The European

Champions
Report 2021

January, 2021
KPMG Sports Advisory Practice

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 The European Champions
Report 2021
3

Contents
Foreword  4

Football during and

beyond COVID-19  8

Champions  12
• FC Bayern München  12
• FC Porto  14
• Juventus FC  16
• Liverpool FC  18
• Paris Saint-Germain FC  20
• Real Madrid CF  22

Summary  24

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 Foreword Football during and beyond COVID-19 Champions Summary
The European Champions
Report 2021
4

Foreword
Andrea Sartori
Partner
KPMG Global Head of Sports
andreasartori@kpmg.com

The 2019/20 football season has been plagued by unexpected

events that will exert long-lasting consequences on the entire
industry. As the 5th edition of KPMG Football Benchmark’s
“The European Champions Report” clearly demonstrates, the
devastating short-term impacts of the COVID-19 pandemic are
clearly reflected by the key business performance indicators of the
champions of Europe’s most prominent leagues in the 2019/20
season.

All six champions scrutinised in our report have now

recorded a decrease in their operating revenues: Juventus FC,
Paris Saint-Germain FC and FC Porto registered a double-digit
year-on-year drop, while FC Bayern München, Liverpool FC and
Real Madrid CF reported more modest decreases in operating
revenues, mainly due to their ability to increase commercial
income. The German and the Spanish champions have also been
rare exceptions in terms of profitability, having registered net
profits for the financial year which ended in May/June 2020, while
the other clubs witnessed significant losses.1

From a comparability perspective, the delay and/or cancellation of

matches, in some cases played after the financial year-end closure,
and the uncertainty over potential renegotiations of payments
from media and commercial agreements – including UEFA-related
income – have posed challenges on how revenues and costs have
been accounted for by clubs.²

The pandemic has affected the very structure of our current

report as well. As the Dutch Eredivisie cancelled its season last
April without declaring a champion, following a government ban of
all sporting events until September, the Netherlands is not included
in this edition. In addition, financial results from Turkish champions
Istanbul Başakşehir FK were not available, therefore our 5th annual
report on the champions of Europe’s top domestic competitions
now covers six leagues, compared to previous editions which
included eight champions.

Unlike a year before, when six clubs from Europe’s top football
leagues could retain their league title, the 2019/20 season
has been more competitive, with only three champions –
FC Bayern München3, Juventus FC and Paris Saint-Germain FC
– regaining their domestic title. Newcomers include Liverpool FC
winning the English Premier League for the first time in 30 years,
FC Porto reclaiming the Portuguese title from last year’s winners
SL Benfica, and Real Madrid CF winning their 34th LaLiga trophy by
regaining the throne from Barcelona FC after two years.

1
Liverpool FC have yet to release detailed financial information on staff costs and profitability figures
as of the date of publication.
2
The postponement of a certain number of matches after the closing date of the 2019/20 financial
year, due to the COVID-19 health emergency, has in some cases caused discrepancy between
clubs, and within the same club when compared to the 2018/19 season, in terms of accrual basis of
revenues and costs. Producing this report, we relied on information included in the published Financial
Statements – or in the information obtained after consultation with the management – of each club
and we have not performed any verification work or audited any of such financial information.

All data refer to the individual financial statements of FC Bayern München AG. Consolidated data
3

were not available as of the date of publication.

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 Foreword Football during and beyond COVID-19 Champions Summary
The European Champions
Report 2021
5

Operating revenues overview (in EUR million)

Total operating revenues with breakdown (2019/20) and YoY decrease
Matchday Broadcasting Commercial & Other YoY decrease

681.2

120.1 230.8 330.3 59.1 -8%

607.2
*
70.4 203.3 333.5 18.3 -3%

557.0

82.5 231.9 242.6 47.6 -8%

540.6

92.4 149.6 298.6 95.4 -15%

401.4

49.6 166.4 185.4 62.2 -13%

87.3
8.1 46.1 33.1 89.0 -50%

*Note: All data refer to the individual financial statements of FC Bayern München AG. Consolidated data were not available at the date of publication.

Source: KPMG Football Benchmark

Regarding operating revenues, FC Porto registered the With many games cancelled or played behind closed doors,
biggest year-on-year decline in percentage terms (-50%), matchday income suffered the biggest blow at almost
mainly a consequence of their early exit in the Champions every club. Two exceptions were Liverpool FC and FC Porto,
League qualifying rounds, while Paris Saint-Germain FC suffered whose broadcasting revenue diminished most, primarily due
the largest blow in absolute terms (-EUR 95.4m). FC Bayern to their poorer UEFA Champions League performance
München can boast the least severe drop (-EUR 18.3m, a 3% compared to the previous season. Real Madrid CF lost the
decline), whereas Real Madrid CF registered the highest most in matchday income in absolute terms (-EUR 34.9m, a
operating income (EUR 681.2m) among the champions, 22% year-on-year drop), while FC Porto’s EUR 4.2m decrease
despite an 8% decrease. constituted the greatest annual decline in percentages (-34%).

Matchday revenues YoY change (in EUR million and in %)

Total number of home matches played without capacity restrictions: 2019/20 vs 2018/19

-34.9 -23.6 -22.0 -21.9 -13.1 -4.2

-22% -20% -24% -31% -14% -34%

18 vs 27 18 vs 27 17 vs 22 17 vs 24 22 vs 26 22 vs 27

Source: KPMG Football Benchmark

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 Foreword Football during and beyond COVID-19 Champions Summary
The European Champions
Report 2021
6

Staff costs overview (2019/20 season)

Total staff costs (in EUR million), YoY change (in %) and staff costs to revenue ratio

YoY change
+4% +10% -6% -13% -8%

400
411.0 405.6

300 314.8
Staff costs

284.3

200

100
90.6

Staff costs to
revenue ratio 60% 75% 52% 71% 104%
Source: KPMG Football Benchmark

Note: Liverpool FC have yet to release detailed financial information on staff costs and profitability figures as of the date of publication.

Broadcasting revenues have also been hit, but to various Nevertheless, commercial has become the income stream
extents. With fewer games played until May/June in both with the largest share of total operating revenues at five of
domestic leagues and UEFA competitions, TV income was the six clubs reviewed, while broadcasting bore the biggest
reduced accordingly for the past season, while the matches share for most of the champions a year before. Although
played in July and August, completing the season, in most noticeably smaller than for other champions, broadcasting
cases will be accounted for in the current 2020/21 season. revenue remained the key source for FC Porto, despite suffering
Clubs who progressed further in the Champions League a 63% decrease in total TV rights with their subordinate UEFA
could benefit from higher UEFA contributions: both finalists performance, as the club’s recent, 10-year individual domestic
FC Bayern München and Paris Saint-Germain FC, registered TV deal provides a stable income.
only 4% decreases in their TV income, while those eliminated
in the Round of 16 (Real Madrid CF, Juventus FC and While several clubs managed to reduce players’ wages,
Liverpool FC) suffered an annual decrease of 12%, 19% and not all of them were able to decrease operating costs
22%, respectively. In contrast, FC Porto’s 63% drop in TV in proportion to the harsh drop in operating revenues.
rights was mainly a result of their poor Champions League FC Bayern München and Juventus FC were successful in
performance, and thus missing out on the lucrative media reducing staff costs (by 6% and 13% respectively), by having
income from the main European club tournament for the first agreed a pay cut by the playing staff. In contrast, staff costs at
time in eight years. Real Madrid CF increased by 4%, despite players having settled
on a 10% temporary wage cut during the season, and thus
Commercial and other revenues for the champions vary the club registered the highest staff costs (EUR 411m). PSG
to even greater extent – Liverpool FC, FC Bayern München registered an even higher (10%) growth in staff costs, mainly
and Real Madrid CF could even increase their income from due to a growth in overall wages with some high-profile new
commercial activities by 14%, 4% and 2%, respectively, signings and high employee social tax charges in France.
Juventus FC remained stable, while FC Porto and PSG both
registered an 18% drop.

