Real Madrid had the highest revenue of €518.9 million in 2012/13. Barcelona had the second highest revenue of €482.6 million. Bayern Munich generated €431.2 million in revenue and had the highest revenue of any German club. Manchester United generated €423.8 million in revenue and had the highest commercial operations of any club, increasing 30% to €177.9 million. Paris Saint-Germain saw remarkable growth with revenue of €398.8 million after winning their first Ligue 1 title in 19 years.
3. 1. Real Madrid
Revenue profile (€m)
Social media activity
@realmadrid
9.9m
23%
Facebook likes
49.1m
41%
€518.9m
(£444.7m)
36%
Matchday €119m (£102m)
Broadcasting €188.3m (£161.4m)
Commercial €211.6m (£181.3m)
188.3m (£161.4m)
Average league
match attendance
2012/13 Domestic
league position
65,268
1 FC Barcelona
2 Real Madrid
Trophies
won
0
Madrid’s global renown
and capacity to generate
significant commercial
revenue from outside the
difficult Spanish market
is central to their success.
3 Atlético de Madrid
4 Real Sociedad
5 Valencia
4. 2. FC Barcelona
Revenue profile (€m)
Social media activity
@FCBarcelona
10.9m
24%
Facebook likes
52.4m
37%
€482.6m
(£413.6m)
39%
Matchday €117.6m (£100.8m)
Broadcasting €188.2m (£161.3m)
Commercial €176.8m (£151.5m)
188.2m (£161.3m)
Average league
match attendance
2012/13 Domestic
league position
71,235
1 FC Barcelona
2 Real Madrid
Trophies
won
1
The club’s Board recently
decided to pursue the
option to redevelop Camp
Nou rather than move to
a new stadium nearby.
3 Atlético de Madrid
4 Real Sociedad
5 Valencia
5. 3. Bayern Munich
Revenue profile (€m)
Social media activity
@FCBayern
0.9m
20%
Facebook likes
11.6m
55%
€431.2m
(£369.6m)
25%
Matchday €87.1m (£74.7m)
Broadcasting €107m (£91.7m)
87.1m (£74.7m)
Commercial €237.1m (£203.2m)
107m (£91.7m)
237.1m (£203.2m)
Average league
match attendance
2012/13 Domestic
league position
71,103
1 Bayern Munich
2 Borussia Dortmund
Trophies
won
Bayern enjoy their
highest placing in 11
years following their
treble winning season.
3
3 Bayer Leverkusen
4 Schalke 04
5 SC Freiburg
6. 4. Manchester United
Revenue profile (€m)
Social media activity
@ManUtd
1.7m
30%
42%
€423.8m
(£363.2m)
28%
Matchday €127.3m (£109.1m)
Broadcasting €118.6m (£101.6m)
Commercial €177.9m (£152.5m)
118.6m (£101.6m)
Facebook likes
39.6m
Average league
match attendance
2012/13 Domestic
league position
75,530
1 Manchester United
2 Manchester City
Trophies
won
1
The club’s commercial
operations continue to go
from strength to strength,
increasing by £34.9m
(30%) in 2012/13.
3 Chelsea
4 Arsenal
5 Tottenham Hotspur
7. 5. Paris Saint-Germain
Revenue profile (€m)
Social media activity
@PSG_inside
1m
13%
Facebook likes
6.5m
€398.8m
23%
(£341.8m)
64%
Matchday €53.2m (£45.6m)
Broadcasting €90.9m (£77.9m)
Commercial €254.7m (£218.3m)
90.9m (£77.9m)
Average league
match attendance
43,239
Trophies
won
1
The club have enjoyed a
remarkable rise, winning
their first Championnat
title in 19 years.
2012/13 Domestic
league position
1 Paris Saint-Germain
2 Olympique de
Marseille
3 Olympique Lyonnais
4 Nice
5 Saint-Étienne
8. F
6. Manchester City
Revenue profile (€m)
Social media activity
@MCFC
1.4m
15%
Facebook likes
8.4m
53%
€316.2m
(£271m)
32%
Matchday €46.2m (£39.6m)
Broadcasting €103.1m (£88.4m)
Commercial €166.9m (£143m
103.1m (£88.4m)
Average league
match attendance
2012/13 Domestic
league position
46,970
1 Manchester United
2 Manchester City
Trophies
won
0
To break into the Money
League top five the club
will need to further
improve upon its
impressive commercial
growth and on-pitch
performance.
