THE EUROPEAN

CHAMPIONSREPORT 2023

7th edition

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The European Champions Report 2023

Foreword

FOREWORD
Dear Reader,
Welcome to the 7th edition of the European Champions Report,
Football Benchmark’s annual publication focusing on thedomestic champions of Europe’s eight most prominent leagues
in the 2021/22 season, reviewing and comparing some of theirmost relevant business performance indicators to provide
perspective on these clubs’ future prospects.
Compared to last year’s edition, there are five new entries —AC Milan, FC Porto, Paris Saint-Germain FC, Real Madrid CF,
and Trabzonspor Kulübü1 — while only three clubs from Europe’s
eight top football leagues could retain their domestic title:
AFC Ajax, FC Bayern München2 and Manchester City FC.
Expanding the timeframe in question, FC Bayern München are
the only reigning champion who have managed to singlehandedly dominate the past decade of their domestic division
among the eight major European leagues in consideration,
showcasing a unique consolidation of power in the Bundesliga.
On the other hand, AC Milan and Trabzonspor Kulübü have beencrowned champions after 11 and 38 years, respectively.
The 2021/22 season has seen a progressive recovery offootball clubs on the revenue side. Indeed, with the exceptionof FC Porto, whose worsened international performance
depressed their income, all champions surveyed have managed
to increase their operating revenues compared to the previous
year’s, showing positive signs of a return to normalcy after
the pandemic. English champions Manchester City FC lead all
clubs globally in total operating revenue generated for thesecond year running (EUR 731m), slightly outperforming UEFAChampions League (UCL) winners Real Madrid CF (EUR 714m).
The largest year-on-year percentage improvement was seen
by AFC Ajax (+51%), mostly thanks to reaching the Round of 16
of the UCL, followed by Turkish champions Trabzonspor Kulübü(+36%).
The main contributor to such a remarkable improvement were
restored matchday revenues, virtually non-existent during theprior COVID-impacted season. Indeed, the eight champions
together recorded stadium income in excess of EUR 400m, a
stark comparison with the EUR 40m of the previous season.
Except for Real Madrid CF, commercial revenue also grew for
all clubs, overcoming the latest pre-COVID season’s figures.
On the other hand, six clubs out of eight suffered a worseningof their broadcasting income, mainly due to the deferred
broadcasting receipts from the 2019/20 season boosting clubs’
numbers for 2020/21.
1Highlights

Champions

Summary

Andrea SartoriFounder and CEO
Football Benchmark | Ace Advisory
andrea.sartori@footballbenchmark.com

Moving to the costs side, Paris Saint-Germain FC registered
the highest staff costs growth amongst major European
champions (+45% year on year), reaching a record figureof EUR 728m, the highest ever reported by a football club.
The summer signings of Lionel Messi, Achraf Hakimi and
Gianluigi Donnarumma, among others, are the main drivers
behind this increase. Real Madrid CF were another championthat saw large increases in their staff costs’ outlay (+29%
year on year, EUR 519m), mostly due to contract renewalsof key players and bonuses paid out for winning the UCL.
Unsurprisingly, both clubs have witnessed a worsening of theirstaff costs-to-revenue ratio, up to 109% and 73% respectively,
while all the other six domestic title holders managed todecrease their ratios.
Skyrocketing costs led also to a record net loss for
Paris Saint-Germain FC (-EUR 369m). AFC Ajax, AC Milan andTrabzonspor Kulübü were the other loss-making champions
in the past year. On the other end of the spectrum,
Manchester City FC (+EUR 49m) lead the pack with club-record
profits, with FC Porto second on the podium for this metric.
Real Madrid CF and FC Bayern München have also managed toregister net profits – two clubs that have successfully recorded
positive results in all pandemic-impacted seasons. Morespecifically, the German champions have reported a positive
bottom-line for an impressive 30th year in a row.
Besides the revenue ranking, Manchester City FC (EUR 1,267m)
also lead the eight champions in terms of their squad market
value according to Football Benchmark’s Player Valuation Tool,
closely followed by Paris Saint-Germain FC (EUR 1,008m). These
two clubs lead not only the ranking of the eight champions
under analysis, but also all clubs globally, being the only two
clubs eclipsing the EUR 1 billion threshold. Unexpectedly, not
all champions boast the title of most valuable squad in theirnation – Real Madrid CF, FC Porto and Trabzonspor Kulübü
employ only the second most valuable set of players in theirdomestic division, according to our latest update.
The following sections offer up the most interesting highlightsof this study and additional specific insights and analysis atclub level. We hope that you enjoy this report and invite you to
explore the financial and operational data of these and manyother clubs on https://www.footballbenchmark.com, thefootball industry’s primary source of financial and operational
data. If you would like to receive further information or discuss
our findings, please contact us.

Trabzonspor Kulübü’s year-on-year performances are heavily impacted by the devaluation of the original currency, the Turkish lira, against the euro.
FC Bayern München’s financial data refer to the individual financial statements of FC Bayern München AG. Consolidated data were not available at the date of publication.

2

3

The European Champions Report 2023

Foreword

Highlights

Champions

Summary

HIGHLIGHTS
Domestic champions in the last 10 years, and number of different champions

Source: Football Benchmark research

FC BAYERN MÜNCHEN
DOMINATE PAST DECADEOF BUNDESLIGAFOOTBALL

4

FC Bayern München are the only reigning champion
who have managed to single-handedly dominate
the past decade of their domestic division among
the eight major European leagues in consideration,
showcasing a unique consolidation of power.
After the Bavarians, Paris Saint-Germain FC andManchester City FC were the next most frequentchampions, with five national trophies collected in 10
years, although the Premier League – together with
the Süper Lig – demonstrate the highest fluctuationof champions (five), signalling a more competitively
balanced competition than that of Ligue 1 (three).

The European Champions Report 2023

Foreword

Highlights

Champions

Summary

Total operating revenues with breakdown (2021/22)
in EURm and YoY% change*

Source: Football Benchmark - Club finance & operations*Note: All data refer to the individual financial statements of FC Bayern München AG. Consolidated data were not available at the date of publication.

English champions Manchester City FC
lead all clubs globally in total operating
revenue generated for the second year
running, slightly outperforming Spanish
giants Real Madrid CF.
With the exception of FC Porto, whose
worsened continental performance
depressed their income, all champions
surveyed have managed to increase theiroperating revenues compared to theprevious year’s, showing positive signs ofa return to normalcy after the pandemic.

MANCHESTER CITY FC
GLOBAL LEADER IN
OPERATING REVENUESFOR SECOND YEAR IN
A ROW

The largest year-on-year improvement
was seen by AFC Ajax, whose revenues
from all three major streams have
improved mostly thanks to reaching
the Round of 16 of the UEFA Champions
League.