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 Foreword Football during and beyond COVID-19 Champions Summary
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Report 2021
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While last year all champions managed to record a profit Furthermore, due to fallout from the pandemic, clubs were
after tax, with Juventus FC being the only exception, this faced with complex challenges from legal (e.g. players’
time FC Bayern München and Real Madrid CF are the only contracts), logistical (travel restrictions), regulatory (FFP) and
clubs to register a modest profit (EUR 5.9m and EUR 0.3m, match calendar perspectives as well – in the analysis that
respectively), as our chart below shows. On the other end, follows, we review the current underlying issues the global
PSG’s net loss of EUR 125.8m is the highest, also due to health crisis drew attention to, as well as how COVID-19
the fact that the French Ligue 1 was the only top domestic has spurred a re-evaluation of industry practices.
European league to be shortened as opposed to be delayed
and completed later. A crisis almost always provides the opportunity to highlight
major failings in the business model, and also to drive
All in all, while recent pre-COVID-19 seasons demonstrated innovation and evolution. So it is encouraging to see football’s
constant and stable growth for almost all the champions of governing bodies, associations and clubs considering reforms
Europe’s top leagues, the past season has been distressing regarding competitions calendar, cost control measures,
for all, albeit to various extents. Also, whereas some alterations to the economics and governance of domestic
underlying trends were evident recently, disruption was and European competitions or to the transfer system, among
the main commonality in the past season. others. Our call at the outbreak of the crisis almost a year ago
remains valid: the unprecedented complexity of issues in
The coronavirus crisis has tested the financial sustainability the new reality requires unprecedented flexibility, wisdom,
of the football ecosystem as a whole and further exposed its responsibility and cooperation from all parties at all levels.
fragility. Even prior to the pandemic, inflated players’ salary,
coupled with growing transfer and agent fees, placed a On the pages that follow, we analyse the achievements of each
significant strain on clubs’ finances. The crisis has magnified champion and, finally, provide a comparison of their key financial
these flaws in the current business model. Football clubs performance indicators, among other insightful findings.
suddenly had to deal with liquidity concerns with all of their
income streams affected by the absence of gate receipts, in If you would like to discuss our findings in detail, or receive
addition to the renegotiation, suspension or cancellation of further information, please contact us through our Football
payments from media and commercial agreements. Benchmark platform.

Clubs’ profitability: on-field review

Profit/Loss after tax (2019/20 season, in EUR million)

0.3 5.9

-89.7

-116.2
-125.8
Source: KPMG Football Benchmark

Note: Liverpool FC have yet to release detailed financial information on staff costs and profitability
figures as of the date of publication.

Football Benchmark Football Benchmark Football Benchmark Football Benchmark

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 Foreword Football during and beyond COVID-19 Champions Summary
The European Champions
Report 2021
8

Football during and

beyond COVID-19
The football industry is facing unprecedented times due to the (FFP) starting from that year, the same clubs posted an
effects of the COVID-19 pandemic. Recent years have been a aggregate profit of EUR 579m by 2017 (EUR 140m by 2018).¹
time of growth for the sector, driven by digital transformation
resulting in the industry’s globalisation and, ultimately, in However, it is crucial to note that, even prior to the pandemic,
record high media rights and sponsorships deals. In the years there was a general consensus that inflated players’ salaries,
preceding the virus, from 2016 to 2020, a sample of the 32 coupled with growing transfer and agent fees, were placing
most prominent European clubs in our annual “Football significant strain on clubs’ finances. The crisis has magnified
Clubs’ Valuation: The European Elite” shows these these flaws in the current business model, where working from
clubs increased their Enterprise Value by 10.9% on average home is also not possible. In an industry already characterised
annually. In addition to that, European top division clubs from by limited liquidity, minor disruptions paling in comparison
all UEFA member associations displayed an annual average to COVID-19, such as the volatility of qualification to certain
revenue growth of 6.7% in the period from 2009 to 2018.¹ competitions or player trading income, had already driven some
Increasingly-sophisticated financial regulations promoting clubs into real financial distress. The present global health
sustainability have contributed to the industry’s growth as well. emergency has further exposed the vulnerability of the football
Indeed, European top division clubs recorded an aggregate loss ecosystem and thrown its financial sustainability into question,
of EUR 1.7 billion in 2011, but following the implementation of even in the short term.
the UEFA Club Licensing and Financial Fair Play Regulations

Aggregate revenues in European top divisions (in EUR million)

25,000

21,083

20,000
Average growth
6.7%

15,000

11,719

10,000 Estimated losses of

EUR 5 billion
... on operating
revenues
(excluding transfer
impacts)
5,000

0
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20+21

Source: UEFA “European Club Footballing Landscape” and ECA Annual Report 2020 with KPMG elaboration

¹UEFA’s “The European Club Footballing Landscape” report

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 Foreword Football during and beyond COVID-19 Champions Summary
The European Champions
Report 2021
9

From the fallout of the pandemic, football clubs are now The effects of the virus were mitigated to an extent by
suddenly facing complex challenges from the following cooperation from various stakeholders to facilitate the
perspectives: legal (e.g. players’ contracts), logistical (travel completion of the majority of domestic leagues and UEFA
restrictions), regulatory (UEFA Financial Fair Play) and even club competitions in the 2019/20 season. UEFA delayed its
regarding the match calendar. Moreover, these clubs are being continental competitions for the completion of the domestic
financially tested with games cancelled or played behind closed leagues, thus clubs were able to attempt to respect their
doors and all of their income streams affected by the absence commercial and media obligations even without fans.
of gate receipts in addition to the renegotiation, suspension In addition, the UEFA European Championship and the Copa
or cancellation of payments from media and commercial América were also postponed by one season to assist in the
agreements. Such factors are causing liquidity concerns, as reorganisation of the global competition calendar. UEFA also
clubs struggle to meet their commitments. Further down the aided clubs by reviewing the FFP Regulations to introduce
football pyramid, clubs in smaller leagues and lower divisions increased flexibility to regulatory frameworks as part of
were hit the hardest, since these clubs typically depend more their efforts to alleviate the adverse financial impacts of the
on income streams from the matchday activities most affected virus. One such change was the introduction of a temporary
by the virus. emergency measure allowing for the combination of the
2019/20 and 2020/21 financial years. While the 2019/20 season
Football clubs have been exposed during this period, as they was the worst yet, the financial impact of the pandemic did
take most of the financial risk and make most of the capital and not cease with its completion. Rather, the ripple effects of this
operational investment. FIFA’s COVID-19 Relief Plan estimates crisis will still be felt in 2020/21, even if the season is played
that 90% of the financial impact is at club level, where most out in full: ECA estimates overall losses for the 2019/20 and
of the industry costs also sit. Operating revenues have been 2020/21 seasons across clubs in the top divisions of Europe to
severely hit, while operating costs, most notably player be in excess of EUR 5 billion on operating revenues (excluding
wages, have not decreased in proportion. The European Clubs transfer impacts) and well over EUR 6 billion on bottom-line
Association (ECA) predicts that wage-to-revenue ratio (excluding profits.²
net gains from player transfers) could increase from 59.6% in
2018/19 to 70.1% in 2020/21 in a 10-league European sample The pandemic has also had a lasting impact on player values.
not further disclosed by the organisation. Without COVID-19, Our KPMG Player Valuation Tool indicates that the aggregate
the ratio was estimated to have been 62.9%.² Even clubs in market value of the 500 most valuable football players has
the wealthy English Premier League were forced to request decreased by 9.6% between February 2020 and January 2021,
that their employees take pay cuts and apply for government since clubs have less purchasing power, and thus may be
help in a furlough scheme, but such measures have not proven forced to sell their best players for a discount in order to shore
sufficient. up their finances due to the aforementioned challenges.

