2018年足球财富年度评价报告.pdf

ARoar power Annual Review of Football Finance 2018 Sports Business Group June 2018Annual Review of Football Finance 2017 | Section title goes here B The financial results for the 2016/17 season may well be viewed in the future as the defining moment in the delivery of sustained profitability by football clubs competing in the Premier League.01 Annual Review of Football Finance 2018 | Contents Foreword 02 Delivering results worldwide 04 The leading team in the business of sport 06 Europes premier leagues 08 Deloitte Football Intelligence Tool 14 Premier League clubs 16 Under my umbrella 22 Finding the leading edge 23 Football League clubs 24 Player transfers 28 Fields of dreams 29 Stadia 30 Moores Law 32 Contents Edited by Dan Jones Sub-editors Timothy Bridge, Matthew Green Authors Michael Barnard, Matt Dwyer, Jake Wilson and Christopher Winn Sports Business Group Telephone: +44 (0)161 455 8787 PO Box 500, 2 Hardman Street, Manchester, M60 2AT, UK E-mail: sportsteamukdeloitte.co.uk deloitte.co.uk/sportsbusinessgroup June 2018 Please visit our website at deloitte.co.uk/arff to download a copy of the full report and to purchase the Databook. Our 32 page Databook includes over 8,000 data items on the various topics covered in this report, prepared on the basis of our specialist and long-established methodologies. It is available to purchase for 1,000 from deloitte.co.uk/arff02 Annual Review of Football Finance 2018 | Foreword Roar power Welcome to the Annual Review of Football Finance 2018, the publication that remains the most comprehensive analysis of the financial trends in, and prospects for, the football industry. This 27th edition follows a similar structure to previous years in outlining the key developments across European football, but the storyline that flows through has changed somewhat. The phenomenal growth of the English Premier League, capped by its financial record breaking 2016/17 season, seems to have at last delivered a consistently profitable picture for top tier clubs and more signs of long-term financial sustainability for those in the Football League. King of the jungle The financial results for the 2016/17 season fully affirmed the English Premier Leagues position as the market leader, with record revenue generated of 4.5 billion, as every one of the 20 clubs set their own personal annual revenue record. With revenue growth outpacing the growth in the wage bill, no clubs reported an operating loss and only one reported a wages/revenue ratio above the UEFA guideline for a clubs financial health of 70%. It is a far cry from a Top level football and the live, unscripted drama it delivers, remains the premium content that broadcasters wish to acquire and amid changing consumer habits and fragmentation that are impacting the entire entertainment industry, the Premier League has once again shown its resilience and strength by retaining the vast majority of its audience and value. Indeed, once the sales process for the remaining domestic and international rights is completed, we expect the league will have delivered overall increases in television revenue. Whilst the big six tighten their grip on the top of the table, on any given weekend the matches remain as competitive and exciting as ever. This was demonstrated by the fact that the leading revenue generating club in world football, Manchester United, were defeated by all three promoted clubs during the 2017/18 season. It is this unpredictability that appeals so strongly to broadcasters and other commercial partners. The combination of financial success and stability, and the global popularity of the competition makes the Premier League an increasingly attractive asset to investors, offering a financial return alongside the thrill and excitement of owning a major football club. Nonetheless, we still sense in the market a hesitance amongst traditional financial institutions to accept that the landscape has changed. With no football decade ago when 60% of the Premier Leagues clubs were making operating losses and the vast majority of any revenue increases were being paid out in wages, prompting concerns over long-term financial sustainability. Whilst the impact of the record broadcasting arrangements for the Premier League cannot be underestimated and the increase in rights value across the past two cycles is the primary factor behind the growth in revenue, the benefit to clubs finances of operating in an appropriately regulated environment, via UEFA Financial Fair Play regulations and the Premier Leagues cost control measures is equally evident. The financial position of the clubs competing in the Premier League on a consistent basis currently suggests that profitable performance and strengthening balance sheets, that looked so impossible a decade ago, are now the norm. The recent announcement that the Premier Leagues domestic rights selling process for 2019/20 2021/22 did not deliver the uplift that followers have become accustomed to over recent years should not be a cause for concern. league clubs entering insolvency proceedings for over five years and our consistent reporting of improved financial stability and profitability for that period, we hope that the developing financial maturity of the football industry will soon be more widely recognised. This new era of profitability alongside the high quality of football strengthens the opportunity for the Premier League and its clubs to have a huge influence upon their local communities and more widely around the world. The Premier League currently supports not only the 20 clubs but also the 72 Football League and 68 National League clubs to deliver community programmes, which have been praised for the impact they make. Continued growth will further boost the financial contribution to deliver high-class football facilities in communities and schools, whilst promoting the connection between the Premier League and future fans for the long- term benefits of the clubs themselves and the reputation of the competition. You got to put your behind in your past Below the Premier League, the desire of clubs competing in the Championship to benefit from the potential financial windfall of promotion remains unwavering. Whilst the Championship 03 Annual Review of Football Finance 2018 | Foreword“This new era of profitability alongside the high quality of football strengthens the opportunity for the Premier League and its clubs to have a huge influence upon their local communities and more widely around the world.