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Sports Business Group January 2014 All to play for Football Money League

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Football Money League 2014 Source: Deloitte Date: 22.01.2014. The 17th edition of the Deloitte Football Money League, in which we profile the highest earning clubs in the world's most popular sport.Published just eight months after the end of the 2012/13 season, the Money League is the most contemporary and reliable analysis of the clubs' relative financial performance.

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Page 1: Football Money League 2014

Sports Business Group

January 2014

All to play forFootball MoneyLeague

Page 2: Football Money League 2014

Revenues for the top 20 clubs grew 8% to €5.4 billion in 2012/13

Page 3: Football Money League 2014

Facebook likes

49.1m

Average leaguematch attendance

Trophieswon

Social media activity

65,268@realmadrid

9.9m

1. Real Madrid

Revenue profile (€m)

188.3m (£161.4m)

23%

36%

41%

59.6m (£51.1m)

87.6m (£75.1m)

109m (£93.4m)

117.6m (£100.8m)

188.2m (£161.3m)

176.8m (£151.5m)

19.4m (£16.6m)

81.5m (£69.8m)

67.9m (£58.2m)

35.4m (£30.3m)

51.9m (£44.5m)

69.7m (£59.8m)

127.3m (£109.1m)

118.6m (£101.6m)

177.9m (£152.5m)

26.4m (£22.6m)

140.9m (£120.8m)

96.2m (£82.4m)

46.9m (£40.2m)

72.7m (£62.3m)

52.4m (£44.9m)

87.1m (£74.7m)

107m (£91.7m)

237.1m (£203.2m)

52.1m (£44.6m)

74.5m (£63.9m)

114m (£97.7m)

42.5m (£36.4m)

62.9m (£53.9m)

92.8m (£79.6m)

43.2m (£37m)

24.7m (£21.2m)

67.5m (£57.8m)

82.5m (£70.7m)

123m (£105.4m)

97.9m (£83.9m)

38m (£32.6m)

166m (£142.3m)

68.4m (£58.6m)

20.1m (£17.2m)

66m (£56.6m)

38.3m (£32.8m)

F

108.3m (£92.8m)

103.2m (£88.4m)

72.8m (£62.4m)

F

46.2m (£39.6m)

103.1m (£88.4m)

166.9m (£143m)

F

53.2m (£45.6m)

90.9m (£77.9m)

254.7m (£218.3m)

27.5m (£23.5m)

52.5m (£45m)

40m (£34.3m)

27.7m (£23.7m)

43m (£36.9m)

55.7m (£47.7m)

F

€518.9m(£444.7m) Madrid’s global renown

and capacity to generatesignificant commercialrevenue from outside thedifficult Spanish marketis central to their success.Matchday €119m (£102m)

Broadcasting €188.3m (£161.4m)

Commercial €211.6m (£181.3m)

2012/13 Domesticleague position

1 FC Barcelona

2 Real Madrid

3 Atlético de Madrid

4 Real Sociedad

5 Valencia

0

Page 4: Football Money League 2014

2. FC Barcelona

119m (£102m)

188.3m (£161.4m)

211.6m (£181.3m)

2

24%

39%

37%

59.6m (£51.1m)

87.6m (£75.1m)

109m (£93.4m)

188.2m (£161.3m)

19.4m (£16.6m)

81.5m (£69.8m)

67.9m (£58.2m)

35.4m (£30.3m)

51.9m (£44.5m)

69.7m (£59.8m)

127.3m (£109.1m)

118.6m (£101.6m)

177.9m (£152.5m)

26.4m (£22.6m)

140.9m (£120.8m)

96.2m (£82.4m)

46.9m (£40.2m)

72.7m (£62.3m)

52.4m (£44.9m)

87.1m (£74.7m)

107m (£91.7m)

237.1m (£203.2m)

52.1m (£44.6m)

74.5m (£63.9m)

114m (£97.7m)

42.5m (£36.4m)

62.9m (£53.9m)

92.8m (£79.6m)

24.7m (£21.2m)

67.5m (£57.8m)

82.5m (£70.7m)

123m (£105.4m)

97.9m (£83.9m)

38m (£32.6m)

166m (£142.3m)

68.4m (£58.6m)

20.1m (£17.2m)

66m (£56.6m)

38.3m (£32.8m)

F

108.3m (£92.8m)

103.2m (£88.4m)

72.8m (£62.4m)

F

46.2m (£39.6m)

103.1m (£88.4m)

166.9m (£143m)

F

53.2m (£45.6m)

90.9m (£77.9m)

254.7m (£218.3m)

27.5m (£23.5m)

52.5m (£45m)

40m (£34.3m)

27.7m (£23.7m)

43m (£36.9m)

55.7m (£47.7m)

F

€482.6m(£413.6m)

Facebook likes

52.4m

Average leaguematch attendance

Trophieswon

Social media activity

71,235@FCBarcelona

10.9m

Revenue profile (€m)

The club’s Board recentlydecided to pursue theoption to redevelop CampNou rather than move toa new stadium nearby.

Matchday €117.6m (£100.8m)

Broadcasting €188.2m (£161.3m)

Commercial €176.8m (£151.5m)

2012/13 Domesticleague position

1 FC Barcelona

2 Real Madrid

3 Atlético de Madrid

4 Real Sociedad

5 Valencia

1

Page 5: Football Money League 2014

3. Bayern Munich

119m (£102m)

188.3m (£161.4m)

211.6m (£181.3m)

2

20%

25%55%

59.6m (£51.1m)

87.6m (£75.1m)

109m (£93.4m)

117.6m (£100.8m)

188.2m (£161.3m)

176.8m (£151.5m)

19.4m (£16.6m)

81.5m (£69.8m)

67.9m (£58.2m)

35.4m (£30.3m)

51.9m (£44.5m)

69.7m (£59.8m)

127.3m (£109.1m)

118.6m (£101.6m)

177.9m (£152.5m)

26.4m (£22.6m)

140.9m (£120.8m)

96.2m (£82.4m)

46.9m (£40.2m)

72.7m (£62.3m)

52.4m (£44.9m)

87.1m (£74.7m)

107m (£91.7m)

237.1m (£203.2m)

52.1m (£44.6m)

74.5m (£63.9m)

114m (£97.7m)

42.5m (£36.4m)

62.9m (£53.9m)

92.8m (£79.6m)

43.2m (£37m)

24.7m (£21.2m)

67.5m (£57.8m)

82.5m (£70.7m)

123m (£105.4m)

97.9m (£83.9m)

38m (£32.6m)

166m (£142.3m)

68.4m (£58.6m)

20.1m (£17.2m)

66m (£56.6m)

38.3m (£32.8m)

F

108.3m (£92.8m)

103.2m (£88.4m)

72.8m (£62.4m)

F

46.2m (£39.6m)

103.1m (£88.4m)

166.9m (£143m)

F

53.2m (£45.6m)

90.9m (£77.9m)

254.7m (£218.3m)

27.5m (£23.5m)

52.5m (£45m)

40m (£34.3m)

27.7m (£23.7m)

43m (£36.9m)

55.7m (£47.7m)

F

€431.2m(£369.6m)

Facebook likes

11.6m

Average leaguematch attendance

Trophieswon

Social media activity

71,103@FCBayern

0.9m

Revenue profile (€m)

Bayern enjoy theirhighest placing in 11years following theirtreble winning season.

