Madrid-Spain, September 5th 20131

Football Transfer Review 2014 1.

Technical sheet

2.

Summer transfers window 2013/14

3.

Squads review La Liga

4.

Barça vs Real Madrid

5.

Conclusions

6.

Annexes: -

European Football Finances Tables About Prime Time Sport

2

About Football Transfer Review

Mission

Football Transfer Review by Prime Time Sport provides relevant data and insightful and independent analysis on the variables that influence squad designs and player transfers at main European Clubs, with special focus on Spanish La Liga

Content

• 2 releases published every year, related to Summer and Winter transfer windows • Combines content produced by Prime Time Sport and content from other relevant football industry studies • The objective is to combine the available data in a way that helps to come-up with insightful analysis, rather than the publication of the information itself • Addressed to both football industry professionals and those that follow it with special interest

3

Technical sheet

Specifications

Team

• Data included refer to main division of Spanish La Liga and the other top 4 European leagues (English Premier League, Italian Serie A, German Bundesliga and French Ligue 1) • Transfer figures include guaranteed amounts only • It includes player transfers that took place until September 2nd 2013 • Player loans with purchase obligation are accounted as a transfer at the time of effective player exit (examples: Ibrahimovic to AC Milan in 2010/11; Pedro León to Getafe in 2011/12) • Transfer figures are gross of agent fees or revenue share with other stakeholders • It is considered that teams where players are landing have paid for transfer fees, regardless of the participation of other investors • Transfer fees paid on managers have not been taken into consideration (Carlo Ancelotti to Real Madrid) • Squads review includes only players registered as first team members • Sign-up means new player arrivals (not total number of registered players) and Exit means players leaving a team (either on loan or because of contract expiration)

• Director: Bruno Batlle • Analyst: Aleix Piqué • Collaborates: ESADE Business School

4

Football Transfer Review 2014 1.

Technical sheet

2.

Summer transfers window 2013/14

3.

Squads review La Liga

4.

Barça vs Real Madrid

5.

Conclusions

6.

Annexes: -

European Football Finances Tables About Prime Time Sport

5

Summer transfers window 2013/14

1.

Background

2.

European football

3.

La Liga

6

Background •

Europe

• •

• • Spain

• •

Implementation of UEFA Financial Fair Play (FFP) regulation continues and is taken into account both by big and smaller teams. FFP will not allow to participate in European competitions the teams with more than 45mio€ of accumulated losses during 3 seasons until 2014/15. Appearance of a new heavy spending teams (Monaco) along with loss of spending power of others (Anzhi). New 2014/16 TV deals in the Premier League and 2013/15 in UEFA Champions League has increased prizes for participating teams by 57% and 20% respectively Majority of teams (with exception of big 2) have little chance of further increasing revenues under current financial climate As a result, income opportunities are almost restricted to selling the best players and continue to fight for the implementation of a new TV value distribution model. Spanish Professional League (LFP) is closely monitoring clubs finances and must approve business plans. Most clubs have agreed long term debt payment plans with Tax office, which severely impacts their ability to splash cash

7

Summer transfers window 2013/14

1.

Background

2.

European football

3.

La Liga

8

Player acquisition spending- top 5 European leagues Mio€

+40%

2.154

1.713

1.855

1.723 1.322

2008/09

2009/10

2010/11

2011/12

1.544

2012/13

2013/14

Top 5 European Leagues combined investment grew by 40% to 2,2bio€, highest amount ever, despite Financial Fair Play and economy downturn

9

Player acquisition spending- top 5 European leagues Mio€

+18%

2009/10

731

2010/11

2011/12

2012/13

2013/14

617 553 510 435

465

+20%

+303%

470

402

400 327

388

360

335

+66%

262

375 245

194 128

+8% 238 258

230

226

157 151

140

All big European leagues have experimented significant expenditure growth, with Premier League, Ligue 1 and Bundesliga reaching highest levels ever. Premier League has been the market driving force thanks to fresh an increased money from new TV contracts. La Liga experimented the highest growth led by Gareth Bale signing by Real Madrid 10

% of total investment by top 4 in each league Mio€

89,3% 79,5% 63,6% 55,5%

AS Monaco (44,3%) PSG O.Marsella Saint-Etiene

Real Madrid (47,3%) FC Barcelona Sevilla FC At.Madrid

B. Munich B. Dormund Wolfsburg Shalke 04

49,7%

Tottenham Man.City Chelsea Liverpool

SSC Napoli AS Roma Fiorentina Juventus

Investment stays monopolized by few teams with high revenue generation potential, wealthy owners or significant income from sales of best players 11

