Football Division

Annual Review of Football

Finance 2024

Deloitte Sports Business Group

June 2024
Annual Review of Football Finance 2024 |
 Contents

CONTENTS

06
EUROPE’S TOP LEAGUES

14
PREMIER LEAGUE CLUBS
20
THE EVOLUTION OF
PREMIER LEAGUE
INVESTMENT

02
FOOTBALL DIVISION
24
FOOTBALL LEAGUE
CLUBS

04
DELOITTE SPORTS
BUSINESS GROUP
 Annual Review of Football Finance 2024 |
 Section Heading

30
WOMEN’S SUPER
LEAGUE CLUBS

36
THE DELOITTE ANNUAL REVIEW OF FOOTBALL
FINANCE IS THE LEADING INDEPENDENT
REVIEW OF THE BUSINESS AND FINANCES
OF EUROPEAN PROFESSIONAL FOOTBALL.
DATA APPENDICES
THE 2024 EDITION ANALYSES THE 2022/23
SEASON, A PERIOD IMPACTED BY THE FIRST
WINTER WORLD CUP AND SHAPED BY AN
EVOLVING REGULATORY LANDSCAPE.

Deloitte Sports Business Group Key contacts

Telephone: +44 (0)161 455 8787 Tim Bridge, Lead Partner
The Hanover Building, Corporation Street, [email protected]
Manchester M4 4AH
[email protected] Paul Rawnsley, Senior Director
[email protected]
Telephone: +971 (0) 4 506 4700
All Fattan Currency House, Jenny Haskel, Knowledge and Insights Lead
Building 1, Level 5 P.O. Box 112865 [email protected]
Dubai, United Arab Emirates
Alex Carr, Manager
[email protected]
Please visit our website at
www.deloitte.co.uk/arff Fran Dow, Assistant Manager
to download a copy of the full report. [email protected]

01
Annual Review of Football Finance 2024 |
 Foreword

FOOTBALL DIVISION

Welcome to the 33rd edition of the Annual Review of Football Finance, the leading
independent review of the business and finances of European professional football.
This publication analyses the finances of the 2022/23 season in detail and includes
projections for the future outlook of the industry. As divisions appear to be emerging
and exacerbating across the industry, greater collaboration within an environment of
trust is now needed to ensure the Game that we all love continues to grow and inspire
future generations.

The 2022/23 season proved to be a story of the top two divisions ahead of the 2024/25 Plans for an Independent Regulator for English
momentum shifts, in the first season since season, with the objective of leading further Football, with the primary strategic purpose
2018/19 unmarred by COVID-19 effects, with growth in finances and following. to ensure that English football is sustainable
a pause halfway through the club season and resilient, are currently paused as a result
for international play. The 2022 FIFA World United front of the UK’s general election. With lines still
Cup in Qatar was unique in its timing, played The fundamental importance of a live to be drawn over the regulatory landscape
throughout November and December. While event, to create magic moments for fans, in England, the game continues to stand at a
fans are usually captivated by domestic remains a crucial component of growth and crossroads.
football at this time, all eyes turned to the sustainability in the game and is the principle
Middle East for the first World Cup to be upon which billions of euros have been More widely across Europe discussions have
hosted in the region. invested across the industry. Conjuring these continued, including the back-and-forth
moments requires competition to be at the considerations around investment in the
With the bolster of the 2022 FIFA World Cup, heart of the game, with leagues appropriately German game, and the role of private equity
the 2022/23 season marked another year of governed to ensure a strong level of contest, now involved in France and Spain. There
record revenues, with the European football keeping fans on the edge of their seats. This remains a significant need for clarity of
market achieving 16% growth to a new annual publication has been a forerunner for direction and strategic leadership to ensure
height of €35.3 billion. The ‘big five’ leagues advocating the design and implementation responsible investment continues to support
continued to proportionately lead the way, of appropriate governance and regulatory responsible growth of the game.
contributing €19.6 billion (56%). frameworks for owners and management who
have otherwise too often created financial The implementation of appropriate
The start of the Premier League’s new stress for their club and its fanbase. regulations aligned to an overall strategy for
broadcast rights cycle contributed to an 11% sustainable growth must be seen as a route
increase in the average revenue of English top- Whilst clubs are typically loss-making and to unite all stakeholders, rather than to divide
flight clubs, which surpassed £300m for the many English Football League clubs’ net and create animosity. The inconsistency of
first time. With the full return of fans to stadia negative balance sheets may be classed as approach and ongoing public disputes could
in Germany and Italy, Bundesliga and Serie A ‘technically insolvent’, since 2014 there have destabilise the financial security of the clubs
clubs recorded the largest total percentage been only four insolvency events, compared that we wish to protect in the first place.
growth over the previous season (22% each). to almost 60 insolvency events in the previous Continued uncertainties at the league level
20 years. While this is still too many, the risk diverting investment elsewhere – whether
The ‘Lionesses lift’ following the team’s historic reduction demonstrates both the benefits rival clubs, leagues, sports or even other
triumph at UEFA Women’s EURO 2022 sparked of financial regulations and more frequent industries – as reputational risk and good
growth and excitement for England’s Women’s monitoring, intervention and sanctioning governance remains paramount to investor
Super League clubs, which generated a record of clubs over the past decade, but also the interest.
£48m in 2022/23. It’s now a seminal time as continued effect of owners willing to fund the
the independent NewCo prepares to govern losses of clubs throughout the system.

02
 Annual Review of Football Finance 2024 |
 Foreword

Chart 1: European football market size – 2018/19 to 2024/25 (€ billion)

45

39.1
40 37.6 1.0
0.9 5.4
35.3 6.2
0.8
35 4.9
30.4 3.8
28.9 0.7
30 3.2 3.5
0.7 27.6 3.5 8.1
2.7 0.6
25.2 3.7 6.8 7.4
2.7
2.9 0.6
25 1.9
2.6 6.3
5.6 2.6 operations as soon as possible. Today,
many women’s clubs continue to rely on
20 5.0 5.1 19.6 19.6 20.8
financial contributions from their wider
17.0 17.2
group structure but the commentary above
15 15.1 15.6
demonstrates that this is not a new revelation
for the wider industry. This is the time in the
10 development of the women’s game where
continued investment in growth is key, driven
by alignment of all stakeholders behind a
5
bold strategy. We sense a growing and unfair
expectation across the market regarding the
0 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 financials of the women’s game, seemingly
Projected holding the women’s clubs to a profitability
‘Big five’ European leagues Source: Leagues; UEFA; FIFA; Deloitte analysis. metric that the men’s game has yet to
Non-‘big five’ top leagues consistently achieve and probably never will.
‘Big five’ countries’ other leagues
FIFA, UEFA and National Associations Taking the corner
Non-‘big five’ other leagues Football is becoming an ever more globally
connected game, with new and expanded
competitions around the world, clubs
Keeping score Financial sustainability often relies on owner targeting new markets, and new fans drawn
In ‘The evolution of Premier League support, as well as (unreliable) on-pitch to the fervour of European football. This
investment’, we look at the trends of performance and player sales.In the 2022/23 also brings new challenges for the game to
ownership profiles across the past decade season, as clubs looked to secure world-class overcome, particularly in terms of regulation,
of the Premier League. With increasingly talent in the lead-up to and wake of the World governance and promoting competitive
business-minded investors at the helm of Cup, we saw transfer spending hit an all-time balance. Therein lies the need for leaders
Premier League clubs, arguably some of the high. Premier League clubs spent a total of across the industry to provide a more united
UK’s most financially and culturally significant £2.8 billion overall on player transfers during front, following good governance principles
assets, many owners are trying to find a the winter and summer transfer windows amongst the changing environment, and
balance between match results demanded by and overtook their previous record, set in the building a future for European football to be
the fans and the financial sustainability that 2017/18 windows, by 47%. excited for.
can underpin the growth of their investment
value. In relation to the transfer market, long-term As we look forward to a summer of sport,
cash flow planning will always be more with UEFA EURO 2024 already kicked off
critical to clubs than the assessment of profit and the starting gun about to sound for the

WITH THE BOLSTER OF and loss performance over the short term. Olympic Games, I hope you enjoy all the
Well operated clubs are built upon a strong action, alongside this year’s report. Finally, I’d
THE 2022 FIFA WORLD management of cash requirements, aligning to like to thank the team for their hard work and

CUP, THE 2022/23 an overarching sporting and financial strategy. efforts in contributing to this year’s edition
of the Annual Review of Football Finance. I
SEASON MARKED The demand from fans to spend on high am grateful to the industry and experts for

ANOTHER YEAR OF quality talent means that football clubs providing access to the data and insights that
generally will generate little profit, if any at all. makes this report possible.
RECORD REVENUES.
Within the women’s game, we recognise that Tim Bridge, Lead Partner of
there is an appetite to learn from industry Deloitte Sports Business Group
lessons and create financially sustainable

03
Annual Review of Football Finance 2024 |
 Section Heading

DELOITTE SPORTS
BUSINESS GROUP...

04
 Annual Review of Football Finance 2024 |
 Deloitte Sports Business Group

...ADVISING LEADERS
ACROSS THE INDUSTRY
The Deloitte Sports Business Group is a leading With a network of over 300,000 colleagues,
advisor to governments, investors, sport operating in 150 countries, providing us with
governing bodies and organisations. access to a global network of industry-leading
experts, we bring the best knowledge that
We are focussed on instigating growth in Deloitte has to offer to every project.
sport; whether that’s by supporting business
transformation, advising on the acquisition of a We have advised clients in over 40 countries,
sport asset or building strategies to drive social across more than 30 sports, providing
and economic development through sport. knowledge and insight to enable
And we do this with the breadth and depth transformational change, resolve significant
of Deloitte, the world’s largest professional challenges, enhance value and fuel
services firm, behind us. opportunities for growth. Our recent client
work includes:

Leading the bidding Reviewing Club Licensing Collaborating to deliver Advising on the planning,
process for the hosting Regulations and advising the Women’s Sport delivery, development
of ATP tournaments. on future developments. Investment Accelerator and impact of
programme. Birmingham’s Sports
Quarter.

Defining digital and Advising on leveraging the Formulating a data Devising ParalympicsGB’s
transformation popularity of the club and it’s strategy to create a new environmental
strategies to support new stadium development to personalised experience sustainability strategy,
the ‘Tennis Opened Up’ drive, social, economic and for Team GB athletes. covering a four-year period
vision. community benefits. through to LA28.

Get in touch to find out more: [email protected]

05
Annual Review of Football Finance 2024 |
 Europe’s top leagues

EUROPE’S TOP
LEAGUES
In 2022/23, clubs in the ‘big five’ European leagues generated aggregate revenue of
€19.6 billion, up €2.3 billion (14%) on the previous season.

Overview In turn, the improvements to operating (including the influx of monies from players
2022/23 was the first full season since 2018/19 profitability significantly contributed to a moving to the Saudi Pro League) and some
in which all of Europe’s ‘big five’ leagues vast reduction in the ’big five’ league clubs’ large one-off exceptional credits at a few
operated under no COVID-19 restrictions. aggregate pre-tax losses of €1.0 billion for clubs around Europe including Barcelona,
All five saw aggregate matchday revenue 2022/23 (2021/22: €2.5 billion), alongside Bournemouth and Chelsea.
improve, growing by €0.7 billion (35%) to increased profit from player transfers-out
€2.8 billion (average 14% of clubs’ total
revenue). Bundesliga and Serie A clubs
reported the largest increases after release Chart 2: ‘Big five’ European league clubs’ revenue – 2022/23 (€m)
from the pandemic stadia restrictions that
8,000
had impacted part of the 2021/22 season.
6,967
Aggregate commercial revenue of clubs grew 7,000 2,254
33%
by €1.2 billion (19%) to €7.6 billion, driven
by new and improved sponsorship deals,
6,000
utilisation of stadia beyond matchdays and
Ligue 1 clubs’ receipt of central distributions
from the league’s private equity deal. 5,000
3,717
53%
3,835
Aggregate broadcast revenue for clubs in the 4,000 650 3,535
17%
‘big five’ leagues was €9.2 billion. Growth on 1,224
35%
1,125 2,856
the previous season (€8.9 billion) was minimal 29%
3,000 890
as 2022/23 was the second season for the 31% 2,378
broadcast rights cycles for Serie A, Bundesliga, 1,771 737
2,000 1,524 50% 1,532 31%
Ligue 1 and for UEFA club competitions, and 40% 54%
678
there were only relatively small increases in 29%

overall values for new deals commencing for 1,000 997 706
14% 30%
Premier League and LaLiga. 536 539
434 256
14% 15% 11%
15%
0 England Germany Spain Italy France
The clubs’ aggregate wage costs were
€13 billion. The substantial increase in Average revenue per club (€m)

aggregate revenue (€2.3 billion) exceeded 348 213 177 143 119
clubs’ increased wage costs (up €0.7 billion),
such that the average wages/revenue ratio fell
across all of the ‘big five’ leagues. As a result, Matchday Sponsorship/Commercial Source: Leagues; Deloitte analysis.
the ‘big five’ league clubs reported an aggregate Broadcasting Other commercial
operating profit (€0.5 billion) for the first
time since 2018/19 (€1.4 billion). This macro Note: Commercial revenue is not disaggregated into
landscape view has been positively influenced ‘sponsorship’ and ‘other commercial’ for clubs in
England, Spain and Italy.
by financial sustainability regulations
implemented at both pan-European and
national levels over recent years.

06
 Annual Review of Football Finance 2024 |
 Section Heading

Revenue projections
Clubs’ aggregate revenue across Europe’s ‘big Diversifying clubs’ revenue
five’ leagues is forecast to continue growing,
reaching around €21 billion in 2024/25.
The Premier League is once again expected In the ‘big five’ leagues, broadcast tours, and food and beverage
to widen the revenue gap to its closest revenue has traditionally made up services. Recently or soon to be
competitor, despite an increase in aggregate the largest share of clubs’ revenue. completed redevelopments include
revenue for each of its ‘big five’ peers. However, a slow rise in broadcast those at VfB Stuttgart’s and
income in recent years is prompting Atalanta BC’s stadia, with the
Changes to UEFA club competitions from clubs to seek greater control over former providing new and
2024/25 will be the primary drivers of the their revenue and its growth. improved hospitality facilities and
anticipated increase in aggregate revenue for sound equipment, and the latter
clubs across the continent’s top leagues. The Record matchday (€2.8bn) and increasing capacity and
new competition formats being introduced commercial (€7.6bn) revenue modernising the infrastructure.
for the UEFA Champions League, UEFA generated in 2022/23 suggests that
Europa League and UEFA Conference League some clubs’ efforts to diversify their • Brand monetisation:
(formerly the UEFA Europa Conference revenue are proving successful. Rightsholders are challenging the
League) will increase the number of matches Strong and varied revenue streams status quo by adapting their
as well as the number of participating clubs. can provide a greater degree of go-to-market sponsorship strategy,
financial stability in times of rapid offering inventory such as stadium
A rise in the number of matches will drive change and evolution. This can help naming rights, and elevating the
improvements in clubs’ matchday revenue, clubs to comply with financial value of existing sponsorships. In
whilst also contributing to the expected regulations, fund player retention terms of merchandising, clubs with
€0.5 billion increase in UEFA distributions and recruitment, and attract external strong brand equity are
attributable to the competitions. These investment. penetrating new and existing
distributions, which are recognised by clubs as markets by developing in-house
broadcast revenue, are funded by the central Two key levers that clubs have used to capabilities, such as Barça
sale of the competitions’ commercial and drive incremental and diverse Licensing & Merchandising, or
broadcast rights. Changes to the mechanism revenue are: outsourcing to specialists in the
for how these distributions will be made will case of PSG and Fanatics.
also bolster aggregate revenue across the ‘big • Stadium investment: Clubs are
five’ leagues. investing in enhanced stadium As Europe’s top clubs become more
quality and capacity to meet popular around the world, clubs will

€2.8bn
elevated demand and fan focus on growing and monetising
expectations. Stadia are their global fanbase and commercial
increasingly being viewed as appeal. Successful strategies will be
year-round entertainment venues underpinned by thorough research,
IN AGGREGATE that can attract audiences beyond including market activity and data

MATCHDAY REVENUE just matchdays, through avenues analysis to evaluate the opportunity
such as other live events, stadium on offer.
ACROSS ALL ‘BIG FIVE’
LEAGUES IN 2022/23,
MARKING A 35%
INCREASE ON 2021/22.