Aggregate player value changes of the top 500 players (in EUR million)

25,000

-9.6% since February

20,714
-19.6%
20,000

+9.2% +2.2% +0.8%

18,721
18,577
18,180

16,648

15,000
February 2020 May 2020 August 2020 October 2020 January 2021

Source: KPMG Football Benchmark Player Valuation Tool as of January 2021

2
ECA annual report 2020

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 Foreword Football during and beyond COVID-19 Champions Summary
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Report 2021
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As predicted by our “Player value not immune to pandemic” Clubs are also under increased pressure to provide sponsors
report published in May 2020, the most recent summer with additional value, as marketing benefits diminish when
transfer window was characterised by a decreased volume matches are only played behind closed doors. Similarly,
of high priced player movements. Instead, it was dominated activation opportunities are in decline due to the strict health
by an abundance of smaller transfers along with loan deals regulations. Those who possess knowledge of their fans’
with future buy options and swaps, as clubs did not possess behaviour and can provide actionable insights through digital
the cash to purchase players at the price tags they had been channels will be in a healthier position in the less familiar,
accustomed to. Supporting our initial forecasts, CIES estimates but tougher sponsorship market. Furthermore, the football
that the value of summer transfer window transactions in the industry’s countless sponsor organisations have also been
Big 5 leagues dropped by 43% from 2019 (EUR 5.8 billion) hit by the detrimental effects of the virus in their own native
to 2020 (EUR 3.3 billion). Similarly, the percentage of players activities. For instance, airline companies, as the shirt sponsors
signed without transfer fees increased from 26.2% to 32.3%, of, among others, Real Madrid CF, FC Barcelona, Arsenal FC
while the percentage of loans also increased from 23.1% to and Manchester City FC, have witnessed their financial results
30.0% in the same period.³ plummet because of the pandemic. As a result, both companies
and clubs alike could explore the possibility of concentrating on
Football clubs are being forced to evolve in order to navigate the higher volumes of smaller deals, rather than large, long-term
novel and unstable landscape that is still unfolding. Matchday deals.
revenues were the area most affected by the pandemic and
the most complicated issue is getting it back to pre-virus Overall, the growing football industry has been enormously
levels. UEFA recommended a 30% capacity at the continental impacted by the damaging consequences of the global health
tournaments in October 2020, but this was shown to be wildly crisis, as the pandemic drew attention to key underlying issues
optimistic as the second wave of the virus crept in. With the already present in contemporary business models.
incidence of the virus increasing, it is unlikely that fans will
return to stadia in full capacity in the coming months. While devastating in the short-term, COVID-19 has spurred the
re-evaluation of industry practices and may have inspired the
Similarly, some evidence suggests broadcasting revenues evolution of an industry. Governing bodies and associations
could be on the decline due to a less healthy global football have been fervently discussing reforms in the transfer system
ecosystem. Discounts were given out to broadcasters in and cost control measures to restrict the industry’s high cost
many European leagues, such as LaLiga, due to the diluted base for some time. Furthermore, proposals for significant
quality of product stemming from a significant part of the alterations in the economics and governance of domestic
season being played behind closed doors. Additionally, the and European competitions have been set forward by a
Bundesliga renewed its domestic partnership at 5% less than number of clubs playing in Europe’s elite, moves which would
its previous deal due to the ubiquitous uncertainty over the eventually alter the football pyramid. Although witnessed
pandemic. In extreme cases, such as the dispute between the already pre-pandemic, recent months have also seen a growing
English Premier League and PPTV, or Ligue 1 and Mediapro, interest from PE houses, family offices and, more in general,
broadcasting partners have failed to make good on their institutional investors in injecting capital into an industry which
initially-agreed payments for media rights. To compensate for is still seen as offering favourable long-term outlooks.
another prolonged period of activities with diminished income,
clubs have tried to look for alternate measures to monetize live The effect of the new industry players’ participation, and the
games, accelerating football’s digitalization. outcome of the rumoured changes, is still unknown, but in the
next five years the football industry will likely look very different
than what it has looked like to us thus far.

In a sample of 20 European clubs who have already published their financial results for the 2019/20 season, we can observe
an aggregate decrease of over EUR 1 billion (-13.9% year on year) in total operating revenues. Only two clubs in the
sample have managed to increase their operating revenues during the pandemic-impacted season: Sevilla FC and Borussia
Dortmund. Most notably, Sevilla FC’s revenues grew by 6.3%.4 On the other end of the spectrum, FC Porto’s operating
revenues decreased by the most, 50.5%.
Meanwhile, cumulative net losses for all 20 clubs except Liverpool FC were in excess of EUR 1 billion, a significant worsening
of EUR 1.1 billion from the previous financial year’s aggregate net profits (EUR 90.7m). SL Benfica maintained their successful
player trading strategy and recorded the highest net profits in the sample at EUR 41.7m. In contrast, Italian clubs AS Roma
and AC Milan disclosed the highest net losses: EUR 204.0m and EUR 194.6m, respectively. The Giallorossi, together with
Paris Saint-Germain FC and Tottenham Hotspur FC, suffered a net result’s worsening higher than EUR 150.0m compared to
previous year.

³CIES Football Observatory Monthly Report​– The real impact of COVID on the football players’ transfer market

4
The club have recorded in the 2019/20 financial year all the operations derived from the development and completion of competitions in which the first team has participated, even those that are
associated with matches played after the closing date of the fiscal year, as a consequence of the COVID-19 virus.

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private English company limited by guarantee. All rights reserved.
 Foreword Football during and beyond COVID-19 Champions Summary
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Report 2021
11

KPIs of a selection of European Clubs, 2019/20 season, EUR million

19/20 Operating Revenues (YoY % change)
19/20 Net Profit/Loss (YoY change)

Man United Celtic

579.6 (-18.5%) 80.0 (-15.5%)

-26.5 (-47.9) -0.4 (-10.3)

Liverpool FC Ajax
557.0 (-7.9%) 162.3 (-18.6%)
N/A 20.4 (-31.4)
PSV Eindhoven
71.5 (-26.0%)

1.6 (-3.1)
BVB
379.4 (+0.6%)
Tottenham -44.0 (-61.3)
458.2 (-12.3%)

-72.8 (-150.5)
FC Bayern
607.2 (-2.9%)
PSG
5.9 (-36.8)
540.6 (-15.0%)

-125.8 (-154.3)

Lyon
180.7 (-18.2%) Galatasaray
-36.6 (-43.0) 129.0 (-11.8%)

-7.0 (-11.9)
FC Barcelona*
AC Milan
708.0 (-15.7%)
163.3 (-23.8%)
-97.0 (-101.5)
-194.6 (-48.6)

Real Madrid
FC Porto Juventus
681.2 (-8.0%)
87.3 (-50.5%) 401.4 (-13.4%)
0.3 (-38.1)
-116.2 (-125.5) -89.7 (-49.8)

SL Benfica Sevilla** AS Roma Beşiktaş

140.0 (-15.5%) 146.6 (+6.3%) 141.2 (-39.3%) 74.2 (-24.8%)

41.7 (+12.3) 1.2 (-1.3) -204.0 (-179.7) -71.8 (-23.3)

Source: KPMG Football Benchmark

*Media reports.
**The club have recorded all the operations derived from the development and completion of competitions in which the first team participates,
even those that are associated with matches played after the closing date of the fiscal year, as a consequence of the COVID-19 virus.

