Deloitte Football Money League 2022

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Football Money League

Deloitte Sports Business Group YEARS OF THE FOOTBALL
March 2022 MONEY LEAGUE
A
Deloitte Football Money League 2022 |
Top 20 clubs
Elite club football has been

buffeted by two years of
financial turbulence due to
the impact of COVID-19, but is
emerging having demonstrated
resilience and continued
underlying growth underpinned
by the global love for these
great institutions and the
entertainment they provide.
Important Notice: This year’s Deloitte Football Money

League report was compiled prior to Russia’s invasion
of Ukraine and its release was delayed out of respect
for this devastating situation.
The sports industry, its leaders, athletes and fans are

using the platforms they have to share messages of
support, sending a strong message on the need for
sport to stand united with Ukraine and we encourage
them to continue to do so.
B
Contents
Contents
Introduction 02
Ups and downs 07
Stars of the silver screen 08
Money League clubs positions 1-10 10
Two seasons 30
Money League clubs positions 11-20 32
The leading view on the business of football 52
Deloitte Football Intelligence Tool 54
Edited by Deloitte Sports Business Group

Dan Jones The Hanover Building
Corporation Street
Sub-editor Manchester
Calum Ross M4 4AH
Authors Telephone: +44 (0)161 455 8787

Theo Ajadi, Tim Bridge, Fran Dow, E-mail: [email protected]
Tom Hammond and Jamie Pugh www.deloitte.co.uk/sportsbusinessgroup
March 2022
01
Introduction
Introduction
Welcome to the 25th year of the Deloitte Football Money

League, which profiles the highest revenue generating
clubs in world football and celebrates the history of the
publication. From its inception to the present day, the
Money League has remained the most contemporary
and reliable independent analysis of the top clubs’
relative financial performance.
The 2020/21 football season began, stadia unsurprisingly causing the lowest
and ended, where the 2019/20 season matchday revenue in the 25 years of the
left off: with the devastating impact of publication, whilst broadcast revenue is
COVID-19 continuing to be felt around the at a record high as a result of deferrals
world. Football, and sport more widely, in distributions related to the delayed
was resilient, but not immune with clubs 2019/20 season (completed in the 2020/21
balancing obligations in respect of health financial year).
and safety in order to fulfil fixtures and
provide entertainment and ultimately In our feature article, we have sought to
complete the 2020/21 season. mitigate the timing differences arising from
the completion of the 2019/20 football
Despite these ongoing challenges the season and the corresponding financial
football industry continued to demonstrate year ends, by combining the 2019/20 and
its resilience offering respite to many in 2020/21 revenue information to provide Big News in a Little World
such testing times. In this edition, we have a more holistic perspective across the The key findings of this year’s Money League
continued to publish the Money League last two completed football seasons and are highlighted across the following pages.
rankings as usual, but the impact of financial years.
COVID-19 is stark with the lack of fans in •• Manchester City top the Money League
for first time with revenue of £571.1m
(€644.9m), becoming only the fourth club
to ever top the Money League. Revenue
Aggregate revenue of the top 20 Money League clubs in 2020/21
€111m €4.5 billion €3.5 billion €8.2 billion

in Matchday revenue, the in Broadcast revenue, a €1.4bn in Commercial revenue, total revenue generated by
lowest ever in Money League increase from 2019/20, largely a 6% (€222m) decrease from this year’s Money League clubs,
history owing to the absence due to the deferrals of the record high of 2019/20 up less than 1% from 2019/20,
of fans in stadia. distributions relating to the (€3.8bn), which is not as but still over €1bn lower than
completion of the significant as many had in 2018/19 (€9.3bn).
2019/20 season. forecast.
02
Introduction
Revenue of Money League clubs 2016/17 to 2020/21 (€m)
38% 17% 40% 17% 40% 16%

3,033 1,326 3,366 1,441 3,673 1,490
2016/17 2017/18 2018/19

€7,900m €8,344m €9,274m
45% 43% 44%

3,541 3,537 4,112
46% 15% 43% 1%

3,754 1,234 3,532 111
2019/20 2020/21
€8,162m €8,187m
39% 56%
3,174 4,544
Matchday Broadcast Commercial Source: Deloitte analysis.
was made up of three clubs from each of

Spain and Italy, two from Germany, and
increased by £89.5m (€95.7m) as City one from France and Russia respectively.
climb five places (from sixth position
last year). •• Real Madrid (€640.7m, second) and
Bayern Munich (€611.4m, third) were the
•• Since the first year of the Money League, only two clubs to generate in excess of
covering the 1996/97 season, Manchester €600m revenue in each of the 2019/20
City’s revenue has grown from £12.7m to and 2020/21 financial years, supported
£571.1m over 25 years. by strong on-pitch performances and
their commercial profile.
•• Money League clubs missed out on well
over €2 billion of revenue from the middle •• FC Barcelona (€582.1m) fall to fourth, its
of the 2019/20 season to the end of the lowest position since the 2013/14 season,
2020/21 season, effectively taking revenue following both on-pitch and off-pitch Manchester City has
back to levels nearly five years ago. challenges.
become only the fourth club
•• The continued world-leading financial •• Manchester United (€558m) retains its to top the Money League.
resources of the English Premier League position in the top five (but in its lowest
was evident again in this year’s Money position in Money League history) by
League, with half of the top 20 clubs just €1.8m from Paris Saint-Germain
being from the Premier League, the joint- (€556.2m), despite finishing second to
highest proportion ever (with the 2016/17 Manchester City and as Runners-up in
season). The rest of the Money League the UEFA Europa League.
03
Introduction
€2bn+
•• A slight decline in on-pitch performance •• FC Internazionale Milano (€330.9m, 14th) For the first time in
from the previous two seasons’ highs closed the gap to Borussia Dortmund
its 25-year history,
saw Liverpool (€550.4m) fall two places (€337.6m), Atlético de Madrid (€332.8m)
to seventh in this year’s Money League, in 12th and 13th respectively, after a all 20 Money League
whilst Chelsea’s UEFA Champions League return to the Champions League Group
clubs have a women’s
triumph ensured they retained eighth Stage and ending Juventus’ nine-year
position (€493.1m). dominance of Serie A. football team.
•• Tottenham Hotspur in particular will be •• Following successful domestic
looking to maximise the return of fans to campaigns, both Leicester City (€255.5m)
stadia in the 2021/22 season and climb and West Ham United (€221.5m) re-
the Money League, following a drop to enter the Money League with Leicester’s
tenth position (€406.2m) behind Juventus broadcast revenue alone almost enough
(€433.5m, ninth). for a position in the top 20.
A Little Time
•• Despite an ever-changing economic •• Wolverhampton Wanderers (€219.2m) As football continues to grow in economic
environment, the top 14 clubs in this enter the Money League for the first time importance it is also increasingly embracing
year’s Money League are consistent, in 17th position. its position and amplifying its influence
but in a slightly rearranged order for on society, acting as a strong platform
the fourth successive year. Notably, this •• AC Milan (€216.3m) appear in the Money for measuring and delivering behavioural
includes 11 of the 12 proposed European League for the first time since 2017/18 change.
Super League founders (excluding in 19th position following a return to
AC Milan), with Bayern Munich, Borussia UEFA club competitions and a runner-up In this year’s Money League, we have
Dortmund and Paris Saint-Germain not finish in Serie A. Continued on-pitch sought to provide some objective metrics
amongst the original participants. success combined with astute business highlighting some progress in enhancing
111
management should see Milan re- 112
diversity and inclusion in football, while
establish themselves as a Money League recognising that collectively there is still
regular in the coming years. much room for improvement. We found
that:
Money League clubs have •• For the first time ever all of the Money
League clubs have a women’s football
missed out on well over team.
€2 billion of revenue
•• From the 19 of the 20 clubs who provided
over the 2019/20 and us data, on average women make up 11%
€2bn+ 2020/21 seasons as a of a clubs’ board of directors, with a high

