SITUATION OF PROFESSIONAL

FOOTBALL
2020/2021 SEASON
DNC G R E PORT 2
DNC G R EPORT 3

01 LIGUE 1 AND LIGUE 2 COMBINED 5

02 LIGUE 1 8
2.1 Key figures 10
2.1.1 Summary 10
2.1.2 Income 12
2.1.3 Operating expenses 20
2.1.4 Operations involving players 26
2.1.5 Results 28
2.1.6 Financing of the clubs 32
2.1.7 Analysis of achievements compared to initial 2020/2021 season budgets 34
2.2 Link between sports results and financial characteristics 35
2.2.1 Sports results 35
2.2.2 Sports risks / opportunities and payroll 38
2.2.3 Strong impact of sports results on revenues 41
2.2.4 Correlation between annual average gross payroll and sports success 42
2.2.5 Analysis by groups of clubs for the 2020/2021 season 44

03 LIGUE 2 48
3.1 Key figures 48
3.1.1 Summary 48
3.1.2 Income 50
3.1.3 Operating expenses 58
3.1.4 Operations involving players 65
3.1.5 Results 67
3.1.6 Financing of the clubs 69
3.1.7 Analysis of achievements compared to initial 2020/2021 season budgets 71
3.2 Link between sports results and financial characteristics 72
3.2.1 Sports results 72
3.2.2 Sports risks / opportunities and payroll 75
3.2.3 Strong impact of sports results on revenues 77
3.2.4 Correlation between payroll and sports success 78
3.2.5 Analysis by groups of clubs for the 2020/2021 season 79

04 EUROPEAN BENCHMARK 81
4.1 European Benchmark for non-transfer income 83
4.2 Correlation between sports results and revenues 102
DNC G R E PORT LI G U E 1 A ND L I G U E 2 C O M B I N E D 4
DNC G R EPORT L I G U E 1 A ND L I G U E 2 C O M B I N E D 5

1 LIGUE 1 AND LIGUE 2

COMBINED
2020/2021 KEY FIGURES

LIGUE 1 / LIGUE 2 CUMULATIVE ACCOUNTS 2019/2020 2020/2021 VARIATION

In millions of euros

Total operating income 1,791 1,813 +1%

Operating result -1,201 -1,289 +7%
Result of transfer operations 738 409 -45%
Current operating income -463 -881 -90%
Net income -269 -685 -155%
Shareholders' equity 870 606 -30%
Shareholder current accounts 583 305 -58%
Net cash and debt -183 -507 -177%
DNC G R E PORT LI G U E 1 A ND L I G U E 2 C O M B I N E D 6

LIGUE 1 / LIGUE 2 CUMULATIVE INCOME STATEMENT 2019/2020 2020/2021 VARIATION

In thousands of euros

Audio-visual rights 795,795 940,661 +18%

Sponsors - Advertising 509,798 481,277 -6%
Match receipts 186,892 11,519 -94%
Other income (including merchandising) 298,946 379,835 +27%

TOTAL NON-TRANSFER INCOME 1,791,431 1,813 292 +1%

Personnel remuneration 1,267,984 1,390,811 +10%
Social security contributions 330,421 389,795 +18%
Transfer fees 510,680 559,002 +10%
Agent fees 135,466 127,124 -6%
Other expenses 748,151 635,337 -15%

TOTAL NON-TRANSFER EXPENSES 2,992,705 3,102,399 +4%

RESULT OF OPERATIONS EXCLUDING TRANSFERS -1,201,275 -1 289,107 -7%

RESULT OF TRANSFER OPERATIONS 738,333 408,528 -45%

CURRENT OPERATING INCOME -462,942 -880,579 -90%

Financial result -52,892 -40,482 +24%
Extraordinary income: other 98,620 -897 -101%
Corporate tax -18,609 10,222 +155%
Except. rest.: Current accounts abandonment / reversal 166,652 226,599 +36%

NET INCOME -269,171 -685,137 -155%

DNC G R EPORT L I G U E 1 A ND L I G U E 2 C O M B I N E D 7

CUMULATIVE BALANCE SHEET 2019/2020 2020/2021 VARIATION

In thousands of euros

Intangible assets: transfer fees 1,292,135 1,056,238 -18%

Other fixed assets 913,045 993,883 +9%
Receivables from player transfers 615,006 513,969 -16%
Other current assets 682,926 714,562 +5%
Cash and marketable securities 474,288 512,351 +8%

TOTAL ASSETS 3,977,400 3,791,003 -5%

Shareholders' equity 869,703 605,679 -30%
Shareholder current accounts 582,558 305,232 -48%
Provisions for contingencies and losses 74,631 75,647 +1%
Financial debts 657,134 1,018,968 +55%
Debts on player transfers 756,884 563,259 -26%
Other debts 1,036,489 1,222,218 +18%

TOTAL LIABILITIES 3,977,400 3,791,003 -5%

RESULT FOR THE YEAR -269,171 -685,137 -155%

DNC G R E PORT LI G U E 1 8
DNC G R EPORT LIGUE 1 9

PARIS SAINT-GERMAIN
DNC G R E PORT LI G U E 1 10

2 LIGUE 1
2.1 KEY FIGURES
2.1 .1 SUMMARY

CUMULATIVE INCOME STATEMENT 2019/2020 2020/2021 VARIATION

In thousands of euros

Audio-visual rights 690,124 835,654 +21%

Sponsors - Advertising 472,615 451,271 -5%
Match receipts 169,922 7,905 -95%
Other income (including merchandising) 264,866 319,433 +21%

TOTAL NON-TRANSFER INCOME 1,597,527 1,614,263 +1%

Personnel remuneration 1,134,043 1,239,578 +9%
Social security contributions 282,395 346,911 +23%
Transfer fees 494,913 535,844 +8%
Agent fees 126,046 119,235 -5%
Other expenses 629,769 530,722 -16%

TOTAL NON-TRANSFER EXPENSES 2,667,167 2,772,290 +4%

RESULT OF OPERATIONS EXCLUDING TRANSFERS -1,069,640 -1,158,027 -8%

RESULT OF TRANSFER OPERATIONS 623,521 320,548 -49%

CURRENT OPERATING INCOME -446,120 -837,479 -88%

Financial result -52,096 -40,052 +23%
Extraordinary income: other 79,886 -4 117 -105%
Corporate tax -16,448 10,170 +162%
Except. rest.: Current accounts abandonment / reversal 165,052 225,590 +37%

NET INCOME -269,726 -645,888 -140%

DNC G R EPORT LIGUE 1 11

CUMULATIVE BALANCE SHEET 2019/2020 2020/2021 VARIATION

In thousands of euros

Intangible assets: transfer fees 1,270,766 1,028,193 -19%

Other fixed assets 783,224 900,256 +15%
Receivables from player transfers 540,019 442,262 -18%
Other current assets 630,687 640,445 +2%
Cash and marketable securities 389,056 397,782 +2%

TOTAL ASSETS 3,613,752 3,408,938 -6%

Shareholders' equity 761,490 535,990 -30%
Shareholder current accounts 534,982 222,441 -58%
Provisions for contingencies and losses 64,786 69,577 +7%
Financial debts 578,669 937,409 +62%
Debts on player transfers 745,916 545,072 -27%
Other debts 927,908 1,098,449 +18%

TOTAL LIABILITIES 3,613,752 3,408,938 -6%

RESULT FOR THE YEAR -269,726 -645,888 -140%

DNC G R E PORT LI G U E 1 12

2 .1 .2 INCOME
EVOLUTION OF TOTAL INCOME (INCLUDING RESULT OF TRANSFERS)

The total income including the result of transfer operations amounted to 1.935 billion euros in
Ligue 1 in 2020/2021.
Overall, incomes have fallen sharply this year compared to the 2019/2020 season (-€286 M).
This decline hides a certain disparity, since match receipts fell drastically (-95%) due to a season
behind closed doors or with limited attendance while audio-visual rights and other income rose. Also
of note is the significant drop of the transfer result (-49%).

3000
2 533 2 537
IN MILLIONS OF EUROS AND PERCENTAGE OF TOTAL

2500 840 33 % 635 25 %

2 537
624 28 %
1 935
2000 1 895
251 13 % 386 15 % 321 17 %

298 16 % 368 15 %
1500 265 12 % 319 17 %
201 8%
182 10 % 191 8% 415 16 % 170 8% 8 0%
345 18 % 473 21 % 451 23 %
342 13 %
1000
901 36 %
819 43 % 791 31 % 836 43 %
690 31 %
500

2016/2017 2017/2018 2018/2019 2019/2020 2020/2021

ROADCASTING SPONSORS GATE OTHER TRANSFER

RIGHTS ADVERTISING RECEIPTS EARNINGS RESULT
DNC G R EPORT LIGUE 1 13

EVOLUTION OF OPERATING INCOME

Non-transfer income amounted to 1.614 billion euros in Ligue 1 for 2020/2021 (+€16 M compared
to 2019/2020).
The various types of income are up compared to 2019/2020, with the exception of match
receipts (-€162 M due to the season behind closed doors) and sponsorship and advertising
products (-€22 M). The largest increase concerns audio-visual rights (+€146 M) but this is not
sufficient to return to the amounts of the 2018-2019 season.

2000 1 902
386 20 %
1 692
1 643 1 614
IN MILLIONS OF EUROS AND PERCENTAGE OF TOTAL

1 598
368 22 %
298 18 % 319 20 %
265 16 %
1500 201 11 %

182 11 % 191 11 % 415 22 % 170 11 % 8 0%

451 28 %
345 21 % 342 20 % 473 30 %
1000
901 47 %
819 50 % 836 52 %
791 47 %
690 43 %
500

2016/2017 2017/2018 2018/2019 2019/2020 2020/2021

ROADCASTING SPONSORS GATE OTHER

RIGHTS ADVERTISING RECEIPTS EARNINGS
R APPORT DNC G LI G U E 1 14

DISTRIBUTION OF NON-TRANSFER INCOME

100
100 % 96,8
98,5 TOTAL PERCENTAGES
95
93,2
91,4
90 % 87,1
89,3
84,6
82,2
80 % 77,1
79,7
74,4
71,1
70 % 67,2
63
60 % 58,1
52,9
50 %
44,3

40 %
35,3

30 %
20 %
10 % 9,0 8,6
5,2 4,9 4,2 3,9 3,3 2,8 2,5 2,5 2,5 2,4 2,3 2,1 1,8 1,8 1,7 1,7 1,5 PERCENTAGES
0%

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
CLUBS
PARIS
MARSEILLE
LYON
LILLE
RENNES
NICE
MONACO
ST-ÉTIENNE
MONPELLIER
BORDEAUX
REIMS
STRASBOURG
NANTES
METZ
LENS
DIJON
LORIENT
ANGERS
BREST
NÎMES

The x-axis shows the teams ranked from the one with the highest non-transfer income to the one with the lowest non-transfer income.
On the y-axis is the cumulative percentage of the non-transfer income in Ligue 1.

