The Business Of Soccer
Edited by Peter J. Schwartz, Paul Maidment and Michael K. Ozanian, 04.21.10, 06:00 PM EDT
Clubs with a global reach have a big advantage over their rivals.
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Most Valuable Soccer Teams
The world's 20 most valuable soccer clubs took a kick on the shins from a stronger greenback last year.
From June 2008 to June 2009 the euro and pound fell 11% and 17%, respectively, relative to the dollar. As result, the top 20 clubs have an average enterprise value (equity plus net debt) of $632 million vs. $691 million a year ago. The 8.5% decline equates to a $1.2 billion aggregate loss in value. Absent the conversion to U.S. dollars the clubs appreciated in value--2.7% in euros and 10.7% in pounds. Our team values are calculated using revenue (excluding player transfers and dispositions) multiples based on historical transactions.
Operating income (earnings before interest, taxes, depreciation and amortization) fell for our top 20 from an average of $50 million to $32 million. But the bigger concern is the growing bifurcation in profitability among Europe's elite clubs. The five richest teams (Manchester United, Real Madrid, Arsenal, Barcelona, Bayern Munich) earned $556 million, an operating margin of 24%. The five poorest teams (Newcastle United, Manchester City, Borussia Dortmund, Olympique Marseille, Werder Bremen) lost a combined $54 million on revenues of $778 million.
Look closer and it becomes clear that the wealthiest clubs have a big advantage over their competitors because they are global brands, which allows them to generate more revenue outside their home market from sponsorships, merchandise and broadcasting.
The prime example is Manchester United, the most valuable club in the world, worth $1.84 billion. Man U's Club TV Channel is shown in over 192 million homes. The club claims 333 million followers and 139 million core fans. Beginning next season Man U will have a new shirt sponsorship with Aon ( AON - news - people ) that will bring in $34 million a year over four years, 50% more than its current deal with AIG ( AIG - news - people ). The Nike ( NKE - news - people ) swoosh will continue to adorn the shirt as well thanks to a 13-year pact with the apparel maker that pays the team $470 million plus a 50% share of profits on specific merchandise through 2015. Man U posted operating income of $150 million last year, the most of any team, while their media revenue of $164 million was tops in the English Premiership. Despite the club's huge success on the pitch since Malcolm Glazer bought them in 2005, the locals are unhappy with the $839 million of debt Glazer has saddled the club with and are hoping to raise enough money to buy him out.
Another English club with a strong following outside the United Kingdom is Arsenal, ranked third on our list at $1.18 billion. The club has been embroiled in a takeover battle the past three years with American Stanley Kroenke, who now owns 29% and appears to have outgunned rival owner Alisher Usmanov. Kroenke also controls two major U.S. sports teams--the Colorado Avalanche and Denver Nuggets--and has an option to increase his 40% stake to 100% in a third, the St. Louis Rams. Arsenal boasts the highest match day revenue (gate and concessions), $165 million, save Man U. The club reached the semifinals of the Champions League and FA Cup last season helping it to post operating income of $102 million.
Most Valuable Soccer Teams
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Real Madrid's strategy has been to load its roster with marquee players. The club also spent the most on players--$510 million last season (transfer fees and salaries), including the purchases of Cristiano Ronaldo and Kaka for a combined $222 million. Real, worth $1.32 billion, is the second most valuable club and pulls in more revenue than any other squad, $563 million. Real's media revenue increased $35 million last season to $226 million, also highest in soccer. The club's seven-year contract with Mediapro, the Spanish broadcaster, guarantees them a total of $1.5 billion through the 2013-14 season. Real's sponsorship revenue rose $14 million last season, to $195 million.
Barcelona has made tremendous strides the past few seasons both on the pitch and in our rankings. Last season the club won the Spanish title, Champions League and FIFA World Club Cup. Barcelona rose from seventh to fourth on our list and is now worth $1 billion. As a result of its great season on the pitch, Barcelona's broadcasting revenues went up $59 million, to $222 million. The club achieved its stellar results with a relatively modest payroll. Reward: operating income of $113 million, third most on our list.
