UK: Football Money League - Changing of the Guard (Part 1)

Last Updated: 21 February 2006
Most Read Contributor in UK, August 2017

Article by Austin Houlihan and Rich Parkes

By Dan Jones, Partner, Sports Business Group at Deloitte. 

Welcome to the 2006 Deloitte Football Money League. This is the ninth year of the publication, profiling the largest clubs in the world’s most popular sport for the 2004/05 season. A number of methods may be used to determine the size of a club – including measures of fanbase, attendances, TV audiences, or on pitch success. However, for the purposes of this publication, we look at the best publicly available measure of ‘financial muscle’: revenue from day to day football business operations. We only rank the clubs on the money coming in. We do not consider a club’s budget for outgoings or what someone might pay to buy, or invest in, a club. 

The Deloitte Football Money League is the most contemporary and reliable analysis of clubs’ relative financial performance and is released less than nine months after the end of last season, as soon as the relevant clubs’ accounts are available to us. 

The big news this year is that, after eight consecutive seasons at the top of the Money League, Manchester United has been overtaken by Real Madrid. Real have transformed their revenues, doubling them in only four years. What may make other clubs look more closely at Real is the method by which they have delivered much of their revenue growth. The mainstay of Real’s revenue growth is not matchday revenues, as we have seen in many of the UK clubs, or broadcasting revenue, as we have seen – and continue to see – in Italy, but strong progress in realising their commercial potential. 

Real have concentrated on improving their commercial revenue, both in terms of developing a progressive and extensive partner programme, and in turning the club’s strong international support into revenue for the club. To date both these objectives have been very successful, helping to propel Real’s commercial revenue well above any other Money League club. We profile Real’s commercial revenue, and comment on how they have made it to number one, in one of our feature articles. Whilst not every club has Real’s particular strength of brand and history, we hope there are some insights that others may find comparable to their own situation. 

Football remains a growth sport, especially at the highest level. The continued high level of interest in the sport – both public and commercial – is reflected by another year of strong growth. In our first Money League in 1996/97 the 20 clubs’ combined revenue was €1.2 billion. This year, the total broke the €3 billion barrier for the first time after growing by 6%. 

The catalyst for this remarkable long term growth was the broadcasting rights revolution of the 1990s, fuelled by soaring interest in the game, new technology and deregulation of the broadcast markets. Despite the maturing of broadcast markets, premium content remains critical to the business models of Pay-TV broadcasters. Just look at the collapse of Premiere’s share price after losing the Bundesliga rights, or the recent deals in Italy and France, for clear evidence of this. Recent deals have confirmed our view that the often forecast collapse in broadcast revenues has not materialised and will not happen. In the major European countries the value of top class broadcasting rights continues to rise. We have recently seen a large increase in the value of the German Bundesliga Pay-TV deal, following the huge French deal announced in 2005 which commences next season. And content providers continue to innovate. In Italy, for example, we have seen live rights split into Pay- TV and Digital Terrestrial, with further financial rewards for the clubs. 

However, many clubs are rightly continuing to concentrate day to day on the areas over which they have direct control. The stadium development boom, started in the early 1990s in the UK, and most recently seen in Germany, has provided the perfect opportunity for clubs to enhance their revenues. We believe further opportunities in this area still remain for all clubs to increase matchday – and nonmatchday – income. These can include ticket yield management and segmentation techniques, and the development of enhanced customer packages – all of which do not require great capital investment (but which do require careful thought). Targeted research and consulting with the market can assist clubs in ensuring that they are meeting the ever changing demands of the customer. In some cases the immediate financial benefits can be dramatic. In all cases the customer welcomes the interest in their views. 

"In our first Deloitte Football Money League in 1996/97 the 20 clubs’ combined revenue was 1.2 billion. This year, the total broke the 3 billion barrier for the first time." 

We have seen only three changes to the composition of the 20 Money League clubs since last year. In common with on pitch league tables, we have lost the three clubs in last year’s ‘relegation zone’ (Olympique Marseille, Aston Villa and Rangers). They have been replaced by Everton (making their first appearance in the Top 20) and the return of Olympique Lyonnais and Valencia. Our Top 20 clubs are shown in the chart below. The revenue differences between clubs at the bottom of the table are small, and a number of familiar names remain slightly below the Top 20. Marginal differences in on pitch performances can be the difference between appearing in the Money League and just missing out. 