Matchday €87.1m (£74.7m)

Broadcasting €107m (£91.7m)

Commercial €237.1m (£203.2m)

2012/13 Domesticleague position

1 Bayern Munich

2 Borussia Dortmund

3 Bayer Leverkusen

4 Schalke 04

5 SC Freiburg

3

Page 6: Football Money League 2014

4. Manchester United

119m (£102m)

188.3m (£161.4m)

211.6m (£181.3m)

2

30%

28%

42%

59.6m (£51.1m)

87.6m (£75.1m)

109m (£93.4m)

117.6m (£100.8m)

188.2m (£161.3m)

176.8m (£151.5m)

19.4m (£16.6m)

81.5m (£69.8m)

67.9m (£58.2m)

35.4m (£30.3m)

51.9m (£44.5m)

69.7m (£59.8m)

118.6m (£101.6m)

26.4m (£22.6m)

140.9m (£120.8m)

96.2m (£82.4m)

46.9m (£40.2m)

72.7m (£62.3m)

52.4m (£44.9m)

87.1m (£74.7m)

107m (£91.7m)

237.1m (£203.2m)

52.1m (£44.6m)

74.5m (£63.9m)

114m (£97.7m)

42.5m (£36.4m)

62.9m (£53.9m)

92.8m (£79.6m)

43.2m (£37m)

24.7m (£21.2m)

67.5m (£57.8m)

82.5m (£70.7m)

123m (£105.4m)

97.9m (£83.9m)

38m (£32.6m)

166m (£142.3m)

68.4m (£58.6m)

20.1m (£17.2m)

66m (£56.6m)

38.3m (£32.8m)

F

108.3m (£92.8m)

103.2m (£88.4m)

72.8m (£62.4m)

F

46.2m (£39.6m)

103.1m (£88.4m)

166.9m (£143m)

F

53.2m (£45.6m)

90.9m (£77.9m)

254.7m (£218.3m)

27.5m (£23.5m)

52.5m (£45m)

40m (£34.3m)

27.7m (£23.7m)

43m (£36.9m)

55.7m (£47.7m)

F

€423.8m(£363.2m)

Facebook likes

39.6m

Average leaguematch attendance

Trophieswon

Social media activity

75,530@ManUtd

1.7m

Revenue profile (€m)

The club’s commercialoperations continue to gofrom strength to strength,increasing by £34.9m(30%) in 2012/13.

Matchday €127.3m (£109.1m)

Broadcasting €118.6m (£101.6m)

Commercial €177.9m (£152.5m)

2012/13 Domesticleague position

1 Manchester United

2 Manchester City

3 Chelsea

4 Arsenal

5 Tottenham Hotspur

1

Page 7: Football Money League 2014

5. Paris Saint-Germain

119m (£102m)

188.3m (£161.4m)

211.6m (£181.3m)

2

59.6m (£51.1m)

87.6m (£75.1m)

109m (£93.4m)

117.6m (£100.8m)

188.2m (£161.3m)

176.8m (£151.5m)

19.4m (£16.6m)

81.5m (£69.8m)

67.9m (£58.2m)

35.4m (£30.3m)

51.9m (£44.5m)

69.7m (£59.8m)

127.3m (£109.1m)

118.6m (£101.6m)

177.9m (£152.5m)

26.4m (£22.6m)

140.9m (£120.8m)

96.2m (£82.4m)

46.9m (£40.2m)

72.7m (£62.3m)

52.4m (£44.9m)

87.1m (£74.7m)

107m (£91.7m)

237.1m (£203.2m)

52.1m (£44.6m)

74.5m (£63.9m)

114m (£97.7m)

42.5m (£36.4m)

62.9m (£53.9m)

92.8m (£79.6m)

43.2m (£37m)

24.7m (£21.2m)

67.5m (£57.8m)

82.5m (£70.7m)

123m (£105.4m)

97.9m (£83.9m)

38m (£32.6m)

166m (£142.3m)

68.4m (£58.6m)

20.1m (£17.2m)

66m (£56.6m)

38.3m (£32.8m)

F

108.3m (£92.8m)

103.2m (£88.4m)

72.8m (£62.4m)

F

46.2m (£39.6m)

103.1m (£88.4m)

166.9m (£143m)

F

23%

64%

13%

90.9m (£77.9m)

27.5m (£23.5m)

52.5m (£45m)

40m (£34.3m)

27.7m (£23.7m)

43m (£36.9m)

55.7m (£47.7m)

F

€398.8m(£341.8m)

Facebook likes

6.5m

Average leaguematch attendance

Trophieswon

Social media activity

43,239@PSG_inside

1m

Revenue profile (€m)

The club have enjoyed aremarkable rise, winningtheir first Championnattitle in 19 years.

