There are a number of metrics, both financial and non-financial, that can be used to compare clubs, including attendances, worldwide fan base, social media following and on-pitch performance. In the Money League we record clubs’ ability to generate revenue from matchday, broadcast rights and commercial sources.
We have used the figure for total revenue extracted from the annual financial statements of the company or group in respect of each club, or other direct sources, for the financial year ending in 2022 covering the 2021/22 season (unless otherwise stated). We also present figures for the financial year ending in 2021 covering the 2020/21 season, as covered in the previous edition of the Deloitte Football Money League, as well as information covering the preceding three seasons (taken from the Deloitte Football Money League or Deloitte’s Football Intelligence Tool). For some clubs, the annual financial statements for the financial year ending in 2021 also included a proportion of revenue related to the completion of the 2019/20 season due to the impact of the COVID pandemic. For the avoidance of doubt, we have not made any adjustments to remove revenue in respect of the 2019/20 season from the financial year ending in 2021.
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.
Information is derived from annual financial statements or information provided directly from individual clubs. Based on the information made available to us in respect of each club, to the extent possible, we have split revenue into three categories – being revenue derived from matchday, broadcast and commercial sources. Clubs are not wholly consistent with each other in the way they classify revenue. In some cases, we have made reclassification adjustments to the disclosed figures to enable, in our view, a more meaningful comparison of the financial results.
Matchday revenue is largely derived from gate receipts (including ticket and corporate hospitality sales). Broadcast revenue includes revenue from distributions from participation in domestic leagues, cups and UEFA club competitions. Commercial revenue includes sponsorship, merchandising and revenue from other commercial operations. For a more detailed analysis of the comparability of revenue generation between clubs, it would be necessary to obtain information not otherwise publicly available.
Some differences between clubs, or over time, may arise due to different commercial arrangements and how the transactions are recorded in the financial statements, due to different financial reporting perimeters in respect of a club, and/or due to different ways in which accounting practice is applied such that the same type of transaction might be recorded in different ways. For example, the unique circumstances of the 2019/20 and 2020/21 seasons arising from the COVID pandemic, has led to some different accounting practices derived from interpretations of respective accounting standards across the world of football.
The publication also discloses revenue generated by the women’s team and associated activities of each club, in relation to the financial year ending in 2022 covering the 2021/22 season. This includes revenue from matchday, broadcast and commercial sources (as defined above) attributed to the women's team and associated activities. Women’s football revenue excludes revenue contributions from men’s football. The women’s team may be part of a separate corporate entity and therefore the revenue generated by the women’s team may not be included in the revenue shown in club rankings. Club pages also note whether there was profit on the sale of player transfers, attributable to the women’s team, and if the women’s team shirt sponsorship and kit manufacturer were negotiated separately to the men’s team’s equivalent agreements. These data points were received directly from clubs, with information not necessarily in the public domain.
The publication contains a variety of information derived from publicly available, or other direct, sources other than financial statements. 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 this publication. Some charts may not sum due to rounding.
Key performance indicators shown for each Money League club relate to the football season ending in 2022, unless otherwise stated. UEFA Champions League, UEFA Europa League and UEFA Europa Conference League performances shown include participation from the final play-off round only. The UEFA club co-efficient displayed on club pages was correct as of the end of the 2021/22 season.
Player transfer income is the aggregate proceeds generated from the transfer-out and/or loan-out of players to other clubs contracted during the financial year ending in 2022. Player transfer income can be recalculated from clubs’ annual financial statements as the net book value of disposals of player registrations plus profit/(loss) on disposal of player registrations and any player loan income. Player transfer expenditure is the spend on the transfer-in and/or loan-in of players from other clubs contracted during the financial year ending 2022. Player transfer expenditure can be recalculated from clubs’ annual financial statements as the additions to player registrations plus any player loan expenditure. Note that these amounts do not reflect the total cash flows in respect of player transfers for the year under analysis (which may differ due to contracted payment schedules). Net transfer balance is equal to player transfer income less player transfer expenditure.
Wage costs includes wages, salaries, signing-on fees, bonuses, termination payments, social security contributions and other employee benefit expenses for all employees (including players, technical and administrative employees).
The proportion of females and ethnic minority individuals of the total number of members of a club’s Board(s) of Directors were disclosed to us by clubs between October 2022 and January 2023 and reflected the club’s Board(s) of Directors at that point in time. Signatories of the UN Sports for Climate Action Framework are those clubs listed as such on the United Nations Framework Convention on Climate Change website (www.unfccc.int) as of 12 January 2023.
For the purpose of the international comparisons, unless otherwise stated, all figures for the financial year ending in 2022 have been translated at the average exchange rate for the year ending 30 June 2022 (€1 = £0.85; €1 = BRL 5.92; €1 = CHF 1.05; €1 = DKK 7.44; €1 = TRY 13.82).
Comparative figures have been extracted from previous years of the Deloitte Football Money League, or from relevant annual financial statements or other direct sources.
In relation to estimates and projections actual results are likely to be different from those projected because events and circumstances frequently do not occur as expected, and those differences may be material. Deloitte can give no assurance as to whether, or how closely, the actual results ultimately achieved will correspond to those projected and no reliance should be placed on such projections.