Annual Review Of Football Finance 2019 - Deloitte
World in motionAnnual Review of FootballFinance 2019Sports Business GroupMay 2019A
Annual Review of Football Finance 2017 Section title goes here The continued revenue growthof the Premier League andFootball League has contributedto overall revenues in theEuropean football marketreaching record levels.B
Annual Review of Football Finance 2019 ContentsContentsForeword02Delivering results worldwide04The leading team in the business of sport06Europe’s premier leagues08Live sport and the FAANGs: Still courting14Premier League clubs16Shaping the future of women’s football22Football League clubs24Sports Business GroupTelephone: 44 (0)161 455 8787PO Box 500, 2 Hardman Street, Manchester, M60 2AT, UKE-mail: tsbusinessgroupPlayer transfers28May 2019Investing in the future29Stadia30Stadium arcadium33Commercial reality34Edited byDan JonesSub-editorMatthew GreenAuthorsMichael Barnard, Sam Boor, Christopher Winn,Chris Wood and Izzy WrayPlease visit our website atwww.deloitte.co.uk/arff to download a copy of the full reportand to purchase the Databook.Our 40 page Databook includes over 8,000 data items onthe various topics covered in this report, prepared on thebasis of our specialist and long-established methodologies.It is available to purchase for 1,000 from www.deloitte.co.uk/arff01
Annual Review of Football Finance 2019 ForewordWorld in motionWelcome to the Annual Review of Football Finance 2019, thepublication that remains the most comprehensive analysis ofthe financial trends in, and prospects for, the football industry.This 28th edition charts the latest movementson the ever fluid football finance landscape.Whilst the Premier League retains its leadershipin financial terms, the Premier Leagueclubs face challenges to continue to deliverrevenue growth and profitability. Meanwhile,Championship clubs are increasingly gamblingto reach the top, and strenuous and creativeefforts are being made by other Europeanfootball leagues to enhance their own globalappeal and close the gap to the Premier League.You’ve got to hold and giveIn a Premier League season which sawManchester City achieve the widest winningpoints margin in history between first andsecond place, Premier League clubs wereunable to extend their own significantrevenue lead in global football, as the GermanBundesliga narrowed the revenue gap slightly.Nonetheless, the Premier League comfortablymanaged to hold its position as the largestrevenue generating league in the world.02The Bundesliga benefited from thecommencement of a new broadcasting deal,which saw a step-change in the league’sbroadcast revenue. Whilst the PremierLeague’s closest rivals are seeking to playcatch up with recent growth in their respectivebroadcast deals, the 2019/20-2021/22 PremierLeague broadcast rights cycle has seen moremarginal net increases as international growthcompensated for a domestic reduction. Forcontext, it should be remembered that thisfollows two previous cycles of substantialbroadcast revenue growth.Therefore, it is imperative for Premier Leagueclubs to remain dynamic in the creation of theirown revenue, with a focus on matchday andcommercial revenues, in order to maintain itssubstantial revenue advantage.Tottenham Hotspur’s new stadium, whichopened its doors in April 2019, is the highestprofile example of such dynamism. The stadiumhas been designed and built with a view tooperating not just as a football stadium for90 minutes, but rather an entertainmentdestination, including a ‘Sky Walk’ and its ownmicrobrewery, as well as a ten-year partnershipwith the NFL to be the dedicated home of theNFL in the UK.With regards to commercial revenue, manyPremier League and European clubs arelooking to continue to utilise and grow theirglobal footprint and popularity created in partthrough broadcast exposure in order to driveinterest, and more importantly value, fromtheir commercial partners. The key to successis connecting with and delivering value totheir worldwide fanbase. Four Premier Leagueteams are competing in the Premier LeagueAsian Trophy in Shanghai in July 2019, andpre-season friendlies announced to date covereight different countries, with China and USAbeing the most popular destinations, owing tothe perceived commercial growth potential inrelatively underdeveloped football markets inthe world’s two largest economies.A record five teams competing in the UEFAChampions League helped drive the PremierLeague clubs’ record revenue in 2017/18 . Thelucrative value of this competition to the ‘big six’,as well as the intensely competitive nature ofthe division itself, has resulted in clubs spendingmore of their revenue on wages to obtain andretain the best playing talent. This was clearlyevident with two record transfer windows in the2017/18 season, as well as an increase in thewages to revenue ratio in the Premier League.Given the onus is now on clubs to generaterevenue growth from sources other thanbroadcast revenue, coupled