Matchday €53.2m (£45.6m)

Broadcasting €90.9m (£77.9m)

Commercial €254.7m (£218.3m)

2012/13 Domesticleague position

1 Paris Saint-Germain

2 Olympique de Marseille

3 Olympique Lyonnais

4 Nice

5 Saint-Étienne

1

Page 8: Football Money League 2014

6. Manchester City

119m (£102m)

188.3m (£161.4m)

211.6m (£181.3m)

2

59.6m (£51.1m)

87.6m (£75.1m)

109m (£93.4m)

117.6m (£100.8m)

188.2m (£161.3m)

176.8m (£151.5m)

19.4m (£16.6m)

81.5m (£69.8m)

67.9m (£58.2m)

35.4m (£30.3m)

51.9m (£44.5m)

69.7m (£59.8m)

127.3m (£109.1m)

118.6m (£101.6m)

177.9m (£152.5m)

26.4m (£22.6m)

140.9m (£120.8m)

96.2m (£82.4m)

46.9m (£40.2m)

72.7m (£62.3m)

52.4m (£44.9m)

87.1m (£74.7m)

107m (£91.7m)

237.1m (£203.2m)

52.1m (£44.6m)

74.5m (£63.9m)

114m (£97.7m)

42.5m (£36.4m)

62.9m (£53.9m)

92.8m (£79.6m)

43.2m (£37m)

24.7m (£21.2m)

67.5m (£57.8m)

82.5m (£70.7m)

123m (£105.4m)

97.9m (£83.9m)

38m (£32.6m)

166m (£142.3m)

68.4m (£58.6m)

20.1m (£17.2m)

66m (£56.6m)

38.3m (£32.8m)

F

108.3m (£92.8m)

103.2m (£88.4m)

72.8m (£62.4m)

F

15%

32%53%

103.1m (£88.4m)

53.2m (£45.6m)

90.9m (£77.9m)

254.7m (£218.3m)

27.5m (£23.5m)

52.5m (£45m)

40m (£34.3m)

27.7m (£23.7m)

43m (£36.9m)

55.7m (£47.7m)

F

€316.2m(£271m)

Facebook likes

8.4m

Average leaguematch attendance

Trophieswon

Social media activity

46,970@MCFC

1.4m

Revenue profile (€m)

To break into the MoneyLeague top five the clubwill need to furtherimprove upon itsimpressive commercialgrowth and on-pitchperformance.

Matchday €46.2m (£39.6m)

Broadcasting €103.1m (£88.4m)

Commercial €166.9m (£143m

2012/13 Domesticleague position

1 Manchester United

2 Manchester City

3 Chelsea

4 Arsenal

5 Tottenham Hotspur

0

Page 9: Football Money League 2014

7. Chelsea

119m (£102m)

188.3m (£161.4m)

211.6m (£181.3m)

2

27%

41%

32%

59.6m (£51.1m)

87.6m (£75.1m)

109m (£93.4m)

117.6m (£100.8m)

188.2m (£161.3m)

176.8m (£151.5m)

19.4m (£16.6m)

81.5m (£69.8m)

67.9m (£58.2m)

35.4m (£30.3m)

51.9m (£44.5m)

69.7m (£59.8m)

127.3m (£109.1m)

118.6m (£101.6m)

177.9m (£152.5m)

26.4m (£22.6m)

140.9m (£120.8m)

96.2m (£82.4m)

46.9m (£40.2m)

72.7m (£62.3m)

52.4m (£44.9m)

87.1m (£74.7m)

107m (£91.7m)

237.1m (£203.2m)

52.1m (£44.6m)

74.5m (£63.9m)

114m (£97.7m)

42.5m (£36.4m)

62.9m (£53.9m)

92.8m (£79.6m)

43.2m (£37m)

24.7m (£21.2m)

67.5m (£57.8m)

82.5m (£70.7m)

123m (£105.4m)

97.9m (£83.9m)

38m (£32.6m)

166m (£142.3m)

68.4m (£58.6m)

20.1m (£17.2m)

66m (£56.6m)

38.3m (£32.8m)

F

108.3m (£92.8m)

103.2m (£88.4m)

72.8m (£62.4m)

F

46.2m (£39.6m)

103.1m (£88.4m)

166.9m (£143m)

F

53.2m (£45.6m)

90.9m (£77.9m)

254.7m (£218.3m)

27.5m (£23.5m)

52.5m (£45m)

40m (£34.3m)

27.7m (£23.7m)

43m (£36.9m)

55.7m (£47.7m)

F

€303.4m(£260m)

Facebook likes

21.7m

Average leaguematch attendance

Trophieswon

Social media activity

41,462@chelseafc

3.3m

Revenue profile (€m)

Stamford Bridge’srelatively limited capacitycontinues to hamper theclub’s aspirations to growmatchday revenues.

Matchday €82.5m (£70.7m)

Broadcasting €123m (£105.4m)

Commercial €97.9m (£83.9m)

2012/13 Domesticleague position

1 Manchester United

2 Manchester City

3 Chelsea

4 Arsenal

5 Tottenham Hotspur

1

Page 10: Football Money League 2014

8. Arsenal

119m (£102m)

188.3m (£161.4m)

211.6m (£181.3m)

2

59.6m (£51.1m)

87.6m (£75.1m)

109m (£93.4m)

117.6m (£100.8m)

188.2m (£161.3m)

176.8m (£151.5m)

19.4m (£16.6m)

81.5m (£69.8m)

67.9m (£58.2m)

35.4m (£30.3m)

51.9m (£44.5m)

69.7m (£59.8m)

127.3m (£109.1m)

118.6m (£101.6m)

177.9m (£152.5m)

26.4m (£22.6m)

140.9m (£120.8m)

96.2m (£82.4m)

46.9m (£40.2m)

72.7m (£62.3m)

52.4m (£44.9m)

87.1m (£74.7m)

107m (£91.7m)

237.1m (£203.2m)

52.1m (£44.6m)

74.5m (£63.9m)

114m (£97.7m)

42.5m (£36.4m)

62.9m (£53.9m)

92.8m (£79.6m)

43.2m (£37m)

24.7m (£21.2m)

67.5m (£57.8m)

82.5m (£70.7m)

123m (£105.4m)

97.9m (£83.9m)

38m (£32.6m)

166m (£142.3m)

68.4m (£58.6m)

20.1m (£17.2m)

66m (£56.6m)

38.3m (£32.8m)

F

38%

36%

26%

103.2m (£88.4m)

46.2m (£39.6m)

103.1m (£88.4m)

166.9m (£143m)

F

53.2m (£45.6m)

90.9m (£77.9m)

254.7m (£218.3m)

27.5m (£23.5m)

52.5m (£45m)

40m (£34.3m)

27.7m (£23.7m)

43m (£36.9m)

55.7m (£47.7m)

F

€284.3m(£243.6m)

Facebook likes

19m

Average leaguematch attendance

Trophieswon

Social media activity

60,080@Arsenal

3.4m

Revenue profile (€m)

Matchday is Arsenal’slargest revenue source.We are unlikely to seethis repeated at Arsenal,or any other MoneyLeague club in the future.Matchday €108.3m (£92.8m)

Broadcasting €103.2m (£88.4m)

Commercial €72.8m (£62.4m)

2012/13 Domesticleague position

1 Manchester United

2 Manchester City

3 Chelsea

4 Arsenal

5 Tottenham Hotspur

0

Page 11: Football Money League 2014

9. Juventus

119m (£102m)

