The 2018/19 season saw English and European football reach new record levels of revenue generation. This snapshot of the peak before the impact of the COVID-19 pandemic also includes some warning signs for the challenges to come.

1. Home truths
Annual Review of Football
Finance 2020
Sports Business Group
June 2020

2. The 2018/19 season saw English and
European football reach new record
levels of revenue generation.
This snapshot of the peak before the
impact of the COVID-19 pandemic also
includes some warning signs for the
challenges to come.

3. Annual Review of Football Finance 2020 | Europe’s premier leagues
Europe’s premier leagues
‘Big five’ European league clubs’ revenue – 2018/19 (€m)
4,000
3,000
2,000
0
1,000
5,000
6,000
7,000
England GermanySpain Italy France
284
11%
201
11%
385
20%
415
22%
293
Average revenue per club (€m)
5,851
3,375 3,345
2,495
1,902
38,484
Average match attendance
97
186
42,738
88
169
26,585
75
125
24,106
61
95
22,833
74
Stadium utilisation (%)
1,616
28%
1,023
30%
1,831
54%
1,483
44%
751
30%
1,460
59%
901
47%
520
16%
846
25%
496
15%
521
16%
3,459
59%
776
13%
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.
The Premier League
continues to generate
the highest revenues
across the ‘big five’
European leagues
(€5.9 billion).

4. Annual Review of Football Finance 2020 | Premier League clubs
Premier League clubs
Approximately 80% of
the increase in broadcast
revenue was generated by
the four Premier League
clubs that participated in
the 2018/19 Champions
League, with the winners
Liverpool generating £264m
in broadcast revenue
across all competitions,
a 19% increase on the
previous season.
Commercial
Broadcasting
Matchday
Premier League clubs’ revenues 2016/17-2020/21 (£m)
Source: Deloitte analysis.
4,000
3,000
2,000
0
1,000
Average revenue per club (£m)
5,000
6,000
7,000
4,556
4,819
5,157
Projected
1,168
26%
2,768
61%
620
13%
1,305
27%
1,425
28%
2,844
59%
3,049
59%
670
14%
683
13%
228 241 258
4,300
1,550
36%
550
13%
215
2020/212019/202018/192017/182016/17
5,400
1,350
25%
3,700
69%
350
6%
270
2,200
51%

5. Annual Review of Football Finance 2020 | Premier League clubs
Premier League clubs
At the top of the table there
continues to be a strong
relationship between league
position and total wage costs.
The top six wage spenders
all finished in the top six
league positions in the
2018/19 season.
Premier League clubs’ revenues and wage costs – 2018/19 (£m)
400
300
200
0
100
500
600
700
ManchesterUnited
Chelsea
Liverpool
Arsenal
TottenhamHotspur
Average
LeicesterCity
WolverhamptonWanderers
AFCBournemouth
Fulham
CrystalPalace
WestHamUnited
Watford
CardiffCity
BrightonHoveAlbion
HuddersfieldTown
ManchesterCity
Southampton
Burnley
56 59 58 70 6039 8561 70 83 7778 6271 856757 43 5353
352
627
538 533
452
393
459
258
193
179
150154
139143 131137147
125 122
172
315 310 314
235
179
158
Everton
188
160
136
150
115119
87
102 111
9384
54 64
92
Wages/revenue ratio (%)
NewcastleUnited
55
176
97
Source: Deloitte analysis.Revenue Wage costs

6. Annual Review of Football Finance 2020 | Football League clubs
Football League clubs
The wages/revenue ratio rose
to a new record of 107%.
This reconfirms the
huge financial risks that
Championship clubs are
willing to take in order to
chase promotion to the
Premier League.
Football League clubs’ revenues and wage costs – 2017/18 and 2018/19 (£m)
Revenue
Wage costs
Wages/revenue ratio
Average wage costs
per club
2018/192017/18 2018/192017/18 2018/192017/180
200
400
600
800
1,000
Championship League 1 League 2
106
Wages/revenue ratio (%)
33
107
35
94
6
80
6
78
3
78
3
Average wages per club (€m)
837
785
153
191
796
749
137
146
71
91
71
91
Source: Deloitte analysis.
Revenue
Wage costs

7. Annual Review of Football Finance 2020 | Player transfers
Player transfers
The 2018/19 season saw a reduction
in transfer spend by English clubs,
having reached a record high in
2017/18. Premier League clubs’
transfer spend fell to £1.9 billion,
marking a 21% reduction
compared to the previous season
(£2.4 billion), whilst Football
League clubs also reduced
expenditure, by 8% to £276m.
Premier League and Football League clubs’ player transfer payments – 2018/19 (£m)
Premier League clubs
Within PL clubs
£185m
Premier League total
£1,858m
Non-English
clubs
Football League clubs
Within FL clubs
£104m
Football League total
£276m
Agents
£51m
£64m
£57m
£407m
£68m
£1,237m
£175m
£261m
Premier League clubs
Within PL clubs
£185m
(£657m)
Premier League total
£1,796m
(£2,352m)
Non-English
clubs
Football
League clubs
Within FL clubs
£104m
(£117m)
Football League total
£276m
(£300m)
Agents
£51m
(£92m)
£64m
(£44m)
£57m
(£47m)
£407m
(£444m)
£68m
(£45m)
£1,237m
(£1,354m)
£175m
(£130m)
£261m
(£211m)
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 2018/19,
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; Football Association;
Deloitte analysis.

8. Annual Review of Football Finance 2020 | Stadia
Stadia
With the largest stadium in the
league and utilisation of 99%,
Manchester United matches continue
to generate the highest attendance
with an average of almost 74,000
despite mixed on-pitch results.
Premier League
Championship
League 1
League 2
% change on 2018/19
Premier League and Football League clubs’ average matchday attendances – 2015/16 to 2019/20 (000s)
40
30
20
0 2015/16 2016/17 2017/18 2018/19 2019/20
Stadium utilisation (%)
10
50
36.5
5.0
7.2
35.8
20.2
4.9
8.0
38.5
20.5
4.5
7.8
38.5
20.2
4.5
8.7
39.5
18.6
4.8
8.8
3%
(8%)
1%
7%
96
65
47
51
96
72
50
47
96
73
51
42
97
74
57
40
98
72
56
48
17.6
Note: 2019/20 averages are up to
the point of suspension.
Source: Premier League; Football
League; Deloitte analysis.

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