5

The European Champions Report 2023

Foreword

Highlights

Paris Saint-Germain FC completed a historic summer transfer
window in 2021, signing Lionel Messi, Achraf Hakimi and
Gianluigi Donnarumma among others, increasing their wage
expenditure significantly – 45% year on year to EUR 728m,
reaching a staff costs-to-revenue ratio of 109%.
Real Madrid CF were another champion that saw large
increases in their staff costs’ outlay (+29% year on year,
EUR 519m), mostly due to contract renewal of key players andbonuses paid out for winning the UEFA Champions League.
At the same time, all the other six domestic title holders
managed to improve their staff costs-to-revenue ratio.

Champions

Summary

PARIS SAINT-GERMAIN FC
STAFF COSTS EXPAND
MOST AMONGST MAJOREUROPEAN CHAMPIONSIn the 2021/22 season only 3 clubs recorded a ratio above
the 70% threshold recommended by UEFA in the previous
Financial Fair Play Regulations.

Total staff costs in EURm and staff-costs-to-revenue ratio(arrow showing YoY change)
800
20/21

21/22

700

600

Staff costs

500

400

*
300

200

100

0
40%

50%

60%

70%
80%
90%
Staff costs-to-revenue ratio

100%

Source: Football Benchmark - Club finance & operations*Note: All data refer to the individual financial statements of FC Bayern München AG. Consolidated data were not available at the date of publication.

6

110%

120%

The European Champions Report 2023

Foreword

Highlights

Champions

Summary

Profit/Loss after tax (2021/22) in EURm
49
50

21

13

9

0

*

-24

-25

-50
-67
-100

-150

-200

-250

-300

-350
-369
-400
Source: Football Benchmark - Club finance & operations*Note: All data refer to the individual financial statements of FC Bayern München AG. Consolidated data were not available at the date of publication.

Paris Saint Germain FC’s landmark player acquisitions andon-pitch successes came at a cost, as they suffered oneof the worst net results in football history with losses of
EUR 369m. They were joined by AFC Ajax, AC Milan andTrabzonspor Kulübü as loss-making champions in the past
year.

PARIS SAINT-GERMAIN FC
SUFFER RECORD LOSSES

On the other end of the spectrum, Manchester City FC leadthe pack with club-record profits, with FC Porto on the next
step of the podium. Real Madrid CF and FC Bayern München
have also managed to register net profits – two clubs thathave successfully recorded positive results in all pandemicimpacted seasons.

7The European Champions Report 2023

Foreword

Highlights

Champions

Summary

Manchester City FC also lead the eight championsin terms of their squad market value according toFootball Benchmark’s Player Valuation Tool, followed
by Paris Saint-Germain FC. These two clubs lead
not only the ranking of the eight champions underanalysis, but also all clubs globally.

MANCHESTER CITY FC AND
PARIS SAINT-GERMAIN FC’SSQUADS ECLIPSEEUR 1 BILLION MARK

Ranking third are FC Bayern München, who arechallenging PSG for second place with a squadvaluation just short of EUR 1 billion.
Unexpectedly, not all champions boast the title ofmost valuable squad in their nation – Real Madrid CF,
FC Porto and Trabzonspor Kulübü employ only
the second most valuable set of players in theirdomestic division, according to our latest update.

Squad market value at January 2023 in EURm
1,500

1,200

900

600

300

0

1,267

1,008

Source: Football Benchmark - Player Valuation

8

994

936

693

300

269

134

The European Champions Report 2023

Foreword

Highlights

Champions

Summary

Group stage

16

16

13

11

11

7

6

Round of 16

14

7

9

7

10

5

3

Quarter-finals

11

7

7

7

8

3

3

Semi-finals

1

6

4

3

2

Final

1

4

3

2

2

WinnerNumber of players sent to the World Cup by stage

1

2

1

Source: Football Benchmark research

All eight champions in our report had players representing
their nations at the 2022 FIFA World Cup™, spanning fromthe 16 sent by Manchester City FC and FC Bayern München
to the two sent by Trabzonspor Kulübü.
The Cityzens and PSG, with Julián Alvarez and Lionel
Messi respectively, were the only two clubs that had
players return as world champions after the winter break.

MANCHESTER CITY FC
AND FC BAYERN MÜNCHENSEND MOST PLAYERS
TO WORLD CUP AMONG
CHAMPIONS
9The European Champions Report 2023

Foreword

Highlights

Champions

Summary

AC MILANTOTAL OPERATING REVENUESEVOLUTION AND 2021/22 BREAKDOWNSTAFF COSTSEVOLUTION
269

233

214

33

185

+16%

163

133

161

170

170

2019/20

2020/21=104

2018/192019/20

2020/212021/222018/192021/22

MatchdayBroadcasting

STAFF COSTS/OPERATINGREVENUE RATIO

Commercial & Other

63%

PROFIT/LOSS
AFTER TAX

-67

Source: Football Benchmark - Club finance & operations, in EURm.

SQUAD MARKET VALUES AND MVPs

693

RAFAEL
LEÃO

91

THEO
HERNÁNDEZ79

SANDROTONALI

57

Source: Football Benchmark – Player Valuation, in EURm as at 1st January 2023.

62 MILLION FOLLOWERS
Source: Football Benchmark – Social Media Analytics, as at 1st January 2023.

ENTERPRISE VALUE (RANKING)th

578 (15 )Source: Football Clubs’ Valuation: The European Elite 2022, in EURm as at 1st January 2022.

10

RAFAEL LEÃOForward

The European Champions Report 2023

Foreword

Highlights

Champions

Summary

Eleven years after having won it the last time, once again
AC Milan managed to win the Scudetto, reaching their 19th
domestic title in a thrilling confrontation with their city rivals
FC Internazionale. The 2021/22 season also marked the return of
the Rossoneri to the UEFA Champions League after a seven-year
absence.

Staff costs remained stable at EUR 170m, as the savings on thesalaries of Gianluigi Donnarumma and Hakan Çalhanoğlu, wholeft the club for free, fully compensated the additional costs
associated with new arrivals and the bonuses awarded to theteam for sporting achievements. Consequently, the staff coststo-revenue ratio reached a very healthy 63%.

Besides sporting success, AC Milan’s results off the pitch werealso remarkable, as the club finally managed to dig themselves
out of a lengthy 10-year stagnation on the revenue side,
reaching EUR 269m of total operating revenue (+16% comparedto the previous season).

The revenue growth, in combination with a strict cost control
strategy, led to a remarkable improvement of bottom-line
profitability over the past two seasons: the record net loss ofalmost EUR 200m suffered in 2019/20 was halved in 2020/21
and then further reduced to EUR 67m in 2021/22.