Outside the top five on our list, the Italian clubs are making the strongest push on the pitch and to expand internationally. Instead of continuing to negotiate individual broadcasting deals, the teams are going to negotiate as a league for the contract that begins next season, hoping to increase its revenue and expand its coverage outside of Italy. Juventus, a club at the center of a match fixing scandal in 2006, rose 9% in value and is now worth $656 million, eighth on our list. The Old Lady, as the team is known in Turin, jumped ahead of money-losing Chelsea in our rankings. Juventus' broadcast revenue increased $36 million last year, and the team posted operating income of $57 million. Rival Inter Milan, on the heels of its fourth consecutive domestic championship, increased its value 12%, the most of any club on our list. Inter is now worth $413 million, good enough to be ranked tenth.
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Thursday, April 29, 2010
Wednesday, April 21, 2010
inter beat barca
Inter came from a goal behind to record a famous victory over European Champions Barcelona at the Stadio Giuseppe Meazza, as the Italian giants move into pole position to reach their first Champions League final.
Pedro had given the Blaugrana an early lead, but the Nerazzuri roared back thanks to goals from Wesley Sneijder, full-back Maicon and Diego Milito, and it is advantage Jose Mourinho heading into the second leg in eight days time.
The pre-match team news saw Pep Guardiola offer Zlatan Ibrahimovic a return to his former stomping ground for the second time this season, after proving his fitness, and the Swede partnered Lionel Messi and Pedro in attack.
Jose Mourinho, meanwhile also employed an offensive formation, with Diego Milito and Samuel Eto’o offered capable support by the roving Wesley Sneijder.
The atmosphere crackled from kick-off, and was befitting of the occasion. The Giuseppe Meazza stadium positively rocked, but the home support was left frustrated by a pair of debatable calls in the opening ten minutes.
Firstly, the wily Milito looked to have timed his run perfectly to spring Barcelona’s offside trap, but the assistant referee’s eventual flag for offside was met by a chorus of disdain from the Nerazzuri faithful. Moments later, they were up in arms once more, as Eto’o looked to have legitimately robbed Maxwell of possession, and he was shown an early booking for kicking the ball away in disgust as play was halted.
Then, we had the first sight of goal of the contest. Samuel Eto’o picked up the ball on the edge of the area, and his curling effort could only be beaten away by Victor Valdes. However, Milito on the follow up slammed his effort straight across goal.
Dutch courage
Sneijder makes it 1-1
But for their vibrant start, you just cant afford this Barcelona team chances, and the reigning champions hit a hammer blow on the 19th minute.
Maxwell, ironically a former Inter player, was allowed to roam freely to the by-line almost unchallenged, and his cutback landed perfectly at the feet of Pedro, who coolly slotted home from 15 yards.
It was the young winger’s 20th strike of a hugely fruitful campaign, and even this early in the tie, Inter faced a monumental task. They had failed to score against the Blaugrana in the last four meetings, and now they would be forced to chase the game.
However, to the credit of Mourinho’s side, they were undeterred from their game plan. Milito should have perhaps looked to pick out Eto’o but instead curled wide of the post from the corner of the six-yard area.
Moments later, though, The Argentine showed inspired awareness to divert Eto’o’s low cross into the path of Sneijder, who beat Valdes calmly from just inside the area, and the match was level on the half-hour mark.
It was a frenetic opening 45 minutes, in contrast to the closely-fought tactical tussle many had foreseen, but Guardiola’s side sought to slow down the contest as the interval approached. The Catalan side enjoyed a spell of possession, with Xavi at the heart, probing and searching for the slightest gap, but Inter stayed resolute.
At the beginning of the second half, Inter immediately appeared to press further up the pitch in an attempt to allow Barcelona less time to control the pace of the game, and Mourinho watched in satisfaction as his team turned the match on its head.
Milito again peeled away from Pique to pull out wide, and provide the pass into the feet of Maicon. The Brazilian still had plenty of work to do, but his control and volleyed finish was perfect, and he nestled his effort into the corner.
Inter were most definitely in the ascendancy, and Barcelona, uncharacteristically, appeared shaken.
