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The Guardian | Thursday 19 May 2011

Inside sport special report Premier League finances

In sickness and in wealth: a guide to the latest
All details from most recently filed official information at Companies House. Debts are borrowings from banks, financial institutions, owners or other sources. All turnover category totals have been rounded to the nearest million.

Arsenal
Turnover
up from £316m in 2009 Gate and match-day income TV and broadcasting Retail Commercial Property development Player trading

Aston Villa
£382m ▲
£94m £85m £13m £31m £156m £1m

Birmingham City
£91m ▲
£24m £52m £14m

Blackburn
£56m ▲
£7m £42m £7m

Blackpool
£58m ▲
£6m £43m £9m

Turnover

up from £84m in 2008 Gate and match-day income TV and broadcasting Commercial

Turnover

up from £27.5m in previous year Gate and match-day income TV and broadcasting Commercial

Turnover

up from £51m in previous year Gate and match-day income TV and broadcasting Commercial

Turnover

up from £7m in 2009

£9m ▲

Wage bill

up from £103m in previous year Wages as proportion of turnover Profit before tax following £46m profit last year

£110m ▲
29% £56m

Wage bill

up from £50m in 2008 Wages as proportion of turnover Loss before tax following £46m loss last year

£80m ▲
88% £38m

Wage bill

up from £27m in previous year Wages as proportion of turnover Profit before tax following £20m loss in 2009

£38m ▲
68% £0.1m

Wage bill

up from £46m in 2009 Wages as proportion of turnover Loss before tax following £4m profit in 2009

£47m ▲
81% £2m

Wage bill

up from £6m in 2009 Wages as proportion of turnover Loss before tax following £1m loss in 2009

£13m ▲
144% £7m

Net debt

Interest payable Highest paid director Ivan Gazidis Accounts for the year to 31 May 2010

£136m
£19m £1.7m

Net debt

Interest payable Highest paid director Unnamed director Accounts for the year to 31 May 2010

£110m
£5m £0.237m

Net debt

Interest payable Highest paid director Karren Brady (£26K for one month plus £699,000 pay-off ) Accounts for the 10 months to 30 June 2010 Ownership Birmingham International Holdings (incorporated in the Cayman Islands)

£16m
£1m £0.725m

Net debt

Interest payable Highest paid director John Williams Accounts for the year to 30 June 2010

£21m

£0.7m £0.358m

Net debt

Interest payable Highest paid director Not stated Accounts for the year to 31 May 2010 Ownership Owen Oyston Valery Belokon

£4.3m

£0.06m

Ownership Arsenal Holdings plc major shareholders are: Kroenke Sports Enterprises UK (US company) 62%* Red and White Securities Ltd (Jersey company) 27% *includes agreed purchase of Nina Bracewell-Smith’s 15.9% Money put in by owners Nil

Ownership Reform Acquisitions LLC (US company, owned ultimately by Randy Lerner) Money put in by owners £116m in cash for shares, £90m in loan notes £206m

Ownership Venkateshwara Hatcheries (Venky’s) of Pune, India Money put in by owners £100m in capital, £4m in interest-free loans £15m £104m

76.3% 20%

Money put in by owners loan from Carson Yeung

Money put in by owners £2.7m owed to Oyston’s company, Segesta, and £276,000 owed to Oyston personally; Belokon was owed £603,000 (repaid in December). Karl Oyston owed the club a £26,751 interest-free loan he had taken out

Turnover

Turnover

Turnover

Turnover

Turnover

£382m
Wage bill

£91m

Wage bill

£56m £38m

Wage bill

£58m £47m

Wage bill

£9m

Wage bill

£110m

Debt as % of Premier League total

£80m

Debt as % of Premier League total

Debt as % of Premier League total

Debt as % of Premier League total

£13m

Debt as % of Premier League total

5.3%
State they're in Arsène Wenger’s team’s big-match collapses, major shareholders pocketing millions selling to Stan Kroenke and 6.5% increases to ticket prices have cracked the Emirates Stadium halo. The figures look healthy – highest Premier League club turnover, £56m profit, but the truer state of finances came in the six month accounts to November 2010, with income from selling the flats in the old Highbury (worth £156m to May 2010) no longer coming in. Arsenal lost £6m. Outlook Will fare well when Uefa’s financial fair play rules come in, because their income is high. But the “Arsenal way” no longer looks so pure.