Thanks to the positive sporting performance that boosted fans’
enthusiasm, the Rossoneri recorded EUR 33m in matchday
income, one of the highest figures achieved over the past
10 years, despite the capacity restrictions in place during thefirst part of the season due to the pandemic. Broadcasting
revenue suffered a slight 4% decrease compared to 2020/21, a
number inflated by deferred income from the 2019/20 sporting
season. However, this revenue stream, inclusive of UEFA prizes
for EUR 44m, still represents the club’s main source of income:
49% of total operating revenue.

Looking at the squad market value as of 1st January 2023,
AC Milan can count on being the most valuable squad inSerie A, worth EUR 693m. Positive sporting performance led
to remarkable growth for several players such as Rafael Leão,
Pierre Kalulu and Sandro Tonali, who have more than doubled
their market value over the past 12 months.

Over the past three seasons, commercial revenues were themain growth driver for AC Milan: +36% compared to 2018/19,
up to EUR 104m in 2021/22. The sponsorship agreements inplace with Emirates and PUMA represented the club’s maincommercial income, providing around EUR 15m each during
the 2021/22 season. Both deals have been already officiallyrenewed doubling their annual value: around EUR 30m each.
In particular, the kit supplier agreement will also include thenaming rights of the stadium hosting the youth and women’s
teams. All other sponsorship agreements generated a combined
EUR 27m, mainly driven by the new deals locked up over the past
two years, among others: BitMex as sleeve sponsor (reported
EUR 5m) and Wefox as back sponsor (around EUR 7m). Finally,
over the past season, merchandising and licensing income morethan doubled compared to 2020/21, reaching EUR 25m.

The celebrations for the Scudetto represented one of thelast memories under the ownership of Elliott Management,
which took over the club in 2018, as a result of the missed debt
obligations of the previous Chinese owners. Indeed, during thesummer the American hedge fund, led by the Singer family, has
finalised the sale of their stakes to RedBird Capital Partners
for a reported EUR 1.2bn. Further growth on the commercial
side – with the recent partnership struck with MLB franchise
New York Yankees being a testament to the synergies RedBird
can bring to the table, and the highly-debated new stadium
project – will be the key hot topics for the new owners.
In the current 2022/23 season, the Rossoneri are again incontention for the domestic league and, having advanced fromthe group stages of the UEFA Champions League, they will face
Tottenham Hotspur FC in the Round of 16.

Credits: AC Milan

11

The European Champions Report 2023

Foreword

Highlights

Champions

Summary

AFC AJAXTOTAL OPERATING REVENUESEVOLUTION AND 2021/22 BREAKDOWNSTAFF COSTSEVOLUTION

199

189

162

36

125

74

+51%

92

92

95

2018/192019/20

2020/21

109
+15%

80

2018/192019/20

2020/212021/222021/22

MatchdayBroadcasting

STAFF COSTS/OPERATINGREVENUE RATIO

Commercial & Other

58%

PROFIT/LOSS
AFTER TAX

-24

Source: Football Benchmark - Club finance & operations, in EURm.

SQUAD MARKET VALUES AND MVPsDUŠAN TADIĆ

300

JURRIEN
TIMBER

41

EDSON
ÁLVAREZ

38

ForwardSTEVENBERGWIJN

35

Source: Football Benchmark – Player Valuation, in EURm as at 1st January 2023.

22 MILLION FOLLOWERS
Source: Football Benchmark – Social Media Analytics, as at 1st January 2023.

ENTERPRISE VALUE (RANKING)th473 (19 )Source: Football Clubs’ Valuation: The European Elite 2022, in EURm as at 1st January 2022.

12

The European Champions Report 2023

Foreword

Highlights

Champions

Summary

Dutch champions yet again in 2021/22, now AFC Ajax havesecured the domestic trophy for a record 36 times, extending
their lead as the most distinguished club domestically. However,unlike the year prior, the title race was much tighter, with fierce
rivals PSV Eindhoven contesting until the league’s final rounds.
In the national cup competitions, the club were successful to alesser extent, bowing out as runners-ups in both the KNVB Cup
and the Johan Cruyff Shield. On the continental scene they alsoachieved mixed success: they topped their UEFA Champions
League (UCL) group by winning all six games, but were knocked
out shortly after in the Round of 16 by SL Benfica.

the increase in partner activation opportunities seen withthe return to normalcy after the pandemic. Finally, AFC Ajax’s
Bob Marley-inspired kit was a huge commercial success,increasing shirt sales massively.

AFC Ajax closed their accounts with operating revenues of
EUR 189m, a staggering 51% year-on-year increase. Crucially,
matchday revenues were partially restored by an increase of
EUR 31m to reach EUR 36m in one of Europe’s most iconic andfrequented stadia, becoming the greatest contributor for thelarge improvement. However, matchday revenues have still not
returned to pre-pandemic levels, as the effects of COVID-19
were still lingering two years after its initial onset in Europe.
Indeed, due to an increase in infections, the public was once
again barred from attending sports events in the Netherlands inNovember 2021, but luckily for the club and their fans, full stadia
were back on the menu from the beginning of March.

Another revenue source still heavily suffering from the effectsof the pandemic was player trading income. Within a scope
comprised of clubs from the Big Five European competitions
plus the Dutch Eredivisie in the 2021/22 season, AFC Ajax were
fourth in the ranking of club-trained players, at 40%. Suchtalent-developing clubs were especially affected by a depressed
player trading market, not only through the decrease of feesof transfers that directly involved them, but also through thedecreased solidarity contributions and negotiated sell-on fee
clauses for transferred former AFC Ajax players. Their biggest
sale noted in the 2021/22 accounts was a transfer registeredat the beginning of the summer of 2022, namely the move of
Ryan Gravenberch for a reported fee of EUR 19m to FC Bayern
München.

Broadcasting revenues were yet another income streamthat increased year on year, to EUR 74m, thanks to better
continental performance. Not only did the club advance further
in the UCL, but they also received bigger payments from thegroup stage as a result of their perfect six-win record. UEFA
income is especially fundamental for clubs outside the Big Five
European leagues – for AFC Ajax, distributions from UEFAaccount for approximately six times as much as their domestic
broadcasting deal payments.
New engagements, such as a partnership with CocaCola, and a renewed agreement with main sponsor Ziggo,
prompted a rise in commercial revenues as well, by 22%,
to EUR 80m. Another factor driving the positive change wasJust like revenues, staff costs have increased too, albeit
by only 15%, to EUR 109m – reaching a level that was double
their next closest domestic rival’s – due to contract renewals
and the expansion of the number of full-time staff. Despite
that, AFC Ajax’s staff costs-to-revenue ratio decreased
dramatically, to 58%, because of the large increase in revenues.