As in 2019/2020, the curve here shows a high concentration of income on a small number of
clubs:
The 3 clubs with the highest non-transfer income (Paris, Marseille and Lyon) account for more
than half of the non-transfer income in Ligue 1. This proportion would be 15% if all Ligue 1 teams
had the same non-transfer income.
PSG alone generates more than a third of the Ligue 1 revenues, which is as much as the total
revenues for the 16 clubs with the lowest revenues.
R A PPORT DNC G LIGUE 1 15
DNC G R E PORT LI G U E 1 16

2 .1 .2 .1 AUDIO-VISUAL RIGHTS
AUDIO-VISUAL RIGHTS OF THE LIGUE 1 CHAMPIONSHIP

100
100 % 96,2
98,2 TOTAL PERCENTAGES
93,9
91,5
90 % 86,6
89,1
84,2
81,7
80 % 76,6
79,2
73,7
70,6
70 % 67,1
62,5
60 % 57,7

51,2
50 %
43,3
40 %
35

30 %
24,1
20 %
10 % 10,9
8,3 7,9 6,5
4,8 4,6 3,5 3,1 2,9 2,6 2,5 2,5 2,4 2,4 2,4 2,4 2,2 2,0 1,8
0% PERCENTAGES

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
CLUBS
PARIS
MARSEILLE
LYON
RENNES
LILLE
NICE
MONACO
ST-ÉTIENNE
MONPELLIER
BORDEAUX
LENS
ANGERS
NANTES
STRASBOURG
REIMS
METZ
DIJON
NIMES
BREST
LORIENT

The curve shows a relatively unequal distribution of the audio-visual rights of the championship:
The top 3 clubs represent 43.3% of the audio-visual rights of the Ligue 1 championship, compared
to 42.2% for the 2019/2020 season.
The top 4 clubs account for slightly more than half of the rights (51.2%)
DNC G R EPORT LIGUE 1 17

AUDIO-VISUAL RIGHTS FOR CLUBS TAKING PART IN EUROPEAN CUPS

EUROPEAN EUROPEAN LIGUE 1 OTHER TOTAL EUROPEAN

CLUB JOURNEY AUDIO- AUDIO- AUDIO- AUDIO- CUP
VISUAL RIGHTS VISUAL RIGHTS VISUAL RIGHTS VISUAL RIGHTS SHARE

Champions
PARIS League €146.0 M €50.2 M €5.6 M €201.8 M 72.3%
semifinal
Champions
MARSEILLE League group €46.9 M €41.2 M €2.9 M €91.0 M 51.6%
phases
Champions
RENNES League group €34.6 M €30.6 M €0.8 M €65.9 M 52.4%
phases

Europa League
LILLE €18.3 M €35.9 M €0.2 M €54.4 M 33.6%
round of 32

Europa League
NICE €11.8 M €27.3 M €0.6 M €39.8 M 29.7%
group phases

Tours
Europa League
REIMS €0.6 M €18.9 M €0.9 M €20.3 M 2.9%
preliminary
rounds

TOTALS €258.2 M €204.1 M €11.0 M €473.2 M 55%

Overall, more than half of the audio-visual rights collected by clubs qualified in European Cups
come from European competitions.
European audio-visual rights are up sharply compared to the previous season (+€48 M), which
explains part of the overall observed €146 M increase of audio-visual rights.
The delay of the 2019/20 Champions League Final Four in August 2020 contributed to increasing
UEFA receipts for the 2020/2021 season.
The European share of audio-visual rights is logically more significant for clubs in the Champions
League than for clubs in the Europa League: more than 50% for PSG, Marseille and Rennes against
30% Lille and Nice.
DNC G R E PORT LI G U E 1 18

DISTRIBUTION OF AUDIO-VISUAL RIGHTS BY COMPETITION

1% 3
%

34%
62%

LFP RIGHTS - NATIONAL CUPS

CHAMPIONSHIP RIGHTS
INTERNATIONAL OTHER
CUPS RIGHTS RIGHTS

Overall, audio-visual rights linked to international cups represent 34% of total audio-visual rights
in 2020/2021, compared to 30% in 2019/2020.
DNC G R EPORT LIGUE 1 19

2 .1 .2 .2 TICKETING RECEIPTS
Due to the COVID-19 health crisis, during the 2020/2021 season, the limit of 5,000 spectators was
in effect from September to October, and from the end of October, the stadiums could no longer
accommodate fans. This part therefore appears to be irrelevant in this report.

2 .1 .2 .3 SPONSORSHIP / ADVERTISING, MERCHANDISING,

COMMUNITY SUBSIDIES AND OTHER INCOME
DISTRIBUTION OF RECEIPTS FROM SPONSORSHIP / ADVERTISING,
MERCHANDISING, COMMUNITY SUBSIDIES AND OTHER INCOME

100 % 97,2 98,4 99,3 100

TOTAL PERCENTAGES
94,4 95,8
92,8
91,1
90 % 86,9
89,1
84,5
82,1
80 % 77,1
79,6
74,0
70,8
70 % 67,2
63,4
60 % 56,3

50 % 47,6

40 %
30 %
20 %
10 % 8,7
7,1
3,8 3,6 3,2 3,1 2,6 2,5 2,4 2,4 2,2 2,0 1,7 1,6 1,4 1,3 1,2 PERCENTAGES
0% 0,9 0,7

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
CLUBS
PARIS
LYON
MARSEILLE
LILLE
NICE
MONACO
ST-ÉTIENNE
REIMS
STRASBOURG
MONTPELLIER
NANTES
BORDEAUX
METZ
LORIENT
RENNES
LENS
BREST
DIJON
ANGERS
NIMES

The curve shows a very high concentration of these revenues. This concentration is explained by
PSG, that alone represents 47.6% of the total income resulting from sponsorship, merchandising,
subsidies and other income.
DNC G R E PORT LI G U E 1 20

2 .1 .3 OPERATING EXPENSES
EVOLUTION OF OPERATING EXPENSES

Operating expenses amounted to 2.772 billion euros in Ligue 1, more than 1 billion euros more than
non-transfer income.
 fter an 11% increase between 2017/2018 and 2018/2019 and 2% between 2018/2019 and
A
2019/2020, operating expenses increased again slightly in 2020/2021 (+4%).
This increase is due to the fact that several expense items were higher:
• Social security contributions: +23%,
• Personnel remuneration: +9%
• Allowances on transfer fees: +8%

3000 2 772
2 667
2 606
531 19 %
630 24 %
2500 2 358 715 27 %
IN MILLIONS OF EUROS AND PERCENTAGE OF TOTAL

644 27 %
536 19 %
1 919
2000 495 18 %
558 29 % 397 15 %
368 16 % 119 4%
1500 104 4% 126 5% 347 13 %
83 4 % 304 12 % 282 11 %
232 12 %
277 11 % 1 240 45 %
48 2 % 1 134 42 %
1000 242 13 % 1 085 42 %
985 42 %
838 44 %

500

2016/2017 2017/2018 2018/2019 2019/2020 2020/2021

TOTAL SOCIAL AGENTS’ TRANSFER OTHER

PAYROLL CHARGES FEES ALLOWANCES EXPENSES
DNC G R EPORT LIGUE 1 21

DISTRIBUTION OF OPERATING EXPENSES

100
100 % 95,9 97,4 98,8
TOTAL PERCENTAGES
94,1
92,1
90,0
90 % 85,6
87,8
83,4
81,0
80 % 78,3
75,0
71,1
70 % 67,0
62,2
60 % 55,8

50 % 47,5

40 % 38,8

30 % 28,8

20 %
10 % 10,1 8,7 8,2
6,4
4,8 4,1 3,9 3,3 2,7 2,4 2,2 2,2 2,2 2,1 2,0 1,8 1,5 1,4 1,2
0% PERCENTAGES

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
CLUBS
PARIS
LYON
MONACO
MARSEILLE
LILLE
RENNES
NICE
BORDEAUX
ST-ÉTIENNE
NANTES
MONTPELIER
REIMS
LENS
ANGERS
STRASBOURG
METZ
LORIENT
BREST
DIJON
NÎMES

Like the income, the expenses are highly concentrated in Ligue 1: 6 clubs alone account for more
than two-thirds of the Ligue 1 total operating expenses.
The share of PSG in the total operating expenses is lower than its share in the total operating
income (28.8% versus 35.3%).
Monaco is the third club in Ligue 1 in terms of operating expenses (8.7%), but the 7th in terms of
income (3.9%).
DNC G R E PORT LI G U E 1 22

2 .1 .3.1 TOTAL PAYROLL

DISTRIBUTION OF THE TOTAL PAYROLL

100
100 % 95,7
97,3 98,7
TOTAL PERCENTAGES
93,7
91,7
89,6
90 % 85,3
87,5
82,7
80,1
80 % 77,2
74,0
69,8
70 % 65,7
61,0
60 % 55,4

50 % 47,9

40,2
40 %
31,7
30 %
20 %
10 % 8,5 7,7 7,5
5,6 4,7 4,2 4,1 3,2 2,9 2,6 2,5 2,2 2,2 2,0 2,0 2,0 1,6 1,4 1,3 PERCENTAGES
0%

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
CLUBS
PARIS
LYON
MARSEILLE
MONACO
LILLE
RENNES
NICE
BORDEAUX
ST-ÉTIENNE
NANTES
MONTPELLIER
ANGERS
REIMS
LENS
STRASBOURG
LORIENT
METZ
BREST
DIJON
NÎMES

The total payroll is the main expense of Ligue 1 clubs (57% of total operating expenses).
The total wages vary greatly from one club to another. As such, PSG represents almost a third of
the Ligue 1 total payroll, i.e. as much as the 14 clubs with the lowest payrolls.
DNC G R EPORT LIGUE 1 23

2 .1 .3.2 PAYROLL ANALYSIS

DETAILS OF REMUNERATION BY PERSONNEL CATEGORY

In thousands of euros 2019/2020 2020/2021 VARIATION

Professional players 853,778 934,402 +9%

Base salary 793,115 875,832 +10%
Variable bonuses 60,663 58,570 -5%
Professional coaches and personnel 90,095 124,628 +38%
Base salary 81,095 115,204 +42%
Variable bonuses 9,000 9,424 +5%
Other players 24,322 36,603 +50%
Base salary 21,789 30,380 +39%
Bonuses 2,533 6,223 +146%
Other personnel 156,971 141,846 -11%
Base salary 153,556 139,009 -9%
Bonuses 3,415 2,837 -17%

Variable bonuses represent a small proportion of the wages for all categories of employees.
Apart from the category of other personnel, all categories are up compared to the previous
season. The categories of Professional coaches and personnel as well as Other Players are
notably sharply higher (+38% and +50% respectively) thanks to the increase of base salaries
(+42% and +39%).
DNC G R E PORT LI G U E 1 24

FIXED AND VARIABLE REMUNERATION

100 %
98 98
90 % 94 93 92
90 90
80 % 83

70 %
60 %
50 %
40 %
30 %
20 %
17
10 %
10 10
7 8 2 2
6
0%
FIXED BONUSES FIXED BONUSES FIXED BONUSES FIXED BONUSES

PRO PLAYERS TRAINERS & STAFF OTHER PLAYERS OTHER PERSONNEL

2019/2020 2020/2021
SEASON SEASON

The variable share of wages is broadly stable and never exceeds 10% of total remuneration,
regardless of the personnel category.