07
Annual Review of Football Finance 2024 |
 Europe’s top leagues

Chart 3: ‘Big five’ European league clubs’ revenues – 1996/97 and 2013/14 to 2024/25 (€m)

8,000
7,477 England
7,048
6,967
7,000 6,442

5,843
6,000 5,498
5,440
5,301 5,123
4,865
5,000 4,403
3,897 3,835 3,800 3,900 Germany
4,000
3,378 3,277 3,800 Spain
3,168 3,208 3,535 3,600
2,865 3,345 3,005 2,900 Italy
3,000 2,712 3,073 3,114 2,953 3,149
2,275 2,392 2,793 2,350 2,856 2,800
1,933 2,600 France
2,053 2,437 2,495 2,521 2,378 2,400
2,239 2,057
2,000 1,917 2,062 2,026
1,790 1,902
1,643 1,692 1,598 1,614
1,700 1,418 1,485
685
1,000 551 1,498
524
444
293
0 96/97 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23 23/24 24/25
Projected

Note: Figures for 2023/24 and 2024/25 are projections. Projections for Germany, Spain, Italy and France Source: Leagues; Deloitte analysis.
are rounded to the nearest €100m.

The newly created ‘value pillar’ will favour Aggregate revenue growth to 2024/25, Meanwhile, Barcelona introduced several
those clubs that have historically performed beyond that catalysed by clubs’ involvement in new partners in 2022/23 and are reported
well in UEFA club competitions, and whose UEFA competitions, is expected to be minimal to be parting ways with Nike after almost
domestic broadcasters contribute the most to for Serie A and Bundesliga clubs. 2024/25 will 30 years in favour of a more lucrative kit
overall rights revenue across the continent. see the start of a new rights cycle for Serie A, sponsorship deal.
for which domestic media rights have been
These changes to UEFA club competitions licensed to existing partners DAZN and Sky For Premier League clubs, forecast revenue
are expected to mitigate the effects of an Italia for an average annual value c.10% lower growth to 2024/25 will be facilitated by
otherwise challenging time for Ligue 1 clubs’ than the current cycle. Bundesliga clubs are steady increases across all three key revenue
aggregate revenue. The league is forecast locked into existing domestic deals for the streams. After a period of little to no increases
to see a decline in the value of its domestic broadcast rights cycle through to 2024/25. for the majority of clubs, ticket price rises
broadcast rights, largely due to frustrations across 2023/24 and 2024/25, coupled with
amongst existing broadcast partners and The DFL’s proposed sale of a stake in its an overall capacity increase arising from
a lack of competitive tension in the market. TV and marketing rights for private equity promotion/relegation are expected to
How material this reduction will be remains to investment had caused divisions and ceased drive improvements in matchday revenue.
be seen, with the new deal yet to be agreed in early 2024. The influence of fans’ opposition Projected increases in Premier League
despite the first season under the new cycle reflects the Bundesliga’s deep-rooted fan- international media rights distributions to
commencing in August 2024. Ligue 1 clubs’ centric history. The league’s emphasis on clubs will see broadcast revenues rise, whilst
aggregate revenue will continue to be assisted sustainable growth and fan engagement, the commencement of new sponsorship
to 2024/25 by monies derived from private coupled with innovative use of technology and deals for several clubs is expected to boost
equity firm CVC Capital Partners, under the digital media, still presents a viable path to commercial revenue.
terms of its investment into a commercial enhancing its international stature.
subsidiary of Ligue de Football Professional.
It is hoped that the initial investment and For LaLiga, the commencement of major
involvement of CVC will help deliver growth sponsorship agreements for its two
for the development of the French football commercial powerhouses will drive further
ecosystem beyond the original few seasons of increases. Real Madrid will receive a reported
additional distributions to clubs. €70m per season from 2024/25 from their
first sleeve sponsor, technology giant HP.

08
 Annual Review of Football Finance 2024 |
 Europe’s top leagues

Germany the Champions League as four Bundesliga clubs’ aggregate pre-tax profits of
clubs reached the Round of 16 in the 2022/23 €0.1 billion (2021/22: losses of €0.2 billion).
In 2022/23, Bundesliga clubs generated competition, in contrast to only one in 2021/22. This €0.1 billion pre-tax profit of Bundesliga
significant growth in total revenue to €3.8 clubs compares to €0.8 billion aggregate
billion (average €213m), a 22% increase Commercial revenue increased 19% to pre-tax losses amongst Premier League clubs,
compared to the previous season (2021/22: reach €1.8 billion (2021/22: €1.5 billion). The funded by debt and equity injections.
€3.1 billion) and the largest percentage growth attractiveness of the league and its clubs to

55%
of the ‘big five’ leagues. sponsors was evidenced by new partnerships
that contributed to this growth, including four
Matchday revenue nearly doubled from the new kit deals and three front of shirt sponsors
previous season, amounting to €0.5 billion for Bundesliga clubs.
(94% increase), as COVID-19 restrictions were AVERAGE WAGES TO
lifted and fans returned to stadia in full force. Despite a 14% increase in aggregate wage
REVENUE RATIO OF
Bundesliga clubs had the highest average costs to €2.1 billion (average €118m),
attendance among the ‘big five’ leagues, with Bundesliga clubs maintained their BUNDESLIGA CLUBS
an average of 42,966 spectators per match longstanding tradition of recording the lowest
IN 2022/23.
(stadium utilisation 92%). wages/revenue ratio (55%) among the ‘big five’
leagues in 2022/23. This emphasis on financial
Aggregate broadcast revenue for Bundesliga sustainability helped the Bundesliga clubs
clubs grew by 10% to €1.5 billion in 2022/23. report a healthy aggregate operating profit of
This growth was largely driven by the €0.4 billion, and the improvement in operating
stronger performance of German clubs in results (before player trading) fed through into

Chart 4: ‘Big five’ European league clubs’ revenue and wage costs – 2021/22 and 2022/23 (€m)

8,000

7,000 6,967
6,442

6,000

5,000
4,627
4,306
4,000 3,835
3,535
3,149 3,277
3,000 2,856
2,381 2,490 2,350 2,378
2,000 1,862 2,124 1,950 1,889 2,026
1,842
1,760

1,000

0 21/22 22/23 21/22 22/23 21/22 22/23 21/22 22/23 21/22 22/23
England Germany Spain Italy France

Wages/revenue ratio (%)

67 66 59 55 73 70 83 66 87 77

Average club wages (€m)

215 231 103 118 119 125 98 94 88 92

Revenue Wage costs Source: Leagues; Deloitte analysis.

09
Annual Review of Football Finance 2024 |
 Europe’s top leagues

Chart 5: ‘Big five’ European league clubs’ operating profitability – 2013/14 to 2022/23 (€m)

1,500 Start of break-even Enhanced version COVID-19

compliance of FFP regulations pandemic
monitoring
1,208
1,250

979
950
1,000

739 721 681

750
565
520
455 455 452 England
500 397 373
347 384 Germany
316 343
284 394
250 226 215 227
250 260 170
59 62 74 Italy
30
(40) 55
0 (140) (35) (17) (45) Spain
(98) (43) (77) (82)
(143) (133)
-250 (271)
(298) (283) (395) France
(306)
(412)
-500
(575) (599)
(622)

-750 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23

Note: The operating result is the net of revenues less wage costs and other operating costs. The Source: Leagues; Deloitte analysis.
operating result excludes player trading and certain exceptional items.

Spain
In the 2022/23 season, LaLiga clubs achieved
a record high aggregate revenue of €3.5 billion
(average €177m). Home to two of the world’s
highest revenue generating football clubs –
both Real Madrid and Barcelona had revenue
in excess of €800m – who in various ways
stand apart from the rest of Spanish football
(average revenue of the other 18 LaLiga clubs
was €106m).

An 8% decrease in aggregate broadcast

revenue (largely attributed to weaker
performance in the Champions League in
2022/23) was more than offset by improved
matchday revenue (up €131m / 32%) and
commercial revenue (up €274m / 29%).
Notably, 67% of the €1.2 billion commercial
revenue was reported by the top two clubs,
who experienced 45% (€128m) and 27%
(€85m) growth in commercial revenue
respectively.

In the 2022/23 season, LaLiga clubs’ wage

costs increased 5% to €2.5 billion (average
€125m) and the wages/revenue ratio slightly
decreased to 70% (2021/22: 73%).
Despite most LaLiga clubs generating
operating profits, the league as a whole

10
 Annual Review of Football Finance 2024 |
 Europe’s top leagues

experienced aggregate operating losses of

€45m in 2022/23, skewed by Barcelona which
reported an operating loss of €206m.

Whilst aggregate operating losses remained

relatively flat compared to 2021/22, aggregate
pre-tax results significantly improved to
profits of €0.4 billion (compared to losses of
€0.1 billion in 2021/22). This was facilitated by
a €0.3 billion improvement in the net result of
player trading, and €0.6 billion of exceptional
credits (an 11% reduction on the previous
year). The impact of these results was muted
by the amortisation cost of acquired players,
which outweighed profits from player sales,
albeit by a narrower margin than the previous
season.

Real Madrid and Barcelona generated

exceptional credits of €320m and €303m in Impact of EURO 2024
2021/22, and Barcelona undertook certain
additional financial measures in the 2022/23
season generating €607m exceptional credits. This summer, Germany hosts the 17th €935m of the remaining €1.2 billion
In July 2022, the club sold an additional 15% edition of the Men’s UEFA European will be used to help finance the
of its LaLiga television rights revenue to Sixth Championship, a tentpole event for HatTrick programme. As part of
Street Partners, which it was able to do after the governing body of European UEFA’s responsibility to promote the
refraining from entering the league-wide football and football fans across the development of football across the
deal with CVC in 2021. Additionally, they sold world. region, the programme was created
a 24.5% stake in their in-house production in 2004 to redistribute revenue from
operation to Socios.com. Whilst not being The EURO plays an important role in the men’s EURO to each of the
recognised as income (instead being recorded generating substantial revenue for member associations for
on clubs’ balance sheets), the other LaLiga UEFA, which is then redistributed reinvestment in long-term football
clubs are benefiting from distributions of among national associations and development projects. Since its
monies derived from the league’s television clubs once competition costs are inception, the programme has
rights deal with CVC as part of the ‘Boost covered. The last comparable edition channelled a total of €2.6 billion to
LaLiga’ project to invest in growth initiatives. of the tournament (EURO 2016, as UEFA’s member associations across
EURO 2020 was heavily impacted by five cycles. The €935m committed for

€3.5bn
COVID-19 restrictions) generated 2024 to 2028 is a 21% increase on the
€1.9 billion of gross revenue, leaving previous cycle and has been largely
€1.3 billion for redistribution after facilitated by the growth in net
competition costs. revenue from EURO 2024.
A RECORD HIGH
AGGREGATE REVENUE EURO 2024 is forecast to generate The impact of EURO 2024 will likely go
gross revenue of €2.4 billion for UEFA, beyond monetary values, with
GENERATED BY LALIGA yielding €1.8 billion for redistribution. marquee matchups boosting fan

CLUBS IN THE 2022/23 Alongside the financial rewards engagement with national teams,
(€331m) available to national domestic clubs, and individual
SEASON. associations for participation and players; further growing European
progression in the competition, €240m football’s global footprint and
will be shared among clubs which have promoting participation in the game.
released players to national teams
participating in EURO 2024.

11
Annual Review of Football Finance 2024 |
 Europe’s top leagues

Chart 6: ‘Big five’ European league clubs’ pre-tax profitability – 2021/22 and 2022/23 (€m)

600

380
400
‘Big five’ total

200 108

(2,494) (963)
0
(59)

-200 (186)
(260)

-400 (404)

-600 (586)

(709)
-800 (788)

-1,000 (955)

-1,200 England Germany Spain Italy France

2021/22 2022/23 Source: Leagues; Deloitte analysis.

Italy club competitions was €29m – only Juventus

recorded a reduction compared to 2021/22
Serie A clubs generated €2.9 billion of revenue as they competed in the knockout stages of
in 2022/23 (average €143m), a 22% increase UEL rather than UCL and suffered a decline in
on the previous season and a record high league finishing position following a 10-point
for the league. Revenue increased across all deduction for off-pitch irregularities.
three primary revenue streams, but it was
improvements in matchday revenue that was Commercial revenue of Serie A clubs reached
the most significant driver of overall growth. €0.9 billion in 2022/23, up 14% (€109m) on the
previous season. The growth was somewhat
The easing of COVID-19 restrictions brought stunted by reductions in commercial revenue
with it fuller stadia, driving an 88% (€202m) for AS Roma (€14m) and FC Inter Milan (€14m)
increase in matchday revenue to €434m as a blockchain shirt sponsor failed to make
compared to 2021/22 (€231m). All 17 clubs sponsorship payments.

88%
that participated in Serie A in both the
2021/22 and 2022/23 seasons recorded an Serie A was the only one of the ‘big five’ leagues
increase in matchday revenue, with Napoli to record a reduction (€61m) in wage costs to
recording the highest relative growth (€32m, €1.9 billion (average €94m). This, coupled with
261%), due to the eagerness of fans to be part increased revenue, meant Serie A clubs were on INCREASE IN MATCHDAY
of the club’s first title-winning season since average able to significantly reduce their wages/
REVENUE TO €434M
1989/90, which was only the third in its history. revenue ratio in 2022/23 to 66% (2021/22:
83%). As a result of this better balance, Serie A COMPARED TO 2021/22.
Broadcast revenue was again the largest clubs recorded an aggregate operating profit
contributor (54%) to the clubs’ total revenue, (€74m) for the first time since 2017/18. Half
growing 15% (€194m) to €1.5 billion. of the clubs generated an operating profit in
This increase was largely due to Serie A 2022/23, up from just two in 2021/22. This
clubs’ strong performance in UEFA club vast €0.5 billion improvement of operating
competitions, with three progressing to a results, together with an improvement in the
Final, two to a Semi Final and one to a Quarter net result of player trading, meant that Serie
Final. Average growth in broadcast revenue A clubs’ aggregate pre-tax losses reduced to
among the seven clubs participating in UEFA €0.4 billion (down from €1.0 billion in 2021/22).

