德勤-2021年足球财富榜（英文）-2021.1-62页_12mb

Deloitte Football Money League Summary - January 2021

Core Content

The Deloitte Football Money League (24th edition) provides an analysis of the top revenue-generating football clubs globally. This edition is noted as the most challenging to produce due to the unprecedented disruptions caused by the COVID-19 pandemic. The report highlights the financial impact of the pandemic on clubs across multiple revenue streams, including matchday, broadcast, and commercial revenue, and explores how clubs adapted to the new normal.

Main Points

Financial Impact of the Pandemic

• Revenue Decline: The top 20 clubs in the Money League generated €8.2 billion in revenue, a 12% decline compared to the previous year’s €9.3 billion.
• Matchday Revenue: The most significant loss came from matchday revenue, due to the absence of fans. This will fully reflect in the next edition.
• Broadcast Revenue: The pandemic led to a 23% decline in broadcast revenue, primarily due to:
  • Deferrals of revenue into the following financial year.
  • Broadcasters seeking rebates for the disruptions.
• Commercial Revenue: Despite challenges, commercial revenue increased by 3%, driven by new deals and effective mitigation of losses.

Key Revenue Streams

• Matchday Revenue: Clubs lost significant income from ticket sales and corporate hospitality.
• Broadcast Revenue: Revenue recognition varied based on when the season ended and the timing of matches relative to financial year-ends.
• Commercial Revenue: Increased due to new sponsorships and digital engagement strategies.

Revenue Trends and League Comparisons

Top 10 Clubs

• The top 10 clubs remained largely unchanged, showing the resilience of established clubs.
• FC Barcelona and Real Madrid tied for first place with revenues of €715.1m and €714.9m, respectively, marking the closest gap in Money League history.
• Barcelona experienced a 15% revenue drop, while Real Madrid saw a 6% drop, partly offset by commercial revenue growth.
• Bayern Munich generated €634.1m, securing a top three position for the first time since 2013/14.
• Manchester United (€580.4m) and Liverpool (€558.6m) remained in the top five, with Liverpool entering the top five for the first time since 2001/02.

Other Notable Clubs

• Manchester City (€549.2m) and Paris Saint-Germain (€540.6m) were impacted by deferrals of UEFA broadcast revenue.
• Chelsea (€469.7m) and Tottenham Hotspur (€445.7m) saw notable changes, with Tottenham being the only club among the top 20 to report an increase in matchday revenue due to the opening of their new stadium.

League-Specific Impacts

Premier League

• Broadcast Revenue: Recognized over two financial years due to the season being postponed.
• Rebates: Received a reported €330m in broadcast rights rebates, shared among clubs.
• Growth Prospects: Maintained strong relationships with broadcasters, avoiding major disruptions.

La Liga

• Domestic Broadcast Rights: Announced a €780m tender for the 2021/22 season, which failed to pay off.
• Settlement with Mediapro: Reached a €100m agreement to cancel arrangements for the 2020/21 to 2023/24 cycle.
• Future Plans: Aims to re-enter the market with a new domestic broadcast rights cycle and may consider extending contracts in Europe.

Ligue 1

• Revenue Decline: On average, a 16% decline, largely due to the early termination of the season.
• Government Loans: Secured €73m and €31.4m in domestic broadcast rights rebates, with €18.5m in international rebates.
• Future Challenges: Faces potential re-sales of rights and may seek private equity investment for long-term stability.

Bundesliga

• Least Impacted: Among the 'big five' leagues, the Bundesliga was the least affected, with an average decline of 3%.
• Broadcast Rights: Domestic rights cycle for 2021/22 to 2024/25 at €1.1 billion per season, a 5% drop from the previous cycle.
• International Rights: Reported to decline by €25-40m in 2021/22, due to market challenges and piracy concerns.

Serie A

• Domestic Broadcast Rights: Suffered a 15-18% decline, with Sky Italia withholding €130m due to delayed season.
• New Entity: In the process of finalizing a private equity investment to manage its media rights.
• International Rights: Benefited from improved relations in the Middle East, but still saw a decline in some markets.

Strategic Adaptations

• Digital Engagement: Clubs had to rapidly shift to digital platforms to maintain fan interaction and commercial activity.
• Commercial Innovation: Clubs that adapted quickly to digital formats and restructured commercial rights were better positioned to mitigate losses.
• Sponsorship Adjustments: Some sponsors sought rebates, while others defaulted due to financial difficulties.

Future Outlook

• Broadcast Rights Recovery: The full impact of the pandemic on broadcast rights values may not be realized for years.
• Revenue Growth: Clubs are expected to focus on matchday and commercial revenue, with on-pitch performance playing a key role.
• Uncertainty: The future of broadcast rights values remains uncertain, especially in domestic markets, but signs of stabilization are emerging.

Key Figures

• Total Revenue for Top 20 Clubs: €8.2 billion (down 12% from €9.3 billion).
• Matchday Revenue Loss: €257m (down 17%).
• Broadcast Revenue Loss: €937m (down 23%).
• Commercial Revenue Growth: €105m (up 3%).

Conclusion

The Deloitte Football Money League 2021 highlights the significant financial impact of the COVID-19 pandemic on football clubs. While the top clubs showed resilience, the disruption caused by the pandemic has led to a complex and varied impact across different leagues and revenue streams. As the situation evolves, the ability of clubs to adapt and innovate will be crucial in restoring and maintaining their financial health.