<>Liverpool’s victory in the 2004/05 UEFA Champions League means that England can now lay claim to being both on and off field (financial) champions of Europe. Liverpool’s win will have already generated up to
<>介绍俱乐部收入的</P>
<><STRONG>Club profitability</STRONG></P>
<UL>
<LI>
<DIV>In 2003/04 England’s top 92 professional clubs generated total revenue of £1,766m, up 7% from 2002/03.</DIV>
<LI>
<DIV>The total revenue of Premiership clubs was £1,326m, up 6% on 2002/03 (£1,246m) – the lowest rate of growth since the Premiership’s formation, but still comfortably maintaining the league’s position as the ‘World champions’ in terms of revenue generation.</DIV>
<LI>
<DIV>Overall, Football League clubs’ revenue increased by 7% to £440m for 2003/04, with total attendances across the three divisions also up 7% to 15.9m.</DIV>
<LI>
<DIV>remiership clubs’ revenue growth was driven by broadcasting and matchday revenue. The last (stepped) year of the 2001/02 to 2003/04 BSkyB domestic TV deal contributed to increased broadcasting revenues of £593m – up 9% from 2002/03. Broadcasting remains the largest revenue source at 45% of total revenue and, given its ‘100% profit margin’ status, is arguably the most important.</DIV>
<LI>
<DIV>remiership matchday revenues grew impressively by 9% to £395m (from £363m in 2002/03) despite average league attendances falling by 1% to 35,008. Thus increased ticket yields were the key driver of higher revenues.</DIV>
<LI>
<DIV>Manchester United headed the Premiership revenue league table (and Deloitte’s global Football Money League) at £172m, followed by Chelsea (£144m and fourth globally) who had substantially narrowed the gap, then Arsenal (£114m and sixth globally).</DIV>
<LI>
<DIV>remiership clubs reported overall operating profits of £149m – another record high (up £25m on the previous record) since the formation of the Premier League and a healthy 11% margin. Only four clubs made losses at the operating level.</DIV>
<LI>
<DIV>The reduction in domestic broadcasting revenues in 2004/05 presents a new challenge to the Premiership clubs and has led us to predict a modest, but temporary, reduction in total estimated revenues for 2004/05. Continuation of the improved cost control at many clubs should enable them to adjust relatively painlessly to any revenue shortfalls.<BR>l Pre-tax losses (i.e. after player transfer costs) also reduced from £153m to £128m and, excluding Chelsea, improved by £86m. Ten Premiership clubs returned a pre-tax profit (five in 2002/03).</DIV>
<LI>
<DIV>The revenue gap between the ‘big five’ and the remaining Premiership clubs has stayed steady in relative terms over the last five years, but has increased in absolute terms from £44m in 1999/2000 to £74m in 2003/04.<BR>l In 2003/04, the average Premiership club generated revenue of £66m, compared to £12m for a Championship club (a gap of £54m, compared to £52m in 2002/03).</DIV>
<LI>
<DIV>The battle for the title of ‘the richest game on earth’ – a contest between the Football League Championship Play-off Final and the chase for the UEFA Champions League fourth qualifying spot – has narrowed; but, at a minimum of £35m versus an average £19m respectively, the Championship Play-off Final remains firmly on top. </DIV>
<LI>
<DIV>Manchester United was again, by far, the most profitable club at an operating level. Their operating profit of £51.7m was not only the first time any club in the world broke the £50m barrier, but increased again their Premiership record (previously £47.8m in 2002/03). Given the new broadcasting deal for 2004/05 and the club’s interim results and on-field performance, it is unlikely this record will be bettered in 2004/05.</DIV></LI></UL>
<>俱乐部在球员方面的支出</P>
<><STRONG>layer costs – wages and transfers</STRONG></P>
<UL>
<LI>
<DIV>Overall Premiership clubs’ total wages grew by 7% in 2003/04, to reach £811m compared to £761m in 2002/03. This was the lowest growth rate since the formation of the Premier League in 1992 and well below the astonishing compound annual growth rate of 23% seen in the previous decade. </DIV>
<LI>
<DIV>Stripping out the total wages figure for Chelsea (up £60m), total wage bills for the other clubs fell from £706m (2002/03) to £696m (2003/04). If a 1% reduction could ever be described as</DIV>
<LI>
<DIV>highly significant – then this is it.</DIV>
<LI>
<DIV>2003/04 was a significant year for Championship clubs, as the total spent on wages and salaries decreased by 9%, from £228m in 2002/03 to £208m in 2003/04. This is the first fall seen in that division since the 1998/99 season.</DIV>
<LI>
<DIV>The Premiership average wages/turnover ratio has remained constant at the 2002/03 season’s level of 61%, but excluding Chelsea it declined from 61% to 59%. Manchester United and Bolton Wanderers are the only two Premiership clubs with ratios below 50%. A further five clubs had ratios between 50 and 55% – all very commendable figures.</DIV>