12
 Annual Review of Football Finance 2024 |
 Europe’s top leagues

France This growth facilitated by CVC’s investment Ligue 1 clubs’ aggregate operating losses of
offsets a reduction in Ligue 1 clubs’ aggregate €0.4 billion were an improvement on 2021/22
Despite a small reduction in broadcast broadcast revenue, which fell 3% (€23m) (€0.6 billion), but still the highest among the
revenue and muted growth in matchday and from the previous season to €0.7 billion. This ‘big five’ by a significant margin. Encouraged by
commercial revenue, Ligue 1 clubs’ aggregate was the lowest broadcast revenue amongst the Directorate of Controle of Management’s
revenue grew 17% (€352m) in 2022/23 to the ‘big five’ leagues in 2022/23, some €0.8 (“DNCG”) new financial requirements, this
€2.4 billion (average €119m). This was due to billion behind Bundesliga’s €1.5 billion. The €0.2 billion improvement of operating results,
income derived from private equity firm CVC’s reduction can be largely attributed to clubs’ together with a €0.2 billion turnaround in the
investment into a commercial subsidiary of weaker performances in UEFA competitions net result of player trading (profits on disposal
Ligue de Football Professional. compared to 2021/22. of players exceeding amortisation cost of
acquired players) meant that Ligue 1 clubs’
Ligue 1 clubs will reportedly receive Ligue 1 clubs’ aggregate wage costs of aggregate pre-tax losses reduced to
€1.2 billion across the 2022/23, 2023/24 €1.8 billion (average €92m) grew by less than €0.3 billion (down from €0.6 billion in 2021/22).
and 2024/25 seasons, with the amounts revenue, reducing the average wages/revenue
varying by club and by season, according to a ratio to 77%. However, Ligue 1 still had the
pre-defined schedule. The second and third highest wages/revenue ratio of the ‘big five’
tranches of distributions are dependent on leagues for the sixth consecutive season.
successful applications by clubs outlining how Despite their wages/revenue ratio being in
funds will be invested across a set of agreed line with the league average (77%), champions
expenditure categories, designed to improve Paris Saint Germain’s wage costs (€621m) were
infrastructure, competitiveness and the almost four times higher than the next-highest
international brand of the league. spending club (Olympique Lyonnais, €157m).

13
Annual Review of Football Finance 2024 |
 Premier League clubs

PREMIER LEAGUE
CLUBS
The 2022/23 season was another record year for revenue generation in the Premier
League, with clubs’ revenue surpassing £6 billion for the first time. Growth was
predominantly driven by increased broadcast revenue, given the commencement
of the Premier League’s new international rights agreements, and further bolstered
by continued optimisation of commercial models and matchday offerings. Despite
revenue improvement, rising wage costs and amortisation (of prior player acquisitions)
adversely impacted pre-tax losses, with an increase of 14% to £685m.

Chart 7: Premier League clubs’ revenue – 2020/21 to 2024/25 (£m) Premier League clubs’ revenue
In the 2022/23 season, Premier League clubs
7,000
6,384 generated £6.1 billion in revenue, an 11%
6,058 6,018 2,100 increase on the previous year (£5.5 billion).
6,000 1,960 1,975 33%
Each of the ‘big six’ clubs generated more than
5,455 32% 33%
1,738 the league average of £303m (range £718m to
4,869 32%
£464m) whilst the other 14 clubs generated
5,000 1,492
31% less (average of £184m, range £250m to
3,352 £141m), with the financial gap remaining
4,000 3,232 3,173 53%
2,954 53% 53% substantial.
3,345 54%
69%
3,000 Matchday revenue increased 14% to £867m
as stadia were largely full (average stadium
utilisation of 99%), a new record average
2,000
league attendanceMatchday
of 40,291 was set and the
Broadcasting
majority of clubs increased their ticket prices.
1,000 867 871 932
It remains to be seenSponsorship/Commercial
what impact those
763 15%
14% 14%
31 14%
price rises will haveOther
on fancommercial
sentiment and
1%

0 2020/21 2021/22 2022/23 2023/24 2024/25 the ability of the fan to spend across a club’s
offerings and channels, a factor which must
Average revenue per club (£m) Projected
be considered when ticket price strategies are
243 273 303 301 319 developed.

Commercial revenue also reached new

Matchday Broadcasting Commercial Source: Deloitte analysis. heights, increasing £221m year-on-year to just
shy of £2 billion in 2022/23. The vast majority
Note: Figures for 2023/24 and 2024/25 are projections. of this growth was driven by the Premier
League’s ‘big six’ clubs, with Manchester
United (up £46m) and Tottenham Hotspur
(up £44m) having the largest increases.
Manchester United’s growth was driven by
its pre-season tour of Thailand, Australia
and Norway, along with implementation of a
market segmentation sponsorship strategy.
Meanwhile, Tottenham Hotspurs’ increase

14
 Annual Review of Football Finance 2024 |
 Premier League clubs

was driven by utilisation of its stadium on

non-matchdays, including hosting major
international sporting events (such as NFL,
Rugby Union and Boxing) and concerts
(including Beyonce’s Renaissance Tour).

The ‘big six’ clubs generated average

commercial revenue of £255m, compared
to an average of £31m among the other 14
Premier League clubs. Manchester City’s
commercial revenue of £347m – the highest in
the league – was almost 30 times larger than
the lowest (AFC Bournemouth, £13m).

Of the 17 consistent clubs in the Premier

League across the 2021/22 and 2022/23
seasons, 13 delivered improved commercial Generative AI: a new team-mate
revenue. The largest proportional increases
were by Newcastle United (65%, £19m) and
Aston Villa (36%, £11m), with both achieving Generative artificial intelligence achieve more with less.
improved on-pitch performances which (GenAI) provides an opportunity to - E.g. GenAI is being used to
resulted in qualification for UEFA club transform some operational aspects automate routine operations
competitions in the 2023/24 season. of football, the beautiful game, such as customer service, with
catalysing a step-change in fan chatbots delivering accurate,
Broadcast revenue increased 9% (£278m) to engagement capabilities and efficient responses and
£3.2 billion in 2022/23, predominantly due to on-field innovation. Football improving internal efficiency.
higher distributions to clubs from the Premier organisations that successfully
League’s new, more lucrative international harness this emerging and • On-field innovation: GenAI is
broadcast deals that run to 2024/25. ever-improving technology as part enabling organisations to process
Broadcast rights payments made by the of their strategic approach could mountains of data to inform
Premier League to its clubs in 2022/23 ranged realise significant on and off-field player scouting and recruitment,
from £167m, to Champions Manchester City, performance benefits, including: player development and support,
to £94m, for bottom placed Southampton. and performance analytics;
• Personalised fan engagement: supporting enhanced
UEFA distributions received by the seven GenAI is starting to revolutionise decision-making.
English clubs participating in UEFA club content management, creation, - E.g. Google partnered with
competitions in 2022/23 were aggregate and distribution, enabling sports Liverpool FC to deliver TacticAI;
£391m (2021/22: £392m), with Manchester organisations to instantly curate, a tool which provides tactical
City and West Ham United winning their create, and deliver hyper- suggestions to coaches that
first European trophy since 1970 and 1965 personalised experiences based were preferred by human
respectively. From 2024/25, changes to the on individual fan personas; expert raters 90% of the time
structure of UEFA club competitions will see fostering deeper engagement over tactical setups seen in
the number of competing clubs increase, and loyalty. practice.
with the traditional group stage of 32 clubs - E.g. LaLiga’s ‘Beyond Stats’
replaced by a single 36 club league phase. delivers personalised content, GenAI has the potential to support
informed by real-time stats and sports organisations in operating

£3.2bn
predictions, and augmented more effectively both on and off the
live broadcasts that bring fans pitch. However, GenAI adoption
closer to the action. must be implemented as part of a
broader digital strategy. The
IN BROADCAST • Optimised business operations: technology is nascent and its

REVENUE FOR PREMIER GenAI is enhancing operational effectiveness is dependent on

performance across sports, human direction, both in terms of
LEAGUE CLUBS IN delivering efficiency gains via the managing quality and in navigating

2022/23. automation of routine tasks and the ethical challenges that come
delivering real-time insight with the responsible use of AI.
– enabling organisations to

15
Annual Review of Football Finance 2024 |
 Premier League clubs

Chart 8: Premier League clubs’ revenue and wage costs – 2022/23 (£m)

800

Tottenham Hotspur
718
Liverpool

700
650

600 594 Chelsea

Arsenal
549

500 512

Wolverhampton Wanderers
464

Brighton & Hove Albion

Average club

West Ham United

Newcastle United
423
400 404

Nottingham Forest

AFC Bournemouth
373

Crystal Palace

Leicester City
Leeds United
Aston Villa

Southampton
331
303

Brentford
300

Fulham

Everton
251 250
235 239
212
Manchester United

203 201 206

200 187 194 190 181 180
Manchester City

177 172 169 168

146 155 146
137 139 166 142 141
128 131 145 122
99 100
100

0
Wages/revenue ratio (%)

59 51 63 46 79 51 67 75 57 92 63 77 77 73 116 96 84 59 94 84 71

Revenue Wage costs Source: Deloitte analysis.

This will see clubs play more matches across Increasing revenue makes promotion to the
the UEFA Champions League, UEFA Europa Premier League more desirable than ever,
League and the UEFA Europa Conference and our analysis shows that the winners of
League. These structural changes have the 2023/24 Championship Play-Off Final –
helped UEFA generate increased media and Southampton – will receive a revenue uplift of
commercial revenues for the 2024/25 rights at least £140m across the next three seasons.
cycle, with UEFA distributions to clubs forecast Whilst this figure is somewhat tempered
to increase by c.20%. by Southampton already being in receipt of
parachute payments, the uplift could rise to
The weaker performance of Premier League almost £300m if the club avoids relegation
clubs in UEFA club competitions is a factor from the Premier League in 2024/25.
of the expectation that overall revenue will Automatically promoted Ipswich Town will
remain relatively flat for 2023/24. This also has receive a minimum uplift of over £200m, even
implications for 2024/25, as only four clubs if relegated at the end of their first season

£4bn+
instead of a possible five will participate in the back in the Premier League.
new league phase of the UEFA Champions
League. Despite this, clubs’ revenue is
expected to grow to £6.4 billion in 2024/25 Premier League clubs’ wage costs
driven by higher distributions per club from In 2022/23, total wage costs once again IN TOTAL WAGE COST
UEFA competitions, strengthened commercial increased, rising 10% to surpass £4 billion for
FOR PREMIER LEAGUE
deals, and matchday uplift resulting from the first time. Annual growth in wages (£377m)
clubs with larger capacity stadiums being is lower than growth in revenue (£603m) for CLUBS IN 2022/23.
promoted to the Premier League. Clubs’ the third consecutive season.
revenue will be boosted again when the
Premier League’s new domestic broadcast Performance bonuses fuelled the largest
rights deals kick-in from 2025/26, delivering a increase of £69m recorded by Manchester
4% uplift in annual value versus the previous City, up 20% to £423m. The highest relative
cycle, and with international rights packages to increases were recorded by Brentford (45%,
be fully concluded in due course. £31m), and Aston Villa (42%, £57m). Of the
17 consistent Premier League clubs across
2021/22 and 2022/23, only Everton (£6m, 4%)

16
 Annual Review of Football Finance 2024 |
 Premier League clubs

and Manchester United (£77m, 19%) reported member of the Premier League. Meanwhile,
year-on-year wage cost reductions, as Everton the behind the scenes legal process continues Future cap on costs
worked to try to with the Premier League’s in respect of the reported 115 charges for
Profitability & Sustainability Rules and alleged breach by Manchester City of Premier
Manchester United significantly overhauled League Rules. Fuelled by frustrations over the
their squad, including the exit of Cristiano implementation of the current profitability
Ronaldo. Based on Premier League clubs’ financial and sustainability rule, divergence of
results for 2022/23 and applying certain opinions amongst clubs, and desire for
11 of the 17 consistent clubs reported an assumptions for calculating a club’s squad closer alignment with UEFA’s new squad
increase in their wages/revenue ratio, with cost ratio under UEFA’s new rules, over half cost rule, the Premier League and its
four clubs (Aston Villa, Everton, Nottingham of the clubs had a ratio greater than 70%. For member clubs have been exploring
Forest and Leicester City) recording a ratio these clubs, applying UEFA’s new financial changes to the financial restrictions on
of more than 90% (up from two in 2021/22, disciplinary grid to such excesses would have club spending.
Everton and Newcastle United). resulted in a ‘luxury tax’ of up £50m for a
first-time breach. Whilst there is still time for The Premier League have announced that,
Everton (twice) and Nottingham Forest have realignment ahead of the 70% limit applying on a trial basis for the 2024/25 season in
both been sanctioned with points deductions for UEFA club competitions from 2025/26, shadow to the existing rules, a Premier
in 2023/24 for breaching the Premier League’s and future equivalent rules for domestic League club’s salary, agent and transfer
Profitability & Sustainability Rules for losses competition will allow a higher limit, clubs costs in respect of players and head coach
over recent seasons. In March 2024 the must plan ahead to appropriately structure will be limited to 85% (or 70% for clubs
Premier League also referred Leicester City the revenue-cost balance of their on-pitch participating in UEFA club competitions) of
to an independent Commission for an alleged performance and proactively manage their revenue generated. These costs will also be
breach for the assessment period ending player trading. subject to an absolute cap set as a multiple
in 2022/23 season, when the club was a of the lowest club’s central broadcast and
commercial distributions from the League,
with a view to full implementation of both
Chart 9: Premier League clubs’ profitability – 2018/19 to 2022/23 (£m) rules in the 2025/26 season.

1,250
All stakeholders will want to mitigate the
legal and sporting uncertainty and
1,000 837 divisiveness arising from implementation
15
of the financial rules that stalked the
17
16 2023/24 season. As for other sports
750 24 12
23 regulators, beyond definition of the rules
42
479 20
460 themselves, mitigation of these risks will
500 9 393 require diligent design and effective future
Operating profit/(loss) implementation of an overall regulatory
2
250 framework including:
49

• Clarity and consistency of financial

0
(165) reporting requirements for clubs;

Clubs generating operating

-250 7
• A multi-faceted compliance monitoring
11 4
3 (30) approach to genuinely police the rules;
Average club operating profit/
(8) 4 (34)
-500 (35) (601) pre-tax loss
(50) (707) (685) • Clear processes, roles and
responsibilities for all involved parties
-750 (991) Profit/(loss) before tax
to facilitate timely implementation of
enforcement action and independently
-1,000 2018/19 2019/20 2020/21 2021/22 2022/23 judged proportionate sanctions; and

Clubs generating operating Note: The operating result is the net of revenue less wage costs • A communications programme to
profit/pre-tax profit and other operating costs. The operating result excludes player encourage common understanding
trading and certain exceptional items, which are included in the
Average club operating profit/ about the regulatory framework amongst
pre-tax result, along with other costs such as financing costs.
pre-tax loss The pre-tax results can be particularly impacted by one-off clubs, fans and other stakeholders.
costs and credits from year-to-year.
Source: Deloitte analysis.

17
Annual Review of Football Finance 2024 |
 Premier League clubs

Chart 10: Premier League clubs’ net debt – 2023 (£m)

300

205

200

100 76

15 11
(12) (15)
0 (15)
(58)
(20) (81) (80)

(122) (113)
-100
Brighton & Hove Albion

Southampton
(65) (115)
(61)

AFC Bournemouth
(112)

Wolverhampton Wanderers
(71) (212)
-200

Leicester City

Nottingham Forest
(66)
Liverpool

-300 (341)
(373)
Total Total
Everton

2023 2022
Manchester United

-400 (218)
Tottenham Hotspur

Other clubs
(714) (513)
-500

(622) (1,508) (1,539)

-600 (653)
(21)
(917) (615)
-700
Net debt (£m)

(674) (546) (358) (331) (259) (190) (186) (146) (145) (80) (226) (3,140) (2,667)

Net finance costs (£m)

(45) (21) 3 (6) (5) (12) (10) (10) (8) (17) (60) (192) (187)

Net cash/bank borrowings Other loans Soft loans Source: Deloitte analysis.

Note: Manchester United’s 2023 net finance costs include £22m credit in unrealised foreign exchange
gains (2022: £59m loss) on retranslation of unhedged US dollar borrowings.

