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Annual Review of Football Finance 2021

Riding the challenge

The Deloitte Annual Review of Football Finance is produced by the Sports Business Group at Deloitte and is the most comprehensive review of the business and finances of English professional football, set within the context of the regulatory environment and the wider European game.

Welcome to the 30th edition of the Annual Review of Football Finance, the publication that remains the most comprehensive analysis of the financial trends in, and prospects for, the football industry.

This year’s publication chronicles the COVID-19 disrupted 2019/20 season, providing an analysis of the scale and impact of the financial challenges faced by European football clubs over the financial year 2019/20, and the measures clubs have adopted whilst ‘riding the challenge’.

It captures comprehensive analysis of the business drivers, financial situations, and prospects for clubs in the ‘big five’ European leagues, the top four divisions of English football, and a selection of other first tier leagues around Europe.

The publication also explores several key trends emerging from the global pandemic, including the recent surge of private equity interest in football, the continued convergence of sport with technology and media, a renewed focus on sustainability, and growth opportunities for women’s football.

Get the whole picture in the full report, available to download for free. To discuss this year’s analysis and predictions, and the impact they have on your business, get in touch with the team today.

The Databook

The Deloitte Annual Review of Football Finance Databook is available to purchase on the Deloitte Store. The most comprehensive source of football finance data, this 40-page book contains over 8,000 data items covered in our annual report. It is the most comprehensive source of football finance data currently available.

Football Intelligence Tool

The Annual Review of Football Finance is powered by Deloitte’s Football Intelligence Tool (‘FIT’). FIT is a digital solution used by clubs, investors, industry experts and the media to quickly and reliably interrogate the finances of the European football market.

Deloitte’s Football Intelligence Tool (FIT) is a digital solution used by clubs, investors, industry experts and the media to quickly and reliably interrogate the finances of the European football market.The Tool provides access to comprehensive information on the European football market and facilitates research and benchmarking. For more information on FIT, see our dedicated website or get in touch with a member of our team to organise a demonstration.

Explore the data

Click on a group of countries to explore the data for that region

Click for detail
Activity by country
Revenue

'Big five' European league clubs' revenues - 2019/20 (€m)

England
Germany
Spain
Italy
France
Average revenue per club (€m)
257
178
156
103
80
Average match attendance
39,591
40,444
28,862
26,352
22,546
Stadium utilisation
98%
91%
75%
66%
73%

Note: Commercial revenue is not disaggregated into 'sponsorship' and 'other commerical' for clubs in England, Spain and Italy.

Source: Leagues; Deloitte analysis

'Big five' European league clubs' revenues and wage costs - 2018/19 and 2019/20 (€m)

England
Germany
Spain
Italy
France
18/19
19/20
18/19
19/20
18/19
19/20
18/19
19/20
18/19
19/20
Wages/revenue ratio
61%
73%
54%
56%
62%
67%
70%
78%
73%
89%
Average club wages (€m)
179
187
100
100
105
105
88
81
69
71

Selected other European league clubs' revenues - 2019/20 (€m)

Russia
Turkey
Netherlands
Portugal
Belgium
Austria
Switzerland
Scotland
Denmark
Norway
Poland
Sweden
Average revenue per club (€m)
55
37
29
29
22
22
23
18
12
9
8
7
Wages/revenue ratio
68%
74%
63%
69%
62%
57%
70%
75%
76%
57%
67%
86%
Number of clubs
16
18
18
18
16
12
10
12
14
16
16
16

Note: This chart includes a sample of other countries ranking below fifth in terms of average top division club revenues based on the most recent available financial information. Figures for Portugal, Russia, Switzerland and Turkey related to FY2019. Figures in respect of Norway and Poland related to the year to December 2019. Figures in respect of Denmark and Sweden relate to the year to December 2020. The wages to revenue ratio in respect of Belgium is based on player payroll.

Source: Leagues; Club accounts; UEFA; Deloitte analysis.

Revenue

Premier League clubs' revenues - 2017/18 - 2021/22 (£m)

Values for 2020/21 and 2021/22 are projected

17/18
18/19
19/20
20/21
21/22
Average revenue per club (£m)
241
258
225
256
273

Source: Deloitte analysis

Premier League and Championship clubs' average revenues - 2019/20 (£m)

Note: UCL clubs comprised Manchester City, Liverpool, Chelsea and Tottenham Hotspur. UEL clubs comprised Arsenal, Manchester United and Wolverhampton Wanderers. Championship clubs with parachute comprised Cardiff City, Fulham, Huddersfield Town, Stoke City, Swansea City and West Bromwich Albion.

Source: Premier League; UEFA; Deloitte analysis.

Premier League clubs' revenues and wage costs - 2018/19 and 2019/20 (£m)

2018/19
2019/20
Wages/revenue ratio
61%
73%
Average club wages (£m)
158
164

Source: Deloitte analysis.

Revenue

Football League clubs' revenues - 2018/19 and 2019/20 (£m)

Average revenue per club (£m)

18/19
19/20
Championship
33
28
League 1
8
7
League 2
4
4

Source: Deloitte analysis.

Football League clubs' revenues and wage costs - 2018/19 and 2019/20 (£m)

Championship
League 1
League 2
Wages/revenue ratio
107%
120%
75%
80%
77%
66%
Average club wages (£m)
35
34
6
6
3
3

Note: 2019/20 League 1 average wages per club excludes Bury as the club was expelled from the Football League following a financial collapse.

Source: Deloitte analysis.

Premier League and Football League clubs' player transfer payments - 2019/20 (£m)

Note: Note: The arrows represent the flow of payments, with players moving in the opposite way. The estimated amount of fees in respect of the transfer of player registrations refer to amounts committed in 2019/20, rather than actual cashflows. The sources for the amounts in the chart relate to periods that are not necessarily coterminous.

Source: Premier League; Football League; The Football Association; Deloitte analysis.

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