Swiss Ramble Profile picture
Jan 26 13 tweets 12 min read
Detailed review of the Deloitte Money League 2021/22 can be found on my Substack, but some snippets in this short thread.

swissramble.substack.com/p/money-league…
#MCFC £619m reported the highest revenue, just ahead of #RealMadrid £605m with #LFC £594m up to 3rd, overtaking #MUFC £583m, #PSG £554m, #FCBayern £554m and #FCBarcelona £540m.
8 of the 9 highest revenue increases over 2020/21 came from English clubs. #LFC led the way with an impressive £106m, followed by #MUFC £89m and #THFC £82m. The biggest reductions were at two Italian clubs, troubled Juventus £44m and Inter £32m.
Despite both Spanish giants growing revenue, they were still far below pre-pandemic levels. #RealMadrid were down €44m (6%), while #FCBarcelona have fallen a massive €203m (24%) from their Money League all-time high of €841m in 2019 (even before pulling economic levers).
Revenue for the Top 20 clubs rose €1.0 bln (13%) from €8.2 bln to €9.2 bln, which is marginally lower than the 2019 peak of €9.3 bln, though still the second highest ever total in the Money League.
3 clubs had match day revenue above £100m, namely #PSG £112m, #MUFC £107m and #THFC £106m, closely followed by #LFC £95m. At the other end of the spectrum, 3 English clubs had revenue less than £25m: #LUFC £24m, #LCFC £21m and #EFC £15m.
#LFC reported the highest broadcasting income of £266m, thanks to good sporting performance. The importance of European qualificatioin is clear.
Highest commercial revenue generated by #PSG £324m, just ahead of #FCBayern £320m and #MCFC £316m. Largest growth since the pandemic came from City and #LFC.
The Premier League contributed a record 11 clubs in the Top 20 and 16 in the Top 30.
#MCFC £619m were £25m ahead of #LFC £594m, even though they were behind the Reds in both match day £41m and broadcasting £17m. These shortfalls were more than offset by commercial, where City report £83m more.
#PSG wage bill is easily the highest of the Money League clubs at a massive £615m, followed by #RealMadrid £441m and #FCBarcelona £395m. Highest placed English club is #MUFC £385m, followed by #LFC £368m, #MCFC £353m and #CFC £342m.
Highest wages to turnover ratio is at #PSG with 111%, followed by three English clubs: #EFC 96%, #NUFC 95% and #LCFC 85%. This helps explain recent financial constraints at Everton and Leicester, while Newcastle are clearly in investment mode.
Much more like this in the Substack.

swissramble.substack.com/p/money-league…

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More from @SwissRamble

Jan 3
Detailed review of West Ham's financial results for the 2021/22 season is in my Substack blog, but a few highlights to follow #WHUFC
#WHUFC swung from a £27m pre-tax loss to £12m profit, a £39m improvement.
#WHUFC revenue rose £60m (31%) from £193m to a club record £253m.
Read 11 tweets
Dec 12, 2022
Analysis of Manchester United's first quarter financials for the 2022/23 season. Loss increased, as operational improvement wiped out by higher interest. No dividend payment. Gross financial debt up to £680m. Highest ever PL transfer debt £307m #MUFC swissramble.substack.com/p/manchester-u…
A few points from the detailed analysis of Manchester United's Q1 2022/23 results #MUFC
Gross financial debt increased £44m to £680m since year-end, so is now £76m higher than the £604m owed after the Glazers’ leveraged buyout nearly 20 years ago. Largely due to the weakening GBP, as most of the debt is denominated in USD #MUFC
Read 8 tweets
Nov 28, 2022
Sensational news emerging off the pitch this evening, as the #Juventus board, including President Andrea Agnelli, has resigned amid "legal and technical/accounting matters", citing issues which the club referred to as "salary manoeuvres”.
This relates to players waiving part of their salaries in response to the COVID pandemic in 2019/20 and 2020/21 plus subsequent loyalty bonuses.
Although #Juventus said that a review by independent experts said that the accounting treatment used "falls within those allowed by applicable accounting principles", they now believe that a more prudent approach would be appropriate.
Read 10 tweets
Nov 14, 2022
#CelticFC 2021/22 accounts cover a season when they regained the Scottish Premiership title under new manager Ange Postecoglou and also won the League Cup, but were eliminated from the Europa League after the group stage.
#CelticFC swung from £11.5m pre-tax loss to £6.1m profit (£5.8m after tax), as revenue rose £27m (45%) from £61m to £88m and profit on player sales increased £20m from £9m to club record £29m, partly offset by £25m (29%) higher operating expenses and no repeat of £5m insurance.
Main reason for #CelticFC revenue increase was match day, which rose £22m (107%) from £21m to £43m, due to the return of fans to the stadium, while commercial grew £3m (11%) to £32m in a more normalised trading environment and broadcasting was up £2m (18%) to £13m.
Read 45 tweets
Nov 11, 2022
I’ve had a few questions on the revenue impact of Barcelona’s exit elimination from this season’s Champions League after the group stage. As is often the case, the answer depends on how you look at it #FCBarcelona
As per my model, #FCBarcelona have earned €70.2m from this season’s Champions League, comprising participation fee €15.6m, prize money €7.0m, UEFA coefficient €34.1m and TV pool €15.9m less €2.5m COVID rebate to broadcasters. Image
As we can see, #FCBarcelona have benefited from their previous good record in Europe with their UEFA coefficient €34.1m payment accounting for nearly half their total €70.2m distribution. This is currently the third highest in Europe, only behind #RealMadrid and #FCBayern. Image
Read 12 tweets
Nov 9, 2022
Manchester City’s 2021/22 accounts covered a season when they won the Premier League for the fourth time in five years (their sixth title in 11 years) and reached the semi-finals of the Champions League and the FA Cup. Some thoughts follow #MCFC
#MCFC chairman Khaldoon Al Mubarak noted that it was also the most successful financial year in the club’s history with chief executive Ferran Soriano highlighting that City broke the club records for both revenue and profits.
#MCFC pre-tax profit improved from £5m to £42m, as revenue rose £43m (8%) from £570m to £613m, thanks to recovery from COVID and the return of fans to the stadium, while operating expenses only increased £11m (2%). Profit from player sales was almost unchanged at £68m. Image
Read 49 tweets

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