Our focus this year 

In addition to our usual profiles of the Top 20 clubs and their revenue sources, we provide two additional articles this year. As highlighted above, we comment on Real Madrid’s commercial revenue transformation, the key element underpinning their rise to the top of this year’s Money League. We also look back over recent trends in the Money League and highlight key areas to watch in the future. But firstly we provide the profiles of the Top 20 clubs. 

The Deloitte Football Money League was compiled by Dan Jones, Rich Parkes and Austin Houlihan of the Sports Business Group at Deloitte. Our thanks go to all those who have assisted us, inside and outside the Deloitte international network. We hope you enjoy this edition.

How we did it 

We have used, for each club, the figure for total revenue extracted from the club’s annual financial statements, or other direct sources, for the 2004/05 season. In some cases, the annual financial statements do not cover a whole season, but are for the calendar year, in which case we have used the figures for the most recent calendar year available. 

We use the terms ‘revenue’ and ‘income’ interchangeably. 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. For instance, where information was available to us, significant non-football activities or capital transactions have been excluded from revenue. 

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 income is largely derived from gate receipts (including season tickets and memberships). Broadcast income includes revenue from television and radio and from both domestic and international competitions. Commercial income includes sponsorship (mainly derived from brand/name placing on team shirts and around stadia), conference, catering and merchandising. 

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 club financial statements for the purpose of this publication. 

All figures for the 2004/05 season have been translated at 30 June 2005 exchange rates (£1 = €1.4806). Comparative figures have been extracted from previous editions of the Deloitte Football Money League. 

There are many ways of examining the relative wealth or value of football clubs – and at Deloitte we have developed sophisticated 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. Revenue, like salary for an individual, is not the be all and end all of wealth, but all would agree that – as a starting point – it is better to have more than less, and the choice of how to spend it.  

1. Real Madrid

€275.7m (£186.2m)

Position 03/04: 2 ­

Revenue 03/04: €236.0m (£156.3m)

There is a new name at the top of the 2004/05 Deloitte Football Money League, Real Madrid taking the lead thanks to an impressive €40m (17%) growth in revenues to €275.7m (£186.2m). This is the result of an outstanding transformation in its revenue generating ability, which has seen revenues double in four years. 

Ironically, the Spanish giants assume the status of being the highest earning club in world football despite a relatively modest recent on-pitch performance. The club finished second in the Primera Liga to arch rivals Barcelona, whilst it was eliminated at the first knockout stage of the UEFA Champions League by Juventus. 

Although President Florentino Perez’s strategy of recruiting world class ‘galactico’ players has not necessarily delivered the anticipated on-pitch results recently, their presence has facilitated a transformation in the club’s financial performance. It is Real’s ability to generate revenue from commercial sources such as sponsorship, merchandising and licensing, that sets it apart from its competitor clubs. The club’s commercial revenue totalled €124m (£83.7m) in 2004/05, representing 45% of total revenue, and a growth of €38.1m (44%) on the previous year. Real’s commercial revenue is €51.8m (£35m) more than second placed Manchester United, almost €62m (£42m) above that of arch rivals Barcelona, and more than double that of Chelsea, fifth placed in the Money League. 

Recruiting players, such as Beckham, Zidane, and Ronaldo, has been the catalyst for substantial growth in merchandising and licensing revenues from Real’s worldwide fan base. This was helped in both 2004 and 2005 with pre-season tours of Asia, building its support base and receiving lucrative appearance fees for matches in China, Japan and Thailand. 

"Recruiting world class ‘galactico’ players has not necessarily delivered the anticipated on-pitch results, but their presence has facilitated a transformation in the club’s financial performance." 

Other key contributors to the club’s commercial success are its shirt sponsorship with Siemens worth an estimated €14m (£9.5m) a season, a kit supply deal with adidas, and a lucrative band of official sponsors including Audi and Pepsi. Real have recently negotiated an improved shirt sponsorship deal with BenQ, worth a reported €20m to €25m (£13.5m to £16.9m) a season over four seasons from 2006/07. 

Real’s matchday revenues grew 3% to €63.7m (£43m) in 2004/05. This growth was due to an increase in average home match attendance to almost 72,000 at its Bernabeu home ground in 2004/05. The club earns lower matchday income per head than its English rivals, as ticket prices are generally lower in Spain than in England. In addition the club has a guaranteed revenue stream for another three years through its long-term broadcast contract with Sogecable, which runs until 2007/08 and is worth a reported €54m (£36.5m) a season. 

Real have shown a tremendous level of revenue growth since the millennium. The challenge for the club is to now press on and maintain its position at the top of the Deloitte Football Money League, and to translate this into improved levels of success on the pitch. 