4.4%
State they're in These are sobering figures, from Martin O’Neill’s final season in charge, signalling why reality bit for Randy Lerner’s “good American” takeover at Villa Park. Lerner has problems to address despite £206m invested. Their turnover of £91m at the 42,582-capacity Villa Park is the Premier League’s seventh highest, but is so far behind Chelsea, Manchester United and Arsenal they risk becoming a seller of players to the top clubs. Outlook Scaling back after O’Neill’s sixth-place finishes were achieved with financial losses. Size and turnover should see them into Europa League places.

0.6%
State they're in Despite turning around the previous season’s £20m loss in the Championship, and Alex McLeish’s side lifting the Carling Cup, Birmingham are the Premier League’s headache club. £24.65m has to be found for the club and its Cayman Islands-registered holding company to “operate within its agreed banking facilities”. So far £7.15m of that money, underwritten by Polly Chu, who runs casinos in Macau, has come in, but the share issue for the other £17.15m has not completed. Outlook Carson Yeung-led regime needs to find substantially more money. Relegation could be catastrophic.

0.8%
State they're in These are the valedictory figures of the former chairman, John Williams, who wrestled 10 years in the Premier League, the Carling Cup in 2002 and four seasons in the Uefa Cup from a modicum of financial backing by the trustees of the late Jack Walker’s estate. The takeover by Venky’s, the Indian chicken company, is one of English football’s oddest; it sacked Sam Allardyce and Williams quickly left. Under Steve Kean, Rovers have plummeted into a relegation battle. Outlook Were punching above their true size with a £3m annual subsidy from Walker’s estate. Will struggle if Venky’s does not show it is a sensible owner.

0.2%
State they're in These figures from Blackpool’s promotion season show how far the Seasiders gambled on climbing up into the Premier League money pot. Valery Belokon, a Latvian industrialist, paid £4.5m in 2006 for 20% of Blackpool, which has long been owned and bankrolled by the publisher Owen Oyston, and run by his son, Karl. Although credited with doing so shrewdly, and avoiding paying agents, the wage bill was 144% of the total income, making a £7m loss. Outlook A season in the Premier League should have transformed finances, whether they stay up or go down. This season’s vast income has been banked.

Manchester City
Turnover
up from £87m in 2009 Gate and match-day income TV and broadcasting Commercial

Manchester United
£125m ▲
£18m £54m £53m

Newcastle United
£286m ▲
£100m £104m £81m

Stoke City
£52m ▼
£21m £16m £15m

Sunderland
£59m ▲ Turnover
same as 2009 Gate and match-day income TV and broadcasting Sponsorship and royalties Commercial activities

Turnover

up from £278m in 2009 Gate and match-day income TV and broadcasting Commercial

Turnover

down from £101m in 2009 Gate and match-day income TV and broadcasting Commercial

Turnover

up from £54m in 2009

£65m
£13m £39m £8m £5m

Wage bill

up from £82m in previous year Wages as proportion of turnover Loss before tax following £93m loss in previous year

£133m ▲
106% £121m

Wage bill

up from £123m in 2009 Wages as proportion of turnover Loss before tax following profit of £22m in 2009

£131m ▲
46% £79m

Wage bill

down from £73m in previous year Wages as proportion of turnover Loss before tax following loss of £15m the previous year

£47m ▼
90% £17m

Wage bill

up from £30m in 2009 Wages as proportion of turnover Loss before tax following profit of £0.5m in 2009

£45m ▲
76% £5m

Wage bill

up from £50m in previous year Wages as proportion of turnover Loss before tax following £26m loss in previous year

£54m ▲
83% £28m

Net debt

Interest payable Highest paid director Garry Cook Accounts for the year to 31 May 2010

£41m
£4m £2m

Net debt

Interest payable Highest paid director David Gill Accounts for the year to 30 June 2010

£590m
£107m £2m

Net debt

Interest payable Highest paid director Unnamed director Accounts for the year to 30 June 2010

£150m
£2m £0.174m

Net debts

Interest payable Highest paid director Unnamed director Accounts for the year to 31 May 2010

