Fighting For The Future Scottish Premier League Football - Blogs
www.pwc.co.ukFighting forthe futureScottish PremierLeague Football22nd Annual FinancialReview of Scottish PremierLeague footballseason 2009-10
ContentsIntroduction3Profit and loss5Balance sheet16Cashflow22Appendix one2009/10 the season that was39Appendix twoWhat the directors thought41Appendix three Significant transfer activity 2009/1042Appendix four43The Scottish national team
compared to the previous season’s runin the Champions League group stage.IntroductionMaking reasonable adjustments forthese items shows that the leaguegenerated an underlying loss of c 16m.Adjustments( m)Headline profit1Less: exceptionalprofit adjustmentWelcome to our 22nd annual financial reviewof Scottish Premier League (SPL) football.Back to black?In season 2009/10, the SPL posted itsfifth bottom-line profit in the past sixseasons. On the face of it, this modest 1m profit appears positive, given theongoing turbulent economic climate,but when we delve deeper, our analysisreveals a different story. It could wellbe that more pain is to come as theleague strives to find a sustainablefinancial footing.We need to adjust for two significantitems to establish the underlyingperformance, which are:1. exceptional debt forgiveness, and2. Rangers’ success in Europe.Exceptional credits were realised inthe year by Hearts and Kilmarnock,WagesOther operating expensesOperating profit/(loss)Amortisation of player registrationswith both clubs’ results being boostedby related parties forgiving 8m and 1m of debt, respectively. These areone-off items and don’t represent atrue flow of income for the clubs.The season’s results were particularlyenhanced by a good European runfor Rangers. On the back of playing inthe Champions League group phase,Rangers turned a prior year operatingloss of 8.5m into a 12.4m operatingprofit, with turnover increasing by 17m.This 20.9m operating profit swing isalmost entirely due to the positiveturnaround in European performancewhen compared to last year’s early exitto FBK Kaunas. On the other hand,Celtic’s operating profit fell 6.8m to 4.5m thanks to their participation inthe less lucrative Europa League,2010 m2009 m171167(105)(110)(62)(65)4(8)(17)(22)Net gain/(loss) on player registations1213Operating loss before interestand exceptionals(1)(17)7(1)(5)(6)1(22)Exceptional itemsNet receivable (payable)Profit/(Loss)Source: Statutory Accounts(10) (16)The SPL clubs’ combined profit and loss accountTurnover(7)Less: Champions Leagueprofit adjustmentAdjusted underlying turnover wasc 156m, representing a fall of 6%, andthe underlying operating loss was 6mwith only the Old Firm and DundeeUnited generating an operating profit– every other club was loss-making atthis level.It is therefore clear that the SPL clubshave not been immune to the impactof the recessionary environment.The uncertainty of a potential doubledip recession, coupled with supporters’fears over job security, left many withvery difficult decisions to make whenit was time for season ticket renewals.This discretionary income is oftenthe first to be sacrificed in times offinancial hardship. Add to this thedrop in corporate hospitality andentertaining, and season 2009/10 wasanother challenging year financially.Other highlights: Rangers was the most profitable club,with a profit of 4.2m; At 2.1m, Celtic recorded thelargest loss; Overall, six clubs recorded a bottomline profit and six clubs reported a loss; The wage-to-turnover ratio fell to61% (2009: 66%), albeit still skewedupwards by Hearts’ continuedexcessive ratio of 115%; Net debt marginally grew to 109m(2009: 108m), with only Hamiltonand St Johnstone operating debtfree; half of the clubs recorded a risein their debt; A 12m gain on disposal of playerregistrations (2009: 13m).Season 2009-103
