Swiss Ramble Profile picture
May 24 22 tweets 16 min read
UEFA has published the revenue distributions for the Champions League and Europa League in the 2020/21 season. Although these are very close to the modelled figures that I have previously provided, I thought some people might like to have the final, official figures.
Unsurprisingly, the two Champions League finalists earned the most with winners #CFC and #runners-up MCFC receiving £105m and £104m respectively, followed by #RealMadrid and #PSG, both £96m, then #FCBayern £81m and #LFC £77m.
Clubs in the Europa League received a lot less with winners #Villarreal getting only £29m, followed by semi-finalists #AFC £26m and #ASRoma £21m, then #THFC £16m. Runners-up #MUFC earned £15m after dropping down from the Champions League, while #LCFC got £14m.
The financial incentive for finishing in the top four is clear, as the average earnings of England’s Champions League representatives of £89m are nearly five times as much as the £19m average of the Europa League clubs.
#MUFC £70m represents their total earnings from Europe, split into £54m from the Champions League (eliminated at the group stage) and £15m for reaching the Europa League final. Note: they only receive participation fee and UEFA coefficient from the senior competition.
In Spain #RealMadrid led the way with £96m for reaching the semi-final, while the other three Champions League representatives also earned well for getting to the last 16: #FCBarcelona £74m, #Atleti £66m and #Sevilla £59m. #Villarreal received £29m for winning the Europa League.
#FCBayern received £81m after their quarter-final exit, while #BVB earned £69m for reaching the same stage. The Europa League representatives that qualified for the group stage, Bayer Leverkusen and Hoffenheim, averaged £15m after getting to the last 32.
Even though #Juventus £73m, #Lazio £47m and #Atalanta £44m all reached the last 16, the bianconeri received much more, due to their higher UEFA coefficient and TV pool. #ASRoma were one of the highest Europa League earners, but their £21m was far below the Champions League clubs.
#PSG earned £96m after reaching the Champions League semi-final, which was around as much as all the other French clubs competing in Europe, followed by Marseille £41m and Rennes £28m. Lille and Nice earned £16m and £11m respectively in Europa League, due to high TV pool.
#RangersFC earned £11m after reaching the Europa League last 16, while #CelticFC received £7m after failing to get out of the group. The Hoops will earn considerably more from next season’s Champions League, as will Rangers if they manage to reach the group stage.
Porto were the only Portuguese club to qualify for the Champions League group stage, earning £65m after progressing to the quarter-finals. The two clubs that reached the Europa League last 32, namely Benfica and Braga, received around £10m.
#Ajax earned £41m (Champions League group stage £37m plus Europa League quarter-final £4m), which was nearly twice as much as the other Dutch clubs combined: PSV Eindhoven £9m, AZ £7m and Feyenoord £6m.
Turkey’s sole Champions League qualifier, Istanbul Basaksehir, earned £20m (mainly participation fee) after failing to get out of the group. This was over twice as much as Sivasspor, who received £8m for reaching the Europa League group stage.
For completeness, let’s now take a quick look at the other clubs that qualified for the Champions League group stage, covering representatives from Russia, Ukraine, Austria, Belgium, Denmark, Greece and Hungary.
No fewer than three Russian clubs qualified for the Champions League group stage, but they only registered a single win between them. Despite that poor record, they had decent revenue (Zenit £30m, Lokomotiv Moscow £23m and Krasnodar £23m), mainly due to the UEFA coefficient.
The good UEFA coefficient also helped the two clubs from Ukraine in the Champions League earn well with Shakhtar Donetsk receiving £37m and Dynamo Kyiv £30m, both clubs benefiting from high UEFA coefficients.
Austria’s representative, RB Salzburg, earned £30m, largely from the participation fee and a decent UEFA coefficient.
Belgium’s Club Brugge also received £30m, boosted by a creditable performance in the group stage (2 wins and 2 draws), which resulted in €7.7m prize money.
Midtjylland from Denmark earned £18m, largely from the participation fee €15.3m, as their prize money, UEFA coefficient and TV pool were all on the low side.
The Greek representative, Olympiacos, received £31m, despite only winning one game in the group, as they were helped by a €15.5m UEFA coefficient.
Hungary’s Ferencvaros earned £16m, largely from the participation fee €15.3m, as prize money, UEFA coefficient and TV pool were all on pretty low.
These figures are now a full season out-of-date, but hopefully they will still be helpful to some, especially as the way that the revenue distribution is calculated is not completely intuitive. Also highlights the financial benefit of finishing in the Premier League top four.