“ is the biggest second tier competition in world football, generating more revenue than it ever has before, club owners and management have on the whole taken the decision to stretch themselves financially to gain promotion and this is the driver of the traditionally significant operating losses and high wages to revenue ratio. The operating losses of the Championship are once again at record levels, in part driven by the financial results of Newcastle United, who maintained a wage bill comparable with Premier League clubs. At a revenue level, the Premier League broadcast arrangements have also impacted the Championship with there now being a more significant differentiation between Germanys Bundesliga will see growth from 2017/18 as a result of new broadcast arrangements but their opportunity to close the gap on the Premier League may well rely on their, and their clubs, ability to innovate and have the first mover advantage as new revenue generating opportunities arise. This will be particularly crucial given the recent announcement that German clubs voted against any changes to the 50+1 ownership model that effectively retains fan control and rules out the significant owner investment seen in other countries. Being brave doesnt mean you go looking for trouble Changes to both the financial distribution mechanism and the format of the qualification process for the UEFA Champions League from 2018/19 will alter the footballing landscape in Europe slightly but the rumoured FIFA led wider changes in global club football could have a much more significant impact. Such change to the structure of club football requires careful consideration and detailed assessment by footballs governing bodies, as whilst the initial financial boost of a new tournament or format could be substantial, the long term popularity and sustainability of the current calendar should not be undervalued. The development of football in the future remains something that we are excited to track. We hope to continue to make the Deloitte Annual Review of Football Finance a guide on that journey. those in receipt, and those not, of parachute payments. The key concern remains that financial disparity will in the future translate to more predictable on-pitch performances. If this were to become the case, then it may well be less attractive for many Championship clubs to push for promotion in the future. Championship club owners will doubtless be heartened by the success of clubs such as Burnley, Bournemouth and Huddersfield in securing and retaining Premier League status. Notably, the 2017/18 season saw no yo-yo effect among either the promoted or relegated clubs from 2016/17. Further down the English football pyramid, League 1 and League 2 are together financially bigger than ever before and comfortably the biggest leagues at that level anywhere in the world. The cost control measures that have been implemented by the Football League are a further clear example of the positive impact that financial regulations can have. You can either run from it, or learn from it More widely, whilst growth was achieved across all of Europes big five leagues, none of the Premier Leagues competitors could match the pace, and the challenge now rests with them to try and close the gap, in revenue terms, in the coming years. Spains La Liga is already benefitting from its move to collective rights selling and has publicly stated its ambition and intent to significantly increase broadcasting revenue. We expect that Spain will see the fastest rate of revenue growth in the next few years and with the tight financial controls that Spanish clubs now operate under, wed expect that this will also translate to continued profitability. The circle of life Id like to thank all of those that have contributed to this years edition of the Annual Review of Football Finance from across the football world and to say thanks to all former colleagues who have made it such a huge success in the past and now work in a variety of exciting roles across the sports industry. I am very grateful to my colleagues who have written this years edition and Henry Wong for his design expertise. Deloitte is proud to support the Green Ribbon Campaign, helping to #endthestigma of mental health, an issue that impacts the football community in the same way as any other. We hope you enjoy this edition. Dan Jones, Partner deloitte.co.uk/sportsbusinessgroup04 Annual Review of Football Finance 2018 | Sports Business Group Delivering results worldwide For more than a quarter of a century, across over 40 countries, we have worked with more organisations in sport than any other advisers. Our specialist Sports Business Group at Deloitte provides: Business planning Revenue enhancement and cost control Market analysis and benchmarking Strategic review Economic impact studies Venue feasibility and development services Sports regulation advice Due diligence Corporate finance advisory Business improvement and restructuring Forensic and dispute services Deloitte are also audit and tax advisers to many sports businesses. For further details on how Deloitte can add value to your project and your business, visit our website deloitte.co.uk/ sportsbusinessgroup Telephone: +44 (0)161 455 8787 Email: sportsteamukdeloitte.co.uk Various strategic projects Continuing assistance to the British Olympic Association through to the Tokyo Olympic Games 2020. Strategic business plan Support in the development of the strategic plan for the clubs inaugural Indian Super League season and long term future. Strategic plan Assistance in the creation of a six year strategic plan. Consulting services Assistance to the Association of Tennis Professionals across a range of strategic topics. Business plan development Development of a strategic business plan for the developing sport of Power Hockey. Economic impact study Assessment of the Economic Impact of the Irish Breeding and Racing Industry. Deloitte has a unique focus on the sports sector, led from the UK and operating across the world. Our experience, long-standing relationships and understanding of the industry mean we bring valuable expertise to any project from day one. 05 Annual Review of Football Finance 2018 | Sports Business Group06 Annual Review of Football Finance 2018 | Sports Business Group The leading team in the business of sport Improve your strategy and governance Working together with our clients, Deloittes unique experience, insights, robust evidence-based advice, and credibility in sport helps build a strong case and consensus for change amongst key stakeholders and enables our clients to positively influence and react to their wider political, economic and social environment. We help deliver effective governance, strategies, competitions and impact analysis for sports organisations to build their integrity, credibility, quality, youth player development, popularity and value. Optimise your revenues Deloitte bring experience, information, insights and leading practices to help our clients to analyse and grow their revenues and profitability. We give our clients a competitive advantage by delivering solutions to help engage their fans, grow attendances, promote their brand, build value from new markets and accelerate growth. Economic impact studies Restructuring of competitions and calendar Governance and organisational design Ticketing and hospitality strategies Commercial development Benchmarking and best practice Media rights analysis Strategy review and development Market analysis and development Business planning07 Annual Review of Football Finance 2018 | Sports Business Group Make informed investment decisions Deloitte has an extensive track- record of delivering tailored added- value services to a wide range of investors, owners and financiers in respect of various sports assets around the world such as clubs and sports marketing companies. We utilise our experience, industry knowledge and global networks to provide independent and trusted advice to help our clients understand the commercial realities of th