There are a number of metrics, both financial and non-financial, that can be used to compare clubs, including attendances, worldwide fan base, social media following and on-pitch performance. In the Money League we record clubs’ revenue generation from matchday, broadcast rights and commercial sources.
Sources of information
We have used the figure for total revenue available to us from the annual financial statements of the company or group in respect of each club, or other direct sources, for the financial year ending in 2023 covering the 2022/23 season (unless otherwise stated). We also present figures for the financial year ending in 2022 covering the 2021/22 season, as covered in the previous edition of the Deloitte Football Money League. Comparative figures have been extracted from previous years of the Deloitte Football Money League, or from relevant annual financial statements or other direct sources.
If there is no or insufficient information available to us about the revenue of a club, then such a club is excluded from the analysis/rankings.
Key performance indicators shown for each Money League club relate to the football season ending in 2023, unless otherwise stated. UEFA Champions League, UEFA Europa League and UEFA Europa Conference League performances shown include participation from the final play-off round only. The UEFA club co-efficient displayed on club pages was correct as of the end of the 2022/23 season.
The proportion of females and ethnic minority individuals of the total number of members of a club’s Board(s) of Directors was disclosed to us by clubs between October 2023 and January 2024 and reflects the club’s Board(s) of Directors during the 2022/23 season. Signatories of the UN Sports for Climate Action Framework are those clubs listed as such on the United Nations Framework Convention on Climate Change website (www.unfccc.int) as of 5 January 2024.
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. Some charts may not sum due to rounding.
Comparability
Revenue excludes player/coach 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.
Information is derived from annual financial statements or information provided directly from individual clubs. 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 revenue is classified. 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 ticket and corporate hospitality sales) and membership revenue. Broadcast revenue includes prize money and distributions from participation in domestic leagues, cups, and UEFA club competitions. Commercial revenue includes sponsorship, merchandising and revenue from other commercial operations.
Some differences between clubs, or differences over time, may arise due to different commercial arrangements and how the transactions are recorded in the financial statements. This is due to different financial reporting perimeters in respect of a club, and/or due to different ways in which accounting practice is applied, meaning that the same type of transaction might be recorded in different ways.
The women’s team may be part of a separate corporate entity and therefore, for certain clubs, the revenue generated by the women’s team may not be included in the revenue shown in club ranking.
Wage costs includes wages, salaries, signing-on fees, bonuses, termination payments, social security contributions and other employee benefit expenses for all employees (including players, technical and administrative employees).
Revenue ranking for women’s football
The revenue ranking for women’s football covers 15 of the highest revenue generating women’s clubs in Europe for the financial year ending in 2023, covering the 2022/23 season. The revenue ranking is focussed on clubs in the women’s football leagues in Europe, including England, France, Germany, Italy, Spain and Portugal, for which information was available to us. The revenue of women’s football for clubs in other key markets around the world such as Australia, Japan, Norway, Sweden and USA was not made available to us. Therefore, it was not possible to include any such clubs that might otherwise have ranked in the top 15 for revenue generation for women’s football around the world.
The revenue ranking for women’s football excludes any revenue contributions from their associated men’s club.
Given the limited automatic qualification spots for the UEFA Women’s League, qualifying for the competition has been defined as entry into the Round 2 qualifiers.
Exchange rates
For the purpose of the international comparisons, unless otherwise stated, all figures for the financial year ending in 2023 have been translated at the average exchange rate for the year ending 30 June 2023 (€1 = GBP 0.87; €1 = BRL 5.4; €1 = USD 1.05).
Financial projections
In relation to estimates and projections actual results are likely to be different from those projected because events and circumstances frequently do not occur as expected, and those differences may be material. Deloitte can give no assurance as to whether, or how closely, the actual results ultimately achieved will correspond to those projected and no reliance should be placed on such projections.