188.3m (£161.4m)

211.6m (£181.3m)

2

14%

61%

25%

59.6m (£51.1m)

87.6m (£75.1m)

109m (£93.4m)

117.6m (£100.8m)

188.2m (£161.3m)

176.8m (£151.5m)

19.4m (£16.6m)

81.5m (£69.8m)

67.9m (£58.2m)

35.4m (£30.3m)

51.9m (£44.5m)

69.7m (£59.8m)

127.3m (£109.1m)

118.6m (£101.6m)

177.9m (£152.5m)

26.4m (£22.6m)

140.9m (£120.8m)

96.2m (£82.4m)

46.9m (£40.2m)

72.7m (£62.3m)

52.4m (£44.9m)

87.1m (£74.7m)

107m (£91.7m)

237.1m (£203.2m)

52.1m (£44.6m)

74.5m (£63.9m)

114m (£97.7m)

42.5m (£36.4m)

62.9m (£53.9m)

92.8m (£79.6m)

43.2m (£37m)

24.7m (£21.2m)

67.5m (£57.8m)

82.5m (£70.7m)

123m (£105.4m)

97.9m (£83.9m)

38m (£32.6m)

166m (£142.3m)

68.4m (£58.6m)

20.1m (£17.2m)

66m (£56.6m)

38.3m (£32.8m)

F

108.3m (£92.8m)

103.2m (£88.4m)

72.8m (£62.4m)

F

46.2m (£39.6m)

103.1m (£88.4m)

166.9m (£143m)

F

53.2m (£45.6m)

90.9m (£77.9m)

254.7m (£218.3m)

27.5m (£23.5m)

52.5m (£45m)

40m (£34.3m)

27.7m (£23.7m)

43m (£36.9m)

55.7m (£47.7m)

F

€272.4m(£233.5m)

Facebook likes

9.5m

Average leaguematch attendance

Trophieswon

Social media activity

35,973@Juventusfc

0.9m

Revenue profile (€m)

2012/13 was a year offurther progress on andoff the pitch for Juventus,overtaking AC Milan andInternazionale to becomethe leading revenuegenerating club in Italy.

Matchday €38m (£32.6m)

Broadcasting €166m (£142.3m)

Commercial €68.4m (£58.6m)

2012/13 Domesticleague position

1 Juventus

2 Napoli

3 AC Milan

4 Fiorentina

5 Udinese

1

Page 12: Football Money League 2014

10. AC Milan

119m (£102m)

188.3m (£161.4m)

211.6m (£181.3m)

2

10%

53%

37%

59.6m (£51.1m)

87.6m (£75.1m)

109m (£93.4m)

117.6m (£100.8m)

188.2m (£161.3m)

176.8m (£151.5m)

19.4m (£16.6m)

81.5m (£69.8m)

67.9m (£58.2m)

35.4m (£30.3m)

51.9m (£44.5m)

69.7m (£59.8m)

127.3m (£109.1m)

118.6m (£101.6m)

177.9m (£152.5m)

26.4m (£22.6m)

140.9m (£120.8m)

96.2m (£82.4m)

46.9m (£40.2m)

72.7m (£62.3m)

52.4m (£44.9m)

87.1m (£74.7m)

107m (£91.7m)

237.1m (£203.2m)

52.1m (£44.6m)

74.5m (£63.9m)

114m (£97.7m)

42.5m (£36.4m)

62.9m (£53.9m)

92.8m (£79.6m)

43.2m (£37m)

24.7m (£21.2m)

67.5m (£57.8m)

82.5m (£70.7m)

123m (£105.4m)

97.9m (£83.9m)

38m (£32.6m)

166m (£142.3m)

68.4m (£58.6m)

20.1m (£17.2m)

66m (£56.6m)

38.3m (£32.8m)

F

108.3m (£92.8m)

103.2m (£88.4m)

72.8m (£62.4m)

F

46.2m (£39.6m)

103.1m (£88.4m)

166.9m (£143m)

F

53.2m (£45.6m)

90.9m (£77.9m)

254.7m (£218.3m)

27.5m (£23.5m)

52.5m (£45m)

40m (£34.3m)

27.7m (£23.7m)

43m (£36.9m)

55.7m (£47.7m)

F

€263.5m(£225.8m)

Facebook likes

19.3m

Average leaguematch attendance

Trophieswon

Social media activity

44,123@acmilan

1.7m

Revenue profile (€m)

The Rossoneri have had adisappointing Serie Acampaign thus far, theirform has left themlanguishing in mid-tableand led to the sacking ofcoach Massimilano Allegri.

Matchday €26.4m (£22.6m)

Broadcasting €140.9m (£120.8m)

Commercial €96.2m (£82.4m)

2012/13 Domesticleague position

1 Juventus

2 Napoli

3 AC Milan

4 Fiorentina

5 Udinese

0

Page 13: Football Money League 2014

11. Borussia Dortmund

119m (£102m)

188.3m (£161.4m)

211.6m (£181.3m)

2

23%

34%

43%

59.6m (£51.1m)

87.6m (£75.1m)

117.6m (£100.8m)

188.2m (£161.3m)

176.8m (£151.5m)

19.4m (£16.6m)

81.5m (£69.8m)

67.9m (£58.2m)

35.4m (£30.3m)

51.9m (£44.5m)

69.7m (£59.8m)

127.3m (£109.1m)

118.6m (£101.6m)

177.9m (£152.5m)

26.4m (£22.6m)

140.9m (£120.8m)

96.2m (£82.4m)

46.9m (£40.2m)

72.7m (£62.3m)

52.4m (£44.9m)

87.1m (£74.7m)

107m (£91.7m)

237.1m (£203.2m)

52.1m (£44.6m)

74.5m (£63.9m)

114m (£97.7m)

42.5m (£36.4m)

62.9m (£53.9m)

92.8m (£79.6m)

43.2m (£37m)

24.7m (£21.2m)

67.5m (£57.8m)

82.5m (£70.7m)

123m (£105.4m)

97.9m (£83.9m)

38m (£32.6m)

166m (£142.3m)

68.4m (£58.6m)

20.1m (£17.2m)

66m (£56.6m)

38.3m (£32.8m)

F

108.3m (£92.8m)

103.2m (£88.4m)

72.8m (£62.4m)

F

46.2m (£39.6m)

103.1m (£88.4m)

166.9m (£143m)

F

53.2m (£45.6m)