The player trading modelThe analysis overleaf shows that themajority of clubs continue to struggleto generate a basic operating profit.What’s more, the ‘big money’ TV dealthat clubs had hoped for didn’tmaterialise, leaving them to continuetheir search for alternative incomestreams and long-term sustainablebusiness models. It’s becoming moreand more apparent that one of themost likely solutions to balance thebooks will be an ongoing reliance onprofitable player trading. The warninghere is that applying a successfulmodel must be carefully balancedagainst appeasing fans’ expectationsand compromising playing standards.The past three seasons have yieldedcumulative gains on player registrationsof 53.5m, which highlights thesignificance of profitable player tradingto the SPL’s business model. The currentseason’s 12m gain was mainly downto the high-profile departures of ScottMcDonald ( 3.5m) and Barry Robson( 1.5m) to Middlesbrough from Celtic,and David Murphy ( 1.5m) toBirmingham from Hibernian. The mostsuccessful form of this model is tonurture young talent into the first teamand sell them on for pure gain. I wouldsingle out Hibernian as the bestexample of this in recent times, thoughnot always to the delight of the EasterRoad faithful.The majority of supporters will findit hard to stomach as a conveyor beltof talent departs south, seduced bythe affluent Premiership and topChampionship sides whose purchasingpower is fuelled by ‘big-money’broadcasting contracts. This trend ofluring away the very best SPL talentdoes not appear be stopping and therewill need to be greater acceptance andrealisation from supporters that thefuture success of the league in itscurrent format relies on this income.4Arguably, this model could be causinga perceived drop in the quality of theretained talent, which in turn could beaffecting attendances. Overall, theaverage gate was down 10% this year,with a total of 347,000 fewer fansattending SPL games compared to lastseason, and I would argue that a fall ofthis magnitude is not solely due to thefinancial climate. Indeed, over the pastfour years attendances have fallen byover half a million fans a season,therefore other causal factors must bein play. When the economy starts tofully recover, there is no guarantee thatfans will flock back to the turnstiles.There is a real danger of losing ageneration of football fans; once youlose your customers, it’s hard to winthem back.League reconstructionA 14 team set-up would require arather unusual split to take place after26 games, with the top six teamsplaying a further 10 matches and thebottom eight playing a further 14.This could essentially create an SPL‘1.5’, with the bottom eight not onlyplaying four games more, but alsoplaying one fewer game against eachof the Old Firm. Whilst there mightbe no financial impact for the top six,in comparison, with the current 12team set-up, a bigger financial questionremains for the bottom eight as towhether the revenue from an extratwo home games will compensate foran extended run of potentially lowerquality games.That leaves us with the known quantityof the current 12 team set-up versus a10 team set-up.Thoughts inevitably turn to findingways to revitalise interest levels inthe game, and talks continue over theprospect of league reconstruction.For any of the proposals to be acceptedand successful, they must also befinancially viable and ideally increaserevenues across the board. Suggestionsinclude creating an SPL2 to reduce thecurrent financial disparity between theexisting SPL and Division one clubs.A return to the 10 team set-up wouldmaintain the current number of OldFirm games at four each season, butreduce the overall number of gamesplayed from 38 to 36 for each club.Arguments over familiarity breedingcontempt would likely return to thefore, but this may be offset by theenhanced quality of games as the twoweakest performers would drop intothe SPL2.A move to the English leagues appearsto be off the agenda for the Old Firm,and the focus is now on a change fromthe current SPL ‘split’ league system –the only one in Europe – to a 10, 14 or16 team top flight.Detailed financial modelling willhave to be undertaken to estimatethe additional finance that would needto be generated; a key factor will bewhether this represents a morevaluable model for broadcasters.Until this happens, it remains to beseen whether a compelling case can bemade for any of the proposed set-ups tosuccessfully repackage the Scottish topflight and increase interest from fansand broadcasters alike.Taking each scenario in turn, a 16team league would