with the higherlevels of wage spend, it may put downwardpressure on pre-tax profits from the recordbreaking levels of recent years.Commendably, in addition to parachutepayments to relegated clubs, each seasonthe Premier League provides contributionsto support the wider football pyramid andvarious charitable causes. This was about 200m in 2017/18, equivalent to almost 7% ofthe League’s total central revenues for the year.Meanwhile, 211m exited the game in paymentsby Premier League clubs to agents.As the Premier League and its clubs haveenjoyed record revenues, profitability andinvestment in recent years, there is increasedopportunity and pressure to further boostthe future level of support to the widerfootball pyramid, charitable donations andgood causes. Additional investment in arange of initiatives could undoubtedly benefitcommunities and enhance football’s roleand position in society. For example, moreinvestment to provide pitches and facilitiesfor grassroots football, to help develop the
Annual Review of Football Finance 2019 Forewordwomen’s game; to promote anti-discriminationactivities; to promote mental health andlifestyle issues; and to support the educationand betterment of the next generation.Don’t give up the chaseBeyond the riches of the Premier League, it wasa year of records in the Championship, mostunenviable, as despite record revenue, recordwage levels (in excess of revenue) resulted inrecord operating losses. Clubs clearly are stillwilling to invest heavily in playing talent andwages, in excess of their revenues, chasing thedream of the financial promised land of thePremier League.Parachute payments received by clubs whowere unable to maintain their position at thetop of English football have been a key driver ofrevenue growth in the Championship in recentyears and this was the case again in the 2017/18season. Whilst clubs in receipt of parachutepayments may have an apparent advantageover their direct competitors when it comesto being able to attract, and afford, the beston-pitch talent, the league table consistentlyshows many clubs are unable to capitalise onthis, perhaps due to legacy issues brought downwith them into the division.We expect that Championship clubs’ revenuein the 2018/19 season will remain at similarlevels to that of the 2017/18 season. However,with new broadcast rights arrangementsdue to commence in the 2019/20 season,which provides a reported 35% increase onthe value of the current deal, we will then seeanother boost to the revenue of Championshipclubs. Unfortunately, without accompanyingimprovement in cost control discipline thiswill make no meaningful impact on the clubsrecurring heavy losses.To complete the financial picture of the top fourdivisions of English football, average revenueswere static for League 1 and League 2 clubs,whilst wage costs in 2017/18 compared tothe previous season were 11% and 9% higherrespectively. Across the 72 Football Leagueclubs, combined annual wage costs exceeded 1 billion for the first time in 2017/18. Revenueshave yet to break that mark. Average operatingand pre-tax losses of League 1 clubs worsened,skewed by significant losses of clubs relegatedfrom the Championship, while average losses ofLeague 2 clubs were quite stable. The majorityof clubs in League 1 and League 2 continue tobe supported by owner contributions.Catch me if you canThe continued revenue growth of the PremierLeague and Football League has contributed toanother year of growth in the overall size of theEuropean football market. The 2017/18 seasontotal got a boost from the 2018 FIFA World Cupbeing held in Russia, as well as revenue growthin all ‘big five’ leagues.Whilst the Premier League continues to lead theway, Spain and Germany are engaged in ongoingcompetition to be second in line. Germanyleapfrogged Spain following the commencementof their new four-year broadcast deal. Weexpect Germany to retain their status as thesecond highest revenue generating leaguein the next edition, with La Liga potentiallyovertaking again in 2019/20.Given both La Liga and Bundesliga have theirdomestic broadcast rights locked in until2021/22 and 2020/21 respectively, commercialgrowth is key for both leagues. Both arecontinuing to develop their internationalfootprint in order to lay the foundations forcommercial revenue expansion. The Bundesligaopened an office in New York in 2018, and LaLiga have now opened nine international officesin eight countries – including two in China.Despite winning the World Cup, France’sdomestic League was not able to match thatsuccess off the pitch, with limited revenuegrowth coupled with increased wages. Ligue 1’snew domestic broadcast deal commencing in2020/21 will provide a much needed boost inrevenue for the league. By contrast to France,the Italian domestic league fared somewhatbetter than its national team, seeing revenuegrowth outpacing wages.This said, it is pressing for both Italian andFrench clubs to develop their revenue streams.It