Quick look at the UEFA Champions League and Europa League 2020/21 revenue distributions for English clubs as at the quarter-final stage. Analysis of the amounts earned to date in the following thread #MCFC #LFC #CFC #MUFC #AFC #THFC #LCFC
I should emphasise that these figures are only indicative. They are based on UEFA’s revenue distribution guidelines, but also include some assumptions for the TV pool and rebates to broadcasters following losses caused by the COVID-19 pandemic.
As it stands (at quarter-final stage), English clubs have earned the following amounts from Europe: #MCFC €92m, #LFC €90m, #CFC €89m, #MUFC €68m, #AFC €25m, #THFC €20m and #LCFC €17m. In the case of Manchester United, their figure is Champions and Europa League combined. Image
#MCFC have earned the most in the Champions League with €92.3m, comprising: participation fee €15.25m, prize money €35.6m, UEFA coefficient €25.5m and TV pool €19.8m less €3.8m rebate. #MUFC €62.8m earnings are much less than the others, as they exited at the group stage. Image
#AFC have earned the most in the Europa League with €25.0m, comprising: participation fee €2.75m, prize money €7.8m, UEFA coefficient €3.4m and TV pool €12.1m less €1.0m rebate. #MUFC have earned €5.9m after dropping down from the Champions League. Image
Each club receives a participation fee after qualifying for the group stage, though it’s much higher in the Champions League (€15.25m) compared to the Europa League (€2.75m). Image
#MCFC has earned most prize money of €35.6m, as they won 5 games (and drew 1) in the group for €14.4m (€2.7m for a win, €0.9m for a draw), plus €1.2m for share of draws pool, €9.5m for reaching last 16 and €10.5m for quarter-finals. #AFC earned €7.8m in Europa League. Image
The UEFA coefficient payment is based on performances in Europe over the past 10 years, including bonus points for winning UEFA tournaments. On this basis, #CFC received #31m, followed by #MUFC €29m, #MCFC €25m and #LFC €22m. Image
The Champions League UEFA coefficient pot is divided into shares with each worth €1.1m, so the highest ranked club in 2020/21 (i.e. Real Madrid) gets €35m, but Ferencvaros only €1m. Highest English club is #CFC in 5th place with €31m; #LFC lowest in 13th place with €22m. Image
UEFA coefficient payments are much lower in the Europa League, where #AFC are the highest ranked club, but only receive €3.4m, just ahead of Benfica €3.4m and #THFC €3.3m. The other English club #LCFC is in 24th place with #1.8m. Image
The differences between the Champions League and the Europa League are much smaller for the TV pool, where #LFC CL €23m is “only” €11m more than #AFC EL €12m. Note: these figures are estimates, based on various sources and assumptions, so should be treated with some caution. Image
The calculation for the TV pool is split into two: (a) half based on position in previous season’s Premier League (known); (b) half based on progress in Europe this season (so this will change if a team goes further in the Champions League or Europa League).
To date #LFC have earned most from the TV pool with €23.3m, due to finishing first in prior season’s Premier League (40% of first half of pool, i.e. €13.7m) and reaching this season’s Champions League quarter-finals (same number of games as two other clubs, worth €9.5m). Image
Europa League TV pool is similar, though the FA Cup winner of the prior season receives 40% of first half, compared to 30% for teams qualifying via Premier League position. Other half essentially depends on progress in this season’s Europa League. As a result, #AFC earned €12m. Image
A rebate was agreed with broadcasting companies for 2019/20, as matches were delayed and only one leg played in quarter-finals and semi-finals. This means 4% rebate over next five seasons, giving reductions of just under €4m in 2020/21 to date for #MCFC, #LFC and #CFC. Image
Of course, a club could earn significantly more from Europe if it makes further progress, e.g. if it managed to win the Champions League, it would earn an additional €31m prize money (€12m for reaching the semi-final plus €19m for winning the tournament).
Once again, it should be noted that these are only estimates, particularly assumptions for the TV pool, while final revenue will clearly depend on progress in this season’s competition, but hopefully the analysis gives a good idea of the money that will be earned in Europe.
What is clear is that the Champions League remains highly lucrative, reinforcing the financial strength of the leading clubs. The revenue is more important than ever during this challenging period, as games continue to be played without fans, adversely impacting match day income.

