Barcellona e Real in cima alla Top 20 dei club per ricavi

7/25/2019 Barcellona e Real in cima alla Top 20 dei club per ricavi

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Top of the tableFootball Money League


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Real Madrid completean eleventh year at thetop of the Money Leaguebut we expect this to

be the last in that sequenceas Manchester Unitedlook set to be top of the

table next year


3/40Football Money League 2016 Sports Business Group 1

Contents

2 Introduction

6 Ups and downs

7 Set plays

8 Extra time

10 The Deloitte Football Money League

36 Delivering more to sport

Edited byDan Jones

Sub-editorTimothy Bridge

AuthorsSam Boor, Alex Bosshardt, Matthew Green, Chris Hanson, James Savage,Andy Shaffer and Christopher Winn

Sports Business GroupPO Box 500, 2 Hardman Street, Manchester, M60 2AT, UKTelephone: +44 (0)161 455 8787E-mail: [email protected]/sportsbusinessgroup

January 2016


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Introduction

Welcome to the 19th edition of the DeloitteFootball Money League in which we prole the

highest earning clubs in the worlds most popularsport. Published just eight months after the end ofthe 2014/15 season, the Money League is the mostcontemporary and reliable analysis of the clubsrelative nancial performance.

There are a number of metrics, both nancial andnon-nancial, that can be used to compare clubsincluding attendance, worldwide fan base, broadcastaudience and on-pitch success. In the Money Leaguewe focus on clubs ability to generate revenue frommatchday (including ticket and corporate hospitality

sales), broadcast rights (including distributions fromparticipation in domestic leagues, cups and Europeanclub competitions) and commercial sources (includingsponsorship, merchandising, stadium tours and othercommercial operations), and rank them on that basis.

ChangesThis years Money League sees another year of upsand downs in the nancial pecking order of world clubfootball, with twelve of the consistent clubs in the top20 seeing changes in their ranking, albeit many of themsmall, and two new entrants from last year. After six newentrants into the top 30 (primarily due to the EnglishPremier League broadcast deal) last season, 2014/15 onlywelcomes three Money League debutants to the top 30,Crystal Palace, Leicester City and West Bromwich Albion.

The top ten remains stable, with no new entrants thisyear, but there were shifts in position with six clubschanging from the previous season. Most notably,Barcelona leapfrogs both Manchester United andBayern Munich to return to second position behindReal Madrid, becoming only the third club to break the500m revenue barrier in the process. Bayern Munichdrop to fth overall, overtaken by Paris Saint-Germain.

2014/15 saw substantial revenue growth for the top 20clubs in the Money League overall, with the aggregateannual revenue of these clubs amounting to a totalof 6.6 billion, representing an increase of 8% on theprevious years top 20. The next signicant milestone of7 billion should be surpassed in the current 2015/16season, with considerable further growth towards8 billion in 2016/17. This is remarkable growth giventhat six years ago the total was just under 4 billion.

For the fourth time in the last seven seasons, the Money

League is wholly populated by clubs representing thebig ve leagues, following Galatasaray being narrowlypushed into 21st place by the return of West HamUnited, who appear in the Money League top 20 for therst time since the 2005/06 season.

AS Romas reclamation of a top 20 position madethemselves and West Ham United the only new entrantsinto the top 20 this year. The nancial thresholdfor membership of the Money League is becomingincreasingly challenging, with the requirement for aplace in the top 20 increasing to 160.9m, a 12%

increase from the previous year. Napoli, in 30th positionthis year with revenues of 125.5m, would have had aposition in the top 20 as recently as two seasons agowith the same revenue.

To gain entry to the top 20, substantial broadcastrevenue continues to be critical, especially thatgenerated from participation in the UEFA ChampionsLeague. For the biggest clubs the rewards of progressionplay an important role also. This 2014/15 nalists Barcelona and Juventus saw increases in UEFAdistributions of 19.1m and 39m respectively, whilstlast years nalists Real Madrid and Atltico de Madrid saw decreases as a result of not matching theirexploits of 2013/14.



Whilst the potential for growth in clubs in marketsoutside the core European markets remains, thedominance of the big ve leagues, particularly inrelation to the size of domestic broadcast deals, makes itincreasingly unlikely that there will be more than one ortwo representatives from outside these leagues in futureeditions of the Money League.

The ratio of the three principal revenue streams remainsbroadly consistent with the prior year, with clubsgenerating 19% of their revenue from matchday sources,40% from broadcast and 41% from commercial. Withfurther increases expected in broadcast and commercialrevenue in coming years, we would expect the revenue aclub generates from matchday to fall in signicance evenfurther than its current record low. It was only ten yearsago that clubs generated around a third of their revenuefrom matchday.

FascinationA strong year for the sterling against the euro hasbeneted the English clubs in the Money League greatlyin relation to their European counterparts. Every 10mof revenue accrued in 2014/15 was worth an extra1.2m compared to the previous year and helps theEnglish clubs when comparing nancial performance ona year-on-year basis.

The number of Premier League clubs in the top 20increased from eight last year to a record nine in thisedition, and the number of Premier League clubs in thetop 30 compared with last year has also risen, from14 to 17. This is again testament to the phenomenalbroadcast success of the English Premier League andthe relative equality of its distributions, giving itsnon-Champions League clubs particularly a considerablecompetitive advantage internationally.

Chelsea won the Premier League in 2014/15 but

off-pitch have been usurped by Arsenal as the topLondon club in the Money League for the rst time since2009/10, swapping places between seventh and eighthposition. Arsenal beneted from the rst year of itsnew kit sponsorship deal with Puma to drive impressivecommercial revenue growth of 34%, and its matchdayrevenue was the highest of any club in the MoneyLeague, and nearly 30m greater than Chelseas.

Manchester Uniteds strong commercial growth,underpinned by its ability to agree impressive newsponsorship deals, compensated to a certain extent for

its Champions League absence in 2014/15 (the only clubin the Money League top ten not to feature). For Unitedto still maintain their Money League top three positionemphasises the strength of their business model and,having regained their Champions League statusfor the 2015/16 season, there is a strong possibility theclub will also regain the Money Leagues top spot innext years edition.

With over half of the top 30 already made up of PremierLeague clubs, and the staggering new Premier Leaguedomestic broadcast deal coming into effect in 2016/17,there is an outside chance that the Money League top 30will feature all 20 Premier League clubs in two years time.

250

0

50

100

150

200

350

400

450

500

550

600

300

R e a l

M a d r i d

5 7 7

5 6 0 . 8

5 1 9 . 5

4 8 0 . 8

4 7 4

4 6 3 . 5

4 3 5 . 5

4 2 0

3 9 1 . 8

3 2 3 . 9

2 8 0 . 6

2 5 7 . 5

2 1 9 . 7

1 9 9 . 1

1 8 7 . 1

1 8 0 . 4

1 6 9 . 3

1 6 4 . 8

1 6 0 . 9

1 6 5 . 1

F C B a r c e l o n a

M a n c h e s

t e r U n i

t e d

P a r i s

S a i n t - G e r m a i n

B a y e r n

M u n

i c h

M a n c h e s

t e r C

i t y

A r s e n a l

C h e l s e a

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l

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i a D o r

t m u n

d

T o t t e n

h a m

H o t s p u r

S c h a l k e

0 4

A C M i l a n

A t l t i c o

d e M a d r i d

A S R o m a

N e w c a s t

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Total revenues 2014/15 (m)

Source: Deloitte analysis.


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Five yearsParis Saint-Germain remain the only French club in thetop 20 this year and have moved up a position into

fourth, the highest ever position for a French club.Commercial revenue was once again the highest forany club in the Money League. Both broadcast andmatchday revenue enjoyed healthy increases aftera record breaking season domestically and a strongperformance in the Champions League, reaching thequarter-nals.

While the development of Paris Saint-Germain both onand off the pitch continues apace, there is currentlylimited evidence of other French clubs challenging fora place in the top 30. Despite signicant investment in

stadium developments for the hosting of UEFA Euro2016, it is unlikely that this will have a signicant impactin pushing more French clubs into future Money Leagueeditions and former Money League regulars, OlympiqueLyonnais and Olympique de Marseille, appear furtheraway than ever in challenging to regain a top 20 position.

Sense of doubtJuventus continued domestic dominance, coupled withits run to the Champions League nal has helped theclub achieve total revenue growth of 16%, and maintaina place in the Money League top ten, increasing therevenue gap between themselves and eleventh placedBorussia Dortmund to over 40m.

Despite again having four representatives in the MoneyLeague top 20, the Italian clubs continue to struggle

to match the growth of many of their Money Leaguepeers; in large part due to the continuing lack ofstadium development, with the matchday revenue forthree of the four Italian Money League clubs in thebottom quartile of this years top 20.