In conclusion, increased operating revenues despite adepressed player trading market led to AFC Ajax closing thefinancial year with a net loss of EUR 24m. However, next
year’s accounts are already projected to be positive due to thehigh-profile player departures that took place this summer, suchas Antony and Lisandro Martínez to Manchester United FC.
AFC Ajax are in another title race this year, although this timewith several teams still in the fight. Following their relegationfrom a tough UCL group that involved Liverpool FC and SSC
Napoli, they will face FC Union Berlin in the UEFA Europa League
knockout round play-offs.

Credits: Ajax Media

13

The European Champions Report 2023

Foreword

Highlights

Champions

Summary

FC BAYERN MÜNCHEN *TOTAL OPERATING REVENUESEVOLUTION AND 2021/22 BREAKDOWN
626

607

STAFF COSTSEVOLUTION
627

598

44

+5%

215

336

349

315

324
-7%

368

2018/192019/20

2020/212021/222018/192019/20

2020/212021/22

MatchdayBroadcasting

STAFF COSTS/OPERATINGREVENUE RATIO

Commercial & Other
Source: Football Benchmark Club finance & operations, in EURm.

52%

PROFIT/LOSS
AFTER TAX

9

*Note: All data refer to the individual financial statements of FC Bayern München AG. Consolidated data were not available at the date of publication.

SQUAD MARKET VALUES AND MVPs

994

JAMAL
MUSIALA112JOSHUAKIMMICH

90

LEROY
SANÉ

81

Source: Football Benchmark – Player Valuation, in EURm as at 1st January 2023.

119 MILLION FOLLOWERS
Source: Football Benchmark – Social Media Analytics, as at 1st January 2023.

ENTERPRISE VALUE (RANKING)th2,749 (4 )Source: Football Clubs’ Valuation: The European Elite 2022, in EURm as at 1st January 2022.

14

MANUEL
NEUER

Goalkeeper

The European Champions Report 2023

Foreword

FC Bayern München* celebrated a dominant decade with their
10th consecutive national title, becoming German champions
for the 32nd time overall. The conductor of their on-pitch
success was Julian Nagelsmann, acquired for a then world
record transfer fee for a manager, orchestrating an attack that
culminated in Robert Lewandowski’s remarkable achievementof scoring 50 goals that season. Moreover, the club lifted the
DFL Supercup, giving them more silverware to celebrate despite
performing below their lofty standards in both the DFL-Pokal
and the UEFA Champions League (UCL), in which they departed
in the second round and the quarterfinals, respectively.
On-pitch success was reflected in the club’s accounts, as
FC Bayern München’s total operating revenues increased 5%
year on year and reached EUR 627m, returning to pre-COVID
levels. This, despite registering only EUR 44m in matchday
revenue (a level significantly lower than the EUR 92m in
2018/19) as most of their home matches were played undercrowd capacity restrictions at the Allianz Arena, which isconsistently sold out.
Broadcasting revenues fell to EUR 215m, a year-on-year
decrease of 15%. While such a significant change might seem
alarming, the main reason was not the Bavarians’ continental
performance. In fact, they exited the UCL at the same stage
in both the 2020/21 and the 2021/22 seasons. The primary
culprit is yet again the pandemic, which caused a delay in thelatter stages of the UCL knockout rounds in 2019/20 after
the same season’s financial account closing date. As such,
FC Bayern München recorded some of their earnings from their
Europe-conquering campaign in their 2020/21 accounts.
Meanwhile, the club registered record-high commercial
revenues of EUR 368m, even eclipsing pre-pandemic figures.

Highlights

Champions

SummaryLong-lasting partnerships with adidas, Deutsche Telekom, Audi,
and Allianz, as well as newer relationships with Qatar Airways, allcontributed significantly.
On the cost side, staff costs have decreased by 7% to
EUR 324m, and their staff costs-to-revenue ratio decreased
seven percentage points, to 52%. The year-on-year change
appears highly favourable as the delay of the 2019/20 UCL
knockout stages also inflated staff costs in 2020/21, withbonuses for winning the continental competition pushed to lastyear’s accounts. At the same time, the club also took measures
to reduce their wage bill, with high-profile players – namelyDavid Alaba, Jérôme Boateng and Javi Martínez – all leaving on
free transfers.
Some incomings followed Julian Nagelsmann on the transfer
market, with the German coach reuniting with Dayot Upamecanoand Marcel Sabitzer, for reported fees of EUR 43m and EUR 15m,
respectively. Such annual squad strengthening campaigns
contribute to FC Bayern München consistently employing
the highest valued Bundesliga squad according to our Player
Valuation Tool.
Finally, the Bavarians have reported bottom-line profits for the
30th year in a row, this year at EUR 9m. Additionally, they werealso one of the few elite European clubs (along with Real MadridCF) to have recorded net profits in all three pandemic-affectedseasons. Projecting next year’s financial results, club officials
predict record total turnover of at least EUR 770m.
In the current 2022/23 season, FC Bayern München have alreadycaptured the DFL Supercup, and they lead the Bundesliga into
the winter break, while still in the running for both DFL-Pokal
and the UEFA Champions League.

*Note: All data refer to the individual financial statements of FC Bayern München AG. Consolidated data were not available at the date of publication.

Credits: FC Bayern München

15

The European Champions Report 2023

Foreword

Highlights

Champions

Summary

FC PORTO
TOTAL OPERATING REVENUESEVOLUTION AND 2021/22 BREAKDOWN176

STAFF COSTSEVOLUTION

154

144

-6%

11

98

87

90

91

100

89
-10%

43

2018/192019/20

2020/212021/222018/192019/20

2020/212021/22

MatchdayBroadcasting

STAFF COSTS/OPERATINGREVENUE RATIO

Commercial & Other

62%

PROFIT/LOSS
AFTER TAX

21

Source: Football Benchmark - Club finance & operations, in EURm.

SQUAD MARKET VALUES AND MVPs
PEPE

269

DIOGO
COSTA

42

DefenderOTÁVIO

PEPÊ

26

26

Source: Football Benchmark – Player Valuation, in EURm as at 1st January 2023.

9 MILLION FOLLOWERS
Source: Football Benchmark – Social Media Analytics, as at 1st January 2023.

ENTERPRISE VALUE (RANKING)th

311 (29 )Source: Football Clubs’ Valuation: The European Elite 2022, in EURm as at 1st January 2022.

