The Impact of UEFA Financial Fair Play Rules on English Premier League Football Clubs

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1 The Impact of UEFA Financial Fair Play Rules on English Premier League Football Clubs Alan Graham, June 2013

2 Introduction In May 2010, UEFA, the governing body of European football, approved a series of Financial Fair Play regulations with the objective of: -introducing more discipline within clubs finances and - encouraging responsible spending and investment.

3 Introduction Despite a background of huge and increasing public and commercial interest in European club football over the last decade, many clubs across Europe are in poor financial health, struggling to meet their financial obligations and commitments, and reporting repeated financial losses on a worrying and escalating scale. English clubs are no exception to this situation (Hamill and Williams, 2010). Manchester City have announced the biggest loss in English football history, 197m for the most recent financial year. (Conn, 2011)

4 FFPR criteria - -Other criteria In addition, the Club Financial Control Panel may ask a club to provide additional information, in particular if the annual financial statements reflect that: employee benefits expenses exceed 70% of total revenue; net debt exceeds 100% of total revenue.

5 New Premier League Rules -Each team over the next three seasons will not be allowed to make a total loss of more than 105m -In the same period, clubs whose total wage bill is more than 52m will only be allowed to increase their salaries by an accumulative 4m per season -Any club making a loss of above 5m a year will have to guarantee those losses against the owner's assets -The severest punishment for breaking the new regulations is a points deduction. (BBC, 2013)

6 German league comparative -the German Bundesliga is flourishing because of a licensing system that has been in place since the league's inception in a set of guidelines for clubs to follow to ensure they remain financially solvent. "The licensing system prevents clubs from going too far into debt," "It goes with the German mentality. Making and having high debt is not popular in our society." (German football league (DFL) president Dr Reinhard Rauball).

7 German league comparative Premier Bundesliga League Clubs Av. Attendance 34,601 44,293 11/12 Av. Ticket price /12 Transfer 550m 253m spending 11/12 Revenue 2.3bn 1.6bn 10/11 Operating profit 10/11 68m 154m

8 Methodology Using reported financial data (primarily from Deloitte s Annual Review of Football Finance) an assessment is made on how well the current 20 English Premier League clubs are position regarding the UEFA Financial Fair Play Regulations (FFPR). The clubs financial performance is measured (where possible) against the indicators derived from the FFPR and a risk level is ascribed to each club.

9 Results Cumulative Breakeven calculation(for 2010 and 2011) more than EUR 5 deficit. All clubs have deficit > EUR 5M except for: Arsenal Newcastle Reading Tottenham West Bromwich Albion

10 Results Cumulative Breakeven calculation(for 2010 and 2011) more than EUR 45 deficit. Clubs with deficit > EUR 45M: Aston Villa Chelsea Manchester City Queens Park Rangers

11 Results Negative Equity (with deterioration compared with previous year) Aston Villa Chelsea Everton Queens Park Rangers Southampton Swansea West Ham Wigan

12 Results Wages exceed 70% of turnover (most recent year) All clubs except for: Arsenal Manchester United Newcastle Tottenham West Bromwich Albion West Ham NB Newcastle and West Ham had exceeded 70% in each of the previous three years

13 Results Net Debt exceeds 100% of turnover (most recent year) Aston Villa Chelsea Fulham Newcastle Queens Park Rangers Reading Southampton Wigan

14 Overall Results Number of Red Flags based on indicators Arsenal 0 Tottenham 0 Manchester United 1 West Bromwich Albion 1 Liverpool 2 Newcastle 2 Norwich 2 Reading 2 Stoke 2 Sunderland 2

15 Overall Results cont d Number of Red Flags based on indicators Everton 3 Fulham 3 Manchester City 3 Swansea 3 West Ham 3 Southampton 4 Wigan 4 Aston Villa 5 Chelsea 5 Queens Park Rangers 5

16 Analysis -Several English Premier League teams face potential problems unless they act soon. -The Commons Culture, Media and Sport Committee commented (Jan 29 th 2013) on FFP: Some clubs are spending way more than they can afford and get into trouble look at Portsmouth. The Premier League is so big and powerful and there is so much money around that the clubs try and chase it. Something has to be done, so we support these measures.

17 Analysis - We are encouraged by recent significant progress by clubs towards adopting the Financial Fair Play framework introduced by UEFA. However, we remain concerned about the levels of debt within the game. We see little evidence that clubs will spend significant amounts of the funding available from the latest broadcasting rights settlement on increasing their sustainability rather than on players' salaries and transfers. We await with interest clubs' spending plans for the next season. We expect the Financial Fair Play rules to be enforced. If they are not enforced, then we consider that legislation will be required to impose some financial discipline on clubs.

18 Comparison with Germany -Each Bundesliga club has to submit detailed financial forecasts showing: - its liquidity resources and - future liabilities. - The league s licensing officers can adjust the club s forecasts if they believe them to be inprudent. If the club (on the adjusted forecast) does not have positive liquidity over the forthcoming season, the league can force "conditions" on the club to ensure there is a prudent buffer. No Bundesliga club has ever gone bankrupt (or entered into the equivalent of English administration) during a season. (Green, 2011).

19 Competition -Is there evidence that FFP criteria may change the dynamics of competition league within a league, as clubs may no longer be able to become financially stretched in order to chase the dream of obtaining a league position which qualifies for European competition?

20 Competition Premier League, England -Top 7 league position: (last 7 years data) -Man Utd, Chelsea, Arsenal 100% -Liverpool, Everton 86% -Tottenham 71% -Man City 57% Middle 6 league position -Swansea, Norwich 100% -Stoke 80% -WBA 75%, -Middlesboro 67% (currently in 2 nd tier) - Fulham 57%

21 Competition Bundesliga, Germany -Top 7 league position: (last 7 years data) -Bayern Munich 100% -Borussia Dortmund, Bayer Leverkusen, Schalke 04, VfB Stuttgart 71% Middle 6 league position Hoffenheim 80% -Hannover 96, 71% -Hamburger SV 57%

22 Thank you for listening. Any questions/ suggestions on how to take this research forward

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