£6,000

£8m
£0.119m

Net debt

Interest payable Highest paid director Niall Quinn Accounts for the year to 31 July 2010

£66m
£2m £0.326m

Ownership Wholly owned by Sheikh Mansour bin Zayed al-Nahyan via the Abu Dhabi United Group, registered in United Arab Emirates Money put in by owners in cash £493m

Ownership Malcolm Glazer and his family via Red Football Limited Partnership and Red Football General Partner Inc, both registered in the low-tax State of Nevada, US Money put in by owners Nil

Ownership Mike Ashley via his company St James Holdings Limited Money put in by owners in loans £140m

Ownership Owned by online gambling company, bet365 Group controlled by Denise Coates, the daughter of chairman, Peter, and family Money put in by owners £28m in cash, £15m in interest-free loans £43m

Ownership Ellis Short via Drumaville, a company registered in Jersey Money put in by owner £115m £47m in the year (£19m cash, £28m interest-free loans)

Turnover

Turnover

Turnover

Turnover

Turnover

£125m
Wage bill

£286m
Wage bill

£52m

Wage bill

£59m £45m

Wage bill

£65m £54m

Wage bill

£133m

Debt as % of Premier League total

£131m

Debt as % of Premier League total

£47m

Debt as % of Premier League total

Debt as % of Premier League total

Debt as % of Premier League total

1.6%
State they're in Almost £500m cash from Sheikh Mansour has been poured into City in 32 months. Hence the £133m wage bill and £121m loss, the Premier League’s biggest. Uefa’s financial fair play rules seek to outlaw this kind of benefactor bankrolling. The chairman, Khaldoon al-Mubarak, and Garry Cook believe they can increase income sufficiently, boosted by the Champions League next season, full houses at Eastlands and increased commercial income. Outlook Determined to satisfy Mansour’s desire for success, while shuffling towards breaking even. An extreme challenge to do so in the time.

23.4%
State they're in More itemisation of the Glazer family’s monstrous, debt-laden takeover. United are the Premier League’s most lucrative club, with the highest income, £286m, once Arsenal’s one-off £156m boost from selling the Highbury flats is taken out. Still made a £79m loss. Refinancing with the £500m bond last year cost £65m. Owe £500m, even after paying out around £350m to service the loans the Glazers took on in 2005 to buy the club. Outlook The costs of the Glazers’ takeover will still be draining, but Sir Alex Ferguson’s management, and the club’s increasing commercial income, are keeping United formidable.

6.0%
State they're in Figures from Newcastle’s promotion season; with turnover halved, the club kept a huge wage bill for the Championship and finished top. Mike Ashley has been vilified for awful decisions and an absence of grace, yet he has put £140m in interest-free loans into the club. With St James’ Park’s 52,000 capacity and the fans having proved their loyalty many times over, Newcastle should be a force. Also have the £35m from selling Andy Carroll and fans wait to see if Ashley will see it spent wisely. Outlook Should be financially strong and able to rebuild. But this is Newcastle, and Ashley, so anything could happen.

0.3%
State they're in Stoke’s achievement in establishing themselves in the Premier League is thanks financially to the backing of Peter Coates and his family fortune from bet365 online gambling. After returning in 2005 to buy back the club he has always supported, Coates has put in £43m, much of it towards buying players for Tony Pulis to keep Stoke up. The wage bill is climbing steadily, as it tends to do once promoted clubs grow in ambition. Having been the owner when Stoke went down to the third tier in 1998, Coates knows it can quickly change. Outlook Healthy, with the Coates family committed to backing the club.

2.6%
State they're in Difficult not to wonder whether this is how US private equity investor Ellis Short imagined owning a Premier League club would be, when chairman Niall Quinn met him at the US Masters golf and sold him the idea of Sunderland. The £47m Short paid last year to bankroll a high wage bill and £28m losses followed £67.5m paid in and converted into shares the previous year, when Sunderland needed to be bailed out of probable financial crisis. Outlook Even with Short’s financial support, losses do not look sustainable. Sunderland have to wrestle the wage bill down, while remaining competitive.