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private English company limited by guarantee. All rights reserved.
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Report 2021
12

FC Bayern München*
Financial and operational figures (2019/20) in EUR million

Total operating 607.2 Total staff costs:  314.8 Pre-tax profit/loss:  +11.7 Bundesliga 75,000
revenues:  average attendance: 

Matchday:  70.4 Profit/loss after tax:  +5.9 Allianz Arena 75,000

capacity: 
Broadcasting:  203.3

Commercial & other:  333.5

YoY Operating
revenues growth: -3% Staff costs /
Operating revenue: 52% Utilisation rate: 100%
Note: Stadium statistics take into account only
Source: KPMG Football Benchmark - Club finance & operations matches played without any capacity restrictions.

Squad market value in EUR million as at 1st Jan, 2021 943.4

Top 3 most valuable players in EUR million:

Serge Gnabry (Germany): 99.8 Joshua Kimmich (Germany): 98.3 Leroy Sané (Germany): 85.8

Source: KPMG Football Benchmark - Player Valuation

Total social media followers in million as at 1st Jan, 2021 (YoY growth) 91.5
(+13%)

Facebook Instagram Twitter YouTube TikTok Weibo

51.4 24.8 5.2 1.9 3.8 4.4

(+3%) (+27%) (+10%) (+43%) (+111%) (+10%)

Source: KPMG Football Benchmark - Social Media Analytics

Enterprise Value in EUR million as at 1st Jan, 2020 2,878

(4th place)
Source: KPMG Football Clubs’ Valuation: The European Elite 2020

*Note: All data refer to the individual financial statement of FC Bayern München AG. Consolidated data were not available at the date of publication.

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private English company limited by guarantee. All rights reserved.
 Foreword Football during and beyond COVID-19 Champions Summary
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Report 2021
13

FC Bayern München finished a historic 2019/20 season despite two pillars (youth development and club interest) ranging
the challenges they faced due to the pandemic. The Bavarians between 2 and 4% over the course of the 4-year cycle.
got off to a rocky start in the early stages of the season
but, ignited by a coaching change mid-season, Hans-Dieter On the other hand, commercial revenues improved by 4%
Flick’s men went on to complete the treble. The club won the to reach EUR 334m. New partnerships with blockchain-based
domestic league (Bundesliga) and cup (DFB-Pokal), in addition digital collectibles platform Stryking Entertainment, battery
to reigning supreme in the UEFA Champions League, the 6th in solutions firm Varta, and global tech giant Google certainly
their history. Individuals were recognised as well, with Robert contributed. However, a bumper extension with car
Lewandowski winning The Best FIFA Men’s Player award, and manufacturer Audi made for an even more lucrative deal,
cementing a place in FIFA FIFPro Men’s World11 alongside securing The Bavarians upwards of EUR 50m per year
teammates Alphonso Davies, Joshua Kimmich and Thiago according to media reports.
Alcântara.
Staff costs decreased by 6% during the season, largely
On the financial side, operating revenues slightly declined thanks to a 20% pay cut by the playing staff that
by 3% to EUR 607m in the 2019/20 season. Even though alleviated the effects of both the pandemic and significant
FC Bayern München played every possible game in their investments in the transfer market. Indeed, FC Bayern
competition calendar – having reached the finals of both cups München were very active with multiple major arrivals and
in which they were involved – the number of home games with departures. World Champion Mats Hummels left the club
spectators was, in comparison to 2018/19, still reduced from for domestic rivals Borussia Dortmund for a reported sum of
22 to 17 to ensure fan safety. It is important to note that the EUR 30.5m, while Lucas Hernández was signed from Atlético
Bundesliga was the first to return to action amongst the major Madrid, breaking The Bavarians’ transfer record with an
European leagues, pioneering the way for others and mitigating EUR 80m reported sum. Other notable transfers were the loan
the overall impact on the football ecosystem. Unsurprisingly, of Philippe Coutinho from FC Barcelona and Ivan Perišić from
matchday revenues were the most affected, decreasing FC Internazionale.
24% from previous year.
The Bavarians registered EUR 5.9m in profit after tax, a
Broadcasting revenues fell marginally by 4%, mainly as a remarkable result given the current circumstances, making
result of games played behind closed doors. A less favourable it 28 years in a row showing a net bottom-line profit.
broadcasting environment became apparent when the Importantly, the club’s management has emphasised that the
German Football League (DFL) renewed, for the 2021-2025 impact of the crisis is not yet over: the estimated decline in
period, the Bundesliga and 2. Bundesliga domestic TV deal revenues could even range in the hundreds of millions should
for 5% less than the amount negotiated for the previous they continue to play a significant portion of the current season
4-year period. While FC Bayern München’s top performances without fans.
in the Champions League mitigated the negative effects of
the pandemic in 2019/20, they are likely to expect a further In the ongoing 2020/21 season, FC Bayern München have
decrease in such income streams in the next season, also due already expanded the trophy cabinet with the German Supercup
to a greater share of domestic rights revenues being distributed (DFL-Supercup) and the UEFA Super Cup. On the domestic
equally among clubs. Indeed, in an effort to aid its clubs in front, they are fighting for the title yet again in a closely
mitigating the effects of the pandemic, the new distribution contested Bundesliga season, while in cup competitions they
model will allocate at least 50% of domestic TV money evenly are still unbeaten and contending for both the DFB-Pokal and
among clubs, with the parameter based on recent performance the Champions League.
dropping from 70% to approximately 40% and the remaining

Credits: FC Bayern München

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 Foreword Football during and beyond COVID-19 Champions Summary
The European Champions
Report 2021
14

FC Porto
Financial and operational figures (2019/20) in EUR million

Total operating 87.3 Total staff costs:  90.6 Pre-tax profit/loss:  -115.6 Primeira Liga 35,625
revenues:  average attendance: 

Matchday:  8.1 Profit/loss after tax:  -116.2 Estádio do Dragão 50,003

capacity: 
Broadcasting:  46.1

Commercial & other:  33.1

YoY Operating
revenues growth: -50% Staff costs /
Operating revenue: 104% Utilisation rate: 71%
Note: Stadium statistics take into account only
Source: KPMG Football Benchmark - Club finance & operations matches played without any capacity restrictions.