However, there was almost an instant response, as the incessant tempo of the match continued unabated. Firstly, Messi stung the gloves of Julio Cesar was a long range shot, then Sergio Busquets somehow headed straight at the Brazilian number one from just six yards out.
But Inter were hugely impressive throughout the contest, and their comeback from going behind so early on was complete when Diego Milito added a deserved third.
Thiago Motta started another Inter counter-attack from deep in his own half, picking out Samuel Eto’o on the wing. His cross found Sneijder arriving late, but while his effort looked to be heading off target, Milito was in the right place to simply nod into the net past the exposed Valdes.
3-1 – Barcelona’s players looked around in disbelief; it is the first time this season they have conceded more than twice in a single match.
Guradiola’s response was to remove the utterly ineffective Ibrahimovic, who barely touched the ball during the entire match, and bring on Eric Abidal and reshuffle his side.
Barcelona were the dominant force in the closing stages, knowing that another away goal would swing the pendulum back in their favor. Gerard Pique camped in the Nerazzuri penalty area, causing havoc, and on a number of occasions almost found the killer touch to net a vital consolation.
Then, controversy. Daniel Alves stumbled under the challenge of Wesley Sneijder, and it appeared to be a cast-iron penalty kick. However, the referee booked Alves for simulation, to the disbelief of the Brazilian.
Barcelona continued to attack, throwing forward wave after wave, but the damage had already been inflicted, and in the end it was a famous night for Inter and their coach Jose Mourinho.
Pedro had given the Blaugrana an early lead, but the Nerazzuri roared back thanks to goals from Wesley Sneijder, full-back Maicon and Diego Milito, and it is advantage Jose Mourinho heading into the second leg in eight days time.
The pre-match team news saw Pep Guardiola offer Zlatan Ibrahimovic a return to his former stomping ground for the second time this season, after proving his fitness, and the Swede partnered Lionel Messi and Pedro in attack.
Jose Mourinho, meanwhile also employed an offensive formation, with Diego Milito and Samuel Eto’o offered capable support by the roving Wesley Sneijder.
The atmosphere crackled from kick-off, and was befitting of the occasion. The Giuseppe Meazza stadium positively rocked, but the home support was left frustrated by a pair of debatable calls in the opening ten minutes.
Firstly, the wily Milito looked to have timed his run perfectly to spring Barcelona’s offside trap, but the assistant referee’s eventual flag for offside was met by a chorus of disdain from the Nerazzuri faithful. Moments later, they were up in arms once more, as Eto’o looked to have legitimately robbed Maxwell of possession, and he was shown an early booking for kicking the ball away in disgust as play was halted.
Then, we had the first sight of goal of the contest. Samuel Eto’o picked up the ball on the edge of the area, and his curling effort could only be beaten away by Victor Valdes. However, Milito on the follow up slammed his effort straight across goal.
Dutch courage
Sneijder makes it 1-1
But for their vibrant start, you just cant afford this Barcelona team chances, and the reigning champions hit a hammer blow on the 19th minute.
Maxwell, ironically a former Inter player, was allowed to roam freely to the by-line almost unchallenged, and his cutback landed perfectly at the feet of Pedro, who coolly slotted home from 15 yards.
It was the young winger’s 20th strike of a hugely fruitful campaign, and even this early in the tie, Inter faced a monumental task. They had failed to score against the Blaugrana in the last four meetings, and now they would be forced to chase the game.
However, to the credit of Mourinho’s side, they were undeterred from their game plan. Milito should have perhaps looked to pick out Eto’o but instead curled wide of the post from the corner of the six-yard area.
Moments later, though, The Argentine showed inspired awareness to divert Eto’o’s low cross into the path of Sneijder, who beat Valdes calmly from just inside the area, and the match was level on the half-hour mark.
It was a frenetic opening 45 minutes, in contrast to the closely-fought tactical tussle many had foreseen, but Guardiola’s side sought to slow down the contest as the interval approached. The Catalan side enjoyed a spell of possession, with Xavi at the heart, probing and searching for the slightest gap, but Inter stayed resolute.