The Guardian | Thursday 19 May 2011

5

accounts at England’s top clubs
Bolton Wanderers
Turnover
up from £59m in 2009 Gate and match-day income TV and broadcasting Hotel Corporate hospitality Merchandising Sponsorship/advertising

David Conn

Chelsea
£62m ▲
£9m £38m £8m £2m £1m £3m

Everton
£213m ▲
£185m £10m £2m £5m £11m

Fulham
£79m ▼
£19m £50m £10m

Liverpool
£77m ▲
£11m £42m £11m £12m

Turnover

up from £209m in 2009 Football activities Hotel/catering Corporate hospitality Other commercial Merchandising

Turnover

down from £80m in 2009 Gate and match-day income TV and broadcasting Other commerical activities

Turnover

up from £67m in 2009 Gate and match-day income TV and broadcasting Commercial Europa League

Turnover

up from £177m in 2009 Gate and match-day income TV and broadcasting Commercial

£185m ▲
£43m £80m £62m

Wage bill

up from £41m in 2009 Wages as proportion of turnover Loss before tax following £13m loss in 2009

£46m ▲
74% £35m

Wage bill

up from £167m in 2009 Wages as proportion of turnover Loss before tax following loss of £47m in 2009

£174m ▲
82% £78m

Wage bill

up from £49m in previous year Wages as proportion of turnover Loss before tax following £7m loss in 2009

£54m ▲
69% £3m

Wage bill

up from £46m in 2009 Wages as proportion of turnover Loss before tax following £8.4m loss in 2009

£49m ▲
63% £19m

Wage bill

up from £100m in previous year Wages as proportion of turnover Loss before tax following £16m loss in 2009

£121m ▲
65% £20m

Net debt

Interest payable Highest paid director Phil Gartside Accounts for the year to 30 June 2010 Ownership 95% owned by Fildraw, private trust owned by Edwin Davies, resident in Isle of Man, a tax haven

£93m
£5m £0.532m

Net debt

Interest payable Highest paid director Peter Kenyon Accounts for the year to 30 June 2010

£734m

£0.8m £0.825m

Net debt

Interest payable Highest paid director No directors were paid Accounts for the year to 31 May 2010 Ownership Everton FC Limited major shareholders are: Bill Kenwright Robert Earl (US resident) Jon Woods Money put in by owners

£45m
£4m

Net debt

Interest payable Highest paid director Alastair Mackintosh Accounts for the year to 30 June 2010

£190m
£2m £0.55m

Net debt

Interest payable Highest paid director Unnamed director Accounts for the year to 31 July 2010*

£123m
£18m £0.75m

Ownership Wholly owned by Roman Abramovich registered as a Russian resident at Companies House Money put in by owners up to £739m Abramovich’s loans to the parent company, Fordstam

Money put in by owners £85m loaned by Davies at 5% interest from his company, Moonshift

25% 23% 19% Nil

Ownership Mafco Holdings A Bermuda- (tax haven) based company which is owned by Mohamed Al Fayed and his family Money put in by owners Interest-free loans by Al Fayed’s companies £187m

Ownership Fenway Sports Group (US company owned by John Henry) *Accounts for a year when owned by Tom Hicks and George Gillett, via US-registered Kop Investment LLC Money put in by owners £144m In interest-bearing loans, to the holding company

Turnover

Turnover

Turnover

Turnover

Turnover

£62m

Wage bill

£213m
Wage bill

£79m £54m

Wage bill

£77m

Wage bill

£185m
Wage bill

£46m

Debt as % of Premier League total

£174m

Debt as % of Premier League total

Debt as % of Premier League total

£49m

Debt as % of Premier League total

£121m

Debt as % of Premier League total

4.1%
State they're in Chairman and FA board member Phil Gartside spent two years advocating a Premier League second division, to cushion the financial blow for relegated clubs. The increased parachute payments, £48m over four seasons, were introduced partly to mollify that worry. Gartside has cause to be terrified of relegation: a 14th-place finish, after 10 consecutive seasons in the Premier League, achieved at a loss of £35m, with debts up to £93m and £85m loans. Outlook Controversial recruitment of Owen Coyle from Burnley has proven successful. Challenge is to stay up without huge losses and owner’s subsidy.

