DELOITTE’S football money league published yesterday showed that the world’s top 20 clubs, all European, had combined revenues of £3.3bn in 2008-09.
The accountancy firm’s annual review of football finance put Spanish giants Real Madrid at the top of the table with revenues of £341.9m in 2008-09 while Manchester United were the highest-placed Premier League club in third, at £278.5m.
Liverpool were the fourth-highest English club in seventh place overall, with revenues of £184.8m, while Everton were ninth in England and 27th overall with £79.6m.
The report, Spanish Matters, found that the elite clubs had performed robustly during the first half of the recession.
Dan Jones, partner in Deloitte’s sports business group and editor of the report, said: “We continue to assert that the game’s top clubs are well placed to meet the challenges presented by the difficult economic environment.
“Their large and loyal supporter bases, ability to drive broadcast audiences, and continuing attraction to corporate partners provide a strong base to underpin revenues.”
He expects the dominance of the large clubs to continue, with only small changes in the make-up of the top 20 list.
Real Madrid had revenues more than double those of the 10th and 11th placed clubs – AC and Inter Milan, with identical revenues of £167.4m – who themselves earned nearly double the £85.9m of the 21st-placed club, Paris Saint-Germain.
Mr Jones added: “The limited change in the clubs comprising the Money League top 20 reflects the fact that those clubs with the largest supporter bases in the strongest economic markets, high attraction to commercial partners, and consistent participation in European competition will dominate the top positions.”
The report rejects the supposedly common-sense theory that revenues must have fallen during the downturn and the pressure on individual and corporate spending.
It said: “There has been much conjecture regarding a ‘recession within football’, notably after a record low level of transfer spending by Premier League clubs in the 2010 January transfer window.
“The evidence at a revenue level amongst football’s top clubs does not support such a theory, although clubs have undoubtedly been required to adapt to a changing environment.”
Although revenues from European broadcasters had largely been agreed before the downturn began – the exception being the Premier League, which secured a 4% increase to £1.8bn for a three-year deal – commercial and matchday revenues would have come under more pressure from the economic situation.
“On first consideration, it would appear logical for matchday revenues to be hard hit during a period of recession, particularly in times of rising unemployment, as disposable income is reduced,” it said.
“Additionally, in a challenging economic climate, it would appear reasonable to expect corporates to have lower entertaining budgets.
“While attendances appear to be holding up in 2009/10, it seems likely that clubs are facing increasing pricing pressure from general admission, and, in particular, corporate attendees. We will be monitoring the average yield per attendee with interest in the next edition of Money League.”
However, the report warned that the robustness of the elite clubs would not transfer through to smaller clubs across Europe.
It said: “Smaller clubs, offering less exposure, a smaller fanbase and limited on-pitch success may well be less attractive to a partner and, given the difficulties in the market, may have a more challenging negotiating position.
“Deals will be doable, however, as with ticket prices, clubs may need to work harder to support their price expectations, or adjust them accordingly.
“At the top level of European club football, though, it is clear that any financial and economic difficulties that exist at these clubs are caused more by weak cost control, bad management and a reduction in available credit, than any downturn in revenue generation.”