3 Chelsea
4 Arsenal
5 Tottenham Hotspur
9. 7. Chelsea
Revenue profile (€m)
Social media activity
@chelseafc
3.3m
27%
32%
€303.4m
(£260m)
41%
Matchday €82.5m (£70.7m)
Broadcasting €123m (£105.4m)
82.5m (£70.7m)
Commercial €97.9m (£83.9m)
123m (£105.4m)
97.9m (£83.9m)
Facebook likes
21.7m
Average league
match attendance
2012/13 Domestic
league position
41,462
1 Manchester United
2 Manchester City
Trophies
won
1
Stamford Bridge’s
relatively limited capacity
continues to hamper the
club’s aspirations to grow
matchday revenues.
3 Chelsea
4 Arsenal
5 Tottenham Hotspur
10. 8. Arsenal
Revenue profile (€m)
Social media activity
@Arsenal
3.4m
26%
Facebook likes
38%
€284.3m
(£243.6m)
36%
Matchday €108.3m (£92.8m)
Broadcasting €103.2m (£88.4m)
Commercial €72.8m (£62.4m)
103.2m (£88.4m)
19m
Average league
match attendance
2012/13 Domestic
league position
60,080
1 Manchester United
2 Manchester City
Trophies
won
0
Matchday is Arsenal’s
largest revenue source.
We are unlikely to see
this repeated at Arsenal,
or any other Money
League club in the future.
3 Chelsea
4 Arsenal
5 Tottenham Hotspur
11. 9. Juventus
Revenue profile (€m)
Social media activity
@Juventusfc
14%
25%
0.9m
Facebook likes
9.5m
€272.4m
(£233.5m)
61%
Matchday €38m (£32.6m)
Broadcasting €166m (£142.3m)
38m (£32.6m)
Commercial €68.4m (£58.6m)
166m (£142.3m)
68.4m (£58.6m)
Average league
match attendance
2012/13 Domestic
league position
35,973
1 Juventus
2 Napoli
Trophies
won
1
2012/13 was a year of
further progress on and
off the pitch for Juventus,
overtaking AC Milan and
Internazionale to become
the leading revenue
generating club in Italy.
3 AC Milan
4 Fiorentina
5 Udinese
12. 10. AC Milan
Revenue profile (€m)
Social media activity
@acmilan
1.7m
10%
Facebook likes
19.3m
37%
€263.5m
(£225.8m)
53%
Matchday €26.4m (£22.6m)
Broadcasting €140.9m (£120.8m)
26.4m (£22.6m)
Commercial €96.2m (£82.4m)
140.9m (£120.8m)
96.2m (£82.4m)
Average league
match attendance
2012/13 Domestic
league position
44,123
1 Juventus
2 Napoli
Trophies
won
0
The Rossoneri have had a
disappointing Serie A
campaign thus far, their
form has left them
languishing in mid-table
and led to the sacking of
coach Massimilano Allegri.
3 AC Milan
4 Fiorentina
5 Udinese
13. F
11. Borussia Dortmund
Revenue profile (€m)
Social media activity
@BVB
0.7m
23%
Facebook likes
6.7m
43%
€256.2m
(£219.6m)
34%
Matchday €59.6m (£51.1m)
Broadcasting €87.6m (£75.1m)
59.6m (£51.1m)
Commercial €109m (£93.4m)
87.6m (£75.1m)
Average league
match attendance
2012/13 Domestic
league position
79,893
1 Bayern Munich
2 Borussia Dortmund
Trophies
won
0
Dortmund is Germany’s
second highest-ranked
Money League club, but
continue to generate
significantly lower income
than Bayern Munich.
3 Bayer Leverkusen
4 Schalke 04
5 SC Freiburg
14. 12. Liverpool
Revenue profile (€m)
Social media activity
@LFC
2.3m
22%
Facebook likes
14.7m
47%
€240.6m
(£206.2m)
31%
Matchday €52.1m (£44.6m)
Broadcasting €74.5m (£63.9m)
52.1m (£44.6m)
Commercial €114m (£97.7m)
74.5m (£63.9m)
114m (£97.7m)
Average league
match attendance
2012/13 Domestic
league position
44,758
5 Tottenham Hotspur
6 Everton
Trophies
won
0
The club’s six-year kit
sponsorship deal with
Warrior Sports from
2012/13 provided a
substantial uplift
compared with the
previous deal with adidas.