is unlikely either league will break the 3 billion revenue barrier in the next few years,and there is a risk that the gap between themand the top three leagues will continue to grow.Express yourselfWith UEFA stating its ambitions to preserveand improve competitive balance in football,some future changes to the regulatoryenvironment and competitions for Europeanclubs can be expected. Both UEFA and FIFAhave recently floated ideas with stakeholdersabout the future of international clubcompetitions. For the future of football,there is an intriguing mix of factors to be firstassessed and addressed by the football bodiesincluding the balance between domestic andinternational club competitions; changes tonational team competitions; how to utilisethe most favourable slots in the sportingcalendar; responding to growing polarisationissues; creating incremental value for thegame; providing solidarity mechanisms; andpromoting popular competitions with excitingand meaningful matches. The coming monthspromise important debates and decisions withpotentially profound impacts on the game, onand off the pitch.ArrivederciFinally, I would like to thank my colleagues,Henry Wong and all those from across thefootball community who have helped us compilethis year’s report.We hope you enjoy this edition.Dan Jones, Partnerwww.deloitte.co.uk/sportsbusinessgroup03
Annual Review of Football Finance 2019 Sports Business GroupDelivering results worldwideDeloitte has a unique focus on the sports sector, led fromthe UK and operating across the world. Our experience,long-standing relationships and understanding of theindustry mean we bring valuable expertise to any projectfrom day one.For more than a quarter of a century, acrossover 40 countries, we have worked with moreorganisations in sport than any other advisers.Our specialist Sports Business Group at Deloitteprovides services including: Business planningRevenue enhancement and cost controlMarket analysis and benchmarkingStrategic reviewEconomic impact studiesVenue feasibility and developmentSports regulation adviceDue diligenceCorporate finance advisoryBusiness improvement and restructuringForensic and dispute services04Deloitte are also audit and tax advisers tomany sports businesses.For further details on how Deloitte can addvalue to your project and your business,visit our website www.deloitte.co.uk/sportsbusinessgroup and contact us on:Telephone: 44 (0)161 455 8787Email: sportsteamuk@deloitte.co.ukBid process supportAdministrative support to theATP in their bid process to finda new host for the ATP Finalsfrom 2021.Commercial rights tenderAssistance with thedevelopment andmanagement of a commercialrights tender process.Consulting servicesAssistance to FIA andFormula 1 to support thedevelopment of the FIAF1 Financial Regulationsand supporting regulatoryframework.Economic Impact StudiesEconomic Impact Studies forthe five races in the inaugural2019 SailGP Championship.
Annual Review of Football Finance 2019 Sports Business Group05
Annual Review of Football Finance 2019 Sports Business GroupThe leading team in the business of sportImprove your strategy and governanceOptimise your revenuesBusinessplanningEconomicimpact studiesStrategyreview anddevelopmentWorking together with ourWe help deliver effectiveclients, Deloitte’s uniquegovernance, strategies,experience, insights, robustcompetitions and impactevidence-based advice, andanalysis for sportscredibility in sport helps buildorganisations to build theira strong case and consensusintegrity, credibility, quality,for change amongst keyyouth player development,stakeholders and enables our popularity and value.clientsto ng anddevelopmenthospitalityandreact to their wider anddevelopmentstrategiespolitical, economic andsocial ingplanningimpact studiesandof competitionsorganisational and calendardesignCommercial Market analysisBenchmarkingMedia rightsanddevelopmentand bestanalysisdevelopmentpracticeDeloitte bring experience,We give our clients vantageStrategyGovernancereview andandof competitionsleading practices to helpby deliveringsolutionsdevelopmentorganisationaland theircalendarour clients to analyse andto help engagedesigngrow their revenues andfans, grow attendances,profitability.promote their brand, buildvalue from new marketsand accelerate growth.Ticketing andhospitalitystrategiesBenchmarkingand bestpracticeMedia rightsanalysis