The Spearman’s rank correlation coefficient, Premier League clubs’ profitability credits. Four clubs reported a pre-tax profit
the strength of relationship between league Despite the growth of revenue exceeding in 2022/23 (Brighton & Hove Albion: £133m,
position and wage cost ranking, decreased wage cost growth (by £226m), clubs’ operating Manchester City: £80m, AFC Bournemouth:
from 0.78 (high correlation) to 0.47 for the profitability (before player trading) fell by £44m and Brentford: £9m), a reduction from
2022/23 season. High wage expenditure did 18% to £393m as other operating expenses seven clubs in the prior season. Aston Villa
not translate to better on-pitch performance increased to c.£1.6 billion, driven in part by reported the highest pre-tax loss of £120m,
as often, with Brentford (£99m) and Brighton inflation and direct costs associated with despite reporting a small pre-tax profit the
& Hove Albion (£128m), both amongst the five delivering certain revenue streams. year before (bolstered by £97m profit from
lowest wage spenders yet finishing ninth and transfer-out of players), demonstrating the
sixth respectively. Whilst Chelsea (£404m) and Despite reporting aggregate operating profit, volatility of financial performance in the
Leicester City (£206m) reported the second Premier League clubs reported an aggregate football sector. The other 15 clubs generated
and seventh highest wage costs yet finished at pre-tax loss for the fifth consecutive year an average pre-tax loss of £58m.
12th and 18th respectively (with Leicester City (£685m in 2022/23, a 14% increase year-on-
relegated to Championship). year). The £1.1 billion difference between
operating profit and pre-tax loss is the net of
£1.8 billion amortisation costs of transfer-in
of players (up 17%), £192m finance costs
in respect of net debt, £697m profit from
transfer-out of players, and £191m exceptional

18
 Annual Review of Football Finance 2024 |
 Premier League clubs

Premier League clubs’ net debt

In 2022/23 clubs’ net debt increased by
£473m to £3.1 billion, largely driven by funding
for clubs’ infrastructure projects. A portion
(£52m) of this increase is attributable to the
mix of clubs promoted to/relegated from the
Premier League compared to previous season.

The 17 consistent clubs reported an aggregate

increase in net debt of £421m, with a variety
of strategies employed. Everton’s net debt
increased by £189m (to £331m in 2022/23),
other loans funding expenditure on its new
Bramley-Moore Dock Stadium. Chelsea moved
from a net funds position of £54m in 2022
to net debt of £58m in 2023, driven by an
increase of £146m in soft loans as the new
ownership funded significant investment in
the men’s first team playing squad. Newcastle
United increased bank loans (up £49m) to
fund land acquisition around St James’ Park.
Liverpool also increased bank loans (up £38m) Kick It Out: Together we can change it
to fund the stadium expansion completed in
2024. Leicester City reduced its net debt after
conversion of £194m of soft loans to equity. The 2022/23 football season marked diversity metrics across the football
the 30th anniversary for Kick It Out’s workforce, while committing to
In addition to the increase of net debt, funding efforts to eradicate all forms of targets for better representation in
for clubs’ operating and player expenditure discrimination within sport. Initially roles across the game.
was supplemented by equity injections (of established in 1993 to tackle racism
£0.8 billion across nine clubs). In addition to in football, the organisation has According to research published in
net debt, according to the Premier League widened its scope to promote an the 2024 Deloitte Football Money
clubs’ balance sheet position at summer 2023, inclusive environment in all respects League, just 17% of board members
net liabilities due to other clubs for transfers- across sport. In addition to at the top 20 revenue generating
in of players was over £2 billion, as transfer campaigning, it has achieved this clubs in world football are
fees are typically settled over one to three through collaborative efforts such considered to be ethnically diverse,
years, up by c.£1 billion compared to summer as offering educational programmes and only 15% of members are
2022 position. for academy players, parents, and women.
fans and by providing support for

£3.1bn
people to thrive in football. Research continues to demonstrate
the positive impact that a diverse
The impact of Kick It Out in leadership and workforce can have
addressing discrimination has been on operational and financial
IN NET DEBT FOR notable. Research carried out to performance. Therefore,

PREMIER LEAGUE CLUBS mark the organisation’s anniversary committing to gender and ethnicity
found that 43% of fans are now recruitment and pay targets,
IN 2022/23, AN more likely to call out discrimination supported by recruitment and

INCREASE OF £473m than when the campaign was workplace inclusion strategies, can
launched 30 years ago, or when help bring wider societal returns to
LARGELY DRIVEN BY they first became a fan. the football industry.

FUNDING FOR CLUBS’

Kick It Out is now calling on industry Visit www.kickitout.org to learn
INFRASTRUCTURE collaboration to introduce a more about Kick It Out’s

PROJECTS. transparent system tracking activities.

19
 Annual Review of Football Finance 2024 |
 The evolution of Premier League investment

THE EVOLUTION OF
PREMIER LEAGUE
INVESTMENT
2003 Manchester United
list on the New York
Roman Abramovich Stock Exchange. The
buys Chelsea from club raise around Premier League
Ken Bates in a deal USD$233m at a domestic broadcasting
reported to be valued valuation of $2.3bn. rights sell for over
at c.£140m. £1bn per season from
Matthew Benham the 2013/14 season, a
buys League One c.60% increase relative

2005 Sheikh Mansour’s

Abu Dhabi United
club, Brentford, and
ushers them through
to the previous cycle.

The Glazer family takes Group buys 90% of the English football Clubs are subject to
control of Manchester Manchester City from system culminating sanctions, resulting
United through a Thaksin Shinawatra, in promotion to the from UEFA FFP break
leveraged buyout in former prime minister Premier League even requirements, for
a deal reported to be of Thailand. in 2021. the first time.
valued at c.£790m.
2008 2012 2014

2007 2010 2013 2015

Tom Hicks and Portsmouth becomes City Football Group David Blitzer and Josh
George Gillett take the first Premier (CFG) Limited Harris invest £50m
over Liverpool FC for League club to enter incorporate in into Crystal Palace
a reported £435m. administration, January 2013 after the and join Steve Parish
resulting in a nine- creation of New York on the club’s board.
point deduction City FC in the USA.
and ultimately, CFG currently has 13 Premier League’s
relegation to the EFL clubs in its multi-club profitability and
Championship. network. sustainability rules
(PSR) are introduced.
Fenway Sports Group Shahid Khan buys
buys Liverpool for a Fulham for a reported
reported £300m. £190m.

David Sullivan and

David Gold acquire
a 50% stake in West
Ham for a reported
£50m.

This timeline is not exhaustive of all investments, rule changes, or other deals during this
time period. All information is based on publicly available information.

20
 Annual Review of Football Finance 2024 |
 The evolution of Premier League investment

The Fan-Led Review of

Football Governance is
published by UK Minister
of Sport, Tracey Crouch.

RedBird Capital Partners Dynasty Equity invests

buys an 11% stake in FSG £100m of capital into
for a reported £533m. Liverpool FC, as the fund’s
first investment.
The Public Investment
Fund (PIF) completes Atairos agrees deal to
£305m deal for Newcastle become minority partner
United, holding majority in V Sports, the owners of
share (80%). Minority Aston Villa.
shareholders include
Cantervale Limited Everton are deducted
(Amanda Staveley) and ten points in the 2023/24
RB Sports and Media season following a PSR
(10% each). breach for the monitoring
Wolverhampton Wolves period ending with the
are bought by the Chinese John Textor invests 2021/22 season. The
conglomerate Fosun £87.5m for 40% ownership penalty is reduced to six
International for a deal In December 2017, Sky of Crystal Palace. points upon appeal by
reportedly valued at and BT announce a the club.
£45m. content cross-wholesale Daniel Kretinsky acquires
agreement to 2030, which a 27% stake of West Ham The Premier League
Farhad Moshri becomes becomes one of the main United for a reported agrees four-year deals
major stakeholder in factors behind a decline £160m. with Sky and TNT
Everton through the in domestic values in Sports for its domestic
acquisition of a 49.9% the broadcasting cycle The Premier League broadcasting rights
stake, before increasing commencing in 2019/20 rolls-over its domestic worth a reported £6.4bn
stake to 94.1% over the (c.8% decline relative to media rights deal into the total commencing in the
next six years. previous cycle). 2022/23 to 2024/25 cycle. 2025/26 season.

2016 2019 2021 2023

2017 2020 2022 2024

Kroenke Sports & The COVID-19 pandemic Todd Boehly-led Sir Jim Ratcliffe
Entertainment (KSE) delays the conclusion of consortium commits acquires a 25% stake
acquires 100% of Arsenal the 2019/20 season, with £4.25bn to purchase in Manchester United
Football Club. matches played behind Chelsea FC; £2.5bn for a reported £1.25bn,
closed doors. to acquire the club with an additional
Nassef Sawaris and Wes and a further £1.75bn £245m committed
Edens (V Sports) purchase ALK Capital completes investment into Stamford towards improving the
a controlling stake in its takeover of Burnley Bridge, Chelsea Women, club’s infrastructure.
Aston Villa. by buying an 83% stake, Chelsea academy and
with future investment Chelsea Foundation. Both Nottingham
Intense competition from former professional Forest (four points)
between Sky and BT (now star athletes JJ and Kealia Silverlake buys CMC and Everton (two
TNT) drives domestic Watt, as well as YouTube Holdings remaining additional points)
broadcasting rights fees sensations Dude Perfect. shares of Manchester City. receive deductions
to c.£1.8bn per season, following a PSR breach
commencing in the Bill Foley-led partnership, for the monitoring
2016/17 season, a c.63% Black Knight Football Club, period ending with the
increase relative to the complete takeover of 2022/23 season.
previous cycle. Bournemouth FC valued
at a reported £120m.

International media
rights increase 26% in
the 2022/23 to 2024/25
cycle due to uplifts in key
territories; the first time
the value of international
rights has exceeded the
value of domestic rights
for the Premier League.

21
Over its 32 year history, the Premier League has established itself as one of the
most-watched sports leagues in the world. Those watching eyes extend to investors,
attracted by the resilience and reliability of the unscripted drama of the Premier
League, in the midst of macroeconomic challenges and other entertainment offerings
struggling to engage audience.

In recent years, many have deployed capital in The further development of sporting and Minority investment activity
Premier League clubs, instigating a new wave financial regulations aimed at bolstering As noted in Deloitte’s 2024 Sports
of investment rippling across the League. financial sustainability and sporting integrity Investment Outlook, 2023 saw a rise
Whilst an influx of capital presents clubs with a also stands to potentially expand the investor of minority investment activity, as super-
swathe of new opportunities, it also presents pool attracted to the market (or at least the premium and premium assets saw valuations
investors with a significant responsibility to credibility of the investor pool), whilst also rise to record figures. With the Premier
protect the cultural and financial assets of setting enhanced standards that investors League home to 40% of Deloitte’s 2024
some of the world’s most valuable sports must comply with in order to invest. Football Money League clubs, its clubs
organisations. have been subject to several minority
With an increasing investor base focused investments over the last 12 months. In
The diversity of Premier League club on the growth potential of the league and September 2023, Dynasty Equity announced
ownership has evolved significantly in recent opportunity to obtain financial returns, an a strategic investment in Liverpool FC, with
years, with high-net-worth individuals now increasing emphasis from new ownership the funds primarily used to pay down bank
joined by sovereign wealth, private equity, and is being placed on investing in strategic debt and capital expenses on infrastructure
multi-faceted conglomerates. As valuations growth initiatives. Investors are considering enhancements. Similarly, in December 2023,
continue to rise, intricate ownership and club investments alongside infrastructure V Sports, owners of Aston Villa, announced
funding networks are being formed, with the projects, further commercialisation, revenue a minority partnership agreement with
goal of fuelling growth through either control diversification and the equity value of the strategic investment company Atairos to fund
acquisitions or strategic minority investment. women’s team, with the overall objective of growth and infrastructure development. Most
generating higher returns on their investment. recently, in February 2024, Sir Jim Ratcliffe’s
Over half of the 2024/25 Premier League INEOS group completed a deal to buy a
clubs (11) have received some form of external minority stake in Manchester United and take-
investment in the last five years. on responsibility for the management of the
Club’s football operations.

22
 Annual Review of Football Finance 2024 |
 The evolution of Premier League investment

As investor interest in Premier League Post-transaction transformation

clubs intensifies, we expect deeper pools of Once successful investment has been struck, Multi-club
strategic / economic capital to be attracted the first 100 days of ownership is a seminal
to Premier League clubs via minority period.
considerations
investments (in the face of rising valuations). It
will therefore become increasingly important The first 100 days Whilst we expect to see the number of
for incumbent owners to not only consider Upon completion of the deal, the new MCOs rise in the near future, the
the economics, but also strategic / structural owners of the club are handed the keys to intricacies of club ownership require
alignment and exit implications of onboarding the centrepiece of a community and bear a consideration of their merits and the
additional partners. newfound responsibility to gain the trust of wider regulatory / structural challenges
fans. The first 100 days following the close of a they may present, above those already
deal are crucial for the ownership to define a associated with ownership of a single
Multi-club and multi-sport ownership new strategy, understand the current state of club.
structures play, have the right leaders in place and bring
Recent years have seen the rise in the multi- staff, players and fans on the journey. New With MCOs yet to consistently showcase
club ownership (MCO) model as investors owners may consider: their benefits, MCO operators must
seek to test the hypothesis of synergies across ensure that prior to an investment, they
clubs to fuel commercial growth. Investors An enhanced market analysis – responsibly assess the merits of an
in Premier League clubs have been a key understanding what the organisation currently investment on a standalone basis, and
contributor to this trend, with 60% of 2023/24 has, where it can play, and its ability to win not rely upon benefits that may not
Premier League clubs involved in MCOs, based on market opportunities and existing materialise.
with some clubs also linked to non-football foothold in the market. An effective market
sports properties (i.e. NFL, NBA, NHL, MLB analysis will be driven by a comprehensive As MCOs become increasingly prevalent
franchises) via common ownership. data strategy, allowing investors to pinpoint it will be crucial that MCO operators and
opportunity and challenges. governing bodies work cohesively to
Despite their popularity, MCO models remain ensure not only sporting integrity, but
relatively unproven business models, with Leadership workshops – to align senior that any mandated divestments and
their success requiring a deliberate strategy, management teams and ownership with the financing restrictions imposed as a
encompassing the cross-over and education new vision for growth and transformation. result of common ownership do not
presented by the structure of investments. negatively impact the future of affected
The MCO model can provide ownership with Finalising governance principles – design clubs and ensure the protection of
the ability to drive efficiencies across their and implement new governance principles to important community assets.
network, both on-and-off the pitch, through protect and enhance the value of their asset,
the development of player networks, data and as new ownership can present a high level of
digital enhancements, and global sponsorship risk due to a new owner’s limited oversight of
and branding opportunities, but how overall company activities.
value is driven for investors is likely still only Creating the right narrative – building an
fully achievable through an equity sale. Reviewing operational models – to ensure appropriate communications strategy to
that teams and partners have the right build trust and engagement among the club’s
Over the past few years, there has been capabilities to be deliver against the strategy fanbase, partners, players, workforce, and the
greater interest from American investors and growth initiatives. local community.
to include European football in multi-sport
models. In the Premier League, nine of the 20 Developing a plan for transformation –
clubs (45%) currently have a form of American Understand the initiatives and activities Ensuring a long-term impact
majority ownership. Many of these clubs are required to implement the strategy to achieve Responsible investment requires an
part of a broader multi-sport network; for the transformational outcomes set out. ownership strategy that protects the long-
example, Manchester United and Tampa Bay term financial sustainability and operational
Buccaneers (NFL), Fulham and Jacksonville viability, while also balancing this with
Jaguars (NFL), Chelsea and LA Dodgers
(MLB). US-based private equity firms, such as
WE EXPECT DEEPER garnering on-pitch results that retain fan
engagement and loyalty. This balance may be
RedBird Capital Partners and Arctos, are also POOLS OF STRATEGIC daunting to achieve, but by taking the steps
investing in clubs across Europe.
/ ECONOMIC CAPITAL in the first 100 days and beyond to build new
connections across the clubs’ landscape and
TO BE ATTRACTED articulating the vision for the near and long

TO PREMIER LEAGUE term, the new owner can demonstrate their

commitment to achieving growth both on-
CLUBS VIA MINORITY and-off the pitch and the plan that will allow

INVESTMENTS. them to achieve their ambitious goals.