7 Liverpool
8 West Bromwich
9 Swansea City
15. F
13. Schalke 04
Revenue profile (€m)
Social media activity
@s04
0.1m
21%
Facebook likes
1.7m
47%
€198.2m
(£169.9m)
32%
Matchday €42.5m (£36.4m)
Broadcasting €62.9m (£53.9m)
42.5m (£36.4m)
Commercial €92.8m (£79.6m)
62.9m (£53.9m)
Average league
match attendance
2012/13 Domestic
league position
61,016
1 Bayern Munich
2 Borussia Dortmund
Trophies
won
0
Stronger performances
from clubs such as Bayer
Leverkusen and Borussia
Mönchengladbach may
threaten the Royal Blues’
future high placing in the
Money League.
3 Bayer Leverkusen
4 Schalke 04
5 SC Freiburg
16. 14. Tottenham Hotspur
Revenue profile (€m)
Social media activity
@SpursOfficial
0.7m
27%
31%
Facebook likes
3.6m
€172m
(£147.4m)
42%
Matchday €46.9m (£40.2m)
Broadcasting €72.7m (£62.3m)
46.9m (£40.2m)
Commercial €52.4m (£44.9m)
72.7m (£62.3m)
Average league
match attendance
2012/13 Domestic
league position
36,151
1 Manchester United
2 Manchester City
Trophies
won
0
With a solid commercial
structure, and the new
domestic broadcast deal
in place, Spurs’ position
in future editions of the
Money League is secure.
3 Chelsea
4 Arsenal
5 Tottenham Hotspur
17. 15. Internazionale
Revenue profile (€m)
Social media activity
@inter
0.4m
12%
Facebook likes
3m
40%
€168.8m
(£144.6m)
48%
Matchday €19.4m (£16.6m)
Broadcasting €81.5m (£69.8m)
19.4m (£16.6m)
Commercial €67.9m (£58.2m)
81.5m (£69.8m)
Average league
match attendance
2012/13 Domestic
league position
42,097
7 SS Lazio
8 Catania
Trophies
won
0
The takeover of the club
by Erick Thohir may
accelerate plans to address
Inter’s stadium issues.
9 Internazionale
10 Parma
11 Cagliari
18. 16. Galatasaray
Revenue profile (€m)
Social media activity
@GalatasaraySk
3.5m
23%
Facebook likes
9.4m
44%
€157m
(£134.6m)
33%
Matchday €35.4m (£30.3m)
Broadcasting €51.9m (£44.5m)
Average league
match attendance
2012/13 Domestic
league position
39,093
1 Galatasaray
2 Fenerbahçe
Trophies
won
1
3 Besiktas
4 Bursaspor
5 Kayserispor
Qualification for the
Champions League looks
essential if Galatasaray
are to remain Turkey’s
leading revenue
generating club and move
up the Money League.
Commercial €69.7m (£59.8m)
51.9m (£44.5m)
2
19. 17. Hamburger SV
Revenue profile (€m)
Social media activity
@HSV
0.1m
32%
50%
€135.4m
(£116m)
18%
Matchday €43.2m (£37m)
Broadcasting €24.7m (£21.2m)
Commercial €67.5m (£57.8m)
24.7m (£21.2m)
Facebook likes
0.6m
Average league
match attendance
2012/13 Domestic
league position
52,829
5 SC Freiburg
6 Eintracht Frankfurt
Trophies
won
0
Hamburger SV climbed
three places to 17th, the
highest placed Money
League club not playing
in UEFA competitions.
7 Hamburger SV
8 Borussia
Mönchengladbach
9 Hannover 96
20. 18. Fenerbahçe
Revenue profile (€m)
Social media activity
@Fenerbahce
2.7m
22%
Facebook likes
7.1m
44%
€126.4m
(£108.3m)
34%
Matchday €27.7m (£23.7m)
Broadcasting €43m (£36.9m)
Commercial €55.7m (£47.7m)
43m (£36.9m)
55.7m (£47.7m)
Average league
match attendance
40,895
Trophies
won
1
The club progressed to
the semi-final of the
Europa League, the most
advanced stage of a
European competition it
has reached.