2. Manchester United

€246.4m (£166.4m)

Position 03/04: 1

Revenue 03/04: €259.0m (£171.5m)

After heading the Deloitte Football Money League in each of the eight previous years, Manchester United slip to second place for the first time. Revenues fell by €12.6m to €246.4m in 2004/05, the primary causes being a reduction in their broadcast revenues. Nevertheless, United remain one of the foremost brands in the industry and are still clearly the most profitable club in terms of day to day operations. Indeed the club themselves claim total revenues of over €300m (£200m) if the full impact of their Nike, MUTV and MUMobile numbers were included. 

On the pitch United finished third in the Premiership, were eliminated from the Champions League at the first knockout stage by AC Milan, and reached the FA Cup final. More notable were offpitch events, as the Glazer family bought the club in June 2005, after which the club de-listed from the stock market and reverted to being a privately owned company for the first time since 1991. 

United retain a claim to be the most popular team in the world – with an estimated 75m fans worldwide. As well as this global supporter base Old Trafford’s average Premiership attendance of 67,900 is, by some distance, the highest in the UK. The club is expanding Old Trafford’s capacity above 76,000 from the start of the 2006/07 season. United already lead the way in terms of matchday revenue – they generated €102.5m (£69.3m) in 2004/05 – and following the stadium expansion this should grow further. The stadium development includes an additional 2,400 corporate seats, bringing the total number of corporate seats at the ground to over 8,000. 

Broadcasting revenue was affected by two primary factors. The reduction in value of the FA Premier League domestic broadcasting deal meant that United received €9.6m (£6.5m) less from this source than they did in 2003/04. The 2003/04 season’s third place domestic finish also meant that in 2004/05 United received reduced Champions League broadcasting and sponsorship revenues, which are distributed – in part – according to domestic performance in the previous season. Nevertheless, and despite exiting at the first knockout stage, United received €16.3m (£11m) from this source. Nike manage the club’s merchandising operation as part of their €449m (£303m), 13 year partnership deal, but United’s current €13.3m (£9m) a year shirt sponsorship deal with Vodafone will be terminated at the end of the 2005/06 season. This may provide an opportunity for United to increase sponsorship values further, but the club will want to improve its performance on the pitch – they finished bottom of their Champions League group and were therefore eliminated from all European competitions before Christmas – to help management’s efforts to increase commercial values and regain top spot in the Deloitte Football Money League. 

"United retain a claim to be the most popular team in the world – with an estimated 75m fans worldwide. As well as this global supporter base Old Trafford’s average Premiership attendance of 67,900 is, by some distance, the highest in the UK." Manchester United: Revenue sources and percentages  

3. AC Milan 

€234.0m (£158.0m)

Position 03/04: 3

Revenue 03/04: €222.3m (£147.2m)

AC Milan maintain their position in the top three clubs for a third consecutive year. The runners up in both the Champions League and Scudetto increased revenues by 5% to reach €234m (£158m). 

Italian clubs are able to negotiate individual Pay-TV broadcast deals, and these generate huge revenues for the larger clubs. In 2004/05 Milan generated €138m (£93.2m) from broadcasting – 59% of total revenue and the highest total in this category for any club. The majority of this is derived from domestic broadcasting deals with Sky Italia (Pay-TV) and Mediaset (Digital Terrestrial Television), but the club’s Champions League campaign generated a further €26.2m (£17.7m) in centrally generated broadcasting and sponsorship revenues. Future broadcasting revenue can be expected to rise even further – 2005/06 is the first year of a new Pay-TV deal with Sky Italia which is reportedly worth over €80m (£54m) per season. 

Commercial revenue totalled €57.9m (£39.1m) and the club has major partnerships with shirt sponsor Opel and technical sponsor adidas. Milan continue to work to develop their non Italian fanbase, and in the summer of 2004 toured the USA playing in the Champions World series. Milan have almost 53,000 season ticket holders, and the average Serie A attendance at the San Siro of 64,000 is the highest in Italy and the fourth highest of any Money League club. However, Milan’s matchday revenues of €38.1m (£25.7m) – while being the highest of any Italian club – are only 37% of Manchester United’s. Discussions with their fellow tenants Internazionale and the Milanese Local Authority are ongoing to determine options for increasing matchday revenue.  

The development and commercialisation of the stadium is the key issue to address for Milan if it is to challenge Manchester United and Real Madrid at the head of future Deloitte Football Money Leagues and hold off the chasing pack.