29.3%
State they're in This was the year the former chief executive, Peter Kenyon, said Chelsea would be making enough money commercially to break even. Won the title with the Premier League’s highest wage bill and recorded a £78m loss. Abramovich’s relentless ambition pushed his spending since 2003 to £739m, and £75m in January on Fernando Torres and David Luiz suggests he will find it hard to restrain himself. Outlook Income is third highest behind Manchester United and Arsenal but, given Abramovich’s obsession with winning, will be hard-pressed to break even and comply with financial fair play.

1.8%
State they're in Have wriggled with frustration for years at grand old Goodison’s commercial limitations. But on the income of £79m, with a wage bill less than a third of Chelsea’s, David Moyes’s team have performed creditably. The chairman, Bill Kenwright, has pushed the finances as far as he can. Had Everton not sold Joleon Lescott to Manchester City for £22m, they would have recorded a loss of £22m. The chairman says his search for a benefactor goes on. Outlook If Everton could appreciate their blessings – homely old ground, steely manager, strong team – they could be happy, but the club wants success.

7.5%
State they're in The remarkable story of Mohamed Al Fayed’s long, deep subsidy of Fulham. The £187m he has loaned interest-free to embed the club at Craven Cottage and finance its rise from the bottom division to the Premier League has belied the early expectation that he would cash in. Still complains about players’ wages draining clubs, and argues that only BSkyB actually makes money out of the Premier League, but with Harrods sold to the Qatari ruling dynasty for £1.5bn last year, Al Fayed shows no sign of withdrawing. Outlook Fortunes depend on indulgence of owner and his continued enthusiasm.

4.8%
State they're in Figures confirm that John Henry’s Fenway Sports Group repaid £200m owed to Royal Bank of Scotland, which Hicks and Gillett had borrowed to take the club over. Liverpool made a £20m loss and the £185m turnover included Champions League income from 200910, which the club must do without this season and next. FSG’s takeover has not changed much financially so far, retaining the club’s own borrowings from RBS, which are high at £86.6m. Outlook Financial fair play should see Liverpool climb back. But if they want to challenge United again, FSG must decide how to expand stadium capacity.

Tottenham Hotspur
Turnover
up from £113m in 2009 Gate and match-day income TV and broadcasting Sponsorship and corporate hospitality Merchandising Commercial activities

West Bromwich Albion
Turnover
£27m £52m £26m £8m £8m down from £47m in 2009 Gate and match-day income TV and broadcasting Merchandising Other commercial income

West Ham United
Turnover
down from £76m in 2009 Gate and match-day income TV and broadcasting Commercial activities Retail and merchandising

Wigan Athletic
£72m ▼
£17m £38m £13m £4m

Wolverhampton W
£43m ▼ Turnover
up from £18m in 2009 Gate and match-day income TV and broadcasting Sponsorship and advertising Commercial activities

£119m ▲

£28m ▼
£6m £17m £2m £3m

Turnover

down from £46m in 2009

£61m ▲
£10m £39m £5m £6m

Wage bill

up from £60m in 2009 Wages as proportion of turnover Loss before tax following profit of £33m in 2009

£67m ▲
56% £7m

Wage bill

down from £31m in 2009 Wages as proportion of turnover Profit before tax following loss of £12m in 2009

£23m ▼
82% £0.5m

Wage bill

down from £67m in 2009 Wages as proportion of turnover Loss before tax following £16m loss in previous year

£54m ▼
75% £21m

Wage bill

down from £42m in 2009 Wages as proportion of turnover Loss before tax following £6m loss in previous year

£39m ▼
91% £4m

Wage bill

up from £17m in 2009 Wages as proportion of turnover Profit before tax following £5m loss in previous year

£30m ▲
49% £9m

Net debt

Interest payable Highest paid director Daniel Levy Accounts for the year to 30 June 2010

£65m
£6m £1.4m

Net debt

Interest payable Highest paid director Jeremy Peace Accounts for the year to 30 June 2010 Ownership Jeremy Peace chairman Geoff Hale Money put in by owners

£10m

£0.09m £0.712m

Net debt

Ownership Enic International Limited registered in the Bahamas, owns 85%. Joe Lewis, resident in the Bahamas, has the controlling, 70.6% ownership of Enic, with chairman Daniel Levy and family owning the other 29.4%. Money put in by owners £15m by an issue of new shares