With the signicant increases of domestic broadcast dealselsewhere in Europe, and the above mentioned matchdayrevenue constraints in Italy, there is a real possibilitythat some major Italian clubs and Money League everpresents, will be missing from future editions.

Despite signicantinvestment in stadiumdevelopments for the

hosting of Euro 2016,it is unlikely that this willhave a signicant impactin pushing more Frenchclubs into future MoneyLeague editions.

2014/15 Money League clubs 21-30

21 Galatasaray 159.1 22 Southampton 149.5 23 Aston Villa 148.8 24 Leicester City 137.2 25 Sunderland 132.9 26 Swansea City 132.8 27 Stoke City 130.9 28 Crystal Palace 130.8 29 West Bromwich Albion 126.6 30 Napoli 125.5

Pos Club Reported revenue m



Under pressureBayern Munich is one of only three clubs to be everpresent in our Money League top ten but this is therst time in 12 years that it has slipped down the table,having suffered a decrease in commercial revenue.Whilst we have previously written of the pre-eminenceof Bayern Munich in generating commercial revenuecompared with their Money League peers, the Bavariansno longer outperform their largest international rivalsin this area and now face very strong competition toregain a top three place in the coming years.

Borussia Dortmund and Schalke 04 complete this yearsBundesliga contingent in the top 20, with commercialsources responsible for around half of the revenues ofboth clubs. Dortmund still boasts the highest leagueattendances in the Money League, with a highlyimpressive average gate of over 80,000.

Dancing in the streetThis year sees Real Madrid claim top spot in theMoney League for the eleventh successive year. Withrevenue of 577m, continued spectacular commercialsuccess was not quite matched by on-pitch success in2014/15, relinquishing the Champions League to rivalsBarcelona. Madrid will be under increasing pressurefrom Manchester United for the top spot in the MoneyLeague next season and in future years, due to theEnglish clubs own commercial revenue exploits aswell as a boost in 2016/17 from the Premier Leaguebroadcast deal.

Barcelona enjoyed a very successful season, regainingthe La Liga title from Atltico de Madrid, and alsobeating Juventus in the Champions League nal.Revenue growth from the European triumph alsoresulted in Barca regaining second position in the MoneyLeague from Manchester United.

Atltico de Madrid, despite not being able to match afantastic 2013/14 season, retain 15th place in the MoneyLeague, enjoying a healthy increase in commercialrevenue. Spanish clubs more generally can be expectedto benet from boosts in broadcast revenue from the2015/16 season onwards under the new collective sellingregime. The initial signs are that there will be a signicantuplift in the overall value of La Liga broadcast rights.

Where are we now?The 19th edition of the Money League has seenmatchday revenue fall to its lowest ratio of total revenue,less than a fth. Despite this, it is clear that clubs are

thinking about matchday as a source of revenue thatthey can increase; over half of the top 20 clubs areeither actively considering stadium redevelopment orrelocation, currently undergoing redevelopment works,or have recently completed a stadium upgrade.And whilst broadcast and commercial increases haveusurped matchday revenue increases in absoluteterms, both are inherently reliant on a high quality, livematchday product.

We provide proles of each of the top 20 clubs inthis edition. The Deloitte Football Money League was

compiled by Dan Jones, Timothy Bridge, Samuel Boor,Alex Bosshardt, Matthew Green, Chris Hanson, JamesSavage, Andy Shaffer and Christopher Winn. Our thanksgo to those who have helped assist us, inside andoutside the Deloitte international network. We hope youenjoy this edition.

Dan Jones, Partnerwww.deloitte.co.uk/sportsbusinessgroup

Madrid will be under increasingpressure from Manchester United forthe top spot in the Money League

next season and in future years, dueto the English clubs own commercialrevenue exploits.


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Ups and downs

2014/15 Revenue (m) 2013/14 Revenue (m)

1 1

5 5

9 9

13 13

17 17

2 2

6 6

10 10

14 14

19 19

3 3

7 7

11 11

15 15

20 20

4 4

8 8

12 12

16 16

18 18

0 0

(2) 0

0

0

3

1 1

2 (2)

2 2

0 0

(1)

(2)

(2)

(1)

(1) 0

1 0

0

0

0

5

1 (2)

(1) 0

1 (2)

new new

new

new new

n/a n/a

n/a

n/a n/a

2 (2)

Real Madrid 577 Real Madrid 549.5

Bayern Munich 474 Paris Saint-Germain 471.3

Liverpool 391.8 Liverpool 305.9

Schalke 04 219.7 Tottenham Hotspur 215.5

Newcastle United 169.3 Internazionale 162.8

FC Barcelona 560.8 Manchester United 518

Manchester City 463.5 Manchester City 416.5

Juventus 323.9 Juventus 279

AC Milan 199.1 Schalke 04 214

Internazionale 164.8 Newcastle United 155.1

Manchester United 519.5 Bayern Munich 487.5

Arsenal 435.5 Chelsea 387.9

Borussia Dortmund 280.6 Borussia Dortmund 261.5

Atltico de Madrid 187.1 Atltico de Madrid 169.9

West Ham United 160.9 Everton 144.1

Paris Saint-Germain 480.8 FC Barcelona 484.8

Chelsea 420 Arsenal 359.3

Tottenham Hotspur 257.5 AC Milan 249.7

AS Roma 180.4 Napoli 164.8

Everton 165.1 Galatasaray 161.9

Position in Football Money League

Change on previous year

Number of positions changed



Set plays

2014/15 Money League clubs collectively generate...

English clubs in the 2014/15 Money League top 30...

2014/15 Money League clubsby country

2014/15 Money League clubs by social media

Facebook likes

525m

9

3

4

3

1

England

Italy

Germany

Spain

France

18.2m per day 757kper hour

12.6k per minute

210 per second

...generated over

of broadcast revenue, morethan their combined total ofmatchday and commercialrevenue

2 billion

Twitter followers

83mInstagramfollowers

93m


10/408

500

1,000

1,500

2,000

2,500

3,000

0

1,870

2,083

2,255

2,5112,612

CAGR 9%

CAGR 16%

CAGR 9%

CAGR 7%1,105

1,2871,440

1,749

2,035

798945

1,032 1,111 1,144

635 667 663789 841

1 to 5 6 to 10 11 to 15 16 to 20

2010/11 2011/12 2012/13 2013/14 2014/15

Extra time

Aggregated revenue of Money League clubs by position (m)

Top ten Money League clubs by revenue streams (m)

CAGR = Compounded annual growth rate

50

100

150

200

250

300

350

0

Matchday Broadcasting Commercial

1 1 6

. 9

9 3

. 1

8 9

. 8

5 7

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7 8

7 5

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2 4 7

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F C B a r c e

l o n a

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S a i n t - G e r m a i n



2014/15 Money League clubs by social media activity

Top ten Money League clubs Revenue compared to social media followers

FC Barcelona 89.6 16.6 26.6Real Madrid 86.4 18 24.5Manchester United 67.6 6.8 8.7Chelsea 44.4 6.4 5.3Arsenal 34.5 6.8 5.1Bayern Munich 34.1 2.5 4.9Liverpool 27 5.2 2.3AC Milan 24.7 3.1 1.9

Paris Saint-Germain 22.3 3 3.6Juventus 20.9 2.4 3Manchester City 20.2 2.9 2.2Borussia Dortmund 13.7 1.9 1.6Atltico de Madrid 11.9 1.9 1.2Tottenham Hotspur 7.2 1.3 0.5AS Roma 6.3 0.9 0.5Internazionale 5.7 1 0.9Schalke 04 2.7 0.4 0.2Everton 2.4 0.7 0.2Newcastle United 1.8 0.7 0.01West Ham United 1.4 0.6 0.1

Club Facebook Twitter Instagram likes followers followers (m) (m) (m)

Note: Where clubs have multiple language accounts,only the most liked/followed has been included.Figures correct as of 11th January 2016.

Note: Social media followersinclude Facebook, Twitter andInstagram. Where clubs havemultiple language accounts,only the most liked/followed hasbeen included. Figures correct asof 11th January 2016.

2014/15 Money League clubs social media activity percentage growth fromprevious year consistent clubs only (%)

Facebook likes

Twitter followers

0 20 40 60 80

FC Barcelona

Chelsea

Juventus

Arsenal

Everton

Bayern Munich

Atltico de Madrid

Manchester City

Newcastle United

Borussia Dortmund

Internazionale

Manchester United

AC Milan

Tottenham Hotspur

Schalke 04

Paris Saint-Germain

Liverpool

Real Madrid

31

30

21

21

20

18

15

12

10

10

8

8

8

7

6

3

33

37

31

20

28

36

26

50

40

62

29

39

40

36

25

43

58

30

37

33

30

60

90

120

150

0400300 500 600

Juventus

FC BarcelonaSocial media followers (m)

Revenue (m)

ChelseaArsenal

Manchester City

Bayern Munich

Manchester United

Paris Saint-Germain

Liverpool

Real Madrid


12/4010

600

400

200

02011 2012 2013 2014 2015

577

1 1 1 1 1

480 513 519

550

22%

35% 43%

2014/15 saw Real Madrid continue its reign at thetop of the Money League for an eleventh consecutiveseason, with revenue of 577m once again conrmingthe clubs status as the worlds leading revenue-generating football club.