DISTRIBUTION OF THE TOTAL PAYROLL

1%
14%
7%
2%

70%
5%

PRO PLAYERS PRO PLAYERS FIXED OTHER FIXED

FIXED VARIABLE PLAYERS STAFF
STAFF FIXED OTHER FIXED OTHER VARIABLE OTHER
VARIABLE PERSONS PLAYERS PERSONS

Professional players represent 75% of the total payroll of Ligue 1 clubs, i.e. €934 M compared to
€854 M in 2019/2020.
DNC G R EPORT LIGUE 1 25

CUMULATIVE PERCENTAGE OF PLAYER SALARIES PER DECILE

60 %
56 %

50 %
SHARE IN THE SALARIES OF LIGUE 1 PLAYERS

40 %

30 %

20 %
15 %

9%
10 % 7%
5% 4%
2% 1% 1% 0%
0%
0-10 % 10-20 % 20-30 % 30-40 % 40-50 % 50-60 % 60-70 % 70-80 % 80-90 % 90-100 %

INDIVIDUAL WAGE BRACKETS (IN ORDER OF DECREASING WAGES)

As in 2019/2020, very large disparities between the contractual salaries of Ligue 1 players are
observed. The top 10% of best paid players earn more than the 90% of least well paid players.

30/06 30/06 30/06 30/06 30/06

Player portfolio analysis 2021 2022 2023 2024 2025

Percentage of contracts
arriving 26% 24% 27% 18% 5%
at maturity

Percentage of sum of wages

arriving 21% 21% 21% 32% 5%
at maturity
DNC G R E PORT LI G U E 1 26

2 .1 .4 OPERATIONS INVOLVING PLAYERS

PLAYER TRANSFERS BY FRENCH PROFESSIONAL CLUBS FOR THE
2020-2021 SEASON

SALES

€39.5 M / 18 TRANSFERTS

MUTATIONS MUTATIONS
INTRA-LIGUE 1 INTRA-LIGUE 2
€302.7 M €101.5 M €3.9 M €0.3 M
50 TRANSFERTS 26 TRANSFERTS 6 TRANSFERTS 2 TRANSFERTS

SALES SALES

BALANCE BALANCE
LIGUE 1 / FOREIGN LIGUE 1 / LIGUE 2
€-42.8 M €-38.6 M
FOREIGN

PURCHASES PURCHASES

€345.5 M €42.5 M
61 TRANSFERTS 15 TRANSFERTS

PURCHASES

€9.5 M / 21 TRANSFERTS

DIRECTION OF PLAYER MOVEMENT

DNC G R EPORT LIGUE 1 27

Evolution of the balance 2018/2019 2019/2020 2020/2021

of transfers in €M
France sales 108.1 210.3 105.4
Foreign sales 677.7 455.9 302.7
France purchases -137.4 -267.8 -144
Foreign purchases -370.2 -490.8 -345.5

BALANCE 278.2 -92.4 -81.4

As in the previous season, the balance of transfers shows a strong deficit (-€81.4 million) while it
was largely profitable in 2018/2019.

Cross transfers per ligue in €M

Arrival ligue

Departure ligue Foreign Ligue 1 Ligue 2 Total

Foreign
Number of transfers 61 21 82
Amount 345.5 9.5 355
Ligue 1
Number of transfers 50 26 6 82
Amount 302.7 101.5 3.9 408.1
Ligue 2
Number of transfers 18 15 2 35
Amount 39.5 42.5 0.3 82.3
TOTAL NUMBER 68 102 29 199

TOTAL AMOUNT OF TRANSFERS 342.2 489.5 13.7 845.4

Transfer operations in €M
Transfer price 496.8
Net book value of transferred players 81.3
Capital gains on transfers 365.1
Reversal of provisions on transfer fees 26.2
Allowances for provisions for impairment of transfer fees 70.7
Result of transfer operations 320.5
DNC G R E PORT LI G U E 1 28

2 .1 .5 RESULTS
BREAKDOWN OF NET INCOME

840
800
635 624
600
381
400 321
251
IN MILLION OF EUROS

176
200
64
-25
0 -68
20
-93 -126 -270
-200 -159
-276
-400 -317
-446 -646
-600
-666 -703 -837
-800

-1 000
-1070
-1 200
-1158

2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021

OPERATING INCOME TRANSFER CURRENT NET PROFIT

EXCLUDING TRANSFERS RESULT OPERATING PROFIT (LOSS)

The net income of Ligue 1 clubs was negative (-€646 M) for the fifth consecutive season and
experienced a major drop, from -€270 M to -€646 M.
The current operating income continues to collapse (-€769 million since the 2018-2019 season).
DNC G R EPORT LIGUE 1 29

ESTABLISHMENT OF THE NET INCOME

SPONSORS AMORT. TRANSFER

€451 M GATE RECEIPTS €536 M

€8 M

OTHER EXPENSE

€158 M

NET TV RIGHTS
NET PROFIT NET
RECEIPTS (LOSS) EXPENSES
€836 M €-646 M
€2 466 M €2 736 M

TEAM COST

€1 586 M
TRANSFER OPERATIONS

€321 M
OTHER EARNINGS OVERHEAD COSTS

€555 M €537 M
DNC G R E PORT LI G U E 1 30

ANALYSE OF THE ESTABLISHMENT OF THE NET INCOME

2500

RECEIPTS
MATCHES
€8 M
2000 OTHER TEAM
EXPENSES COST
OTHER AND €1 705 M
EARNINGS EXCEPTIONNAL
€319 M €192 M

1500 TRANSFER
OPERATIONS
€321 M

SPONSORS
€451 M
1000

TV RIGHTS
€836 M
500

OVERHEAD
€530 M

0
RESULT
NET
€-646 M
AMORT.
TRANSFER
FEES
€536 M

REVENUES EXPENSES BALANCE

DNC G R EPORT LIGUE 1 31
DNC G R E PORT LI G U E 1 32

2 .1 .6 FINANCING OF THE CLUBS

CHANGES IN SHAREHOLDERS’ EQUITY AND CURRENT ACCOUNTS

Shareholder contributions (shareholders’ equity and shareholder current accounts) continued

their decline that began during the previous season (-41.5% compared to 2019/2020). They are
back to the level seen in the 2015/2016 season.

1500
568

600
535
1200
IN EURO MILLIONS

900 573
889

450 732 761 222

412
600
536

300 346
286 291

0
2014/2015 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021

EQUITY CURRENT
ACCOUNTS
DNC G R EPORT LIGUE 1 33

COVERAGE OF FIXED ASSETS BY SHAREHOLDERS’ EQUITY AND

CURRENT ACCOUNTS

2 054
1 979
2000 783 1 928
1 876 522 1 874
1 794 900
544 578
1 702 745 1 695
667 937

1500
1 457
1 306
1 257
387 1 332
1 296
IN EURO MILLIONS

671 1 271

1000 1 035 1 049 1028

919

758

500 586

0
2016/2017 2017/2018 2018/2019 2019/2020 2020/2021

SHAREHOLDERS’ EQUITY FINANCIAL PLAYERS INTANGIBLE OTHER FIXED

AND CURRENT ACCOUNTS DEBT ASSETS ASSETS

As in the 2019/2020 season, overall coverage of fixed assets is below the 100% threshold with
88% coverage in 2020/2021 compared to 91% in 2019/2020.
Specifically, the decrease of fixed assets (-6%), driven by the decrease of player intangible
assets (-19%), is not enough to offset the decline of the coverage (-10%), which is mainly due to
declining shareholders’ equity and current accounts (-42%).
There was also a sharp increase of financial debt (+62%) compared to the 2019/2020 season.

Cash flow statement (in €M) 2019/2020 2020/2021

Net cash inflows / outflows from
-437 -420
operating activities
Net cash inflows / outflows from
257 -207
investment activities
Net cash inflows / outflows from
277 616
financing activities
Other cash inflows / outflows 25 3
Net cash inflows / outflows during
122 -7
the reporting period
DNC G R E PORT LI G U E 1 34

2 .1 .7 ANALYSIS OF ACHIEVEMENTS COMPARED

TO INITIAL 2020/2021 SEASON BUDGETS

INITIAL
In thousands of euros ACTUAL GAP
BUDGET

Audio-visual rights 1,117,698 835,654 -282,044

Sponsors - Advertising 512,149 451,271 -60,878
Match receipts 188,455 7,905 -180,550
Other income (including merchandising) 191,026 319,433 +128,407

TOTAL NON-TRANSFER INCOME 2,009,329 1,614,263 -395,066

Remuneration of management personnel 1,623,125 1,586,489 -36,636
Costs of transfers 657,685 655,079 -2,606
Other expenses 671,955 530,722 -141,233

TOTAL OPERATING EXPENSES 2,952,766 2,772,290 -180,476

RESULT OF OPERATIONS EXCLUDING TRANSFERS -943,438 -1,158,027 -214,589

RESULT OF TRANSFER OPERATIONS 727,082 320,548 -406,534

CURRENT OPERATING INCOME -216,356 -837,479 -621,123

Financial result -33,768 -40,052 -6,284
Extraordinary income: other -13,262 -4,117 +9,145
Corporate tax -9,992 10,170 +20,162
Except. rest.: Current accounts abandonment / reversal 54,584 225,590 +171,006

NET INCOME -218,793 -645,888 -427,095

Non-transfer income is much lower than in the initial budget (-20%) while non-transfer operating
expenses are only slightly lower than in the initial budget (-6%)
Following the TV rights crisis and the health crisis, we note in particular that Audio-Visual Rights
(-25%) and Match receipts (-96%) are much lower than in the initial budget
For their part, the exceptional results are much more significant than in the initial budget (+€180
M in total)
Ultimately, the net income shows significant deterioration, with the negative impact of the health
crisis on the COI being greater than its counterpart in exceptional receipts.
DNC G R EPORT LIGUE 1 35

2 .2 LINK BETWEEN SPORTS RESULTS

AND FINANCIAL CHARACTERISTICS
2 .2.1 SPORTS RESULTS

TEAMS RANKING POINTS

Lille 1 83
Paris 2 82
Monaco 3 78
Lyon 4 76
Marseille 5 60
Rennes 6 58
Lens 7 57
Montpellier 8 54
Nice 9 52
Metz 10 47
StEtienne 11 46
Bordeaux 12 45
Angers 13 44
Reims 14 42
Strasbourg 15 42
Lorient 16 42
Brest 17 41
Nantes 18 40
Nimes 19 35
Dijon 20 21

NUMBER OF EUROPEAN
TEAMS ELIMINATION MATCHES PLAYED

CHAMPIONS LEAGUE
Paris Saint-Germain Semi-final 12
Olympique de Marseille Group phase 6
Stade Rennais FC Group phase 6

EUROPA LEAGUE
LOSC Lille Round of 32 8
OGC Nice Group phases 6
Stade de Reims Qualification phases (2)

WINNER OF THE FRENCH CUP

Paris Saint-Germain

(Reims played the second and third qualifying rounds)

R APPORT DNC G LI G U E 1 36

9
SPORTS RANKING

10

11

12

13

14

15

16

17

18

19

20
20

19

18

17

16

15

14

13

12

11

10

BUDGET RANKING

In Ligue 1, the correlation between the budget and sports rankings is quite strong, especially for
the largest budgets: the 5 richest clubs are in the championship’s top 6.
However, Lens, club with the 15th highest budget finished 7th in the championship.
DNC G R EPORT LIGUE 1 37

NUMBER OF PROFITABLE AND LOSS-MAKING CLUBS

16

14 15

12

10

2 3
2
0
LOSSES > 3M LOSSES < 3M PROFITS < 3M

Only 3 Ligue 1 clubs are profitable in 2020/2021, compared to 10 clubs for the 2019/2020 season.
15 clubs have losses in excess of €3 M compared to only 7 for the 2019/2020 season.
DNC G R E PORT LI G U E 1 38

2 .2.2 SPORTS RISKS / OPPORTUNITIES

AND PAYROLL

The relationship between the total payroll and the average number of points earned per game in
the championship is relatively strong but it does not explain everything: for equal total payroll,
the points differential can be extremely high.
Symmetrically, there is a very high variability of the payrolls for teams that score the same
average number of points per match.
Thus, an increased payroll is not an absolute guarantee of better sports results.