60% 10.4% Nil

Interest payable £4m Highest paid director Unnamed director £0.332m Accounts for the year to 31 May 2010 Ownership David Sullivan 30.6% David Gold 30.6% Straumur, the Icelandic investment bank which is in a form of administration, owns 35% Money put in by owners £24m from Sullivan & Gold for extra 5.6% stake each. £20m to buy 50% last year. Straumur wrote off £10m debt

£34m

Net debt

Interest payable Highest paid director Brenda Spencer Accounts for the year to 31 May 2010 Ownership Dave Whelan and family via Whelco Holdings, registered in the UK

£73m
not declared

£0.9m

Net debt

Wolves had £25m cash in the bank Highest paid director Unnamed director Accounts for the year to 31 May 2010

£0m
£1.1m

Ownership Steve Morgan 25% personally and 75% via his company Bridgemere Investments, based in Guernsey Money put in by owners In shares, in August 2007 £30m

Money put in by owner £52m from Dave Whelan, interest free except for £7.5m on which 5% a year is charged

Turnover

Turnover

Turnover

Turnover

Turnover

£119m
Wage bill

£28m £23m

Wage bill

£72m

Wage bill

£43m

Wage bill

£61m

Wage bill

£67m

Debt as % of Premier League total

Debt as % of Premier League total

£54m

Debt as % of Premier League total

£39m

Debt as % of Premier League total

£30m

Debt as % of Premier League total

2.6%
State they're in Spurs pushed their finances, with a £15m investment from Enic and making a £7m loss, to just secure a Champions League place via the 2009-10 last-match victory at Manchester City. Turnover will have been increased by their run in the competition this season, but Levy is desperate to build a bigger stadium than 36,534 capacity White Hart Lane. The clearest comparison is with Spurs’ north London rivals Arsenal: they made £156m from their property development, and their football-based income of £226m was almost double that of Spurs. Outlook Will be a strong Premier League club even at White Hart Lane.

0.4%
State they're in Considered to be a well-run club who have made their peace with yo-yoing, trying to stay in the Premier League without overstretching. These figures are for last season’s promotion, in which Albion cut the wage bill, keeping it at £23m, huge for the Championship, with the benefit of parachute payments and went up comfortably. Have little debt, and a good season staying up this year will have improved their finances Outlook Concentrate on doing as well as they can while remaining financially sound. Roy Hodgson’s success has proved again how vital it is for any club’s fortunes to appoint the right manager.

1.4%
State they're in Sullivan laments that West Ham are in “a worse financial position than any club in the country”. Sullivan and Gold’s investment brought net debt down to £34m. West Ham made a £21m loss and relegation will cause a crisis. Yet Sullivan believes West Ham will soon be worth £500m. The foundations for that will be laid if the club occupies the Olympic stadium after 2012, a huge commercial advantage for him and Gold, thanks to £490m of public money, about which it is surprising there is not more protest. Outlook Dire in the short term. Occupying the Olympic stadium would represent a huge financial windfall.

2.9%
State they're in Dave Whelan’s hometown project continues at the stadium he named DW, but, aged 74, he is worrying who will take it over after him. Wigan, a club of humble football tradition which entered the old Fourth Division for the first time in 1978, were sprung into the Premier League with an investment Whelan reckons to be £100m. Relegation will make Whelan’s task much more difficult. Outlook Whelan hopes to give his club away to a safe, wealthy new owner as Sir Jack Hayward did to Steve Morgan at Wolves. But Wigan lack Wolves’ support and tradition, and he will find it hard to attract a willing backer.

0%
State they're in In their first season in the Premier League, Wolves’ turnover increased by £43m, boosted by their £39m share of the top flight’s TV and sponsorship deals, compared to £2m the previous season in the Championship. The wage bill increased by £13m, as Morgan stayed true to his promise not to be dazzled by promotion and ran Wolves like a business. So a £9m profit was made and according to Morgan, Wolves have invested substantially to try to stay up. Outlook Morgan has been careful with the Premier League bounty so Wolves are likely to be financially healthy even if they go down.

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