23
Annual Review of Football Finance 2024 |
 Section Heading

FOOTBALL
LEAGUE
CLUBS
EFL Championship clubs’ revenues
exceeded their wage costs in 2022/23,
for the first time since 2016/17. However,
second-tier clubs generated deficits of
£16m, remaining heavily loss making and
requiring significant owner funding in
the hopes of achieving promotion to the
Premier League.

24
 Annual Review of Football Finance 2024 |
 Football League clubs

Football League clubs’ revenue hierarchy continue to push strongly for a League One, and League Two competitions
In 2022/23, Championship clubs’ aggregate revamp of the Premier League’s system of marks the largest aggregate figure in almost
revenue of £749m was a 10% increase parachute payments, the scale of which 70 seasons (1953/54), fuelled in part by a rise
compared to the previous season (£678m), have increased significantly over the past in season ticket sales and the clubs’ efforts to
largely as a result of club mix. The five clubs in decade, emboldened by the prospect of a draw new audiences.
receipt of parachute payments had average new Football Regulator with backstop powers
revenue of £66m (range £76m to £57m), with to deliver financial redistributions should the There was a 21% uplift in commercial revenue
the other 19 clubs averaging revenue of £22m game be unable to agree a deal itself. among Championship clubs in 2022/23
(range £36m to £16m). to £199m, boosted by both club mix and
Although still behind pre-pandemic levels commercial efforts across the division. Where
In aggregate, parachute payments to the five (2018/19: £166m), matchday revenue of possible, clubs are increasingly exploring
clubs contributed around £200m (27%) of £152m among Championship clubs in 2022/23 ways to generate greater commercial
Championship clubs’ total revenue (2021/22: represented a £22m (17%) uplift compared to revenues, viewing their stadia as year-round,
c.£190m for five clubs), helping to fund the the previous season (£130m), largely driven multi-purpose entertainment venues. The
efforts of Burnley and Sheffield United to by increased attendances across the league. increased exposure from the new broadcast
gain promotion, alongside the remarkable Over 10 million cumulative fans attended a deals will also support future commercial
rise of Luton Town who reached the top-tier Championship match (average 18,925), making revenue growth.
without such support. All three clubs will it the fifth highest total attended division
be back in the Championship again for the in Europe behind only the Premier League, Championship clubs’ broadcast revenue
2024/25 season following a single season Bundesliga, LaLiga and Serie A. An aggregate of £397m in 2022/23 included c.£200m of
in the top division. The Football League’s 19.8 million attendees across Championship, parachute payments shared among five clubs,

Political football

The journey towards the establishment of Similarly, prospective new owners will
a new Independent Football Regulator also be required to set out to the IFR their
(IFR) and its regulatory regime was financial plans for their targeted club and
progressing with some pace in 2024, up to sources of funding.
the dissolution of Parliament until after
July’s general election meant the The IFR’s regulatory principles recognise
legislative process for the Football that it will add to an already complex
Governance Bill was halted at Committee array of financial reporting and other
stage. However, given cross-party requirements for clubs, so a collaborative
support and broad consensus on the Bill’s approach will help deliver a coherent
contents, the prospect of the next regulatory landscape. This will be
government moving quickly to set-up the important for the efficiency and
new regulator remains very real. effectiveness of the regime for clubs,
leagues and the IFR, and also to help
The Football Regulator’s objectives focus manage the fans’ understanding about
on clubs’ financial soundness, systemic the business, governance and finances of
financial resilience and safeguarding the football and implications for their clubs.
heritage of English football. This will For many fans these days, beyond the
include the IFR operating a licensing football itself, there’s a growing interest
regime covering clubs in the top five and scrutiny of the off-pitch operations
divisions of English football, to include and governance of football.
requirements for each club to prepare
and submit detailed financial plans about
its operations and sources of funding.

25
Annual Review of Football Finance 2024 |
 Football League clubs

Chart 11: Football League clubs’ revenue and wage costs – 2021/22 and 2022/23 (£m) In addition to the uplift in revenue, the new
deal commits greater parity in the broadcasts
800
of clubs across the leagues and increases the
749
730 digital capabilities of the coverage. Although
700 706 the deal will keep in place the Saturday
678
blackout period between 2:45pm and 5:15pm,
more matches will be available to stream
600
across the leagues and cup competitions.
There will also be an extended notice period
500 for TV selections, which provides fans with
236 greater certainty to plan travel arrangements
216
200 192 for matches.
164
129 131
League One clubs’ average revenue in
100 96
68 2022/23 of £9.8m was 9% greater than the
previous season (£9.0m). This was partly
0 21/22 22/23 21/22 22/23 21/22 22/23 driven by significant increases in revenue
Championship League One League Two
among League One’s consistent clubs with
Wages/revenue ratio (%) Ipswich Town and Bolton Wanderers each
recording increases of over 40%, albeit
108 94 76 82 53 73 Revenue
Sunderland was absent compared to previous
Average revenue per club (£m) Wage
season. League Twocosts
clubs’ average revenue
28 31 9.0 9.8 5.4 5.4 in 2022/23 of £5.4m was slightly (1%) higher
than 2021/22, aided by increased matchday
Average club wages (£m)
attendances.
30 29 6.8 8.0 2.8 4.0

Football League clubs’ wage costs

Revenue Wage costs Source: Deloitte analysis. For a third consecutive year the wage costs
of Championship clubs fell, dropping 3% to

1,000+
£706m (2021/22: £730m). This reduction,
meaning broadcast revenue excluding these combined with an uplift in revenue, resulted
payments was relatively stable under the in Championship clubs’ revenue exceeding
Football League’s broadcast arrangements wage costs for the first time since 2016/17.
MATCHES FROM ACROSS running to 2023/24 season. The decrease was predominately driven by

EFL COMPETITIONS the Championship’s club mix compared to the

EFL clubs have agreed a record domestic previous season.
WILL BE BROADCAST rights deal with broadcaster Sky Sports

EACH SEASON FROM worth £895m over five years from 2024/25 The average wages/revenue ratio for
(plus £40m in additional marketing benefits), Championship clubs was 94%. The five clubs
2024/25. representing a 50% uplift on current rights in receipt of parachute payments were
value and increased exposure for clubs each able to achieve a lower than average
across all three divisions. According to the wages/revenue ratio in the range 82-75%.
EFL’s existing formula, the additional £60m Ten Championship clubs had a wages/
per season will increase distributions to revenue ratio in excess of 100%, the highest
Championship clubs by 67% and to League of which was Luton Town’s 150% in part due
One and League Two clubs by 50%. to promotion bonuses to be covered by the
following season’s revenues to be gained from
In total, over 1,000 matches from across the Premier League status.
EFL’s competitions will be broadcast each
season from 2024/25 (56% of 1,891 matches), Whilst in recent years the identity of the
compared to 243 matches in the current Sky Championship’s promoted clubs has become
deal and 360 matches on iFollow and club more strongly correlated with parachute
streaming services. This will include 10 live EFL payments, a Spearman’s rank correlation of
matches each weekend fixture round televised 0.47 illustrates mixed fortunes with clubs both
by Sky Sports. over and under-performing relative to their
wage costs ranking.

26
 Annual Review of Football Finance 2024 |
 Football League clubs

Chart 12: Championship clubs’ revenue and wage costs – 2022/23 (£m)

80
76

70
66 65 64

60
56 57
54

Queens Park Rangers

51

Huddersfield Town
50

Preston North End

Bristol City

49 Sunderland

Blackburn Rovers

Birmingham City
Average club
46

Middlesbrough

Wigan Athletic
Coventry City
Swansea City
Stoke City

Luton Town

Rotherham
Cardiff City

Blackpool
40

Hull City
Millwall
37
36
36
31 31
30
30 29 28 29 28
30 27 27 26
26 25
23 24 23
West Bromwich Albion

22 23 22 22 22
20 21 20 20 19 18 18 18 17
18
Sheffield United

16 16 16
14
Norwich City

10 10
Watford
Burnley

0
Wages/revenue ratio (%)

75 82 78 76 81 98 72 94 90 99 84 109 121 123 142 91 117 150 119 131 78 146 66 139

Revenue Wage costs Note: revenue and wage costs figures not available for Reading. Source: Deloitte analysis.

Beyond the game

The power of football can be used to • Boosting the visitor economy: The UK • Driving social benefits: Sport England
catalyse economic growth and social is home to some world-renowned clubs estimates that for every £1 spent on
benefits for a place by attracting and, if harnessed effectively, football sport and physical activity, £4 is
investment, boosting the visitor economy, can stimulate tourism and boost the generated in health and wellbeing
creating jobs, and improving social visitor economy. For example, Wrexham benefits, thereby reducing the burden
outcomes: has reported significant increases in day on the NHS and increasing participants’
visitors, overnight visitors, and visitor life satisfaction. Football clubs’
• Catalysing further investment: spending, attributed in part to the community programmes contribute to
Investment in clubs and stadia can growing profile of Wrexham AFC. several social benefits and improved
attract further investment to health outcomes, highlighting the role
surrounding neighbourhoods. Local • Delivering jobs and skills: Football clubs can play in helping governments
governments and stakeholders can clubs are significant employers within to improve population health..
collaborate with clubs and their owners their communities and contribute to the
to provide supplementary infrastructure economy through job creation. Stadia Unlocking these opportunities requires a
investment, such as transportation and construction can provide further careful combination of private and public
community facilities, to drive additional employment opportunities through a investment, communication of the vision
financing and boost economic returns local supply chain, as illustrated by for both sporting values and growth
through better utilisation of stadia. For Knighthead Capital Management’s trajectory, alongside community
instance, Luton Town announced the announcement that the development awareness of the future benefits that will
development of a new stadium at the of the Sports Quarter in East be created.
Power Court site, highlighting that it Birmingham is expected to generate
would be accompanied by a “new town over 3,000 local jobs.
quarter for Luton with 1,200 homes,
leisure, restaurants, bars, retail and
community space”.

27
Annual Review of Football Finance 2024 |
 Football League clubs

League One clubs’ average wage costs in

2022/23 of £8.0m were 17% higher than the
previous season (£6.8m), contributing to a
wages/revenue ratio of 82% in 2022/23, a six
point increase on 2021/22 (76%). League Two
clubs’ average wage costs were £4.0m, with
the wages/revenue ratio among these clubs
increasing to 73% (2021/22: 53%).

Football League clubs’ losses

For the third consecutive year, Championship
clubs’ operating losses improved to £316m
in 2022/23, albeit not a single Championship
club managed to generate an operating profit
(before player trading).

Championship clubs’ pre-tax losses of £315m

were at similar level to operating losses in
2022/23, as costs of player amortisation
(£158m) and finance costs (£35m) were
broadly offset by profit from transfers-out of
players (£182m) and £11m exceptional credits.
Seven Championship clubs suffered losses in
excess of £20m and only one club managed to Chart 13: Championship clubs’ losses – 2018/19 to 2022/23 (£m)
generate a profit (Watford, £24m) given player
disposals following relegation. 0 2018/19 2019/20 2020/21 2021/22 2022/23

Whilst losses incurred by Championship clubs -100 Profit/(loss) before tax

6
remain unsustainable without significant 3 5
(11) 1
funding from club owners, there was some
-200 (12) (12)
improvement in 2022/23 as previous season’s (262) (13)
(292) (283)
losses were over £450m excluding some one- (315)
off credits for loan waivers at certain clubs. -300 1
(316)
(18) (354)
(373) 0
League One clubs’ pre-tax losses worsened -400 (443) 2
(400)
to an average of £5.0m (2021/22: £2.2m), with 3 (13)
2 (15)
Derby County responsible for £30m (25%) of (16)
-500 Operating profit/(loss)
the total (c.£121m). League Two clubs’ pre-tax (509) (17)
losses averaged £1.5m per club. 3
-600
(21)

-700

Clubs generating operating Note: The operating result is the net of revenue
profit/pre-tax profit less wage costs and other operating costs. The
operating result excludes player trading and
Average club operating loss/
certain exceptional items, which are included in
pre-tax loss the pre-tax result, along with other costs such
as financing costs. The pre-tax results can be
particularly impacted by one-off costs and credits
from year-to-year.

Number of clubs reporting an operating profit is

based on the 23 clubs we have disclosures for.

Source: Deloitte analysis.

28
 Annual Review of Football Finance 2024 |
 Football League clubs

Chart 14: Championship clubs’ net debt – 2023 (£m)

50
9
8 6
(7) 2 (1) 2 2

0 (3) (7) (15) (8)

(41)
(52)
-50 (59)
(29)
(93) (88)
(37) (57)

Sheffield United
-100

Bristol City

Preston North End

Norwich City

Cardiff City
(122) (122)
(120)

Stoke City
Watford
(149) (141) (143)
-150
Blackburn Rovers
Birmingham City
Middlesbrough

Total Total
-200 2023 2022

(53) (141)
-350

(469) (388)

Other clubs
-400

(1,060) (1,152)
-450 (316)
Net debt (£m)

(158) (147) (135) (114) (113) (94) (94) (92) (86) (81) (466) (1,582) (1,680)

Net finance costs (£m)

0 (1) (0) (7) 0 (3) (6) (2) 0 (4) (12) (35) (23)

Net cash/bank borrowings Other loans Soft loans Note: Net debt of Reading not available Source: Deloitte analysis.

Championship clubs’ net debt Exiting the Championship at the wrong end
The net debt of Championship clubs in of the division exposes a club to instability
2022/23 reduced slightly to £1.6 billion and financial stress as experienced in recent
(2021/22: £1.7 billion). Only two clubs years by communities such as Bolton,
reported positive net funds (Sunderland Charlton, Derby and Wigan. Such situations
£2m and Swansea City £3m). Meanwhile five have been key drivers for the prospective
clubs reported net debt in excess of £100m, Football Regulator’s focus on clubs’ financial
compared to eight in 2021/22. planning and security of owner funding to help
promote financial sustainability, which also
The small fall in net debt levels amongst needs to be accompanied by the gritty realism
Championship clubs in 2022/23 can be that in a pyramid of promotion and relegation,
primarily attributed to the change in club not all clubs can always be successful.
mix. Whilst there were a variety of ups and

£1.1bn
downs, the net debt of the 18 consistent clubs
increased by c.£55m to £1.3 billion.

£1.1 billion of soft loans from owners make up

the largest element of Championship clubs’ OF SOFT LOANS FROM
net debt at summer 2023 balance sheet
OWNERS MAKE UP THE
date, as there continues to be a supply of
stakeholders willing to inject huge sums into LARGEST ELEMENT OF
operating a club, with no guarantee of returns
CHAMPIONSHIP CLUBS’
from either repayment or success on the
pitch. In 2022/23 there was also £0.2 billion of NET DEBT.
additional owner equity injections across nine
Championship clubs, to help fund operating
and player expenditure.

29
Annual Review of Football Finance 2024 |
 Women’s Super League clubs

WOMEN’S
WSL clubs’ revenue
The uplift in the 12 WSL clubs’ revenue can
largely be attributed to the improvement in

SUPER
commercial and matchday revenue, increased
distributions for English clubs playing in UEFA
competitions, and an uptick of income from a
club’s corporate group.