(2011/2012 TO 2020/2021 SEASONS)

3,0
30 M€ 70 M€

2,5
CHAMPIONSHIP POINTS

2,0

1,5

1,1 points
1,0

0,5

0
100 200 300 400 500

PERSONNEL WAGES
(IN MILLIONS OF EUROS)

RELEGATION MAINTAINING WITHOUT UEL UCL

EUROPEAN CUPS QUALIFICATION QUALIFICATION
DNC G R EPORT LIGUE 1 39

There are two major risks for Ligue 1 clubs:

Relegation or playing in the play-offs for those with a budget to focus on maintenance
Lack of qualification in European cups for with a budget to play in a European cup.
The above graph analyses the relationship between the average number of points earned per game
in the championship and the payroll over the past ten seasons. The findings of the previous DNCG
reports are still valid for the 2020/2021 season:
Only one team with a total payroll above 30 million euros has been relegated over the last ten years:
Toulouse during the 2019/2020 season (Nantes, during the 2020/2021 season, finished 18th but
maintained itself via the play-offs).
With the exception of the OGC Nice at the end of the 2012/2013 season, no team with a total payroll
below 30 million euros has qualified in the Europa League through its championship ranking.
With the exception of Montpellier at the end of the 2011/2012 season, Lille at the end of the
2013/2014 season, Nice in 2016/2017 and Rennes in 2019/2020, no team with a total payroll below
70 million euros has qualified for the Champions League.
ST-ÉTIENNE
DNC G R E PORT LI G U E 1 40

Three groups of teams can be identified:

G
 roup 1: clubs with a total payroll above 70 million euros. 82% of them have qualified for the
European Cups and no team has been relegated in the last ten seasons. The main risk for these
clubs is the lack of qualification in the Champions League group phases.
G
 roup 2: clubs with a total payroll between 30 and 70 million euros. Only 1% have been relegated
in the last ten seasons. Of these clubs, one in five qualified for European Cups during the same
period (Europa League: 14%, Champions League: 6%).
G
 roup 3: clubs with a total payroll below 30 million euros. More than a quarter of these clubs
(28%) have been relegated and only 1% have qualified for European Cups (Europa League only) in
the last ten seasons.

SPORTS RESULT BASED ON THE PAYROLL (2011/2012 TO

2020/2021 SEASONS)

SHARE OF SHARE OF SHARE OF

SHARE OF TEAMS MAIN- TEAMS QUAL- TEAMS
PAYROLL RELEGATED TAINED WITH- IFIED QUALIFIED IN
TEAMS OUT EUROPEAN IN EUROPA CHAMPIONS
CUPS LEAGUE LEAGUE
Above €70 M 0% 18% 23% 59%

Between €30 and €70 M 1% 79% 14% 6%

Below €30 M 28% 71% 1% 0%

DNC G R EPORT LIGUE 1 41

2.2.3 A STRONG IMPACT OF SPORTS RESULTS

ON REVENUES

At the end of a season, four scenarios are possible for a Ligue 1 team: relegation to Ligue 2,
maintenance in Ligue 1 without qualification in the European Cup, qualification in Europa League or
qualification in the Champions League.
The four scenarios have very important consequences for club revenues:
R
 elagation: on average, the non-transfer income of the two Ligue 1 teams relegated at the end
of the 2019/2020 season (Amiens and Toulouse) decreased by €10.4 M between 2019/2020 and
2020/2021. Each club lost 42% and 28% of its revenues, respectively.
E uropa League qualification: this competition generates up to €18 M in revenues for clubs thanks
to the UEFA audio-visual rights and ticketing.
Qualification in the Champions League final phase: this competition generates revenues ranging
from €34.6 M (Rennes) to €146.0 M (PSG) for the clubs, derived from UEFA audio-visual rights and
ticketing. If the participation in the Champions League final phase enabled the PSG to generate
so much revenue, it is mainly because of this club’s progress in this competition: the PSG went
through to the semi-final. Its revenues could have been higher if the matches had not taken place
with limited attendance or behind closed doors.
DNC G R E PORT LI G U E 1 42

2 .2.4 CORRELATION BETWEEN ANNUAL AVERAGE GROSS

PAYROLL AND SPORTS SUCCESS
AVERAGE GROSS PAYROLL BASED ON SPORTS PERFORMANCE OF THE
CLUBS (SEASONS 2011/2012 TO 2020/2021)

200

150 159,5

100

74,7
50

36,8

21,2
0
1. RELEGATION 2. MAINTENANCE 3. UEL QUALIF 4. UCL QUALIF

IN EURO MILLIONS

The observation made in the DNCG 2019/2020 report is still valid when we include the 2020/2021
season:
Over the last 10 seasons:
The teams that were relegated had on average a total payroll slightly above €20 M.
The teams that were maintained without qualifying in the European Cup had an average total
payroll of around €37 M.
The teams that qualified in the Champions League had an average payroll of around €160 M.
R A PPORT DNC G LIGUE 1 43
DNC G R E PORT LI G U E 1 44

2 .2.5 ANALYSIS BY GROUPS OF CLUB FOR

THE 2020/2021 SEASON

After the above analyses, it is possible to distinguish 3 groups of clubs according to their overall
total payroll:

Group Clubs
Paris, Marseille, Monaco,
Group 1: Payroll above €70 M
Lyon, Lille, Rennes
Saint Etienne, Bordeaux, Montpellier, Nice, Nantes,
Group 2: Payroll between €30 and €70 M
Angers, Strasbourg, Reims, Lens, Lorient, Metz

Group 3: Payroll below €30 M Dijon, Nîmes, Brest

CUMULATIVE OPERATING RESULT BY GROUP (2020/2021 SEASON)

0
-32,6

-100

-200

-300 -347,8

-400

-500

-600

-700
-777,6

-800
GROUPE 1 GROUP 2 GROUP 3

IN EURO MILLIONS
DNC G R EPORT LIGUE 1 45

CUMULATIVE NET INCOME BY GROUP (2020/2021 SEASON)

0
-11,3

-100

-183,4

-200

-300

-400
-451,2

-500
GROUP 1 GROUP 2 GROUP 3

IN EURO MILLIONS
On average, the operating results of the clubs are the following: -€778 M for the Group 1 clubs,
-€348 M for the Group 2 clubs, and -€33 M for the Group 3 clubs.
In terms of net income, all groups posted a deficit.
DNC G R E PORT LI G U E 2 46
DNC G R E PORT LIGUE 2 47

TOULOUSE
DNC G R E PORT LI G U E 2 48

3 LIGUE 2
3.1 KEY FIGURES
3.1.1 SUMMARY

CUMULATIVE INCOME STATEMENT 2019/2020 2020/2021 VARIATION

In thousands of euros

Audio-visual rights 105,671 105,007 -1%

Sponsors - Advertising 37,183 30,006 -19%
Match receipts 16,970 3,614 -79%
Other income (including merchandising) 34,080 60,402 +77%

TOTAL NON-TRANSFER INCOME 193,904 199,029 +3%

Personnel remuneration 133,941 151,233 +13%
Social security contributions 48,026 42,884 -11%
Transfer fees 15,767 23,158 +47%
Agent fees 9,422 7,889 -16%
Other expenses 118,382 104,945 -11%

TOTAL OPERATING EXPENSES 325,538 330,109 +1%

RESULT OF OPERATIONS EXCLUDING TRANSFERS -131,634 -131,080 0%

RESULT OF TRANSFER OPERATIONS 114,812 87,980 -23%

CURRENT OPERATING INCOME -16,822 -43,100 -156%

Financial result -796 -430 +46%
Extraordinary income: other 18,734 3,220 -83%
Corporate tax -2,161 52 +102%
Except. rest.: Current accounts abandonment / reversal 1,600 1,009 -37%

NET INCOME 555 -39,249 -7172%

DNC G R E PORT LIGUE 2 49

CUMULATIVE BALANCE SHEET 2019/2020 2020/2021 VARIATION

In thousands of euros

Intangible assets: transfer fees 21,369 28,045 +31%

Other fixed assets 129,821 93,627 -28%
Receivables from player transfers 74,987 71,707 -4%
Other current assets 52,239 74,117 +42%
Cash and marketable securities 85,232 114,569 +34%

TOTAL ASSETS 363,648 382,065 +5%

Shareholders' equity 108,213 69,689 -36%
Shareholder current accounts 47,576 82,791 +74%
Provisions for contingencies and losses 9,845 6,070 -38%
Financial debts 78,465 81,559 +4%
Debts on player transfers 10,968 18,187 +66%
Other debts 108,581 123,769 +14%

TOTAL LIABILITIES 363,648 382,065 +5%

RESULT FOR THE YEAR 555 -39,249 -7172%

DNC G R E PORT LI G U E 2 50

3.1 .2 INCOME
EVOLUTION OF TOTAL INCOME (INCLUDING RESULT OF TRANSFERS)

350
316 309
303
105 33 %
300 88 29 % 115 37 % 287
270
IN MILLIONS OF EUROS AND PERCENTAGE OF TOTAL

88 31 %
50 18 %
250

35 13 % 32 11 %
200 34 11 %
34 11 % 60 21 %
24 9% 19 6% 21 7%
150 45 17 % 45 15 % 17 6%
41 13 %
37 12 % 4 1%
30 10 %
116 43 % 120 39 % 115 36 %
100 106 34 % 105 37 %

50

2016/2017 2017/2018 2018/2019 2019/2020 2020/2021

BROADCASTING PONSORS GATE OTHER TRANSFER

RIGHTS ADVERTISING RECEIPTS EARNINGS RESULT

Total income amounted to €287 M for the entire Ligue 2 in 2020/2021 compared to €309 M in
2019/2020, which corresponds to a 7% decrease.
This decrease can notably be explained by the marked decrease of the results of transfers
(-23%), ticketing receipts (-76%) and advertising sponsors (-19%), mainly due to the COVID crisis
and the season played behind closed doors.
Conversely, the other income grew (+76%), as the vast majority of COVID aid paid to clubs comes
under this item.
DNC G R E PORT LIGUE 2 51

EVOLUTION OF OPERATING INCOME

250
220 215 211
35 16 % 32 15 % 34 16 % 194 199
IN MILLIONS OF EUROS AND PERCENTAGE OF TOTAL

200
34 17 % 60 30 %
24 11 % 19 9%
21 10 %
45 20 % 45 21 % 17 9%
150 41 19 %
37 19 % 4 2%
30 15 %
116 53 % 120 55 % 115 55 %
100 106 55 % 105 53 %

50

2016/2017 2017/2018 2018/2019 2019/2020 2020/2021

BROADCASTING PONSORS GATE OTHER

RIGHTS ADVERTISING RECEIPTS EARNINGS

Non-transfer income amounted to €199 M in Ligue 2 in 2020/2021 compared to €194 M in

2019/2020, which corresponds to a 3% increase.
The effects of Covid have therefore been well offset for 2 seasons in Ligue 2.
Ligue 2 non-transfer income represents 12% of the Ligue 1 non-transfer income.
DNC G R E PORT LI G U E 2 52

CUMULATIVE PERCENTAGE OF OPERATING INCOME

100
100 % 96,9 TOTAL PERCENTAGES
93,6
90,0
90 % 86,4
82,7
80 % 78,9
75,0
71,1
70 % 67,3
63,3
60 % 59,2
55,1
50,3
50 %
45,3
39,9
40 %
34,4

30 % 28,1

20,7
20 %
13,1
10 % 7,6 7,5 6,2 5,6 5,4 5,0 4,8 4,1 4,1 3,9 3,9 3,9 3,9 3,8 3,7 3,6 3,5 3,3 3,1
0% PERCENTAGES

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
CLUBS
TOULOUSE
CAEN
AMIENS
PARIS FC
GUINGAMP
LE HAVRE
TROYES
NANCY
AUXERRE
GRENOBLE
AJACCIO
NIORT
SOCHAUX
DUNKERQUE
CLERMONT
PAU
VALENCIENNES
RODEZ
CHAMBLY
CHÂTEAUROUX

The x-axis shows the teams ranked from the one with the highest non-transfer income to the one with the lowest non-transfer income.
On the y-axis is the cumulative percentage of the non-transfer income in Ligue 2.