of 40% at Juventus.
result of COVID-19.
•• From the 17 of the 20 clubs who provided
us data, on average ethnic minorities
make up 15% clubs’ board of directors,
with highs of 75%, 60% and 57% at
Leicester City, FC Internazionale Milano
and Manchester City respectively.
04
Introduction
Good as Gold 2020/21 clubs 21-30 (€m)

Looking ahead to the 2023 Money League
covering the 2021/22 season, we expect Pos. Club Revenue
revenue of Money League clubs to reach
21. Aston Villa 207.3
record levels, as they bounce back from the
effects of the pandemic and push towards 22. €2bn+
Sevilla 199.5
collective revenues of €10 billion.
23. Leeds United 192.7
Matchday 24. AS Roma 190.4

•• A welcome and continued return of fans
25. Atalanta 187.6
to stadia should see matchday revenue
return to, and eventually surpass, 26. Borussia VfL Mönchengladbach 177.5
previous levels.
26. Southampton 177.5
Bringing a variety of people, with different Broadcast 28. SSC Napoli 174.5
ways of thinking, together in collaboration •• The realignment of the football season
29. Newcastle United 170.1
is extremely powerful in driving positive and the financial year will likely reduce
change. Clearly there are many ways of broadcast revenue for Money League 30. SS Lazio 163.5
measuring diversity and inclusion across an clubs in the 2021/22 financial year. This will
organisation and the metrics above merely be partially offset by the commencement Source: Deloitte analysis.
scratch the surface of a critical topic. We of a new rights cycle for UEFA club
hope that we can bring further attention to competitions, which will see prize money
this in future editions of the Money League. increase by 11% to over €2.7 billion per
annum in the 2021/22 to 2023/24 cycle
Furthermore, as the damage and risk posed (which also sees the introduction of the 111
by climate change continues to increase, all UEFA Conference League), compared to
parts of society will need to play their part the average annual value of the previous
in tackling the crisis, including sport and cycle (2018/19 to 2020/21).
sporting institutions. As individuals and
organisations across society increasingly •• The start of the 2020/21 season saw
recognise the existential challenge and new domestic rights cycles commence for
want to commit to action, the more they the Bundesliga, Serie A and Ligue 1
will look to engage with organisations and at amounts marginally lower than
individuals who share similar values. previously. Meanwhile, the value of Serie
A’s international rights decreased more
In recent years there has been an uptick markedly following a failure to secure a
in clubs reporting on their respective broadcast agreement in the MENA region.
sustainability agendas. In particular, five
Money League clubs have signed up to •• In La Liga, the domestic rights cycle With the season played
the United Nations’ Sports for Climate commencing from the 2022/23 season
almost entirely behind
Action Framework, an initiative “aimed at may provide some upside, but the
supporting and guiding sports actors in agreement with CVC Capital Partners closed doors, matchday
achieving global climate change goals,” (notably excluding FC Barcelona and
revenues plummeted to an
with two Money League clubs (Liverpool Real Madrid) will likely see a reduction in
and Tottenham Hotspur) committed to the distributions to La Liga clubs in the short- all-time low of €111m.
UN’s Race to Zero initiative. term in favour of up-front investments.
05
Introduction
•• Premier League broadcast rights values As the damage and risk

are set to pull further away from the
posed by climate change
other ‘big five’ European leagues from
the 2022/23 season with the rollover continues to increase, all
of existing domestic arrangements on
parts of society will need
the same terms and the total value of
international rights reportedly set to to play their part in tackling
increase by c.30% and exceed the value
the crisis, including sport
of domestic rights for the first time.
and sporting institutions.
•• Therefore, in the 2021/22 season,
outside of improved on-pitch
performance (particularly in UEFA club
competitions) we expect limited growth •• Further evolution of sponsorship D.I.Y
in clubs’ broadcast revenue. International into partnership driving enhanced The Deloitte Football Money League
rights value increases from the 2022/23 commercial revenue; was compiled by Dan Jones, Calum Ross,
season for Premier League clubs may Theo Ajadi, Tim Bridge, Fran Dow,
provide a platform for them to climb up •• New and innovative technology, changing Tom Hammond and Jamie Pugh.
the Money League. consumer habits and owning content
strategies, including the emergence of Our thanks go to Henry Wong and others
Commercial NFTs; who have helped us, inside and outside
•• The impact of the pandemic on the of the Deloitte international network. We
sponsorship market for Money League •• Growth of women’s football, and sport particularly thank greatly those clubs who
clubs is challenging to determine as more widely; have taken the time to help us with the
a result of the timing of agreements information and explanations. We hope you
between clubs and commercial partners •• Competition reform and sports rights stay safe and well and enjoy this edition.
and other varying market dynamics. acquisition / investment by private
investors; and
•• As the global economy continues its Dan Jones, Head of the Sports
recovery from the pandemic, we may •• The mechanisms used by competition Business Group
see commercial revenue of Money organisers for the distribution of www.deloitte.co.uk/sportsbusinessgroup
League clubs return to record levels in revenues to clubs.
the near future.
At the time of writing, some of the key The Sports Business Group at Deloitte
trends identified as being likely to shape has expert understanding of the
the future profile of the Money League sports business environment. We
include: regularly work with the industry’s key
stakeholders helping them navigate
•• Continued recovery from COVID-19 and strategic issues and identify and
adapting to a new market environment; execute transformational opportunities
focused on enhancing the performance
•• Investment in stadia infrastructure to of their organisations.
enhance and facilitate a greater matchday
and non-matchday experience;
06
Ups and downs
Ups and downs
2020/21 Revenue (€m) 2019/20 Revenue (€m)
1 5 17 Manchester City 644.9 1 0 (15) FC Barcelona 713.4
2 0 (7) Real Madrid 640.7 2 0 (9) Real Madrid 691.8
3 0 (4) Bayern Munich 611.4 3 1 (4) Bayern Munich 634.1
4 (3) (18) FC Barcelona 582.1 4 (1) (19) Manchester United 580.4
5 (1) (4) Manchester United 558.0 5 2 (8) Liverpool 558.6
6 1 3 Paris Saint-Germain 556.2 6 0 10 Manchester City 549.2
7 (2) (1) Liverpool 550.4 7 (2) (15) Paris Saint-Germain 540.6
8 0 5 Chelsea 493.1 8 1 8 Chelsea 469.7
9 1 9 Juventus 433.5 9 (1) 14 Tottenham Hotspur 445.7
10 (1) (9) Tottenham Hotspur 406.2 10 0 (13) Juventus 398.9
11 0 (6) Arsenal 366.5 11 0 (13) Arsenal 388.0
12 0 (8) Borussia Dortmund 337.6 12 0 (2) Borussia Dortmund 365.7
13 0 0 Atlético de Madrid 332.8 13 0 (10) Atlético de Madrid 331.8
14 0 14 FC Internazionale Milano 330.9 14 0 (20) FC Internazionale Milano 291.5
15 n/a new 49 Leicester City 255.5 15 n/a new 31 FC Zenit 236.5
16 n/a new 41 West Ham United 221.5 16 (1) (31) Schalke 04 222.8
17 n/a new 45 Wolverhampton Wanderers 219.2 17 2 1 Everton 212.0
18 (1) 3 Everton 218.1 18 (1) (18) Olympique Lyonnais 180.7
19 n/a new 40 AC Milan 216.3 19 1 (15) SSC Napoli 176.3
20 (5) (10) FC Zenit 212.0 20 n/a new (5) Eintracht Frankfurt 174.0
DFML position Change on previous year Number of positions changed Revenue percentage movement in local currency (%)
07
Football Money league
Stars of the silver screen
In the 25 years that the Sports Business Group has been compiling the Football
Money League, the total revenue generated by the highest earning football clubs has
grown over seven-fold, from €1.1 billion in the 1996/97 season to €8.2 billion
in 2020/21. 45 clubs from 11 nations have featured in the Money League in that time,
with only four clubs finishing top. Set out below is a timeline highlighting some of the
key milestones of this growth across the last 25 years.
Bayern Munich Juventus reach Manchester City

