The 28th edition of our report reflects the continued revenue growth of the Premier League and Football League has contributed to overall revenues in the European football market reaching record levels in the 2017/18 football season.

1. World in motion
Annual Review of Football
Finance 2019
Sports Business Group
May 2019

2. The continued revenue growth
of the Premier League and
Football League has contributed
to overall revenues in the
European football market
reaching record levels.

3. Annual Review of Football Finance 2019 | Europe’s premier leagues
Europe’s premier leagues
Revenue growth
continued apace
across the ‘big five’
European leagues,
with the Premier
League once again
leading the pack.
‘Big five’ European league clubs’ revenue – 2016/17 (€m)
4,000
3,000
2,000
0
1,000
5,000
6,000
England Germany Spain Italy France
5,440
3,168 3,073
2,217
Average revenue per club (€m)
1,473
27%
3,210
59%
757
14%
872
28%
1,248
39%
510
16%
538
17%
954
31%
666
30%
1,609
52%
1,294
58%
510
17%
257
12%
272 176 154 111 85
Average match attendance
38,495 43,879 26,771 23,848 22,575
Stadium utilisation
96% 90% 70% 59% 72%
1,692
791
47% 191
11%
342
20%
368
22%
Matchday
Broadcasting
Sponsorship/Commercial
Other commercial
Matchday
Broadcasting
Sponsorship/Commercial
Other commercial
Note: Commercial revenue is not
disaggregated into ‘sponsorship’
and ‘other commercial’ for clubs in
England, Spain and Italy.
Source: Leagues; Deloitte analysis.

4. Annual Review of Football Finance 2019 | Premier League clubs
Premier League clubs
Source: Deloitte analysis.
Premier League clubs’ revenue grew
by 6% to a record £4.8 billion in
2017/18, driven by increased UEFA
distributions to English clubs as five
teams participated in the Champions
League for the first time.
Premier League clubs’ revenues 2015/16-2019/20 (£m)
4,000
3,000
2,000
0
1,000
5,000
6,000
2015/16 2016/17 2017/18 2018/19 2019/20
3,639
4,556
4,819
5,050
Average revenue per club
Projected
1,090
30%
1,927
53%
622
17%
1,168
26%
2,768
61%
620
13%
1,305
27%
1,390
28%
2,844
59%
3,000
59%
670
14%
660
13%
182 228 241 252 261
5,240
1,490
28%
3,030
58%
720
14%
Commercial
Broadcasting
Matchday

5. Annual Review of Football Finance 2019 | Premier League clubs
Premier League clubs
Premier League clubs’ revenues and wage costs – 2017/18 (£m)
400
300
200
0
100
500
600
700
ManchesterUnited
Chelsea
Liverpool
Arsenal
TottenhamHotspur
Average
LeicesterCity
NewcastleUnited
WestBromwichAlbion
AFCBournemouth
SwanseaCity
CrystalPalace
WestHamUnited
Watford
StokeCity
BrightonHoveAlbion
HuddersfieldTown
ManchesterCity
Southampton
Burnley
50% 52% 58% 55% 62% 39% 85%59% 52% 60% 75% 74% 78% 58% 56% 76% 71% 67% 74% 49% 74%
296
590
503
455 448
389 379
241
178 177
160 152 150 140 139 135 128 127 127 127 125
260 264
246 240
148 142
Everton
189
160
94 107 119 113 117
82 78
102 91 86 94
63
92
Source: Deloitte analysis.Revenue Wage costs Wages/revenue ratio
Manchester United (£296m)
continued to be the division’s
highest wage payers, but whilst
wages increased by more than
£30m the club continues to
have a relatively favourable
wages/revenue ratio (50%).

6. Annual Review of Football Finance 2019 | Football League clubs
Football League clubs
The wages/revenue ratio also
increased from 99% to 106%,
highlighting the increasing level of
financial risk that Championship clubs
are willing to take in order to chase
promotion to the Premier League.
Football League clubs’ revenues and wage costs – 2016/17 and 2017/18 (£m)
Source: Deloitte analysis.
Revenue
Wage costs
Wages/revenue ratio
Average wage costs
per club
99%
30
106%
33
84%
5
94%
6
71%
3
78%
3
720
712
795
749
123
146
137
146
65
91
71
91
16/17 17/18 16/17 17/18 16/17 17/180
100
200
300
400
500
600
700
800
900 Championship League 1 League 2
Source: Deloitte analysis.
Revenue
Wage costs
Wages/revenue ratio
Average wage costs per club

7. Annual Review of Football Finance 2019 | Player transfers
Player transfers
The Premier League saw a transfer expenditure
record of £2.4 billion, a substantial increase of
47%. The world-leading central distributions
from the Premier League afford clubs the
ability to acquire talent at premiums that can
only be matched by a small number of clubs
internationally.
Premier League and Football League clubs’ player transfer payments – 2017/18 (£m)
Premier League clubs
Within PL clubs
£657m
Premier League total
£2,352m
Non-English
clubs
Football League
clubs
Within FL clubs
£117m
Football League total
£300m
Agents
£92m
£45m
£211m
£47m
£44m
£130m
£444m
£1,354m
Note: Arrows represent the flow
of transfer payments, with players
moving in the opposite direction.
The estimated fees in respect of the
transfer of player registrations refer
to amounts committed in 2017/18,
rather than actual cashflows. The
sources for the amounts in the
chart relate to periods that are not
necessarily coterminous.
Source: Premier League; Football
League; Deloitte analysis.

8. Annual Review of Football Finance 2019 | Stadia
Stadia
Total attendance for the Premier
League and Football League clubs
nudged up to 32.9m in 2018/19
following 32.8m in 2017/18 which was
the highest total attendance across
the four divisions in almost 60 years.
Premier League
Championship
League 1
League 2
% change on 2017/18
Premier League and Football League clubs’ average matchday attendances
– 2013/14 to 2018/19 (000s)
40
30
20
0
Stadium utilisation
2014/15 2015/16 2016/17 2017/18 2018/19
10
50
36.2 36.5
17.9 17.6
4.7 5.0
7.2 7.2
35.8
20.2
4.9
8.0
38.5
20.5
4.5
7.8
38.4
20.0
4.5
8.7
0%
2%
11%
0%
96%
68%
46%
48%
96%
65%
47%
51%
96%
72%
50%
47%
96%
73%
51%
42%
97%
73%
57%
40%
Source: Premier League; Football
League; Deloitte analysis.

9. Annual Review of Football Finance 2017 | Europe’s premier leagues
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