result in 30 gamesa season (four fewer home games foreach team), and with only two OldFirm matches each year, this presentsa major drawback to any potentialbroadcaster. In addition, bringing inmore smaller clubs – and with themthe potential for more meaninglessend-of-season mid-table clashes –will likely further harm the perceptionof quality. Without putting a figure onit, it can be reasonably deduced thatthis combination would bring inreduced revenue.PwC Annual Financial Review of Scottish FootballThanksAs ever, I am indebted to my SportsUnit team for their help in compilingthis report, particularly David Auldand Stuart MacDougall.David GlenTax Partner, PwCJuly 2011
Profit and lossOverviewAs the economyrecovers from theglobal economicdownturn, Scottishfootball clubs – likemany businesses –have found tradingconditions difficult.The SPL clubs’ reliance on their fans’discretionary spending on merchandise,compounded by reduced revenue fromcorporate sponsorship, marketing andhospitality, has made them particularlyvulnerable to the global downturn.Meanwhile, many Scottish clubs – inparticular those with high debt levels– have been hit hard by a lack of liquidity.What’s more, the 12 clubs that makeup the SPL have also had to deal witha drop in broadcasting revenue,following the 65m five-year dealagreed between the SPL and Sky/ESPNbefore season 2008/09. This comparedunfavourably to the previous four-year 125m deal with the now-defunctSetanta, with the SPL’s 12 clubsexpected to lose an estimated 18m aseason in aggregate. Although this isdwarfed by the 2.7bn the 20 EnglishPremiership clubs got from 2007 to2010, the shortfall of the current dealwas further put into perspective duringApril 2011 when Sky Sports and theFootball League (Leagues One andTwo in England) agreed to a 195mthree-year deal worth 1.35m a clubper season.Even before the collapse of Setanta,the SPL was in a unique positioncompared to the other big leagues suchas the Premiership, Ligue 1, Serie Aand the Bundeslige, with ticket salesforming the SPL’s most importantrevenue stream (with TV and radiodeals being second and sponsorshiptaking third place). This means the SPLclubs have been hit relatively harder bythe declining attendance levels thanother major leagues. Add to this theaverage 18,277 fewer fans attendingtheir team’s home matches during2009/10 compared to last season andthe average resulting impact wipes 10m off the SPL’s aggregate revenue.Outside of the clubs’ top-level sponsorsand kit partners, they face furtherchallenges. Merchandising revenuerelies on supporters spending theirdisposable income, while reducedcorporate budgets have put pressure onsecondary sponsorships. The chairmenand chief executives have subsequentlycut costs through using more loans asopposed to cash transfers and also byreducing squad sizes and players’salaries and bonuses. However, itremains an art to apply a sensiblefinancial model without compromisingplaying standards, while all alongkeeping the fans happy.Season 2009-105
The fact remains that the SPL wasseriously impacted by the current TVdeal no longer reflecting the true valueof Scottish football. This reduction inTV money, coupled with attendancelevels falling 10% on average, meansthe financial gap between Scotlandand England continues to grow.However, the cost-controllingmechanisms and prudent stewardshipundertaken by many of the clubs’chairmen and chief executives duringthe past seasons have given the clubsa more solid platform to weather thefinancial storm and return the SPL toa collective profit for the fifth time insix seasons.Historic profit/(loss) analysis300002000010000 999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010Old Firm Profits/(Losses)Other Profits/(Losses)Total Profits/(Losses)Source: Statutory AccountsWe have obtained thefinancial results of theSPL clubs from theirstatutory accounts forthe year ending 2010.The SPL clubs’ combined profit and loss accountTurnoverWagesOther operating expensesOperating profit/(loss) before playerregistrationsAmortisation of player registrationsImpairment on player registrations2009 %(17)(19)-12%0(3)-100%Net gain on player registrations1213-7%Operating loss(1)(17)-93%(Loss)/gain on tangible fixed assets(0)2-105%Exceptional items7(1)-693%(5)(6)-21%Profit/(loss) before and after tax1(22)-106%Taxation02-94%Profit/(loss) after tax1(20)-107%Net interest payableSource: Statutory Accounts62010 mPwC Annual Financial Review of Scottish Football