Real Madrid were unable to repeat the on-pitch successof 2013/14; relinquishing UEFA Champions League andCopa del Rey titles at the semi-nal and round of 16stages respectively, and narrowly missing out on the LaLiga title, this time to arch rivals Barcelona.

The clubs high on-pitch standards continue to be

complemented by its strong nancial performance,with revenue growth of 27.5m (5%) in 2014/15,due to increases of 9.1m (8%) and 22.7m (10%)in matchday and commercial revenue respectively.Madrids semi-nal exit from the Champions Leagueresulted in UEFA distributions of 52.5m, 4.9m lowerthan the club earned in its victorious 2013/14 campaignand as a direct consequence of this, broadcast revenuesdropped just back below the 200m mark from204.2m to 199.9m.

Strong commercial growth of 10% continued to be

underpinned by Madrids long term partnership withadidas, and shirt sponsorship deal with Emirates, intothe second year of a ve year deal. Additional revenuewas acquired through a new sponsorship agreementwith Abu Dhabis International Petroleum InvestmentCompany (IPIC), which will have an additional benetof developing the Schools of Football programmeworldwide, and to facilitate further development andglobal expansion of the Clubs museum.

1. Real Madrid

Matchday revenue saw an increase of 8% to a clubrecord 129.8m in 2014/15, having fallen in the twoprevious seasons. This is in part due to a 3% uplift inaverage attendances for league matches, and a 13%increase in revenue from the executive boxes and VIPareas in the Santiago Bernabu. This area of revenueis one driver for the planned redevelopment of their

historic home, although these plans are reportedly onhold due to a dispute with the city council.

Despite the clubs own strong growth prospects, RealMadrid will come under intense and renewed pressurefrom Manchester United over the next two years indefending its position at the top of the Money League;initially from Uniteds return to the Champions Leagueand commercial success, particularly its adidas deal, andthen the new Premier League broadcast deal that willcome into effect in 2016/17. The future redevelopmentof the Santiago Bernabu and Madrids continued abilityto renew commercial deals on a similar scale to MoneyLeague peers, as well as the success of La Liga broadcastrights sales, will be crucial factors in the battle to againtop the Money League.

Real Madrid: 2015 Revenue prole (m)

Matchday 129.8m (98.8m)

Broadcasting 199.9m (152.1m)

Commercial 247.3m (188.1m)

Five year revenue total

DFML position

2015 Revenue

577m(439m)

2014 Revenue (1st)

549.5m(459.5m)

Average leaguematch attendance

72,969

Twitterfollowers

18m

Note: Real Madrid receiveddistributions of 52.5m fromUEFA in respect of participationin European competitions,included in broadcastingrevenue.

Domestic leagueposition 2014/15

2nd



Real Madrid will come under intenseand renewed pressure fromManchester United over the next twoyears in defending its position at the

top of the Money League.


14/4012

600

400

200

02011 2012 2013 2014 2015

561

2 2 2 4 2

451483 483 485

21%

36% 43%

2. FC Barcelona

FC Barcelonas revenue rose 76m (16%) to 560.8mwith growth across all revenue streams and the clubslargest ever year on year revenue increase, resulting in areturn to second place in the Money League. Financialsuccess follows an outstanding revival of the Catalansfortunes on the pitch in 2014/15, as Luis Enriques rstseason in charge created history.

By capturing the La Liga title, the Copa Del Rey and theUEFA Champions League, Barcelona become the rstEuropean club to complete the treble on two occasions(the rst being in 2008/09). The formidable strike forceof Messi, Neymar and Suarez were fundamental to

the clubs success, netting 122 goals and establishingthemselves as the most prolic goal-scoring trio inSpanish football history.

Having seen rivals outperform them commercially inrecent years, a 49.6m (26%) increase in commercialrevenue in 2014/15 underpinned its move up theMoney League. The Catalans cite additional sponsorshipbonuses from the treble winning season, improvementsin renewed contracts (such as Audi), and newcommercial arrangements with Beko and Telefonica askey drivers of growth. The scale of vastly improved deals

amongst certain Money League rivals (such as adidas andManchester United) suggests some of Barcas currentarrangements may still have room for further growth, inparticular the expiry of Qatar Airways shirt sponsorshipagreement at the end of the 2015/16 season.

Barcas broadcast revenue rose 17.7m (10%) to199.8m, the second highest in the Money League.Following elimination at the quarter-nal stage in theprevious campaign, beating Juventus in the 2014/15Champions League nal resulted in UEFA distributionsof 61m, a 19.1m increase. Relative to rival Europeanleagues (such as England and Germany) Spanish top-tierclubs have received comparatively unequal sharesof broadcast revenue, with FC Barcelona benettingnancially from the freedom to negotiate its ownlucrative rights arrangements for La Liga xtures.

However, Spanish legislation changes mean the saleand distribution of domestic and overseas broadcastrights to the league is now collectively managed forthe seasons covered by future editions of the MoneyLeague. Under the agreement, the clubs broadcastrevenue is protected at the level of 2014/15 and as suchwe expect this change to have no obvious negative

impact on Barca.

Matchday revenue is up 8.7m to 116.9m following oneadditional Champions League xture at the Nou Campand increased league attendance after a title winningseason. Approval of Espai Barca, the clubs plansto increase capacity to c.105,000 emphasises Barcasvision to capitalise further on matchdays, althoughre-development will take four years and reportedly notcommence until 2017. In the meanwhile, improvedutilisation for La Liga matches (the ground is currently only78% full on average) could generate immediate growth.

Barcas return to glory in 2014/15 reconrms the clubsability to excel on the pitch. This success provides theplatform to challenge rivals nancially, as the Catalansstrive to fully capitalise on their appeal as one of theiconic commercial partners in world football.

FC Barcelona: 2015 Revenue prole (m)


Broadcasting 199.8m (152m)



DFML position

2015 Revenue

560.8m(426.6m)

2014 Revenue (4th)

484.8m(405.4m)


77,632

Twitterfollowers

16.6m


1st

Note: FC Barcelona receiveddistributions of 61m fromUEFA in respect of theirparticipation in Europeancompetitions, included inbroadcasting revenue.



Approval of EspaiBarca, the clubs plansto increase capacity to

c.105,000 emphasisesBarcas vision tocapitalise further onmatchdays, althoughre-development willtake four years and

reportedly notcommence until 2017.


16/4014

3. Manchester United

Manchester United slip one place to third in this yearsMoney League, as the absence of European footballresulted in double digit percentage decreases in bothmatchday and broadcasting revenues. Althoughtotal revenue fell by 38m (9%), a combination of afavourable exchange rate movement and the underlyingstrength of the clubs business model, in particular itscommercial operations, ensures the club remains in theMoney League top three.

Commercial revenue grew by 7.8m (4%) to reach200.8m, representing over half of total revenue.Within this, the commencement of the seven year

General Motors shirt sponsorship, plus the additionof ve global, four regional and two nancial servicesand telecom partnerships, helped sponsorship revenueincrease by 14% to 154.9m. Commercial revenuewill increase even further in 2015/16, with the record750m ten-year adidas kit manufacturer deal startingthis season which provides yet more evidence ofthe global appeal of the club and its ability to securephenomenal commercial deals.

As football clubs increasingly look to exploit commercialopportunities presented by the digital age, including

more effective engagement with fans, 2014/15notably saw United become the rst English team tosurpass 100m followers collectively across social mediaplatforms, an increase of over 50% on the previous year.Around 15% of these connections are based in China,and with the recent announcement of a deal withChinas leading sports media platform, Sina Sports, tobroadcast the clubs dedicated 24-hour MUTV channelin China, United will hope to further strengthen itsfollowing and appeal in this vast market.

In the absence of any UEFA distributions due to the lackof European football for the rst time since 1989/90,broadcasting revenue fell signicantly by 28.1m (21%)to 107.7m. This reduction would have been even moresevere had it not been for increased merit and facilitypayments received from the Premier League, the reward

for nishing three places higher (fourth compared withseventh) and having two more games broadcast live in2014/15 than in 2013/14.

The lack of European football was also the primaryfactor behind a 17.7m (17%) decrease in matchdayrevenue to 86.7m, with Old Trafford hosting only 21

matches in 2014/15 compared with 28 the year before.