Squad market value in EUR million as at 1st Jan, 2021 214.4

Top 3 most valuable players in EUR million:

Jesús Corona (Mexico): 28.5 Moussa Marega (Mali): 15.4 Shoya Nakajima (Japan): 14.3

Source: KPMG Football Benchmark - Player Valuation

Total social media followers in million as at 1st Jan, 2021 (YoY growth) 7.3
(+8%)

Facebook Instagram Twitter YouTube TikTok Weibo

4.1 1.6 1.3 0.2 0.2 0.01

(-0.4%) (+21%) (+6%) (+10%) (new) (+25%)

Source: KPMG Football Benchmark - Social Media Analytics

Enterprise Value in EUR million as at 1st Jan, 2020 313

(30 place)
th

Source: KPMG Football Clubs’ Valuation: The European Elite 2020

© 2021 KPMG Advisory Ltd., a Hungarian limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a
private English company limited by guarantee. All rights reserved.
 Foreword Football during and beyond COVID-19 Champions Summary
The European Champions
Report 2021
15

“The champion is back,” proclaim FC Porto in their latest revenue ratio significantly increased from the previous year,
financial statements from the 2019/20 season, in a year that up to 104%. This rise is mainly attributed to the major and
saw the Dragões just one win away from completing the unexpected decrease in revenues, but management’s decision
domestic treble. FC Porto returned to the top of Primeira Liga’s at the beginning of the football season to bet on sporting
table after finishing second behind SL Benfica in the previous success and maintain a team that had been prepared to
season, clinched the Taça de Portugal (Portuguese Cup) and compete in all competitions following an early Champions
finished runners up in the Taça da Liga (Portuguese League League exit also contributed.
Cup). However, the club were unable to reach the same heights
on the international scene. Indeed, FC Porto were knocked FC Porto also experienced the impact of the pandemic on
out in the Champions League Qualifying Rounds by Russian their player trading, traditionally providing crucial leverage for
side FC Krasnodar, thus being demoted to the Europa League, the Dragões. The summer transfer window was postponed,
missing the main tournament for the first time in eight years. thus they were unable to part ways with major assets
before the end of the financial year. While they managed to
FC Porto’s operating revenues declined significantly to sell Óliver Torres for EUR 11m to Sevilla FC and Galeno for
EUR 87.3m (a 50% year-on-year decrease). Matchday and EUR 3.5m to SC Braga, these numbers pale in comparison to
commercial revenues took a downturn, by 34% and 18% last year’s highest valued sale of Éder Militão (EUR 50m) to
respectively, mainly because of the COVID-19 pandemic. Real Madrid CF. Next year’s figures could prove promising once
The Dragões were only able to hold 22 home games with again: since the financial year-end, FC Porto have been able
spectators compared with 27 the year before. Furthermore, to dispose of Fábio Silva and Alex Telles to English Premier
merchandising and commercial activities fell since FC Porto League’s Wolverhampton Wanderers FC and Manchester
stores and the team museum were closed during the United FC, for EUR 40m and EUR 15m, respectively.
pandemic. Likewise, the Portuguese Cup final was played on
August 1, thus the prize money will be accounted for in the next Overall and like many of their domestic and international
financial year. peers, FC Porto registered a net loss of EUR 116.2m,
a major decrease from the previous year. Under ordinary
Broadcasting revenues diminished by the most, a circumstances, the Dragões would face significant challenges
63% decrease mainly as a result of missing out on the to participate in this year’s UEFA competitions, especially in
considerable Champions League money. The magnitude view of the formerly agreed upon Settlement Agreement with
of prize money allocated is disparate in the two UEFA club UEFA. However, the extraordinary circumstances the whole
competitions: for instance, the Champions League allocates world is facing prompted UEFA to implement temporary
EUR 15.25m as starting fee, while the Europa League only emergency regulations, allowing clubs to combine their 2019/20
EUR 2.92m. Portugal is the only league represented in this and 2020/21 financial years altogether for the purposes of
report whose clubs individually negotiate their domestic break-even calculations. As a result, UEFA deemed FC Porto
broadcasting revenues; FC Porto’s major deal with telecom to have partially fulfilled the targets set out in the initial
giant Altice, in place from 2018/19 and worth approximately agreement.
EUR 458m over 10 years, is providing a stable source of income
in these unpredictable times. In the current season, FC Porto are fighting for the Portuguese
league title and progressed to the Round of 16 of the
Staff costs decreased as well by 8% year on year to Champions League, where they will face Juventus FC.
EUR 90.6m. On the other hand, FC Porto’s staff costs/operating

Credits: FC Porto

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 Foreword Football during and beyond COVID-19 Champions Summary
The European Champions
Report 2021
16

Juventus FC
Financial and operational figures (2019/20) in EUR million

Total operating 401.4 Total staff costs:  284.3 Pre-tax profit/loss:  -81.7 Serie A average 39,681
revenues:  attendance: 

Matchday:  49.6 Profit/loss after tax:  -89.7 Allianz Stadium 41,507

capacity: 
Broadcasting:  166.4

Commercial & other:  185.4

YoY Operating
revenues growth: -13% Staff costs /
Operating revenue: 71% Utilisation rate: 96%
Note: Stadium statistics take into account only
Source: KPMG Football Benchmark - Club finance & operations matches played without any capacity restrictions.

Squad market value in EUR million as at 1st Jan, 2021 734.8

Top 3 most valuable players in EUR million:

Matthijs de Ligt (Netherlands): 90.0 Paulo Dybala (Argentina): 65.2 Cristiano Ronaldo (Portugal): 63.2

Source: KPMG Football Benchmark - Player Valuation

Total social media followers in million as at 1st Jan, 2021 (YoY growth) 105.8(+20%)

Facebook Instagram Twitter YouTube TikTok Weibo

43.5 45.5 8.7 3.1 1.9 3.1

(+8%) (+29%) (+14%) (+30%) (new) (+30%)

Source: KPMG Football Benchmark - Social Media Analytics

Enterprise Value in EUR million as at 1st Jan, 2020 1,735

(11th place)
Source: KPMG Football Clubs’ Valuation: The European Elite 2020

© 2021 KPMG Advisory Ltd., a Hungarian limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a
private English company limited by guarantee. All rights reserved.
 Foreword Football during and beyond COVID-19 Champions Summary
The European Champions
Report 2021
17

The 2019/20 season has legitimised Juventus FC’s primacy agreement has been signed with Allianz for the sponsorship
in the Serie A, achieving their 9th title in a row, a historic of the training kit, the Juventus Women’s jersey and the
milestone representing a record in the European top 5 leagues. extension of the stadium naming rights deal until 2030, for a
At international level, the Italian champions suffered an early total additional value of EUR 103.1m. Such renewals, secured
exit in the UEFA Champions League once again, this time in the at improved conditions, are the result of the recent big efforts
Round of 16 against Olympique Lyonnais. made by the club to increase the visibility and appeal of the
Juventus brand at a global level, with the acquisition of super
Italy has been one of the first countries hit by the COVID-19 star Cristiano Ronaldo in 2018 being the first step in that
crisis in Europe and, as a consequence, the Italian football direction. The inaugurations of the J Hotel and the Hong Kong
industry is to date still suffering from the economic and financial branch represent further examples of development of the
knock-on effects. Nor have the Serie A champions been Juventus brand in the last few years.
immune, as the Bianconeri registered a 13% annual drop in
total operating revenues (totalling EUR 401.4m). On the cost side, the club managed to reach an agreement
with the first team’s players and coaches for a salary cut
Unsurprisingly, matchday revenues were the most impacted equal to the last four months of the 2019/20 financial year,
revenue stream, suffering a 31% year-on-year decrease to resulting in a total staff cost decrease of 13% year on year.
EUR 49.6m mainly due to the lower number of matches played
with spectators. Since the opening of the Allianz Stadium in Profit on disposal of players’ registrations (equalling
2011, matchday revenues had constantly grown, contributing EUR 166.5m) allowed the club to partially mitigate the effects
to closing the gap with some of the top European clubs and of COVID-19. More specifically, the disposals of Miralem Pjanić
representing one of the key factors for the club’s dominance in to FC Barcelona (reaping EUR 43.7m in profit), João Cancelo to
the Serie A. Manchester City FC and Moise Kean to Everton FC were the
most remunerative transfers.
Broadcasting revenues suffered a 19% decrease compared
to the previous season, resulting in a EUR 40.3m drop in The financial year was finally closed with a net loss
absolute terms. The rescheduling of matches beyond the of EUR 89.7m, a result negatively impacted also by the
financial year ending 30 June, due to the pandemic’s outbreak, EUR 18.3m impairment of Gonzalo Higuain’s book value
represents the main reason for the decrease together with following the anticipated termination of his contract.
the EUR 18.2m less received from UEFA due to the worse
performance in the UEFA Champions League. The 2020/21 season started with a change once again in the
coaching staff, as former midfielder Andrea Pirlo replaced
Commercial revenues have surged as the most important Maurizio Sarri as head coach after only one season. The first
income source for the club, accounting for 46% of team has been further improved with the additions of Arthur,
total operating revenues. This stream remained stable at Dejan Kulusevski, Álvaro Morata and Federico Chiesa, among
EUR 185.4m, with a new sponsorship agreement signed with others. On-pitch performance has not been particularly exciting
FCA/Jeep, increasing the annual fixed price of the main shirt in the first half of the season, although the Bianconeri managed
sponsorship by EUR 25m up to EUR 42m per year (further to qualify for the UEFA Champions League knockout stages and
increased to EUR 45m in the recent weeks), compensating are fighting again for their 10th consecutive Scudetto.
for lower proceeds from merchandising. Furthermore, a new

