Football Clubs & Finance 2014

Market Update 2014
Sixth Edition February 2014

Edited by Robert Hucker
ISBN 978-1-78304-125-1
Football Clubs & Finance
Foreword
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Contents
Contents
Executive Summary
1. Market Definition
REPORT COVERAGE....................................................................................................................2
MARKET SECTORS.......................................................................................................................3
Size of Club ....................................................................................................................................3
Type of Income ..............................................................................................................................3
Ownership ......................................................................................................................................3
MARKET TRENDS.........................................................................................................................4
Illegal Streaming ...........................................................................................................................4
Financial Difficulties .....................................................................................................................4
Ticket Prices.....................................................................................................................................4
ECONOMIC TRENDS....................................................................................................................5
Table 1.1: UK Economic Trends (000, m, %, million and ), 2008-2012............................6
MARKET POSITION......................................................................................................................7
The UK..............................................................................................................................................7
Overseas...........................................................................................................................................8
2. Market Size
THE TOTAL MARKET..................................................................................................................9

Table 2.1: Total Turnover of Main UK Football Clubs by Value (m and %), Seasons
Ending May 2005-2013.................................................................................................................9
Figure 2.1: Total Turnover of Main UK Football Clubs by Value (m), Seasons Ending
May 2005-2013.............................................................................................................................10
BY MARKET SECTOR.................................................................................................................11
By League Turnover ....................................................................................................................11
Table 2.2: Turnover of Main UK Football Clubs by League
by Value (m and %), Seasons Ending May 2005-2013........................................................12
Figure 2.2: Turnover of Main UK Football Clubs by League by Value Share
(%), Seasons Ending May 2005 and 2013................................................................................13
Market Structure .........................................................................................................................13
Table 2.3: Structure of Professional Football in the UK and Europe, 2013/2014............14
Promotion and Relegation ........................................................................................................15
2012/2013 League and Cup Awards ........................................................................................16
Table 2.4: Final League Standings and Cup Winners, 2012/2013.......................................17
Key Note Ltd 2014
Contents
By Revenue ...................................................................................................................................18
Table 2.5: Turnover of the English Premier League by Type
of Revenue (m and %), Seasons Ending May 2005-2014...................................................19
Figure 2.3: Turnover of the English Premier League by Type
of Revenue (m), Seasons Ending May 2005-2014................................................................20
Match Day Revenues ..................................................................................................................20
Table 2.6: Total Attendance to League Matches in England
and Wales by Division (million), Selected Seasons Ending May 1949-2013.....................21
Figure 2.4: Total Attendance to League Matches in England
and Wales by Division (million), Selected Seasons Ending May 1959-2013.....................22
Table 2.7: Average Attendance to League Matches for Selected Clubs in England
and Wales (number), Season Ending May 2013....................................................................23
Broadcasting Revenue ...............................................................................................................24
Commercial Revenue...................................................................................................................25
Table 2.8: Sponsors of Premier League Football Clubs, 2012/2013....................................25
3. Strengths, Weaknesses, Opportunities and Threats
27
STRENGTHS..................................................................................................................................27
WEAKNESSES..............................................................................................................................27
OPPORTUNITIES.........................................................................................................................28
THREATS.......................................................................................................................................28
4. Current Issues
29
2012/2013 SEASON....................................................................................................................29
GOAL-LINE TECHNOLOGY .....................................................................................................30
FINANCIAL FAIR PLAY .............................................................................................................30
Union of European Football Associations ..............................................................................30
Premier League.............................................................................................................................31
Football League............................................................................................................................32
SCOTTISH FOOTBALL STRUCTURE REORGANISATION .................................................33
Key Note Ltd 2014
5. Forecasts
Contents
34
INTRODUCTION..........................................................................................................................34
General Economic Forecasts .....................................................................................................34
Table 5.1: Forecast UK Economic Trends (000, %, million), 2013-2017.............................34
FORECASTS 2014 TO 2018......................................................................................................35

Table 5.2: Forecast Total Turnover of Main UK Football Clubs
by Value (m), Seasons Ending May 2014-2018 ....................................................................36
Figure 5.1: Forecast Total Turnover of Main UK Football Clubs
MARKET GROWTH....................................................................................................................36
Figure 5.2: Growth in Total Turnover of Main UK Football Clubs
FUTURE TRENDS.........................................................................................................................37
Managerial Dismissals ................................................................................................................37
Financial Fair Play .......................................................................................................................38
Player Contract Disclosure..........................................................................................................38
6. Company Profiles
39
ASTON VILLA FOOTBALL CLUB LTD....................................................................................40

CHELSEA FOOTBALL CLUB LTD.............................................................................................42
EVERTON FOOTBALL CLUB COMPANY LTD (THE).........................................................44
FULHAM FOOTBALL CLUB LTD.............................................................................................46
MANCHESTER CITY LTD...........................................................................................................48
MANCHESTER UNITED LTD....................................................................................................50
NEWCASTLE UNITED FOOTBALL COMPANY LTD...........................................................52
THE ARSENAL FOOTBALL CLUB PLC....................................................................................54
THE LIVERPOOL FOOTBALL CLUB AND ATHLETIC GROUNDS LTD...........................56
TOTTENHAM HOTSPUR LTD..................................................................................................58
7. Further Sources
60
Publications.................................................................................................................................60
Government Publications ......................................................................................................60
Other Sources.............................................................................................................................60
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Contents
Key Note Research
61
The Key Note Range of Reports
62
Key Note Ltd 2014
Executive Summary
Executive Summary
Professional football in the UK remains hugely popular, both domestically and
overseas, with live matches attracting massive crowds each week, alongside
the huge numbers of spectators throughout the world watching live
broadcasts. In the year ending May 2013, revenue across the main UK
professional football clubs continued to grow, exhibiting a year-on-year
increase of 3.4%.
This rate of growth is, however, relatively low for the football market. This is
primarily attributable to broadcasting agreements in the Premier League
with each new 3-year deal providing massive growth rates in the initial season
with 2013 representing the final year of the current agreement. Numerous
other factors have also contributed to the significant growth experienced in
the football market in recent years, ranging from massive investment in
stadium facilities across the nation; through the influx of wealthy overseas
investment, international footballing talent and managers; to the continued
high performance of English football clubs and players on the international
football scene.
Although these factors have boosted the football market considerably,
broadcasting revenues remain by far the most lucrative area of the football
industry, at least within the elite league. In the Premier League, revenues from
broadcasting over the 5-year period ending May 2012 rose by 28.5%, far
surpassing growth rates within the commercial and match day revenue
streams.
Furthermore, in 2012, the Premier League signed a lucrative new 3-year
broadcasting agreement covering the seasons ending 2014 and 2016. With
both BT and British Sky Broadcasting (BSkyB) engaged in the tendering process,
the Premier League managed to secure just over 3bn for television rights over
the 3-year period, representing a massive increase over the previous 1.78bn
agreement. In addition, Premier League football is now broadcast in 212
territories across the world, netting the elite league just over 1bn more in
broadcasting revenue during the 2012/2013 season.
With the new 3bn agreement broadcast deal starting in the 2013/2014 season,
alongside strong growth forecast across the Football League, aggregate
turnover among the main football clubs is expected to rise massively in the year
ending May 2014. Growth is then is expected to be fairly subdued, before the
next broadcast agreement comes into force in 2017.
Key Note Ltd 2014
Market Definition
1. Market Definition
REPORT COVERAGE
This Key Note Market Update examines the UKs football clubs and their
finances across the Premier and Football Leagues in England and Wales, and
in the Scottish Professional Football League (SPFL). In addition to financial
information, the report covers demand for football and football products in
the UK.
The English football leagues are the oldest in the world; they were officially
formed in 1888 and comprised of just 12 teams within one division. In the
2013/2014 season, 92 clubs participated in the top four divisions in England,
alongside 42 clubs competing in four leagues in Scotland.
On the international level, English football hosts some of the worlds top clubs,
both in terms of sporting achievement and turnover, with the major teams in
the Premier League such as Manchester United, Chelsea, Manchester City,
Arsenal and Liverpool all consistently achieving positions in global top 20
listings by turnover. Furthermore, on a sporting level, English football has
enjoyed significant success in recent years, with clubs such as Chelsea which
won the Champions League in 2011/2012 and the Europa League in 2012/2013
and other major clubs remaining competitive in elite international
competitions year-on-year.
However, the major clubs that persistently finish within the top four or five
positions in the English Premier League largely dominate the sport, both in
terms of performance and financial results. These clubs are now well
established, with significant income from wealthy benefactors, commercial
revenues and massive average attendances. While numerous measures have
been introduced over the last season or two to address this issue and to halt
the massive inflationary effect on player transfers and wages many have
suggested that this could serve to maintain the status quo, preventing any
further wealthy benefactors from investing significantly in teams as has
been done by Manchester City and Chelsea and challenging the dominant
clubs at the top of the Premier League.
The report analyses data from long-running financial results on the UK football
leagues from Deloitte, in addition to the annual review of Scottish football by
PwC.
Key Note Ltd 2014
Market Definition
MARKET SECTORS
Size of Club
Generally, the size of each football club is related to the league in which it
participates. The largest clubs, in terms of both attendances and revenue,
participate in the Premier League. Formerly part of the Football League, the
Premier League was formed in 1992 by the largest clubs at the time, alongside
the Football Association (FA), in an effort to boost revenue further though
greater television exposure, therefore cementing participants as major UK
clubs.
However, there remain some considerable differences in the size of clubs
operating within the same competition, particularly in the Premier League,
within which the top clubs, such as Manchester United, can draw in average
crowds in excess of 70,000; smaller clubs such as Wigan Athletic and Queens
Park Rangers (QPR), both of which were relegated in the 2012/2013 season
drew an average attendance of under 20,000.
Type of Income
In terms of type of income, football club revenues can be segmented into three
broad streams: match day, broadcasting and commercial activity. Clubs can also
generate significant turnover from the sale of players. However, across the
majority of clubs, any profit gained from player sales are usually reinvested in
the team.
Ownership
Club ownership has changed significantly since the mid-1990s and the
formation of the Premier League. With massive growth in revenues across the
Premier League and to a lesser extent the Championship in recent years,
largely as a result of increasingly valuable broadcasting agreements, numerous
wealthy overseas investors have entered into club ownership. As a result, club
ownership can be now used to segment the market, with three broad separate
forms of ownership now preeminent across the leagues:
full ownership by wealthy individuals or groups
publicly quoted companies
traditional control by a wealthy supporter.
Key Note Ltd 2014
Market Definition
MARKET TRENDS
Illegal Streaming
In July 2013, the Premier League became the first sporting body to use the
Copyright Designs and Patents Act 1988 used previously by the film and
music industries to stop copyright infringement to block access to major
illegal football streaming services across the six main UK-based Internet Service
Providers (ISPs).
As in the film and music industry, illegal live football match streaming has
become an increasing problem in recent years. With an increasingly significant
portion of revenue coming from broadcasting, and with viewership numbers
a key deciding factor in attracting and evaluating advertising and sponsorship,
illegal streaming sites can pose a real threat.
Financial Difficulties
Despite the introduction of various financial regulations over the last season
or two, many football clubs across the UK remain at risk of insolvency.
According to the Red Flag Alert Football Distress Report published by Begbies
Traynor in November 2012, a total of six clubs in the Football League
Championship, League One and League Two are currently highlighted as
facing critical financial pressure, as of the end of October 2013. This represents
around 8% of the total 72 clubs participating in the Football League.
The continued prevalence of financial struggles across UK football is primarily
attributable to stagnation in average attendances, with a 2% rise when
averaged across all English divisions the Premier League and Football
Leagues in the 2013/2014 season up to the end of October 2013. This increase
is largely attributable to rises in the Premier League, where finances tend to
be stronger, and an increase in League One as a result of Wolverhampton
Wanderers relegation. With clubs in the Championship and below much more
dependent on match day revenues, little to no growth in attendances can have
a significant impact on financial stability.
Ticket Prices
In recent years there has been significant outcry from fans, and considerable
criticism from the FA and other bodies involved in the industry, concerning
above-inflation increases in the cost of match day tickets. In October 2012, a
BBC survey Price of Football found that the average cost of the cheapest
adult ticket in the top four divisions of English football had risen by 11.7% in
the 12 months prior to the survey. In a period during which household finances
are increasingly being squeezed with high unemployment and inflation, and
slow wages growth the recent annual growth in the average cost of a ticket
has priced many out of attending live matches.
Key Note Ltd 2014
Market Definition
In response to this, many clubs have reduced prices over the last year, with the
latest BBC survey published in September 2013 revealing a 2.4% average
reduction in ticket prices across the top four divisions. While this is a positive
indication for fans across the country, it does little to offset the above-inflation
increases in prices of previous years.
ECONOMIC TRENDS
National population growth amounted to 3% between 2008 and 2012, rising
from 61.4 million to 63.2 million. While growth in the UK resident population
provides a slight increase in potential consumers, it has no real significant
impact on the market. Similarly, trends in gross national product (GDP) are
unlikely to have a major impact on the football market, other than vague
indications of consumer demand for merchandise and, to a lesser extent, match
day tickets.
Inflation can have a pronounced impact on the football industry, most
noticeably on ticket prices, but it can also affect the cost of club merchandise
and broadcasting revenues. In 2010 and 2011, the rate of inflation remained
relatively high, at 4.6% and 5.2%, respectively, before falling back slightly to
3.2% in 2012. Despite the dip in 2012, the recent rate of inflation will have
pushed up prices for tickets and contributed to the rise in the cost of
broadcasting rights agreements.
As it is a traditionally working-class sport, unemployment can have a major
impact on the football market, particularly match attendances. While the
demographic for attendances has diversified significantly over recent decades,
high unemployment can still represent a barrier. Between 2008 and 2012,
unemployment remained high, increasing by 74.7% from 910,000 to 1.59
million.
Despite the poor economic conditions, household disposable income improved
year-on-year over the review period a positive indication for the football
market rising by 12.7% from 15,008 in 2008 to 16,918 in 2012. Ultimately,
any rise in household disposable income can lead to increased expenditure on
leisure activities, although it is important to note that high inflation and the
rising cost of living could offset this somewhat.
Key Note Ltd 2014
Market Definition
Table 1.1: UK Economic Trends (000, m, %, million and ),