The return of Champions League football in 2015/16,despite having suffered a disappointing exit fromthe group stage, plus the commencement of theadidas partnership, should help United to top nextyears Money League for the rst time in 12 years,with the club forecasting revenues of around 500m.Nevertheless, with the Premier League becoming evermore competitive, the club will be acutely aware of theneed to achieve regular Champions League qualicationin order to maintain its place at the summit for anylength of time.

600

400

200

02011 2012 2013 2014 2015

520

3 3 4 2 3

367 396

424

518

22%

27% 51%

Manchester United: 2015 Revenue prole (m)

Matchday 114m (86.7m)




DFML position

2015 Revenue

519.5m(395.2m)

2014 Revenue (2nd)

518m(433.2m)


75,335

Twitterfollowers

6.8m


4th



The return of Champions Leaguefootball in 2015/16, despite havingsuffered a disappointing exit fromthe group stage, plus thecommencement of the adidas

partnership, should help United to topnext years Money League.


18/4016

600

400

200

02011 2012 2013 2014 2015

481

n/a 10 5 5 4

100

221

399471

16% 22% 62%

4. Paris Saint-Germain

Paris Saint-Germain has climbed one place to fourth inthe Money League, its highest ever position and thehighest ever for a French club, following a 9.5m increasein revenue in 2014/15. The season saw spectaculardomestic success for the club in which it became therst ever team to complete the French domestic treble ofLigue 1, Coupe de France and Coupe de la Ligue. In theUEFA Champions League Les Parisiens also reached thequarter-nal stage for the third consecutive season, losingto eventual winners Barcelona.

PSGs strong position in the Money League is againunderpinned by the clubs vast commercial revenue

which at 297 remains the largest of any MoneyLeague club. This represents 62% of the clubs totalrevenue, with no other club reporting over 60% of itsrevenue from commercial sources. 2014/15 saw thecommencement of the renewed kit sponsorship dealwith Nike and shirt sponsorship deal with Emiratesalongside new deals with multinational organisationsincluding American Express. The clubs overarchingarrangement with the Qatar Tourism Authority alsoremains a vital component to commercial revenue.

Both matchday and broadcast revenue increased, by

13.9m (22%) and 22.4m (27%) respectively. Theincrease in matchday revenue to 78m was helped byPSG playing two more home matches in 2014/15, andthe recently completed stadium renovations carried outin advance of Euro 2016 will help enhance the spectatorexperience and maintain these levels in future.

PSGs broadcast revenue remains considerably lowerthan that of its Money League peers. It is over 90m lessthan the three clubs with the largest broadcast revenue,and 13th of the clubs in the top 20 reecting the relativestrength of its competitors domestic league broadcastdeals. Of PSGs 105.8m from broadcast sources overhalf (56.2m) is from UEFA distributions demonstrating

the importance of participating in, and progressing tothe latter stages of, the Champions League.

PSGs fourth place represents its highest ever MoneyLeague position, with the club above the ever-presentBayern Munich for the rst time. PSG will need tomaintain the strong commercial performance of recentyears and supplement this with broadcast revenueby reaching the knockout stages of the ChampionsLeague in order to maintain a top ve position, amidcompetition from Bayern and a number of largerPremier League clubs over the next few years.

Paris Saint-Germain: 2015 Revenue prole (m)



Commercial 297m (226m)


DFML position

Note: Paris Saint-Germainreceived distributions of56.2m from UEFA in respectof participation in Europeancompetitions, included inbroadcasting revenue.

2015 Revenue

480.8m(365.8m)

2014 Revenue (5th)

471.3m(394.1m)


45,789

Twitterfollowers

3m


1st



Paris Saint-Germain willneed to maintain thestrong commercial

performance of recentyears and supplementthis with broadcastrevenue by reaching theknockout stages of theChampions League in

order to maintain a topve position.


20/4018

5. Bayern Munich

Bayerns domestic dominance continued in 2014/15,maintaining its position as the highest ranked GermanMoney League club and winning the Bundesliga for athird consecutive season. It was a case of so near yetso far in Europe, with the German champions losing tothe eventual winners for the second year in a row at thesemi-nal stage of the UEFA Champions League.

Off the pitch, Bayerns total revenues of 474m, closeto the record high of 487.5m in 2013/14, saw the clubslip two places to fth in the Money League, its lowestposition since the 2006/07 season.

Commercial revenue declined by 13.7m (5%) to278.1m in 2014/15, yet this was still the secondhighest amongst Money League clubs behind PSG.Bayern has traditionally earned a competitive advantagefrom its very strong German corporate market.However, in 2014/15 for the rst time six clubs recordedcommercial revenues over 200m and over the lastthree seasons, its biggest competitor clubs have growncommercial revenues at an average rate more thandouble that of Bayern Munich. This reects the strengthof these clubs (including Bayerns) global brand.

Bayerns internationalisation strategy continues togather pace, with the club turning its attention towardsthe Far East in 2015. A summer tour to China waspreceded by the launch of an ofcial online store andannouncement of a content sharing agreement withChinese state broadcaster CCTV.

The other focus of Bayerns international orientation isthe US, and engagement will be boosted by the start ofnew international broadcast rights deals in 2015/16 forthe Bundesliga, under which Fox Sports Networks willbroadcast matches across the US, making games muchmore widely available than previous host broadcasterGol TV. Bayerns broadcast revenue declined marginallyby 1.6m in 2014/15 to 106.1m. A 5.3m increase inUEFA distributions was offset by a 6.9m decrease inother broadcast revenues, mainly due to the absence of

revenues from the UEFA Supercup and FIFA Club WorldCup earned in the previous year.

Matchday revenue grew marginally from 88m to89.8m, as average league attendances rose to 72,882following approval to increase the capacity of the AllianzArena to just over 75,000 in time for the second half of

the 2014/15 season.

Top of the Bundesliga at the winter break, Bayern are oncourse for a fourth straight league title in 2015/16 andface Juventus in the last 16 of the Champions League.

Bayern is one of only three clubs to be ever presentin our Money League top ten and this is the rst timethat it has slipped down the table since 2003/04. TheBavarians face very strong competition to regain a topthree place in the coming years. The success of theclubs and the Bundesligas internationalisation strategywill be key to its future position.

Bayern Munich: 2015 Revenue prole (m)

600

400

200

02011 2012 2013 2014 2015

474

4 4 3 3 5

321368

431488

19% 22% 59%





DFML position

Note: Bayern Munich receiveddistributions of 49.9m fromUEFA in respect of participationin European competitions,included in broadcastingrevenue.

2015 Revenue

474m(360.6m)

2014 Revenue (3rd)

487.5m(407.7m)


72,882

Twitterfollowers

2.5m


1st



Bayerns internationalisation strategycontinues to gather pace, with theclub turning its attention towards theFar East in 2015.


22/4020

6. Manchester City

Despite modest revenue growth compared with previousyears, Manchester City maintain sixth position in theMoney League achieving record revenue of 352.6m(463.5m) and become the second English club ever tobreak the 350m revenue barrier. On the pitch, ManuelPellegrinis second season as manager was relativelydisappointing as City relinquished the Premier Leaguetitle and the League Cup. A run in the UEFA ChampionsLeague was also cut short by Barcelona in the Round of16 for the second successive season.

Matchday revenue fell 4.1m (9%) to 43.4m aftera 4% reduction in average attendance at the EtihadStadium in 2014/15, due to seat restrictions to allow for7,000 seats to be added to a redeveloped South Standand three new pitchside rows in time for the start ofthe 2015/16 season, increasing capacity to 55,000 (a15% increase). So far, all 2015/16 home league xtureshave attracted attendances in excess of 53,000 and withplanning permission in place to further increase capacityto 61,000, the Etihad Stadium could become thesecond largest English club stadium behind ManchesterUniteds Old Trafford.

Broadcast revenue increased just 2% (2.2m) to135.4m (178m). Citys current position as a top fourPremier League club, coupled with stable Premier Leaguedistributions until the new rights deal in 2016/17, meansa strong run in the Champions League is the most likely

source of an increase in broadcast revenue in 2015/16.Commercial revenue, accounting for 49% of Citys total,rose 6.2m (4%) to 173.8m (228.5m) and followsthe creation of 22 new global and regional partnershipsincluding deals with SAP, Nissan, Citi and PZ Cussons.

In late 2015, a Chinese consortium led by China Media

Capital Holdings (CMC) reportedly invested c.255mfor a 13% shareholding in the CFG. Following DalianWanda at Atltico de Madrid, this is the second notableinvestment in a Money League club f rom China, andplaces City in a strong position to develop brandawareness and commercial relationships in a market thatis becoming much more focussed on football.

The development of Citys commercial relationshipsand matchday capacity leaves the club within strikingdistance of a rst top ve Money League positionnext year, albeit a successful Champions League run in2015/16 may be needed to provide the revenue boostrequired to help them get there.