"Italian clubs are able to negotiate individual Pay-TV broadcast deals, and these generate huge revenues for the larger clubs. In 2004/05 Milan generated 138m (£93.2m) from broadcasting – 59% of total revenue and the highest total in this category for any club."

4. Juventus 

€229.4m (£154.9m)

Position 03/04: 5

 Revenue 03/04: €215.0m (£142.4m

Juventus won their 28th Scudetto title in 2004/05 (their third in four seasons) and move up one place to fourth position in the Money League, as revenue increased by €14.4m (7%) to reach €229.4m (£154.9m).

Although the most popular club in Italy – Juventus claim to have 14m Italian supporters – they have struggled in recent years to turn this support into significant matchday revenues. Average attendances at the Delle Alpi Stadium were only 26,600, the lowest of any Money League club. As a result, matchday revenues only reached €22.8m (£15.4m), 10% of total revenue. The stadium is due to be redeveloped, with a significantly reduced capacity of 40,000, and getting pricing and the package offered to supporters right in the redeveloped stadium will be critical to the club optimising matchday revenue.

Juventus compensates for its relatively small matchday revenues with their huge broadcasting deals. In 2004/05 over half of the club’s total revenue – €124.4m (£84m) – came from broadcasting. Domestically, Juve have two lucrative broadcast deals – one with Sky Italia for Pay-TV, and another with Mediaset for Digital Terrestrial TV. Looking forward, a new shirt sponsorship contract with Tamoil will reportedly deliver €22m (£14.9m) per season from 2005/06, while a new broadcast deal with Mediaset is due to come on-stream in 2007/08 generating over €100m (£67.5m) per season. If Juve get their stadium issues right, revenue from these deals, and continued on-pitch success, could see them challenge for a place in the top three in future seasons.

"Average attendances at the Delle Alpi Stadium were only 26,600, the lowest of any Money League club. The stadium is due to be redeveloped, with a significantly reduced capacity, and getting pricing and the packages right in the redeveloped stadium will be critical."

5. Chelsea 

€220.8m (£149.1m)

Position 03/04: 4

Revenue 03/04: €217.0m (£143.7m)

 After climbing from tenth place to fourth last season, Chelsea consolidated their status as one of the leading revenue generating clubs in world football. Revenue in Euro terms increased by 2%, and reached €220.8m (£149.1m), a new record for the club – but improved performances from Juventus meant that they dropped back slightly to fifth place this year.

Chelsea’s heavy investment in the transfer market has delivered on-pitch success, and this success has been accompanied by a step change in revenues.

In 2004/05 Chelsea were domestic champions for the first time in 50 years and won the League Cup. Their Champions League campaign was ended at the semi-final stage by eventual winners Liverpool. Chelsea look even more dominant on the pitch so far this season.

The club’s 2004/05 Champions League campaign generated €28m (£18.9m) in centrally generated broadcasting and sponsorship revenue, while FA Premier League domestic broadcasting revenue totalled €39.5m (£26.7m). Total broadcasting revenue was €82m (£55.4m), 37% of the total.

Chelsea’s arrival in the top echelon of football clubs has been reflected in their recent commercial deals, which have delivered value comparable with their competitors at the head of the Money League. In April 2005, Chelsea announced a new shirt sponsorship deal with Samsung paying a reported €74m (£50m) over five years – and in 2006/07 adidas will replace Umbro as technical sponsors, paying a reported €17.8m (£12m) a year. These deals, and further on-pitch success, should see Chelsea pushing for a top three place in future.

"Chelsea’s heavy investment in the transfer market has delivered on pitch success, and this success has been accompanied by a step change in revenues."

6. FC Barcelona 

€207.9m (£140.4m)

Position 03/04: 7

Revenue 03/04: €169.2m (£112.0m)

 FC Barcelona’s football business had an impressive 2004/05, with revenue increasing by 23% to reach €207.9m (£140.4m). This is the second year of significant revenue growth for the Catalans and lifts them into a top six place for the first time since 1998/99. On the pitch the club won La Liga easily, but were eliminated on their return to Champions League competition at the first knockout stage by Chelsea.

FC Barcelona is owned and run by its members. Members have the opportunity to vote in, and stand for, elections to determine the club President. Since Joan Laporta was elected President in 2003, he has initiated measures to reduce the club’s debt burden and increase revenues from all sources. A membership campaign – the "Big Challenge" – helped Barca’s membership base grow by 20% to 130,000.