reach second second place Real Madrid enter the Money
place in the in the Money top the Money League in respect
Manchester Money League, League, the Manchester League for the of the 2007/08
United top the the highest highest position United become first time and season and have
first Money position achieved achieved by the first club to become only the remained in the
League by a German club an Italian club pass the €250m second club to top 20 in each
(£88m revenue). (£84m). (€177m). revenue mark. do so (€276m). year since.
1998 2000 2002 2004 2006 2008 2010
1999 2001 2003 2005 2007 2009
Manchester Money League Total revenue of Revenue of over

United win the clubs generate Money League €100m required
treble, first place revenue in excess clubs in the for a place in the
in the 2000 of €2 billion for 2004/05 season Money League
Money League the first time. breaks the (in respect of the
(£111m). €3 billion barrier 2007/08 season).
for the first time.
1996/97 – 1st year 2005/06 – 10th year 1996/97– –15th

2010/11 1st year 2005/06––20th
2015/16 10thyear
year 2010/11––25th
2020/21 15thyear
year
23% 18% 23%

26% 26%
40% 40% 33% 40%
35% 40% 33% 35% 1%
Top 20 revenue Top 20 revenue Top20
Top 20revenue
revenue Top20
Top 20revenue
revenue Top20
Top 20revenue
revenue
43% 43%
€1,149m €3,346m €4,409m
€1,149m €3,346m
€7,415m €4,409m
€8,187m
56
Matchday Broadcast Commercial
39%
20% 20%
41%of the Money League covering the42%
Note: The first edition 1996/97 41% 42%
season was published prior to the introduction of the Euro
currency. For the purposes of comparability figures from the
first edition have been converted to Euros from GBP at the initial
trading rate on 4 January 1999 of £1 = €1.41.
08
Football Money league
times Real Madrid times Manchester times FC Barcelona times Manchester

12
MAD
ranked first in the 10
MUN
United ranked first in 2
FCB
ranked first in the 1
MCI
City ranked first in
Money League the Money League Money League the Money League
996/97
year – 1st year 2005/06
2010/11 – 15th year – 10th year 2010/11
2015/16 – 20th year – 15th year 2015/16
2020/21 – 25th year – 20th year 2020/21 – 25th year
23% 18% 23% 18%

26% 26%
% 40% 35% 33% 35% 1% 1%
Paris Saint-Germain
ue Top 20 revenue Top 20 revenue Top 20 revenue Top 20 revenue
reachTop 20 revenue
fourth place in 43% Top 20 revenue Top 20 revenue Top 20 revenue
43% 43% 43%
m €1,149m €4,409m €3,346m €7,415m the €4,409m
Money League, €8,187m €7,415m €8,187m
the highest position 56% 56%
achieved
39% by a French 39%
20% 42% 41% club (€481m).
42%
FC Barcelona
become only the
The closest battle third club to top the Manchester City
for first place in Money League, with top the Money
Money League Money League aggregate revenue League for
clubs generate history, with just of Money League the first time,
revenue in excess €1.7m separating clubs reaching becoming only
of €5 billion for Manchester United a record high of the fourth club to
the first time. and Real Madrid. €9.3 billion. ever do so.
2012 2014 2016 2018 2020 2022
2011 2013 2015 2017 2019 2021
Real Madrid The 20th edition Real Madrid

pass the €500m of the Money return to first
revenue mark; League sees place after a two
start of a new Manchester United, year absence
Premier League FC Barcelona and generating record
broadcast rights Real Madrid become revenue of more
deal, worth the first clubs to than €750m
€2.2 billion per pass the €600m in 2017/18.
season for revenue mark.
The combined three seasons. Money League
revenues of clubs miss out
Money League on more than
2005/06 – 10th year 2010/11 – 15th year 2015/16 – 20th year 2020/21 – 25th year
clubs surpassed €2 billion of
€4 billion for the 23% 18% revenue across
26%
33% first time. 35% 1% the 2019/20
and 2020/21
Top 20 revenue Top 20 revenue Top 20 revenue Top 20 revenue
43% 43% seasons due to
€3,346m €4,409m €7,415m €8,187mthe COVID-19
56%
pandemic.
39%
41% 42%
09
Top 20 clubs
1
MCI
Manchester City
Revenue 2017-2021 (€m) 2021 Revenue profile (€m)
2020 Revenue 5 5 6 6 1
€549.2m
1,000
0%
€0.8m
(£481.6m) 15 (£0.7m)
750 645
611
568
2021 Revenue 528 549
48% 4
Total
€644.9m
52%
€644.9m
€308.2m 1 €335.9m
500
(£272.9m) (£571.1m) (£297.5m)
(£571.1m) 250
17% 0 2017 2018 2019 2020 2021