90.9m (£77.9m)

254.7m (£218.3m)

27.5m (£23.5m)

52.5m (£45m)

40m (£34.3m)

27.7m (£23.7m)

43m (£36.9m)

55.7m (£47.7m)

F

€256.2m(£219.6m)

Facebook likes

6.7m

Average leaguematch attendance

Trophieswon

Social media activity

79,893@BVB

0.7m

Revenue profile (€m)

Dortmund is Germany’ssecond highest-rankedMoney League club, butcontinue to generatesignificantly lower incomethan Bayern Munich.Matchday €59.6m (£51.1m)

Broadcasting €87.6m (£75.1m)

Commercial €109m (£93.4m)

2012/13 Domesticleague position

1 Bayern Munich

2 Borussia Dortmund

3 Bayer Leverkusen

4 Schalke 04

5 SC Freiburg

0

Page 14: Football Money League 2014

12. Liverpool

119m (£102m)

188.3m (£161.4m)

211.6m (£181.3m)

2

22%

31%

47%

59.6m (£51.1m)

87.6m (£75.1m)

109m (£93.4m)

117.6m (£100.8m)

188.2m (£161.3m)

19.4m (£16.6m)

81.5m (£69.8m)

67.9m (£58.2m)

35.4m (£30.3m)

51.9m (£44.5m)

69.7m (£59.8m)

127.3m (£109.1m)

118.6m (£101.6m)

177.9m (£152.5m)

26.4m (£22.6m)

140.9m (£120.8m)

96.2m (£82.4m)

46.9m (£40.2m)

72.7m (£62.3m)

52.4m (£44.9m)

87.1m (£74.7m)

107m (£91.7m)

237.1m (£203.2m)

52.1m (£44.6m)

74.5m (£63.9m)

114m (£97.7m)

42.5m (£36.4m)

62.9m (£53.9m)

92.8m (£79.6m)

43.2m (£37m)

24.7m (£21.2m)

67.5m (£57.8m)

82.5m (£70.7m)

123m (£105.4m)

97.9m (£83.9m)

38m (£32.6m)

166m (£142.3m)

68.4m (£58.6m)

20.1m (£17.2m)

66m (£56.6m)

38.3m (£32.8m)

F

108.3m (£92.8m)

103.2m (£88.4m)

72.8m (£62.4m)

F

46.2m (£39.6m)

103.1m (£88.4m)

166.9m (£143m)

F

53.2m (£45.6m)

90.9m (£77.9m)

254.7m (£218.3m)

27.5m (£23.5m)

52.5m (£45m)

40m (£34.3m)

27.7m (£23.7m)

43m (£36.9m)

55.7m (£47.7m)

F

€240.6m(£206.2m)

Facebook likes

14.7m

Average leaguematch attendance

Trophieswon

Social media activity

44,758@LFC

2.3m

Revenue profile (€m)

The club’s six-year kitsponsorship deal withWarrior Sports from2012/13 provided asubstantial upliftcompared with theprevious deal with adidas.

Matchday €52.1m (£44.6m)

Broadcasting €74.5m (£63.9m)

Commercial €114m (£97.7m)

2012/13 Domesticleague position

5 Tottenham Hotspur

6 Everton

7 Liverpool

8 West Bromwich

9 Swansea City

0

Page 15: Football Money League 2014

13. Schalke 04

119m (£102m)

188.3m (£161.4m)

211.6m (£181.3m)

2

21%

32%

47%

59.6m (£51.1m)

87.6m (£75.1m)

109m (£93.4m)

117.6m (£100.8m)

188.2m (£161.3m)

176.8m (£151.5m)

19.4m (£16.6m)

81.5m (£69.8m)

67.9m (£58.2m)

35.4m (£30.3m)

51.9m (£44.5m)

69.7m (£59.8m)

127.3m (£109.1m)

118.6m (£101.6m)

177.9m (£152.5m)

26.4m (£22.6m)

140.9m (£120.8m)

96.2m (£82.4m)

46.9m (£40.2m)

72.7m (£62.3m)

52.4m (£44.9m)

87.1m (£74.7m)

107m (£91.7m)

237.1m (£203.2m)

52.1m (£44.6m)

74.5m (£63.9m)

114m (£97.7m)

42.5m (£36.4m)

62.9m (£53.9m)

43.2m (£37m)

24.7m (£21.2m)

67.5m (£57.8m)

82.5m (£70.7m)

123m (£105.4m)

97.9m (£83.9m)

38m (£32.6m)

166m (£142.3m)

68.4m (£58.6m)

20.1m (£17.2m)

66m (£56.6m)

38.3m (£32.8m)

F

108.3m (£92.8m)

103.2m (£88.4m)

72.8m (£62.4m)

F

46.2m (£39.6m)

103.1m (£88.4m)

166.9m (£143m)

F

53.2m (£45.6m)

90.9m (£77.9m)

254.7m (£218.3m)

27.5m (£23.5m)

52.5m (£45m)

40m (£34.3m)

27.7m (£23.7m)

43m (£36.9m)

55.7m (£47.7m)

F

€198.2m(£169.9m)

Facebook likes

1.7m

Average leaguematch attendance

Trophieswon

Social media activity

61,016@s04

0.1m

Revenue profile (€m)

Stronger performancesfrom clubs such as BayerLeverkusen and BorussiaMönchengladbach maythreaten the Royal Blues’future high placing in theMoney League.

Matchday €42.5m (£36.4m)

Broadcasting €62.9m (£53.9m)

Commercial €92.8m (£79.6m)

2012/13 Domesticleague position

1 Bayern Munich

2 Borussia Dortmund

3 Bayer Leverkusen

4 Schalke 04

5 SC Freiburg

0

Page 16: Football Money League 2014

14. Tottenham Hotspur

119m (£102m)

188.3m (£161.4m)

211.6m (£181.3m)

2

27%

42%

31%

59.6m (£51.1m)

87.6m (£75.1m)

109m (£93.4m)

117.6m (£100.8m)

188.2m (£161.3m)

176.8m (£151.5m)

19.4m (£16.6m)

81.5m (£69.8m)

67.9m (£58.2m)

35.4m (£30.3m)

51.9m (£44.5m)

69.7m (£59.8m)

127.3m (£109.1m)

118.6m (£101.6m)

177.9m (£152.5m)

26.4m (£22.6m)

140.9m (£120.8m)

96.2m (£82.4m)

46.9m (£40.2m)

72.7m (£62.3m)

87.1m (£74.7m)

107m (£91.7m)