2008-2012
2008
2009
2010
2011
2012
Female
31,244
31,418
31,619
31,833
32,065
Male
30,154
30,374
30,643
30,902
31,179
61,398
61,792
62,262
62,735
63,244
0.6
0.8
0.8
0.8
1,462,070
1,417,359
1,485,615
1,536,937
1,564,639
-3.1
4.8
3.5
1.8
1,541,039
1,461,361
1,485,616
1,502,216
1,504,091
-5.2
1.7
1.1
0.1
4.0
-0.5
4.6
5.2
3.2
-4.5
5.1
0.6
-2.0
0.91
1.53
1.50
1.53
1.59
68.1
-2.0
2.0
3.9
Resident Population
Estimates (000),
Mid-Years
Total population
% change
year-on-year
Gross Domestic
Product (m)
Current prices
% change
year-on-year
Annual chain-linked
GDP
% change
year-on-year
Rate of Inflation (%)
Inflation
Percentage point
change
year-on-year
Actual Number of
Unemployed Persons
in the UK (million)
Actual number of
claimants
% change
year-on-year
Table continues...
Key Note Ltd 2014
Market Definition
Table 1.1: UK Economic Trends (000, m, %, million and ),

2008-2012
...table continued
2008
2009
2010
2011
2012
15,008
15,443
16,058
16,371
16,918
2.9
4.0
1.9
3.3
Household Disposable
Income Per Capita ()
Household
disposable income
% change
year-on-year
GDP gross domestic product
Note: inflation is at retail price index (RPI); inflation data shown are annual average
changes; claimant count measures the number of people claiming Jobseekers Allowance.
Source: Population Estimates for UK, England and Wales, Scotland and Northern
Ireland Population Estimates Timeseries 1971 to Current Year, December 2011/
National Population Projections, 2010-based projections/United Kingdom
Economic Accounts, November 2013/Consumer Price Inflation, October 2013/
Labour Market Statistics, November 2013, National Statistics website Crown
copyright material is reproduced with the permission of the Controller of HMSO
(and the Queens Printer for Scotland)
MARKET POSITION
The UK
Football can be considered the main national sport in the UK, given the volume
of weekly spectators both at stadia and on television and in the support
of the national teams in the European Championships and World Cup
competitions.
The football market is also the dominant sector in terms of sports sponsorship,
accounting for around just under half of all major deals each year, even
outpacing the Olympic Games in 2012.
The football market can also be considered a major sector within the context
of the leisure industry, with numerous consumers across the UK attracted to
football events hosted throughout the nation. It can also contribute to tourism,
due to clubs within the English Premier Leagues strong participation in the
major European competitions.
Key Note Ltd 2014
Market Definition
Overseas
UK football is also incredibly successful on an international level, both in terms
of overseas viewership of the national game and in sporting achievement.
Through the last decade or so, a number of English clubs have achieved success
in the most prestigious of European competitions, the Union of European
Football Associations (UEFA) Champions League, with Liverpool, Manchester
United and Chelsea lifting the trophy in 2004/2005, 2007/2008 and 2011/2012,
respectively.
The Premier League is also one of the most-watched football leagues in the
world. In the 2012/2013 season, 804 million households across 212 territories
received Premier League matches, with agreements in place between the FA
and 40 broadcast partners from across the globe, earning the Premier League
1.28bn in revenue for the season.
Key Note Ltd 2014
Market Size
2. Market Size
THE TOTAL MARKET
Due to massive number of football clubs active across the UK, it is difficult to
quantify the market value of the entire UK football industry. As a result, this
Key Note Market Update examines the value of the main professional football
clubs operating across the English Premier and Football Leagues, and the
Scottish Professional Football League (SPFL). According to Deloitte projections,
PwCs Annual Financial Review of the Scottish Premier League and Key Note
estimates relating to the Scottish Premiership, aggregated turnover among the
main UK football clubs amounted to 3.3bn in the season ending May 2013,
following year-on-year growth of 3.4%. With the 2012/2013 season
representing the final year of the current Premier League broadcasting
agreement, revenue growth was comparatively subdued for the season ending
May 2013. However, with a new multi-billion-pound broadcasting agreement
in place for next season, the market is expected to exhibit significant growth
in 2013/2014.
Table 2.1: Total Turnover of Main UK Football Clubs by Value

(m and %), Seasons Ending May 2005-2013
Value (m)
% Change Year-on-Year
2005
1,962
2006
2,030
3.5
2007
2,199
8.3
2008
2,654
20.7
2009
2,714
2.3
2010
2,834
4.4
2011
3,063
8.1
2012
3,191
4.2
2013
3,298
3.4
Note: includes main professional and semi-professional clubs, i.e. those participating in
the English Premier League and Football Leagues and the Scottish Premiership; 2012 data
includes Key Note estimates for the Scottish Premiership; 2013 data includes Deloitte
projections for the Premier and Football Leagues, and Key Note estimates for the Scottish
Premiership.
Source: Deloitte Annual Review of Football Finance/PwCs Annual Financial

Review of the Scottish Premier League/Key Note
Key Note Ltd 2014
Market Size
Figure 2.1: Total Turnover of Main UK Football Clubs by Value

(m), Seasons Ending May 2005-2013
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2005
2006
2007
2008
2009
2010
2011
2012
2013
the English Premier League and Football Leagues and the Scottish Premiership; 2012
data includes Key Note estimates for the Scottish Premiership; 2013 data includes
Deloitte projections for the Premier and Football Leagues, and Key Note estimates for
the Scottish Premiership.

The consistently strong growth in revenue across the main football leagues in
recent decades has been driven by numerous factors. One of the key factors
has been the increasing value of football broadcasting, particularly in the
Premier League. This revenue stream has seen incredible growth rates over the
last 3 decades, rising from a 6.3m 2-year agreement with the old Football
League in 1986 to the recently signed 3bn agreement for domestic
broadcasting rights for the three seasons starting 2013/2014 in the Premier
League alone.
Growth in the popularity of the sport has also provided a boost in revenue over
recent decades. Following falling match day attendances across the nation
during the 1980s with the sport plagued by hooliganism and poor facilities
football clubs across the country invested significant capital through the
1990s to improve the condition of stadiums, in addition to the conversion
towards all-seater stadia through the top two division in England. This
dramatically improved safety standards and the general condition of facilities,
and watching live football matches once again became a popular leisure
activity.
Investment in the game has continued throughout the 2000s and 2010s,
particularly in the Premier League, where it has become common for wealthy
overseas owners to invest significantly in English football clubs, further
developing football stadia to increase capital, and expending huge sums to
bring some of the best international footballing talent to the UK.
Key Note Ltd 2014
10
Market Size
While this investment in British football is positive for the game, there are
numerous draw backs. The main issue has been the huge disparity between
revenue generation in the elite league compared with that achieved across the
Football Leagues. Furthermore, even within the Premier League itself there can
be huge differences in turnover between those at the top of the league, and
recently promoted and/or bottom-placed clubs. Another main issue created by
the massive level of invested in football has been the huge inflation in player
transfer fees, player wages and agents costs.
BY MARKET SECTOR
While the segmentation of the market by league is useful for an examination
of the market, football clubs themselves break the market down in terms of
the three main revenue streams: broadcasting, match day and commercial.
By League Turnover
In the year ending May 2012, 74% of aggregated football club revenue was
generated by the Premier League, while just over a fifth (21.2%) was derived
from the Football League and an estimated 4.9% was accounted for by the
Scottish Premier League. The obvious disparity in value of the leagues has
widened in recent years, with the Premier Leagues share of the market rising
from just over two-thirds (68%) in the year ending May 2005, to just under
three-quarters in 2012 (74%). For the season ending May 2013, this gulf is
expected to have widened, with the projected revenue of 2.48bn among
Premier League clubs standing at 75.2% of total estimated turnover.
In the Football League covering teams participating in the Championship,
League One and League Two total revenue is projected to fall by 2.2% in
the year ending May 2013, from 675m in the previous year to 660m. As a
result, the Football Leagues share of total UK club revenue is expected to
decline further, from 21.2% in 2012 to 20% in 2013.
In the Scottish Premiership, the expulsion of Rangers Football Club from the
elite league had a significant impact on revenue in 2012, causing an estimated
4.9% decline in comparison with the previous year. The market, however, was
estimated to have increase in value by 1.3% in 2013 to reach 158m, accounting
for 4.8% of total club revenue.
Key Note Ltd 2014
11
Market Size
Table 2.2: Turnover of Main UK Football Clubs by League

by Value (m and %), Seasons Ending May 2005-2013
England
Scotland
Premier League
Football
Leagues
Premiership
Total
2005
1,334
460
168
1,962
2006
1,379
481
170
2,030
2007
1,530
494
175
2,199
2008
1,932
526
196
2,654
2009
1,981
566
167
2,714
2010
2,030
633
171
2,834
2011
2,273
626
164
3,063
2012
2,360
675
e156
3,191
2013
p2,480
p660
e158
3,298
2005
68.0
23.4
8.6
100.0
2013
75.2
20.0
4.8
100.0
Value (m)
% of Total
e Key Note estimates

p Deloitte projections
the English Premier League and Football League, and the Scottish Premiership.