16

The European Champions Report 2023

Foreword

Highlights

Champions

Summary

The 2021/2022 season was a successful one for FC Porto
The Dragões completed the domestic treble by winning thePrimeira Liga, the Taça de Portugal and the Supertaça. The clubalso set an important milestone after winning the league for the
30th time in their history, now only seven wins behind fierce rivals
SL Benfica. On the other hand, the club were not able to reachthe same heights on the international stage: after relegationfrom the UEFA Champions League group stages to the UEFA
Europa League, the club were eliminated at the Round of 16 by
Olympique Lyonnais. Thus, they were not able to replicate theoutstanding results seen in the previous, 2020/21 season, when
they reached the UEFA Champions League quarter-finals.

staff cost-to-revenue ratio, to 62%. This is a particularly positive
result, especially considering that two years prior that ratio
stood at 104%.

FC Porto’s operating revenues decreased by EUR 10m in
2021/22 – a 6% year-on-year drop. The main driver of that
decrease was broadcasting income; more specifically, UEFA
income declined 36% compared to 2020/21, as reaching theEuropa League Round of 16 is much less lucrative than theUEFA Champions League quarter-finals achieved in 2020/21.
On the other hand, matchday and commercial revenues
increased significantly. Commercial revenue recorded 49%
year-on-year growth, driven by income from in-stadium
ads and the re-opening of merchandising shops. Such
improvements are a consequence of the industry returning tonormal following previous seasons played behind closed doors
and/or with restrictions to cope with the COVID-19 pandemic.

FC Porto scored a net profit of EUR 21m in 2021/22, an 11%
year-on-year increase. Originally, the net results obtained by
the club in the previous year were higher, but revised financial
statements lowered that amount by EUR 14m, in accordancewith international accounting standards IAS 8 – Accounting
Policies, Changes in Accounting Estimates and Errors related
to an amendment to the accounting policy for the transfer ofplayers.

The club recorded a 10% reduction in staff costs
compared to the previous year, which also drove down the

FC Porto recorded the highest net profit on players’ disposal
among domestic competitors such as SL Benfica, Sporting CP
and SC Braga – a value of EUR 91m. The sales of Vitinha to ParisSaint-Germain FC for EUR 42m – with a net profit of EUR 36m;
Fábio Vieira to Arsenal FC for EUR 35m – net profit to EUR 29m;
and Luis Díaz to Liverpool FC for EUR 45m – net profit of EUR
25, all played a huge role toward improving performance in thisregard compared to the previous season.

In the current season, FC Porto are fighting for the Portuguese
league title with SL Benfica and have already improved theirinternational results compared to the previous year, as they
progressed to the UEFA Champions League Round of 16 where
they will face FC Internazionale Milano in February.

Credits: FC Porto

17

The European Champions Report 2023

Foreword

Highlights

Champions

Summary

MANCHESTER CITY FC
TOTAL OPERATING REVENUESEVOLUTION AND 2021/22 BREAKDOWN610

STAFF COSTSEVOLUTION
731

644

548

64

+13%

294

400

358

418

400
+4%

373

2018/192019/20

2020/212021/222018/192019/20

2020/212021/22

MatchdayBroadcasting

STAFF COSTS/OPERATINGREVENUE RATIO

Commercial & Other

57%

Source: Football Benchmark - Club finance & operations, in EURm.

SQUAD MARKET VALUES AND MVPs

1,267

KEVIN
DE BRUYNE

Midfielder

ERLINGHAALAND

175

PHIL
FODEN

136

RÚBEN
DIAS

96

Source: Football Benchmark – Player Valuation, in EURm as at 1st January 2023.

130 MILLION FOLLOWERS
Source: Football Benchmark – Social Media Analytics, as at 1st January 2023.

ENTERPRISE VALUE (RANKING)th2,483 (6 )Source: Football Clubs’ Valuation: The European Elite 2022, in EURm as at 1st January 2022.

18

PROFIT/LOSS
AFTER TAX

49

The European Champions Report 2023

Foreword

Ten years after winning their first English Premier League,
Manchester City FC have secured their sixth domestic
title in the 2021/22 season, for the fourth time in the last
five years. However, performances in cup competitions
left more to be desired as the club missed out on both the
FA Cup and the Carabao Cup, in addition to a semi-final loss in
the UEFA Champions League (UCL) against eventual winners
Real Madrid CF.
On the financial side, the Cityzens closed their most successful
year in club history as total operating revenues improved
again, by 13% to EUR 731m. As such, the club became the global
leader amongst football clubs in terms of operating revenues
for the second year running.
The main contributing factor to such impressive performanceon the accounts were the returned matchday revenues,
which were virtually non-existent during the COVID-impacted
seasons prior. In the 2021/22 season, occupancy rates reverted
to pre-lockdown levels, as an average of 53,000 spectators
frequented the Etihad Stadium on Premier League home
games en route to a matchday revenue of EUR 64m. The club’s
dedicated fan zone, City Square, was ranked as the best in thePremier League’s annual Matchday Fan Experience survey, thus
it is no wonder that the much-anticipated group stage gameagainst Paris Saint-Germain FC broke the club’s single gamematchday revenue record.
Record commercial revenues, which increased a staggering
21% year on year to EUR 373m, were also significant drivers
behind Manchester City FC’s financial success. Numerous
metrics demonstrate the club’s colossal brand reach. Firstly,
the number of followers across the club’s main social media
accounts finally surpassed 100 million users, with video views on
the key platforms doubling to reach 3.3 billion globally. The club’s
popularity is also evident in their TV viewership figures:
cumulative global viewers numbered more than 600 million
during the season, with three of the five most watched Premier
League games involving the Cityzens. Such performancecertainly helped them secure their highest-ever partnershiprevenues as 12 new partners and numerous renewals werenegotiated amid the season.

Highlights

Champions

Summary

Broadcasting income deteriorated slightly to EUR 294m, a
year-on-year decrease of 12%. The first, most obvious reason
for this stream’s decrease was due to marginally poorer UCL
performance. While in 2020/21 the club reached the final of
Europe’s premier international competition, in the most recently
finished 2021/22 season they were stopped a round earlier.
The second crucial cause for the worsened performance relative
to the year prior was due to deferred broadcasting paymentsfrom the 2019/20 season – because of the delay in the season’sfinish – boosting the total for 2020/21.
Staff costs remained relatively constant with only a 4%
year-on-year increase to EUR 418m. Because of the slower
growth rate compared to total operating revenues, City’s
staff costs-to-operating revenue ratio has decreased five
percentage points, to 57% – an exceptionally low figure
amongst their European top club peers.
As usual, Manchester City FC did not idly sit around during thesummer transfer window, breaking their previous transfer
record with the acquisition of Jack Grealish for a reported feeof EUR 118m in the summer of 2021. Their transfer record forlargest player sale was also broken with the sale of Ferran Torres
to FC Barcelona for a reported fee of EUR 55m in the January
period. Since then, key transfer incomings and outgoings werealso seen in the summer of 2022, as Erling Haaland joined
the club, and Raheem Sterling and Gabriel Jesus bid theirfarewells. As a result, Manchester City FC currently have thehighest valued squad at EUR 1,267m, according to our Football
Benchmark Player Valuation Tool.
Finally, Manchester City FC cap off their excellent year byregistering their highest-ever bottom-line profits, EUR 49m.
In the current 2022/23 season, the Cityzens are again incontention for the domestic league, and having advanced fromthe Group Stages of the UEFA Champions League, they will face
RB Leipzig in the Round of 16.

