Press releases

Champions League quarter-finalists had combined revenue of €3.5bn for the 2017/18 season

9 April 2019

  • Deloitte’s Sports Business Group has assessed the financial performance of the eight clubs in this year’s UEFA Champions League quarter-finals and the implications for next year’s edition of the Deloitte Football Money League;
  • The eight clubs participating in the Champions League quarter-finals generated total revenue of €3.5 billion in 2017/18;
  • FC Barcelona versus Manchester United is the richest tie in the history of UEFA competition, with the clubs generating combined revenue of almost €1.4 billion.

The remaining eight clubs in the UEFA Champions League generated total revenue of €3.5 billion in 2017/18, according to Deloitte’s Sports Business Group. With the quarter-finals of this year’s competition kicking off on Tuesday 9 April, analysis from the latest Deloitte Football Money League report highlights the impact that strong performance in UEFA’s flagship competition can have on a club’s finances.

A stand-out tie from this year’s draw is FC Barcelona versus Manchester United, clubs placed second and third respectively in this year’s Money League. In 2017/18, combined revenue of the two clubs reached almost €1.4 billion, making this a record revenue fixture in UEFA competition.

For the first time since the 2008/09 season, the quarter-finals include four Premier League teams, with Manchester United, Manchester City, Liverpool and Tottenham Hotspur generating 63% (€2.2 billion) of the quarterfinalists’ total revenue. The all-Premier League tie between Manchester City and Tottenham Hotspur has a combined revenue of €1 billion. Spurs’ successful Champions League run may see them improve on their current and highest-ever Money League position of tenth.

Dan Jones, partner in the Sports Business Group at Deloitte, said: “Real Madrid generated the highest revenues in world club football last season, and have dominated UEFA’s flagship competition in recent years. However, Real’s elimination from this year’s Champions League prior to the quarter-finals provides Barca and United with the perfect opportunity to close the financial gap at the top of next year’s Money League.

“Participating and progressing in the Champions League delivers significant revenue benefits in terms of UEFA distributions and matchday revenue, and sustained success on the pitch is also likely to translate into commercial revenue growth over time. This is the first year of a new set of broadcasting arrangements and distribution mechanism for UEFA. Quarter-finalists have already earned a minimum distribution from UEFA in excess of €60m, and the team that lifts the trophy, and possibly others, will generate in excess of €100m in central distributions alone.”

Deloitte’s analysis also shows that Arsenal’s Europa League fixture with Napoli has a combined revenue of €622m, greater than the two other fixtures in the Champions League quarter-finals, Liverpool versus Porto (€619.5m) and Juventus versus Ajax (€486.8m). Porto have never been in the Money League top 20, whilst Ajax have only made the ranking on one occasion, in relation to the 1996/97 season when they reached the Champions League semi-final.

Sam Boor, senior manager in the Sports Business Group at Deloitte, commented: “Porto and Ajax have made it to the Champions League quarter-finals despite ranking outside this year’s Money League top 30 demonstrating that, fortunately, on-pitch success is not always dictated by money.”


Notes to editors

To review the full findings of the Deloitte Football Money League, please visit:

2017/18 revenue of the quarter-final fixtures (€m)

About the Deloitte Football Money League
This press release is based on the Deloitte Football Money League published in January 2019. As explained more fully in the publication, the revenue figures are extracted from the annual financial statements of the company or group in respect of each club, or other direct sources, for the 2017/18 season.

There are many ways of examining the relative wealth or value of football clubs. For the Deloitte Football Money League, revenue has been used as the most easily available and comparable measure of financial performance.

Revenue excludes player transfer fees, VAT and other sales related taxes. In a few cases we have made adjustments to total revenue figures to enable, in our view, a more meaningful comparison of the football business on a club-by-club basis.

We have not performed any verification work or audited any of the information contained in the financial statements or other sources in respect of each club for the purpose of the publication.

For the purpose of the international comparisons, unless otherwise stated, all figures for the 2017/18 season have been translated at the average exchange rate for the year ending 30 June 2018 (£1 = €1.1289). Comparative figures have been extracted from previous editions of the Deloitte Football Money League, or from relevant annual financial statements or other direct sources.

Later this year the Deloitte Annual Review of Football Finance will be published, providing a more detailed analysis of the English and European football finance landscape.

About the Sports Business Group at Deloitte
Over the last 20 years Deloitte has developed a unique focus on the business of sport. Our specialist Sports Business Group offers a multi-disciplined expert service with dedicated people and skills capable of adding significant value to the business of sport. Whether it is benchmarking or strategic business reviews, operational turnarounds, revenue enhancement strategies or stadium/venue development plans, business planning, market and demand analysis, acquisitions, due diligence, expert witness, audits or tax planning; we have worked with more clubs, leagues, governing bodies, stadia developers, event organisers, commercial partners, financiers and investors than any other adviser.

For further information on our services you can access our website at

About Deloitte
In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity.

Please see for a detailed description of the legal structure of DTTL and its member firms.

Deloitte LLP is a subsidiary of Deloitte NWE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.

The information contained in this press release is correct at the time of going to press.

For more information, please visit

Member of Deloitte Touche Tohmatsu Limited

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