The non-transfer income is much less concentrated in Ligue 2 than in Ligue 1. The top 5 of the
Ligue 2 highest revenues together represent 40% of the Ligue 2 total revenues (compared to
63% in Ligue 1).
Operating revenues for Ligue 2 clubs range from €6.1 M to €26 M.
DNC G R E PORT LIGUE 2 53

OPERATING
REVENUES
FOR LIGUE 2
CLUBS ARE
BETWEEN
€6.1 AND €26 M.
DNC G R E PORT LI G U E 2 54

3.1 .2 .1 AUDIO-VISUAL RIGHTS

DISTRIBUTION OF AUDIO-VISUAL RIGHTS OF LIGUE 2 CLUBS

100
100 % 96,5 TOTAL PERCENTAGES
92,9
90 % 85,4
89,2

81,5
80 % 77,4
73,2
70 % 69,0
64,6
60,2
60 % 55,4
50,6
50 % 45,9
41,0
40 % 36,0
30,7
30 %
25,4

20 % 19,6

12,2
10 % 7,4
5,8 5,4 5,3 4,9 4,9 4,8 4,8 4,8 4,5 4,3 4,2 4,2 4,1 3,9 3,8 3,6 3,6 3,5
0% PERCENTAGES

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
CLUBS
TOULOUSE
AMIENS
GUINGAMP
CAEN
TROYES
PARIS FC
CLERMONT
LE HAVRE
AUXERRE
SOCHAUX
NANCY
VALENCIENNES
AJACCIO
GRENOBLE
NIORT
CHÂTEAUROUX
RODEZ
DUNKERQUE
CHAMBLY
PAU

With the exception of Toulouse and Amiens (relegated), the Ligue 2 audio-visual rights are evenly
divided between the teams. This very balanced distribution is explained by the redistribution
mode of audio-visual rights between Ligue 2 clubs, in which the fixed share is predominant.
The first in the ranking (Toulouse) receives 12.2% of audio-visual rights against 8.6% for Caen in
2019/2020 and 8.5% for Metz in 2018/2019.
DNC G R E PORT LIGUE 2 55

DISTRIBUTION OF AUDIO-VISUAL RIGHTS OF LIGUE 2 CLUBS

BY COMPETITION

19%
1%

81%

LFP RIGHTS - NATIONAL INTERNATIONAL OTHER

CHAMPIONSHIP CUPS RIGHTS CUPS RIGHTS RIGHTS

Most of the audio-visual rights collected by Ligue 2 clubs are championship rights.
The share of National cups in the audio-visual rights is even lower than last season (1% compared
to 6% in 2019/2020). This is explained by the fact that no Ligue 2 team (except Toulouse) has
reached a very advanced stage in the Coupe de France and by the abolition of the Coupe de la
Ligue.
The “Other rights” category consists mainly of relegation aid and UEFA subsidies for training
centres.
DNC G R E PORT LI G U E 2 56

3.1 .2 .2 MATCH RECEIPTS

Due to the COVID-19 health crisis, during the 2020/2021 season, the limit of 5,000 spectators was
in effect from September to October, and from the end of October, the stadiums could no longer
accommodate fans. This part therefore appears to be irrelevant in this report.
ESTAC TROYES
DNC G R E PORT LI G U E 2 57

3.1 .2 .3 SPONSORSHIP / ADVERTISING, MERCHANDISING,

COMMUNITY SUBSIDIES AND OTHER INCOME

The sponsorship / advertising, merchandising, community subsidies and other income together
represent 45% of the Ligue 2 total non-transfer income, compared to 37% for the previous
season.
Within these categories, sponsorship and advertising have a predominant weight, even if this
share tends to decrease over the seasons (33% versus 52% in 2019/2020 and 55% in 2018/2019).
These revenues are moderately concentrated: 10 clubs represent 69.2% of the total.

DISTRIBUTION OF RECEIPTS FROM SPONSORSHIP / ADVERTISING,

MERCHANDISING, COMMUNITY SUBSIDIES AND OTHER INCOME

100
100 % 95,3
97,9 POURCENTAGES CUMULÉS
92,6
89,7
90 % 86,7
83,6
80,2
80 % 76,6
73,0
70 % 65,3
69,2

61,1
60 % 56,4
51,4
50 % 46,0
39,9
40 %
32,7
30 %
24,8

20 %
14,5

10 % 10,2
7,9 7,2 6,1 5,4 5,0 4,7 4,2 3,9 3,8 3,6 3,6 3,4 3,1 3,1 2,8 2,7 2,7 2,1 POURCENTAGES
0%

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
CLUBS
TOULOUSE
CAEN
PARIS FC
AMIENS
LE HAVRE
GUIGAMP
NANCY
TROYES
DUNKERQUE
PAU
GRENAOBLE
AJACCIO
NIORT
AUXERRE
CHAMBLY
RODEZ
SOCHAUX
VALENCIENNES
CLERMONT
CHÂTEAUROUX
DNC G R E PORT LIGUE 2 58

3.1 .3 OPERATING EXPENSES

EVOLUTION OF OPERATING EXPENSES

344
350 330
124 36 % 326
317
118 36 % 105 32 %
115 36 %
300 278
EN MILLIONS D’EUROS ET POURCENTAGE DU TOTAL

110 40 %
250
13 4% 23 7%
200 10 3% 8 2% 16 5% 8 2%
8 3% 58 17 % 9 3% 43 13 %
3 1% 54 17 % 48 15 %
5 2%
150 47 16 %
151 46 %
141 41 % 134 41 %
130 41 %
100 113 41 %

50

2016/2017 2017/2018 2018/2019 2019/2020 2020/2021

TOTAL SOCIAL AGENTS’ TRANSFER OTHER

PAYROLL CHARGES FEES ALLOWANCES EXPENSES

The Ligue 2 operating expenses amounted to €330 M (+1% compared to 2019/2020).

The breakdown of the operating expenses of Ligue 2 clubs in 2020/2021 is comparable to that of
the 2019/2020 season.
DNC G R E PORT LI G U E 2 59

DISTRIBUTION OF OPERATING EXPENSES

100
100 % 96,3
98,1 TOTAL PERCENTAGES
94,2
91,8
90 % 87,0
89,4
84,5
81,5
80 % 78,2
74,0
69,7
70 %
65,1

60 % 59,4
53,3
50 % 46,3

40 % 39,3

31,2
30 %
22,9
20 %
13,6
10 % 9,1 8,4 8,1 7,0 6,9 6,1 5,7 4,6 4,3 4,2 3,3 3,0 2,5 2,4 2,4 2,4 2,1 1,9 1,9
0% PERCENTAGES

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
CLUBS
TOULOUSE
AMIENS
GUINGAMP
CAEN
LE HAVRE
AUXERRE
TROYES
PARIS FC
SOCHAUX
CLERMONT
NANCY
VALENCIENNE
AJACCIO
GRENOBLE
NIORT
CHÂTAUROUX
CHAMBLY
DUNKERQUE
RODEZ
PAU

As in the previous season, the operating expenses are slightly more concentrated than the non-
transfer income in Ligue 2. There is therefore somewhat more disparity in the expenses than in
the income between Ligue 2 clubs.
DNC G R E PORT LIGUE 2 60

3.1 .3.1 TOTAL PAYROLL

DISTRIBUTION OF THE TOTAL PAYROLL

100
100 % 96,0
98,0 TOTAL PERCENTAGES
93,8
91,4
90 % 86,5
89,0
83,7
80,7
80 % 77,6
73,7
70 % 69,2
64,7

60 % 58,6

51,8
50 %
44,8

40 % 37,7

30,3
30 %
22,4
20 %
13,3
10 % 9,0 7,9 7,4 7,1 7,0 6,8 6,1 4,6 4,5 3,9 3,1 3,0 2,7 2,5 2,4 2,4 2,3 2,0 2,0
0% PERCENTAGES

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
CLUBS
TOULOUSE
CAEN
AUXERRE
GUINGAMP
TROYES
LE HAVRE
PARIS FC
AMIENS
NANCY
SOCHAUX
CLERMONT
VALENCIENNES
CHAMBLY
CHÂTEAUROUX
AJACCIO
DUNKERQUE
NIORT
GRENOBLE
PAU
RODEZ

The total payroll is not very concentrated in Ligue 2 even if the concentration has increased
slightly in recent years: the top 3 represent 30.3% of the total payroll (28.5% in 2019/2020 and
27.6% in 2018/2019).
DNC G R E PORT LI G U E 2 61

3.1.3.2 PAYROLL ANALYSIS

DETAILS OF REMUNERATION BY PERSONNEL CATEGORY

In millions of euros 2019/2020 2020/2021 VARIATION

Professional players 77.2 91.0 +18%

Base salary 69.8 82.8 +19%
Variable bonuses 7.4 8.2 +10%
Professional coaches and personnel 14.8 14.6 -1%
Base salary 12.2 12.3 +1%
Variable bonuses 2.5 2.4 -6%
Other players 6.7 6.8 +2%
Base salary 6.3 6.6 +4%
Bonuses 0.4 0.3 -18%
Other personnel 35.3 38.0 +8%
Base salary 34.7 37.3 +8%
Bonuses 0.6 0.7 +18%

Variable remuneration is defined as the part of the salary received as a result of the achievement of objectives
set both individually and collectively. These bonuses may result from the sports results (European Cup
qualification, maintenance, final ranking, Cup progress, etc.) as well as from the presence of the players amongst
the personnel (actual presence on the match sheet, number of times in starting line-up, matches played, etc.).
DNC G R E PORT LIGUE 2 62

FIXED AND VARIABLE REMUNERATION

100 %
98 98
90 % 95 96
90 91
80 % 83 84

70 %
60 %
50 %
40 %
30 %
20 %
17 16
10 % 5 4
10 9 2 2
0%
FIXED BONUSES FIXED BONUSES FIXED BONUSES FIXED BONUSES

PRO PLAYERS TRAINERS & STAFF OTHER PLAYERS OTHER PERSONNEL

2019/2020 2020/2021
SEASON SEASON

Variable bonuses represent a small proportion of the earnings for all categories of employees in
the Ligue 2 clubs.
The variable share of salaries showed a very slightly decrease between the 2019/2020 and
2020/2021 seasons, for all personnel categories.
DNC G R E PORT LI G U E 2 63