Key Note Ltd 2014
12
Market Size
Figure 2.2: Turnover of Main UK Football Clubs by League

by Value Share (%), Seasons Ending May 2005 and 2013
100
English Premier League
90
English Football Leagues
80
Scottish Premiership
70
60
50
40
30
20
10
0
2005
2013
Note: figures for English Premier League and English Football Leagues for 2013 are
Deloitte projections; figures for Scottish Premiership for 2013 are Key Note estimates;
includes main professional and semi-professional clubs, i.e. those participating in the
English Premier League and Football League, and the Scottish Premiership.

Market Structure
UK football clubs participate in league competitions, accruing points
depending on results against other clubs which are used to rank them
accordingly. Furthermore, clubs are invited to participate in domestic cup
competitions, in which clubs from across the various leagues are paired
randomly. The top Premier League clubs and the victors in the two main UK
cup competitions also participate in European competitions, which use a
combination of both league and knock-out formats.
The structure of the football leagues in the UK are dependent primarily on the
particular governing bodies, although the clubs involved in the league are
often consulted in the event of any change in structure. League and cup
competitions are generally structured around geographical location, although
there are a number of notable exceptions to this, such as Cardiff and Swanseas
participation in the English Premier League and cup competitions.
Table 2.3 outlines the main domestic and European league and cup
competitions currently in operation, alongside its governing body and main
sponsor. Typically, the main sponsor of a particular league or cup will appear
within its official title, such as the Barclays Premier League and the Sky Bet
Championship, or the FA cup with Budweiser and the Capital One Cup.
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Market Size
One of the most significant changes to the structure of UK football occurred

in June 2013, when the Scottish Premier League (SPL) and Scottish Football
League (SFL) agreed to merge, creating the SPFL as the main governing body
for all professional leagues in Scotland, as well as the national league cup. As
a result the SPL competition was rebranded as the Scottish Premiership, while
the SFL Division One, Two and Three were renamed the Scottish Championship,
League One and League Two, respectively. However, despite the merger
agreement, the actual structure of the league remains much the same, both in
terms of the number of teams per league and the promotion/relegation
process.
Due to the upheaval related to the formation of the new governing body in
Scotland, and the end of main sponsorship agreements with Clydesdale
Bank, Irn-Bru and the Scottish Government the Scottish Premiership, Scottish
Championship and lower leagues, and the Scottish League Cup have all
remained without main title sponsorship as of the end of 2013 calendar year.
According to the SPF, however, it has continued to engage with various
corporations and organisations to secure future sponsorship.
Table 2.3: Structure of Professional Football in the UK

and Europe, 2013/2014
Governing Body
Main Sponsor
Premier League
The Premier League
Barclays
Championship
The Football League
Sky Bet
League One
The Football League
Sky Bet
League Two
The Football League
Sky Bet
Scottish Premiership
Scottish Professional Football

League
Scottish
Championship,
League One and
League Two

League
FA Cup
The Football Association
Budweiser
League Cup
The Football League
Capital One
Scottish Cup
Scottish Football Association
William Hill
Scottish League Cup

League
Domestic Leagues
Domestic Cups
Table continues...
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Market Size
Table 2.3: Structure of Professional Football in the UK

and Europe, 2013/2014
...table continued
Governing Body
Main Sponsor
Champions League
UEFA
Europa League
UEFA
Club World Cup
FIFA
International Cups
FA Football Association
UEFA Union of European Football Associations
FIFA Fdration Internationale de Football Association
Note: the Champions League, Europa League and Club World Cup are sponsored by a
number of multinational corporations and do not have one main sponsor.
Source: Key Note
Promotion and Relegation

The elite leagues in both England and Scotland were formed in the 1990s, with
the top clubs joining to form Premier Leagues, largely due to the desire to
retain a greater share of broadcasting revenues from the game. In England,
the Premier League is largely autonomous in terms of operation, although it
remains under the general remit of The Football Association (FA). The SPL was
operated in a similar fashion to that of the English Premier League; however,
following its merger with the SFL in June 2013, the elite and lower leagues are
now governed by a single body once again.
In the English Premier League, the worst three performing teams in terms of
points accrued are subject to relegation, and are replaced with the top two
performing teams in the Championship, alongside the winner of a play-off
competition between those finishing between third and sixth place. The
play-off competition is utilised throughout the Football League divisions,
allowing smaller clubs who often struggle to compete with the dominant
league leaders the chance at promotion.
The promotion and relegation process across the English and Scottish leagues
is largely uniform, although the actual number of teams promoted and
relegated varies. There is some variation in format between the newly formed
Scottish Premiership and Championship, however, in the form of a play-off
competition between the 11th-placed team in the elite league and 3 teams
from tier two those clubs finishing second, third and fourth with the
winner either maintaining their position in the Premiership or gaining
promotion into it.
Key Note Ltd 2014
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Market Size
2012/2013 League and Cup Awards

In the 2012/2013 season, Manchester United regained the Premiership Title
after narrowly missing out to Manchester City in the previous season.
Manchester City did, however, achieve a second-place finish, followed by
Chelsea, Arsenal and Tottenham Hotspur. Each of the above teams earned
qualification into European competitions as a result of their top-five finish,
with Tottenham gaining entry into the Union of European Football
Associations (UEFA) Europa League, while the remaining teams were entered
into the elite Champions League competition.
The cup competitions in England proved more competitive than in recent
seasons, with ninth-placed Swansea achieving victory in the Capital One Cup,
while Wigan Athletic who finished in 18th placed and were thus relegated
from the Premier League lifted The FA Cup trophy. As a result, these two
teams took Englands remaining two European qualification spots, gaining
entrance into the Europa League competition.
Besides Wigan Athletic, Reading who only gained promotion in the previous
season and Queens Park Rangers (QPR) were relegated from the
Premiership, finishing in 19th and 20th, respectively. These were replaced with
the winners of the Championship, Cardiff City, alongside second-placed Hull
City and play-off winners Crystal Palace.
Also in the Championship, Wolverhampton Wonderers faced their second
consecutive season of relegation after finishing bottom of the Premiership
in the 2011/2012 season finishing 23rd, joining Peterborough United and
Bristol City at the bottom of the league in 2012/2013.
In League One, Doncaster Rovers prevailed as champions, gaining automatic
promotion alongside second-placed Bournemouth. Fourth-placed Yeovil Town
secured victory in the play-off competition, earning the final League One
promotion spot. At the bottom of the table, Portsmouth who have faced
significant financial difficulties after their 2008 FA Cup Triumph finished in
24th, joined by Hartlepool (23rd), Bury (22nd) and Scunthorpe United (21st) in
relegation.
Finally, for the English leagues, Gillingham, Rotherham United and Port Vale
all secured automatic promotion to League One, while Bradford City secured
promotion via the play-offs. Barnet and Aldershot Town dropped out of the
Football League finishing in 23rd and 24th, respectively, in League Two
to be replaced with Mansfield Town and Newport County.
In Scotland, Celtic retained the Championship in the SPL, securing the nations
only Champions League qualification spot. Motherwell and St Johnstone
finished in second and third, respectively, gaining qualification to the Europa
League, joining Scottish Cup runners-up Hibernian. In addition to the
Championship, Celtic secured victory in the Scottish Cup, while St Mirren
prevailed in the Scottish League Cup.
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Market Size
Table 2.4: Final League Standings and Cup Winners, 2012/2013

England/Wales
Premier League
Champions
Manchester United
Champions League
qualifiers
Manchester City, Chelsea, Arsenal
Europa League
qualifiers
Tottenham Hotspur, Swansea City,

Wigan Athletic
Relegated
Wigan Athletic, Reading, Queens Park

Rangers
Championship
Promoted
Cardiff City, Hull City, Crystal Palace
Relegated
Peterborough United, Wolverhampton

Wanderers, Bristol City
League One
Promoted
Doncaster Rovers, Bournemouth,

Yeovil Town
Relegated
Scunthorpe United, Bury, Hartlepool

United, Portsmouth
League Two
Promoted
Gillingham, Rotherham United, Port

Vale, Bradford City
Relegated
Barnet, Aldershot Town
Scotland
Premier League
Champions
Celtic
Europa League
qualifiers
Motherwell, St. Johnstone, Hibernian
Relegated
Dundee
Football League
Promoted
Partick Thistle (to SPL)

Queen of the South, Alloa Athletic (to
First Division)
Rangers (to Second Division)
Table continues...
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Market Size
Table 2.4: Final League Standings and Cup Winners, 2012/2013

...table continued
Cup Competition
Scottish Cup
Celtic
Scottish League Cup
St Mirren
Mansfield Town and Newport Country promoted to League Two

SPL Scottish Premier League
Source: Key Note
By Revenue
Football clubs generate the vast majority of their income from three distinct
revenue streams. However, it is important to note that losses and gains from
player transfers which can be significant are generally excluded from
financial data.
The three main revenue streams consist of:
broadcasting earnings from television rights and distributions from
European competitions
commercial revenue from sponsorship, merchandising and exploitation of
the club brand
match day revenue from match day ticket sales and corporate hospitality.
Table 2.5 shows a breakdown of revenue generation across the three main
sources of income at Premier League football clubs between 2005 and 2012,
and projected earnings for the seasons ending 2013 and 2014. Broadcasting
has consistently remained the most significant source of revenue at football
clubs since 2005, accounting for 43.4% of the total in 2005, rising to 50.4% in
2012 and a projected share of 55.5% by 2014. In 2012, commercial revenues
overtook match day earnings, following a 14.7% rise to reach 624m,
accounting for a 26.4% share of total income. In the same period, match day
revenues fell slightly, declining by 0.7% to 547m, accounting for 23.2% of the
total.
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Market Size
Table 2.5: Turnover of the English Premier League by Type

of Revenue (m and %), Seasons Ending May 2005-2014
Broadcasting
Commercial
Match
Day
Total
2005
579
316
439
1,334
2006
580
346
453
1,379
2007
592
398
540
1,530
2008
925
453
554
1,932
2009
973
435
573
1,981
2010
1,040
459
531
2,030
2011
1,178
544
551
2,273
2012
1,189
624
547
2,360
2013p
1,200
710
570
2,480
2014p
1,710
790
580
3,080
2005
43.4
23.7
32.9
100.0
2008
47.9
23.4
28.7
100.0
2012
50.4
26.4
23.2
100.0
2014
55.5
25.6
18.8
100.0
Revenue (m)
% of Turnover
p projection
does not sum due to rounding
Source: Deloitte Annual Review of Football Finance
Key Note Ltd 2014
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Market Size
Figure 2.3: Turnover of the English Premier League by Type

of Revenue (m), Seasons Ending May 2005-2014
Broadcasting
3,000
Commercial
Match day
2,500
2,000
1,500
1,000
500
0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Note: 2013 and 2014 figures are Deloitte projections.
Source: Deloitte Annual Review of Football Finance/Key Note
Match Day Revenues