Manchester City: 2015 Revenue prole (m)

600

400

200

02011 2012 2013 2014 2015

464

12 7 6 6 6

170 286316

417

12%

39% 49%


Broadcasting 178m (135.4m)



DFML position

Note: Manchester City receiveddistributions of 45.9m fromUEFA in respect of participationin European competitions,included in broadcastingrevenue.

2015 Revenue

463.5m(352.6m)

2014 Revenue (6th)

416.5m(348.3m)


45,345

Twitterfollowers

2.9m


2nd



600

400

200

02011 2012 2013 2014 2015

436

6 6 8 8 7

251 290 284

359

30% 39% 31%





DFML position

7. Arsenal

After consecutive years in eighth place a 10% (30.8m)increase in revenue in 2014/15 has helped Arsenal toleapfrog rivals local rivals Chelsea into seventh. Thevast majority (85%) of this revenue growth is extracommercial revenue, which rose by 26.2m (34%),the second highest commercial revenue growth of allMoney League clubs in 2014/15.

This signicant increase in commercial revenue has beendriven by the commencement of the clubs new kitsponsorship deal with Puma. Together with the recentlyrenewed shirt and stadium sponsorship agreement withEmirates and a number of new regional partnerships

in various territories around the world, this has helpedboost the Gunners commercial revenue to over 100mfor the rst time, and represents a 66% increaseover the last two seasons. This signicant growthdemonstrates the considerable commercial appeal of thebiggest Premier League clubs with Arsenal narrowingthe gap in commercial revenue to both Manchesterclubs, Chelsea and Liverpool.

At 100.4m Arsenal recorded the highest matchdayrevenue of any Money League club despite the club playingtwo fewer home games than in the previous season. No

other Money League club has as high a proportion of itsrevenue (30%) derived from matchday sources.

Broadcast revenue rose slightly by 4.4m to 127.6m(a 4% increase), remaining the clubs primary revenuestream and comprising 39% of the total. On the pitchArsenal won the FA Cup for the second season in arow and also for a record 12th time, while a thirdplace nish in the Premier League secured ChampionsLeague qualication for the 18th consecutive season,

also a record amongst English clubs. However, for thefth season in a row Arsenal were eliminated fromthe Champions League at the round of 16 stage, thistime by AS Monaco, one of manager Arsene Wengersformer clubs.

Record values for all revenue streams have resulted inArsenals rise up the Money League, with the Gunnersearning the highest matchday revenue of all clubs, a featit has never achieved before. It is also only the secondEnglish club ever to earn over 100m in each of thethree core revenue areas in the same season. The club isin contention to return to the Money League top ve inthe coming years.

Arsenal: 2015 Revenue prole (m)

Note: Arsenal receiveddistributions of 36.4m fromUEFA in respect of participationin European competitions,included in broadcastingrevenue.

2015 Revenue

435.5m(331.3m)

2014 Revenue (8th)

359.3m(300.5m)


59,992

Twitterfollowers

6.8m


3rd


24/4022

600

400

200

02011 2012 2013 2014 2015

420

5 5 7 7 8

253323 303

388

22% 43% 35%

8. Chelsea

The 2014/15 season was a successful one for Chelseaon the pitch, as the team won the league title with threegames to spare, as well as securing the League Cup.Total revenue however marginally fell in 2014/15 from324.4m to 319.5m (2%), resulting in a demotion ofone place to eighth in the Money League.

The majority of the 4.9m decrease in revenue can beattributed to a fall in broadcast revenue, despite gainingthe highest payout of centrally distributed revenue ofany Premier League club in 2014/15 (99m). Losingin the UEFA Champions League to PSG in the Roundof 16, compared to the prior season run to the semi-

nals, resulted in a reduction in UEFA distributionsfrom 36.3m (43.4m) to 29.8m (39.2m). Despitethe decrease, Chelsea has the fourth highest broadcastrevenue of all Money League clubs, with only RealMadrid, Barcelona and Juventus generating more.

Commercial revenue was largely unchanged in 2014/15for Chelsea, at 113.1m. A large uplift is expected in2015/16 as a result of the reported 200m ve yeardeal with Yokohama Rubber, the second largest shirtsponsorship in English football history. The Yokohamadeal is reportedly worth more than double the previous

agreement with Samsung, and should help to propelChelsea closer in revenue terms to the top ve MoneyLeague clubs.

The capacity constraints of Stamford Bridge were onceagain highlighted in 2014/15, as matchday revenue fellslightly by 0.2m to 70.8m. Despite having the fthhighest matchday revenue of any Money League team,Chelsea has made its intentions clear on enhancing itfurther, recently submitting a planning application tobuild a new 60,000 seater stadium at Stamford Bridgewhich would deliver a signicant boost to revenues inthe medium term.

In the shorter term, while commercial growth will helpChelseas revenue in 2015/16, on-pitch performance thisseason puts future Champions League participation in

jeopardy and may prevent a return to the Money Leaguetop ve in the next couple of years.

Chelsea: 2015 Revenue prole (m)





DFML position

Note: Chelsea receiveddistributions of 39.2m fromUEFA in respect of participationin European competitions,included in broadcastingrevenue.

2015 Revenue

420m(319.5m)

2014 Revenue (7th)

387.9m(324.4m)


41,546

Twitterfollowers

6.4m


1st



600

400

200

02011 2012 2013 2014 2015

392

9 9 12 9 9

203 233 241

306

19% 42% 39%

9. Liverpool

Liverpool maintains ninth position in this years MoneyLeague, following a 17% (42.3m) overall increase inrevenue after a return to the UEFA Champions Leagueand healthy increases in matchday revenue.

With the loss of talismanic striker Luis Suarez, replicatingthe on-pitch feats of the 2013/14 season was always

going to be a tall order, and this proved to be thecase. The 2014/15 season saw Liverpools rst UEFAChampions League campaign since the 2009/10 season,but it ended in early disappointment with an exit atthe group stages, and a nishing position of sixth inthe Premier League resulted in the Reds missing out onChampions League qualication for the 2015/16 season.

Despite average league attendances dropping marginally,matchday revenue grew 11.7m (26%), owing primarilyto four home matches played in European competitionsand three extra domestic home matches due to semi-nal runs in both cup competitions. The redevelopmentof Aneld is now well underway with work expected tobe completed during the 2016/17 season, which shouldresult in signicant matchday revenue increases, withcapacity set to increase to 54,000.

Liverpools broadcast revenue increased by 21.9m (21%)as the gains from a 34.1m UEFA distribution outweigheda decrease in Premier League receipts of 4.7m, due toa lower league nishing position. Without ChampionsLeague football in 2015/16, broadcast revenue willdecrease signicantly before the new Premier Leaguebroadcast deal comes into effect in 2016/17, boosting

Liverpool, and all Premier League clubs, in future seasons.

The Reds commercial revenue increase was a moremodest 8.7m (8%) when compared to the matchdayand broadcast revenue increases. This growth is set tocontinue as Standard Chartered, who have appearedas Liverpools shirt sponsor since the 2010/11 season,announced a three year extension through to the end ofthe 2018/19 season. In addition, New Balance, the parentcompany of the 2014/15 kit supplier Warrior, took overas kit supplier from the start of the 2015/16 season.

Despite missing out on Champions League football,Liverpools place in the top ten of the Money Leaguecurrently looks relatively secure. The challenge is toregain a position in the Champions League, in order tofully utilise a newly redeveloped Aneld, and move upthe Money League in future editions.

Liverpool: 2015 Revenue prole (m)



Commercial 153m (116.4m)


DFML position

Note: Liverpool receiveddistributions of 34.1m fromUEFA in respect of participationin European competitions,included in broadcastingrevenue.

2015 Revenue

391.8m(298.1m)

2014 Revenue (9th)

305.9m(255.8m)


44,675

Twitterfollowers

5.2m


6th


26/4024

10. Juventus

The Old Ladys renaissance continues, with Juventusachieving revenue growth of 44.9m (16%) to 323.9m,breaking 300m for the rst time and retaining tenthplace in the Money League. On the pitch, the Bianconerimonopolised Serie A with a fourth consecutive Scudettoand became the rst Italian team to win the Coppa Italiaten times. Signicantly, Juventus also returned to theUEFA Champions League Final for the rst time in 12seasons, albeit the wait for a rst title since 1995/96 wasextended following defeat by Barcelona.