DISTRIBUTION OF THE TOTAL PAYROLL

25%
2%

8%
55%
4% %
5

PRO PLAYERS PRO PLAYERS FIXED OTHER OTHER PLAYERS

FIXED VARIABLE PLAYERS VARIABLE
FIXED STAFF FIXED OTHER VARIABLE
STAFF VARIABLE PERSONS OTHER PERSONS

Professional players account for 60% of the total payroll of Ligue 2 clubs.
The remuneration of non-player personnel and staff represents 25% of the salaries paid by Ligue
2 clubs, compared to 14% of the salaries paid by Ligue 1 clubs.
CLERMONT FOOT 63
DNC G R E PORT LIGUE 2 64

CUMULATIVE PERCENTAGE OF PLAYER SALARIES PER DECILE

35 %
33 %

30 %

25 %
SHARE IN PLAYERS’ TOTAL FIXED WAGES

20 %
17 %

15 %
13 %

10 %
10 %
8%
6%
5%
5% 4%
3%
2%

0%
0-10 % 10-20 % 20-30 % 30-40 % 40-50 % 50-60 % 60-70 % 70-80 % 80-90 % 90-100 %

30/06 30/06 30/06 30/06 30/06

Player portfolio analysis 2020 2021 2022 2023 2024

Percentage of contracts
arriving 45% 30% 22% 3% 0%
at maturity

Percentage of sum of wages

arriving 39% 28% 30% 3% 0%
at maturity

The salaries of players are much more homogeneous in Ligue 2 than in Ligue 1. The top 10% of the
best paid Ligue 2 players represent only 33% of the Ligue 2 payroll.
DNC G R E PORT LI G U E 2 65

3.1 .4 OPERATIONS INVOLVING PLAYERS

PLAYER TRANSFERS BY FRENCH PROFESSIONAL CLUBS
FOR THE 2020-2021 SEASON

SALES

€302.7 M / 50 TRANSFERTS

INTRA-LIGUE 2 INTRA-LIGUE 1
TRANSFERS TRANSFERS
€39.5 M €0.3 M €42.5 M €101.5 M
18 TRANSFERTS 2 TRANSFERTS 15 TRANSFERTS 26 TRANSFERTS

SALES SALES

BALANCE BALANCE
LIGUE 2 / FOREIGN LIGUE 2 / LIGUE 1
€30.0 M €38.6 M
FOREIGN

PURCHASES PURCHASES

€9.5 M €3.9 M
21 TRANSFERTS BALANCE LIGUE 1 6 TRANSFERTS
€-42.8 M

PURCHASES

€345.5 M / 61 TRANSFERTS

DIRECTION OF PLAYER MOVEMENT

DNC G R E PORT LIGUE 2 66

Cross transfers per ligue in €M

Arrival ligue

Departure ligue Foreign Ligue 1 Ligue 2 Total

Foreign
Number of transfers 61 21 82
Amount 345.5 9.5 355
Ligue 1
Number of transfers 50 26 6 82
Amount 302.7 101.5 3.9 408.1
Ligue 2
Number of transfers 18 15 2 35
Amount 39.5 42.5 0.3 82.3

TOTAL NUMBER 68 102 29 199

TOTAL AMOUNT OF TRANSFERS 342.2 489.5 13.7 845.4

Evolution of the balance

2018/2019 2019/2020 2020/2021
of transfers in €M
France sales 36.9 75.8 42.8
Foreign sales 48.7 33.5 39.5
France purchases -7.6 -18.3 -4.2
Foreign purchases -8.9 -4.9 -9.5

BALANCE 69.1 86.1 68.6

DNC G R E PORT LI G U E 2 67

3.1 .5 RESULTS
All indicators of results decreased in comparison with the 2019/2020 season, with the exception
of the non-transfer Operating result that remained stable.
Net income dropped from +€1 M in 2019/2020 to -€39 M in 2020/2021. The effects of the COVID
crisis were fully felt with a lag on the 2020/2021 season in Ligue 2.

BREAKDOWN OF NET INCOME

115
115 105
88 88

65
48 50
IN EURO MILLIONS

15
1
-8
0 -18 -14
-8 -28
-18 -17 -39
-35 -21 -33
-58
-43
-69
-85 -102

-132 -132 -131

-135

2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021

RESULT EXCLUDING TRANSFER CURRENT NET PROFIT

TRANSFERS EARNINGS OP. PROFIT (LOSS)
DNC G R E PORT LIGUE 2 68

ESTABLISHMENT OF THE NET INCOME

SPONSORS AMORT. TRANSFER

€30 M GATE RECEIPTS €23 M

€4 M

OTHER EXPENSES

€1 M

NET TV RIGHTS
NET NET
RECEIPTS PROFIT EXPENSES
€105 M €-39 M
€292 M €331 M

TEAM COSTS

€202 M
TRANSFER OPERATIONS

€88 M
OTHER EARNINGS OVERHEAD COSTS

€65 M €105 M

ANALYSE OF THE ESTABLISHMENT OF THE NET INCOME

350

300
GATE
RECEIPTS TEAM
SPONSORS €4 M COST
€30 M €202 M
OTHER
EARNINGS
€65 M

200

TRANSFER
OPERATIONS
€88 M

100
TV RIGHTS
€105 M
OVER
HEAD
€105 M

AMORT.
TRANSFER
FEES
€23 M
0
OTHER
EXPENSES
€1 M

NET PROFIT
(LOSS)
REVENUES EXPENSES BALANCE €-39 M
DNC G R E PORT LI G U E 2 69

3.1 .6 FINANCING OF THE CLUBS

CHANGES IN SHAREHOLDERS’ EQUITY AND CURRENT ACCOUNTS

200

150 48 83
58
74

37

100 32 108

86 88
77
67 70

50
13
30

0
2014/2015 2015/2016 2016/2017 2017/2018 2018/2019 2019/2020 2020/2021

SHAREHOLDERS CURRENT
EQUITY ACCOUNTS

After an increase of shareholders’ equity and a decrease of current accounts over the 2019/2020
season, we note the opposite trend for the 2020/2021 season: current accounts increased by
73% and shareholders’ equity decreased by 65%. We thus find a distribution similar to that of the
2018/2019 season.
Overall, shareholder and similar funds decreased slightly over the 2020/2021 season (-2%), but
remain at a historically high level despite the unfavourable context of the health crisis.
DNC G R E PORT LIGUE 2 70

COVERAGE OF FIXED ASSETS BY SHAREHOLDERS’ EQUITY AND

CURRENT ACCOUNTS

250
234 235
78 82

200
183
177
37
161 36 160
155 151
38 137
IN EURO MILLIONS

150 137 156

130 153
135 146
141
131 122
123 94

100

50

28
23 21
4 18
0
2016/2017 2017/2018 2018/2019 2019/2020 2020/2021

SHAREHOLDERS EQUITY FINANCIAL PLAYERS INTANGIBLE OTHER FIXED

AND CURRENT ACCOUNTS DEBT ASSETS ASSETS

The trend observed over the past three seasons is confirmed: shareholders’ equity and current
accounts are significantly higher than non-current assets.
This difference became even more significant with the 2020/2021 season due to the decline of
other fixed assets (-28%).
DNC G R E PORT LI G U E 2 71

3.1 .7 ANALYSIS OF ACHIEVEMENTS COMPARED

TO INITIAL 2020/2021 SEASON BUDGETS

INITIAL
In thousands of euros ACTUAL GAP
BUDGET

Audio-visual rights 142,054 105,007 -37,047

Sponsors - Advertising 40,168 30,006 -10,162
Match receipts 14,880 3,614 -11,266
Other income (including merchandising) 27,894 60,402 +32,508

TOTAL NON-TRANSFER INCOME 224,996 199,029 -25,967

Remuneration of management personnel 199,734 194,117 -5,617
Costs of transfers 28,105 31,047 +2,942
Other expenses 109,360 104,945 -4,415

TOTAL OPERATING EXPENSES 337,199 330,109 -7,090

RESULT OF OPERATIONS EXCLUDING TRANSFERS -112,203 -131,080 -18,877

RESULT OF TRANSFER OPERATIONS 84,587 87,980 +3,393

CURRENT OPERATING INCOME -27,616 -43,100 -15,484

Financial result -271 -430 -159
Extraordinary income: other 1,471 3,220 +1,749
Corporate tax -2,075 52 +2,127
Except. rest.: Current accounts abandonment / reversal 925 1,009 +84

NET INCOME -27,566 -39,249 -11,683

DNC G R E PORT LIGUE 2 72

3.2 LINK BETWEEN SPORTS RESULTS AND FINANCIAL

CHARACTERISTICS
3.2 .1 SPORTS RESULTS

TEAMS RANKING POINTS

Troyes 1 77
Clermont 2 72
Toulouse 3 70
Grenoble 4 65
ParisFC 5 64
Auxerre 6 62
Sochaux 7 51
Nancy 8 47
Guingamp 9 47
Amiens 10 47
Valenciennes 11 47
LeHavre 12 47
ACAjaccio 13 46
Pau FC 14 44
Rodez 15 43
Dunkerque 16 41
Caen 17 41
Niort 18 41
Chambly 19 38
Chateauroux 20 23
R APPORT DNC G LI G U E 2 73

BUDGET AND SPORTS RANKING

9
SPORTS RANKING

10

11

12

13

14
Rodez Aveyron Football

15 1929

16

17

18

19

20
20

19

18

17

16

15

14

13

12

11

10

BUDGET RANKING

As in the previous season, the relationship between the budget ranking and the sports ranking is
less pronounced in Ligue 2.
Caen, the club with the 2nd largest budget is ranked 17th in the championship, while Troyes is the
season champion though its budget is ranked 7th. Clermont Foot also finished second with the
15th biggest Ligue 2 budget.
DNC G R E PORT LIGUE 2 74

NUMBER OF PROFITABLE AND LOSS-MAKING CLUBS

10
10

5 5
4

0
LOSSES > 3M LOSSES < 3M PROFITS < 3M

10 Ligue 2 clubs are profitable during the 2020/2021 season compared to 15 for the previous
season. The number of loss-making clubs increased from 5 to 10.
DNC G R E PORT LI G U E 2 75

3.2.2 SPORTS RISKS / OPPORTUNITIES

AND PAYROLL
(2011/2012 TO 2020/2021 SEASONS)

10 M€
7,5 M€

3,0

2,5
AVERAGE POINTS PER MATCH

2,0

1,5

1,1 points
1,0

0,5

0,0
0 10 20 30 40 50

PERSONNEL WAGES
(IN EURO MILLIONS)

RELEGATION MAINTAINING WITHOUT PROMOTION

EUROPEAN CUPS TO LIGUE 1

The following regular features have been observed in Ligue 2 over the last ten seasons:
The vast majority of the relegated teams had a total payroll below €7.5 M.
No team with a total payroll above €10 M has been relegated.
With the exception of Gazelec at the end of the 2014/2015 season and Amiens in 2016/2017, all of
the teams promoted to Ligue 1 had a total payroll above €7.5 M.
DNC G R E PORT LIGUE 2 76

SPORTS RESULT BASED ON THE PAYROLL (2011/2012

TO 2020/2021 SEASONS)

RISK CHANCE CHANCE

PAYROLL OF RELEGATION OF STAYING OF PROMOTION
TO NATIONAL 1 IN LIGUE 2 TO LIGUE 1

Above €10 M 0% 75% 25%

Between €7.5 M and €10 M 6% 72% 22%

Below €7.5 M 25% 73% 2%

The table is read row by row. Example: of the teams with a total payroll below 7.5 million euros, 25% were relegated, 73%
remained where they were, and 2% were promoted to Ligue 1.