Matchday Note: Figures in circles
Broadcast show top 20 ranking per
Annual revenue DFML position Commercial revenue stream.
General Diversity and inclusion Social media following (m)
On-pitch
17 /25
Deloitte Football
57% 0% 120
100
8 9 7 6 9
performance Money League

League: 1st appearances Ethnic minority Women’s
80
UCL: Runner-up representation representation
on the club’s on the club’s
board board 60
40.2
40
Financial Sustainability
29.1
30
UN Sports for Climate Action
Framework signatory
No 20
Transfer income 11.4
62%
€106.4m
10 6.0
- 3.8
Wages/revenue Transfer expenditure
ratio (€218.8m) 0
= Note: Figures in circles show top 20

ranking per social media account.
(€112.4m)
Net transfer balance
10
Top 20 clubs
Matchday revenue (€m) Broadcast revenue (€m) Commercial revenue (€m)
400 COVID-19 400 COVID-19 400 COVID-19

336 308
287
300 300 300
237 239 285
217 266 261
231
200 200 200
100 100 100

60 64 62 48 1
0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021
Matchday Broadcast Commercial DFML average DFML top five average Source: Deloitte Football Intelligence Tool.
11
Top 20 clubs
2
MAD
Real Madrid
2020 Revenue 2 1 2 2 2
€691.8m
1,000
1%
€8.6m
(£606.7m) 751 757
4 (£7.6m)
675 692
750 641
2021 Revenue 50% 3
Total
€640.7m
49%
€640.7m
€321.6m 2 €310.5m
500
(£284.8m) (£567.3m) (£274.9m)
(£567.3m) 250
(7%) 0 2017 2018 2019 2020 2021

On-pitch
25 /25
Deloitte Football
n/d n/d 120
100
1
111
1
109.6
1 2 5

League: 2nd appearances Ethnic minority Women’s
80
UCL: Semi-final representation representation
board board 60
39.9
40
30
Framework signatory
No 20
Transfer income
9.9
63%
€131.4m 7.0
10
-
ratio (€44.7m) 0

€86.8m
12
Top 20 clubs
400 COVID-19 400 COVID-19 400 356 355 360

322
311 301
300 300 251 258 300

237 224
200 200 200

136 143 145
108
100 100 100

COVID-19
9
0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021
13
Top 20 clubs
3
BAY
Bayern Munich
2020 Revenue 4 4 4 3 3
€634.1m
1,000 2%
€11.7m
(£556.1m) (£10.4m)
3
750 660 634
629 611
588
2021 Revenue 56% 1
Total
€611.4m
42%
€611.4m
€345.2m 7 €254.5m
500
(£305.7m) (£541.4m) (£225.3m)
(£541.4m) 250
(4%) 0 2017 2018 2019 2020 2021

On-pitch
25 /25
Deloitte Football
0% 0% 120
100
4 8 12 10 6

80
UCL: Quarter-final representation representation
53.6
board board 60
40
30.8
30
Framework signatory
No 20
Transfer income
n/d
€32.5m 7.4
10 5.9
- 2.4
ratio n/d 0

n/d
14
Top 20 clubs
400 COVID-19 400 COVID-19 400 349 357 361

343 345
300 300 255 300
200 200 211 203 200

104 177
98 147
100 100 100
92 COVID-19
70 12
0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021
15
Top 20 clubs
4
FCB
FC Barcelona
2020 Revenue 3 2 1 1 4
€713.4m
1,000
841
3%
€15.9m
(£625.6m) 713 (£14.1m)
690 2
750 648
582
2021 Revenue 47% Total
50%
5 €582.1m 5
€582.1m 500 €276.6m €289.6m

(£244.9m) (£515.4m) (£256.4m)
(£515.4m) 250
(18%) 0 2017 2018 2019 2020 2021

On-pitch
25 /25
Deloitte Football
0% 5% 120
100
2
103.2
2
104.9
2 1 3

League: 3rd appearances Ethnic minority Women’s
80
UCL: R16 representation representation
board board 60
39.7
40
30
Framework signatory
No 20
12.9 13.2
Transfer income
84%
€66.8m
10
-
ratio (€90.8m) 0

(€24m)
16
Top 20 clubs

384
400 COVID-19 400 COVID-19 400
323 338
298 290 295
300 300 249 300
223 277
215
200 145 158 200 200

139
127
100 100 100

16 COVID-19
0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021
17
Top 20 clubs
5
MUN
Manchester United
2020 Revenue 1 3 3 4 5
€580.4m
1,000 1%
€8m
(£509m) 712 7 (£7.1m)
750 676 666
580
2021 Revenue 558
47% 6
Total
€558m
52%
€558m
€262.2m 6 €287.8m
500
(£232.2m) (£494.1m) (£254.8m)
(£494.1m) 250
(4%) 0 2017 2018 2019 2020 2021

On-pitch
25 /25
Deloitte Football
8% 8% 120
100
3 4 3 5 4

League: 2nd appearances Ethnic minority Women’s 74.9
80
UCL: Group, representation representation
UEL: Runner-up on the club’s on the club’s
54.5
board board 60
40
29.5
30
Framework signatory
No 20
65%
€24.5m
10
- 5.5

ratio (€130.7m) 0

(€106.2m)
18
Top 20 clubs
400 COVID-19 400 COVID-19 400

325 316 322
317
288
274 262
300 300 300
226 230
200 200 200

125 120 121 160
99
100 100 100
COVID-19
8
0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021
19
Top 20 clubs
6
PSG
Paris Saint-Germain
2020 Revenue 7 6 5 7 6
€540.6m
1,000 3%
€17m
(£474.1m) 1 (£15m)
750 636
2021 Revenue 486
542 541 556
61% 2
Total
€556.2m
36%
€556.2m
€337.4m 14 €201.8m
500
(£298.8m) (£492.5m) (£178.7m)
(£492.5m) 250
3% 0 2017 2018 2019 2020 2021

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12 /25
Deloitte Football
n/d* 20% 120
100
6 3 8 4 1

80
UCL: Semi-final representation representation
55.7
board board 60
45.8
40
30
UN Sports for Climate Action 23.8
Framework signatory
Yes 20
n/d
n/d
10 6.0
-
ratio n/d 0

n/d
Net transfer balance *Unable to disclose ethnicity data
under French law.
20
Top 20 clubs
400 COVID-19 400 COVID-19 400 363

313 337
299
274
300 300 300
200 200 202 200
101 116 157 150

90 92
122 128
100 100 100
17 COVID-19
0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021
Matchday Broadcast Commercial DFML average DFML 6-10 average Source: Deloitte Football Intelligence Tool.
21
Top 20 clubs
7
LIV
Liverpool
2020 Revenue 9 7 7 5 7
€558.6m
1,000 2%
€8.3m
(£489.9m) (£7.4m)
6
750
605
2021 Revenue 514
559 550
43% 7
Total
€550.4m 4
55%
€550.4m 500 424 €238.4m €303.7m
(£211.1m) (£487.4m) (£268.9m)
(£487.4m) 250
(1%) 0 2017 2018 2019 2020 2021

