Swiss Ramble Profile picture
Brit blogging from Switzerland, usually about the business of football.
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Nov 17, 2023 12 tweets 4 min read
So Everton have been deducted 10 points by the Premier League for a breach of the Profitability & Sustainability Rules #EFC

I have frequently looked at their case, the last time during an overall review of FFP. The article can be found on my blog here swissramble.substack.com/p/financial-fa… However, given the importance of this decision, I've attached a series of screen shots from that article that help explain the background #EFC
Nov 17, 2023 7 tweets 3 min read
Analysis of Rangers' 2022/23 financial results, when pre-tax loss slightly increased to £3m, as revenue fell 4% to £84m and operating expenses rose £11m, partly offset by profit on player sales more than doubling to club record £24m #RangersFC

swissramble.substack.com/p/rangers-fina…
Image In terms of profitability, #RangersFC and #CelticFC were at the opposite end of the spectrum with Rangers posting a small £3m pre-tax loss, while Celtic generated a record £41m profit. Image
Jan 26, 2023 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.
Jan 3, 2023 11 tweets 5 min read
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.
Dec 12, 2022 8 tweets 4 min read
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
Nov 28, 2022 10 tweets 4 min read
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.
Nov 14, 2022 45 tweets 27 min read
#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.
Nov 11, 2022 12 tweets 7 min read
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
Nov 9, 2022 49 tweets 42 min read
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.
Nov 7, 2022 42 tweets 20 min read
After #Benfica won their Champions League group ahead of PSG and Juventus, I thought it might be interesting to take a look at their finances. The 2021/22 accounts cover a season when they only finished 3rd in Primeira Liga, but reached the CL quarter-finals #SLBenfica #SLB Benfica pre-tax loss widened from €34m to €42m (€35m after tax), despite revenue rising €75m (80%) from €94m to club record €169m, as profit from player sales fell €46m from €88m to €42m and expenses increased €37m (17%). Image
Nov 4, 2022 38 tweets 27 min read
Thread on how much money clubs have already received after the Champions League 2022/23 group stage. Also includes estimates for English clubs in Europa League and Europa Conference League. Some assumptions made about the TV pool, but the figures should be reasonably accurate. The Champions League accounts for the lion’s share of UEFA revenue with its €2.032 bln being nearly 3 times as much as the Europa League and Europa Conference combined (€700m). The difference is particularly stark in the UEFA coefficient (based on 10-year rankings).
Oct 31, 2022 14 tweets 9 min read
Some Liverpool fans are understandably unhappy with their team’s performances this season, identifying a lack of investment as one of the factors, particularly compared to Manchester City. This short thread will look at whether this is indeed the case #LFC #MCFC Most supporters focus on how much a club spends in the transfer market, so let’s start by looking at this. Unfortunately, the most recent accounts are only for the 2020/21 season, so we shall use Transfermarkt for transfer details in the last 2 years (2021/22 and 2022/23).
Oct 24, 2022 51 tweets 37 min read
#FCBarcelona 2021/22 accounts cover a season when they finished 2nd in La Liga and were eliminated at the group stage of the Champions League before reaching Europa League quarter-finals. Head coach Ronald Koeman was replaced by Xavi in November. Some thoughts follow. #FCBarcelona swung from €555m pre-tax loss to €124m profit (€98m after tax), including €266m gain from TV rights sale. Revenue rose €48m (8%) to €639m and profit on player sales increased €24m to €28m, while operating expenses and interest payable were down €44m & €17m. Image
Oct 17, 2022 43 tweets 33 min read
#Juventus 2021/22 accounts cover a season when they finished 4th in Serie A, won the Coppa Italia, but were eliminated in the Champions League last 16. The club noted that finances were “once again significantly penalised” by COVID. Some thoughts in the following thread. #Juventus pre-tax loss widened from €208m to €252m (€254m after tax), as revenue dropped €35m (8%) from €450m to €415m and profit on player sales fell €3m (9%) to €28m. Operating expenses rose €1m (6%), while net interest payable increased €5m (49%) to €16m.
Oct 10, 2022 42 tweets 27 min read
#Ajax 2021/22 accounts cover a season when they won the Eredivisie, were finalists in the KNVB Cup and reached the Champions League last 16. Finances still impacted by the COVID pandemic. Some thoughts in the following thread. #Ajax pre-tax loss widened from €12m to €32m (€24m after tax), despite revenue rising €64m (51%) from €125m to €189m, as profit from player sales fell €48m from €86m to €38m and operating expenses increased €35m (16%).
Oct 3, 2022 46 tweets 31 min read
#RealMadrid 2021/22 accounts cover a season when they won La Liga, the Champions League and the Supercopa de Espana . Their finances benefited from the effects of COVID “gradually subsiding” and the consequent return of fans to the stadium. Some thoughts in the following thread. #RealMadrid pre-tax profit improved from €1.7m to €20.2m (€12.9m after tax), as revenue rose €69m (10%) from €653m to €722m, though profit from player sales fell €44m to €62m and operating expenses shot up €323m (43%). Boosted by €316m capital gain from Sixth Street.
Sep 26, 2022 47 tweets 39 min read
Manchester United’s 2021/22 accounts cover a season when they finished 6th in the Premier League and were eliminated in the last 16 of the Champions League. Manager Ole Gunnar Solskjaer was replaced by Ralf Rangnick, since succeeded by Erik ten Hag. Some thoughts follow #MUFC #MUFC pre-tax loss shot up from £24m to £150m, despite revenue rising £89m (18%) from £494m to £583m, thanks to recovery from COVID and return of fans to the stadium, plus profit on player sales increasing £15m to £22m, as expenses rose £154m (29%) after investment in the squad.
Sep 21, 2022 9 tweets 8 min read
The Premier League has published details of the TV payments to clubs for the 2021/22 season. These amounted to £2.5 bln, ranging from £153m for champions #MCFC to £101m for 20th placed #NCFC (the first time the bottom club got more than £100m). The largest increases compared to the previous season came at #BHAFC, up £16m, and #AFC, up £11m. In contrast, three clubs received over £10m less than 2020/21: #LUFC £17m, #EFC £13m and #LCFC £11m.
Sep 12, 2022 24 tweets 14 min read
In advance of football clubs starting to publish their accounts for the 2021/22 season, I thought it might be helpful to share some 2-page financial overviews for each of the Premier League clubs for 2020/21, including a comparison against prior year and a 5-year graphical trend. These overviews also include Premier League rankings for each of the main financial categories, e.g. which club had the highest profit, loss, revenue, wages, debt, transfer spend, etc in 2020/21.
Aug 31, 2022 34 tweets 29 min read
As we near the end of the transfer window, some fans ask why their club has not splashed more cash on bringing in new players, despite generating significant revenue. This thread will look at where the money goes by analysing the last 5 years for the Big Six Premier League clubs. This analysis will look at the source and use of funds for the 5 years up to 2021 (most recently published accounts). We will remove pure accounting entries, such as player amortisation and profit on player sales, but incorporate all cash movements to give a “real world” view.
Aug 29, 2022 42 tweets 31 min read
Following Bayern Munich’s imperious start to the season, on the back of 10 Bundesliga titles in a row, I thought it might be interesting to look at their finances, even though it’s been a while since they published their 2020/21 accounts #FCBayern Despite the significant impact of COVID, #FCBayern “achieved sound financial results”, once again posting a pre-tax profit, though down from €17m to €5m (€2m after tax). Revenue (club definition) fell €54m (8%) from €698m to €644m, largely offset by €42m cut in expenses.