In view of the observed regular features, we can thus identify three groups of Ligue 2 teams:
G
 roup 1: clubs with a total payroll above 10 million euros. These teams have virtually no risk of
being relegated. They are maintained most of the time and have a 1 in 4 chance of promotion to
Ligue 1.
G
 roup 2: clubs with a total payroll between 7.5 and 10 million euros. For these teams, all three
scenarios are possible but staying in Ligue 2 remains the norm (72% of cases). These are mainly
distinguished from group 1 by the relegation risk (6%).
G
 roup 3: clubs with a total payroll below 7.5 million euros. These teams have a one in four chance
of being relegated to National 1 and have virtually no chance of promotion to Ligue 1. The main
risk for these teams is relegation. A total payroll of 7.5 million euros in Ligue 2 is therefore almost
equivalent to a payroll of 30 million euros in Ligue 1. In both cases, teams that do not cross these
thresholds have almost a one in four chance of being relegated to the lower division.
DNC G R E PORT LI G U E 2 77

3.2 .3 A STRONG IMPACT OF SPORTS RESULTS

ON REVENUES

At the end of a season, three scenarios are possible for Ligue 2 teams: dropping down to National,
remaining in Ligue 2 and promotion to Ligue 1.
The revenues of clubs relegated to National decrease very sharply.
The revenues of clubs remaining in Ligue 2 vary relatively little from one season to the next.
The non-transfer income of the two teams promoted at the end of the 2019/2020 season
increased more than their operating expenses between 2019/2020 and 2020/2021:

• The non-transfer income of Lorient increased from €10.5 M to €29.2 M (multiplied by

2.8) while its operating expenses increased from €29.6 M to €49.3 M (multiplied by 1.7).

• The non-transfer income of Lens increased from €14.7 M to €33.4 M (multiplied by 2.3) while its
expenses increased from €38.3 M to €61.4 M (multiplied by 1.6).
AJ AUXERRE
DNC G R E PORT LIGUE 2 78

3.2.4 CORRELATION BETWEEN AVERAGE GROSS PAYROLL

AND SPORTS SUCCESS
AVERAGE GROSS PAYROLL BASED ON SPORTS PERFORMANCE OF THE
CLUBS (SEASONS 2011/2012 TO 2020/2021)

15

12,9
12

9
8,8

6
5,6

0
RELEGATION MAINTAINED IN L2 PROMOTION TO L1

IN EURO MILLIONS

Over the last ten seasons:

The teams relegated to National had an average total payroll of €5.6 M
The teams that remained in Ligue 2 had an average total payroll of €8.8 M
The teams promoted to Ligue 1 had a total payroll of €12.9 M
DNC G R E PORT LI G U E 2 79

3.2.5 ANALYSIS BY GROUPS OF CLUB FOR

THE 2020/2021 SEASON

After the previous analyses, it is possible to distinguish 3 groups of clubs according to their overall
payroll in 2020/2021:

Group Clubs
Toulouse, Caen, Auxerre, Guingamp, Troyes,
Group 1: Payroll above €10 M
Le Havre, Paris FC, Amiens

Group 2: Payroll between €7.5 and €10 M Nancy, Sochaux, Clermont

Valenciennes, Chambly, Châteauroux,

Group 3: Payroll below €7.5 M AC Ajaccio, Dunkerque, Niort, Grenoble, Pau,
Rodez

CUMULATIVE OPERATING RESULT BY GROUP (2020/2021 SEASON)

0
-6,2
-18,4
-20

-40

-60

-80

-100 -106,4

-120
GROUP 1 GROUP 2 GROUP 3

IN EURO MILLIONS

The negative operating result in Ligue 2 is mainly due to clubs with a total payroll above €10 M
(Group 1).
DNC G R E PORT LIGUE 2 80

CUMULATIVE NET INCOME BY GROUP (2020/2021 SEASON)

10

5
3,9
0
-1,8
-5

-10

-15

-20

-25

-30

-35
-41,3
-40

-45

GROUP 1 GROUP 2 GROUP 3

IN EURO MILLIONS

Only group 3 has a positive net income over the 2020/2021 season while groups 1 and 2 generated
losses. On the other hand, group 2 had a positive net income over the 2019/2020 season.
Group 1 increased its losses by 3.5 times compared to the 2019/2020 season from -€11.8 M to
-€41.3 M.
DNC G R E PORT B E N CH M A RK 81
DNC G R E PORT B E NCH M A RK 82

MANCHESTER CITY
DNC G R E PORT B E N CH M A RK 83

4 EUROPEAN BENCHMARK
4.1 EUROPEAN BENCHMARK
FOR NON-TRANSFER INCOME
4.1 .1 AVERAGE* CLUB REVENUES IN THE FIVE MAJOR
EUROPEAN CHAMPIONSHIPS

300

250 258
AVERAGE REVENUE IN MILLIONS OF EUROS

200

170
150 163

100
103
81
50

0
PREMIER LEAGUE BUNDESLIGA LIGA SERIE A LIGUE 1

*Total income excluding transfer operations; source: DNCG and UEFA Football Benchmark 2020
Note: 2020/2021 figures for Ligue 1 and 2019/2020 figures for the other leagues

There are significant revenue disparities between the five major European championships: the
average revenues of Premier League clubs (€258 M on average) are thus 3.2 times higher than
that of Ligue 1 clubs (€81 M on average).
DNC G R E PORT B E NCH M A RK 84

4.1.2 DISTRIBUTION OF REVENUES

AMONGST CLUBS IN THE
EUROPEAN CHAMPIONSHIPS
REVENUES OF THE CLUBS IN THE FIVE MAJOR EUROPEAN
CHAMPIONSHIPS (IN €M)

6000
5 168
5000 6e - 20e
AVERAGE REVENUE IN MILLIONS OF EUROS

4000
3 267
3 060
6e - 20e
3000 6e - 18e
Tottenham 2 052
2000 Chelsea FC Séville
Valence 6e - 20e 1 615
Man City Atl. Madrid Mönchengladbach
Frankfurt 6e - 20e
Real Madrid
Schalke 04 AS Roma Rennes
1000 Liverpool
Dortmund Milan AC Lille
Naples Lyon
FC Barcelone Bayern Munich Inter Milan Marseille
Man Un
Juventus PSG

PREMIER LEAGUE LIGA BUNDESLIGA SERIE A LIGUE 1

Note: 2020/2021 figures for Ligue 1 and 2019/2020 figures for the other leagues

DROITS SPONSORS RECETTES AUTRES RÉSULTAT

AUDIOVISUELS PUBLICITÉ MATCHES PRODUITS MUTATION

There are very large revenue differences between the European championships, but also large
differences in the distribution of revenues between the clubs of the various championships
DNC G R E PORT B E N CH M A RK 85

CLUBS WITH THE HIGHEST REVENUES IN EACH LEAGUE

X 1,8
800

700 731

600 634
580
REVENUE IN MILLIONS OF EUROS

570
500

400
401
300

200

100

0
FC BARCELONE BAYERN MUNICH MAN UNITED PARIS JUVENTUS

Note: 2020/2021 figures for Ligue 1 and 2019/2020 figures for the other leagues
DNC G R E PORT B E NCH M A RK 86

CLUBS WITH THE 2 ND HIGHEST REVENUES IN EACH LEAGUE

800

X 4,9
700
715

600
REVENUE IN MILLIONS OF EUROS

559
500

400
372
300
302
200

100 146

0
REAL MADRID LIVERPOOL DORTMUND INTER MILAN MARSEILLE

Note: 2020/2021 figures for Ligue 1 and 2019/2020 figures for the other leagues
DNC G R E PORT B E N CH M A RK 87

CLUBS WITH THE 3 RD HIGHEST REVENUES IN EACH LEAGUE

600

X 4,0
553
500
REVENUE IN MILLIONS OF EUROS

400

300 332
278
200
177
100 138

0
MAN CITY ATL. MADRID SCHALKE 04 NAPLES LYON

Note: 2020/2021 figures for Ligue 1 and 2019/2020 figures for the other leagues
DNC G R E PORT B E NCH M A RK 88

CLUBS WITH THE 4 TH HIGHEST REVENUES IN EACH LEAGUE

600

500

465

X 5,5
REVENUE IN MILLIONS OF EUROS

400

300

200 219 210

165
100
84

0
CHELSEA FRANKFURT VALENCE MILAN AC LILLE

Note: 2020/2021 figures for Ligue 1 and 2019/2020 figures for the other leagues
DNC G R E PORT B E N CH M A RK 89

CLUBS WITH THE 5 TH HIGHEST REVENUES IN EACH LEAGUE

600

500

X 5,8
459
400
REVENUE IN MILLIONS OF EUROS

300

200
184
155 153
100
79

0
TOTTENHAM MONCHENGLADBACH FC SÉVILLE AS ROMA RENNES

Note: 2020/2021 figures for Ligue 1 and 2019/2020 figures for the other leagues
DNC G R E PORT B E NCH M A RK 90

CLUBS WITH THE 6TH TO 20TH HIGHEST REVENUES IN EACH LEAGUE

3000

2500

X 4,3
2552
CUMULATIVE REVENUE IN MILLIONS OF EUROS

2000

1500

1373

1000 1124

854

500 598

0
PREMIER LEAGUE BUNDESLIGA* LIGA SERIE A LIGUE 1

*18 clubs for the Bundesliga

Note: 2020/2021 figures for Ligue 1 and 2019/2020 figures for the other leagues
DNC G R E PORT B E N CH M A RK 91

Even if the total revenues of the Ligue 1 are the lowest, PSG rivals the biggest clubs of the
European championships: PSG (€570 M) has a budget higher than that of Juventus (€401 M) and
close to that of Manchester United (€580 M).
On the other hand, the other French clubs are far behind their European counterparts:
•M
 arseille (2nd French club) has revenues of €146 M versus €715 M for Real Madrid (2nd Spanish
club), €559 M for Liverpool (2nd English club), €372 M for Dortmund (2nd German club) and €302
M for Inter Milan (2nd Italian club)
• L yon (3rd French club) has revenues of €138 M versus €553 M for Manchester City
(3rd English club), €332 M for Atlético Madrid (3rd Spanish club), €278 M for Schalke 04
(3rd German club) and €177 M for Napoli (3rd Italian club).

