Broadcast boosts revenues for Europe’s top teams

Broadcast boosts revenues for Europe’s top teams

Top European football clubs continue to grow operating revenues.


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Top European football clubs continue to grow operating revenues, with growth driven primarily by increased broadcasting revenues, benefitting mainly from the new, more remunerative UEFA Champions League distribution cycle that kicked off in 2018/19 – according to “The European Champions Report 2020” launched today by KPMG’s Football Benchmark team.

The fourth edition of the report reviews and compares some of the most relevant business performance indicators of the champions of Europe’s eight most prominent leagues over the 2018/19 season – namely Ajax, Barcelona, Bayern München, Benfica, Galatasaray, Juventus, Manchester City and Paris Saint-Germain.

Regarding overall revenues (net of transfer proceeds), all eight clubs have increased their total income. Barcelona have become the champion of champions, registering a record amount of EUR 839.5M in total operating revenues – and have, for the first time, also leapfrogged their historic rivals, Real Madrid and Manchester United, although these latter two clubs are not included in this analysis. Paris Saint-Germain registered the second highest total income (EUR 636M, a 17% year-on-year growth), while Ajax showed the highest operating revenue increase of 117%, primarily due to their excellent UEFA Champions League performance.

“The most striking trend for the year has been broadcasting revenues taking the lead as the main driver for overall revenue increase at seven of the eight champions, whereas in the previous season commercial income was the key contributor for growth,” Andrea Sartori, KPMG’s Global Head of Sports and author of the report, explained.

The broadcasting revenue stream benefited from a new, more remunerative Champions League distribution cycle that kicked off in 2018/19: the 3-year cycle, worth altogether EUR 1.976B a year (EUR 564M more annually than the previous one), has been the key factor supporting the growth of all eight champions. Bayern München, for example, received more income from UEFA than in the previous season, despite having played fewer matches due to an earlier elimination. Manchester City cashed in about EUR 35M more from UEFA, while the team reached the same stage of the competition as they did in the previous season. Ajax’s spectacular campaign resulted in them collecting EUR 78M of UEFA revenues, which was also the main driver for more than doubling their operating revenues. The only exception was Juventus: their 30% increase in commercial revenues (the highest growth among the eight champions), impacted mainly by the arrival of Cristiano Ronaldo, surpassed their modest growth in broadcasting revenues, which was also affected by a decrease in domestic TV income due to a new distribution system in place in Serie A.

As a further consequence, for five of the eight champions, broadcasting has become the income stream with the largest share of total operating revenues, while this was the case for only two clubs in the previous season. Commercial bore the biggest share for Barcelona, Bayern München and Paris Saint-Germain, compared to that being the case for six clubs a year before. Interestingly, only these three clubs were able to collect over EUR 300M from commercial activities.

All clubs managed to register a profit after tax, the only exception being Juventus: the Bianconeri’s losses increased by EUR 20.7M, a direct consequence of higher staff costs, i.e. the investments made to strengthen the squad, especially luring Cristiano Ronaldo to the club.

The average squad value of the eight champions is EUR 745M, whereas both Barcelona and Manchester City are worth over 10 times more than Galatasaray SK. “Although players’ transfer fees are seemingly constantly on the increase, the squad values of the eight champions’ dream team have slightly decreased over the year by EUR 30M, indicating that market values of top players have not undergone an upward spiral in the past 12 months,” Andrea Sartori concluded.

Notes to editors:

For inquiries on the report, please contact:

Angela Pink
KPMG in the UK
M: +44 7500 100257

About KPMG’s Football Benchmark

Providing an in-depth and interactive analysis of hundreds of Europe’s top professional football clubs is the latest initiative offered to the global football industry from KPMG. The digital platform democratises and consolidates financial and operational performance data to assist the critical decision making of those associated to the global football industry.

In addition to the wealth of information and knowledge shared on the platform, KPMG’s dedicated football benchmark team deliver services to those operating, investing and governing the world of football, these services include:

  • Valuation and transaction support 
  • Operational evaluation and restructuring 
  • Feasibility & Business planning 
  • Bidding assistance and economic impact assessment
  • Governance & organisational structure
  • Audit & Tax

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