Matchday revenues reached €66.1m (£44.6m), 32% of total revenues. The Nou Camp hosted average La Liga attendances of 73,400, the highest of any Money League club. In common with other Spanish clubs, Barca negotiate individual broadcasting deals, and 2004/05 was the second year of the club’s reported €54m (£36.5m) per annum deal with Televisio de Catalunya and this, in conjunction with the €16m (£10.8m) they received from centrally generated Champions League broadcast and sponsorship revenues, helped broadcast revenues rise to €79m (£53.4m).

Commercial revenue totals €62.8m (£42.4m) or 30% of revenue despite Barca famously still having no shirt sponsor. Although the club board were given clearance to negotiate with potential future sponsors during 2005, no sponsorship deal has yet been announced. For all Barca’s success on and off the pitch, a place in the top five revenue earners remains a very tough challenge.

"Matchday revenues reached 66.1m (£44.6m), 32% of total revenues. The Nou Camp hosted average La Liga attendances of 73,400, the highest of any Money League club."

7. Bayern Munich 

€189.5m (£128.0m)

Position 03/04: 9

Revenue 03/04: €166.3m (£110.1m)

 Bayern Munich’s revenue grew 14% to reach €189.5m (£128.0m) in 2004/05 hauling the club back up from ninth to seventh, halting a slide from third position in 2001/02.

The club’s commercial revenues totalled €117.4m (£79.3m), which is only bettered by Money League leader Real Madrid. Bayern continues to benefit from the strength of the German corporate market with commercial revenues driven by a €17m (£11.5m) a season shirt sponsorship deal with Deutsche Telekom as well as from a band of official sponsors including Audi and Coca Cola.

Bayern’s broadcasting revenue was boosted as 2004/05 was the first season of a new improved Bundesliga broadcasting contract with Pay-TV operator Premiere. In addition, the Bundesliga recently negotiated a lucrative live broadcast contract with a consortium of cable operators, a reported increase of c.30% from 2006/07, promising improved revenues from this source in future seasons.

Bayern’s matchday revenues are also set to be substantially boosted from 2005/06 as the club has moved to its new 66,000-seater Allianz Arena, and has so far consistently attracted average home attendances of well over 60,000 in 2005/06, compared to around 53,000 at the old Olympic Stadium.

The club’s ability to capitalise on the interest generated from Germany hosting the 2006 World Cup, coupled with a new stadium and improved Bundesliga broadcasting contract, are likely to be key in driving revenue upward in future seasons.

"Bayern’s matchday revenues are also set to be substantially boosted from 2005/06 as the club has moved to its new 66,000-seater Allianz Arena, and has so far consistently attracted average home attendances of well over 60,000 in 2005/06, compared to around 53,000 at the old Olympic Stadium."

8. Liverpool 

€181.2m (£122.4m)

Position 02/03: 10

Revenue 02/03: €139.5m (£92.3m)

 Reigning Champions League winners Liverpool move up two places to eighth position, as revenue increased, in Euro terms, by 30% to reach €181.2m (£122.4m).

On the pitch an indifferent domestic season – the club finished in fifth position in the Premiership, were knocked out of the FA Cup at the first hurdle and were beaten finalists in the League Cup – was overshadowed by their unforgettable Champions League victory in Istanbul. It was the fifth time Liverpool have won the trophy – only Real Madrid (nine times) and AC Milan (six) have won the competition more often. In revenue terms, the Champions League campaign generated €30.6m (£20.7m) in centrally generated broadcasting and sponsorship revenue, while the club also benefited from seven home matches in the competition.

In total Liverpool played 28 home matches in 2004/05, which generated €49m (£33.1m) in matchday revenue. However, this does not compare well with the levels of matchday revenue that other leading English clubs are making – or the level of revenue Arsenal will be aiming to generate from the Emirates stadium. Liverpool have been working on a potential move from their Anfield home to a new stadium in Stanley Park for some time, which would help improve matchday revenue.

Commercially, Liverpool’s shirt sponsorship deal with Carlsberg was extended for a further two years in May 2005. The relationship began in 1993 and is the longest running of any Premiership club. The club recently announced a new partnership deal which will see adidas become Liverpool's technical sponsor from 2006/07.

Liverpool have been linked with a number of potential deals which would see additional capital injected into the club. Reported potential suitors include Thai Prime Minister Thaksin Shinawatra, shareholder Steve Morgan and New England Patriots owner Robert Kraft. However, none of these approaches have resulted in a deal so far. Whoever owns the club, improved matchday revenue generation is likely to be needed if the club is to rise any higher in the Deloitte Football Money League.

