax loss was £17.5m.
The main driver of #RangersFC revenue increase was the Europa League, which was worth £20.7m compared to £14.3m prior year. This led to growth in gate receipts, up £3.7m (12%) to £35.7m, and broadcasting, up £2.6m (24%) to £13.5m. Commercial fell £0.5m (5%) to £9.8m.
Read 50 tweets
27 Nov
Tottenham Hotspur’s 2019/20 financial results covered a season that was disrupted by the COVID-19 pandemic, but they still benefited from the new stadium. The club finished sixth in the Premier League and reached the last 16 in the Champions League. Some thoughts follow #THFC
#THFC swung from £87m profit before tax to £68m loss, a deterioration of £155m. Revenue dropped £69m (15%) from club record £461m to £392m (including exceptional £11m TV rebate), while profit on player sales rose £4m to £15m and expenses increased £85m. After tax loss was £64m.
Main driver of #THFC revenue fall is broadcasting, down £108m (44%) to £136m, due to Premier League deferral/rebate and reaching Champions League final prior season. However, new stadium led to growth in match day, up £13m (16%) to £95m, and commercial, up £26m (19%) to £162m.
Read 47 tweets
23 Nov
Celtic’s 2019/20 accounts cover a season when Scottish football was ended early in March due to COVID-19, though they were declared champions for the 9th consecutive season based on average points. They also reached the last 32 of Europa League. Some thoughts follow #CelticFC
Due to COVID, #CelticFC pre-tax profit dropped from £11.3m to £0.1m, as revenue fell £13m (16%) from £83m to £70m, offset by £6m increase in profit on player sales to £24m and £4m reduction in expenses. However, no repeat of prior season’s £9m compensation for Brendan Rodgers.
All three #CelticFC revenue streams were lower, especially match day, which fell £7.5m (17%) from £43.3m to £35.8m. Commercial dropped £3.6m (15%) from £24.4m to £20.8m, while broadcasting was also down £2.0m (13%) from £15.7m to £13.7m.
Read 46 tweets
17 Nov
The Olympique Lyonnais 2019/20 accounts cover a season when Ligue 1 was ended early in March due to COVID-19 with #TeamOL in 7th place. However, they reached the semi-finals of Champions League, Coupe de France and final of Coupe de la Ligue. Some thoughts in the following thread
It is also worth noting the continued success of #TeamOL women’s team, who achieved a clean sweep in 2019/20, winning their 14th consecutive French league title, 7th Champions League, 9th Coupe de France and the first edition of the Trophée des Championnes.
Due to COVID, #TeamOL swung from €8m pre-tax profit to €36m loss, as revenue fell €40m (18%) from €221m to €181m, though partly offset by €13m government aid and profit on player sales rising €6m to €83m. Also adversely impacted by €25m increase in costs.
Read 48 tweets
9 Nov
Norwich City’s 2019/20 accounts covered a “challenging period” for the club, as they were relegated after just one season in the Premier League and their finances were impacted by the outbreak of COVID-19. Some thoughts in the following thread #NCFC
Despite the impact of the pandemic, #NCFC swung from £39m pre-tax loss in the Championship to £2m profit, thanks to revenue surging £85m from £34m to club record £119m, though competing in the Premier League increased expenses by £46m. After tax went from £33m loss to £2m profit.
#NCFC profit would have been £12.7m higher at £15m without the “significant” impact of COVID-19. Revenue was £10.2m lower, due to rebates to broadcasters £7.1m and season ticket holders £3.1m, while costs were higher after extending the season to July.
Read 41 tweets
2 Nov
#ASRoma 2019/20 accounts cover a season when they finished 5th in Serie A and reached the last 16 of the Europa League. Impacted by COVID-19 in the last 3 months. After year-end The Friedkin Group purchased the club from fellow American James Pallotta. Some thoughts follow.
#ASRoma loss before tax shot up from €15m to €204m, their highest ever loss, as revenue fell €87m (37%) from €236m to €149m and profit on player sales slumped €111m to €18m, only partly offset by €24m (6%) reduction in operating expenses. After tax loss was also €204m.
#ASRoma revenue reduction was mainly TV, down €59m (41%) to €86m, partly due to playing in Europa League instead of Champions League prior year, though also falls in commercial, down €20m (36%) to €35m, and match day, down €13m (39%) to €21m. Player loans up €4m to €7m.
Read 44 tweets

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