More generally, the revenues of the 4 largest French clubs after PSG (Lyon, Marseille, Lille and
Rennes) represent €447 M (€126 M less than just PSG) versus €2,036 M in Premier League, €1,412 M
in La Liga, €1,053 M in Bundesliga and €797 M in Serie A.
For clubs with revenues above 5th place in their championship, the difference between French
clubs and clubs from other European leagues is even more pronounced. The revenues of these
clubs are all between €20 M and €70 M in Ligue 1 while they are between €115 M and €390 M in
Premier League.
LOSC
DNC G R E PORT B E NCH M A RK 92

DISTRIBUTION OF REVENUES BETWEEN CLUBS ( AS A %)

Ligue 1

37% 35%
5% 9%
5% 9 %

1ST PARIS 2ND MARSEILLE 3RD LYON

4TH LILLE 5TH RENNES AUTRES

I n Ligue 1, a single club accounts for more than a third of the championship’s revenues: PSG with
35% of the total revenues. Marseille and Lyon, respectively the 2nd and 3rd clubs, each generate
only 9% of revenues. These three clubs alone account for more than 50% of total revenue. The
drop-off is then very abrupt: Both Lille and Rennes account for 5% of the revenues. Finally, clubs
from 6th to 20th place account for 37% of total revenue, virtually the same amount as PSG on
its own.
DNC G R E PORT B E N CH M A RK 93

DISTRIBUTION OF REVENUES BETWEEN CLUBS ( AS A %)

Liga

34 22 %
%

5% 22%
6%
10%

1ST FC BARCELONE 2ND REAL MADRID 3RD ATL. MADRID

4TH VALENCE 5TH FC SÉVILLE AUTRES

L a Liga has a similar profile to Ligue 1, with the difference that instead of one, two clubs
strongly dominate the championship in terms of their revenues: FC Barcelona (22%) and
Real Madrid (22%) together account for almost 50% of the total budget. After than,
the drop-off of club revenues is again very sharp: Atlético Madrid represents only 10%
of the revenues and Valencia and FC Sevilla respectively 6% and 5%. Finally, clubs from 6th to
20th place account for 34% of total revenue, a percentage very close to that observed in Ligue 1.
DNC G R E PORT B E NCH M A RK 94

DISTRIBUTION OF REVENUES BETWEEN CLUBS ( AS A %)

Premier League

11%
11%
49% 11%
9%
9%

1ST MAN UN 2ND LIVERPOOL 3RD MAN CITY

4TH CHELSEA 5TH TOTTENHAM AUTRES

T he Premier League has a very different distribution profile than Ligue 1 and La Liga. The top 5
clubs (Manchester United, Liverpool, Manchester City, Chelsea and Tottenham) have similar
revenues ranging from 9% to 11% of the total budget. It is therefore necessary to combine the
revenues of these first 5 clubs to reach 50% of the total revenue. The revenue decline is then more
gradual and the clubs from 6th to 20th place represent 49% of the revenues.
DNC G R E PORT B E N CH M A RK 95

DISTRIBUTION OF REVENUES BETWEEN CLUBS ( AS A %)

Bundesliga

21%
45% 12%
9%
6% 7 %

1ST BAYERN MUNICH 2ND DORTMUND 3RD SCHALKE 04

4TH FRANKFURT 5TH MÖNCHENGLADBACH AUTRES

T he Bundesliga has a similar profile to the Premier League. With the exception of Bayern, which
alone accounts for 21% of revenues, the top 5 clubs have similar revenues ranging from 6% to 12%
of the total budget. Once again, the revenues of these first 5 clubs must be added up to exceed
50% of the total revenue. Then the revenue drop-off is once again more gradual and clubs from 6th
to 18th place account for 45% of the revenues.
DNC G R E PORT B E NCH M A RK 96

DISTRIBUTION OF REVENUES BETWEEN CLUBS ( AS A %)

Serie A

20%
42% 15%

9%
7 %
8%

1ST JUVENTUS 2ND INTER MILAN 3RD NAPLES

4TH MILAN AC 5TH AS ROMA AUTRES

S erie A has a profile halfway between the two previous distribution profiles. Two clubs together
account for a relatively large share of the revenues (albeit less than in Ligue 1 and Liga): Juventus
(20%) and Inter Milan (15%). Then, Napoli, Milan AC and AS Roma have similar revenues ranging
between 7% and 9% of total revenue (similar to the cases of the Premier League and the
Bundesliga). Finally, the clubs from 6th to 20th place account for 42% of the total revenue, halfway
between the proportions of Ligue 1 and Premier League.
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DNC G R E PORT B E NCH M A RK 98
DNC G R E PORT B E N CH M A RK 99

MEASUREMENTS OF REVENUE DISTRIBUTION INEQUALITIES

IN EUROPEAN CHAMPIONSHIPS

GINI
LEAGUE MAX. / MIN. 5TH / 15TH
COEFFICIENT
LIGUE 1 23.3 2.4 0.49
PREMIER LEAGUE 5.0 3.0 0.32
BUNDESLIGA 14.1 2.3 0.37
LIGA 15.3 2.5 0.52
SERIE A 22.7 3.3 0.49

Note:perimeter difference between Ligue 1 and the figures of the other European championships
• 2020/2021 season for Ligue 1,
• 2019/2020 season for other leagues.

The above table presents 3 indicators to measure revenue distribution inequalities between the
clubs of the five major European championships.
The first (Max/min) consists of calculating the ratio between the revenues of the club with the
highest budget and that of the club with the lowest budget. We note the greatest inequalities
within Ligue 1: the PSG budget is more than 23 times higher than that of Nîmes. In contrast, the
Premier League appears to be the most egalitarian league: the Manchester United budget is only
five times that of Norwich.
T he second (5th/15th) consists of calculating the ratio between the revenues of the club with
the 5th highest budget and the revenues of the club with the 15th highest budget. This indicator
therefore measures the revenue inequalities of the clubs in the middle of the table. With this
indicator, Ligue 1 is one of the most egalitarian championships this time: Rennes’ budget is only
2.4 times that of Lens. On the contrary, for the Premier League, Tottenham’s budget is three
times that of Wolverhampton.
DNC G R E PORT B E NCH M A RK 100

The difference in results between this indicator and the previous one highlights the differences in
the distribution profile of club revenues between the different championships. Thus, the revenues
of Ligue 1 clubs drop suddenly from the 3rd club, while in the Premier League, the distribution of
revenues is smoother.
This distribution difference makes it necessary to use a more complex indicator in order to globally
measure the distribution inequalities within the different championships: the GINI coefficient.
This indicator, typically used to measure revenue inequality within a country, is a coefficient
varying between 0 and 1. The value 0 means that all clubs have the same revenue and the value 1
means that a single club concentrates all of the revenues. The European championships can then
be grouped into two groups:
• The very unequal championships (GINI > 0.5): the Liga and to some extent Ligue 1 and Serie A
(GINI at 0.49)
• T he more egalitarian championships (GINI < 0.5): Premier League and Bundesliga
These two groups correspond to the two distribution profiles seen previously:
• A 1st group, with strong revenue inequalities between clubs, is made up of Ligue 1, La Liga and
to some extent Serie A. Nearly half of the total revenues are represented by the two largest
clubs in Ligue 1 and La Liga and by the first three in Serie A.
• A second group consisting of the Premier League and the Bundesliga. In the latter, the two
largest clubs in terms of budget in each championship represent a smaller share of total
revenue and the decline of club revenues is more gradual. Thus, in the Premier League and
Bundesliga, it is necessary to combine the revenues of the first 5 clubs to reach 50% of the total
revenue. For example, Manchester United (the club with the highest revenues in the Premier
League) represents only 11% of the total revenue of the Premier League.
DNC G R E PORT B E N CH M A RK 101

4.1 .3 COMPARISON OF THE REVENUES

OF THE 5 FRENCH CLUBS THAT PLAYED
A EUROPEAN CUP WITH THE AVERAGE
REVENUES OF THE EUROPEAN CHAMPIONSHIPS

€79 M
€146 M €570 M

€68 M €84 M

0 100 200 300 500

€81 M €103 M €170 M €258 M

€163 M

Note: 2020/2021 figures for Ligue 1 and 2019/2020 figures for the other leagues

Among the French clubs that have played a European Cup, PSG stands out with a budget 2.2 times
higher than the average budget of Premier League clubs.
Marseille has a budget between the average budgets of Italian and Spanish clubs.
Lille, Rennes and Nice have a budget lower than the average budget of the clubs of the four major
foreign championships.
DNC G R E PORT B E NCH M A RK 102

4.2 CORRELATION BETWEEN SPORTS RESULTS

AND REVENUES

In Ligue 1, the turnover as of which a club is unlikely to be relegated is lower than that of other
major European leagues:
• No Ligue 1 club with a turnover above €50 M has been relegated

• This non-relegation threshold is equal to €170 M in Premier League, €120 M in Bundesliga, €90 M
in La Liga and €60 M in Serie A

The European Cup entry ticket is lower in Ligue 1 than in other European championships. Thus, the
minimum turnover as of which 90% of clubs participate in a European Cup is:
• €60 M in Ligue 1
• €440 M in Premier League, €140 M in Serie A, €130 M in Bundesliga and €90 M in La Liga

Beyond these differences between the thresholds for relegation and qualification in the European
Cup, the five main European championships all have in common a strong correlation between club
revenues and sports results.
In particular, with the exception of the Premier League and the famous “Big Six” (Manchester City,
Manchester United, Arsenal, Chelsea, Liverpool and Tottenham), the European championships
have all been dominated in recent years by one or two clubs with the largest budgets:
• PSG for Ligue 1 (champion 7 times in the last 9 championships)
• Bayern for the Bundesliga (champion 9 times in the last 9 championships)
• Barcelona and Real Madrid for La Liga (champions 15 times together in the last 17 championships)
• Juventus for Serie A (champion 9 times in the last 10 championships)
DNC G R E PORT B E N CH M A RK 103

Ligue 1

3,0

2,5
AVERAGE POINTS PER MATCH

2,0

1,5

1,0

0,5

0,0
0 100 200 300 400 500 600 700

CLUB TURNOVER
(IN EURO MILLIONS)

RELEGATION MAINTAINING WITHOUT UEL UCL

EUROPEAN CUPS QUALIFICATION QUALIFICATION
DNC G R E PORT B E NCH M A RK 104

Premier League

3,0

2,5
AVERAGE POINTS PER MATCH

2,0

1,5

1,0

0,5

0,0
0 100 200 300 400 500 600 700

CLUB TURNOVER
(IN EURO MILLIONS)

RELEGATION MAINTAINING WITHOUT UEL UCL

EUROPEAN CUPS QUALIFICATION QUALIFICATION
DNC G R E PORT B E N CH M A RK 105

Bundesliga

2,5

2,0
AVERAGE POINTS PER MATCH

1,5

1,0

0,5

0,0
0 100 200 300 400 500 600 700

CLUB TURNOVER
(IN EURO MILLIONS)

RELEGATION MAINTAINING WITHOUT UEL UCL

EUROPEAN CUPS QUALIFICATION QUALIFICATION
DNC G R E PORT B E NCH M A RK 106

Liga

2,5

2,0
AVERAGE POINTS PER MATCH

1,5

1,0

0,5

0,0
0 100 200 300 400 500 600 700 800 900

CLUB TURNOVER
(IN EURO MILLIONS)

RELEGATION MAINTAINING WITHOUT UEL UCL

EUROPEAN CUPS QUALIFICATION QUALIFICATION
DNC G R E PORT B E N CH M A RK 107

Serie A

2,5

2,0
AVERAGE POINTS PER MATCH

1,5

1,0

0,5

0,0
0 100 200 300 400 500

CLUB TURNOVER
(IN EURO MILLIONS)

RELEGATION MAINTAINING WITHOUT UEL UCL

EUROPEAN CUPS QUALIFICATION QUALIFICATION
LIGUE DE FOOTBALL
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