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23 Mar
Leicester City’s 2019/20 financial results covered “a season of considerable progress” when they finished 5th in the Premier League, thus qualifying for the Europa League, but their finances were significantly impacted by COVID-19. Some thoughts in the following thread #LCFC
#LCFC loss before tax widened from £20m to £67m, as the pandemic led to revenue dropping £28m (16%) from £178m to £150m, though profit on player sales rose £5m to £63m. Expenses rose £23m (9%), mainly due to investment in the squad. Loss after tax was £60m. Image
Significantly impacted by COVID, the main driver of #LCFC revenue decrease was broadcasting income, which dropped £20m (16%) from £128m to £108m, while commercial fell £7m (18%) from £36m to £29m and match day was down £2m (11%) from £15m to £13m. Image
Read 44 tweets
22 Mar
Wolverhampton Wanderers 2019/20 financial results cover a season when they finished 7th in the Premier League for the second year in a row and reached the Europa League quarter-finals, but finances were significantly impacted by COVID-19. Some thoughts follow #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 £20m profit before tax to £40m loss, as the pandemic led to revenue dropping £40m (23%) from £173m to £133m and profit on player sales fell £2m to £10m, while expenses rose £18m (11%), mainly due to investment in the squad. Loss after tax £39m.
Read 43 tweets
19 Mar
Middlesbrough’s 2019/20 financial results covered a season when they finished 17th in the Championship. Neil Warnock replaced Jonathan Woodgate as manager in June. Some thoughts in the following thread #Boro
#Boro swung from £2m profit before tax to club record £36m loss, as finances hit by COVID and expiry of parachute payments. Revenue dropped £36m (65%) from £56m to £19m and profit on player sales fell £30m to £3m, partly offset by £27m (31%) cut in expenses. Loss after tax £31m.
All three #Boro revenue streams fell, especially broadcasting, which was down £32m (78%) from £41m to £9m, due to no parachute payment. Also decreases in commercial, down £2.7m (31%) from £8.6m to £5.9m, and gate receipts, down £1.6m (26%) from £6.1m to £4.5m.
Read 35 tweets
15 Mar
Nottingham Forest’s 2019/20 financials covered the third season under the ownership of Evangelos Marinakis (80%) and Sokratis Kominakis (20%), when they narrowly missed out on the Championship play-offs, finishing 7th, their highest position since 2013. Some thoughts follow #NFFC
#NFFC loss improved by £9m from £25m to £16m, mainly due to a £5m loan write-off. Revenue slightly increased from £25.3m to £25.7m and profit on player sales rose £0.7m to £11.3m, while expenses were down £3m (5%).
There was “significant lost revenue” due to the COVID-19 pandemic (ticketing, retail, catering and hospitality), but #NFFC noted that the impact is not immediately visible, as the club had been “on track to report a record turnover” before the season was suspended in March.
Read 43 tweets
12 Mar
West Ham’s 2019/20 financial results covered an “unprecedented” season when they finished 16th in the Premier League with their finances significantly impacted by COVID-19. David Moyes replaced Manuel Pellegrini as manager in December 2019. Some thoughts follow #WHUFC
#WHUFC loss before tax loss widened from £28m to £65m, as revenue dropped £51m (27%) from £191m to £140m, offset by profit on player sales rising £12m to £25m and expenses falling £2m. Loss after tax increased from £27m to 65m.
Impacted by COVID, the main driver of #WHUFC revenue decrease was broadcasting income, which dropped £45m (35%) from £127m to £82m, though there were also falls in match day, down £5m (17%) to £23m, and commercial, down £2m (5%) to £34m.
Read 44 tweets
9 Mar
Manchester United have announced financial results for Q2 of 2020/21, incorporating the first 6 months of the season. This covers July to December 2020, so provides more insight into the impact of the COVID pandemic on football clubs. Some thoughts in the following thread #MUFC
#MUFC profit before tax for the first 6 months fell from £54m to £41m, as revenue dropped £22m (7%) from £304m to £282m and profit on player sales decreased £10m to £2m. Partly offset by £6m lower expenses and £13m more interest receivable. Loss after tax down from £36m to £34m.
Despite the reduction, a £41m profit during the pandemic times represents an impressive achievement for #MUFC. As Ed Woodward said, “While the disruption to our operations remains significant, we are pleased by the tremendous resilience the club has demonstrated.”
Read 25 tweets

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