Credits: Juventus FC

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private English company limited by guarantee. All rights reserved.
 Foreword Football during and beyond COVID-19 Champions Summary
The European Champions
Report 2021
18

Liverpool FC*
Financial and operational figures (2019/20) in EUR million

Total operating 557.0 Total staff costs:  N/A Pre-tax profit/loss:  N/A Premier League 53,143
revenues:  average attendance: 

Matchday:  82.5 Profit/loss after tax:  N/A Anfield capacity:  53,394

Broadcasting:  231.9

Commercial & other:  242.6

YoY Operating
revenues growth: -8% Staff costs /
Operating revenue: N/A Utilisation rate: 100%
Note: Stadium statistics take into account only
Source: KPMG Football Benchmark - Club finance & operations matches played without any capacity restrictions.

Squad market value in EUR million as at 1st Jan, 2021 1,094.3

Top 3 most valuable players in EUR million:

Mohamed Salah (Egypt): 122.2 Sadio Mané (Senegal): 120.0 Trent Alexander-Arnold (England): 107.1

Source: KPMG Football Benchmark - Player Valuation

Total social media followers in million as at 1st Jan, 2021 (YoY growth) 94.9
(+17%)

Facebook Instagram Twitter YouTube TikTok Weibo

37.1 29.3 16.2 5.4 3.5 3.4

(+4%) (+30%) (+21%) (+45%) (+35%) (+9%)

Source: KPMG Football Benchmark - Social Media Analytics

Enterprise Value in EUR million as at 1st Jan, 2020 2,658

(5th place)
Source: KPMG Football Clubs’ Valuation: The European Elite 2020

*Note: Liverpool FC have yet to release detailed financial information on staff costs and profitability figures as of the date of publication.

© 2021 KPMG Advisory Ltd., a Hungarian limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a
private English company limited by guarantee. All rights reserved.
 Foreword Football during and beyond COVID-19 Champions Summary
The European Champions
Report 2021
19

Liverpool FC clinched their 19th league title – the first since the according to media reports. Furthermore, the club teamed up
English Premier League era – with a club record of 99 points. with brand management and licensing agency Dream Theatre
The Reds also became the first English club to sew up the to develop their merchandise business and presence in India
international treble by winning the UEFA Super Cup and the and South Asia.
FIFA Club World Cup after their triumph in the UEFA Champions
League in the previous season. However, the club were forced Liverpool FC have been at the forefront of increased
to abandon their goals of international dominance in the digitalization amongst sports teams. The club became only
2019/20 season, following a premature exit in the Champions the 2nd football club to reach a million followers on viral
League Round of 16. In the domestic cups, they exited in the social media application TikTok. Additionally, Liverpool FC
early stages in both the FA Cup and the EFL Cup, in addition to became the first sports team globally to offer a paid
losing the FA Community Shield at the onset of the season. YouTube membership for access to exclusive content.
To enhance these efforts, The Reds partnered with cloud
Despite the historic season, Liverpool FC’s operating video solutions provider Blackbird to re-purpose their content
revenues decreased 8% year on year to EUR 557.0m. for publishing across their digital and social media channels.
The 14% decrease in matchday income certainly Along similar lines, a partnership with the creator of the FIFA
contributed to the decline, as the Reds’ season was video games, EA Sports, was also announced to provide more
suspended from 5 April to 17 June due to the COVID-19 opportunities for fans to engage with the club through the
pandemic. Even after returning to action, Liverpool FC were world of gaming.
forced to play behind closed doors, depriving the club of crucial
revenues as the number of home games with spectators After such a successful 2018/19 season, The Reds did not
decreased from 26 in 2018/19 to 22 in the 2019/20 season. drastically upgrade their squad and were quiet in the transfer
More significantly, from a broadcasting perspective, the windows in 2019/20, with Takumi Minamino from RB Salzburg
club felt the impact of an early exit from the Champions the only notable signing in a deal worth a reported fee of
League. The victorious campaign in the preceding season EUR 8.5m. At the same time, Danny Ings left for Southampton
netted Liverpool FC EUR 111.1m from UEFA, a figure that was FC for EUR 22.2m, Ryan Kent for Rangers FC for EUR 7.2m and
not matched in 2019/20. The club attempted to recoup some Simon Mignolet to Club Brugge KV for EUR 7m according to
of the missing revenues with other broadcasting deals, such as media reports.
an exclusive agreement with US-based Turner Sports, providing
access to the club’s in-house content and 40 live matches, The club have yet to release detailed financial information on
including pre-season, women’s, academy and legends games. staff costs and profitability figures as of the date of publication.

Unlike matchday and broadcasting, commercial & other In the current 2020/21 season, Liverpool FC are poised to
revenues witnessed a remarkable 14% increase. The club defend their Premier League title, as the club finished the
can take a positive look towards the future, as their new, calendar year at the top of the standings. Furthermore, they are
multi-year kit deal with Nike starting from the 2020/21 still competing in the Champions League and FA cup, but have
season is likely to be worth up to EUR 75m annually been defeated in both the Community Shield and the EFL Cup.

Enterprise Value evolution in the past 5 years (in EUR million)

2,658
4-year growth
+109%

1,580

1,273

2,095

1,330

2016 2017 2018 2019 2020

Source: KPMG Football Clubs’ Valuation: The European Elite 2020

© 2021 KPMG Advisory Ltd., a Hungarian limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a
private English company limited by guarantee. All rights reserved.
 Foreword Football during and beyond COVID-19 Champions Summary
The European Champions
Report 2021
20

Paris Saint-Germain FC
Financial and operational figures (2019/20) in EUR million

Total operating 540.6 Total staff costs:  405.6 Pre-tax profit/loss:  -127.2 Ligue 1 average 47,517
revenues:  attendance: 

Matchday:  92.4 Profit/loss after tax:  -125.8 Parc des Princes 48,712
capacity: 
Broadcasting:  149.6

Commercial & other:  298.6

YoY Operating
revenues growth: -15% Staff costs /
Operating revenue: 75% Utilisation rate: 98%
Note: Stadium statistics take into account only
Source: KPMG Football Benchmark - Club finance & operations matches played without any capacity restrictions.