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25 /25
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0% 0% 120
100
9 6 5 3 8

80
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38.2
40
Financial Sustainability 35.3
30
Framework signatory 19.2
Yes 20
Transfer income
64%
n/d 6.6 6.5
10
-
ratio n/d 0

n/d
22
Top 20 clubs
299 304
300 300 251 300
233 243 238
183 211
171
200 200 200 162
92 95
83
80
100 100 100
8
0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021
23
Top 20 clubs
8
CHE
Chelsea
2020 Revenue 8 8 9 8 8
€469.7m
1,000 2%
€8.6m
(£411.9m) 4 (£7.6m)
750
2021 Revenue 506 513

470 493 35% 9
Total
€493.1m 3
63%
€493.1m 500 428 €175.5m €309m
(£155.4m) (£436.6m) (£273.6m)
(£436.6m) 250
5% 0 2017 2018 2019 2020 2021

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24 /25
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0% 20% 120
100
5 7 4 8 10

League: 4th appearances Ethnic minority Women’s
80
UCL: Winner representation representation
board board 60 49.5
40
31.7
30
No 20
Transfer income
77%
€35.4m
10 5.7
- 3.5
ratio (€249.4m) 0

(€214m)
24
Top 20 clubs
309
300 300 227 300
231 208
210
189 192
200 200 200 163
199
176
83
76 76
100 62 100 100
9
0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021
25
Top 20 clubs
9
JUV
Juventus
2020 Revenue 10 11 10 10 9
€398.9m
1,000
2%
€7.8m
(£349.8m) 8 (£6.9m)
750
2021 Revenue
460
43% 8
Total
€433.5m 8
55%
€433.5m
406 434 €188.7m €237m
500 395 399
(£167.1m) (£383.9m) (£209.9m)
(£383.9m) 250
9% 0 2017 2018 2019 2020 2021

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0% 40% 120
100
7 5 9 7 6

80
board board 60 52.2
44.4
40
30
Framework signatory
Yes 20
Transfer income
9.7
74%
€44m 7.4
10
- 3.5
ratio (€137.3m) 0

(€93.3m)
26
Top 20 clubs
300 300 237 300

234
200 209
200 200 200
186 190 189
167
143
121
100 100 100
66
52 51 42 8
0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021
27
Top 20 clubs
10
TOT
Tottenham Hotspur
2020 Revenue 11 10 8 9 10
€445.7m
1,000 1%
€2.1m
(£390.9m) 13 (£1.9m)
750
2021 Revenue 521 42% 10

Total
€406.2m
57%
€406.2m
428 446 €170.8m 9 €233.3m
500 406
360 (£151.2m) (£359.7m) (£206.6m)
(£359.7m) 250
(9%) 0 2017 2018 2019 2020 2021

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25% 25% 120
100
13 13 11 11 2

80
UEL: R16 representation representation
board board 60
40
30
UN Sports for Climate Action 23.2
Framework signatory
Yes 20
13.4
57%
€15m 6.8
10
- 2.0
ratio (€118m) 0

(€103.1m)
28
Top 20 clubs
277
300 300 233 300
219 227
183
200 200 200 152
117 171
108 155
85 93 84
100 100 100
57 2
0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021
29
Sports Business Group
Two seasons
The impact of COVID-19 in financial years 2019/20 and 2020/21 has been undeniably
significant. Accounting methods and timing differences meant that the profile of
revenue reported in each financial year further hindered comparability, and saw clubs
move up and down the Money League in a somewhat erratic manner. Perhaps the
best way to understand the clubs’ individual and collective financial performance over
this period of the pandemic is to assess the average revenue generated over the two
financial years, which helps to smooth out any reporting issues and allows clubs to be
compared more accurately.
Average revenue generated by clubs over financial years 2019/20 and 2020/21 (€m)
Rank Club Matchday Broadcast Commercial Total
1 Real Madrid 58.4 267.3 340.6 666.3
€16.2 billion 2 FC Barcelona 71.3 269.1 307.5 647.8

of revenue was generated by the
3 Bayern Munich 41.0 228.9 352.9 622.8
top 20 revenue generating clubs
over financial years 2019/20 and 4 Manchester City 24.2 276.5 296.4 597.1
2020/21 (average of €8.1bn per year).
5 Manchester United 53.4 223.9 292.0 569.2
6 Liverpool 45.5 268.1 240.9 554.5
2+ 7 Paris Saint-Germain 54.7 175.7 318.0 548.4
8 Chelsea 35.4 258.6 187.5 481.4
9 Tottenham Hotspur 54.9 194.2 176.9 426.0
10 Juventus 25.1 201.9 189.3 416.2
11 Arsenal 47.1 172.1 158.1 377.3
12 Borussia Dortmund 23.9 178.3 149.6 351.7
13 Atlético de Madrid 27.3 214.5 90.5 332.3
14 FC Internazionale Milano 29.6 176.0 105.7 311.2

This compares to
€9.3 billion 15 FC Zenit 11.1 45.0 168.3 224.3
generated by Money League clubs 16 Everton 7.0 138.5 69.6 215.1

in 2018/19, demonstrating that
17 Leicester City 7.8 165.6 39.9 213.3
clubs have missed out on c.€1bn+
of revenue in each of 2019/20 and 18 West Ham United 13.2 139.2 37.2 189.5
2020/21 (total c.€2bn+).
19 Schalke 04 17.9 88.0 81.9 187.7
20 Wolverhampton Wanderers 9.8 150.2 25.2 185.2
30
2022
Average revenue generated by Money League top 20 (€m)
14
2019/20 and 2020/21
(average per annum)
2021
406
14
2018/19 464
2017/18 417
2016/172020 395
€666.3m 14
0 100 200 300 400 500 600
Source: Deloitte analysis.
Real Madrid – the club that has topped 2019

The average revenue generated by the top Over the two financial years 2019/20 and
14
the Money League in 12 of 25 editions 20 revenue generating clubs in financial 2020/21, matchday revenue contributed
(more than any other) – is again top of years 2019/20 and 2020/21 was €812m 8% of total revenue, broadcast contributed
the pile, generating an average revenue (an average of €406m a year). almost half (47%) and commercial
of €666.3m for the 2019/20 and 2020/21 revenue 45%. In 2018/19 (the last season
financial years. The revenue generated by Money League immediately prior to the pandemic),
clubs has effectively returned to 2016/17 revenue from matchday sources
and 2017/18 levels, when the average contributed 16% of all revenue, broadcast
revenue generated by the top 20 was 44% and commercial 40%. This clearly
€395m and €417m respectively. illustrates the impact that COVID-19 has
2022
had on clubs’ revenue streams.
A ranking of Money League clubs’

financial performance over two years 14
Money League club’s revenue split –
2018/19 vs. average of 2019/20 and
2021
14
100
has a familiar look to it, with the 2020/21 (%)
composition of the top 14 the same as it
has been in each of the past four editions 80
2020
14
of the Money League (2019 to 2022).
Manchester City – who ranked above
Manchester United for the first time in
the 2022 edition of the Money League
€666.3m
2022
60
44
47
40
45
14 2019
– are also ahead when compared over 40
14
a two year period. This period saw City
generate greater commercial revenue 2021 16
14
20
8
than that of its cross-city rivals, possibly
signalling a long feted ‘changing of
2020 0 Matchday Broadcast Commercial
14
the guard’ in terms of the revenue
League clubs.
€666.3m
generating ability of top Premier 2018/19 2019/20 and 2020/21 (average)
2019 Source: Deloitte analysis.
14
31
Top 20 clubs
11
ARS
Arsenal
2020 Revenue 6 9 11 11 11
€388m
1,000 1%
€4.3m
(£340.3m) 10 (£3.7m)
750
2021 Revenue 488 42% 12