Annual Review of Football Finance 2019 Sports Business GroupCommercialdevelopmentMarket analysisanddevelopmentTicketing andhospitalitystrategiesCommercial Market analysisBenchmarkingMedia rightsanddevelopmentand bestanalysisdevelopmentpracticeTicketing andhospitalitystrategiesBenchmarkingand bestpracticeMedia rightsanalysisMake informed investment decisionsEnsure financial integrityAdvice on thedevelopment ofstadia andother facilitiesFinancial andcommercialdue diligenceAdvice on theFinancial andTargeting,Majordevelopmentof eventcommercialacquiringstadiaand andfeasibility,due diligencedisposingof afacilitiesbid supportothersports business and advisoryservicesBusiness andvenue marketfeasibilitystudiesDeloitte has an extensiveWe utilise our experience,track-record of deliveringindustry knowledgetailored added-valueand global networks toservices to a wide rangeprovide independent andof investors, owners andtrusted advice to helpfinanciers in respect ofour clients understandvarious sports assetsthe commercial realitiesaround the world suchof their proposedas clubsand sports Audit andinvestments, and planClub licensingRiskmanagementcomplianceand costmarketingcompanies.successfully for the future.controlregulationsRiskAudit andInvestigatorySports taxmanagementcomplianceand disputeadvisoryservicesDeloitte brings to clientsOur clients benefit froman unrivalled deepour expert review, adviceunderstanding of sports’and reports to manageBusiness regulatoryandMajor eventrequirements, Targeting,their risks, complywithvenue marketacquiringandfeasibility,how the business ofstatutory requirements,feasibilitydisposing of abid rts resolvebusinessand advisoryand the wider economic,implement effectivesportservicesaccounting and legalregulations.environment in which asport operates.Club licensingand costcontrolregulationsInvestigatoryand disputeservicesSports taxadvisory07
Annual Review of Football Finance 2019 Europe’s premier leaguesEurope’s premier leaguesThe 2017/18 season saw no let-up in thegrowth of the European football market,despite early indications that comingseasons may not deliver the rapid growthexperienced by many of the continent’smajor competitions over the past decade.Chart 1: European football market size – 2016/17 and 2017/18 ( billion)2.44.215% 28.4bn9%2017/18European football marketThe overall size of the European footballmarket continues to increase in revenue terms,reaching 28.4 billion for 2017/18.9%0.72.82%2.65.319%‘Big five’ European leaguesNon ‘big five’ top leagues3%11% 25.5bn15.655%0.72016/174.919%14.758%‘Big five’ countries’ otherleaguesFIFA, UEFA and NationalAssociationsNon ‘big five’ other leaguesExcluding the impact of FIFA and UEFA’s majorinternational tournament finals, revenue growthhas now been seen in each of the 18 years wehave calculated the overall size of the Europeanfootball market. With live football remaining oneof the most highly sought after entertainmentassets for both attendees and broadcasters, aswell as one of social media’s hottest topics, weexpect this growth to continue.Whilst this headline market size figure highlightsa healthy financial performance and translates toa cumulative net profit position for those clubscompeting in the ‘big five’ European leagues,the topics of polarisation, competitive balanceand strengthening the regulatory environmentremain near the top of the agenda of the keydecision makers in European football.08Source: Leagues; UEFA; FIFA; Deloitte analysis.Along with domestic and European clubcompetitions, the success of the Russianhosted FIFA World Cup in 2018 brought directand indirect revenue boosts to the market,compounding market growth.The introduction of UEFA GROW, a dedicatedteam working to provide strategic assistanceto National Associations and clubs aroundEurope, as well as a third UEFA Club competitionfrom 2021/22 and the development of theUEFA Nations League, are all examples of UEFAlooking to safeguard the financial developmentof football in all its member nations and reducethe impact of financial polarisation, whilstencouraging growth.Nonetheless, challenges to the currentstructure of European football have becomemore apparent in recent months, withcontinuing reports of new competitionformats and entry/participation criteria beingconsidered for leading clubs. It is natural forany governing body to consider how changes totheir sports’ landscape could be beneficial, butalso to be cautious and undertake significantassessment before making changes to theway that the most globally-successful sportoperates.Re-tuningEuropean leagues have seenunprecedented growth over the pastdecade, driven by the increasing valueof broadcast deals. However, valuesof domestic broadcast deals beingnegotiated, or already announced, forfuture cycles for certain leagues appear toshow more limited growth, albeit followingseveral cycles of substantial growth.A period of lower domestic growth in thebiggest European markets may lie ahead.leaguesAs such, the opportunity to drive futuregrowthappearsto be in key internationalFIFA,UEFAand Nationalmarkets,whererightsvalues continue toAssociationsgrow. Indeed, international rights valuesensured that the Premier League saw 8%growth overall for the cycle beginning in2019/20, despite an 8% decrease indomestic value.Both La Liga and the Bundesliga haveidentified this area as an opportunity toreduce the substantial gap to the PremierLeague, utilising disruptive strategies withlocal engagement at their heart tomaximise the control, quality, reach andvalue of broadcasting their content indeveloping football markets.
