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Premier League Revenues Increase by 3.7%.

Total revenue expected to reach £6.29 billion, a 3.7% increase from £6.07 billion the previous year.

Whilst only the two Manchester’s clubs and West Ham have officially released their financial statements. the recently published Deloitte Money League provides an early look at revenue breakdowns and wages for the top clubs for season 2023/24. Additionally, the Premier League has shared its broadcast distribution figures for each club. By combining this with Matchday Finance’s estimates for the remaining clubs, we get a clear picture of total revenue and wages across the Premier League for the 2023/24 season. Highlights: Total revenue expected to reach £6.29 billion, a 3.7% increase from £6.07 billion the previous year. Matchday revenue grows by 8%, commercial revenue rises 5.7%, while broadcast revenue remains largely unchanged. Arsenal surpass Liverpool, Tottenham, and Chelsea to secure the third-highest revenue, driven by significant gains across all revenue streams. The commercial revenue gap between the big six and the rest of the league widens from £123 million to £144 million. Overall wages expected to decrease to £3.94 billion, down from £4.05 billion, partly due to changes in the mix of clubs. Wages for clubs in The Money League (top nine) however rise 6% year-on-year to £2.68 billion. Wages as a percentage of turnover drop to 63%, the lowest in five years. Total Revenue Manchester City’s turnover, a new Premier League record, once again leads the way, followed by their city rivals, United. Arsenal, a standout performer with a 32% revenue increase to £615 million, now ranks third, just ahead of Liverpool. Clubs competing in Europe, like Newcastle, Aston Villa, and West Ham, all saw strong growth, benefiting from more matches, increased commercial opportunities, and higher UEFA distributions across all revenue streams. As expected, both Tottenham and Chelsea experienced revenue declines after falling out of the Champions League, with Liverpool also seeing limited growth for the same reason. These results show that clubs are increasing their income from existing assets as matchday and commercial revenues grew at 8% and 5.7% respectively. Meanwhile, broadcast revenue remained largely flat, as it is centrally negotiated and has been fixed for the last few seasons. Matchday Revenue Matchday revenue saw an impressive 8% increase, rising from £862 million to £931 million. Excluding the relegated clubs from the comparison, the growth is even more significant at 14%. This highlights clubs’ ability to generate more from their assets, as the number of home matches only increased by two, and average attendance slightly dropped from 40,081 to 38,506, resulting in about half a million fewer fans. However, revenue per paying fan rose from £47 to £52, a 10% increase, driven by higher ticket prices and stronger returns from corporate hospitality. Despite challenges with their stadium and on-pitch performance, Manchester United continue to lead in matchday revenue generation. Although they played 9 fewer home games than the previous season, they increased revenue per fan by 16%, resulting in a slight overall increase. Arsenal now ranks a close second, with higher revenue per fan than United, but a smaller stadium capacity. The largest increase came from Liverpool, which is benefiting from their stadium redevelopment that has boosted their capacity to 61,000, now the fourth largest in the league. This expansion is likely to result in even greater growth next season. It’s clear that as clubs invest heavily in their facilities, they aim to improve returns through price hikes, enhanced corporate hospitality, and attracting more high-paying ‘tourist’ supporters—while carefully maintaining a balance to avoid alienating their loyal fanbase. For the 2024/25 season, there were additional price increases averaging around 7.5%, so we expect matchday revenue to keep growing this season. Broadcast   Broadcast revenue is centrally negotiated by the Premier League and UEFA and distributed to clubs based on various factors. The Premier League has recently released its club-by-club distribution, while UEFA has yet to publish its figures. The current Premier League broadcast cycle runs from 2022/23 to 2024/25, with domestic and international rights locked in for this period and generates about £3.35 billion. International rights now exceed domestic rights. The yearly distributions to premier league clubs can vary slightly depending on factors such as how much is allocated through the football pyramid (e.g., parachute payments for relegated teams) and The Premier Leagues own costs. For the 2023/24 season, total Premier League distributions are £2.85 billion (85% of the total), up from £2.78 billion the previous season. It’s important to note that a significant portion of the distribution (67%, including the minimum merit payment) is shared equally among clubs, meaning even the lowest-finishing team, Sheffield United, received £110 million. The 2023/24 season marks the final year of UEFA’s current distribution cycle, so changes are expected with the new format this season. UEFA’s distribution is entirely merit-based, meaning clubs participating in UEFA's three