Total
€366.5m
57%
€366.5m
439 445 €154m 13 €208.2m
500 388 367 (£136.4m) (£324.5m) (£184.4m)
(£324.5m) 250
(6%) 0 2017 2018 2019 2020 2021

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0% 0% 120
100
10 10 6 9 17

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37.7
40
30
18.6
Yes 20
Transfer income
75%
€25.7m
10
- 2.6 1.8
ratio (€129.6m) 0

(€103.9m)
32
Top 20 clubs
300 300 300

235 208
207 211
162
154
200 200 200 137
121 126
116 112 109 90 136
100 100 100
4
0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021
33
Top 20 clubs
12
DOR
Borussia Dortmund
2020 Revenue 12 12 12 12 12
€365.7m
1,000 0%
€1.4m
(£320.7m) (£1.2m)
14
750
2021 Revenue 44% 13

Total
€337.6m 16
56%
€337.6m 500 €149.5m €186.7m
372 366 (£132.4m) (£298.9m) (£165.3m)
333 317 338
(£298.9m) 250
(8%) 0 2017 2018 2019 2020 2021

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14 11 14 13 11

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Framework signatory
No 20 15.1 15.4
Transfer income
65%
€26m
10
- 4.0
1.0
5.5

ratio (€92.3m) 0

(€66.2m)
34
Top 20 clubs
300 300 300
200 200 170 200

187 148 145 150 150
138
167
60 126 122
100 59 57 100 100
46 1
0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021
35
Top 20 clubs
13
ATM
Atlético de Madrid
2020 Revenue 13 13 13 13 13
€331.8m
1,000
1%
(£291m) 30% 11
€4.2m
(£3.7m)
750 €98.1m
(£86.9m) 15
2021 Revenue Total
€332.8m
69%
€332.8m
10 €230.5m
500
368 (£294.7m) (£204.1m)
304 332 333
273
(£294.7m) 250
0% 0 2017 2018 2019 2020 2021

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0% 0% 120
100
15 12 13 19 13

80
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30
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No 20
13.7 13.5
Transfer income
75%
€77.6m
10
- 5.2
0.3 3.6
ratio (€67.1m) 0

€10.5m
36
Top 20 clubs
300 300 300

231
209 199
161 158
200 200 200
100 100 100 100 98

89 83
59 71
41 57 50 4
0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021
37
Top 20 clubs
14
INT
FC Internazionale Milano
2020 Revenue 15 14 14 14 14
€291.5m
1,000
1%
€2.2m
(£255.6m) 12 (£1.9m)
750
2021 Revenue 34% 14

Total
€330.9m
65%
€330.9m
€112.7m 11 €216m
500
365 (£99.8m) (£293m) (£191.3m)
331
262 281 292
(£293m) 250
14% 0 2017 2018 2019 2020 2021

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60% 10% 120
100
11 15 16 14 14

80
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28.8
30
Framework signatory
No 20
Transfer income
77%
€28.3m 7.7
10
- 2.5 0.9 2.4
ratio (€99.6m) 0

(€71.3m)
38
Top 20 clubs
300 300 300

216
200 200 200 155

159 148 113
136 130
100 100 104 98 100 99
50 57 2
28 35
0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021
39
Top 20 clubs
15
LEI
Leicester City
2020 Revenue 14 n/a n/a n/a 15

€171m
1,000
18% 0%
€46.4m €0.7m
(£150m) (£41.1m) 17 (£0.6m)
750 18
2021 Revenue Total

€255.5m 12
82%
€255.5m 500 €208.4m
(£226.2m) (£184.5m)
271 256
179 202
(£226.2m) 250 171
49% 0 2017 2018 2019 2020 2021

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75% 25% 120
100
16 16 17 18 15

80
board board 60
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30
Framework signatory
No 20
Transfer income
85%
€51.2m 6.9 6.1
10
- 2.4 0.4 2.3
ratio (€72.7m) 0

(€21.5m)
40
Top 20 clubs
300 300 300

222 208
200 200 200
140 143 123

100 19 100 100
30 45 33 46
25
15 12 15 1
0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021
41
Top 20 clubs
16
WHU
West Ham United
2020 Revenue 17 20 18 n/a 16

€157.4m
1,000 17% 0%
€36.7m €0.6m
(£138m) (£32.5m) 18 (£0.5m)
750 19
2021 Revenue Total

€221.5m 17
83%
€221.5m 500 €184.2m
(£196.1m) (£163.1m)
213 198 216 222

(£196.1m) 250 157
41% 0 2017 2018 2019 2020 2021

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0% 17% 120
100
18 19 18 20 20

80
representation representation
board board 60
40
30
Framework signatory
No 20
Transfer income
66%
€52.4m
10
- 2.7 1.9 2.1 0.3 1.0
ratio (€61.1m) 0

(€8.8m)
42
Top 20 clubs
300 300 300
184
200 200 200
139 134 145
94
100 100 100 38
33 28 31 26
1 41 36 41 37
0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021
43
Top 20 clubs
17
WLV
Wolverhampton Wanderers
2020 Revenue n/a n/a n/a n/a 17

€151.2m
1,000 13% 0%
€27.2m €0.8m
(£132.6m) (£24.1m) 15 (£0.7m)
750 20
2021 Revenue Total

€219.2m 15
87%
€219.2m 500 €191.3m
(£194.1m) (£169.4m)
196 219
(£194.1m) 250 151
28 30
45% 0 2017 2018 2019 2020 2021
On-pitch
1 /25
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33% 0% 120
100
19 18 19 15 18

80
board board 60
40
30
Framework signatory
No 20
Transfer income
72%
€85.4m
10
- 2.3 2.0 1.0 0.6 1.3
ratio (€98.1m) 0

(€12.7m)
44
Top 20 clubs
300 300 300
191
200 200 151 200
109
100 100 100

8 9 17 19 9 9 23 27
1 11 12
27
0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021
45
Top 20 clubs
18
EVE
Everton
2020 Revenue 20 17 19 17 18
€212m
1,000 0%
(£185.9m) 24% 19
€0.3m
(£0.2m)
€52.5m
750 (£46.5m) 17
2021 Revenue Total
€218.1m 18
76%
€218.1m 500 €165.3m
(£193.1m) (£146.4m)
199 213 211 212 218