Broadcast revenue remains vital, which at 199m (up43.9m or 28%) comprised 61% of Juves total; only Real

Madrid (199.9m) and Barcelona (199.8m) generatedmore in broadcast revenue in 2014/15. Followingthe stellar Champions League performance, UEFAdistributions increased by 39m to 89.1m, 28.1mhigher than winners Barcelona and the largest ever UEFApayment to a club. In particular, Juves Champions Leaguemarket pool distribution (the amount paid to clubs basedon the value of the broadcast deal in each individualcountry) rose 26.2m to 58.2m, as the overall marketpool distribution available to Italian clubs in the 2014/15Champions League (which increased by 13.5m) wasshared between just two clubs, as opposed to the three

that progressed to the group stage in 2013/14.

Juventus generated 51.4m of matchday revenue in2014/15, a 10.4m (25%) increase and comfortably thehighest in Italy despite Juventus Stadiums smaller capacity.Juve played the same number of home games as in theprevious season, but progression to the Champions LeagueFinal underpinned growth and highlights the competitionsappeal to fans. A near full stadium offering an improvedatmosphere (close to 90% capacity utilisation), alongwith an attractive mix of xtures has established Juvesrst-mover advantage in Italy into a club-owned stadium.Other clubs aim to catch up, led by AS Romas 52,500seater Stadio dello Roma due in 2018/19.

Juves commercial revenue fell 9.4m to 73.5m, the14th highest in the Money League and signicantlybehind Italian rivals AC Milan (97.1m). The start of

the adidas six-year kit deal worth 29.3m annually andrenewal of the Jeep shirt sponsorship for an improved17m per season should drive growth in 2015/16. Italianclubs face tough competition to match the lucrative dealsstruck by European rivals. Nevertheless, Juves ambitionto reduce the commercial gap is highlighted by theJ-Village, planned for completion by the end of 2017,

which includes a Concept Store, J-Hotel and School.

Revenue has more than doubled in four years underclub president Andrea Agnelli, but it may see a fall in2015/16. The club needs to maintain its very high recentstandards if it is to retain its top ten Money Leaguestatus in the medium-term.

Note: Juventus receiveddistributions of 89.1m fromUEFA in respect of participationin European competitions,included in broadcastingrevenue.

600

400

200

02011 2012 2013 2014 2015

324

13 13 9 10 10

154195

272 279

16% 61% 23%

Juventus: 2015 Revenue prole (m)





DFML position

2015 Revenue

323.9m(246.4m)

2014 Revenue (10th)

279m(233.3m)


36,292

Twitterfollowers

2.4m


1st



The gap between tenthand eleventh position haswidened to 43.3mfrom 17.5m with our

top ten clubs remainingunchanged


28/4026

11. Borussia Dortmund

Despite record total revenue of 280.6m in 2014/15, a19.1m (7%) increase on the prior year, Dortmund lostfurther ground on the Money League top ten.

A disappointing league campaign, by the high standardsof the last few years, saw BVB recover from a poor startto nish in seventh position, which was accompanied by

the news that much-loved coach Jrgen Klopp woulddepart at the end of the 2014/15 season. This leagueperformance, coupled with an exit from the UEFAChampions League at the Round of 16 stage (comparedwith the quarter-nals in 2013/14), meant broadcastrevenues were largely unchanged at 82.1m.

In keeping with other German clubs, Dortmundsnancial performance remains underpinned by strongcommercial relationships, with revenues rising 20.4m(16%) to 144.3m in 2014/15, the ninth highestamongst Money League clubs.

Summer 2014 saw BVB implement a similar commercialapproach to Bayern Munich, establishing strategicpartnerships with long-standing partners EvonikIndustries, Puma and Signal Iduna, who all acquiredequity interests. At the same time as announcing these

deals, Evonik Industries signed a new shirt sponsorshipdeal through to 2025, and Signal Iduna extended itsstadium naming rights deal through to 2026, reportedlyworth 18m and 5.8m per season respectively.

The benets to a commercial partner of associationwith the Signal Iduna Park are obvious with a world

leading average league attendance of 80,000+ in2014/15, generating a matchday atmosphere admiredaround the globe, despite the relatively poorer on-pitchperformances. Matchday revenues declined slightlyby 1.9m (3%) to 54.2m, due to the clubs earlierChampions League exit.

Dortmunds ultimate aim is to establish themselves aslong-term domestic challengers to Bayern Munich, anda return to form in the rst half of the 2015/16 saw BVBlie in second position in the Bundesliga at the winterbreak. Yet in the short term the absence of ChampionsLeague revenues will likely see the club fall furtherbehind the Money League top ten in next years edition.

Borussia Dortmund: 2015 Revenue prole (m)

600

400

200

02011 2012 2013 2014 2015

281

16 12 11 11 11

143197

256 262

19% 29% 52%





DFML position

Note: Borussia Dortmundreceived distributions of33.5m from UEFA in respectof participation in Europeancompetitions, included inbroadcasting revenue.

2015 Revenue

280.6m(213.5m)

2014 Revenue (11th)

261.5m(218.7m)


80,423

Twitterfollowers

1.9m


7th



12. Tottenham Hotspur

The 2014/15 season was one of progress both onand off the pitch for Tottenham Hotspur. The clubgrew total revenue by 9% to 195.9m whilst alsomaking signicant progress on its new stadium project.Meanwhile on the eld, the 2014/15 season will bebest remembered for the emergence of Harry Kane,who became the rst Spurs player to score 30 goals ina season since Gary Lineker in 1991/92, contributingto a fth place nish in the Premier League as well asreaching the League Cup Final.

As broadcast and matchday revenue remained relativelyunchanged on the prior year, overall revenue growth was

driven by a 38% uplift in commercial revenue, to 59.4m.This increase was underpinned by the start of a ve-yearsponsorship deal with AIA, the largest independentpublicly listed pan-Asian life insurance group. As well asbringing the club a commercial revenue increase, thepartnership is also intended to provide a platform topromote Spurs brand across the Asia-Pacic region.

With stadium utilisation remaining at 99% in 2014/15and a reported c.48,000 fans on the waiting list forseason tickets, the approval of plans for a new 61,000seater stadium by Haringey Council in December 2015,

represented a signicant and welcome step towards theclubs longer term development.

The new stadium is intended to be open for the2018/19 season and has been innovatively designedfor multi-use, including a fully retractable grass pitch,the rst for any stadium in the UK. This will enable asynthetic grass surface to sit underneath and be used fora range of other events, including American Football.In 2015 the club signed a ten-year partnership with

the NFL, which will see a minimum of two NFL regularseason games staged at the stadium per season.

In the short term, the guaranteed increases in PremierLeague broadcast distributions from 2016/17 may seeSpurs overtake continental competitors to reach theMoney League top ten for the second time. Lookingfurther ahead, in order to catch or overtake the otherEnglish clubs above them in the ranking, participationin the UEFA Champions League is crucial. This,coupled with the matchday and commercial revenueopportunities the stadium development will offer, couldtherefore provide a platform for the club to establishthemselves as a consistent top ten Money League club.

Tottenham Hotspur: 2015 Revenue prole (m)

600

400

200

02011 2012 2013 2014 2015

258

11 14 14 13 12

181 178 172216

21% 49% 30%





DFML position

Note: Tottenham Hotspurreceived distributions of6.1m from UEFA in respectof participation in Europeancompetitions, included inbroadcasting revenue.

2015 Revenue

257.5m(195.9m)

2014 Revenue (13th)

215.5m(180.2m)


35,769

Twitterfollowers

1.3m


5th


30/4028

13. Schalke 04

Schalke nished outside the top four of the Bundesligafor the rst time in four seasons, with coach Jens Kellerssacking in October 2014 followed by his replacementRoberto Di Matteo stepping down at the end of theseason. The Royal Blues nonetheless rose one place to13th position in the Money League, also marking theclubs 13th consecutive season in the top 20.

One reason behind Schalkes consistent Money Leaguepresence has been regular qualication for the UEFAChampions League, and the club received 28.9m inUEFA distributions from once again reaching the Roundof 16 in 2014/15, which was the main cause of the 4m(6%) increase in broadcast revenues to 72.6m.

Commercial revenue increased by 3.6m (3%) to107.9m in 2014/15, on the back of Schalkesinvestment in its international activities; with the clubreporting that it was ranked second amongst Germanclubs in terms of its international presence, offeringover 20 club media channels and region specic contentin ve languages.

The Royal Blues international focus is towards the FarEast and in particular China, one of the clubs mostimportant market outside Europe. In October 2014a Schalke delegation visited the country to developthe clubs presence by utilising its well-known youthdevelopment programmes and social media activities,with a further visit in July 2015 which included a youth

training camp.

Despite the relatively poor on-pitch performances, theRoyal Blues remained one of the most popular clubs inGermany, with an average league attendance of over61,500. Two fewer home games meant that matchdayrevenues fell marginally from 41.1m to 39.2m in2014/15.

The most important consequence from the clubsdisappointing domestic campaign was a lack ofChampions League football in 2015/16. The absencefrom Europes top competition will undoubtedly hurtthe club and its fans, and may well see the Royal Bluespositioned lower in next years Money League.