LEAGUE
The average revenue for WSL clubs was
£4m in 2022/23, up from £2.7m in 2021/22.
There remains significant disparity across

CLUBS
the WSL, as the top four revenue-generating
clubs composed 66% of the total revenue for
the league. Arsenal (£11m), Chelsea (£8.8m),
Manchester United (£7m) and Manchester
City (£5m) remained the highest revenue-
generating clubs in the league. Whilst the
revenue multiple between the WSL’s highest
In 2022/23, the first season following and lowest revenue-generating club has
remained relatively similar (16x), in real terms
the Lionesses’ EURO 2022 triumph, the gap (£10.3m) increased by £3.9m. Some of
WSL clubs generated £48m in aggregate these differences are due to different funding
arrangements and consequential accounting
revenue, a 50% increase on the prior treatment.
season (£32m) and more than double
Although we are pleased to add additional
the revenue generated in 2020/21. metrics for WSL clubs in this year’s report,
there remain certain limitations to the
availability and comparability of WSL clubs’
financial information and different accounting
treatments. As clubs begin to delineate

30
 Annual Review of Football Finance 2024 |
 Women’s Super League clubs

financial information for their women’s Chart 15: Women’s Super League clubs’ revenue – 2020/21 to 2024/25 (£m)
football activities, we hope to continue the
80
journey towards a more comprehensive
analysis in future editions.
68
70 17
Commercial revenue remained a major 25%

driver of growth, representing 35% of total

60
revenue for WSL clubs, demonstrating the
52
importance of sponsorship and commercial 48 17
50 33% 21
partners to the future financial growth of the 17 31%
36%
league’s clubs. The reporting and attribution
of commercial revenue to women’s clubs from 40
shared deals remained inconsistent, although 32 19
37%
transparency is improving. As such, in the 17
30 13
2022/23 season, Manchester United (£5.2m), 35% 19%

Manchester City (£3.6m), Liverpool (£3m) 20

and Tottenham Hotspur (£1.7m) all reported 20
7 17
commercial revenues over £1m. 7 13%
25%
15%
10 9
7 17%
As the debate between unbundling and 15%

bundling commercial deals continues to

0 2020/21 2021/22 2022/23 2023/24 2024/25
garner attention (or indeed even the overall
position of the women’s club within the group Average revenue per club (£m) Projected

structure), it is important to note that this 1.7 2.7 4.0 4.3 5.7
decision will be different for each organisation
and category of sponsorship. Front of shirt
sponsorships trended towards bundling; in Matchday Group income Note: Figures for 2023/24 and 2024/25 are projections.
2022/23, all 12 WSL clubs had the same front Broadcasting Total revenue Source: Deloitte analysis.
of shirt sponsor as their affiliated men’s club, Commercial
compared to 10 clubs in 2021/22 and eight
clubs in 2020/21.

NewCo opportunity

Amongst a variety of strategic All stakeholders will be excited about the

recommendations, the Karen Carney-led prospects for the future quality, exposure
independent review into women’s football and popularity of the women’s game.
in England set a high bar of expectations Although we expect revenue to grow
for the new entity tasked with running rapidly, without restraint, so will costs.
women’s football across the country. The NewCo’s strategic objectives will need to
review prompted NewCo to not settle for balance between competing pressures.
anything less than world leading
standards for players, fans, staff and Achieving their objectives will require
other stakeholders involved in the good governance structures to empower
women’s game. leadership within the context of strategic
consensus, to help unify and mobilise all
NewCo will step into the governance role stakeholders to push in the same
in place of the FA in 2024 as a standalone direction in order to avoid division and
entity with a professional and dedicated decision-making led by self-interest.
management team to capitalise on the
growth and opportunity in front of the
women’s game. The clubs will be both
participants in the competition and
shareholders off the pitch.

31
Annual Review of Football Finance 2024 |
 Women’s Super League clubs

Chart 16: Women’s Super League clubs’ revenue and wage costs – 2022/23 (£m)

14.0
Arsenal

Manchester United
12.0
Chelsea

11.0

10.0

Manchester City
8.8

Brighton & Hove Albion

8.0

Average club

Tottenham Hotspur

West Ham United

7.0

Aston Villa

Liverpool

Leicester City
6.0 6.2 6.1
5.1

Everton
5.0

4.0 4.2 4.0

3.7
3.4
3.0 2.8
2.4 2.5 2.4
2.1 2.3 2.3
2.0 1.5
1.3 0.9 0.7

0
Wages/revenue ratio (%)

57 69 49 102 57 75 57 83 112 116 278 n/a

Revenue Wage costs Note: Revenue and wage costs of Reading not available. Source: Deloitte analysis.
Wage costs of Leicester City not available.

Additional revenue provided through recent 2023/24 season. Arsenal significantly

dedicated women’s football deals are outperformed the other 11 clubs in respect
increasing in occurrence. For example, the of matchday revenue, accounting for 38%
2022/23 financial figures include revenue from of the league’s total. Arsenal Women have
the first stadium naming rights deal for a WSL announced that the club will use the Emirates
club for Manchester City Women’s deal with Stadium as its main home from 2024/25.
Joie. Clubs are additionally recognising the
benefits of unbundling certain categories of Broadcast revenue of £7.2m represented 15%
deals, including fashion and beauty, that may of the total revenue for WSL clubs. Year-on-
resonate more closely with the demographic year growth was limited due to the 2022/23
of women’s team fans. A comprehensive fan season taking place mid-cycle for both
analysis can prove advantageous for clubs as domestic WSL broadcast rights and UEFA
they judge which deals will add value to the Women’s Champions League (UWCL) rights.
full club’s brand, or as more pertinent to the UEFA distributions to WSL clubs competing
women’s team. in the UWCL increased in 2022/23. This was
due to improved performances with two clubs
Matchday revenue received a boost in progressing past the group stage, Arsenal MATCHDAY REVENUES
2022/23 following the success of the and Chelsea, compared to one in the previous
Lionesses in the UEFA Women’s EURO 2022 season. These two clubs were the only
RECEIVED A BOOST IN
and growing media profile of star players, as WSL clubs to report over £1m in broadcast 2022/23 FOLLOWING
clubs across the league mobilised to increase revenue, demonstrating the incremental value
the use of their main stadia and enhanced of competing in European competitions.
THE SUCCESS OF THE
their matchday offerings attracting average LIONESSES IN THE
attendance of 5,616 (up nearly 200% on The Karen Carney-led major review of
previous season’s average of 1,923). women’s football published in 2023 set out ten
UEFA WOMEN’S EURO
recommendations, in which one encouraged 2022 AND GROWING
Arsenal led the way in terms of matchday the collaboration of industry stakeholders
attendances, with an average of 16,976 in to establish a dedicated broadcast slot for
MEDIA PROFILE OF
2022/23. The club also drew the highest ever women’s football. The FA’s response to the STAR PLAYERS.
attendance at a single WSL match in 2022/23 independent review emphasised the need
(47,367) – a record which it then went on to for a regular slot to unlock growth and create
break on four separate occasions in the most habitual viewership, citing an unprecedented

32
 Annual Review of Football Finance 2024 |
 Women’s Super League clubs

opportunity with 80% of followers of the

women’s game being new to football.

The WSL has recently agreed to a one-year

extension to the current broadcast deal with
Sky Sports and the BBC, through to the end
of the 2024/25 season. NewCo will now look
to agree an enhanced broadcast deal for
the next cycle from 2025/26 as discussions
continue around fees, broadcast slots, and
other commercial metrics. The league’s
next contract will be an important indicator
for growth, and this visibility will remain
paramount for the development of interest
and future revenues across the league.

The revenue of seven of the 12 WSL clubs

include group income as a mechanism by
which women’s football activities receive
significant investment from the wider
organisation. In aggregate, group income
accounted for 36% of revenue across WSL Investment structures in English
clubs, and more than 50% of total revenue
for four WSL clubs (Aston Villa, Chelsea,
women’s football
Everton and Arsenal).
In May 2024, Chelsea announced a Investment into standalone
new strategic growth plan that will women’s football entities is not a
Chart 17: Women’s Super League clubs’ see Chelsea Women repositioned to rare concept in other global leagues,
profitability – 2020/21 to 2022/23 (£m) sit alongside, rather than beneath, as these clubs have recently
the men’s team in the club’s overall attracted prominent ownership
0 2020/21 2021/22 2022/23 structure. groups.

-5.0 Chelsea’s new structure will provide Chelsea’s decision to explore selling
Operating profit/(loss) Chelsea Women with dedicated a minority stake in its women’s team
resources, management, and may provide capital for investment
-10.0 (10)
commercial leadership, all focussed into infrastructure and player
3 3 solely on the growth and success of development, while ensuring
-15.0 (14)
(0.9) (1.6) the women’s team, according to the Chelsea Women retains the benefits
1 club’s announcement. of association with the wider brand
(20)
-20.0 (1.1) and fanbase.
(21) In the upcoming 2024/25 season, all
Profit/(loss) before tax
1 12 WSL clubs will have a Premier Women’s football in England is
-25.0
(1.7)
League equivalent. The combined transitioning to a dedicated
structure has heralded questions as structure, with independent
to the ability of women’s teams to company, “NewCo”, taking the helm
Clubs generating operating attract dedicated external from the FA ahead of the 2024/25
profit/pre-tax profit investment, as a prospective season. Chelsea’s announcement
Average club operating profit/ investor would currently need to prompts the question on if, or
pre-tax loss invest through a men’s team. when, we will see other WSL clubs
follow suit.
Source: Deloitte analysis.

Clubs generating operating

Average club operating loss/

pre-tax loss

33
Annual Review of Football Finance 2024 |
 Women’s Super League clubs

Chart 18: Women’s Super League clubs’ net debt – 2023 (£m)

10 9

5 4
3
0 0 0 0

0 0 (1)
(2)

Manchester United
(3)

Liverpool
(4)

Aston Villa
(5) Total Total
-5 (1) 2023 2022

Everton
Arsenal
(7)
Brighton & Hove Albion

Manchester City
(9)
Tottenham Hotspur

16 10
-10 (12) (12)
Leicester City

(13)

Other clubs
Chelsea

(3) (5)
-15

- -
-20

(63) (43)
-25
Net debt (£m)

(13) (12) (8) (6) 3 (0) (3) (2) (0) 4 (12) (51) (38)

Net cash/bank borrowings Other loans Soft loans Intercompany debtors Source: Deloitte analysis.

WSL clubs’ wage costs WSL clubs’ profitability and net debt The different ways in which WSL clubs are
In 2022/23, aggregate wage costs totalled WSL clubs’ had relatively small values for funded through some combination of group
£36m (average £3.0m), up 45% on the player trading and finance costs, so there was income, debt and/or equity and how shared
previous season (£25m). The average wages/ little difference between aggregate operating revenue and costs are being attributed
revenue ratio of 75% was relatively stable losses of £20m and pre-tax losses of £21m convolutes the comparability of both profit
across the two seasons (2021/22: 78%), albeit in 2022/23. and loss accounts and balance sheets.
this value is considerably higher if group
Intercompany debtors (£m)
income is excluded (117%). As global leagues continue to professionalise, WSL clubs’ net debt of £51m was largely soft
- - - 0 the player
9 trading
3 market for
0 women’s- players - loan liabilities
4 due- to other group companies,
The range in wage costs across the league will evolve to greater sums. In the 2023/24 after off-setting some balances due from
continued to widen, up 47% from £3.6m in season, transfer fee records have been set other group companies.
2021/22 to £5.2m in 2022/23. The top four and broken on multiple occasions, with the
highest wage bills align with the highest fees growing towards the £1m threshold.
revenue generating clubs in the league. In Whilst revenues are increasing across the Future outlook
2022/23, Arsenal (£6.2m), Chelsea (£6.1m), game, investment from the wider organisation The most recent 2023/24 season showcased
Manchester City (£5.1m), and Manchester remains a significant tool to support the the increasingly dedicated audience and
United (£3.4m) again accounted for over half acquisition of top talent and nurturing of demand for women’s football in England.
(57%) of the league’s total wage costs. youth prospects. The climbing fees can also Following an impressive showing by the
provide the opportunity for clubs to release Lionesses at the 2023 FIFA Women’s

£36m
emerging talent and reinvest the funds for World Cup and more TV airtime and social
wider use. media exposure for star players, matchday
attendances continued an upward trajectory
WSL clubs pre-tax losses worsened to £21m as clubs expanded use of main stadia and
IN AGGREGATE WAGE (2021/22: £14m), despite being mitigated marketing activations. In the 2023/24 season,

COSTS FOR WSL CLUBS by the inclusion of £17.4m of group income cumulative attendance surpassed one million
for certain clubs. These losses were largely for the first time across the WSL and Women’s
IN THE 2022/23 SEASON. funded by a £13m increase in the net debt Championship, showcasing the growing
during 2022/23, which rose to £50.9m by appetite for women’s football.
the end of the 2022/23 season, and equity
injections including £6m for Manchester City
Women.

34
 Annual Review of Football Finance 2024 |
 Women’s Super League clubs

Chart 19: Women’s Super League clubs’ average attendances – 2022/23 and 2023/24

35,000
Arsenal

30,000 29,999

Average attendance
25,000
Manchester United

Brighton & Hove Albion

Manchester City

Tottenham Hotspur

West Ham United

20,000

Leicester City
16,976
Chelsea

Bristol City

Aston Villa

Liverpool

Everton
15,000
10,951 10,699
9,266
10,000 7,363
8,022
7,108 6,962 5,100 4,890 4,317
5,969
5,000 5,616 4,550 3,474 3,626
3,832 2,666
3,866 3,166 2,920 1,683
2,132 1,563

22/23 season average 23/24 season average Source: The Football Association; Deloitte analysis.

Note: Average attendances are included only for clubs participating in the WSL in each season.
Average attendances relate to home league matches of each club (excluding domestic and
international cup matches and friendlies) in the 2022/23 and 2023/24 seasons.

At the club level, investment in women’s

specific infrastructure looks to fuel future Promoting future investment
growth, encouraging a better fan and player
experience. For example, Brighton & Hove
Albion Women are planning to construct the In August 2023, the UK government Key topics addressed in the
first purpose-built stadium for an English launched the Women’s Sport programme included the investment
women’s football club. Manchester City Investment Accelerator, to boost lifecycle, fan engagement strategies,
Women have also submitted plans for a stand- investment and increase broadcast and the journey toward
alone facility dedicated to the women’s first audiences. professionalisation.
team.
Delivered in collaboration with According to Deloitte analysis, 14%
At the league level, the implementation Deloitte, the inaugural year of the of all sports investment transactions
of an independent company ahead of the programme brought together 20 globally in 2023 were women’s sport
2024/25 season to govern the top-two tiers UK-based women’s sports only deals. It is anticipated that 2024
of the women’s game will aim to increase the rightsholders, including leagues, will bring an expanding group of
game’s profile, standards and revenue. As teams, competition, and events, to investors into the women’s sport
part of the transition, the WSL and Women’s learn more about the investment sector, including institutional
Championship clubs have approved an landscape and network with each investors, private equity and high
interest-free loan of £20m from the Premier other, industry experts and sports net worth individuals.
League to NewCo to aid initial development. investors. Almost half of the
This new structure will provide dedicated participants in the programme are Programmes such as the Women’s
strategy and resources for women’s football, football leagues and clubs. Sport Investment Accelerator enable
aiming to unite and mobilise stakeholders to rightsholders to develop their
accelerate the growth of the league both on The programme offered market growth strategies and case for
and off the pitch. insights, leadership workshops, as investment, while positioning their
well as mentoring opportunities for brand in the market, and expanding
those rightsholders seeking their network to attract the
investment. necessary growth capital when the
time is right.

35
Annual Review of Football Finance 2024 |
 Data Appendices

DATA APPENDICES

Chart 1: Premier League clubs’ revenues – 1991/92 and 2013/14 to 2024/25 (£m)

7,000

6,384
6,500 2,100
33%
6,058 6,018
6,000 1,960 1,975
32% 33%

5,455
5,500 1,738
32%
5,150 12%
1,418
4,819 28% 4,869
5,000
1,305 1,493
31%
4,556 27%
4,493
4,500 1,168 1,563
26% 35%
3,352
53%

4,000 3,232 3,173

53% 53%
3,639
3,049 2,954
1,090 59% 54%
3,500 3,350 30%
2,844
3,259 2,768 3,345
987 59%
20%
897 29% 61% 69%
27%

3,000 2,331
52%

1,927
2,500 53%
1,758 1,780
54% 53%

2,000

1,500

1,000 932
867 871 15%
763 14% 14%
170 604 583 622 620 670 683 599 14%
8%
19% 18% 17% 13% 14% 13% 13%
500 73
43%
31
82 15 0%
48% 9%
0 91/92 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23 23/24 24/25
Projected

Matchday Broadcasting Commercial CAGR 91/92-22/23 Source: Deloitte analysis.