The key financialhighlights ofseason 2009/10.Turnover grew 2% from last season’s 167m, despite seven of the 12 clubsexperiencing a fall in top-line revenue.This rise was primarily driven byRangers and St Johnstone, as whencomparing like-for-like, the former’srevenues were supplemented byparticipation in the UEFA ChampionsLeague, while the latter’s growth wasprincipally due to season 2009/10being the club’s first back in Scottishfootball’s top flight. However, revenuestill remains significantly below therecord high of 196m in season2008/09, because of the fall in bothmatch-day and broadcasting revenue.As we mentioned in last year’s review,given that the majority of seasontickets were bought in May/June 2009for season 2009/10, this was essentiallythe first time the clubs felt the fullextent of the recession. When coupledwith the demise of Setanta duringseason 2008/09, it’s clear that unlessa substantially improved broadcastingdeal can be negotiated, it’ll be extremelytough for clubs to return to the heightsof season 2008/09. The Old Firm had mixed results,with Rangers’ turnover increasing byan impressive 42% to 56.3m (2009: 39.7m) as a result of its participationin the Champions League group stages.Conversely, due to Celtic’s absencefrom Europe’s premier competition,turnover fell dramatically to 61.7m(2009: 72.6m). Despite theircontrasting fortunes during the year,Rangers still couldn’t match theirGlasgow rival’s top line – partly dueto the impact of the JJB licensingdeal and the capped level ofmerchandising income availableto the Ibrox club. Total wages dropped by 5% to 105m(2009: 110m), with the majorityattributable to cost-cutting atAberdeen, Celtic, Hearts and Rangers.During season 2009/10, it wasnotable that the contracts of thehigh-earning players at these clubswere either allowed to run out, withthe player released or kept on at areduced rate. This was on the back ofthe 3% wage drop we outlined in our21st review – once again evidence ofthe measures club chairmen andchief executives are taking to controltheir cost bases. The amortisation of player registrationsfell by 2m to 17m (2009: 19m)– back to 2007/08 levels. Of this, 15.7m (2009: 16.2m) was directlyattributable to the Old Firm. The 12m gain on sale of playerregistrations was attributable to thegains posted at Celtic ( 6m) andHibernian ( 2.3m), followingthe high-profile departures ofScott McDonald ( 3.5m) andBarry Robson ( 1.5m) toMiddlesbrough, and of DavidMurphy ( 1.5m) to Birmingham. Total net interest costs droppedslightly to 5m (2009: 6m), duedirectly to the reduction in externalnet debt across the 12 member clubstotalling 74.5m (2009: 86.8).Season 2009-107
TurnoverThe SPL’s total turnover grew by 2% to 171m in season 2009/10 (2008/09: 167m), mainly arising from Rangersand Celtic’s participation in the UEFAChampions League and Europa League.Conversely, in 2008/09, the Ibrox clubdidn’t participate in Europe, afterbeing knocked out during the secondqualifying round by FBK Kaunus,whereas Celtic enjoyed ChampionsLeague football.The impact of 2009/10 performanceon the field was Rangers yielding afurther 16.1m in commercial income,which more than offset the 10.9m dropin revenue at Celtic. This highlights thesignificance of European football tothe results of the two Glasgow giants.Of the other clubs, Dundee United,Hamilton, St Johnstone and St Mirrengrew turnover during the year thanksto a combination of relative successon the pitch – notably within the cupcompetitions – when compared to lastseason, and also with St Johnstoneenjoying its first season back in the SPL.AberdeenOverall turnover fell 18% to 7.1m(2009: 8.6m), with 0.8m of thisfall attributable to the decrease inbroadcasting income associated withthe new broadcasting contract withSky/ESPN. A further 0.3m drop inturnover is directly driven by the fallin gate receipts due to the club’s bottomsix finish and lack of progress in bothcup competitions and