<LI>
<DIV>The Championship has seen a large overall improvement in its wages/turnover ratio from 89% to 72%. That is an average mark which is still above the comfort level and leaves work to be done.</DIV>
<LI>
<DIV>Chelsea has a published total wages and salaries cost of £115m, £38m higher than the second placed club, Manchester United, and almost certainly the highest football club wages bill in the world. </DIV>
<LI>
<DIV>While the Premiership was the only division to show a rise in players’ earnings (up 6%), as opposed to total wages, we estimate a fall of £15-20m (3-4%) if Chelsea’s player wages are excluded. </DIV>
<LI>
<DIV>A welcome fall of 7% in players’ earnings saw the Championship total player wage bill drop to £138m (from £149m in 2002/03) – a significant reversal of the CAGR of 15% over the past ten years. </DIV>
<LI>
<DIV>layer wages also declined in League 1 and 2, by £8m (17%) and £1m (4%) respectively.</DIV>
<LI>
<DIV>Deloitte calculate that the average Premiership player costs his club (including NIC) around £0.9m a year (or £17,000 a week). Due to tax differences it would cost a French club, for example, 44% more ‘gross’ to pay a player the same net wage. Relative to other big European leagues, this is a significant structural advantage that Premiership clubs enjoy. 2003/04 gross transfer expenditure bounced up again to £414m, after a substantial fall in 2002/03 (from £407m to £203m).</DIV>
<LI>
<DIV>The resurgence is largely, but not entirely, due to the Chelsea phenomenon with the club’s 2003/04 transfer spending of £175m. </DIV>
<LI>
<DIV>The January 2005 transfer window saw an estimated gross transfer spending by Premiership clubs of about £50m, which is similar to the level seen in the January 2004 window. The bulk of annual spending is in the summer transfer window. </DIV>
<LI>
<DIV>Net transfer fees payable by English clubs (i.e. excess of cost of players bought over proceeds of players sold) increased by 225% from £81m in 2002/03 to £263m. This shows a huge rise in the balance of payments deficit in player transfers with cash flowing to non-English clubs.</DIV>
<LI>
<DIV>The top 92 clubs’ total player costs (including wages and net transfers) exceeded £1 billion for the first time, despite the limited increase in players’ wages, and represented 59% of total turnover a substantial increase from 2002/03, but still below 2000/01’s high of 62%.</DIV>
<LI>
<DIV>The net amount of transfer expenditure re-distributed by Premiership clubs to the Football League has increased by £8m from £32m in 2002/03 to £40m. Player disposals by clubs relegated from the Premiership, in particular West Ham United, accounted for the largest part of this ‘redistribution’ of monies. </DIV>
<LI>
<DIV>In total, the Premiership has provided Football League clubs with approximately £245m in transfer fees over its 13 year life.</DIV></LI></UL>
<>场馆支出</P>
<><STRONG>Stadium development</STRONG></P>
<UL>
<LI>
<DIV>Total spending by English clubs on stadia and facilities in 2003/04 was above £200m for the first time, taking total investment in the post Taylor era to over £1.8 billion. </DIV>
<LI>
<DIV>Spending by Premiership clubs on stadia and facilities was £178m in 2003/04. This was the seventh successive season when their investment exceeded £100m and brings total spending to over £1.3 billion since the start of the Premier League in 1992/93.</DIV>
<LI>
<DIV>In the two years to summer 2004, Arsenal had invested £170m – primarily in relation to their new Emirates Stadium – accounting for over 50% of all Premiership spend in that period.</DIV>
<LI>
<DIV>Looking ahead, there will continue to be significant investment in stadia and facilities in the short term, with Arsenal being the main contributor. We expect the total level of investment by English clubs in the post Taylor era to top £2 billion by the end of summer 2006. By that stage, the new Wembley (total project costs over £750m) will also be in operation. In the medium term the position is less clear and will depend on the progression of planning and funding arrangements for some key projects by other clubs.</DIV>
<LI>
<DIV>In 2003/04 Premiership average attendance remained above 35,000 and capacity utilisation stood at 94.7% – the highest level since our analysis began. In 2004/05, average attendance levels were around 33,900. The fall can be substantially attributed to the changing composition of the Premiership as clubs coming up has smaller stadia than those who went down. This resulted in c.10,000 fewer seats per matchday being available.</DIV>
<LI>
<DIV>However, clubs should not rest on their laurels as, in the 2004/05 season, we estimate that around 800,000 seats were unused at Premiership matches. This represents lost income of around £24m to the Premiership clubs as a whole.</DIV>