237.1m (£203.2m)

52.1m (£44.6m)

74.5m (£63.9m)

114m (£97.7m)

42.5m (£36.4m)

62.9m (£53.9m)

92.8m (£79.6m)

43.2m (£37m)

24.7m (£21.2m)

67.5m (£57.8m)

82.5m (£70.7m)

123m (£105.4m)

97.9m (£83.9m)

38m (£32.6m)

166m (£142.3m)

68.4m (£58.6m)

20.1m (£17.2m)

66m (£56.6m)

38.3m (£32.8m)

F

108.3m (£92.8m)

103.2m (£88.4m)

72.8m (£62.4m)

F

46.2m (£39.6m)

103.1m (£88.4m)

166.9m (£143m)

F

53.2m (£45.6m)

90.9m (£77.9m)

254.7m (£218.3m)

27.5m (£23.5m)

52.5m (£45m)

40m (£34.3m)

27.7m (£23.7m)

43m (£36.9m)

55.7m (£47.7m)

F

€172m(£147.4m)

Facebook likes

3.6m

Average leaguematch attendance

Trophieswon

Social media activity

36,151@SpursOfficial

0.7m

Revenue profile (€m)

With a solid commercialstructure, and the newdomestic broadcast dealin place, Spurs’ positionin future editions of theMoney League is secure.Matchday €46.9m (£40.2m)

Broadcasting €72.7m (£62.3m)

Commercial €52.4m (£44.9m)

2012/13 Domesticleague position

1 Manchester United

2 Manchester City

3 Chelsea

4 Arsenal

5 Tottenham Hotspur

0

Page 17: Football Money League 2014

15. Internazionale

119m (£102m)

188.3m (£161.4m)

211.6m (£181.3m)

2

12%

48%

40%

59.6m (£51.1m)

87.6m (£75.1m)

109m (£93.4m)

117.6m (£100.8m)

188.2m (£161.3m)

176.8m (£151.5m)

19.4m (£16.6m)

81.5m (£69.8m)

35.4m (£30.3m)

51.9m (£44.5m)

69.7m (£59.8m)

127.3m (£109.1m)

118.6m (£101.6m)

177.9m (£152.5m)

26.4m (£22.6m)

140.9m (£120.8m)

96.2m (£82.4m)

46.9m (£40.2m)

72.7m (£62.3m)

52.4m (£44.9m)

87.1m (£74.7m)

107m (£91.7m)

237.1m (£203.2m)

52.1m (£44.6m)

74.5m (£63.9m)

114m (£97.7m)

42.5m (£36.4m)

62.9m (£53.9m)

92.8m (£79.6m)

43.2m (£37m)

24.7m (£21.2m)

67.5m (£57.8m)

82.5m (£70.7m)

123m (£105.4m)

97.9m (£83.9m)

38m (£32.6m)

166m (£142.3m)

68.4m (£58.6m)

20.1m (£17.2m)

66m (£56.6m)

38.3m (£32.8m)

F

108.3m (£92.8m)

103.2m (£88.4m)

72.8m (£62.4m)

F

46.2m (£39.6m)

103.1m (£88.4m)

166.9m (£143m)

F

53.2m (£45.6m)

90.9m (£77.9m)

27.5m (£23.5m)

52.5m (£45m)

40m (£34.3m)

27.7m (£23.7m)

43m (£36.9m)

55.7m (£47.7m)

F

€168.8m(£144.6m)

Facebook likes

3m

Average leaguematch attendance

Trophieswon

Social media activity

42,097@inter

0.4m

Revenue profile (€m)

The takeover of the clubby Erick Thohir mayaccelerate plans to addressInter’s stadium issues.

Matchday €19.4m (£16.6m)

Broadcasting €81.5m (£69.8m)

Commercial €67.9m (£58.2m)

2012/13 Domesticleague position

7 SS Lazio

8 Catania

9 Internazionale

10 Parma

11 Cagliari

0

Page 18: Football Money League 2014

16. Galatasaray

119m (£102m)

188.3m (£161.4m)

211.6m (£181.3m)

2

23%

33%

44%

59.6m (£51.1m)

87.6m (£75.1m)

109m (£93.4m)

117.6m (£100.8m)

188.2m (£161.3m)

176.8m (£151.5m)

19.4m (£16.6m)

81.5m (£69.8m)

67.9m (£58.2m)

51.9m (£44.5m)

127.3m (£109.1m)

118.6m (£101.6m)

177.9m (£152.5m)

26.4m (£22.6m)

140.9m (£120.8m)

96.2m (£82.4m)

46.9m (£40.2m)

72.7m (£62.3m)

52.4m (£44.9m)

87.1m (£74.7m)

107m (£91.7m)

237.1m (£203.2m)

52.1m (£44.6m)

74.5m (£63.9m)

114m (£97.7m)

42.5m (£36.4m)

62.9m (£53.9m)

92.8m (£79.6m)

43.2m (£37m)

24.7m (£21.2m)

67.5m (£57.8m)

82.5m (£70.7m)

123m (£105.4m)

97.9m (£83.9m)

38m (£32.6m)

166m (£142.3m)

68.4m (£58.6m)

20.1m (£17.2m)

66m (£56.6m)

38.3m (£32.8m)

F

108.3m (£92.8m)

103.2m (£88.4m)

72.8m (£62.4m)

F

46.2m (£39.6m)

103.1m (£88.4m)

166.9m (£143m)

F

53.2m (£45.6m)

90.9m (£77.9m)

254.7m (£218.3m)

27.5m (£23.5m)

52.5m (£45m)

40m (£34.3m)

27.7m (£23.7m)

43m (£36.9m)

55.7m (£47.7m)

F

€157m(£134.6m)

Facebook likes

9.4m

Average leaguematch attendance

Trophieswon

Social media activity

39,093@GalatasaraySk

3.5m

Revenue profile (€m)

Qualification for theChampions League looksessential if Galatasaray are to remain Turkey’sleading revenuegenerating club and moveup the Money League.