While broadcasting and commercial revenues are the main source of income
in the Premier League as a whole, match day revenues remain vital to football
clubs, with numerous teams either engaged in or developing plans to expand
existing stadium capacity as a means of greater revenue generation.
Furthermore, for certain clubs within the Premier League barring the largest
of teams and the majority operating in the Football Leagues, match day
revenues continue to represent the largest source of income.
Match day revenues consist of income derived from the sale of all domestic and
European match day tickets and hospitality revenues for games played at the
clubs stadium, as well as its share of receipts from cup games played at an away
stadium. The majority of match day ticket sales occur in the off-season, during
which time season tickets are released to the general public.
With tickets accounting for the largest proportion of match day revenue,
attendance is by the far the largest driver within this segment. Since the turn
of the millennium, aggregated attendances have remained relatively static,
fluctuating around the 30 million mark per season. In the Premier League,
figures have sat around the 13 million mark since 2005. For the Championship,
attendances in recent history have ranged between 9 million and 10 million,
while League One and League Two have consistently attracted live audiences
of around 4 million and 2 million a season, respectively.
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Market Size
Over the long term, however, football attendances have fallen from in excess
of 40 million in post-Second World War years. In the 1980s, football attendance
dropped to record lows due mainly to neglected stadiums and the
proliferation of hooliganism across the countrys football grounds falling
below 20 million during the decade. In the late 1980s and early 1990s,
following a number of high-profile stadium disasters, all-seater stadia became
a requirement in the UK (later scaled back to cover the top two divisions only)
and with television coverage increasing and a strong performance at the
1990 World Cup interest in football was reinvigorated, with attendances
once again on the rise, aided by a period of reinvestment in facilities.

and Wales by Division (million), Selected
Seasons Ending May 1949-2013
Premier
League
Championship
League
One
League
Two
Total
1949
41.3
1959
14.7
8.6
5.9
4.3
33.6
1969
14.6
7.4
4.3
3.1
29.4
1979
12.7
6.2
3.4
2.3
24.5
1989
7.8
5.9
3.0
1.8
18.5
1999
11.7
7.8
3.7
2.2
25.3
2005
12.9
9.5
4.1
2.3
28.8
2006
12.9
9.7
4.1
2.3
29.0
2007
13.1
10.0
4.1
2.3
29.5
2008
13.7
9.4
4.4
2.4
29.9
2009
13.5
9.9
4.2
2.3
29.9
2010
13.0
9.9
5.0
2.1
30.0
2011
13.4
9.6
4.2
2.3
29.4
Table continues...
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Market Size

...table continued
Premier
League
Championship
League
One
League
Two
Total
2012
13.1
9.8
4.1
2.4
29.4
2013
13.7
9.7
3.5
2.4
29.2
Note: data for 2010 to 2013 sourced from ESPN; data prior to 1999 for the Premier League,
Championship, League One and Two relates to the old First Division, Second Division,
Third Division and Fourth Division, respectively; totals may not sum due to rounding.
Source: The Political Economy of Football (www.footballeconomy.com)/ESPN
Figure 2.4: Total Attendance to League Matches in England

Premier League
15.0
Championship
12.5
League One
League Two
10.0
7.5
5.0
2.5
19
59
19
69
19
79
19
89
19
99
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
0.0
Note: data for 2010 to 2013 sourced from ESPN; data prior to 1999 for the Premier
League, Championship, League One and Two relates to the old First Division, Second
Division, Third Division and Fourth Division, respectively; totals may not sum due to
rounding.
Source: The Political Economy of Football (www.footballeconomy.com)/ESPN/

Key Note
Key Note Ltd 2014
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Market Size
For the cup competitions particularly the domestic tournaments

attendances tend to be lower than those of the average league game. This is
largely due to the additional costs for season ticket holders the main
predominant fan base at any club as cup games tend not to be included
within the price of a season ticket.
Although aggregated attendances across the season are an important
indication of trends in match day revenues, for an individual club, average
attendance at their home ground is more significant. For the 2012/2013 season,
Manchester United remained top in terms of average home attendance, at
73,452, followed by Arsenal at 60,079. These teams also have the largest
grounds Old Trafford and The Emirates in terms of capacity, highlighting
the benefits of stadium expansion.
In comparison, other major teams at the top of the Premier League, such as
Manchester City, Liverpool and Chelsea, all have average weekly attendances
of around 40,000 to 45,000, a factor attributable entirely to limitations in
capacity at their current respective stadiums. As a result, each of these clubs
have been linked either with new stadium sites or with plans to further develop
existing venues in an attempt to boost attendance and match day revenue.
Table 2.7: Average Attendance to League Matches for Selected

Clubs in England and Wales (number), Season Ending May 2013
League
Attendance
Manchester United
EPL
75,186
Arsenal
EPL
60,019
Newcastle United
EPL
50,454
Manchester City
EPL
47,070
Celtic
SPL
46,917
Rangers
SPL
45,750
Liverpool
EPL
44,652
Chelsea
EPL
41,500
Sunderland
EPL
41,240
Aston Villa
EPL
37,056
Everton
EPL
37,031
Table continues...
Key Note Ltd 2014
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Market Size
Table 2.7: Average Attendance to League Matches for Selected

Clubs in England and Wales (number), Season Ending May 2013
...table continued
League
Attendance
Tottenham Hotspur
EPL
35,948
West Ham United
EPL
34,604
Derby County
Championship
33,010
Sheffield Wednesday
Championship
31,375
EPL English Premier League

Note: data for the EPL is sourced from SoccerSTATS.com; data for the Championship is
sourced from The Football League.
Source: SoccerSTATS.com/FitbaStats/The Football League
Broadcasting Revenue
Broadcasting revenues have represented the fastest area of growth for football
clubs participating in the Premier League. In 1991/1992 the final season of
the old divisional structure broadcasting income stood at just 15m,
accounting for around 9% of total turnover. This has risen in each subsequent
broadcasting agreement, to reach 1.19bn in 2012, accounting for more than
half (50.4%) of total income. The 2012/2013 season marked the final year of a
3-year agreement for Premier League broadcasting rights with British Sky
Broadcasting (BSkyB) and Setanta (later replaced by ESPN following financial
difficulties). The agreement covered the period between the seasons ending
2011 and 2013, with BSkyB and Setanta/ESPN paying a total of 1.78bn to the
Premier League.
The current agreement for Premier League broadcasting rights was signed in
June 2012, with just over 3bn paid by BSkyB and BT for the three seasons
ending 2014 to 2016, representing a massive increase on the previous
agreement. BSkyB secured the rights for the majority of games on offer,
winning the rights to five of the seven packages on offer, totalling 116 matches
per season at a cost of 2.3bn over the agreement period. The remaining games
a total of 38 per season were awarded to BT in exchange for 738m over
three seasons. BSkyB also currently has the monopoly on football games,
following the signing of a 3-year deal worth 195m for the exclusive rights for
all Football League live broadcasting for the three seasons commencing
2012/2013.
Key Note Ltd 2014
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Market Size
Other areas of income from broadcasting include significant payments from

overseas broadcasting rights estimated at around 2bn over the three
seasons ending 2013 to 2016 and agreements for The FA Cup, the Europa
League and the Champions League. There are also comparatively smaller
agreements for television highlight packages and radio commentary, currently
with the BBC and talkSport.
Commercial Revenue
Commercial revenues are derived from a range of sources, covering all activities
involving the exploitation of the clubs brand. The main sources of income in
this segment, however, include sponsorship, the marketing of branded
products, income derived from conference or event hosting, and club
museums. Sponsorship is by far the most lucrative activity within the
commercial revenue stream, and with numerous agreements available for
clubs and their corporate partners, including:
League and cup sponsor between businesses and the governing body of
the tournament for headline sponsorship, such as the Barclays Premier
League, BSkyB Championship and the Capital One Cup. Clubs, in turn, receive
parachute payments from the governing body.
Kit sponsorships between clubs and sports equipment manufacturers,
whereby the manufacturer will pay the club to provide its kit in exchange for
advertising on both the kit itself and in and around the stadium.
Commercial sponsors and partners typically each football team will have
one main sponsor whose brand appears on the kit itself. In addition, the
majority of clubs have a number of commercial partners whose branding is
displayed within and around the stadium.
Stadium sponsorship a relatively new trend, whereby the football stadium
is named after the sponsor, such as the Etihad Stadium and the Emirates
Stadium.
Table 2.8: Sponsors of Premier League Football Clubs,

2012/2013
Type
Kit Sponsor
Club
Main Sponsor
Arsenal
Fly Emirates
Airline
Nike
Aston Villa
Genting Casinos
Gambling
Macron
Chelsea
Samsung
Electronics
adidas
Everton
Chang
Beer
Nike
Fulham
FxPRO
Financial Services Kappa
Table continues...
Key Note Ltd 2014
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Market Size
Table 2.8: Sponsors of Premier League Football Clubs,

2012/2013
...table continued
Type
Kit Sponsor
Club
Main Sponsor
Liverpool
Standard Charter
Financial Services Warrior Sports
Manchester City
Etihad Airways
Airline
Umbro
Manchester United
AON
Insurance
Services
Nike
Newcastle United
Virgin Money
Financial Services Puma
Norwich City
Aviva
Insurance
Services
Errea
Queens Park Rangers
Air Asia
Airline
Lotto
Reading
Waitrose
Supermarket
Puma
Southampton
aap3
IT Services
Umbro
Stoke City
Bet365
Gambling
adidas
Sunderland
Invest in Africa
Conglomerate
adidas
Swansea City
32 Red
Gambling
adidas
Tottenham Hotspur
Aurasma
Technology
Under Armour
West Bromwich
Albion
Zoopla
Property Services
adidas
West Ham United
SBOBET
Gambling
Macron
Wigan Athletic
12Bet
Gambling
MiFit
Source: Key Note
Other major activities within the commercial segment include the marketing
of branded products. The distribution of replica kits is the most lucrative
product for football clubs, with income generated both from kit sponsorship
and from unit sales. In addition to replica kits, clubs market a wide range of
branded items, from scarves, gloves and posters through to mugs and towels.
Such products are typically distributed via a number of channels, including
online stores; physical dedicated stores located in or around the football
stadium; general sportswear retailers; and, increasingly, dedicated club
retailers in high streets where support for the particular club is significant.
Other activities within the commercial segment include publications, such as
the weekly printed programmes; official club membership charges; DVDs; and
revenue from dedicated television channels.
Key Note Ltd 2014
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Strengths, Weaknesses, Opportunities and Threats
3. Strengths, Weaknesses, Opportunities