correspondinghome ties. The fall in commercial,sponsorship and advertising incomestreams reflect a similar pattern,outlining the correlation between theclub’s turnover and performance inthe SPL and in the cup.CelticAfter two years of consistently postingturnover above the 70m threshold,the Parkhead club saw a reversal offortunes, with turnover dropping 15%to 61.7m (2009: 72.6m). This dropwas almost entirely attributable toparticipation in the UEFA EuropaTurnover by club2010 ’0002009 ,71572,587-15%-1%Dundee 66-28%18%Hamilton2,5431,85937%67%Heart of 1%-5%56,28739,70442%-38%St JohnstoneRangers4,0452,47464%-2%St ce: Statutory Accounts8PwC Annual Financial Review of Scottish FootballLeague as opposed to the UEFAChampions League. Further contributingfactors included substantially loweraverage attendances and season ticketrevenue, and a drop in domestic mediaincome following the demise of Setanta.Merchandising income fell 1.68m(9.8%) to 15.5m due to one kit launchrather than two, while general tradingwithin the retail market was verycompetitive in light of the currenteconomic climate. Revenue frommultimedia and other commercialactivities declined 8.2m (43.3%) to 10.7m, due to the reduced televisionincome offered by the Europa League,and reduced domestic media incomethanks to the Setanta situation.Dundee UnitedThe club achieved record revenues of 6.1m, representing a 4% increase forseason 2009/10, despite average homeattendances falling 9% year-on-yearand last season having benefitted fromthe 0.4m sale of the club shop’soperations. The increase was largelyattributable to improved first teamresults, such as winning the ScottishCup (2009: fifth round) and a thirdplace finish in the SPL (2009: fifth).FalkirkSeason 2009/10 proved to be adramatic turn-around from last year’srecord season. Turnover fell from 5.4m to 3.8m due to the club’s poorperformances on the pitch. Not onlywas Falkirk relegated from the SPL,but it also failed to replicate the successof last season when it reached the CISCup semi-final and the Scottish CupFinal, and consequently boostedrevenues by 0.8m. Add to this theSetanta effect and the impact of therecession, and commercial incomewas hit badly.
HamiltonHamilton is in the unenviable positionof propping up the SPL turnover table,deriving c 2.5m of turnover in season2009/10 (2009: 1.9m). As this clubfiled abbreviated accounts in the currentyear, these numbers are based onprojections using the previous year’sinformation, with more TV revenueand player sales offsetting thereduction in gate receipts.Heart of MidlothianHearts was unable to emulate lastseason’s success on the pitch, finishingsixth (2009: third) in the ClydesdaleBank Premier League, which reducedperformance-related turnover.Overall, the Tynecastle side’s turnoverfell 5% to 7.9m (2009: 8.3m).However, match-day revenues heldfirm as Hearts consolidated its place asthe third-best-supported team for thefifth consecutive season, with averagehome attendances in excess of 14,000.HibernianHibs’ turnover fell 8% to 7.1m (2009: 7.7m), despite an improved fourthplaced league finish (2009: sixth).This was partly due to reducedseasonal membership prices, theabsence of European football and theclosure of the club’s East Terrace fromFebruary 2010 until the end of theseason to enable the construction ofthe new East Stand. These results arein stark contrast to three seasons ago,when the club won the CIS InsuranceCup and participated in Europeancompetition, posting record turnoverlevels of 9.8m. (This drives home theneed for the club’s fortunes on the parkto stimulate its off-the-park finances.)Additionally, the increased capacity ofthe completed East Stand will bring thetotal capacity to 20,400 seats,providing more opportunities to createextra revenue from home matches.KilmarnockThe Ayrshire side managed to avoidrelegation on a dramatic last day of theseason, when a no-score draw againstrelegation rivals Falkirk condemnedtheir opponents to First Division football.However, any celebrations on the fieldwere tempered by the financial resultsoff it. Turnover fell 11% to 6.1m(2009: 6.9m). This was principallyattributable to the following factors:a bottom six league finish; poor runsin