competitions will benefit. Part of the distribution is determined by the UEFA club coefficient, which reflects a club's cumulative performance over the past 10 years. This season’s distribution will be lower, as clubs like Chelsea and Tottenham, who were absent last year, have much higher coefficients than clubs like Aston Villa, Newcastle, and Brighton, who are participating in UEFA competitions for the first time in their current form. Additionally, Manchester City’s income dropped because their 2022/23 Champions League success (which resulted in maximum distributions) was not repeated in 2023/24. We expect total UEFA distribution to fall to £345 million, down from £393 million the previous season. Broadcast revenue also includes clubs' own media outlets, such as MUTV, which are becoming increasingly important revenue streams for larger clubs as they leverage various digital platforms. For instance, MUTV generated £6.2 million for Manchester United in the 2023/24 season. Overall, broadcast revenue saw a slight increase, rising to £3.28 billion from £3.24 billion the previous season. The decline in UEFA distributions was more than offset by growth in Premier League distributions and revenue from clubs' own media outlets. When analyzing broadcast revenue on a club-by-club basis, there are significant increases for several teams. Arsenal saw a £72 million boost, thanks to their Champions League participation and reaching the quarter-finals. Aston Villa gained £33 million, benefiting from a semi-final finish in the Europa Conference League and a higher league position. Newcastle’s revenue increased by £19 million, driven by their Champions League entry, though offset by a lower league finish. West Ham also saw a £19 million rise, following their move to the Europa League and a stronger league performance. On the flip side, Chelsea and Tottenham, with no European competition, experienced substantial declines, while Liverpool’s revenue dropped as they competed in the second-tier Europa League. Commercial Revenue   Commercial revenue encompasses various income streams, including sponsorships (such as shirt and kit manufacturer deals, stadium naming rights, etc.), merchandising (like apparel and other product licensing and distribution), international tours, hosting events like concerts, and other commercial activities. Premier League clubs continue to leverage their global brands and increasingly sophisticated facilities, particularly among the top six. For the top six clubs, commercial revenue grew by 8%, reaching £1.65 billion. This has widened the gap between the big 6 and the rest, which now stands at £144 million. For the League as a whole, commercial revenue totaled £2.09 billion, up from £1.97 billion the previous season. The results highlight the importance of Champions League qualification, with Arsenal and Newcastle both seeing substantial growth of £52 million and £31 million, respectively. Additionally, Tottenham continues to capitalize on their world-class facilities, with a £22 million increase in commercial revenue. Since moving to their new stadium, Tottenham has nearly doubled their commercial revenue. Salaries and Wages The Money League provides an overview of salaries and wages for the top nine Premier League clubs. When combined with our estimates for the remaining clubs, we predict that total salaries and wages will decrease to around £3.94 billion, down from £4.05 billion the previous year. This reduction is partly due to the mix of clubs, as newly promoted (and since relegated) clubs have relatively low staff costs. Looking at the nine clubs that made the top 20 in the Money League (who also happen to occupy the top nine spots in the Premier League), there was a modest 6% increase in wages, reaching £2.68 billion. This accounts for 60.1% of total turnover. The wage-to-turnover ratio has been steadily decreasing over the last four seasons, suggesting that wages among the Premier League’s elite are being managed relatively well. Arsenal saw the biggest increase in wages, up £91 million, which is significant but not surprising given their Champions League entry and major signings. Other clubs new to European competition also experienced large increases, with Aston Villa up £62 million and Newcastle up £31 million. Aston Villa's wages have now surpassed Tottenham’s and are approaching a concerning 96% of their revenue. Chelsea had the largest drop, down £67 million, which was expected due to one-off costs in the previous season. Tottenham and Manchester City were the only other clubs to report a reduction in wages. Summary In summary, Premier League clubs seem to be effectively generating revenue through their facilities and global brands. However, they must tread carefully to avoid fan backlash over price hikes, as there have been some recent instances of this. Broadcast revenue is set to rise this season, with the new UEFA format and a 6% increase in Premier League distribution for the 2025/26 season when the new negotiated cycle kicks in. With wages remaining relatively stable and Profit and Sustainability regulations keeping spending in check, the financial health of the Premier League has likely seen a significant improvement in the 2023/24 season.

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