and Threats
STRENGTHS
Football is considered the UKs national sport, maintaining a massive
following throughout country.
The Premier League is the most watched domestic tournament in the world,
reaching 804 million households outside the UK.
The vast majority of teams operating in the English Premier League and
Championship have the capacity to accommodate tens of thousands of
spectators.
Football clubs, particularly in the English Premier League, are highly sought
after as corporate partners, due to the levels of spectatorship both in the
ground and on television. As such, sponsorship can be massively lucrative in
the elite league.
Mainstream media coverage of football in the UK, particularly the English
Premier League, is extensive.
WEAKNESSES
The domination of the largest clubs, and the expenditure of those with
wealthy investors, is a cause for concern regarding the competitiveness in the
English Leagues.
Relegation from the Premier League can have significant financial impact on
clubs, due to the massive drop in broadcasting revenue and performance
payments from the governing body. Although measures have been
introduced to address this, it remains a concern.
Despite the introduction of financial regulations in the English leagues over
the last few seasons, at least eight clubs remain in critical financial positions.
Although the appeal of football continues to widen, the game continues to
attract a primarily male audience.
Key Note Ltd 2014
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Strengths, Weaknesses, Opportunities and Threats
OPPORTUNITIES
Additional revenue can be generated at football clubs through the leasing
of stadia for activities other than football, such as music gigs, boxing matches
and rugby matches.
Merchandising and the exploitation of the club brand, in both the UK and
internationally, by the top Premier League teams has been an area of strong
development in recent years. There remains significant scope for other
Premier League teams to follow suit.
Each broadcasting agreement since the inception of the Premier League has
seen significant growth in the value of contracts, a trend unlikely to end in
the foreseeable future.
Broadcasting agreements for the Premier League are now global business,
presenting opportunities to reach an increasing number of overseas national
markets.
Sponsorship agreements between clubs and corporate partners have also
continued to increase over the last decade, representing a further
opportunity for revenue growth, should this trend continue.
The Internet has presented new opportunities for revenue through
membership and subscription benefits and promotion of the club brand.
Development in this area, particularly among the smaller clubs, could help
raise further income and the profiles of the teams.
THREATS
Negative fan behaviour although vastly improved over the last few
decades has continued to reflect badly on the games image. This has been
exacerbated by the recent trend by some fans to bring flares into UK football
grounds.
High wages remain a persistent problem in the football market, swallowing
a significant portion of annual club revenue. While measures have been
introduced to counteract this, inflating wages presents huge problems.
Furthermore, the excessiveness of wages has had a negative impact on the
image of the game, particularly in the context of national and global
economic recession.
Football clubs across the English Premier League have been criticised for the
high, and rising, cost of match day tickets. Fans have become particularly
disillusioned with the costs of away games, for which significant travel costs
must also be factored in.
Key Note Ltd 2014
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Current Issues
4. Current Issues
2012/2013 SEASON
In the 2012/2013 season, Manchester United regained the Premier League
championship having narrowly lost out to Manchester City in the final game
of the previous season securing the title with four fixtures left to play.
Manchester City finished 11 points behind Manchester United in second place,
followed by Chelsea and Arsenal in third and fourth, respectively. In the
domestic cup competitions, the tournaments proved more competitive than
the league, with mid-table Swansea City defeating League Two side Bradford
City in the League Cup, while in The FA Cup Final Wigan Athletic who were
ultimately relegated from the Premier League triumphed over Manchester
City. As a result, Manchester United, Manchester City, Chelsea and Arsenal all
secured entrance into the 2013/2014 Champions League, while fifth-placed
Tottenham Hotspur and cup winners Swansea City and Wigan Athletic
qualified from the 2013/2014 Europa League competition.
In the 2012/2013 European competitions there was little success for UK teams
in the elite Champions League tournament, with Chelsea and Manchester City
failing to proceed through the initial group stage, and Manchester United,
Arsenal and Celtic all facing defeat in the Round of 16. However, with Chelsea
finishing third in the group stage of the Champions League, the team gained
entrance into the Round of 32 in the Europa League and proceeded to win the
competition against Portuguese team Benfica in the final, securing Chelsea
their second European trophy in successive seasons following their victory
against Bayern Munich in the 2011/2012 Champions League final.
At the bottom of the Premier League, Reading and Queens Park Ranger (QPR)
who finished 19th and 20th, respectively joined FA Cup winners Wigan
Athletic, who ended the season in 18th place, in relegation to the Football
League Championship. Promotion to the Premier League was awarded to
2012/2013 Championship winners Cardiff City and second place Hull City,
alongside play-off winners Crystal Palace. In the Scottish Premier League (SPL)
known as the Scottish Premiership from 2013/2014 Celtic retained the
championship, finishing 16 points above second place Motherwell, and 23
points ahead of third place St Johnstone. In the main cup competitions, Celtic
secured victory in the Scottish Cup, while St Mirren prevailed in the Scottish
League Cup.
Key Note Ltd 2014
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Current Issues
GOAL-LINE TECHNOLOGY
In April 2013, it was announced that the Premier League had voted in favour
of introducing goal-line technology from the 2013/2014 season. British-based
company Hawk-Eyes eponymous system which has been used extensively in
cricket since 2001 and tennis since 2006 as a technological means of
adjudication was selected to provide the camera-based technology.
Hawk-Eye, which was installed across the 20 stadiums during the close season
from central Premier League funds, will instantly relay information to the
referee as to whether the football has crossed the goal-line or not.
The introduction of this new technology was taken to a vote in April after the
International Football Association Board (IFAB) ratified the use of a goal-line
adjudication system following significant debate and campaign led by the
English Football Association (FA) after a wrongly disallowed goal in the
high-profile Round of 16 England versus Germany game at the 2010 South
African World Cup.
In addition to Premier League games, the technology will be utilised in any FA
Cup or League Cup fixture where Hawk-Eye has been installed. However, any
ground with goal-line adjudication systems that host a Champions League or
Europa League fixture will be required to switch the technology off, as it has
yet to be ratified by the Union of European Football Associations (UEFA).
While the technology to definitively discover whether a football has crossed
the goal line has been available for a number of years, various concerns
primarily that the use of adjudication systems would slow the game down
had halted its implementation. However, various high-profile incidents that
could have been averted resulted in the technology gaining support
throughout the UK and internationally. Football managers have been
particularly vociferous in their support of goal-line technology, with many
facing defeat in previous seasons as a result of incorrect decisions being made.
FINANCIAL FAIR PLAY

Union of European Football Associations
In 2009, UEFAs Executive Committee unanimously approved a financial fair
play concept in an effort to create a more even playing field and halt the
inflationary impact of football clubs spending on salaries and transfer fees.
According to UEFA, the principal objectives of the financial fair play concept
are:
to introduce greater discipline and rationality in football club finances
to relieve the upwards pressure on player salaries and transfer fees
to encourage clubs to compete within the means of their revenues
to encourage long-term investment in youth player development and
infrastructure
Key Note Ltd 2014
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Current Issues
to protect the long-term viability of European club football

to ensure clubs settle their liabilities on a timely basis.
The UEFA Club Licensing and Financial Fair Play Regulations were eventually
approved in May 2010 and an initial implementation period commenced in
summer 2011, with the first assessment period covering the two seasons ending
2012 and 2013. As such, the first season in which a club could fail to be licensed
for European Competition is the current 2013/2014 season.
The regulations essentially introduce various criteria that clubs must comply
with in order to be licensed to participate in UEFAs club competitions. The
main criterion is an obligation for clubs to achieve a break-even figure in
revenue over a fixed period of time for football-related activities, covering:
income from gate receipts; broadcasting rights; sponsorship; advertising;
profits from player transfers; expenditure on player transfers; salaries,
employee benefits and expenses; and other operating expenses. Expenditure
on youth development activities, community development activities and the
development of infrastructure are excluded from the scope of the break-even
criteria, allowing essentially limitless spending in these areas.
There is, however, an acceptable deviation in the maximum break-even
deficit allowed at each club of 5m. However, if the deficit is entirely covered
by contributions from the clubs equity participants, it is allowed to post a loss
of 45m for the 2011/2012 to 2012/2013 and 2013/2014 to 2014/2015
assessment period, with this figure falling to 30m in the 2015/2016 to
2017/2018 monitoring period, with lower allowable deviations expected to be
introduced beyond this time.
While the withholding of a licence to participate in European competitions
represents the ultimately penalty of non-compliance, a number of other
punitive measure are available for UEFA, including: reprimands and warnings;
fines; points deduction; withholding of UEFA distributions from competition
participation; and disqualification from a competition in progress.
Premier League
In February 2013, Premier Clubs agreed in principle to a system of domestic
financial regulations, similar in design to those of the UEFA Financial Fair Play
Regulations. Unlike the UEFA regulations, however, domestic regulations will
affect all clubs participating in the league, rather than only those who qualify
for the European competitions. The regulations, as agreed in principle, are
focused primarily on a break-even rule, requiring all Premier League teams
to limit aggregated losses to 105m over the three seasons ending 2014, 2015
and 2016. Any club exceeding this limit will face a tighter regulatory regime.
Key Note Ltd 2014
31
Current Issues
Also included were short-term cost-control measures to halt the massive

inflation in player wages, through the restriction of the amount of Premier
League central funds that can be used to increase current player wages. These
measures will only apply to clubs with an aggregated wage bill in excess of
52m in 2013/2014, 56m in 2014/2015 and 60m in 2015/2016. In 2013/2014,
Premier Clubs with wages in excess of these amounts will only be allowed to
increase salary bills further by 4m; this figure rises to 8m in 2015/2016 and
12m in 2015/2016.
However, these measures have been criticised for not going far enough, as the
limit to the annual aggregate wage bill only includes income from Premier
League distributions. As a result, clubs will still have free reign to increase wage
costs using any increased income from commercial and match day revenues.
Football League
The Football League has also agreed on the implementation of a Financial Fair
Play framework to operate across the three divisions Championship, League
One and League Two from the beginning of the 2012/2013 season, again in
an effort to limit financial losses at clubs across the country, and to ultimately
establish a league of financially self-sustaining football clubs.
The break-even approach, based on the UEFA regulations, was once again
favoured for the Championship, while in League One and Two, clubs will
implement the Salary Cost Management Protocol (SCMP) that has been in
operation in the latter competition since 2004/2005.
Financial Fair Play in the Championship will require clubs to provide annual
accounts to The Football League by 1st December each year, covering the
previous season/financial year. A Fair Play Result will then be determined
using the clubs profit/loss for the year, excluding investment in certain areas
of infrastructure and losses in extraordinary circumstances.
The Fair Play Result must not show a loss of less than the permitted level of
acceptable deviation and shareholder equity investment for the seasons,
originally set at 4m and 8m, respectively, falling to 2m and 3m,
respectively, by 2015/2016 .Failure to comply with the regulations from
December 2014 will be subject to a transfer, which will remain in place until
the club can lodge financial information that demonstrates compliance.
For League One, SCMP which is already in operation in League Two will
limit spending on total player wages to a proportion of each clubs turnover.
In the 2011/2012 seasons, League One introduced a pilot of the SCMP, limiting
expenditure on wages to 75% of the clubs turnover, but no sanctions were
put in place. For the 2012/2013 season this was reduced to 65%, with the
current level (2013/2014 season) set at 60%, with sanctions (transfer
embargoes) applicable.
Key Note Ltd 2014
32
Current Issues
SCOTTISH FOOTBALL STRUCTURE REORGANISATION

In June 2013, it was announced that both the SPL and the Scottish Football
League (SFL) had voted in favour of a package of measures to deliver a merged
league in time for the commencement of the 2013/2014 season. The proposals
that both entities agreed to included:
a single merged league of 42 clubs
the retention of the 12, 10, 10, 10 between the first, second, third and
fourth tiers, respectively divisional structure
a more equitable distribution model, with substantial redistribution to the
second tier to enable full-time operation
a pyramid for the entire game, allowing access to the senior leagues to clubs
operating outside the top 42
play-offs involving the 11th-placed team in the top division and the second,
third and fourth-placed teams in the division below at the end of each
season.
As a result of the agreement, the two governing bodies of the leagues in
Scotland SPL and SFL were merged to create a single body: the Scottish
Professional Football League (SPFL), and the league divisions were rebranded
the Scottish Premiership, Scottish Championship, Scottish League One and
Scottish League Two.
Key Note Ltd 2014
33
Forecasts
5. Forecasts
INTRODUCTION
General Economic Forecasts
The UK resident population is forecast to rise by 3.1% from 63.8 million to 65.8
million. While this is unlikely to be a major influencing factor for the football
industry, it should contribute to sustained long-term demand for tickets,
broadcasting subscriptions and merchandise.
From 2013, economic conditions are expected to improve, with gross domestic
product (GDP) growth of 1.3%, followed by more significant annual growths
between 2014 and 2017. Growth in GDP indicates increased consumer
expenditure, helping to boost demand for football and football related
products.
Improving economic conditions are expected to provide greater stability in the
rate of inflation particularly in comparison with the recessionary and
post-recession period ranging from 3.1% to 3.5% over the forecast period.
While stable inflation should provide greater confidence in the economy, the
relatively high rate predicted over the next 5 years at least in comparison to
the Bank of Englands (BoEs) 2% target rate is likely to impact the price of
match day tickets.
UK employment is also expected to improve between 2013 and 2017, with a
23.3% fall in unemployment from 1.5 million to below 1.2 million. This should
also contribute to a rise in consumer expenditure, and therefore, spending on
leisure services and goods.
Table 5.1: Forecast UK Economic Trends (000, %, million),