Matchday €35.4m (£30.3m)

Broadcasting €51.9m (£44.5m)

Commercial €69.7m (£59.8m)

2012/13 Domesticleague position

1 Galatasaray

2 Fenerbahçe

3 Besiktas

4 Bursaspor

5 Kayserispor

1

Page 19: Football Money League 2014

17. Hamburger SV

119m (£102m)

188.3m (£161.4m)

211.6m (£181.3m)

2

32%

18%

50%

59.6m (£51.1m)

87.6m (£75.1m)

109m (£93.4m)

117.6m (£100.8m)

188.2m (£161.3m)

176.8m (£151.5m)

19.4m (£16.6m)

81.5m (£69.8m)

67.9m (£58.2m)

35.4m (£30.3m)

51.9m (£44.5m)

69.7m (£59.8m)

127.3m (£109.1m)

118.6m (£101.6m)

177.9m (£152.5m)

26.4m (£22.6m)

140.9m (£120.8m)

96.2m (£82.4m)

46.9m (£40.2m)

72.7m (£62.3m)

52.4m (£44.9m)

87.1m (£74.7m)

107m (£91.7m)

237.1m (£203.2m)

52.1m (£44.6m)

74.5m (£63.9m)

114m (£97.7m)

42.5m (£36.4m)

62.9m (£53.9m)

92.8m (£79.6m)

24.7m (£21.2m)

82.5m (£70.7m)

123m (£105.4m)

97.9m (£83.9m)

38m (£32.6m)

166m (£142.3m)

68.4m (£58.6m)

20.1m (£17.2m)

66m (£56.6m)

38.3m (£32.8m)

F

108.3m (£92.8m)

103.2m (£88.4m)

72.8m (£62.4m)

F

46.2m (£39.6m)

103.1m (£88.4m)

166.9m (£143m)

F

53.2m (£45.6m)

90.9m (£77.9m)

254.7m (£218.3m)

27.5m (£23.5m)

52.5m (£45m)

40m (£34.3m)

27.7m (£23.7m)

43m (£36.9m)

55.7m (£47.7m)

F

€135.4m(£116m)

Facebook likes

0.6m

Average leaguematch attendance

Trophieswon

Social media activity

52,829@HSV

0.1m

Revenue profile (€m)

Hamburger SV climbedthree places to 17th, thehighest placed MoneyLeague club not playingin UEFA competitions.

Matchday €43.2m (£37m)

Broadcasting €24.7m (£21.2m)

Commercial €67.5m (£57.8m)

2012/13 Domesticleague position

5 SC Freiburg

6 Eintracht Frankfurt

7 Hamburger SV

8 Borussia Mönchengladbach

9 Hannover 96

0

Page 20: Football Money League 2014

18. Fenerbahçe

119m (£102m)

188.3m (£161.4m)

211.6m (£181.3m)

2

59.6m (£51.1m)

87.6m (£75.1m)

109m (£93.4m)

117.6m (£100.8m)

188.2m (£161.3m)

176.8m (£151.5m)

19.4m (£16.6m)

81.5m (£69.8m)

67.9m (£58.2m)

35.4m (£30.3m)

51.9m (£44.5m)

69.7m (£59.8m)

127.3m (£109.1m)

118.6m (£101.6m)

177.9m (£152.5m)

26.4m (£22.6m)

140.9m (£120.8m)

96.2m (£82.4m)

46.9m (£40.2m)

72.7m (£62.3m)

52.4m (£44.9m)

87.1m (£74.7m)

107m (£91.7m)

237.1m (£203.2m)

52.1m (£44.6m)

74.5m (£63.9m)

114m (£97.7m)

42.5m (£36.4m)

62.9m (£53.9m)

92.8m (£79.6m)

43.2m (£37m)

24.7m (£21.2m)

67.5m (£57.8m)

82.5m (£70.7m)

123m (£105.4m)

97.9m (£83.9m)

38m (£32.6m)

166m (£142.3m)

68.4m (£58.6m)

20.1m (£17.2m)

66m (£56.6m)

38.3m (£32.8m)

F

108.3m (£92.8m)

103.2m (£88.4m)

72.8m (£62.4m)

F

46.2m (£39.6m)

103.1m (£88.4m)

166.9m (£143m)

F

53.2m (£45.6m)

90.9m (£77.9m)

254.7m (£218.3m)

27.5m (£23.5m)

52.5m (£45m)

40m (£34.3m)

22%

34%

44%

43m (£36.9m)

55.7m (£47.7m)

F

€126.4m(£108.3m)

Facebook likes

7.1m

Average leaguematch attendance

Trophieswon

Social media activity

40,895@Fenerbahce

2.7m

Revenue profile (€m)

The club progressed tothe semi-final of theEuropa League, the mostadvanced stage of aEuropean competition ithas reached.Matchday €27.7m (£23.7m)

Broadcasting €43m (£36.9m)

Commercial €55.7m (£47.7m)

2012/13 Domesticleague position

1 Galatasaray

2 Fenerbahçe

3 Besiktas

4 Bursaspor

5 Kayserispor

1

Page 21: Football Money League 2014

19. AS Roma

119m (£102m)

188.3m (£161.4m)

211.6m (£181.3m)

2

16%

53%

31%

59.6m (£51.1m)

87.6m (£75.1m)

109m (£93.4m)

117.6m (£100.8m)

188.2m (£161.3m)

176.8m (£151.5m)

19.4m (£16.6m)

81.5m (£69.8m)

67.9m (£58.2m)

35.4m (£30.3m)

51.9m (£44.5m)

69.7m (£59.8m)

127.3m (£109.1m)

118.6m (£101.6m)

177.9m (£152.5m)

26.4m (£22.6m)

140.9m (£120.8m)

96.2m (£82.4m)

46.9m (£40.2m)

72.7m (£62.3m)

52.4m (£44.9m)

87.1m (£74.7m)

107m (£91.7m)

237.1m (£203.2m)

52.1m (£44.6m)

74.5m (£63.9m)

114m (£97.7m)

42.5m (£36.4m)

62.9m (£53.9m)

92.8m (£79.6m)

43.2m (£37m)

24.7m (£21.2m)

67.5m (£57.8m)

82.5m (£70.7m)

123m (£105.4m)

97.9m (£83.9m)

38m (£32.6m)

166m (£142.3m)

68.4m (£58.6m)

66m (£56.6m)

38.3m (£32.8m)

F

108.3m (£92.8m)

103.2m (£88.4m)

72.8m (£62.4m)

F

46.2m (£39.6m)

103.1m (£88.4m)

166.9m (£143m)

F

53.2m (£45.6m)

90.9m (£77.9m)

254.7m (£218.3m)

27.5m (£23.5m)

52.5m (£45m)

40m (£34.3m)

27.7m (£23.7m)

43m (£36.9m)

55.7m (£47.7m)

F

€124.4m(£106.6m)

Facebook likes

2.5m

Average leaguematch attendance

Trophieswon

Social media activity

42,062@OfficialASRoma

0.3m

Revenue profile (€m)