both cup competitions; lingeringeffects of the fall of Setanta in 2009;and a 0.15m drop in hotel income.Motherwell2009/10 was a successful season forthe Fir Park club finishing fifth in theSPL (2009: seventh), which ensuredqualification for the Europa League forthe second successive season (althoughqualification in the prior season wasachieved through the fair-play rule).This on-the-field success mitigatedthe impact of the financial downturn(particularly the reduction in revenueattributable to Setanta’s departure andthe 4% fall in attendances) to maintainturnover at 3.4m.RangersSeason 2009/10 saw Rangers crownedSPL champions for the secondsuccessive season. However, thegrowth in revenue to 56.3m (2009: 39.7m) was primarily due tocommercial income rising 16.1mto 21.7m as a result of participationbonuses and market pool-relatedincome deriving from the UEFAChampions League group phase.This compares favourably with theprior year, when FBK Kaunus knockedRangers out at the qualifying stage.In the current season, Rangers wasthe sole Scottish representative,enhancing the market pool elementand underlining the significance ofthe Old Firm’s continued involvementin this competition.This increase in revenue iscommendable given the economicbackdrop that beset season 2009/10 interms of ticketing and hospitality,combined with the collapse of Setanta,which directly cost the club 1.4m inbroadcasting revenue in comparison tothe prior year. Average attendances fellby c2,000 season-on-season. However,this was more than offset by Rangersplaying 54 home matches in the currentseason compared to 49 in the prior year.St MirrenSt Mirren’s fourth consecutive seasonin the SPL and first full season at theirnew St Mirren Park home broughtfurther security to the revenues of thePaisley club. Turnover eclipsed lastseason’s record of 3.5m by 9% –due to both football and commercialincome streams enhancing the top lineto 3.9m. On a football front, St Mirrenfinished the season in an improved10th position (2009: 11th), while anappearance at Hampden for the LeagueCup Final contributed to the majorityof the year-on-year increase.St JohnstoneSt Johnstone’s first season back in theSPL after a seven-year absence broughtadditional revenue to the Perth club.Turnover broke the 4m barrier for thefirst time in the club’s history (2009: 2.5m) on the back of match-dayattendances increasing 34% in additionto improved commercial income streams.On the field, St Johnstone finished theseason in a respectable eighth place,guaranteeing its SPL status for afurther season.Season 2009-109
Attendance levelsThe impact of the recession –specifically: increasing unemployment,job insecurity, diminished disposableincome and corporates reducingentertainment budgets – has hitmatch-day attendances hard.Our research outlines the presence ofa time lag, as a result of the economicdownturn taking place after supportershad committed to season tickets during2008/09, with the impact being felt bynine of the 12 SPL clubs during 2009/10.(Only Hearts, Kilmarnock and newlypromoted St Johnstone witnessedimproved gate numbers seasonon-season.)On the back of SPL crowds holding upwell during season 2008/09 (up 1%from the prior year), season 2009/10witnessed the greatest drop inattendances since the inaugurationof the SPL in season 1998/99, withaverage attendances declining byaround 1,523 spectators a game.Nine teams saw an average of morethan 5,000 a game (2008/09: 10);far from the halcyon days of 2000/01and 2002/03, when every SPL clubdrew more than 5,000 on average.Total stadium utilisation plummeted to68% (2009: 75%), with the largest fallsin average attendances being felt byAberdeen and Celtic – 2,468 and12,089 respectively. Of the SPL stadia,42% remained greater than half-emptyduring the season (2009: 17%),emphasising the impact of the recessionon even the most loyal fans’ pockets.It should be noted that utilisationfigures are based on average attendanceas a proportion of stadium capacity.Acknowledging the financial climate,Rangers froze season ticket prices forthe third successive season andintroduced a family initiative at thestart of season 2008/09 that wouldprove more timely and relevant thanthe board