2013-2017
UK resident population
(000)
GDP growth (%)
2013
2014
2015
2016
2017
63,758
64,271
64,776
65,271
65,755
1.3
2.2
2.4
2.4
2.3
Table continues...
Key Note Ltd 2014
34
Forecasts
Table 5.1: Forecast UK Economic Trends (000, %, million),

2013-2017
...table continued
Inflation (%)
Unemployment (million)
2013
2014
2015
2016
2017
3.1
3.1
3.1
3.3
3.5
1.50
1.39
1.26
1.21
1.15
GDP gross domestic product

at retail price index (RPI)
actual number of claimants; claimant count measures the number of people claiming
Jobseekers Allowance
Source: National Population Projections, 2010-based projections, National

Statistics website/Forecasts for the UK Economy, November 2013, Treasury
Independent Average Crown copyright material is reproduced with the
permission of the Controller of HMSO (and the Queens Printer for Scotland)
FORECASTS 2014 TO 2018

Aggregated turnover at the main UK football clubs is forecast to rise by 18.8%
between the seasons ending May 2014 and 2018, from 3.75bn to 4.45bn.
Annual growth in club revenue is forecast to fluctuate significantly, largely in
line with the start of new Premier League broadcasting agreements in the
2013/2014 and the 2016/2017 seasons.
In 2014, as the first year of the new 3bn domestic television broadcasting
agreements up significantly from the 1.78bn received in the last deal
club revenues are forecast for massive growth, particularly in the English
Premier League, where total turnover is projected to rise by 24.2% to 3.08bn,
according to Deloitte. Furthermore, Deloitte also projects a 10.9% growth in
Championship revenues in the 2013/2014 seasons, while Key Note estimates a
cautious 1.3% rise in Scottish Premiership turnover. As a result, revenue across
the main UK football clubs is expected to rise by 13.7% to reach 3.75bn in the
season ending May 2014.
In 2015 and 2016, growth is likely to be subdued following the significant
increase in broadcasting revenue in 2014 at just 3.2% and 3%, respectively,
before the implementation of the next Premier League broadcasting
agreement for the three seasons beginning 2016/2017. This is expected to
provide a 9% boost in aggregate club turnover, to reach 4.35bn, before
returning to more subdued growth in 2018 (2.5%).
Key Note Ltd 2014
35
Forecasts
Table 5.2: Forecast Total Turnover of Main UK Football Clubs

by Value (m), Seasons Ending May 2014-2018
p2014
2015
2016
2017
2018
3,750
3,870
3,986
4,345
4,454
13.7
3.2
3.0
9.0
2.5
Value (m)
% change year-on-year
p includes Deloitte projections for the Premier and Football Leagues, and Key Note
estimates for the Scottish Premiership
the English Premier League and Football League and the Scottish Premiership.
Figure 5.1: Forecast Total Turnover of Main UK Football Clubs

5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2014
2015
2016
2017
2018
Note: 2014 includes Deloitte projections for the Premier and Football Leagues, and Key
Note estimates for the Scottish Premiership; includes main professional and
semi-professional clubs, i.e. those participating in the English Premier League and
Football League and the Scottish Premiership.
MARKET GROWTH
Between the years ending May 2005 and 2018, Key Note forecasts growth of
127% in total turnover at the main UK professional football clubs, from
1.96bn to 4.45bn, as illustrated in Figure 5.2 overleaf.
Key Note Ltd 2014
36
Forecasts
Figure 5.2: Growth in Total Turnover of Main UK Football Clubs

4,500
4,250
4,000
3,750
3,500
3,250
3,000
2,750
2,500
2,250
18
20
17
20
20
1
5
20
1
14
20
20
13
20
12
1
20
1
10
20
20
09
8
20
0
20
07
06
20
20
05
2,000
the English Premier League and Football League and the Scottish Premiership; 2012
data includes Key Note estimates for the Scottish Premiership; 2013 and 2014 data
includes Deloitte projections for the Premier and Football Leagues, and Key Note
estimates for the Scottish Premiership.

FUTURE TRENDS
Managerial Dismissals
As of January 2014, a total of 23 managers in the English Premier and Football
Leagues have been fired since the beginning of the 2013/2014 season in August
2013, and around half of Englands 92 league clubs have a manager who has
been in the position for less than a year. This massive glut of managerial
dismissals and the pervasive tendency across English football to view
manager dismissal as the quickest route to better results has led the League
Managers Association (LMA) to place pressure on The Football Association (FA)
to impose sanctions on clubs who ignore employment when replacing technical
staff. According to the LMA, the majority of managerial sackings are unfair
dismissals, ignoring standard human resource (HR) procedures and employer
obligations when making staff redundant. With evidence suggesting that
managerial dismissals have little effect on club performance; an aggregated
cost estimated at 100m a year in compensation; and increased pressure from
the LMA on employment law, technical staff could see increasing stability in
job roles in the future.
Key Note Ltd 2014
37
Forecasts
Financial Fair Play

With European and domestic Financial Fair Play regulations (examined in
greater detail in Chapter 4 Current Issues) now in effect across the divisions,
numerous clubs are at risk of non-compliance. Clubs such as Chelsea, who
posted a loss of 49.4m for the season ending 2013, and Championship side
Queens Park Rangers (QPR) whose massive wage bill could result in posted
losses far in excess of the 8m allowed are in danger of facing sanctions.
While all clubs linked with Financial Fair Play non-compliance insist that they
are on track to meet the regulations, the complex set of rules open to various
interpretations could result in a host of sanctions and, ultimately, court
challenges against those sanctions.
Player Contract Disclosure

Despite a move towards transparency in football club finances, particularly
with greater scrutiny as a result of Financial Fair Play regulations, clubs in
England are increasingly refusing to provide an official fee for player transfers.
According to the Premier League, just five of the total 115 permanent transfers
(excluding free transfers) in the elite league were given an official valuation
in the 2013 summer transfer period.
It has been highlighted that full disclosure of all players at the club, together
with the amount paid for the player, the contract-end date and their
depreciated value such as is required in Italy could have halted the
financial decline of clubs such as Leeds and Portsmouth who, due to massive
overspend on transfer fees and wages, have faced administration in recent
years.
This trend towards non-disclosure, however, has been preferred by clubs, as
they believe it could help to improve their future bargaining position and
remove undue pressure on expensive signings. As such, it is unlikely that
Premier League clubs will introduce full disclosure in regard to fees and
contracts until required to by the governing bodies.
Key Note Ltd 2014
38
Company Profiles
6. Company Profiles
INTRODUCTION
The following section contains financial profiles of some of the principal
companies identified as operating within the market sector discussed in this
report. The financial results of some of the important names within the sector
may not be reported if:
their principal activities are so varied that their results are not considered
applicable to the survey
they are no longer trading as separate companies
their financial data are very out of date.
DEFINITIONS
A company which has a Y consolidated value has filed consolidated accounts
for the relevant year.
denotes that the growth rate calculation is invalid, because the figures
either move from positive to negative or from negative to positive.
Turnover (Sales)
This includes all income derived from the principal activities of the firm, net of
VAT. It encompasses UK sales, exports and overseas and intercompany sales.
Pre-Tax Profit
The net trading profit figure after deduction of all operating expenses,
including depreciation and finance charges but before deduction of tax,
dividends, subventions or group relief, and other appropriations. Where
applicable, it will include the share of profits and losses of associated
companies. Items described by the company as exceptional are included;
extraordinary items are excluded.
Profit Margin
Pre-tax profit expressed as a percentage of sales.
Average Remuneration
Total employee remuneration divided by the number of employees.
Sales per Employee

Sales divided by the number of employees.
FURTHER INFORMATION
For more detailed financial information telephone Key Note on: 0845-504
0452.
Key Note Ltd 2014
39
Company Profiles
ASTON VILLA FOOTBALL CLUB LTD

Registered Office
Company Registration Number

Date of Incorporation
Holding Company
Ultimate Holding Company
Villa Park
Trinity Road
Aston
Birmingham
West Midlands, B6 6HE
Telephone: 0121-327 2299
03375789
20/05/97
Aston Villa Ltd
Reform Acquisitions LLC
Previous Name(s) and Date(s) of Change

None
Principal Activities
The operation of the commercial activities of a professional football club.
SIC Code
92619, Operation of sports arenas and stadiums.
Key Note Ltd 2014
40
Company Profiles
FINANCIAL PROFILE
Year End
Weeks
Consolidated
31/05/12
52
N
31/05/11
52
N
31/05/10
52
N
31/05/09
52
N
79,750
-10.21
-
88,820
-0.74
-
89,483
6.27
-
84,203
-
-19,944
-25.01
-19,217
-9,744
-10.97
-9,065
-27,712
-30.97
-26,882
-30,140
-35.79
-29,391
1,584
5,562
50,347
-12,591
-77,975
1,565
6,371
56,754
-6,226
-65,713
1,405
7,084
63,689
-19,724
-63,970
1,264
7,097
66,616
-23,845
-47,833
-123,512
-124,352
0.30
0.29
-102,841
-104,408
0.34
0.34
-89,878
-94,664
0.38
0.37
-60,461
-66,953
0.43
0.43
Sales
Sales (000)
Exports (000)
Exports/Sales (%)
Profits
Pre-Tax Profits (000)
Profit Margin (%)
Operating Profit (000)
Employees
Number of Employees
Average Employee Remuneration ()
Sales per Employee ()
Profit per Employee ()
Capital Employed per Employee ()
Balance Sheet/Ratios
Capital Employed (000)
Return on Capital (%)
Net Worth (000)
Current Ratio
Liquidity Ratio
Key Note Ltd 2014
41
Company Profiles
CHELSEA FOOTBALL CLUB LTD

Registered Office

Holding Company
Stamford Bridge Ground

Fulham Road
London, SW6 1HS
Telephone: 020-7915 2200
01965149
26/11/85
Chelsea FC PLC
Fordstam Ltd