Squad market value in EUR million as at 1st Jan, 2021 806.6

Top 3 most valuable players in EUR million:

Kylian Mbappé (France): 200.0 Neymar (Brazil): 125.0 Marquinhos (Brazil): 59.9

Source: KPMG Football Benchmark - Player Valuation

Total social media followers in million as at 1st Jan, 2021 (YoY growth) 91.5
(+16%)

Facebook Instagram Twitter YouTube TikTok Weibo

41.9 32.5 8.5 2.7 3.7 2.2

(+6%) (+22%) (+13%) (+31%) (+236%) (+23%)

Source: KPMG Football Benchmark - Social Media Analytics

Enterprise Value in EUR million as at 1st Jan, 2020 1,911

(9th place)
Source: KPMG Football Clubs’ Valuation: The European Elite 2020

© 2021 KPMG Advisory Ltd., a Hungarian limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a
private English company limited by guarantee. All rights reserved.
 Foreword Football during and beyond COVID-19 Champions Summary
The European Champions
Report 2021
21

Paris Saint-Germain FC (PSG) completed their most successful their mission to become a global lifestyle brand by bridging the
season under current ownership during the 2019/20 campaign. gap between sportswear and street fashion.
Les Parisiens successfully defended their Ligue 1 title when
the club were awarded the championship on a points-per-game Following the marquee signings of Kylian Mbappé and Neymar
basis in a COVID-19 shortened season. Additionally, PSG in the previous summers, Les Parisiens were relatively quiet
completed the domestic quadruple by winning both domestic in the transfer market in 2019/20. On the departures front, no
cups and the Trophée des Champions (French Super Cup) at the significant profits on disposals were registered, as Giovani
season’s commencement. On the continental stage, the club Lo Celso was the highest-valued sale, at reported EUR 22m,
progressed to the Champions League final for the first time in to Real Betis Balompié. On the other hand, the arrival of
their 47-year professional history, falling short of the ultimate 3-time Champions League winner Keylor Navas, and the loan
glory in a closely contested game against FC Bayern München. of Argentine striker Mauro Icardi (purchased at the end of
the football season for reported EUR 50m), were one of the
Total operating revenues decreased by 15% year on year main reasons behind a staff costs increase of 10% year on
to EUR 540.6m in the season impacted by the pandemic. year. As such, staff costs, which include EUR 80.3m in social
Matchday revenues declined by 20% as PSG struggled contribution costs for all employees, reached EUR 405.6m.
with government regulations that cancelled the later A surge in employees’ expenses and the decrease in turnover
stages of the season. The number of home games with caused a rise of the staff costs/operating revenue ratio to 75%,
spectators decreased from 27 to 18 despite advancing further a 17 percentage points increase compared to the previous year.
in cup competitions compared to the previous season. On the
other hand, broadcasting revenues shrank minimally, by 4%, PSG racked up a net loss of EUR 125.8m after tax at the end
due to improved continental sporting achievements: further of the 2019/20 financial year. The club’s finances suffered, on
progression in the Champions League allowed Les Parisiens to top of the pandemic, because the French Ligue 1 was the only
secure a bigger slice of UEFA prize money. top domestic European league to be shortened as opposed to
delayed.
Commercial revenues, the French club’s most significant
income stream, also fell by 18% year on year due to Among the club’s plan for the future is an investment into a
the negative effects of the pandemic on the club’s state-of-the-art training facility for a reported sum of EUR 250m;
merchandising and portfolio of sponsors. However, prior the new facility will span 17 hectares, including 17 pitches, and
to the outbreak of the virus, PSG completed numerous have the ability to host the women’s team games as well as
partnerships such as a 3-year deal with Qatar Airways and a martial arts and handball events.
training kit deal with the Republic of Rwanda, which proved
crucial in mitigating such effects. Most notably, Les Parisiens PSG are contenders for all domestic titles yet again, despite
also reached a new agreement with kit supplier Nike for struggling with injuries since the start of the season and despite
a club record fee rumoured to be in excess of EUR 75m a recent change in the coaching staff, with Mauricio Pochettino
per year, approximately three times as much as their previous replacing Thomas Tuchel as head coach. Most importantly, the
deal. The collaboration enables the club to take advantage of club managed to qualify from a tough Champions League group
substantial synergies with the Jordan brand, helping them in and in the Round of 16 they will face FC Barcelona.

Credits: Paris Saint-Germain FC

© 2021 KPMG Advisory Ltd., a Hungarian limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a
private English company limited by guarantee. All rights reserved.
 Foreword Football during and beyond COVID-19 Champions Summary
The European Champions
Report 2021
22

Real Madrid CF
Financial and operational figures (2019/20) in EUR million

Total operating 681.2 Total staff costs:  411.0 Pre-tax profit/loss:  1.9 LaLiga average 66,875
revenues:  attendance: 

Matchday:  120.1 Profit/loss after tax:  0.3 Estadio Santiago 81,044

Bernabéu capacity:
Broadcasting:  230.8

Commercial & other:  330.3

YoY Operating
revenues growth: -8% Staff costs /
Operating revenue: 60% Utilisation rate: 83%
Note: Stadium statistics take into account only
Source: KPMG Football Benchmark - Club finance & operations matches played without any capacity restrictions.

Squad market value in EUR million as at 1st Jan, 2021 874.2

Top 3 most valuable players in EUR million:

Casemiro (Brazil): 72.6 Raphaël Varane (France): 70.2 Thibaut Courtois (Belgium): 67.9

Source: KPMG Football Benchmark - Player Valuation

Total social media followers in million as at 1st Jan, 2021 (YoY growth) 255.8 (+7%)

Facebook Instagram Twitter YouTube TikTok Weibo

111.0 94.4 35.7 6.2 4.1 4.4

(+0.2%) (+15%) (+7%) (+16%) (+37%) (+19%)

Source: KPMG Football Benchmark - Social Media Analytics

Enterprise Value in EUR million as at 1st Jan, 2020 3,478

(1st place)
Source: KPMG Football Clubs’ Valuation: The European Elite 2020

© 2021 KPMG Advisory Ltd., a Hungarian limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a
private English company limited by guarantee. All rights reserved.
 Foreword Football during and beyond COVID-19 Champions Summary
The European Champions
Report 2021
23