expected, by driving salesto a record 43,107 full-price seasontickets. Consequently, Rangers hasnow replaced Celtic as the club withthe highest average attendance in theSPL, with 1,982 more regularlyattending Ibrox.their discretionary expenditure inall areas. Attendances mirror thedeterioration in the financial climatein 2009/10, with the clubs increasinglyfacing pricing pressure from generaladmission and corporate attendees alike.We’ll monitor the average attendancesand the resultant match-day revenueswith great interest in our next annualreview – as further decline to the mainincome stream for the SPL clubs couldhave serious ramifications whencoupled with the stagnant TV revenue.This is a particular concern for Celtic,which still has by far the largest wagebill in the league. Should the club’s12,000 regulars stay away againduring season 2010/11, this wouldremove about 5m from the club’sbottom line.Clubs are undoubtedly facing achallenge in the corporate sector at atime when businesses are reviewingAverage attendance by c45,58257,67176%96%(12,089)60,35514,773-21%Dundee 08/0909 vs. 10Stadiumcapacity2010Unoccupiedseats% changein 9%Heart of 0)51,0823,518-4%St Johnstone4,7173,51644%33%1,20110,6735,95634%St ource: Scotprem.com10Utilisation2009/10PwC Annual Financial Review of Scottish Football
Wage-to-turnoverAberdeenAberdeen’s wage bill fell 20% to 4.6m(2009: 5.8m), mainly because lastseason the Pittodrie side completed theprocess started several years ago byDuncan Fraser and the board to betteralign the bonus structure to teamperformance – with substantialrewards only being paid if success isachieved (thereby providing bettercontrol over the cost base.) For season2009/10, this meant the club’s poorperformance on the park was reflectedby below-budget wage costs.The overriding impact of these actions,coupled with the fall in turnovermentioned above, resulted in thewage-to-turnover ratio falling to 65%(2009: 67%). Although this is stillabove the recommended ratio of60%, the reduction is a move towardsustainability. It remains the club’sstrategic goal to enhance revenuesto reduce this ratio further.CelticCeltic continues to carry the heaviestwage burden in the SPL and althoughthis cost fell 2.3m to 36.5m (2009: 38.8m), it’s still 23% greater than theclub’s Glasgow rival Rangers, partlydue to its greater squad size.Additionally, as a result of the increasedproportionate drop in revenuesdescribed previously, Celtic’s wage-toturnover ratio rose to 59% (2009: 53%).This ratio, which incorporates theincome from European progression,compares with an average of 68%recently reported for the EnglishPremiership in season 2009/10 –and remains below our recommendedsustainable ratio of 60%.These successive annual rises are incontrast to the club’s previous strategyof removing the higher-earning players.The overall impact of the increasedwage costs and turnover saw thewage-to-turnover ratio go up to 65%(2009: 62%).FalkirkThe Celtic board has recognised theneed (indeed, it’s a worldwide need)to maintain strict control of wage costs,and while the collapse of Setantaresulted in reduced television revenues,the board plans to achieve a managedratio between revenue and labour costsagainst a backdrop of enhancedtelevision contracts agreed in England.Following the board’s decision at thestart of season 2008/09 to grow thefirst team budget as part of its quest fora top-six place continuing to filter intothe current season (and combined withthe drop in revenues mentioned above),the wage-to-turnover ratio soared 9%to 74% (2009: 62%.) In absolute terms,the total wage bill fell 14% to 2.9m(2009: 3.3m) following cuts madeto get the club’s finances back on aneven keel.Dundee UnitedHamiltonWage costs at the Tannadice club grewfor the third successive season, up 4% onth
of Scottish Premier League (SPL) football. compared to the previous season's run in the Champions League group stage. Making reasonable adjustments for these items shows that the league generated an underlying loss of c 16m. Adjustments ( m) Headline profit 1 Less: exceptional profit adjustment (7) Less: Champions League profit adjustment (10)
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