Swiss Ramble Profile picture
Dec 4, 2017 21 tweets 12 min read Twitter logo Read on Twitter
Bayern Munich recently published their 2016/17 financial results. Some thoughts follow #FCBayern
#FCBayern profit before tax increased by 23% (€12m) from €54m to a record €66m (profit after tax up from €33m to €39m). Revenue including player sales (Bayern’s definition) also rose €14m to reach a record high of €641m.
#FCBayern profit increase largely due to player sales, up €18m to €53m (Götze and Rode to Dortmund, Hojbjerg to Southampton), while player amortisation also fell €8m.
However, #FCBayern match day revenue was down €4m, while there were small increases in a number of costs: wages €5m, depreciation €3m and other expenses €3m.
This is the 25th year in a row that #FCBayern have been profitable. In fact, profits have been steadily rising in recent times with the club generating €150m profit in the last three years alone.
#FCBayern EBITDA (Earnings Before Interest, Tax, Depreciation & Amortisation), which can be considered cash operating profit, fell from €108m to €96m (less than half of #MUFC €226m). However, including player sales increased to record €149m.
Excluding player sales, #FCBayern revenue dropped by 1% (€4m) from €592m to €588m in 2016/17, though this is still €114m more than the €474m reported two years ago. Commercial income accounts for 58% of total revenue.
The gap to Borussia Dortmund (revenue €333m) closed in 2017 following #BVB return to the Champions League, but it still stands at a hefty €255m.
#FCBayern climbed one place to 4th in Deloitte Money League 2017, based on 2015/16 results, overtaking PSG. However, gap to Spanish giants has widened in 2016/17: Real Madrid €675m, Barcelona €635m. There are three other German clubs in the top 30.
Only one other club in the Money League Top 20 earned more commercial income than #FCBayern, namely Manchester United. Bayern have an excellent kit deal with Adidas (€60m a year) and shirt sponsorship agreement with Deutsche Telekom (around €30m a year).
Where #FCBayern lose out is broadcasting revenue. Their total of €148m in 2015/16 was not too bad, but was a long way behind Spanish and English clubs (even before the new Premier League deal in 2016/17).
#FCBayern earned €74m from the Bundesliga TV deal, based on performance over the last 5 years, which is a lot less than English clubs. The good news is that the four-year deal from 2017/18 will be 85% higher.
#FCBayern Champions League revenue was €55m after being eliminated in the quarter-finals by eventual winners Real Madrid, down from €64m after reaching the semi-final the previous season.
#FCBayern Champions League revenue included TV pool payment of €23m, which is on the low side, due to the German TV deal being the smallest of the Big 5 European leagues, e.g. Juventus earned €59m from the TV pool.
Even after the 2016/17 decrease, #FCBayern have earned significantly more revenue (€269m) from European competition than any other German club in the last 5 years. The closest challenger is Dortmund with €189m.
Despite Germany’s reputation for low ticket prices, #FCBayern’s match day revenue of €102 million was actually the 5th largest in the world in 2015/16, though #MUFC and #AFC both generated around €30m more.
The #FCBayern wage bill slightly rose 2% (€5 million) to €265 million in 2016/17, with the wages to turnover ratio increasing to 45%, which is still very impressive.
The #FCBayern wage bill of €265m is €87m higher than Borussia Dortmund’s €178m. The gap has closed in 2016/17, but Bayern’s wages are still around 50% higher than their rivals.
#FCBayern’s other staff cost, player amortisation, fell 11% (€8 million) from €70 million to €62 million. For some context, this is less than half the player amortisation at big spending #MUFC and #MCFC (around €140m).
Although #FCBayern’s net spend on players has remained settled, the gross spend has been increasing, offset by higher player sales. This summer, not included in the 2016/17 accounts, Bayern’s gross spend was over €100m.
Despite these sales, #FCBayern’s net spend of €91m over the last 3 years is still higher than all other German teams – with the exception of new kids on the block RB Leipzig, who have splashed out €143m over this period.