Credits: Manchester City FC

19

The European Champions Report 2023

Foreword

Highlights

Champions

Summary

PARIS SAINT-GERMAIN FC
TOTAL OPERATING REVENUESEVOLUTION AND 2021/22 BREAKDOWN
636

STAFF COSTSEVOLUTION

570

541

728

670
131

+18%

139

369

406

503

+45%

399

2018/192019/20

2020/212021/222018/192019/20

2020/212021/22

MatchdayBroadcasting

STAFF COSTS/OPERATINGREVENUE RATIO

Commercial & Other

109%

PROFIT/LOSS
AFTER TAX

-369

Source: Football Benchmark - Club finance & operations, in EURm.

SQUAD MARKET VALUES AND MVPs

1,008

KYLIAN
MBAPPÉ223

ACHRAFHAKIMI

LIONEL MESSI

ForwardMARQUINHOS

90

74

Source: Football Benchmark – Player Valuation, in EURm as at 1st January 2023.

180 MILLION FOLLOWERS
Source: Football Benchmark – Social Media Analytics, as at 1st January 2023.

ENTERPRISE VALUE (RANKING)th

2,132 (8 )Source: Football Clubs’ Valuation: The European Elite 2022, in EURm as at 1st January 2022.

20

The European Champions Report 2023

Foreword

Highlights

Champions

Summary

In the 2021/22 season Paris Saint-Germain FC have secured
their eighth domestic title over the past 10 years and the 10th intheir history, becoming one of the two most successful French
teams, along with AS Saint-Étienne. However, performancesin cup competitions left more to be desired as PSG were
eliminated in the Round of 16 from both the Coupe de France
and the UEFA Champions League, against OGC Nice andReal Madrid CF, respectively.

During the summer, PSG were the central figure of thetransfer market by signing, among others, 7-time Ballon d’Or
winner Lionel Messi, the 2021 Yashin Trophy winner Gianluigi
Donnarumma and the former Real Madrid CF captain Sergio
Ramos, all as free agents. Another key step toward compositionof the French “Dream Team” was the contract renewal with
Kylian Mbappé, months after rumours and debate over his
potential departure.

Off the pitch, Les Parisiens managed to increase their total
revenue by 18%, up to EUR 670m, overcoming pre-Covid
figures. The main contributing factor to such improvement were
restored matchday revenues, virtually non-existent during the
COVID-impacted season prior. Indeed, in 2021/22, they recorded
the highest matchday income among all European clubs:
EUR 131m.

Unsurprisingly, total staff costs, including social contribution
costs for all employees, registered an impressive 45%
year-on-year increase, up to EUR 728m, the highest figure
ever registered by a football club. Consequently, the staff
cost-to-revenue ratio became bloated, exceeding the 100%
threshold.

Broadcasting revenue having worsened compared to theprevious season (-31%) is mainly due to deferred broadcasting
income from the 2019/20 season, when the club reached
the UCL final, boosting numbers for 2020/21. Moreover,broadcasting revenues were also negatively impacted by thepoorer performance in the 2021/22 UCL: i.e., elimination at theRound of 16, in contrast to the semi-final reached the year prior.
Commercial revenue represents the most significant income
stream for the French champions, accounting for 60% of total
operating revenue up to EUR 399m, confirming their leadershipon the commercial side in the European football landscape.
The kit supplier deal in place with Nike, renewed until 2032
and worth around EUR 80m per year, represents the most
remunerative sponsorship agreement in the club’s history.

Skyrocketing costs led to a record net loss of EUR 369m inthe 2021/22 season, contributing to a cumulative loss above
EUR 700m over the past three seasons. For such reasons,UEFA CFCB announced a 3-year Settlement Agreement with
PSG after failing to comply with break-even requirements, andhave fined the club for EUR 65m, of which EUR 10m must be
paid in full, with the balance conditional on compliance withpre-defined targets.
In the current season, led by new head coach Christophe Galtier,
PSG are contenders for all domestic titles yet again and will faceFC Bayern München for the much coveted UCL in the Roundof 16.

Credits: IMAGO / Just Pictures21

The European Champions Report 2023

Foreword

Highlights

Champions

Summary

REAL MADRID CF
TOTAL OPERATING REVENUESEVOLUTION AND 2021/22 BREAKDOWN
740

681

STAFF COSTSEVOLUTION
714

641

91

+12%
320

394

411

519

403
+29%

304

2018/192019/20

2020/212021/222018/192019/20

2020/212021/22

MatchdayBroadcasting

STAFF COSTS/OPERATINGREVENUE RATIO

Commercial & Other73%

PROFIT/LOSS
AFTER TAX

13

Source: Football Benchmark - Club finance & operations, in EURm.

SQUAD MARKET VALUES AND MVPs

936VINÍCIUS
JÚNIOR151

FEDERICOVALVERDE

101

CARLO ANCELOTTIManager

AURÉLIENTCHOUAMÉNI

93

Source: Football Benchmark – Player Valuation, in EURm as at 1st January 2023.

376 MILLION FOLLOWERS
Source: Football Benchmark – Social Media Analytics, as at 1st January 2023.

ENTERPRISE VALUE (RANKING)st3,184 (1 )Source: Football Clubs’ Valuation: The European Elite 2022, in EURm as at 1st January 2022.