"On the pitch an indifferent domestic season – the club finished in fifth position in the Premiership, were knocked out of the FA Cup at the first hurdle and were beaten finalists in the League Cup – was overshadowed by their unforgettable Champions League victory in Istanbul."

9. Internazionale 

€177.2m (£119.7m)

Position 03/04: 8

 Revenue 03/04: €166.5m (£110.3m)

 Liverpool’s success means that Internazionale slip one place to ninth in the Deloitte Football Money League. Nonetheless an improvement in on-pitch performance helped the club increase revenue by 6% to €177.2m (£119.7m).

The club finished third in Italy’s Serie A, reached the quarter-finals of the Champions League, and won the Coppa Italia, although it has still to break the domestic dominance of city rivals AC Milan and Juventus.

Like all big Italian clubs, broadcasting revenue remains the largest single revenue source with a total of €103.2m (£69.7m), a slight increase on the previous year, representing 58% of total revenue, similar to Juve and Milan. The club benefits from lucrative broadcasting deals with Sky Italia worth a reported €49.0m (£33.1m) and also Mediaset, whilst its run in the Champions League brought in €14.9m (£10.1m) in centrally distributed revenue. The club grew matchday revenues by 22% to €35.7m (£24.1m), due to a greater number of home matches as a result of its performances in the Champions League and Coppa Italia.

However, revenue from this source is the second lowest of our top ten clubs. As with their city rivals AC Milan, Internazionale need a step change in matchday revenues – either at the San Siro or elsewhere – to reduce the club’s dependence on broadcast revenue. That said, the club’s recent deals with Mediaset may see it climb up the Money League again in the near future.

"The club finished third in Italy’s Serie A, reached the quarter-finals of the Champions League, and won the Coppa Italia, although it has still to break the domestic dominance of city rivals AC Milan, and Juventus."

10. Arsenal 

€171.3m (£115.7m)

Position 03/04: 6

Revenue 03/04: €173.6m (£115.0m)

 Arsenal slip to tenth, with 2004/05 revenue of €171.3m (£115.7m). The club was not able to match its record breaking 2003/04 undefeated season in 2004/05, and although Arsenal won the FA Cup, they finished second in the Premiership and were eliminated in the first knock-out round of the Champions League.

Broadcasting revenue represents the club’s largest revenue source at €71.9m (£48.6m) equating to 42% of the total. This income dropped substantially in 2004/05 due to the first season of the new FA Premier League domestic broadcasting deal, and the club’s earlier exit from the Champions League. Meanwhile, the club increased matchday and commercial income by 9% and 36% respectively in Euro terms in 2004/05.

However, Arsenal can look forward to substantial further increases in revenue in coming seasons. The club will move to a new 60,000 home ground in time for the 2006/07 season, and expect this to generate up to €50m (£33.8m) more in matchday revenue alone. A 15-year stadium naming rights deal with airline Emirates, incorporating an eight-year shirt sponsorship deal, will reportedly generate €133.2m (£90m). It is clear that, assuming it qualifies for the Champions League, Arsenal should be challenging further up the Deloitte Football Money League in future seasons.

11. AS Roma 

€131.8m (£89.0m)

Position 03/04: 12

 Revenue 03/04: €108.8m (£72.0m)

 AS Roma climbs one place with an impressive 21% growth in revenue to €131.8m (£89m). The main contributor was a 51% increase in broadcasting revenues – 2004/05 was the first season of a new improved domestic broadcast contract with Pay-TV operator Sky Italia, worth a reported €145.0m (£97.9m) over three years. Competition within the Italian broadcast market has also allowed the club to negotiate a Digital Terrestrial deal with Mediaset worth an estimated €22m (£14.9m) over the same period, whilst participation in the Champions League brought in an additional €10.6m (£7.2m) despite the club’s early exit from the competition.

Although the club attracted average home attendances of over 44,000, uncertainty surrounds the future development of its Stadio Olimpico home ground. Significant improvements in stadium facilities are necessary to grow matchday revenues.

Going forward, more consistent on-pitch performance with regular qualification for the Champions League, coupled with improved matchday and commercial performance, is essential for revenue growth. However, it will be a huge challenge to break back into the top ten as the club’s revenues are €39.5m (£26.7m) below that of the tenth placed club. A disappointing league position of eighth in 2004/05 means that we expect the club to have slipped back down in next year’s Deloitte Football Money League.

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