<LI>
<DIV>In 2004/05 Football League attendances continued to grow and reached 16.4m – a 40 year high and proclaimed as the best attended sporting competition in Europe. The Championship has seen attendances growing strongly in recent years and a further 10% increase in 2004/05 means that the average Championship fixture attracted over 17,000 fans.</DIV>
<LI>
<DIV>In the World Cup year of 2006, we can expect to see the highest capacity and attendance levels ever seen in the Premiership; Football League attendances at levels not seen since the 1960s; plus Cup Finals and England matches being played in front of 90,000 crowds at the new Wembley.</DIV></LI></UL>
<>财务运作</P>
<><STRONG>Club financing</STRONG></P>
<UL>
<LI>
<DIV>The financing trend among Premiership clubs is positive. Capital employed increased to over £1.1 billion by the end of the 2003/04 season. Total borrowings by Premiership clubs only increased by 2% to £720m, and the overall gearing ratio improved to 189%.</DIV>
<LI>
<DIV>Reported net bank borrowings fell to £146m at summer 2004. A record ten Premiership clubs had positive net cash balances at that time.</DIV>
<LI>
<DIV>Arsenal’s financing arrangements for their new Emirates Stadium have significantly increased the club\'s overall level of debt, but it is financing a huge asset. At the end of the 2003/04 season, Chelsea (£137m) were just behind Arsenal (£141m) in the level of debt carried.</DIV>
<LI>
<DIV>Chelsea have received an unprecedented level of cash injection since Roman Abramovich arrived in summer 2003. By the time Chelsea lifted the 2004/05 Premiership trophy, in the space of just two years, we estimate that the club has benefitted by approximately £300m. The new money has been introduced to the business as both equity and loans. Furthermore, Chelsea’s elevated status has attracted other new commercial money to the club and therefore into the English game.</DIV>
<LI>
<DIV>Net interest charges from finance providers stood at £36m, whilst interest cover (operating profits: interest costs) improved to 4.1 times.</DIV>
<LI>
<DIV>Four Premiership clubs finished the 2003/04 season with net funds rather than net debt – Aston Villa, Birmingham City, Manchester United and Portsmouth. Manchester United and Birmingham City were the only clubs to receive more interest than they paid out in the year.</DIV>
<LI>
<DIV>Cash generation from Premiership clubs\' operational activities continues to be strong, with £191m of cash generation before player transfer dealings. After all other transfer, investment and financing cash flows, the overall net cash inflow for Premiership clubs was £46m for 2003/04.</DIV>
<LI>
<DIV>At summer 2004, Manchester United (£173m) topped the table for net assets, more than double that of their nearest rival, Arsenal (£84m). Overall net assets for Premiership clubs were £382m.</DIV>
<LI>
<DIV>In the summer of 2004 the financing of Championship clubs was the healthiest for many years. Capital employed had increased to around £300m and gearing was reduced. Bank borrowings for Championship clubs had increased to £163m. This was largely due to the promotion/relegation change in the mix of clubs. In 2004 and 2005, better financial management has helped avoid the rash of insolvencies that plagued the previous couple of years. This has been encouraged and supported by structural changes, such as sporting sanctions for insolvency, the Football League’s Salary Cost Management Protocol and division-dependent pay levels for players.</DIV></LI></UL>
<>税率</P>
<><STRONG>Football and tax</STRONG></P>
<UL>
<LI>
<DIV>English professional football continues to pay substantial amounts of tax to Government. In 2003/04, clubs in the top four divisions paid a record c.£600m in various forms of tax.</DIV>
<LI>
<DIV>The tax burden is increasing – by 6% in 2003/04.</DIV>
<LI>
<DIV>The compound annual growth rate (‘CAGR’) of the overall tax take – from 1995/96 to 2003/04 – was 19%, in line with the CAGR for football turnover of 18%.</DIV>
<LI>
<DIV>The Premiership clubs are estimated to have paid around £430m in tax (PAYE/income tax; National Insurance Contributions (NIC); VAT and corporation tax) in 2003/04. This is a £40m increase on2002/03.</DIV>
<LI>
<DIV>By the end of the 2004/05 season we estimate the clubs in the top four divisions will have paid Government £4.3 billion in tax over the last 13 years. Premiership clubs account for £3 billion of this total.</DIV>
<LI>
<DIV>Football League clubs have, we estimate, paid £153m in total tax in 2003/04. Between 1992/93 and 2004/05 we estimate that, despite aggregate operating losses of £705m, Football League clubs have suffered a total tax burden of £1.3 billion. •</DIV></LI></UL>
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