Chelsea Set Ltd (16/08/91)
Lomargate Ltd (18/02/86)
The operation of a football club.
SIC Code
92629, Other sporting activities not elsewhere classified.
Key Note Ltd 2014
42
Company Profiles
FINANCIAL PROFILE
Year End
Weeks
Consolidated
30/06/12
52
N
30/06/11
52
N
30/06/10
52
N
30/06/09
52
N
227,319
10.75
-
205,248
9.59
-
187,290
0.92
-
185,588
-
200
0.09
-46,969
-71,962
-35.06
-89,624
-70,437
-37.61
-68,704
-47,022
-25.34
-74,826
233
550,996
975,618
858
1,000,249
205
715,727
1,001,210
-351,034
709,117
213
645,244
879,296
-330,690
638,131
219
637,310
847,434
-214,712
724,306
233,058
0.09
-703,494
0.04
0.04
145,369
-49.50
-629,655
0.02
0.02
135,922
-51.82
-495,317
0.01
0.01
158,623
-29.64
-438,675
0.05
0.05
Sales
Sales (000)
Exports (000)
Exports/Sales (%)
Profits
Profit Margin (%)
Employees
Number of Employees
Net Worth (000)
Current Ratio
Liquidity Ratio
Key Note Ltd 2014
43
Company Profiles
EVERTON FOOTBALL CLUB COMPANY LTD (THE)

Registered Office

Holding Company
Goodison Park
Goodison Road
Liverpool, L4 4EL
Telephone: 0870-442 1878
00036624
14/06/92
None
None

None
A group engaged as a professional football club.
SIC Codes
Key Note Ltd 2014
44
Company Profiles
FINANCIAL PROFILE
Year End
Weeks
Consolidated
31/05/12
52
Y
31/05/11
52
Y
31/05/10
52
Y
31/05/09
52
Y
80,531
-1.82
-
82,021
3.72
-
79,076
-0.74
-
79,669
-
-9,106
-11.31
-19,254
-5,413
-6.60
-17,149
-3,093
-3.91
-17,697
-6,920
-8.69
-6,757
228
243,636
353,206
-39,939
-70,272
238
206,828
344,626
-22,744
-8,412
234
202,778
337,932
-13,218
54,209
226
192,248
352,518
-30,619
49,239
-16,022
-68,220
0.19
0.19
-2,002
-68,515
0.25
0.25
12,685
-24.38
-75,044
0.22
0.22
11,128
-62.19
-66,059
0.28
0.28
Sales
Sales (000)
Exports (000)
Exports/Sales (%)
Profits
Profit Margin (%)
Employees
Number of Employees
Net Worth (000)
Current Ratio
Liquidity Ratio
Key Note Ltd 2014
45
Company Profiles
FULHAM FOOTBALL CLUB LTD

Registered Office

Holding Company
Fulham Football Club

Training Ground
Motspur Park
New Malden
Surrey, KT3 6PT
02114486
24/03/87
Fulham Football Leisure Ltd
Mafco Holdings Ltd

Fulham Football Club (1987) Ltd (01/07/13)
Fulham (87) Ltd (14/09/87)
Maximystic Ltd (02/06/87)
The operation of a professional football club.
SIC Code
Key Note Ltd 2014
46
Company Profiles
FINANCIAL PROFILE
Year End
Weeks
Consolidated
30/06/12
52
N
30/06/11
52
N
30/06/10
52
N
30/06/09
52
N
78,652
2.94
-
76,405
0.01
-
76,398
20.99
-
63,145
-
-18,755
-23.85
-22,575
4,406
5.77
-8,664
-18,986
-24.85
-17,865
-7,898
-12.51
-11,710
940
58,182
83,672
-19,952
8,880
840
59,915
90,958
5,245
13,608
796
55,010
95,977
-23,852
3,486
741
55,838
85,216
-10,659
13,101
8,347
-224.69
-212,032
0.50
0.49
11,431
38.54
-195,527
0.63
0.62
2,775
-684.18
-197,493
0.53
0.53
9,708
-81.36
-195,069
0.33
0.33
Sales
Sales (000)
Exports (000)
Exports/Sales (%)
Profits
Profit Margin (%)
Employees
Number of Employees
Net Worth (000)
Current Ratio
Liquidity Ratio
Key Note Ltd 2014
47
Company Profiles
MANCHESTER CITY LTD

Registered Office

Holding Company
Etihad Stadium
Etihad Campus
Manchester, M11 3FF
Telephone: 0161-444 1894
02989498
08/11/94
Abu Dhabi United Group Investment &
Development Ltd
Abu Dhabi United Group Investment &
Development
Previous Name and Date of Change

Manchester City PLC (12/09/07)
A group engaged in the operation of a professional football club.
SIC Code
Key Note Ltd 2014
48
Company Profiles
FINANCIAL PROFILE
Year End
Weeks
Consolidated
31/05/12
52
Y
31/05/11
52
Y
31/05/10
52
Y
31/05/09
52
Y
231,140
50.89
-
153,186
22.50
-
125,050
43.68
-
87,033
-
-98,705
-42.70
-104,091
-197,491
-128.92
-194,931
-121,300
-97.00
-126,109
-92,562
-106.35
-73,598
476
374,275
485,588
-207,363
915,326
386
398,057
396,855
-511,635
1,000,435
413
286,584
302,784
-293,705
1,003,012
302
243,990
288,189
-306,497
268,096
435,695
-22.65
130,781
0.90
0.90
386,168
-51.14
42,165
0.55
0.55
414,244
-29.28
94,431
1.09
1.09
80,965
-114.32
-162,672
0.11
0.11
Sales
Sales (000)
Exports (000)
Exports/Sales (%)
Profits
Profit Margin (%)
Employees
Number of Employees
Net Worth (000)
Current Ratio
Liquidity Ratio
Key Note Ltd 2014
49
Company Profiles
MANCHESTER UNITED LTD

Registered Office
Holding Company
Old Trafford
Manchester, M16 0RA
Telephone: 0161-868 8000
02570509
21/12/90
Red Football Ltd
Red Football Ltd Partnership

Manchester United PLC (11/10/05)
Voteasset PLC (25/01/91)
A group engaged in operation of a professional football club and ancillary activities.
SIC Codes
74849, Other business activities not elsewhere classified.
Key Note Ltd 2014
50
Company Profiles
FINANCIAL PROFILE
Year End
Weeks
Consolidated
30/06/13
52
Y
30/06/12
52
Y
30/06/11
52
Y
30/06/10
52
Y
363,189
13.38
-
320,320
-3.36
-
331,441
15.72
-
286,416
2,864
1.00
-8,793
-2.42
62,014
-1,269
-0.40
46,320
34,006
34.15
10.26
66,328
25,349
8.85
52,039
743
212,692
488,814
-11,834
1,184,956
696
205,027
460,230
-1,823
840,305
628
215,873
527,772
54,150
1,001,271
592
197,736
483,811
42,819
1,345,522
880,422
-1.00
26,507
0.69
0.69
584,852
-0.22
17,399
2.12
2.12
628,798
5.41
6,962
2.15
2.15
796,549
3.18
33,257
4.78
4.78
Sales
Sales (000)
Exports (000)
Exports/Sales (%)
Profits
Pre-Tax Profit (000)
Profit Margin (%)
Employees
Number of Employees
Net Worth (000)
Current Ratio
Liquidity Ratio
Key Note Ltd 2014
51
Company Profiles
NEWCASTLE UNITED FOOTBALL COMPANY LTD

Registered Office
Holding Company
St James Park
Newcastle-Upon-Tyne, NE1 4ST
00031014
11/03/90
Newcastle United PLC
Mash Holdings Ltd

None
The operation of a professional football club together with related and ancillary activities.
SIC Codes
52485, Retail sale of sports goods, games and toys, stamps and coins.
55520, Catering.
74849, Other business activities not elsewhere classified.
Key Note Ltd 2014
52
Company Profiles
FINANCIAL PROFILE
Year End
Weeks
Consolidated
30/06/12
52
N
30/06/11
52
N
30/06/10
52
N
30/06/09
52
N
93,296
5.51
-
88,424
69.37
-
52,208
-39.07
-
85,681
-
1,401
-95.72
1.50
-5,028
32,768
37.06
-3,791
-19,749
-37.83
-33,274
-14,554
-16.99
-37,023
300
188,667
310,987
4,670
312,727
478
103,423
184,987
68,552
-52,797
431
98,044
121,132
-45,821
-93,292
395
160,686
216,914
-36,846
-84,334
93,818
1.49
-78,088
0.63
0.61
-25,237
-57,796
0.17
0.16
-40,209
-105,469
0.10
0.09
-33,312
-102,391
0.15
0.14
Sales
Sales (000)
Exports (000)
Exports/Sales (%)
Profits
Profit Margin (%)
Employees
Number of Employees
Net Worth (000)
Current Ratio
Liquidity Ratio
Key Note Ltd 2014
53
Company Profiles
THE ARSENAL FOOTBALL CLUB PLC

Registered Office

Holding Company
Highbury House
75 Drayton Park
London, N5 1BU
Telephone: 020-7619 5003
00109244
26/04/10
Arsenal (AFC Holdings) Ltd
KSE UK Inc

Arsenal Football Club Ltd (09/05/91)
The operation of a professional football club and related commercial activities.
SIC Codes
Key Note Ltd 2014
54
Company Profiles
FINANCIAL PROFILE
Year End
Weeks
Consolidated
31/05/13
52
N
31/05/12
52
N
31/05/11
52
N
31/05/10
52
N
220,246
-5.69
-
233,541
18.39
-
197,268
-13.85
-
228,991
-
15,345
-77.46
6.97
-31,566
68,088
374.45
29.15
2,783
14,351
-83.66
7.27
8,264
87,805
38.34
49,495
530
250,638
415,558
28,953
907,177
496
243,645
470,849
137,274
897,137
454
236,416
434,511
31,610
806,434
416
226,916
550,459
211,070
846,103
480,804
3.19
154,281
1.39
1.36
444,980
15.30
151,922
1.57
1.54
366,121
3.92
122,404
1.45
1.43
351,979
24.95
104,489
1.42
1.39
Sales
Sales (000)
Exports (000)
Exports/Sales (%)
Profits
Profit Margin (%)
Employees
Number of Employees
Net Worth (000)
Current Ratio
Liquidity Ratio
Key Note Ltd 2014
55
Company Profiles
THE LIVERPOOL FOOTBALL CLUB AND ATHLETIC GROUNDS LTD

Registered Office

Holding Company
Anfield Road
Liverpool
Merseyside, L4 0TH
Telephone: 0151-263 2361
00035668
26/01/92
UKSV Holdings Company Ltd
Nesvi LLC

Liverpool Football Club and Athletic Grounds PLC (The) (21/06/07)
The operation of a professional football club and related activities.
SIC Codes
Key Note Ltd 2014
56
Company Profiles
FINANCIAL PROFILE
Year End
Weeks
Consolidated
31/05/12
44
N
31/07/11
52
N
31/07/10
52
N
31/07/09
52
N
168,998
-7.97
4,705
2.78
183,640
-0.49
6,777
3.69
184,542
4.07
3,203
1.74
177,324
4,298
2.42
-40,522
-23.98
-35,132
-49,317
-26.86
-89,670
-19,880
-10.77
-25,091
-16,084
-9.07
-7,608
554
220,755
360,514
-86,443
200,765
535
224,925
343,252
-92,181
165,406
477
227,566
386,880
-41,677
52,392
416
213,200
426,260
-38,663
106,688
111,224
-43.06
-115,652
0.52
0.47
88,492
-55.73
-114,430
0.31
0.26
24,991
-79.55
-103,632
0.24
0.19
44,382
-36.24
-106,943
0.25
0.24
Sales
Sales (000)
Exports (000)
Exports/Sales (%)
Profits
Profit Margin (%)
Employees
Number of Employees
Net Worth (000)
Current Ratio
Liquidity Ratio
Key Note Ltd 2014
57
Company Profiles
TOTTENHAM HOTSPUR LTD