(£193.1m) 250
3% 0 2017 2018 2019 2020 2021

On-pitch
8 /25
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n/d 25% 120
100
17 17 15 16 19

80
board board 60
40
30
Framework signatory
No 20
Transfer income
n/d
€54.6m
10
- 3.7 2.5 2.7 0.6 1.2
ratio (€130m) 0

(€75.4m)
46
Top 20 clubs
300 300 300
160 165
200 200 152 152 200
112
87
100 100 100
17 19 17 14 53
0 42
31 34
0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021
47
Top 20 clubs
19
MIL
AC Milan
2020 Revenue n/a 18 n/a n/a 19

€154m
1,000 32% 0%
€69.1m €0.0m
(£135.1m) (£61.2m) 20 (£0.0m)
750 16
2021 Revenue Total

€216.3m 19
68%
€216.3m 500 €147.2m
(£191.5m) (£130.1m)
192 208 206 216

(£191.5m) 250 154
40% 0 2017 2018 2019 2020 2021

On-pitch
22 /25
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0% 0% 120
100
12 14 10 12 12

80
board board 60
40
30 25.2
Framework signatory
No 20
78%
€28.4m 8.1
10
- 1.0
4.2

ratio (€81m) 0

(€52.6m)
48
Top 20 clubs
300 300 300
200 200 147 200
105
77 70 65
100 100 101 100
37 36 90 72
25 24 58 69
0
0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021
49
Top 20 clubs
20
ZSP
FC Zenit
2020 Revenue n/a n/a n/a 15 20

€236.5m
1,000 4%
€7.3m
(£207.4m) 9 (£6.5m)
750
2021 Revenue 76% 11

Total
€212m
20
20%
€212m 500 €161.5m €43.2m
(£143m) (£187.7m) (£38.2m)
237 212
180 180
(£187.7m) 250 168
(10%) 0 2017 2018 2019 2020 2021

Annual revenue DFML position Commercial revenue stream.*
On-pitch
4 /25
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0% 22% 120
100
20 20 20 17 16

80
UCL: Group representation representation
board board 60
40
30
Framework signatory
No 20
Transfer income
n/d
€7.1m
10
- 1.0 0.8 0.7 0.6 2.2
ratio n/d 0

n/d
*Revenue for FC Zenit covers 12 month
period to 31 December 2020, in line with
the club’s financial year end.
50
Top 20 clubs
300 300 300
175
200 200 200
156 154 162
145
100 100 100
47 43
10 9 11 15 15 13 15
7
0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021 0 2017 2018 2019 2020 2021
51
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53
Deloitte Football Intelligence Tool
The Deloitte Football Money League, profiling the highest earning clubs around the
world, provides the most contemporary and reliable independent analysis of clubs’
relative financial performance. Reflecting this, and a greater industry appetite for
financial information than ever before, Deloitte has developed the Football Intelligence
Tool (‘FIT’), which continues to power the analysis contained in this year's edition.
This digital solution allows the user to Individual club benchmarking

manipulate data in a quick and easy to • Users can configure the screen by
use format utilising leading technology to selecting any metric they wish to explore,
display many of the data points contained setting up the overall dashboard to
in the Football Money League, as well as reflect their areas of interest, providing
those included in the Annual Review of visual analysis of specific clubs.
Football Finance Databook. We hope FIT
will be a valuable asset for anyone looking • Users can create their own peer groups
to deepen their understanding of the by filtering by a variety of possible metrics
football business. such as stadium size, whether a club
has played in European competitions,
their average attendance or their league
League wide trends and analysis position.
• ‘Big five’ European leagues plotted on
a map, with users able to select one or • Users can see where their highlighted
more clubs by location in accordance to club is relative to their own user selected
their needs. peer group.
• Users can plot the charts based on