Real Madrid CF bounced back from a rocky season to capture in terms of personnel costs, the players and coaches of the
a record 34th La Liga title in Zinedine Zidane’s first full season football and basketball’s squads, together with the main
back as head coach. While they managed to recover the executives of the different club divisions, have voluntarily
championship from historical rivals FC Barcelona, Los Blancos agreed to lower their remuneration for this year by 10%.
were not as successful in cup competitions. The club
conquered the new format of the Supercopa de España While player trading in the summer of 2019 had not yet been
(Spanish Super Cup) in Saudi Arabia, but failed to advance impacted by the virus, similar luxuries were not afforded during
to the later stages of the UEFA Champions League and the the pandemic. Indeed, the recent 2020 summer transfer
Copa del Rey (Spanish Cup). This past season was also historic window was a unique one for Real Madrid CF, as no player
since it marked the launch, effective 1 July 2020, of the club’s acquisitions were recorded; on the other hand, the club sold a
women’s team, Real Madrid Femenino. number of their world-renowned academy’s graduates which
will likely shore up finances in the next financial year.
Real Madrid CF’s operating revenues decreased by 8%
year on year, to EUR 681.2 million. This weaker financial Real Madrid CF could be one of the very few clubs globally
performance can mostly be attributed to a drop in able to register a positive net profit (EUR 0.3m) in 2019/20.
matchday revenues: they decreased by 22%, mainly as These figures are quite extraordinary under the current
a direct result of the lower number of home games that circumstances given the downward impact the pandemic has
included spectators (from 27 to 18) following the COVID-19 had on the football industry as a whole on top of the significant
pandemic. At the same time, broadcasting revenues also payments Los Blancos are making towards the renovation of
fell by 12% from the previous financial year. On the other their stadium, Estadio Santiago Bernabéu. Industry observers
hand, commercial revenues increased by 2%, to EUR 330.3 estimate the endeavour to cost EUR 525m in total and to
million, despite the negative effects the health crisis be completed in 2023, with substantial improvements in the
has caused, a circumstance that speaks volumes about the stadium’s digitalization and commercialization.
commercial strength of one of football’s most recognised
brands worldwide. In 2020/21, revenues of EUR 616.8m are budgeted and the
club’s management has explained that had the pandemic not
Marquee signings such as Eden Hazard and Luka Jović occurred and had the income growth trend of previous years
for reported fees of EUR 115 million and EUR 60 million, been followed, the budget for the 2020/21 season would have
respectively, were the main reason behind 4% increased reached a figure close to EUR 900m, which is a difference
staff costs, with a similar percentage points increase in close to EUR 300m with respect to what was budgeted as a
the staff costs/operating revenue ratio to achieve a still consequence of the pandemic.
sustainable 60%. It is important to note that the increase
in this ratio would have been higher if not for the agreement In the current season, Real Madrid CF initially suffered a
between the club and the players to take a wage cut during slow start in LaLiga and reached the knock-out stage of the
the season. Indeed, in order to mitigate the impact of the lost Champions League not without difficulty, and will square off
income, Real Madrid CF implemented cost saving measures: with Atalanta BC in the Round of 16.

Credits: Real Madrid CF

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 Foreword Football during and beyond COVID-19 Champions Summary
The European Champions
Report 2021
24

Summary Key performance indicators and annual change

FC Bayern FC Juventus
München** Porto FC

Total operating revenues

2019/20 season
in EUR million
607.2 -3%
87.3 -50%
401.4 -13%

Staff costs
2019/20 season
in EUR million
314.8 -6%
90.6 -8%
284.3 -13%

Staff costs/ revenue

2019/20 season
(change in percentage points)
52% -2
104% +48
71% +0.1

Profit/Loss after tax

2019/20 season
in EUR million
5.9 -37
-116.2 -125
-89.7 -50

Squad Value
as at 1st January 2021
in EUR million
943.4 +7%
214.4 -7%
734.8 -15%

Social media followers*

as at 1st January 2021
in million
91.5 +13%
7.3 +8%
105.8 +20%

Source: KPMG Football Benchmark *Note: Facebook, Instagram, Twitter, YouTube, TikTok and Weibo combined.
**Note: All data refer to the individual financial statement of FC Bayern München AG. Consolidated data were not available at the date of publication.

© 2021 KPMG Advisory Ltd., a Hungarian limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a
private English company limited by guarantee. All rights reserved.
 Foreword Football during and beyond COVID-19 Champions Summary
The European Champions
Report 2021
25

Liverpool Paris Real

FC** Saint-Germain FC Madrid CF

Total operating revenues

2019/20 season
in EUR million
557.0 -8%
540.6 -15%
681.2 -8%

Staff costs
2019/20 season
in EUR million
N/A N/A
405.6 +10%
411.0 +4%

Staff costs/ revenue

2019/20 season
(change in percentage points)
N/A N/A
75% +17
60% +7

Profit/Loss after tax

2019/20 season
in EUR million
N/A N/A
-125.8 -154
0.3 -38

Squad Value
as at 1st January 2021
in EUR million
1,094.3 -5%
806.6 -16%
874.2 -25%

Social media followers*

as at 1st January 2021
in million
94.9 +17%
91.5 +16%
255.8 +7%

Source: KPMG Football Benchmark *Note: Facebook, Instagram, Twitter, YouTube, TikTok and Weibo combined.
**Note: Liverpool FC have yet to release detailed financial information on staff costs and profitability figures as of the date of publication.

© 2021 KPMG Advisory Ltd., a Hungarian limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a
private English company limited by guarantee. All rights reserved.
 The European Champions
Report 2021
26

Basis of preparation and limiting conditions

The foundation of this study is an analysis of the publicly past player transfers, historical sports performance and all the
available statutory financial statements (“the Financial drivers that have an impact on the transfer fees. Our consistent
Statements”) of the professional football clubs selected for the approach and methodology, together with an understanding of
purposes of this report. In respect of each professional football the difference between the concept of price and value, might
club, all financial figures have been extracted from the Financial explain the possible discrepancies between our value estimate
Statements of the 2019/20 football season. conclusion and the specific price at which a transaction has
taken place.
When the Financial Statements of the clubs were not available
or whenever we considered it necessary, we have consulted Whilst every effort has been made by KPMG to make the
with the management of the clubs in order to obtain the analysis between professional football clubs consistent and
necessary information or clarifications to support our analysis. comparable, in undertaking this research we faced several
challenges which are difficult to overcome. Differences of
The Financial Statements utilised for the purpose of KPMG’s accounting practice in the respective countries, differences
analysis were acquired from the relevant public sources in in reporting currencies, fluctuation in exchange rates¹,
each country. In performing our analysis, we also relied upon and differences in year-ends limit to a certain extent the
information of a non-financial nature obtained from publicly comparability of data and affect the outcome of our analysis.
available sources: national governing bodies, trade associations, Furthermore, the postponement of a certain number of
international federations and social media. matches after the closing date of the 2019/20 financial year, due
to the COVID-19 health emergency, has in some cases caused
The team responsible for the production of this report has relied discrepancy between clubs, and within the same club when
on information included in the published Financial Statements compared to the 2018/19 season, in terms of accrual basis of
of each club. KPMG professionals have not performed any revenues and costs.
verification work or audited any of such financial information
or any of the non-financial publicly available data obtained from KPMG makes no representations nor provides any warranties
other sources considered authoritative. regarding the accuracy or completeness of the information
contained in this report. KPMG, its managers, directors,
The squad market values have been calculated using the partners and employees expressly disclaim any and all liability
KPMG’s Player Valuation tool. Based on proprietary algorithms, for errors and omissions from the report. Acceptance and/or
this tool provides market values for all players from the top use of this report constitutes acceptance of the assumptions
professional leagues in Europe and South America (Belgium, and limiting conditions included therein.
England, France, Germany, Italy, Netherlands, Portugal, Spain,
Turkey, Argentina and Brazil). For interpretation of financial terms used in this report, please
refer to the methodology section of the Data & Analytics page
The estimated players’ market values are aimed at capturing the of KPMG’s www.footballbenchmark.com website.
worth of a player based on an analysis of several thousands of

1
In order to conduct cross-league analysis and comparison, where the local currency is not the euro, KPMG has converted all local currency figures using the
average exchange rate for the twelve months prior to 30 June 2020.

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a private English company limited by guarantee. All rights reserved.
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The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we
endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will
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© 2021 KPMG Advisory Ltd., a Hungarian limited liability company and a member firm of the KPMG global organization of independent member firms affiliated
with KPMG International Limited, a private English company limited by guarantee. All rights reserved.