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More from @SwissRamble

Oct 4, 2018
#RealMadrid 2017/18 accounts cover a season when they finished third in La Liga, but won the Champions League for a third consecutive year, the fourth time in 5 years, plus the Club World Cup and European and Spanish Super Cups. Some thoughts in the following thread.
#RealMadrid profit before tax increased by €17m from €26m to €43m (profit after tax up €10m from €21m to €31m). Revenue (Madrid’s definition) rose 11% (€76m), their largest rise since 2000, to a record high of €751m, while profit on player sales was 4% (€2m) up at €54m.
All #RealMadrid revenue streams increased with the largest growth in marketing €41m (16%) to €295m, followed by international & friendly matches €13m (17%) to €100m, broadcasting €13m (8%) to €178m and membership fees & stadium revenue €8m (5%) to €174m.
Read 39 tweets
Sep 25, 2018
Manchester United are the second Premier League club after #MCFC to publish 2017/18 financial results, covering a season when they were runners-up in the league and FA Cup, but were eliminated by Sevilla in the Champions League last 16. Some thoughts in the following thread #MUFC
#MUFC profit before tax down from £57m to £26m, mainly due to higher player costs, as wage bill shot up £32m and player amortisation rose £14m, while revenue only up £9m. Tax bill increased from £17m to £63m as a change in US corporate tax rate led to a £49m non-cash write-off.
#MUFC revenue only grew £9m (2%). Only meaningful increase was broadcasting, up £10m (5%) to £204m. Commercial income was basically flat at £276m, while match day dropped £2m (2%) to £110m. Profit on player sales rose £7m to £18m.
Read 39 tweets
Sep 17, 2018
Ten years after Sheikh Mansour acquired the club, Manchester City’s 2017/18 financial results covered a season when they won the Premier League in some style, won the League Cup and reached the Champions League quarter-finals. Some thoughts in the following thread #MCFC
#MCFC profit before tax up from £0.1m (£1.1m after tax) to £10.4m, as previous season was adversely impacted by change in year-end resulting in an extra month’s costs with minimal revenue uplift. Revenue rose £27m (6%) to £500.5m, only second English club above £0.5 bln.
All #MCFC revenue streams up: commercial income rose £14m (7%) to £232m; broadcasting increased £8m (4%) to £212m; and match day was £5m (9%) higher at £57m. Profit on player sales was up £4m to £39m.
Read 37 tweets
Sep 10, 2018
Prize money for UEFA club competitions significantly increases in 2018/19, including a new coefficient ranking payment that better rewards historically successful clubs rather than those with larger national TV rights deals. Some thoughts follow on Champions League distribution.
The amount distributed to clubs in UEFA Champions League (group stage onwards) will rise €681m (54%) from €1.269 bln to €1.950 bln in 2018/19. This is split: participation €488m (25%), performance €585m (30%), TV pool €292m (15%) and coefficient rankings €585m (30%).
In 2018/19 each of the 32 clubs qualifying for Champions League group stage gets €15.25m plus €2.7m for a win and €900k for a draw. Additional prize money for each further stage reached: last 16 €9.5m, quarter-final €10.5m, semi-final €12m, final €15m and winners €19m.
Read 15 tweets
Sep 4, 2018
Atletico Madrid’s 2016/17 accounts cover a season when they finished third in La Liga and reached the semi-finals of the Champions League under coach Diego Simeone. Some thoughts on their finances in the following thread #Atleti #AúpaAtleti #AtleticoMadrid
#Atleti profit before tax improved from €1m to €5m (profit after tax up from €4m to €5m), as revenue rose €48m (21%) to a record high of €281m, though profit on player sales fell €7m to €37m. No repeat of the 15/16 €27m extraordinary charge linked to stadium development.
The main driver of the #Atleti revenue increase was the La Liga TV deal, up €31m to €99m, though Champions League TV money was €9m lower at €61m. Commercial rose €22m (41%) to €76m, while match day was €4m (11%) higher at €45m.
Read 41 tweets
Aug 27, 2018
A long-suffering Newcastle United fan asked how their financial performance compared with Tottenham Hotspur since Mike Ashley bought the club in July 2007, so here’s a few thoughts in the following thread #NUFC #THFC
Both #NUFC and #THFC have focused on profit. #NUFC have essentially broken even during Ashley’s tenure with £4m aggregate profit, while #THFC have reported an impressive £215m. Worth noting that £188m of that came in last 4 seasons, when #NUFC had a £47m loss in Championship.
#NUFC revenue has fallen by £1m since Ashley’s arrival from £87m to £86m, deflated by the lower money in the Championship. In the same period, #THFC revenue has tripled, rising £203m from £103m to £306m. In fairness, #NUFC 2018 revenue will be much higher (£175-180m estimate).
Read 17 tweets

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