The historic Money League powerhouses of FC Barcelona and Real Madrid are yet to recover revenue to their pre-pandemic levels, with the clubs’ revenues down €203m and €43m respectively from 2018/19, a year which saw them both generate revenue that would have enabled them to top the Money League in 2021/22. However, whilst the average revenue of a Money League club increased from €409m in 2020/21 to €462m in 2021/22, it is still marginally below the record levels experienced three years prior (€464m). The return of fans brought the overall revenue split of clubs in line with pre-pandemic levels, with the top 20 clubs in 2021/22 generating 15% of their revenue from matchday activities, 44% from broadcasting and 41% from commercial sources, which was almost identical to the split recorded in 2018/19. However, the increase in commercial revenue was offset by an 11% (€485m) fall in broadcast revenue, as the bumper year experienced in 2020/21, as a result of the deferrals of revenue relating to the postponed 2019/20 seasons being recognised in the financial year, was not repeated.ġ The average exchange rate for the year ending 30 June 2022 was €1 = £0.85, compared to €1 = £0.89 in the year ending 30 June 2021. Five of the Premier League’s ‘big six’ reported increases of 15% or more in Euro terms (a total increase of €226m) as new partnerships were entered and non-matchday events such as concerts and stadium tours returned.

Additionally, cumulative commercial revenue rose by 8% (from €3.5 billion to €3.8 billion), which was primarily facilitated by English clubs (who also benefitted from the movement in exchange rates over the financial year 1). The rise was driven by the return of fans after two COVID-hit seasons, with matchday revenue increasing from €111m in 2020/21 to €1.4 billion in 2021/22. The total revenue for the top 20 revenue generating clubs in 2021/22 stood at €9.2 billion, an increase of 13% compared to the €8.2 billion reported by the Money League clubs of 2020/21 (and was only marginally lower than pre-pandemic levels, also €9.2 billion in 2018/19).

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