a range of league level metrics, such Club trends and analysis Club profiling
as revenue, wage costs and average • An interactive map of Europe allows the • Historical details of key financial
attendance. user to quickly select the clubs most measures and supporting matrix analysis
appropriate to their specific geography for two parameters simultaneously.
• Revenue splits for each league set out and circumstances, with FIT currently
and shown over time. containing data for the ‘big five’ European
leagues and the EFL Championship.
Please contact the Deloitte Sports
• Matrix analysis on a club-by-club basis Business Group for further
with the axes defined by user selected information about the Deloitte
metrics. Peer group averages and Football Intelligence Tool.
correlation lines also plotted.
E-mail: [email protected]
• Overall revenue trend for given selection www.deloitte.co.uk/
of clubs, with ability to click through to sportsbusinessgroup
further explore historic revenue trends.
54
Basis of preparation
There are a number of metrics, both financial and Some differences between clubs, or over time, may Wage costs for the financial year ending in
non-financial, that can be used to compare clubs, arise due to different commercial arrangements 2021, includes wages, salaries, signing-on fees,
including attendances, worldwide fan base, social and how the transactions are recorded in the bonuses, termination payments, social security
media following and on-pitch performance. In the financial statements, due to different financial contributions and other employee benefit expenses
Money League we record clubs’ ability to generate reporting perimeters in respect of a club, and/or for all employees (including players, technical and
revenue from matchday, broadcast rights, and due to different ways in which accounting practice is administrative employees).
commercial sources. applied such that the same type of transaction might
be recorded in different ways. For example, the Diversity and inclusion metrics are in respect of the
We have used the figure for total revenue extracted unique circumstances of the 2019/20 and 2020/21 proportion of women or ethnic minority individuals
from the annual financial statements of the company seasons arising from the COVID pandemic, has led of the total number of members of a club’s Board(s)
or group in respect of each club, or other direct to some different accounting practices derived from of Directors respectively disclosed to us by clubs as
sources, for the financial year ending in 2021 interpretations of respective accounting standards of February 2022. Signatories of the UN Sports for
covering the 2020/21 season (unless otherwise across the world of football. Climate Action Framework are those clubs listed as
stated). For some clubs, the annual financial such on the United Nations Framework Convention
statements for the financial year ending in 2021 The publication contains a variety of information on Climate Change website (www.unfccc.int) as of
also included a proportion of revenue related to the derived from publicly available, or other direct, 18 February 2022.
completion of the 2019/20 season. For the avoidance sources other than financial statements. We have
of doubt, we have not made any adjustments to not performed any verification work or audited Figures in respect of Facebook, Instagram, Twitter,
remove revenue in respect of the 2019/20 season any of the information contained in the financial YouTube and TikTok are as at 1 February 2022. For
from the financial year ending in 2021. statements or other sources in respect of each a club with multiple accounts, only the most liked/
club for the purpose of this publication. Note some followed/subscribed account has been included.
Revenue excludes player transfer fees, VAT and charts may not sum due to rounding. Numbers in brackets after component parts of
other sales related taxes. In a few cases we have revenue and social media refer to a club’s ranking
made adjustments to total revenue figures to enable, Key performance indicators shown for each relative to other Money League top 20 clubs. Social
in our view, a more meaningful comparison of the Money League club relate to the football media rankings are based on actual figures and not
football business on a club by club basis. season ending in 2021, unless otherwise stated. rounded figures shown in this publication.
UEFA Champions League and Europa League
Information is derived from annual financial performances shown include participation from For the purpose of the international comparisons,
statements or information sourced directly from the final play-off round only. unless otherwise stated, all figures for the financial
individual clubs. Based on the information made year ending in 2021 have been translated at the
available to us in respect of each club, to the Player transfer income is the aggregate proceeds average exchange rate for the year ending 30 June
extent possible, we have split revenue into three generated from the transfer-out and/or loan-out 2021, or year ending 31 December 2020 for Russian
categories – being revenue derived from matchday, of players to other clubs contracted during the Rouble:
broadcast and commercial sources. Clubs are not financial year ending in 2021. Player transfer income (£1 = €1.13; €1 = RUB 82.64; €1 = CHF 1.09;
wholly consistent with each other in the way they can be recalculated from clubs’ annual financial €1 = TRY 9.22; €1 = BRL 6.43).
classify revenue. In some cases, we have made statements as the net book value of disposals of
reclassification adjustments to the disclosed player registrations plus profit/(loss) on disposal Comparative figures have been extracted from
figures to enable, in our view, a more meaningful of player registrations and any player loan income. previous years of the Deloitte Football Money
comparison of the financial results. Player transfer expenditure is the spend on the League, or from relevant annual financial statements
transfer-in and/or loan-in of players from other clubs or other direct sources.
Matchday revenue is largely derived from gate contracted during the financial year ending 2021.
receipts (including ticket and corporate hospitality Player transfer expenditure can be recalculated In relation to estimates and projections actual
sales). Broadcast revenue includes revenue from from clubs’ annual financial statements as the results are likely to be different from those projected
distributions from participation in domestic leagues, additions to player registrations plus any player loan because events and circumstances frequently do
cups and UEFA club competitions. Commercial expenditure. Note that these amounts do not reflect not occur as expected, and those differences may
revenue includes sponsorship, merchandising the total cash flows in respect of player transfers be material. Deloitte can give no assurance as to
and revenue from other commercial operations. for the year under analysis (which may differ due whether, or how closely, the actual results ultimately
For a more detailed analysis of the comparability to contracted payment schedules). Net transfer achieved will correspond to those projected and no
of revenue generation between clubs, it would be balance is equal to player transfer income less player reliance should be placed on such projections.
necessary to obtain information not otherwise transfer expenditure.
publicly available.
55
This publication has been written in general terms and we recommend that
you obtain professional advice before acting or refraining from action on any
of the contents of this publication. Deloitte LLP accepts no liability for any loss
occasioned to any person acting or refraining from action as a result of any
material in this publication.
Deloitte LLP is a limited liability partnership registered in England and Wales with
registered number OC303675 and its registered office at 1 New Street Square,
London EC4A 3HQ, United Kingdom.
Deloitte LLP is the United Kingdom affiliate of Deloitte NSE LLP, a member firm
of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee
(“DTTL”). DTTL and each of its member firms are legally separate and independent
entities. DTTL and Deloitte NSE LLP do not provide services to clients.
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Deloitte Football Money League 2022

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What is the Deloitte Football Money League report about?

What is the Deloitte Football Money League report about?

What impact has COVID-19 had on club finances according to the report?

What impact has COVID-19 had on club finances according to the report?

Restart

Football Money League

Elite club football has been

Important Notice: This year’s Deloitte Football Money

The sports industry, its leaders, athletes and fans are

Ups and downs 07

Stars of the silver screen 08

Money League clubs positions 1-10 10

Money League clubs positions 11-20 32

The leading view on the business of football 52

Deloitte Football Intelligence Tool 54

Edited by Deloitte Sports Business Group

Authors Telephone: +44 (0)161 455 8787

Welcome to the 25th year of the Deloitte Football Money

€111m €4.5 billion €3.5 billion €8.2 billion

Revenue of Money League clubs 2016/17 to 2020/21 (€m)

38% 17% 40% 17% 40% 16%

2016/17 2017/18 2018/19

45% 43% 44%

46% 15% 43% 1%

Matchday Broadcast Commercial Source: Deloitte analysis.

was made up of three clubs from each of

€2bn+ 2020/21 seasons as a of a clubs’ board of directors, with a high

Good as Gold 2020/21 clubs 21-30 (€m)

Matchday 24. AS Roma 190.4

•• Premier League broadcast rights values As the damage and risk

Ups and downs

2020/21 Revenue (€m) 2019/20 Revenue (€m)

1 5 17 Manchester City 644.9 1 0 (15) FC Barcelona 713.4

2 0 (7) Real Madrid 640.7 2 0 (9) Real Madrid 691.8

3 0 (4) Bayern Munich 611.4 3 1 (4) Bayern Munich 634.1

4 (3) (18) FC Barcelona 582.1 4 (1) (19) Manchester United 580.4

5 (1) (4) Manchester United 558.0 5 2 (8) Liverpool 558.6

6 1 3 Paris Saint-Germain 556.2 6 0 10 Manchester City 549.2

7 (2) (1) Liverpool 550.4 7 (2) (15) Paris Saint-Germain 540.6

8 0 5 Chelsea 493.1 8 1 8 Chelsea 469.7

9 1 9 Juventus 433.5 9 (1) 14 Tottenham Hotspur 445.7

10 (1) (9) Tottenham Hotspur 406.2 10 0 (13) Juventus 398.9

11 0 (6) Arsenal 366.5 11 0 (13) Arsenal 388.0

12 0 (8) Borussia Dortmund 337.6 12 0 (2) Borussia Dortmund 365.7

13 0 0 Atlético de Madrid 332.8 13 0 (10) Atlético de Madrid 331.8

14 0 14 FC Internazionale Milano 330.9 14 0 (20) FC Internazionale Milano 291.5

15 n/a new 49 Leicester City 255.5 15 n/a new 31 FC Zenit 236.5

17 n/a new 45 Wolverhampton Wanderers 219.2 17 2 1 Everton 212.0

18 (1) 3 Everton 218.1 18 (1) (18) Olympique Lyonnais 180.7

19 n/a new 40 AC Milan 216.3 19 1 (15) SSC Napoli 176.3

Stars of the silver screen

Bayern Munich Juventus reach Manchester City

1998 2000 2002 2004 2006 2008 2010

1999 2001 2003 2005 2007 2009

Manchester Money League Total revenue of Revenue of over

1996/97 – 1st year 2005/06 – 10th year 1996/97– –15th

23% 18% 23%

times Real Madrid times Manchester times FC Barcelona times Manchester

23% 18% 23% 18%