22

The European Champions Report 2023

Foreword

Arguably the best club on-pitch in Europe during the 2021/22
season, Real Madrid CF topped not only their domestic league,
LaLiga, but also collected the UEFA Champions League andthe Supercopa de España trophies with Carlo Ancelotti’s returnto the helm. Via such accomplishments, Ancelotti became thefirst manager in club history to have won all six available toptier trophies. Leading the lines the entire campaign was Karim
Benzema, whose 44 goals propelled him towards the Ballon d’Or.
Los Blancos massively improved upon last year’s financial
results* with total operating revenues having jumped to
EUR 714m, a 12% year-on-year improvement. However,operating revenues have not recovered entirely to pre-pandemic
levels – the club’s record operating revenues were EUR 743m in
2017/18, notably also a year in which they became the championsof Europe. Club management estimates that approximately
EUR 400m was lost between March 2020 and June 2022 due to
COVID-19.
Boosting earnings to the greatest extent are matchday
revenues, having increased to EUR 91m following fans’ returnto the Santiago Bernabéu. While the increase is substantial,
Real Madrid CF did not utilise their stadium to full capacity due
to renovation works. The new and improved stadium’s official
inauguration is expected in 2023 with tremendous growthpotential and revenue-generation possibilities foreseen.
A strategic partnership was announced with Sixth Street andLegends, who have acquired the right to participate in theoperation of specific new businesses of the new Santiago
Bernabéu stadium for a period of 20 years. The deal was
reportedly worth EUR 360m, of which Real Madrid CF havealready registered an extraordinary income of EUR 316m in their2021/22 accounts.
Revenues from broadcasting increased thanks to a largely
successful campaign, growing slightly by 6% to EUR 320m.
Income from the domestic league decreased, although it must
be noted that the previous, 2020/21 season’s distribution
also included delayed payments from the 2019/20 season.

Highlights

Champions

Summary

On the other hand, income from UEFA reached record highs of
EUR 141m following Real Madrid CF’s triumph in Europe.
Only commercial revenues have declined marginally, by 4%, to
EUR 304m. While merchandising and store sales have increased
due to normalcy returning after the pandemic, income fromsponsorship still felt its lingering effects as contracting slowed.
Just as revenues have risen dramatically, so have costs, as
Real Madrid CF’s total operating expenses reached EUR 851m.
An increase in staff costs to EUR 519m is the main contributor,
as staff costs-to-revenue ratio jumped from 63% to 73%.
The first reason for such a sudden increase is the return ofwages to normalcy following a season in which they were cut by
10% due to the pandemic. Second, such a successful campaign
has been rewarded with bonuses, inflating staff costs; finally,
many players were awarded new and improved contracts, suchas Federico Valverde and Daniel Carvajal. Meanwhile, otheroperating expenses also grew significantly with the return of
stadium operations and increased professional fees.
On the player trading front, Los Blancos brought in David Alaba
on a free transfer, and Eduardo Camavinga for a reported feeof EUR 31m. Leaving the club were Raphaël Varane (EUR 40m)
and Martin Ödegaard (EUR 35m) to the English Premier
League, in addition to club legend Sergio Ramos departing toParis Saint-Germain FC for free.
Ultimately, Real Madrid CF closed their accounts with a net
profit after tax of EUR 13m, making them one of the few eliteclubs registering a profit in all three seasons since the onset ofthe pandemic at the end of the 2019/20 campaign. Regarding
future projections, the club have budgeted for total operating
revenues of EUR 770m, an 8% increase on their latest figures.
Coming into the new year, Real Madrid CF are in a close title racewith arch-rivals FC Barcelona in LaLiga and will face Liverpool
FC in the UEFA Champions League Round of 16 in a rematch oflast year’s final.

*Note: This is the first year in which Real Madrid CF’s consolidated accounts have been published and thereby included in the analysis.

Credits: Real Madrid CF

23

The European Champions Report 2023

Foreword

Highlights

Champions

Summary

TRABZONSPOR KULÜBÜ
TOTAL OPERATING REVENUESEVOLUTION AND 2021/22 BREAKDOWN
59

51

46

STAFF COSTSEVOLUTION7

43 +36%

48

15

30

28

2018/192019/20

35

+35%

37

2018/192019/20

2020/212021/222020/212021/22

MatchdayBroadcasting

STAFF COSTS/OPERATINGREVENUE RATIO

Commercial & Other

81%

PROFIT/LOSS
AFTER TAX

-25

Source: Football Benchmark - Club finance & operations, in EURm.

SQUAD MARKET VALUES AND MVPs

134UĞURCANÇAKIR16

TRÉZÉGUET13

MAREK HAMŠÍK

Midfielder

YUSUF
YAZICI

11

Source: Football Benchmark – Player Valuation, in EURm as at 1st January 2023.

5 MILLION FOLLOWERS
Source: Football Benchmark – Social Media Analytics, as at 1st January 2023.

ENTERPRISE VALUE (RANKING)

N/A

Source: Football Clubs’ Valuation: The European Elite 2022, in EURm as at 1st January 2022.

24

The European Champions Report 2023

Foreword

After 38 years of quiet, Trabzonspor Kulübü managed to bring
the Turkish Süper Lig trophy back to the shores of the Black Sea,
winning their 7th national title three weeks before the end of theseason and breaking the dominance of Istanbul-based clubs.
In the 2021/22 season they also reached the semi-final of theTurkish Cup, yet their international performance was not up to
domestic standards. Indeed, they were eliminated by AS Romain the UEFA Europa Conference League summer play-off round,failing to return to the main final stages of an international
competition, following the 2020/21 ban due to a breach to theUEFA Financial Fair Play Regulations.
By way of comparing Trabzonspor Kulübü and Turkish football’s“big three” in terms of total operating revenue, the BlackSea Storm’s success appears even more impressive. Indeed,Trabzonspor Kulübü’s latest result, EUR 59m, is 33% lower than
the average figure registered by the top three Istanbul’s clubs(EUR 88m), led by Fenerbahçe SK (at EUR 97m).
Before consideration of year-on-year performance, it shouldbe acknowledged that the original currency, the Turkish lira,has seen steady devaluation against the Euro, and thus
Trabzonspor Kulübü’s year-on-year figures are negatively
impacted.
In the 2021/22 season Trabzonspor Kulübü increased total
operating revenue by 36% (almost 100% in local currency),
thanks to the stadium’s reopening and consequent EUR 5m
in additional matchday income and, above all, the remarkable
growth registered in commercial revenue: +57% compared to2020/21 (+131% in local currency), up to EUR 37m.
Such impressive improvement observed on the commercial
side is mainly due to the growth registered in the gross income
for merchandising (+205% in local currency) and the higher
proceeds collected through the official Fan Token of theclub (EUR 9m). Total advertising and sponsorship income forthe 2021/22 season was equal to EUR 15m including, among
others, agreements in place with main shirt sponsor Vestel