Annual Review of Football Finance 2019 Europe’s premier leaguesThe English Premier League continues todeliver record revenues whilst Spain’sLa Liga and the German Bundesligacontinue to hotly contest the race to be theWorld’s second-richest football league.‘Big five’ European leagues’ revenuesHaving been displaced as Europe’s secondrichest league by La Liga in 2016/17, thecommencement of new domestic andinternational broadcast deals pushed theGerman Bundesliga’s total revenue to almost 3.2 billion; back ahead of its Spanish rivalsin 2017/18.La Liga (7%) and the Bundesliga (13%) outpacedPremier League revenue growth (6%), as bothslightly narrowed the gap to the top revenuegenerating league in the World.The Bundesliga’s new four-year media rightsarrangements contributed to an uplift ofc. 290m in broadcast revenues, whilstthe return of Stuttgart and Hannover 96to Germany’s top flight, at the expense ofDarmstadt and Inglostadt, for the 2017/18season helped to deliver a boost to attendances,and subsequently matchday revenues, whichincreased 7% to 538m, after falling in theprevious season.These promoted clubs, along with the likes ofSchalke 04 and Eintracht Frankfurt, played keyroles in the league achieving steady revenuegrowth of 4% relating to sponsorship and othercommercial activities.Having seen increases in the value of itstelevision broadcast rights in each of theprevious two seasons, the 2017/18 season sawa return to lower, ‘mid-cycle’, growth forLa Liga revenues, which increased 7% ( 208m),to 3.1 billion primarily due to commercialrevenue growth.Chart 2: ‘Big five’ European league clubs’ revenue – 2017/18 ( m)6,0001,4735,0004,000The struggles of Serie A to keep pace with theEnglish, German and Spanish top-tier leaguescontinued in 2017/18, as revenue increasesof 8% (to 2.2 billion) failed to narrow thegap. Despite four (up from three) Italian clubsfeaturing in the top 20 of our 2019 DeloitteFootball Money League, not one made the topten for the first time in the report’s history.Growth in Italy was seen across eachrevenue stream with rises delivered byincreased commercial revenues reportedby Internazionale and a boost to broadcastincome as AS Roma received the secondhighest distribution ( 84m) of any Europeanclub as reward for their progress to the UEFAChampions League semi-finals.Impressive matchday revenue growth of 24%was also reported by Italian clubs, primarilyreflecting significantly increased attendances atthe San Siro for both Milan clubs and AS Roma’sadditional Champions League 8Sponsorship/CommOther commercial3,07331%8722,0001,60952%Other commercial2,21766630%1,29439%3421,692 ip/Commercial3,21059%Real Madrid’s success in European competition,and FC Barcelona’s new four-year shirt frontsponsorship with Rakuten, drove the league’scommercial revenue growth of 14%, as thesepowerhouse clubs formed a Spanish one-twoat the top of the 2019 Deloitte Football 7123,84822,57570%59%72%Note: Commercial revenue is notdisaggregated into ‘sponsorship’and ‘other commercial’ for clubs inEngland, Spain and Italy.Source: Leagues; Deloitte analysis.Average revenue per club ( m)272176Average match attendance38,49543,879Stadium utilisation96%90%The French top-tier, Ligue 1, continued togenerate the least revenue of Europe’s ‘big five’leagues ( 1.7 billion), with reductions in bothbroadcast and sponsorship revenue beingoffset by increases in matchday and othercommercial income. PSG dominated once againin 2017/18, both on and off the field, winning athird league and cup double in four seasons,and growing their revenues beyond 500m,over 20 times that of Troyes, as the most starkexample of polarisation across the ‘big five’.The 2017/18 season saw the final year ofUEFA’s previous competition cycle, aheadof some changes to entry procedures andparticipation requirements. Distributions toclubs participating in its two main competitions,the Champions League and Europa League,grew by 2% to total 1.8 billion, of which 1.2 billion (66%) found its way to clubs in the‘big five’ leagues.09
Annual Review of Football Finance 2019 Europe’s premier leaguesWhilst 2018/19 marks the beginning ofa new UEFA competition rights cycle,delivering a c.40% increase in distributionsto the continent’s elite clubs, many leaguesare considering their future strategies, asthe rates of growth provided by traditionalbroadcast rights sales could potentially slow.EnglandInternational broadcast rights sales for thecycle commencing in 2019/20 have now beencompleted, and the 30% uplift achieved hasoffset the slight decline in the value of domesticrights sales for the same cycle, to ensure valueswill increase by 8% overall – more than enoughto ensure the Premier League remains Europe’srichest league in the medium term.A change in leadership following RichardScudamore’s 19 years as Chief Executive andlatterly, Executive Chairman, as well as changingmarket