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More from @SwissRamble

May 24
The Champions League final between Liverpool and Real Madrid on Saturday night is a mouth-watering prospect, but how much money is it worth to the Reds? #LFC
My model suggests that #LFC have already earned around £102m (€117.6m) for reaching the Champions League final.

This comprises participation fee €15.6m, prize money €66.3, UEFA coefficient €22.7m and TV pool €17.1m less COVID rebate €4.1m.
However, #LFC Champions League earnings this year are restricted by their third place finish in last season's Premier League, which means they only receive 20% of the first half of the TV pool.
Read 9 tweets
May 23
Newcastle United’s 2020/21 financial results cover a season when they finished 12th in the Premier League under head coach Steve Bruce, since replaced by Eddie Howe in November 2021. Disrupted by the COVID-19 pandemic. Some thoughts in the following thread #NUFC
This was the last set of accounts under Mike Ashley’s ownership, as the club was acquired in October 2021 by Saudi Arabia’s Public Investment Fund (80% stake), as well as PCP Capital Partners (10%) and RB Sports & Media (10%).
#NUFC pre-tax loss reduced from £26m to £14m, despite revenue falling £13m (8%) from £153m to £140m and profit on player sales dropping £24m to £2m, as operating expenses decreased £51m (25%), mainly due to change in accounting date. Loss after tax narrowed from £23m to £12m.
Read 52 tweets
May 21
Leeds United and Burnley have written to the Premier League, threatening to take legal action for their failure to punish Everton for what they believe to be a serious breach of the regulations. Relegation would have significant financial consequences. #EFC #LUFC #BurnleyFC
If a club breaches the Premier League’s Profitability and Sustainability rules, it can face sanctions ranging from fines to points deductions. #LUFC and #BurnlyyFC would argue that #EFC have enjoyed a competitive advantage, as the league has not sanctioned their high spending.
#EFC are adamant that they are in line: “'We have worked so closely with the Premier League to make sure we are compliant. We are comfortable we have complied with the rules. External auditors have told us what we can and cannot claim against the pandemic.”
Read 27 tweets
May 12
Paris Saint-Germain’s 2020/21 accounts cover a season when they were Ligue 1 runners-up, though they won the title again in 2021/22, their 8th in 10 years. Also reached the Champions League semi-final and won the Coupe de France. Some thoughts in the following thread #PSG
#PSG were acquired in 2011 by Qatar Sports Investments (QSI), a subsidiary of Qatar's sovereign wealth fund Qatar Investment Authority (QIA), making the club by far the richest in France and one of the wealthiest in the world. Nasser Al-Khelaifi is the club’s chairman and CEO.
Partially due to COVID, #PSG pre-tax loss increased by €100m from €125m to club record €225m, despite revenue increasing €10m (2%) from €560m to €570m, as €55m profit on player sales turned into a €5m loss, while operating expenses shot up €56m (8%). Post-tax loss €224m Image
Read 50 tweets
May 9
Sheffield United’s 2020/21 accounts covered a season when they finished 20th in the Premier League, leading to relegation after a two-year spell in the top flight. Manager Chris Wilder was replaced by Paul Heckingbottom (interim basis). Some thoughts follow #SUFC #twitterblades
This was the second year under new #SUFC owner Prince Abdullah after the High Court ruled that Kevin McCabe had to sell his 50% share to the Prince. This also triggered an agreement whereby the club had to purchase the stadium, training facility, gym, hotel and offices for £38m.
#SUFC pre-tax profit fell from £19m to £10m, as revenue dropped £28m (20%) from club record £143m to £115m and profit on player sales decreased £3m to £1m, partly offset by operating expenses falling £21m (17%). Net interest payable was up £1.7m to £2.5m.
Read 43 tweets
May 4
After UEFA’s ruling that no Russian clubs will participate in its competitions until further notice, it is now certain that the winners of the Scottish Premiership will qualify automatically for the group stage of the Champions League without having to go through a play-off.
As Celtic realistically only need three points to secure the title (given their vastly superior goal difference), it looks likely that they will take Scotland’s Champions League place, so I thought it would be interesting to estimate how much this might be worth #CelticFC
#CelticFC have received £133m from Europe in TV distributions from UEFA in the last 10 years, but the difference between earnings from the Champions League (£92m in 4 years) and the Europa League (£41m in 6 years) is stark.
Read 18 tweets

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