At the beginning of the second half, Inter immediately appeared to press further up the pitch in an attempt to allow Barcelona less time to control the pace of the game, and Mourinho watched in satisfaction as his team turned the match on its head.
Milito again peeled away from Pique to pull out wide, and provide the pass into the feet of Maicon. The Brazilian still had plenty of work to do, but his control and volleyed finish was perfect, and he nestled his effort into the corner.
Inter were most definitely in the ascendancy, and Barcelona, uncharacteristically, appeared shaken.
However, there was almost an instant response, as the incessant tempo of the match continued unabated. Firstly, Messi stung the gloves of Julio Cesar was a long range shot, then Sergio Busquets somehow headed straight at the Brazilian number one from just six yards out.
But Inter were hugely impressive throughout the contest, and their comeback from going behind so early on was complete when Diego Milito added a deserved third.
Thiago Motta started another Inter counter-attack from deep in his own half, picking out Samuel Eto’o on the wing. His cross found Sneijder arriving late, but while his effort looked to be heading off target, Milito was in the right place to simply nod into the net past the exposed Valdes.
3-1 – Barcelona’s players looked around in disbelief; it is the first time this season they have conceded more than twice in a single match.
Guradiola’s response was to remove the utterly ineffective Ibrahimovic, who barely touched the ball during the entire match, and bring on Eric Abidal and reshuffle his side.
Barcelona were the dominant force in the closing stages, knowing that another away goal would swing the pendulum back in their favor. Gerard Pique camped in the Nerazzuri penalty area, causing havoc, and on a number of occasions almost found the killer touch to net a vital consolation.
Then, controversy. Daniel Alves stumbled under the challenge of Wesley Sneijder, and it appeared to be a cast-iron penalty kick. However, the referee booked Alves for simulation, to the disbelief of the Brazilian.
Barcelona continued to attack, throwing forward wave after wave, but the damage had already been inflicted, and in the end it was a famous night for Inter and their coach Jose Mourinho.
Sunday, April 18, 2010
Espanyol 0-0 Barcelona: Ten Man Barca Settle For Single Point
The Barcelona derby saw Espanyol carve out some real chances to take the points, but they have dented their rivals title ambitions.
By Andrew McLean
Apr 17, 2010 4:00:00 PM
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Nicolas Pareja, Lionel Messi, Espanyol, Barcelona (Getty Images)
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Nicolas Pareja, Lionel Messi, Espanyol, Barcelona (Getty Images)
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Espanyol 0-0 Barcelona
Spanish Primera Liga
Estadi Cornella-El Prat was the beautiful venue for the Barcelona derby. Ibrahimovic from the penalty spot was the difference between the two sides in Camp Nou and despite Barcelona having only 10 men for the majority of the second half, nothing could separate the two sides.
It was a tale of two keepers in the first half, Valdes making three key saves, the best denying Osvaldo turning his shot on to the post. Dani Alves saw a second yellow card in the second half and the "Royals" tried to push on for a victory.
Barcelona dug deep and tried to carve out a victory, Messi going closest for them in the second half, but the little magician wasn't at his magical best. Both teams may look back and think what could have been after an intriguing evening in west Barcelona.
Espanyol have only lost 3 of last 16 games at the new stadium which has turned in to a little fortress for the Periquitos of the city and an early chance for Espanyol almost caught the league leaders off guard. Barcelona struggled to get the ball clear in a scramble of mistakes and loose footing. It finally dropped to Osvaldo in the box but his effort was high to the disappointment of the home crowd. What a start it could have been for the hosts.
The First booking of the game went to Osvaldo just after five minutes in true derby fashion. A horrible mistimed tackle on Busquets meant he rightly went into the book.
After ten minutes Pedro twisted and turned down the right for Barca. His cross wasn't as expected to Kameni in the Espanyol goal, as Pedro's mis-hit bounced out off the cross bar.
Barca settled in to the game quickly, playing short triangles and finding width with ease but their usual slickness of piercing through defenses was not evident. Espanyol were flying into tackles and trying to unsettle their visitors, Dani Alves being one who was also given a hard time by the ever vocal fans.