2012/13 Domestic
league position
1
2
3
4
5
Galatasaray
Fenerbahçe
Besiktas
Bursaspor
Kayserispor
21. 19. AS Roma
Revenue profile (€m)
Social media activity
@OfficialASRoma
16%
0.3m
Facebook likes
31%
2.5m
€124.4m
(£106.6m)
53%
Matchday €20.1m (£17.2m)
Broadcasting €66m (£56.6m)
Commercial €38.3m (£32.8m)
66m (£56.6m)
38.3m (£32.8m)
Average league
match attendance
42,062
Trophies
won
0
Just over 50% of the seats
for home games at the
Stadio Olimpico were
sold, emphasising the
need for investment in
new facilities.
2012/13 Domestic
league position
4
5
6
7
8
Fiorentina
Udinese
AS Roma
SS Lazio
Catania
22. 20. Atlético de Madrid
Revenue profile (€m)
Social media activity
@Atleti
0.6m
23%
33%
Facebook likes
1.6m
€120m
(£102.8m)
44%
Matchday €27.5m (£23.5m)
Broadcasting €52.5m (£45m)
Commercial €40m (£34.3m)
52.5m (£45m)
Average league
match attendance
2012/13 Domestic
league position
37,956
1 Barcelona
2 Real Madrid
Trophies
won
1
Los Rojiblancos have
made a flying start to the
2013/14 season and
reached the half-way
mark having lost only
once in all competitions.
3 Atlético de Madrid
4 Real Sociedad
5 Valencia
23. How we did it
We have used the figure for total revenue
extracted from the annual financial statements of
the company or group in respect of each club, or
other direct sources, for the 2012/13 season
(unless otherwise stated).
Revenue excludes player transfer fees, VAT and
other sales related taxes. In a few cases we have
made adjustments to total revenue figures to
enable, in our view, a more meaningful
comparison of the football business on a club by
club basis.
Each club’s financial information has been
prepared on the basis of national accounting
practice or International Financial Reporting
Standards (“IFRS”). The financial results of some
clubs have changed, or may in future change,
due to the change in the basis of accounting
practice. In some cases these changes may be
significant.
Based on the information made available to us in
respect of each club, to the extent possible, we
have split revenue into three categories – being
revenue derived from matchday, broadcast and
commercial sources. Clubs are not wholly
consistent with each other in the way they
classify revenue. In some cases we have made
reclassification adjustments to the disclosed
figures to enable, in our view, a more meaningful
comparison of the financial results.
Matchday revenue is largely derived from gate
receipts (including season tickets and
memberships). Broadcast revenue includes
revenue from both domestic and international
competitions. Commercial revenue includes
sponsorship and merchandising revenues. For a
more detailed analysis of the comparability of
revenue generation between clubs, it would be
necessary to obtain information not otherwise
publicly available. Some differences between
clubs, or over time, may arise due to different
commercial arrangements and how the
transactions are recorded in the financial
statements, due to different financial reporting
perimeters in respect of a club, and/or due to
different ways in which accounting practice is
applied such that the same type of transaction
might be recorded in different ways.
The publication contains a variety of information
derived from publicly available or other direct
sources, other than financial statements. We have
not performed any verification work or audited
any of the information contained in the financial
statements or other sources in respect of each
club for the purpose of this publication.
For the purpose of the international comparisons,
unless otherwise stated, all figures for the
2012/13 season have been translated at 30 June
2013 exchange rates (£1 = €1.1668; €1 =
TRY2.508; €1 = BRL2.8714). Comparative figures
have been extracted from previous editions of the
Deloitte Football Money League, or from relevant
annual financial statements or other direct
sources.
There are many ways of examining the relative
wealth or value of football clubs and at Deloitte
we have developed models of anticipated future
cash flows to help potential investors or sellers do
just that. However, for an exercise such as this,
there is insufficient public information to do that.
Here, in the Deloitte Football Money League, we
use revenue as the most easily available and
comparable measure of financial wealth.
24. Whilst Bayern Munich
leapfrog Manchester
United into third place,
the English club has a
realistic opportunity to
regain top position in
future years