Just over 50% of the seatsfor home games at theStadio Olimpico weresold, emphasising theneed for investment innew facilities.Matchday €20.1m (£17.2m)

Broadcasting €66m (£56.6m)

Commercial €38.3m (£32.8m)

2012/13 Domesticleague position

4 Fiorentina

5 Udinese

6 AS Roma

7 SS Lazio

8 Catania

0

Page 22: Football Money League 2014

20. Atlético de Madrid

119m (£102m)

188.3m (£161.4m)

211.6m (£181.3m)

2

59.6m (£51.1m)

87.6m (£75.1m)

109m (£93.4m)

117.6m (£100.8m)

188.2m (£161.3m)

176.8m (£151.5m)

19.4m (£16.6m)

81.5m (£69.8m)

67.9m (£58.2m)

35.4m (£30.3m)

51.9m (£44.5m)

69.7m (£59.8m)

127.3m (£109.1m)

118.6m (£101.6m)

177.9m (£152.5m)

26.4m (£22.6m)

140.9m (£120.8m)

96.2m (£82.4m)

46.9m (£40.2m)

72.7m (£62.3m)

52.4m (£44.9m)

87.1m (£74.7m)

107m (£91.7m)

237.1m (£203.2m)

52.1m (£44.6m)

74.5m (£63.9m)

114m (£97.7m)

42.5m (£36.4m)

62.9m (£53.9m)

92.8m (£79.6m)

43.2m (£37m)

24.7m (£21.2m)

67.5m (£57.8m)

82.5m (£70.7m)

123m (£105.4m)

97.9m (£83.9m)

38m (£32.6m)

166m (£142.3m)

68.4m (£58.6m)

20.1m (£17.2m)

66m (£56.6m)

38.3m (£32.8m)

F

108.3m (£92.8m)

103.2m (£88.4m)

72.8m (£62.4m)

F

46.2m (£39.6m)

103.1m (£88.4m)

166.9m (£143m)

F

53.2m (£45.6m)

90.9m (£77.9m)

254.7m (£218.3m)

33%

44%

23%

52.5m (£45m)

27.7m (£23.7m)

43m (£36.9m)

55.7m (£47.7m)

F

€120m(£102.8m)

Facebook likes

1.6m

Average leaguematch attendance

Trophieswon

Social media activity

37,956@Atleti

0.6m

Revenue profile (€m)

Los Rojiblancos havemade a flying start to the2013/14 season andreached the half-waymark having lost onlyonce in all competitions.Matchday €27.5m (£23.5m)

Broadcasting €52.5m (£45m)

Commercial €40m (£34.3m)

2012/13 Domesticleague position

1 Barcelona

2 Real Madrid

3 Atlético de Madrid

4 Real Sociedad

5 Valencia

1

Page 23: Football Money League 2014

How we did it

We have used the figure for total revenueextracted from the annual financial statements ofthe company or group in respect of each club, orother direct sources, for the 2012/13 season(unless otherwise stated).

Revenue excludes player transfer fees, VAT andother sales related taxes. In a few cases we havemade adjustments to total revenue figures toenable, in our view, a more meaningfulcomparison of the football business on a club byclub basis.

Each club’s financial information has beenprepared on the basis of national accountingpractice or International Financial ReportingStandards (“IFRS”). The financial results of someclubs have changed, or may in future change,due to the change in the basis of accountingpractice. In some cases these changes may besignificant.

Based on the information made available to us inrespect of each club, to the extent possible, wehave split revenue into three categories – beingrevenue derived from matchday, broadcast andcommercial sources. Clubs are not whollyconsistent with each other in the way theyclassify revenue. In some cases we have madereclassification adjustments to the disclosedfigures to enable, in our view, a more meaningfulcomparison of the financial results.

Matchday revenue is largely derived from gatereceipts (including season tickets andmemberships). Broadcast revenue includesrevenue from both domestic and internationalcompetitions. Commercial revenue includessponsorship and merchandising revenues. For amore detailed analysis of the comparability ofrevenue generation between clubs, it would benecessary to obtain information not otherwisepublicly available. Some differences betweenclubs, or over time, may arise due to differentcommercial arrangements and how thetransactions are recorded in the financialstatements, due to different financial reportingperimeters in respect of a club, and/or due todifferent ways in which accounting practice isapplied such that the same type of transactionmight be recorded in different ways.

The publication contains a variety of informationderived from publicly available or other directsources, other than financial statements. We havenot performed any verification work or auditedany of the information contained in the financialstatements or other sources in respect of eachclub for the purpose of this publication.

For the purpose of the international comparisons,unless otherwise stated, all figures for the2012/13 season have been translated at 30 June2013 exchange rates (£1 = €1.1668; €1 =TRY2.508; €1 = BRL2.8714). Comparative figureshave been extracted from previous editions of theDeloitte Football Money League, or from relevantannual financial statements or other directsources.

There are many ways of examining the relativewealth or value of football clubs and at Deloittewe have developed models of anticipated futurecash flows to help potential investors or sellers dojust that. However, for an exercise such as this,there is insufficient public information to do that.Here, in the Deloitte Football Money League, weuse revenue as the most easily available andcomparable measure of financial wealth.

Page 24: Football Money League 2014

Whilst Bayern Munichleapfrog ManchesterUnited into third place,the English club has arealistic opportunity toregain top position infuture years

Page 25: Football Money League 2014

Manchester

Dan Jones, Paul Rawnsley, Alan Switzer

PO Box 500, 2 Hardman Street, Manchester, M60 2AT, UK

Telephone: +44 (0)161 455 8787

E-mail: [email protected]

For further information, visit our website at www.deloitte.co.uk/sportsbusinessgroup

London

Mark Roberts

Athene Place, 66 Shoe Lane, London, EC4A 3BQ, UK

Telephone: +44 (0)20 7303 7841

E-mail: [email protected]

Contacts

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited byguarantee, and its network of member firms, each of which is a legally separate and independent entity. Pleasesee www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.

This publication has been written in general terms and therefore cannot be relied on to cover specific situations;application of the principles set out will depend upon the particular circumstances involved and we recommendthat you obtain professional advice before acting or refraining from acting on any of the contents of thispublication. Deloitte LLP would be pleased to advise readers on how to apply the principles set out in thispublication to their specific circumstances. Deloitte LLP accepts no duty of care or liability for any loss occasionedto any person acting or refraining from action as a result of any material in this publication.

© 2014 Deloitte LLP. All rights reserved.

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