Note: Figures for 1991/92 are the last season of the ‘old’ Division One (22 clubs).
Figures for 2023/24 and 2024/25 are projections.

36
 Annual Review of Football Finance 2024 |
 Data Appendices

Chart 2: Premier League clubs’ net debt – 2019 to 2023 (£m) Chart 3: Championship clubs’ net debt – 2019 to 2023 (£m)

500 250
212 75
0 0 (29) (68) (53)
(241) (141)
(116)
(513) (251)
-500 (612) -250
(714)
(418)
(388) (469)
-1,000 (1,187) -500
(1,199)

-1,500 -750
(1,253)
(1,539)
-2,000 (1,508) -1,000 (984)

-2,500 (615) -1,250

(1,158)

-3,000 (917) -1,500 Net cash/bank borrowings (1,060)

Other loans (1,152)
(1,277)
Soft loans
-3,500 (2,495) -1,750
(2,475)
(2,200)
-4,000 -2,000 2019 2020 2021 2022 2023

Net debt at end of season (£m)

-4,500 2019 2020 2021 2022 2023

1,129 1,334 1,763 1,680 1,582
Net debt at end of season (£m)

3,470 3,915 4,065 2,667 3,140

Net cash/bank borrowings Source: Deloitte analysis.
Other loans
Net cash/bank borrowings Source: Deloitte analysis. Soft loans
Other loans
Soft loans

37
Annual Review of Football Finance 2024 |
 Data Appendices

Chart 4: ‘Big five’ European league clubs’ wage costs – 1996/97 and 2013/14 to 2022/23 (€m)

5,000
4,623 England

4,500 4,306

3,902
4,000 3,742
3,579

3,500 3,217
3,045
2,894
3,000
2,670
2,490 Spain
2,381
2,500 2,276
2,187
2,102 2,124 Germany
2,031
2,094 2,097 1,950
1,862 1,889 Italy
2,000 1,798 1,807
1,691 1,952
1,674 1,842 France
1,476 1,757 1,760
1,298 1,478 1,611 1,586
1,500 1,210 1,280 1,487
1,202 1,401 1,389 1,416
1,343
1,246 1,341 1,262
1,126
1,000 1,019 1,078
959 953

322
500 317
230
223
178
0 96/97 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23

Wages revenue/ratio (%)

48 58 61 63 55 59 61 73 71 67 66

44 63 62 61 59 66 62 67 74 73 70

50 49 52 49 53 53 54 56 65 59 55

58 71 72 70 68 66 70 78 83 83 66

61 64 67 69 66 75 73 89 98 87 77

Source: Leagues; Deloitte analysis.

38
 Annual Review of Football Finance 2024 |
 Data Appendices

Chart 5: Premier League clubs’ revenue and wage costs – 1991/92 and 2013/14 to 2022/23 (£m)

6,500 Premier League revenue

6,058

6,000
5,455
£603m
5,500
5,150

4,819
5,000
4,869
4,556

4,500 4,493
Premier League wages
4,024
4,000 3,639
3,647
3,455 £377m
3,350
3,500 3,259 3,282
3,154

2,849
3,000

2,487
2,500 2,277
2,031
1,903
2,000 Revenue 10 year CAGR: Revenue CAGR:
2013/14-2022/23 1991/92-2022/23

6% 13%
1,500

1,000 Wages 10 year CAGR: Wages CAGR:

2013/14-2022/23 1991/92-2022/23

8% 14%
500
170
75
0 91/92 13/14 14/15 15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23

Wages revenue/ratio (%)

44 58 61 63 55 59 61 73 71 67 66

Note: Figures for 1991/92 are the last season of the ‘old’ Division One. Source: Deloitte analysis.

39
Annual Review of Football Finance 2024 |
 Data Appendices

Table 1: Premier League clubs’ financial information – 2021/22 and 2022/23

Club Year end 2023 2023 2023 2022 2022/23 2023 2022 2022/23 2023 2022 2022/23 2023
League UEFA Revenue Revenue % Wage Wage % Op Op +/(-) Amort-
pos. comp. +/(-) costs costs +/(-) result result isation


£’000 £’000 % £’000 £’000 % £’000 £’000 £’000

AFC Bournemouth 1 Jun 23 15 n/a 141,004 53,857 162% 100,109 61,381 63% 17,940 (25,897) 43,837 (41,226)

Arsenal May 23 2 UEL (R16) 463,570 367,554 26% 234,766 212,345 11% 98,241 60,582 37,659 (157,151)

Aston Villa 2 May 23 7 n/a 211,950 169,123 25% 194,236 137,044 42% (46,977) (3,948) (43,029) (92,519)

Brentford Jun 23 9 n/a 167,596 141,277 19% 98,800 68,152 45% 32,838 46,422 (13,584) (30,903)

Brighton & Hove Albion Jun 23 6 n/a 201,169 174,461 15% 127,563 115,264 11% 13,626 12,357 1,269 (32,272)

Chelsea 3 Jun 23 12 UCL (QF) 512,467 481,278 6% 403,962 340,249 19% (42,540) 14,705 (57,245) (205,000)

Crystal Palace Jun 23 11 n/a 180,066 159,999 13% 130,626 123,835 5% 19,925 12,741 7,184 (40,487)

Everton Jun 23 17 n/a 172,155 181,007 (5%) 166,094 172,524 (4%) (48,051) (35,050) (13,001) (82,409)

Fulham Jun 23 10 n/a 181,188 67,092 170% 139,064 90,360 54% 9,318 (42,940) 52,258 (45,617)

Leeds United Jun 23 19 n/a 189,684 189,207 0% 145,857 121,406 20% (4,491) 23,256 (27,746) (101,246)

Leicester City 4 Jun 23 18 n/a 177,326 214,590 (17%) 205,780 181,973 13% (75,174) (8,582) (66,592) (76,945)

Liverpool May 23 5 UCL (R16) 593,836 594,271 (0%) 372,881 366,092 2% 69,416 82,537 (13,121) (109,687)

Manchester City Jun 23 1 UCL (W) 718,224 619,082 16% 422,895 353,881 20% 109,810 119,302 (9,492) (145,448)

Manchester United Jun 23 3 UEL (QF) 649,513 583,201 11% 331,374 407,968 (19%) 141,080 42,143 98,937 (169,767)

Newcastle United Jun 23 4 n/a 250,265 179,986 39% 186,679 170,204 10% 20,050 (26,357) 46,407 (89,343)

Nottingham Forest Jun 23 16 n/a 154,935 29,334 428% 145,040 58,606 147% (20,772) (44,614) 23,842 (40,766)

Southampton Jun 23 20 n/a 145,567 150,628 (3%) 122,492 113,449 8% (25,890) (2,023) (23,867) (51,993)

Tottenham Hotspur Jun 23 8 UCL (R16) 549,162 442,833 24% 251,135 209,205 20% 61,685 40,061 21,624 (119,469)

West Ham United 5 May 23 14 UECL (W) 239,151 255,126 (6%) 136,844 135,709 1% 52,430 70,513 (18,083) (65,306)

Wolverhampton Wdrs May 23 13 n/a 168,575 165,659 2% 141,599 120,591 17% (18,215) 9,639 (27,854) (82,444)

Notes: 3. Chelsea – Operating result Average attendances relate to

1. AFC Bournemouth – Pre-tax excludes and pre-tax result home league matches of each
result for 2022/23 includes an for 2022/23 includes a £17.1m club (excluding domestic and
exceptional credit of £71.4m in credit relating to litigation international cup matches and
respect of waiver of previous costs recharged to the parent friendlies) in the 2022/23 season.
shareholder loans following company incurred subsequent
change of ownership. to the acquisition of the Group n/a means not available or not
by new ownership (2021/22: applicable.
2. Aston Villa – Pre-tax result for £18m one-off legal costs), and a
2021/22 includes an exceptional £12.5m settlement fee credit. Source: Company/Group financial
cost of £10m in respect of statements; Deloitte analysis.
impairment of amounts due to 4. Leicester City – 2022/23 figures
the Group relating to liabilities are for the 13-month reporting
arising on retention of Premier period to June 2023.
League status.
5. West Ham United - Pre-tax
result for 2022/23 includes
an exceptional cost of £3.9m
(2021/22: £2.6m) in respect of a
Stadium lease penalty clause.

40
 Annual Review of Football Finance 2024 |
 Data Appendices

2022 2023 2022 2023 2022 2022/23 2023 2022 2023 2022 2023 2022 2023 2023 2023
Amort- Net pft/ Net pft/ Pre-tax Pre-tax +/(-) Net Net Players’ Players’ Net Net Facilities Average % of
isation (loss) on (loss) on profit/ profit/ assets/ assets/ regs regs funds/ funds/ spend league capacity
sale of sale of (loss) (loss) liabs liabs NBV NBV (debt) (debt)
attend

ply reg. ply reg.
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 %

(29,786) 3,912 6,934 44,495 (55,510) 100,005 (96,130) (148,159) 142,203 54,927 (145,078) (197,962) 6,315 11,081 98%

(127,023) 12,189 24,216 (52,124) (45,481) (6,643) 145,540 192,293 417,044 333,490 25,531 13,188 16,677 60,208 99%

(82,535) 22,462 97,445 (120,309) 421 (120,730) 179,204 175,352 228,778 287,502 217 (23,105) 13,372 41,711 98%

(22,851) 8,071 6,090 9,163 29,888 (20,725) 85,217 47,285 107,035 55,168 (53,645) (52,121) 10,983 17,058 99%

(53,507) 124,422 62,356 133,252 24,099 109,153 (27,720) (150,541) 90,707 83,677 (358,004) (391,230) 9,607 31,481 99%

(239,157) 62,861 123,213 (90,100) (121,355) 31,255 351,055 440,827 704,854 302,868 (58,191) 54,184 20,875 40,025 99%

(34,151) 331 - (29,650) (27,588) (2,062) (357) (707) 104,396 89,585 (71,409) (65,964) 9,610 25,121 99%

(68,327) 47,518 67,684 (89,090) (38,413) (50,677) 221,728 241,168 144,533 148,932 (330,549) (141,709) 213,378 39,270 100%

(31,028) 8,743 12,479 (26,057) (57,017) 30,960 244,879 208,425 100,437 60,797 47,603 26,934 35,459 23,762 99%

(57,517) 73,345 890 (33,704) (36,710) 3,006 (93,655) (59,951) 200,174 144,681 (74,612) (57,285) 2,959 36,645 97%

(74,793) 74,767 9,206 (89,719) (92,496) 2,777 59,660 (44,858) 109,488 162,380 (190,422) (311,990) 2,477 31,887 99%

(102,912) 33,767 28,124 (14,586) 1,887 (16,473) 166,231 178,849 289,098 275,626 (259,113) (210,692) 53,693 52,931 99%

(140,708) 121,720 67,699 80,371 41,726 38,645 790,413 709,200 488,071 442,126 15,425 13,450 20,517 53,041 99%

(148,949) 20,424 21,935 (32,574) (149,623) 117,049 103,950 127,508 384,885 316,211 (546,157) (519,329) 22,497 73,574 99%

(51,139) 2,836 5,832 (73,330) (72,867) (463) 160,117 106,138 262,180 198,975 (36,027) 5,057 23,392 52,205 100%

(6,887) 2,614 4,557 (69,226) (47,712) (21,514) (185,739) (116,513) 138,207 11,660 (185,854) (114,785) 8,206 29,188 96%

(35,134) 7,443 31,203 (87,043) (15,410) (71,633) (4,354) 4,176 128,623 82,440 (80,137) (70,750) 5,744 30,286 94%

(81,069) 8,333 20,620 (94,674) (61,328) (33,346) 637,526 177,244 294,103 278,372 (673,501) (645,531) 48,793 62,662 100%

(48,825) 16,980 709 (18,283) 12,277 (30,560) 39,375 56,441 218,738 107,383 (20,462) 40,892 1,821 62,332 100%

(65,119) 43,874 14,977 (67,186) (46,100) (21,086) (12,883) 54,304 244,908 123,744 (145,555) (73,020) 1,265 31,348 99%

41
Annual Review of Football Finance 2024 |
 Data Appendices

Table 2: Championship clubs’ financial information – 2021/22 and 2022/23

Club Year end 2023 2023 2022 2022/23 2023 2022 2022/23 2023 2022 2022/23 2023
League Revenue Revenue % Wage Wage % Op Op +/(-) Amort-
position +/(-) costs costs +/(-) result result isation


£’000 £’000 % £’000 £’000 % £’000 £’000 £’000 £’000

Birmingham City Jun 23 17 20,399 19,350 5% 28,912 32,107 (10%) (23,141) (23,743) 602 (3,480)

Blackburn Rovers Jun 23 7 20,987 16,650 26% 25,794 24,356 6% (17,490) (17,689) 199 (3,419)

Blackpool Jun 23 23 17,261 15,290 13% 13,529 11,579 17% (1,993) (593) (1,400) (1,194)

Bristol City 1 Jun 23 14 36,653 30,002 22% 35,952 30,325 19% (21,219) (19,205) (2,014) (6,845)

Burnley Jul 23 1 (P) 65,789 124,639 (47%) 53,661 91,978 (42%) (18,588) 12,738 (31,326) (22,115)

Cardiff City May 23 21 26,653 20,038 33% 22,287 29,215 (24%) (7,801) (21,796) 13,995 (3,409)

Coventry City 2 May 23 5 20,370 18,088 13% 18,460 15,674 18% (5,014) (2,820) (2,194) (2,871)

Huddersfield Town Jun 23 18 18,120 31,390 (42%) 21,522 20,265 6% (13,525) (2,215) (11,310) (1,274)

Hull City 3 Jun 23 15 18,088 15,373 18% 23,651 12,697 86% (17,385) (6,244) (11,141) (3,214)

Luton Town Jun 23 3 (P) 18,441 17,671 4% 27,594 17,825 55% (18,614) (5,779) (12,835) (2,395)

Middlesbrough Jun 23 4 29,804 28,112 6% 29,625 28,427 4% (17,485) (12,789) (4,696) (11,566)

Millwall Jun 23 8 19,358 18,593 4% 22,583 22,316 1% (11,635) (11,051) (584) (2,114)

Norwich City Jun 23 13 75,750 133,869 (43%) 56,448 117,992 (52%) (2,647) 2,953 (5,600) (23,217)

Preston North End Jun 23 12 15,566 13,843 12% 21,560 24,573 (12%) (13,075) (17,101) 4,026 (2,084)

Queens Park Rangers May 23 20 23,281 22,121 5% 25,408 27,561 (8%) (19,124) (20,686) 1,562 (3,059)

Reading Jun 23 22 n/a 19,011 n/a n/a 26,650 n/a n/a (30,292) n/a n/a

Rotherham Jun 23 19 15,591 9,849 58% 10,336 6,592 57% (1,621) (2,250) 629 (475)

Sheffield United Jun 23 2 (P) 64,339 66,936 (4%) 48,662 42,370 15% (13,896) 702 (14,598) (18,136)

Stoke City 4 May 23 16 31,197 31,167 0% 28,231 35,560 (21%) (22,252) (22,589) 337 (4,310)

Sunderland Jul 23 6 35,543 26,099 36% 25,614 16,289 57% (8,869) (6,364) (2,505) (2,715)

Swansea City Jul 23 10 22,023 20,122 9% 26,615 27,624 (4%) (18,642) (20,472) 1,831 (3,237)