dynamics, may see the Premier Leagueadapt its approach to ensure continuedrevenue growth and maintain its clear revenueleadership position ahead of its ambitious andinnovative challengers from Germany and Spainin the longer term.through an attentive, engaged approach tointernational revenue development.SpainLa Liga is also looking internationally for futuregrowth, and has adopted a similar local officeapproach to the Bundesliga, but in a greaternumber of key territories than their Germancounterpart.5,000The revenue impact of Real Madrid’s failure toretain the UEFA Champions League in 2019 islikely to be outweighed by commercial revenueincreases, such as FC Barcelona’s restructuredtechnical kit deal with Nike and sponsorshipwith Beko, amongst other deals. However, wedo not expect these increases to be enough forLa Liga to financially outperform the Bundesligain the next edition of this report.ItalyFollowing a drawn-out process, Serie A’sdomestic live broadcast rights for the threeyear cycle commencing in 2018/19 were sold toSky Italia and DAZN, delivering limited growth ofc.3% on the preceding cycle.Both the league and some member clubshave established overseas offices, as they lookto drive value from untapped internationalmarkets through commercial partnerships,engagement and activation with new fans andThe sale of international broadcast rights, toIMG, has also not been a smooth process, but isexpected to see far stronger growth, providingan incremental 150m per season across thethree-year cycle from 4851,000England5,4404,0003,000In addition, La Liga’s decision to provide Facebookwith its broadcast rights in the Indian subcontinent, consideration of games being playedoutside of Spain and its completion of domesticrights sales for the broadcast cycle commencingin 2019/20, at a c.20% uplift, shows its ongoingstrength at home and its global ambitions.5,9405,7306,000GermanyWith a new four-year broadcast rights cyclehaving just begun, the focus of revenue growthover the coming seasons will firmly be oncommercial revenues for Bundesliga clubs.10Chart 3: ‘Big five’ European league clubs’ revenue – 2015/16 to 2019/20 ( 1,8601,930FranceProjected2018/192019/20Source: Leagues; Deloitte analysis.The overall result of this should see growth ofover 10% in broadcast revenues for Serie A, andconsolidate the league’s position as the fourthhighest revenue generating European league.However, many will see this as further groundlost to what is rapidly becoming a ‘big three’.The ‘Ronaldo-effect’ on Italian clubs’ revenues willbe seen for the first time in 2018/19 results, withhis arrival at Juventus having shown early signsof increasing attendances, boosting social mediafollowings and delivering strong merchandisesales – whether this translates into sustained orsignificant financial impact remains to be seen.France2018/19 marks the commencement of a newinternational rights cycle for Ligue 1, delivering anincremental c. 50m per season on the previousdeal with beIN Sport. Despite this increase, thevalue of the international rights are less than athird of that received by the Bundesliga and justa quarter of those secured by Serie A.The league must wait until 2020/21 for its nextsignificant broadcast rights increase, whendomestic rights values are set to increase byover 55%, to around 1.2 billion per season,greater than the current domestic rights valueof Serie A ( 1 billion) and similar to the domesticrights fees currently received by La Liga.Ligue 1’s long-term approach to the sale ofbroadcast rights has ensured agreements arein place until the end of the 2023/24 season,providing a greater degree of certainty overfuture revenues than elsewhere in the Europeanfootball market.Whilst matchday revenues in Ligue 1 havegrown consistently in the past three years, alegacy impact of EURO 2016’s infrastructuredevelopments, the short-term growth ofLigue 1 revenues looks to be dependent onthe commercial attractiveness and consequentgrowth of the league’s larger clubs.
Annual Review of Football Finance 2019 Europe’s premier leaguesThe wages to revenue ratio across the‘big five’ increased to 62% as wagesspending outpaced revenue growth,increasing by 13% to total over 9 billionfor the first time.EnglandPremier League clubs continued to spend theadditional revenues received from the latestbroadcast cycle, which commenced in 2016/17,with wage costs increasing by 15% to almost 2.9 billion ( 3.2 billion).This increase pushed Europe’s biggest spendingl
the Premier League provides contributions to support the wider football pyramid and various charitable causes. This was about 200m in 2017/18, equivalent to almost 7% of the League's total central revenues for the year. Meanwhile, 211m exited the game in payments by Premier League clubs to agents. As the Premier League and its clubs have
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