Highlights

Champions

Summary(for a reported EUR 3m per year) and kit supplier Macron(approximately EUR 0.7m per season). Moreover, from thecurrent 2022/23 season, the club will also rely on additional
revenues coming from the back-of-shirt sponsorship, thanks to
a 3-year deal with cryptocurrency exchange platform WhiteBit,
worth approximately EUR 1.5m per season.
On the costs side, the signings of players such as Marek
Hamšík, Gervinho, Bruno Peres and Andreas Cornelius led to aremarkable increase in total staff costs: +35% year on year,
up to EUR 48m, however still far from the biggest Turkish
spender in this regard, Beşiktaş JK (EUR 73m). Once again, theimpact of the Turkish lira’s devaluation is significant, as in local
currency staff costs have almost doubled (+97%). The staff
costs-to-revenue ratio was equal to 81%, still higher than the
70% threshold recommended by UEFA Financial Fair Play, but
lower than the three-digit figures recorded multiple times overthe past 10 seasons.
In euro terms, Trabzonspor Kulübü’s bottom line remained
stable compared to the previous season, with a net loss of EUR
25m. However, in Turkish lira the net loss increased by 45%.
In terms of squad market value, Trabzonspor Kulübü sit
in 2nd place domestically: with a total value of EUR 134m,
they are ahead of Galatasaray SK (EUR 129m) and BeşiktaşJK (EUR 104m). Their goalkeeper Uğurcan Çakır (EUR 16m) is
the most valuable player of the team, followed by Mahmoud
Trézéguet (EUR 13m) and Yusuf Yazıcı (EUR 11m).
In the 2022/23 season, the start of Trabzonspor Kulübü’s
campaign has not been strong, and at the time of writing they
are sitting out of the slots allowing qualification to next season’sUEFA competitions. However, full exploitation of the Şenol
Güneş stadium without capacity limitations and additional
income deriving from the international campaign, set to resume
in February in the UEFA Conference League play off against
FC Basel, will possibly help the club to further increase revenue
and improve profitability.

Credits: Trabzonspor Kulübü

25

The European Champions Report 2023

Foreword

Highlights

Champions

Summary

SUMMARYKEY PERFORMANCE INDICATORS AND ANNUAL CHANGE

AC MILANAFC AJAXFC BAYERNMÜNCHEN*FC PORTO

269

189

627

144

170

109

324
-7%

-10%

63%

58%

52%

62%

-67

-24
-16

9

+8

21

+2**

693

300

994

269

+16%

=

-10

+30

+40%

62

+18%

+51%

+15%

-18

-15%

22

+30%

+5%

-6%

89

-7

-3

+8%

+5%

119

9

+15%

+10%

TOTAL OPERATING REVENUES

STAFF COSTS

STAFF COSTS/OPERATING REVENUES

2021/22 season
in EURm

2021/22 season(change in percentage points)

PROFIT/LOSS AFTER TAXSQUAD VALUESOCIAL MEDIA FOLLOWERS***

2021/22 season
in EURm

2021/22 season
in EURmas at 1st January 2023
in EURmas at 1st January 2023
in million*Note: All data refer to the individual financial statements of FC Bayern München AG. Consolidated data were not available at the date of publication.
**Note: The annual change is computed considering 2020/21 restated values***Note: Facebook, Instagram, Twitter, YouTube, TikTok and Weibo combined.

26

The European Champions Report 2023

Foreword

Highlights

Champions

Summary

MANCHESTERCITY FC

PARIS SAINTGERMAIN FC

REAL MADRID CF

731

670

714

418

728

519
+29%

+35%

57%

109%

73%

81%

49

-369

13

-25

1,267

1,008

936

134

130

180

376

+13%

+4%

-5

+47

+2%

+24%

+18%

+45%

+20

-144

+6%

+22%

TRABZONSPORKULÜBÜ

59

+12%

+36%

48

+10

-1

+12

=

+15%

+50%

5

+17%

+11%

STAFF COSTS

STAFF COSTS/OPERATING REVENUES

2021/22 season
in EURm

2021/22 season
in EURm

2021/22 season(change in percentage points)

PROFIT/LOSS AFTER TAXSQUAD VALUESOCIAL MEDIA FOLLOWERS***TOTAL OPERATING REVENUES

2021/22 season
in EURmas at 1st January 2023
in EURmas at 1st January 2023
in million***Note: Facebook, Instagram, Twitter, YouTube, TikTok and Weibo combined.

27

The European Champions Report 2023

Foreword

Highlights

Champions

Summary

BASIS OF PREPARATION AND LIMITING CONDITIONS
The foundation of this study is an analysis of the publicly
available statutory financial statements (“the Financial
Statements”) of the professional football clubs selected for the
purposes of this report. In respect of each professional footballclub, all financial figures have been extracted from the Financial
Statements of the 2021/22 football season.
When the Financial Statements of the clubs were not available
or whenever we considered it necessary, we have consulted withthe management of the clubs in order to obtain the necessary
information or clarifications to support our analysis.
The Financial Statements utilised for the purpose of Football
Benchmark’s analysis were acquired from the relevant public
sources in each country. In performing our analysis, we alsorelied upon information of a non-financial nature obtained frompublicly available sources: national governing bodies, tradeassociations, international federations and social media.
The team responsible for the production of this report has relied
on information included in the published Financial Statementsof each club. Football Benchmark professionals have not
performed any verification work or audited any of such financial
information or any of the non-financial publicly available dataobtained from other sources considered authoritative.
The squad market values have been calculated using theFootball Benchmark’s Player Valuation tool. Based on proprietaryalgorithms, this tool provides market values for 8,600+ players
from 358 major clubs from Europe, South America and the
Middle East.
The estimated players’ market values are aimed at capturing theworth of a player based on an analysis of several thousands ofpast player transfers, historical sports performance and all thedrivers that have an impact on the transfer fees. Our consistent
approach and methodology, together with an understanding of
the difference between the concept of price and value, might
explain the possible discrepancies between our value estimate
conclusion and the specific price at which a transaction has
taken place.
Whilst every effort has been made by Football Benchmark
to make the analysis between professional football clubs
consistent and comparable, in undertaking this research we
faced several challenges which are difficult to overcome.
Differences of accounting practice in the respective countries,
differences in reporting currencies, fluctuation in exchange
rates1, and differences in year-ends limit to a certain extent
the comparability of data and affect the outcome of ouranalysis. Furthermore, the postponement of a certain numberof matches after the closing date of the 2019/20 financial year,
due to the COVID-19 health emergency, has in some cases
caused discrepancy between clubs, and within the same clubwhen comparing different seasons, in terms of accrual basis ofrevenues and costs.
Football Benchmark makes no representations nor provides
any warranties regarding the accuracy or completeness of theinformation contained in this report. Football Benchmark, its
managers, directors, partners and employees expressly disclaim
any and all liability for errors and omissions from the report.
Acceptance and/or use of this report constitutes acceptance of
the assumptions and limiting conditions included therein.
For interpretation of financial terms used in this report, pleaserefer to the methodology section of the Data & Analytics page ofFootball Benchmark’s www.footballbenchmark.com website.

In order to conduct cross-league analysis and comparison, where the local currency is not the euro, Football Benchmark has converted all local currency figures using the average exchange rate for thetwelve months prior to 30 June 2022.

1

28

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