Registered Office

Holding Company
Bill Nicholson Way

748 High Road
London, N17 0AP
Telephone: 020-8365 5042
01706358
14/03/83
ENIC International Ltd
None

Tottenham Hotspur PLC (24/01/12)
Nailage PLC (23/05/83)
A group engaged in the operation of a professional football club and related commercial
activities.
SIC Codes
Key Note Ltd 2014
58
Company Profiles
FINANCIAL PROFILE
Year End
Weeks
Consolidated
30/06/12
52
Y
30/06/11
52
Y
30/06/10
52
Y
30/06/09
52
Y
144,156
-11.82
-
163,486
36.45
-
119,814
6.02
859
0.72
113,012
-
-7,304
-5.07
-10,805
402
0.25
-7,156
-6,539
-5.46
-16,792
33,398
29.55
-19,709
341
232,053
422,745
-21,419
460,188
315
250,978
519,003
1,276
549,444
290
204,855
413,152
-22,548
605,797
286
187,332
395,147
116,776
653,168
156,924
-4.65
20,905
0.29
0.27
173,075
0.23
-17,687
0.34
0.33
175,681
-3.72
-43,032
0.41
0.40
186,806
17.88
-64,158
0.56
0.55
Sales
Sales (000)
Exports (000)
Exports/Sales (%)
Profits
Profit Margin (%)
Employees
Number of Employees
Net Worth (000)
Current Ratio
Liquidity Ratio
Key Note Ltd 2014
59
Further Sources
7. Further Sources
Publications
Annual Financial Review of the
Scottish Premier League
PwC
https://www.pwc.co.uk
Annual Review of Football Finance
Deloitte
https://www.deloitte.com
Price of Football
BBC
http://www.bbc.co.uk
Red Flag Alert Football Distress
Report
Begbies Traynor Group
http://
www.begbies-traynorgroup.com/
Government Publications
HM Treasury
http://www.hm-treasury.gov.uk
Forecasts for the UK Economy
Treasury Independent Average,
November 2013
National Statistics
http://www.statistics.gov.uk
Consumer Price Inflation, October
2013
Labour Market Statistics, November
2013
National Population Projections,
2010-based projections
Population Estimates for UK,
England and Wales, Scotland and
Northern Ireland Population
Estimates Timeseries 1971 to Current
Year, December 2011
United Kingdom Economic
Accounts, November 2013
Other Sources
ESPN
http://www.espn.co.uk
Key Note Ltd 2014
The Political Economy of Football

http://www.footballeconomy.com
60
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Access Control
13
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17
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2014
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2012
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23
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16
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26
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2011
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22
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Key Note Ltd 2014
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Cooking & Eating Habits
2012
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62
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European Trends in Food

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13
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2013
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26
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Organisations

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the Affluent
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11
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on the Internet
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2012
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10
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15
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12
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21
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20
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2013
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14
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Distribution Industry
10
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DIY & Home Improvements

Industry
11
2009
Domestic Heating
15
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Drinks Market
19
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Defence Equipment
E-Commerce: The Internet

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2014
E-Commerce: The Internet

Leisure & Entertainment Market
2008
11
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Electrical Wholesale
2013
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2013
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2008
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Equipment for the Disabled
2014
E-Recruitment
2012
Estate Agents
18
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18
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European Long-Term Insurance
2008
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2008
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2008
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2010
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2010
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Estate Agents & Services

Ethnic Foods
Key Note Ltd 2014
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2013
2012
Franchising
13
2012
Freight Forwarding
18
2011
Frozen Foods
27
2014
Fruit & Vegetables
24
2014
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Drinks
16
2014
Functional Foods
2010
Further & Higher Education
2014
15
2013
2014
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13
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Giftware
20
2011
Glassware
17
2013
2013
Greetings Cards
28
2014
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2013
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17
2013
Health Clubs & Leisure Centres
Garden Equipment
Gas Industry
Green & Ethical Consumer
12
2013
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2008
Holiday Purchasing Patterns
2012
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2012
Home Entertainment
(Audiovisual)
2013
63
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21
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15
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(Computing & Gaming)
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2009
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2013
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12
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18
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27
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21
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13
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Title
Natural Products
Newspapers
20
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19
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23
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17
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19
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15
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Insurance Prospects
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Internet & Telephone Banking
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2012
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13
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11
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13
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15
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16
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27
2013
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K
Kitchenware
2013
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11
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12
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Marketing in the Digital Age
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24
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18
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2012
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2013
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2014
27
2013
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Key Note Ltd 2014
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2013
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2012
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2013
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17
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23
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2014
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29
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13
2010
64
Title
Edition
Published
Title
Edition
Published
Trends in Leisure Activities
2012
2014
UK Internet Market
2009
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2013
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2012
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2012
2011
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Ready Meals
14
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(Permanent)
13
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(Temporary & Contract)
13
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2013
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27
2013
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18
2013
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23
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2009
13
2012
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13
2010
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16
2014
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2013
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2013
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2010
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14
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22
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Key Note Archive Reports
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20
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2013
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2014
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15
2013
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18
2013
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13
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2013
27
2013
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2013
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2013
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16
2010
18
2011
2013
Timber & Joinery
21
2013
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26
2014
2013
Toys & Games
26
2013
Training
22
2014
Travel & Tourism Market
17
2010
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Sauces & Spreads

Savings & Investments
Social Media Marketing

Soft Drinks (Carbonated &
Concentrated)
Sports Sponsorship
Stationery (Personal & Office)
Take-Home Trade
Teenage & Pre-Teen Magazines
Tourist Attractions
Travel Agents & Overseas Tour

Operators
Trends in Food Shopping
Key Note Ltd 2014
25
2013
2008
Vehicle Security
11
2014
Video Gaming
2013
Vitamins, Minerals &

Supplements
2013
Wallcoverings & Ceramic Tiles
20
2014
Waste Management
13
2014
2013
Windows & Doors
22
2013
Wine
23
2013
Women's Plus-Size Fashion
2013
Working Women
2009
2014
Water Industry
Y
Youth Fashionwear
Aerospace
12
2003
Agrochemicals & Fertilisers
2002
Air Freight
2005
Air Transport Logistics
2003
Animal Feedstuffs
11
2001
2000
Baby Foods
2006
Baths & Showers
2000
Bearings
2007
Beds, Bedrooms & Upholstered

Furniture
2000
Bottled Water
2001
10
2004
2006
Audio Visual Retailing

B
Cable & Satellite TV

Call Centres
Cash & Carry Outlets
16
2001
Cinemas & Theatres
2001
Clothing Retailers
2000
Commercial Radio
2004
Consumer Borrowing in Europe
2004
Consumer Internet Usage
2000
Contracted-Out Services
2007
12
2002
Convenience Retailing
65
Title
Edition
Published
Cross-Border Shopping
2000
Customer Loyalty in the Financial

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2000
Dark Spirits & Liqueurs
2004
Defence Industry
2003
Design Consultancies
2000
Digital TV
2003
DINKY Market
2007
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2007
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2006
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2005
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Distribution
Electronic Component
Manufacturing
Electronic Games
Equipment Leasing
12
2002
11
2002
2003
12
2003
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2002
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2007
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2007
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2007
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2007
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2005
2003
11
2000
Factoring & Invoice Discounting

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ABC1s
2000

ABs
2006

C1C2DEs
2004

Over-60s
2004
Title
Edition
Published
Generation Y
2007
Global Positioning Systems
2002
Global Waste Management
2070
Health Foods
22
2003
Healthcare Market
10
2005
2002
In-Car Entertainment
2000
Individual Savings Accounts
2005
Industrial Fasteners
2001
Industrial Pumps
2000
Industrial Valves
2001
Internet Service Providers
2005
Internet Usage in Business
2005
Issues & Challenges in the UK Life

Assurance Market
2002
Issues in Higher Education

Funding
2006
Leisure & Recreation Market
15
2005
Lighting Equipment
14
2002
Heating, Ventilating & Air

Conditioning
I
Management Consultants
10
2003
Marketing to Children 4-11
2003
Mechanical Handling
2001
Millenium Youth
2002
Mobile Telecommunications
2007
2002
Off-Trade Spirits
2004
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2007
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2005
14
2002
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2007
Pay TV
2004
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the Retired & Elderly
2007
Free-To-Air TV
2004
Paper & Board Manufacturers
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2002
Photocopiers & Fax Machines
14
2005
Plant Hire
13
2007
Plastic Cards in Europe
2005
10
2003
Pre-School Childcare
2001
Private-Sector Opportunities in
Education
2001
Plastics Processing
Key Note Ltd 2014
66
Title
Edition
Published
Process Plant Industry
2000
Public Transport
2001
Edition
Published
The Fish Industry
2001
The Legal Services Market
2005
The Luggage Market
2000
2003
The Newspaper Industry
2005
2001
Rail Transport Logistics
Title
Railway Industry
2006
Tweenagers
Recycling & the Environment
2000
Retail Credit
2000
Video & DVD Retail & Hire
2005
Retail Development
2001
Videoconferencing
2007
Road Transport Logistics
2003
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2003
Saving Trends in Eurozone
2002
White Goods
2000
Short Break Holidays
2001
White Spirits
2005
Short Breaks
2004
Women Over 45
2007
Small Office Home Office

Consumer
2001
Small Office Home Office

Products
2001
Sponsorship
2000
20
2003
Teenage Magazines
2007
Telecommunications
21
2007
2003
11
2004
2002
Supermarkets & Superstores

T
Teleworking
The Computer Market
The Film Industry
Key Note Ltd 2014

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In todays competitive business environment, knowledge and understanding of your

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Football Clubs & Finance

THE TOTAL MARKET..................................................................................................................9

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Football Clubs & Finance

3. Strengths, Weaknesses, Opportunities and Threats

SCOTTISH FOOTBALL STRUCTURE REORGANISATION .................................................33

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Football Clubs & Finance

FORECASTS 2014 TO 2018......................................................................................................35

ASTON VILLA FOOTBALL CLUB LTD....................................................................................40

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Football Clubs & Finance

Key Note Research

The Key Note Range of Reports

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Football Clubs & Finance

Key Note Ltd 2014

Football Clubs & Finance

Key Note Ltd 2014

Football Clubs & Finance

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Football Clubs & Finance

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Football Clubs & Finance

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Football Clubs & Finance

Table 1.1: UK Economic Trends (000, m, %, million and ),

Key Note Ltd 2014

Football Clubs & Finance

Table 1.1: UK Economic Trends (000, m, %, million and ),

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Football Clubs & Finance

Key Note Ltd 2014

Football Clubs & Finance

Table 2.1: Total Turnover of Main UK Football Clubs by Value

Source: Deloitte Annual Review of Football Finance/PwCs Annual Financial

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Football Clubs & Finance

Figure 2.1: Total Turnover of Main UK Football Clubs by Value

Source: Deloitte Annual Review of Football Finance/PwCs Annual Financial

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Football Clubs & Finance

Key Note Ltd 2014

Football Clubs & Finance

Table 2.2: Turnover of Main UK Football Clubs by League

e Key Note estimates

Source: Deloitte Annual Review of Football Finance/PwCs Annual Financial

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Football Clubs & Finance

Figure 2.2: Turnover of Main UK Football Clubs by League

English Premier League

English Football Leagues

Source: Deloitte Annual Review of Football Finance/PwCs Annual Financial

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Football Clubs & Finance

One of the most significant changes to the structure of UK football occurred

Table 2.3: Structure of Professional Football in the UK

The Premier League

Football Clubs & Finance 2014

Football Clubs & Finance 2014