Schalke 04: 2015 Revenue prole (m)

600

400

200

02011 2012 2013 2014 2015

220

10 15 13 14 13

202175 198

214

18% 33% 49%





DFML position

Note: Schalke 04 receiveddistributions of 28.9m fromUEFA in respect of participationin European competitions,included in broadcastingrevenue.

2015 Revenue

219.7m(167.1m)

2014 Revenue (14th)

214m(179m)


61,577

Twitterfollowers

0.4m


6th



14. AC Milan

AC Milan nished outside the Money League topten for the rst time in the last edition, and the clubhave dropped a further two places from 12th to 14thfollowing the 2014/15 season. Milan were one of onlytwo Money League clubs to experience a decline inoverall revenue, but the Rossoneris 50.6m (20%)decrease was by far the largest of these.

The club experienced a signicant fall in broadcastrevenue, primarily due to the absence of any UEFAdistributions (39.7m in 2013/14) for the rsttime since 1998/99. Milan has failed to return toEuropean competition in 2015/16 following the clubs

disappointing 2014/15 campaign in which it nished10th in Serie A and was eliminated from the Coppa Italiaat the quarter-nal stage.

Milans 22.3m matchday revenue in 2014/15 was 10%(2.6m) lower than the previous year due to the clubplaying ve fewer home games, again primarily dueto the lack of European football. Matchday revenueremains the clear lowest contributor, representing just11% of total revenue. This is the lowest proportion fromany revenue stream for any club in the Money Leagueand reects the San Siro stadiums dated facilities,

with the club receiving less than half of the matchdayrevenue of leading Italian Money League club Juventuswhich moved to a new stadium ve years ago.

Commercial revenue declined by 5m (5%) in2014/15. The total of 97.1m is underpinned bythe shirt sponsorship deal with Emirates Airlines, thelatest renewal of which will run for ve years fromthe 2015/16 season. 2014/15 also saw a renewalof the deal with Audi alongside other agreementswith a number of partners from a variety of locations

worldwide, which should help boost commercialrevenue. However, the absence of European football fortwo consecutive seasons will undoubtedly make it morechallenging to signicantly increase commercial revenuein the near future.

AC Milans drop down the Money League reectsa decline across all revenue streams and is a furtherreminder of the challenges the club faces in keepingpace with its European competitors. Success on the pitchand a more modern stadium appear essential if Milan isto regain a top ten placing in our Money League.

AC Milan: 2015 Revenue prole (m)

600

400

200

02011 2012 2013 2014 2015

199

7 8 10 12 14

235 257 264 250

11%

40% 49%

Matchday 22.3m (17m)




DFML position

2015 Revenue

199.1m(151.5m)

2014 Revenue (12th)

249.7m(208.8m)


36,638

Twitterfollowers

3.1m


10th


32/4030

15. Atltico de Madrid

Matching the heights of the 2013/14 La Liga winningseason was always going to be a tough ask of Atlticode Madrid, and so it proved as Los Rojiblancos nishedthird in La Liga, and again lost to local rivals RealMadrid in the UEFA Champions League, this time atthe quarter nal stage. Nonetheless, revenues grewimpressively from 169.9m to 187.1m (10%), butdespite being the third highest ranked Spanish team inthe 2014/15 Money League, Barcelona and Real Madridagain generated around three times this amount,demonstrating their continued nancial dominance overthe rest of the league.

Whilst for a number of years our Money League hashighlighted nancial polarisation in Spanish football, theRoyal Decree, announced in May 2015 to sell broadcastrights on a collective basis, should help clubs to closethe gap to Real Madrid and Barcelona, and none moreso than Atltico de Madrid. Whilst in the medium term,Atleti should see signicant gains in broadcast revenuefrom La Ligas new approach, in 2014/15 the clubsbroadcast revenue fell by 9.9m (10%) to 86.6m,largely due to a reduction in UEFA distributions from50m to 43.7m as Atleti could not repeat the feat ofreaching the Champions League Final.

The overall revenue increase was driven by commercialrevenue, which rose 22.4m (55%) to 63.3m, meaning34% of the clubs revenue now comes from commercialsources. The club demonstrated its global appeal when,having extended its partnership with the Azerbaijanitourism board until the end of the 2014/15 season,Atltico de Madrid also sold a 20% stake in the club toChinese conglomerate Wanda Group for 45m, with anacademy focused contribution from the new investorsignicantly enhancing commercial revenue streams.The trading rm Plus 500 have also since taken on theshirt sponsorship for two seasons from 2015/16, whichshould provide further commercial growth in the future.

Matchday revenue rose 4.7m (14%) to 37.2m, drivenby an increase in average home league attendance from39,975 to 42,110 (5%). Despite this, capacity utilisation

of 77% indicates that there is still potential to enhancematchday revenue, and with work in progress on a newstadium with a capacity of around 70,000, the clubsability to provide a matchday experience that attractsnew fans will become all important.

Although Atleti relinquished the league title in

2014/15, success has increased attendances, enhancedsponsorship deals, and even attracted Chineseinvestment. With increased broadcast distributionsand a larger stadium anticipated, the club should feelcondent in its ability to become a more permanentxture in the Money League.

Atltico de Madrid: 2015 Revenue prole (m)

600

400

200

02011 2012 2013 2014 2015

187

n/a n/a 20 15 15

100 108 120170

20%

46% 34%





DFML position

Note: Atltico de Madridreceived distributions of43.7m from UEFA in respectof participation in Europeancompetitions, included inbroadcasting revenue.

2015 Revenue

187.1m(142.3m)

2014 Revenue (15th)

169.9m(142.1m)


42,110

Twitterfollowers

1.9m


3rd



16. AS Roma

AS Romas return to the UEFA Champions League forthe rst time since 2010/11 was the driving force behinda 53m (42%) increase in revenue in 2014/15. As aresult, Roma have re-entered the Money League top20 in 16th position, up eight places from the previousyear. In Serie A, after appearing to be genuine titlecontenders for the rst half of the season, the Giallorossi

failed to keep pace with Juventus following the turn ofthe year, eventually nishing a distant second for thesecond successive season.

Despite exiting the Champions League at the group stage,and subsequently the UEFA Europa League at the round of16, Roma received around 47m from UEFA in 2014/15.The vast majority of this related to the Champions League,with the market pool element having been boosted bythe fact that only two Italian teams qualied for thegroup stage. These distributions helped broadcastingrevenue grow by two thirds to 114m, resulting in itaccounting for 63% of the clubs total revenue.

A 9.2m (43%) increase in matchday revenue to 30.4mwas again driven by the return of European football,with the two competitions bringing an additional vehome matches to the Stadio Olimpico compared with

the previous season. Growth in the number of seasonticket holders (c.28,000 compared with c.24,000 in2013/14) also contributed to the increase.

Romas commercial revenue decreased by 1.5m (4%),despite 2014/15 being the rst of a ten year kit dealwith Nike, a partnership which the club hopes will help

to raise its international prole. Although constructionfor the Giallorossis planned new stadium, Stadio dellaRoma, is yet to commence, the expectation is thatit will be open for the 2018/19 season. In turn, thisshould provide a sizeable boost to both matchday andcommercial revenues.

Having secured progression to the knockout stages ofthe 2015/16 Champions League, Romas place in nextyears Money League should be assured. The Giallorossicould even overtake AC Milan for the rst time in ourpublications history, and become the second highestranked Italian club. In the longer term, continuedqualication for UEFAs primary club competition, aswell as successful completion of the new stadiumdevelopment, will be needed to help the club remain inthe Money League top 20.

Note: AS Roma receiveddistributions of 47.2m fromUEFA in respect of participationin European competitions,included in broadcastingrevenue (including amountswithheld by UEFA fornon-compliance with FinancialFair Play regulations).

2015 Revenue

180.4m(137.2m)

2014 Revenue (n/a)

127.4m(106.5m)


40,148

Twitterfollowers

0.9m


2nd

AS Roma: 2015 Revenue prole (m)

600

400

200

02011 2012 2013 2014 2015

180

15 n/a 19 n/a 16

144 116 124 127

17%

63% 20%



Commercial 36m (27.4m)


DFML position


34/4032

17. Newcastle United

Newcastle United consolidated its place in the MoneyLeague, rising two places to 17th, despite a marginalfall in revenue of 0.9m to 128.8m. On the pitch,2014/15 proved another hard season for the ToonArmy. Following manager Alan Pardews departure atthe turn of the year, the Magpies endured a run of eightconsecutive defeats from March onwards, its worst run

in Premier League history, avoiding relegation on thenal day of the season and nishing in 15th place.