After 20 minutes Verdu chased a long crossed ball over the top of the Barca defense. Alves tracked him and hauled the Espanyol wide man down, as they both fell out of play inside the area. Verdu looked to the referee who believed Alves got just enough of the ball.
Shortly after, Luis Garcia showed no signs of concerns about Barcelona's champions league game in midweek, as he clattered in to Carlos Puyol and received a booking.
In the 25th minute Chica chased down the right from the Espanyol rear guard and his whipped cross was only half cleared. It fell to Callejon who couldn't get enough on the dropping volley to test Valdes in the Barca goal. That chance was to bring a spell of pressure for the home side.
First Dani Alves went slightly unfairly into the book for a challenge on Callejon wide down the left channel. The resulting cross went over a nervous Valdes and wide of the far post. He may have had it covered but looked uneasy.
Just a minute later Valdes was almost beaten. Another testing cross in to the center found Baena completely unmarked and his header zipped off the surface and just wide for Espanyol. Barcelona were barely surviving the wave of pressure.
Messi
Couldn't find a way through...
Milito was the next to become victim to the referee trying to get control of the game. A slightly wild tackle but not much connection was enough for the Barca center-back to see a yellow card.
In the last ten minutes of the first half Barca began to just retain the ball with some neat passing tiring the 10 men chasing. Working the ball one way then the other created space down the left for Maxwell. He drilled his shot low from the left side of the box but the Cameroonian Kameni showed good hands in the Espanyol goal. Any kind of spill by the keeper and Xavi and others were waiting to pounce.
Espanyol were not even stopping to catch their collective breath as they pushed hard to catch Barcelona on the counter attack.
Messi had been quiet in comparison to his recent performances, but really came out of his shell cutting inside and out of two defenders wide on the left but his pull back was cut out.
Then the biggest moment of the half arrived. Callejon got down the left, in behind the Barca defense. His cross to the near post for Verdu was just too high, only able to get a faint touch. It fell for Osvaldo at the back post and he brought out a fine save from Valdes. The Barca keeper just got enough to turn the shot on to the post and out to safety. A let off for Barcelona, Osvaldo really should have found the net. At half time Valdes had kept Barcalona alive.
The second half began with Espanyol on the front foot. Verdu and Chica tried to break down Puyol, who was playing at left back tonight, but the Barcelona captain was unbeatable.
The first shot of the half for Barcelona came on the hour mark. Messi took a touch to set himself at the edge the area and trying to bend his shot with his left from outside the post to in, but not getting enough action on the ball.
Just one minute after Barca were down to ten as Dani Alves getting the wrong side on Callejon and did enough to knock him down as he turned to break. The Brazilian full back got his second yellow card and marching orders, maybe harshly, but it gave both Espanyol and Real Madrid a greater interest for the remainder of the game. Just as Guardiola had made two changes to bring Henry and Keita on in search of a goal, he had then to re shuffle the pack again.
Despite going down to ten men, Barcelona continued to press. Messi broke down the right followed by two Espanyol defenders. He turned back to his left foot as his cross was blocked by an arm. The little Argentinian jumped to the linesman for a penalty but it was waved away and probably rightly so. It would have been harsh on the home team if it had been given.
The away team continued to have the edge, but against a tenacious midfield and backline in superb form tonight, Barcelona just seemed one yard behind the every single pass when it mattered with chances few and far between. They almost created one however in the 76th minute. Henry linked up well around the box with Messi, who tried a cheeky chip to Xavi but just couldn't quite bring it down.
Ivan Alonso, not long on the pitch, found space 25 yards out from the Barca goal and had time to set himself if he had wanted to. Instead taking the half volley the first time, he fired a speculative effort high and wide.
Messi continued to torture the Espanyol defense. He got a little lucky break and burst clear of three defenders and it took a last ditch lunge from Pareja to prevent the little wizard getting in on goal.
That was to be the last real moment of a second half that couldn't live up to the expectations after a fiery first. It leaves Barcelona looking over their shoulders in the La Liga with an important game against Inter on Tuesday.
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