Watford Jun 23 11 65,413 127,595 (49%) 50,722 86,776 (42%) (7,238) 4,756 (11,994) (21,138)

West Bromwich Albion 5 Jun 23 9 56,749 65,416 (13%) 45,947 42,382 8% (8,368) 4,120 (12,488) (10,491)

Wigan Athletic Jun 23 24 15,865 8,308 91% 23,240 13,009 79% (13,143) (9,966) (3,176) (607)

Notes: tax. Pre-tax result for 2021/22 5. West Bromwich Albion – The Revenue for 2022/23 for the
1. Bristol City – 2022/23 figures includes exceptional credit of reporting entity used for following clubs includes Premier
are for the 13-month reporting £29m in respect of the waiver of 2021/22 is West Bromwich League parachute payments:
period to June 2023. intercompany loans. Albion Holdings Limited. The Burnley, Norwich City, Sheffield
reporting entity used for United, Watford, West Bromwich
2. Coventry City – The reporting 3. Hull City – Pre-tax result for 2022/23 is West Bromwich Albion.
entity used for 2021/22 is Sky 2021/22 includes exceptional Albion Group Limited, as a
Blue Sports & Leisure Limited. credit of £20m in respect of the result of the ownership change. Average attendances relate to
The reporting entity used waiver of loan from previous Pre-tax result for 2022/23 home league matches of each
for 2022/23 is Coventry City owners. includes an exceptional credit club (excluding domestic and
Football Club Limited, as a of £5.1m in respect of reversal international cup matches and
result of the ownership change. 4. Stoke City – Pre-tax result for of loan impairment charges friendlies) in the 2022/23 season.
Pre-tax result for 2022/23 2021/22 includes exceptional (2021/22: £7.1m cost).
includes exceptional credit of credit of £120m in respect of
£2.9m in respect of the write intercompany loans waived.
back of accrued withholding

42
 Annual Review of Football Finance 2024 |
 Data Appendices

2022 2022/23 2023 2022 2023 2022 2022/23 2023 2022 2023 2022 2023 2022 2023 2023
Amort- +/(-) Net pft/ Net pft/ Pre-tax Pre-tax +/(-) Net Net Players’ Players’ Net Net Facilities Average
isation (loss) on (loss) on profit/ profit/ assets/ assets/ regs regs funds/ funds/ spend league

sale of sale of (loss) (loss) liab liab NBV NBV (debt) (debt)
attend.

ply reg. ply reg.
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000

(6,282) 2,802 2,129 3,194 (25,332) (25,028) (304) (129,752) (112,390) 5,621 6,383 (147,030) (133,811) 2,850 16,658

(4,041) 622 349 10,051 (20,895) (11,241) (9,655) (121,465) (122,226) 4,276 2,865 (134,946) (145,979) 690 14,816

(797) (397) 2,927 1,958 (260) 568 (828) (7,665) (7,551) 1,742 1,554 (15,008) (10,692) 124 12,388

(7,450) 605 9,532 1,261 (22,206) (28,528) 6,322 (31,689) (32,051) 4,885 7,940 (94,167) (95,254) 1,825 20,550

(23,638) 1,523 11,399 54,250 (35,999) 36,253 (72,252) 78,535 106,478 92,061 40,329 (50,380) (35,970) 1,360 19,866

(7,492) 4,083 1,658 4,225 (11,430) (26,639) 15,209 (19,399) (55,965) 4,603 2,521 (92,305) (103,407) 1,206 19,472

(2,764) (107) 2,369 494 (4,907) 21,836 (26,744) (5,578) (34,621) 1,751 2,830 (4,422) (12,930) 1,855 20,371

(1,099) (175) 8,884 910 (6,628) (3,768) (2,860) (25,174) (20,966) 2,274 666 (45,929) (41,718) 67 19,037

(1,624) (1,590) 15,192 2,326 (5,218) 13,943 (19,161) (13,242) (8,024) 6,397 1,348 (37,593) (28,791) - 17,809

(1,686) (709) 4,716 1,075 (16,294) (6,380) (9,913) (14,068) (5,706) 7,886 3,532 (835) (2,269) 60 9,856

(7,997) (3,569) 22,319 1,350 (6,399) (19,459) 13,060 (136,384) (131,924) 10,624 10,553 (158,430) (148,154) 1,280 26,012

(1,771) (343) 2,512 (106) (12,212) (12,597) 385 170 (5,129) 4,000 2,125 (14,491) (17,706) 636 14,768

(23,414) 197 4,743 (51) (27,201) (23,576) (3,625) (21,709) 5,583 38,081 49,920 (94,133) (65,428) 5,667 26,118

(3,374) 1,290 786 302 (14,362) (20,154) 5,792 (57,513) (45,303) 2,090 3,297 (85,746) (74,877) 649 16,269

(3,552) 493 1,049 221 (20,337) (24,667) 4,330 (56,856) (49,619) 2,270 6,186 (68,078) (44,419) 13,141 14,975

(6,863) n/a n/a 16,161 n/a (20,997) n/a n/a (155,703) n/a 6,788 n/a (219,615) n/a 15,261

(562) 88 965 1,125 (1,078) (1,686) 608 (3,086) (2,207) 521 826 (2,600) (2,400) 83 10,514

(24,802) 6,666 4,419 11,168 (31,453) (16,015) (15,438) (34,176) (2,722) 18,563 32,189 (81,322) (67,658) 2,576 27,657

(6,426) 2,116 15,259 10,936 (11,069) 101,935 (113,004) (103,857) (92,788) 4,643 6,471 (113,237) (99,446) 266 20,678

(2,052) (663) 308 1,243 (8,932) (7,174) (1,758) 69,917 78,851 8,820 4,471 2,320 1,683 1,141 39,148

(2,663) (574) 4,519 10,888 (18,403) (13,122) (5,281) 22,065 (1,760) 8,655 6,282 2,511 (23,219) 440 16,816

(29,684) 8,546 59,156 15,337 23,961 (16,153) 40,113 (13,172) (37,661) 37,651 64,472 (114,265) (129,462) 1,612 19,947

(16,244) 5,753 6,545 16,916 (7,621) (2,172) (5,449) 34,324 32,074 21,344 33,926 (6,629) 7,455 442 22,979

(545) (63) 380 2,850 (13,370) (7,662) (5,708) (5,160) 189 406 921 (5,400) 178 388 12,232

n/a means not available or not

applicable.

Source: Company/Group financial

statements; Deloitte analysis.

43
Annual Review of Football Finance 2024 |
 Data Appendices

Table 3: Women’s Super League clubs’ financial information – 2022/23

Club Year end 2023 2023 2023 2023 2023 2023 2023 2023 2023
League Revenue Wage Operating Pre-tax Net assets/ Net funds/ Facilities Average
position costs result result liabilities debt spend league

attendance
£’000 £’000 £’000 £’000 £’000 £’000 £’000

Arsenal May 23 3 10,997 6,228 271 (81) (1,033) (459) 59 16,976

Aston Villa May 23 5 4,161 2,378 n/d n/d (1,372) (1,517) - 3,832

Brighton & Hove Albion Jun 23 11 876 2,435 (3,660) (3,668) (13,409) (13,417) - 3,166

Chelsea Jun 23 1 8,820 6,073 (3,728) (4,112) (11,721) (11,623) - 5,969

Everton Jun 23 6 2,766 2,309 (1,142) (1,333) (1,933) (2,926) 553 3,474

Leicester City Jun 23 10 694 n/d (3,910) (3,942) (8,538) (8,496) 26 2,920

Liverpool May 23 7 3,650 2,070 148 100 (560) (438) 10 4,890

Manchester City Jun 23 4 4,991 5,076 (2,297) (2,136) 1,662 2,533 49 10,699

Manchester United Jun 23 2 6,999 3,446 161 (90) 1,060 3,794 - 8,022

Reading Jun 23 12 n/a n/a n/a n/a n/a n/a n/a 2,012

Tottenham Hotspur Jun 23 9 2,260 2,536 (3,051) (3,076) (6,181) (6,319) - 3,866

West Ham United May 23 8 1,295 1,502 n/d n/d (3,271) n/a - 1,563

Notes:
Average attendances relate to n/a means not available or not
home league matches of each applicable.
club (excluding domestic and
international cup matches and Source: Company/Group financial
friendlies) in the 2022/23 season. statements; Deloitte analysis.

44
 Annual Review of Football Finance 2024 |
 Data Appendices

Table 4: League One clubs’ financial information – 2021/22 and 2022/23

Season
2023 2022 2022/23 2023 2022 2022/23 2023 2022 2023 2022 2023 2022
Revenue Revenue Percentage Wage Wage Percentage Operating Operating Pre-tax Pre-tax Average Average
change costs costs change loss loss loss loss league league
attend. attend.
£m £m % £m £m % £m £m £m £m

Total 236 216 9% 192 164 17% (101) (44) (121) (52)

Average club 9.8 9.0 9% 8.0 6.8 17% (4.2) (1.8) (5.0) (2.2) 10,642 10,109

Notes: 2. Bolton Wanderers – Pre-tax 3. Derby County – Pre-tax Source: Company/Group financial
1. Barnsley – Pre-tax result for result for 2021/22 includes result for 2022/23 includes statements; English Football League;
2021/22 includes exceptional exceptional credit of £8.1m exceptional cost of £19.7m Deloitte analysis.
costs of £3m in respect of in respect of waiver of in respect of impairment of
the purchase of the club and intercompany loans. purchased goodwill.
Oakwell stadium.

Table 5: League Two clubs’ financial information – 2021/22 and 2022/23

Season
2023 2022 2022/23 2023 2022 2022/23 2023 2022 2023 2022 2023 2022
Revenue Revenue Percentage Wage Wage Percentage Operating Operating Pre-tax Pre-tax Average Average
change costs costs change loss loss loss loss league league
attend. attend.
£m £m % £m £m % £m £m £m £m

Total 131 129 1% 96 68 41% (35) (27) (37) (23)

Average club 5.4 5.4 1% 4.0 2.8 41% (1.4) (1.1) (1.5) (1.0) 5,842 4,996

Source: Company/Group financial

statements; English Football League;
Deloitte analysis.

45
Annual Review of Football Finance 2024 |
 Basis of preparation

BASIS OF PREPARATION
Sources of information Comparability Financial projections Pre-tax profit/loss is the operating
The financial results and financial Clubs are not wholly consistent with Our projected results are based on result plus/minus amortisation and
position of English football clubs for each other in the way they record and a combination of upcoming figures impairment of player registrations and
2022/23, and comparisons between classify financial transactions. In some known to us (for example, central other intangible assets, profit/loss
them, has been based on figures cases, we have made adjustments to distributions to clubs) and other, in our on player disposals, certain disclosed
extracted from the latest available a club’s figures to enable, in our view, view, reasonable assumptions. exceptional items, and finance income/
company or group statutory financial a more meaningful comparison of the costs.
statements in respect of each club – football business on a club-by-club In relation to estimates and
which were either sent to us by the basis and over time. projections, actual results are likely Under UK GAAP and IFRS, the costs
club or obtained from Companies to be different from those projected to a club of acquiring a player’s
House. In general, if available to us, the Some differences between clubs, or because events and circumstances registration from another club should
figures are extracted from the annual over time, may arise due to different frequently do not occur as expected, be capitalised on the balance sheet
financial statements of the legal entity commercial arrangements and how and those differences may be material. within intangible fixed assets and
registered in the United Kingdom the transactions are recorded in the Deloitte can give no assurance as to subsequently amortised to zero
which is at, or closest to, the ‘top’ of the financial statements (for example, whether, or how closely, the actual residual value over the period of the
ownership structure in respect of each in respect of merchandising and results ultimately achieved will respective player’s contract with the
club. For Women’s Super League clubs hospitality arrangements), due correspond to those projected and club. The potential market value of
we use available financial statements to different financial reporting no reliance should be placed on such ‘home-grown’ players is excluded from
of the entity for the women’s football perimeters in respect of a club, and/ projections. intangible fixed assets as there is no
activities. The vast majority of English or due to different ways in which acquisition cost. Amortisation of player
clubs have an annual financial accounting practice is applied such that registrations is as disclosed in a club’s
reporting period ending in May, June the same type of transaction might be Key terms accounts, increased by any provisions
or July. recorded in different ways. Revenue includes matchday, for impairment of the value of players’
broadcast, sponsorship and registrations.
If financial statements were not Each club’s financial information has commercial revenues. Revenue
available to us for all clubs in a been prepared on the basis of national excludes player transfer and loan fees, Net debt/funds is as disclosed in
division, then aggregate divisional accounting practices or International VAT and other sales related taxes. financial statements (where shown)
totals have been estimated for Financial Reporting Standards (“IFRS”). or is an aggregation of certain figures
comparison purposes (from year to The financial results of some clubs Matchday revenue is largely derived from the balance sheet. The net debt/
year or between divisions). Some clubs have changed, or may in the future from gate receipts (including funds figure in the financial statements
changed their accounting reference change, due to the change in basis of general admission and premium has been adjusted in some cases to aid
date in 2023 such that not all reporting accounting practice. In some cases, tickets). Broadcast revenue includes comparability, such as the inclusion
periods are 12 months. We have made these changes may be significant. distributions received from of related party debt. Net debt/funds
some adjustments to these figures for participation in domestic league includes net cash/ bank borrowings,
inclusion in the divisional totals. The number of clubs in the top division and cups and from European club other loans, and soft loans. Bank
of each country can vary over time. competitions. Unless sponsorship borrowings is debt advanced by
The financial results and financial In respect of the ‘big five’ leagues for revenue is separately disclosed, lenders in the form of term loans,
position of clubs in various non-English 2022/23, each division had 20 clubs commercial revenue includes overdrafts or hybrid products, net of
leagues, and comparisons between except for Germany (18 clubs). For sponsorship, merchandising and any positive cash balance. Other loans
them, has been based on figures 2023/24, both Germany and France other commercial operations. Where includes securitisation and player
extracted from the company or group had 18 clubs. All three divisions of the identifiable from a club’s disclosures, finance monies, bonds and convertible
financial statements in respect of each English Football League had 24 clubs, distributions received in respect of loan stock, intercompany loans and
club, or from information provided to whilst the Women’s Super League had central commercial revenues are loans from related parties that are
us by national associations/leagues. 12 clubs for 2022/23. included in commercial revenue, not otherwise soft loans. Soft loans
or otherwise included in broadcast includes amounts from related parties
This publication contains a variety The figures for some comparative revenue. with no interest charged.
of information derived from publicly years have been re-stated compared
available or other direct sources, to previous editions of this report due Wage costs includes wages, salaries,
other than financial statements. We to changes in estimates arising from signing-on fees, bonuses, termination Exchange rates
have not performed any verification additional information available to us payments, social security contributions For the purpose of the international
work or audited any of the financial and/or due to restatement by clubs of and other employee benefit expenses. analysis and comparisons we have
information contained in the financial their annual financial statements. The Unless otherwise stated, wage converted the figures for 2022/23 into
statements or other sources in respect sum of the different components of costs are the total for all employees euros using the average exchange
of each club for the purpose of this each chart may not sum to the totals (including, players, technical and rate for the year ending 30 June 2023
publication. due to rounding. administrative employees). Where (£1 = €1.15); for years prior to 2022/23
identified in the financial statements, comparative figures as extracted from
for some clubs, exceptional costs previous editions of this report; and
relating to staff have been added to the figures for years since 2022/23
wage costs. Operating profit/loss is converted into euros using the average
the net of revenue less wage costs exchange rate for the 10 months
and other operating costs, excluding ending 30 April 2024 (£1 = €1.17).
amortisation and impairment of player
registrations and other intangible
assets, profit/loss on player disposals,
certain disclosed exceptional items,
and finance income/costs.

46
47
This publication has been written in general terms and we recommend that
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