Newcastle continued to reap the benets of the currentPremier League broadcast deal, with a substantial 60%of revenue being generated from centralised broadcastpayments. Overall, broadcast revenue slipped by 1.1mto 77.1m, as fees derived from an increase in live TVappearances (from 14 to 20) were more than offset bythe reduction in merit payments as a result of nishingve league positions lower compared to 2013/14.

After a 50% increase in 2013/14, commercial revenuereduced marginally in 2014/15 by 0.7m to 24.9m,despite a long term contract extension with Pumataking effect. With just 19% of revenue generatedcommercially, Newcastles challenges demonstrate thepolarisation in commercial deals that exists between

those clubs regularly playing in, or challenging for, UEFAChampions League football and the rest.

Despite the disappointing on-pitch performance,matchday revenue grew by 0.9m to 26.8m, asNewcastle continued to enjoy the third highest averageattendance in the Premier League (50,500).

Newcastles Money League position is testament to thevalue of the Premier League centralised broadcast deals,and a loyal fan base lling the fourth largest stadium inEnglish club football. The new Premier League broadcastdeal effective from 2016/17 should ensure Newcastlespresence in the Money League in the medium term, butthe club will need to signicantly improve its on-pitchperformance if they are to ever hope to rise to previousheights of a top ten placing.

Newcastle United: 2015 Revenue prole (m)

600

400

200

02011 2012 2013 2014 2015

169

n/a n/a n/a 19 17

98 115 112155

21% 60% 19%





DFML position

2015 Revenue

169.3m(128.8m)

2014 Revenue (19th)

155.1m(129.7m)


50,500

Twitterfollowers

0.7m


15th



18. Everton

Everton rise two places to 18th in this years Money Leaguewith total revenue of 125.6m (165.1m), the clubs

joint-highest position and the rst time it has appearedin consecutive editions of the Money League top 20.The Toffees progressed to the last 16 in the UEFA EuropaLeague but domestic performance was disappointing,with early exits from the English cup competitions anda nishing position of 11th in the Premier League, theclubs lowest league place since 2005/06.

Everton, like many Premier League clubs, now receivemost of its revenue from broadcast rights, whichaccounts for 69% of the total after an increase of

2m to 86.8m. This is the 10th highest in the MoneyLeague and more than European powerhouses BayernMunich and Paris Saint-Germain earned from thissource. Reduced Premier League distributions from alower league nish were offset by the receipt of 7.5m(5.7m) of additional UEFA distributions in 2014/15 forperformances in the Europa League. Evertons failure toqualify for European competition in 2015/16 means astrong league performance will be important to sustainthe overall level of broadcast revenue.

The Europa League campaign resulted in three

additional games at home in 2014/15, contributing to1.2m (7%) matchday revenue growth. Following thefeel-good factor generated by the league performancein the previous season, Evertons highest season tickettotal for ten years contributed to a 2% improvement in

average home league attendance in 2014/15. However,the ongoing challenges in moving from (or evenexpanding) Goodison Park, means matchday revenueremains restricted and is unlikely to see substantialimprovement in the near term.

The Toffees continue to generate the lowest commercial

revenue in the Money League top 20 despite 10% growthto 20.1m (26.4m). Agreements with Chang (shirtsponsorship) and Umbro (kit manufacturer) remain in placefor the next edition of the Money League, making furtherdevelopment of the clubs wider commercial activitiesimportant. However, these gures must be consideredin context as Everton continue to outsource many of itscommercial operations thus reducing the overall revenuegure but not the bottom line.

Back-to-back Money League appearances for the rsttime represents outstanding nancial development forEverton. However, increased pressure on broadcastrevenue in 2015/16 through the lack of UEFAdistributions, coupled with challenges in matchdayand commercial activities, means a third consecutiveappearance may prove just out of reach next year.

Everton: 2015 Revenue prole (m)

600

400

200

02011 2012 2013 2014 2015

165

n/a n/a n/a 20 18

91 100 101144

15% 69% 16%





DFML position

2015 Revenue

165.1m(125.6m)

2014 Revenue (20th)

144.1m(120.5m)


38,406

Twitterfollowers

0.7m


11th

Note: Everton receiveddistributions of 7.5m fromUEFA in respect of participationin European competitions,included in broadcastingrevenue.


36/4034

19. Internazionale

Internazionale maintains its record as one of the tenever-present Money League clubs in 2014/15, withrevenue of 164.8m representing a 1% (2m) increaseon the previous season. However, Inter has droppedfrom 17th to 19th, the lowest ever position for a clubthat only four years ago was in the top ten. Whilstmatchday and broadcast revenue both increased, a 16%decrease in commercial revenue was the reason for theclubs drop down the Money League.

As for most Italian clubs broadcast remains thedominant source of revenue, rising to 59% (97.2m) ofrevenue in 2014/15. This was helped by the return ofthe club to European competition, with associated UEFAdistributions of 6.9m, where it reached the last 16 ofthe Europa League. However, a disappointing eighthplace in Serie A meant Inter failed to qualify for Europein 2015/16 and its broadcast revenues for the nextedition will suffer accordingly.

The club played ve more home games in 2014/15 thanin the previous season, and matchday revenue increasedby 7% as a result. This revenue stream represents only13% of the clubs total however, and Inter has thelowest matchday revenue of any Money League club.The next lowest is AC Milan which shares the San Sirowith Inter, the clubs limited matchday revenue being

attributable to the stadiums dated facilities. The situationlooks unlikely to improve in the near future, with neitherthe development of a new stadium nor substantialredevelopment of the San Siro looking imminent. Thesuccess of the redeveloped Juventus Stadium showswhat can be achieved if the right plans are put in place.

Despite the aforementioned decrease, commercialrevenue remains an important source of revenue,representing 28% of the total. Existing long-termrelationships with kit manufacturer Nike and shirtsponsor Pirelli continue to form the majority ofcommercial revenue, but the absence of any major newpartnerships in 2014/15 led to the overall decline of thisrevenue stream.

With continued competition, particularly from PremierLeague teams trying to break into the Money Leaguetop 20 it is imperative that the club improves its on-pitchperformance and reverses the commercial declineof 2014/15 if it is to maintain its ever present status.Encouragingly for the clubs prospects, a strong rst halfof the 2015/16 season sees Inter well placed to returnto the Champions League in 2016/17.

Internazionale: 2015 Revenue prole (m)

600

400

200

02011 2012 2013 2014 2015

8 11 15 17 19

211 201165 165163

13% 59% 28%


Broadcasting 97.2m (74m)



DFML position

2015 Revenue

164.8m(125.4m)

2014 Revenue (17th)

162.8m(136.1m)


38,158

Twitterfollowers

1m


8th

Note: Internazionale receiveddistributions of 6.9m fromUEFA in respect of participationin European competitions,included in broadcastingrevenue (including amountswithheld by UEFA fornon-compliance with FinancialFair Play regulations).



20. West Ham United

West Ham United make only its third appearance inthe Money League top 20, their rst since 2005/06,as revenues rose by 5.9m to 122.4m (5%). On thepitch, despite a strong start to the season that saw theclub sitting in fourth place in the Premier League onChristmas Day, the Hammers nished in 12th position,an improvement of one place on the 2013/14 season.

Matchday revenue marginally increased from 19.5mto 19.9m (2%), driven by a 2% rise in the averageleague attendance to 34,682. With capacity utilisationat almost 100%, the impending move to the OlympicStadium for the 2016/17 season, increasing capacity

by 54% to 54,000, will provide West Ham withthe opportunity to drive matchday and commercialrevenue upwards. Furthermore, West Ham has alreadycommitted to major price cuts for season ticket holdersin the rst season at the clubs new home in an effortto make football more affordable for supporters,suggesting a volume, rather than price, led approach tomatchday revenue strategy.

West Ham increased commercial revenue from 21.6mto 23.5m (9%), impressively securing the clubsbiggest ever commercial deal with Betway following the

insolvency of the previous main sponsor, Alpari, in January2015. The new partnership with Betway, reportedly

worth around 6m per season and double the value ofthe Alpari deal, was a signicant mid-season coup for theclub and the key driver of the rise in commercial revenue.

The majority of the total increase in revenue wasattributable to broadcast revenue, which rose 3.6m to79m, and represented 65% of the clubs total revenue

the second highest proportion of club revenue frombroadcasting in the Money League top 20. Once again,the power of the Premier League broadcast deal is clearto see, with West Ham (in 14th overall) outperformingclubs such as Atltico de Madrid and AC Milan in theMoney League ranking for broadcast revenue.

West Hams re-emergence in the Money League top20 is mainly buoyed by the current levels of PremierLeague centralised broadcast distributions, but is alsoa positive reection of the work being done within theclub. As the Hammers prepare to bid farewell to UptonPark, a combination of the aforementioned commerc

Barcellona e Real in cima alla Top 20 dei club per ricavi

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