5 year accumulated investment top 5 leagues

Mio€

2.846 1.929 1.608 1.180

* Winter window transfers not included

1.034

12

Player sales- Top 5 European leagues

Mio€

+38%

1.579 1.344 1.060

2010/11

2011/12

1.146

2012/13

2013/14

Total income from players sales recuperates growth trend to 1,6bio€ (+38%) and reaches the highest level since 2010/11 season 13

Player sales- Top 5 European leagues +262%

€Mio

2010/11

480

2010/12

+12%

438

2012/13

410

2013/14

365

-13%

336 299

287 290

269

+39%

+48%

261 228

183

187

176

200

152 164

141 128 135

La Liga makes close to half billion € in player sales, its highest level ever and highest amount in Europe. All European leagues -except English Premier Leagueexperimented increased income from player sales 14

Net spending- Top 5 European leagues €Mio

2010/11

470

2011/12 2012/13 2013/14

318 248

217 147 103 42

-36

62

58 16

23

58

70 27

-30

-8

-24

-55 -92

Premier League dominance becomes even stronger when deducting income from player sales, with a net investment still of 470mio€. On the other extreme, Spain continues to lose talent and experiments a negative net investment of 92mio€. 15

# of player signings- Top 5 European leagues

Nº. of players

366 59

Loans Signings

155 58

143 23

97

120

307

130 35

120 19

95

101

One more year, Serie A shows the highest number of player arrivals

16

# of player exits- Top 5 European leagues

Nº of players

Loans

607

356

Transfers

258 100

205

168

50

56

41

155

140

127

251 158

196

# of exits confirms Serie A as the league with highest players circulation. More than half of exits (52%) have been in loan format 17

Net # signings vs exits- Top 5 European leagues

Nº.of players

-54 -56 -66

-75 -115-113-115

-54 -56 -54 -50

-38

-48 -59 -55

-94

-250-247-242 -285

2010/11

2011/12

2012/13

2013/14

For the 4th consecutive season all leagues have experimented a net players reduction as teams continue to optimize squad wages costs

18

Top 10 spending ranking Mio€

183

166 122

Real Madrid AS Monaco Tottenham

111

PSG

107

Man. City

87

78

67

67

66

Napoli

Chelsea

Dinamo Moscú

Shakhtar Donetsk

AS Roma

Real Madrid is back to top spending position 2 years later after by investing 183mio€ (101 in Gareth Bale). Under new Russian ownership, AS Monaco reaches 2nd position by spending 166mio€. Tottenham takes advantage of Bale sale to join top 3. Top 8 of clubs represents 60% of total investment of European football 19

Top 10 spending ranking 2012/13

Mio€

147 100

95 70

PSG

Chelsea

Zenit

65

B. Munich Tottenham

65

M. United

64

M. City

52

Juventus

20

43

43

Arsenal

Inter

Top European teams spending ranking Mio€

183

2011/12 2012/13

147

2013/14

111 87

55 30

107 93 64

100 86 78

86

70 62 44

60 57 33

62 4350

5765 34

52 32

43 33 29

232426

Real Madrid lead the spending ranking after 2 years of low investment. PSG stays in the podium after another year of high expenditure to confirm its ambitious project. Real Madrid (+600%) , FC Barcelona (+212) and Man. City (+67%) have spent more after 3 years in a row decreasing its expenditure 21

Top 5 spending clubs in each league Mio€

Real Madrid

182,5

Tottenham

121,8

SSC Napoli

86,9

FC Barcelona

57,0

Manchester City

106,5

AS Roma

66,2

Sevilla FC

33,9

Chelsea

77,8

AC Fiorentina

38,3

At. Madrid

33,0

Liverpool

56,0

Juventus

32,1

Villarreal CF

16,0

Arsenal

45,0

Inter

28,8

Bayern Munich

62,0

AS Mónaco

166,2

Borussia Dormund

50,0

PSG

110,9

VfL Wolfsburgo

26,7

O. Marsella

41,7

Shalke 04

25,0

Saint-Etienne

15,5

Bayern Leverkusen

21,4

Toulouse

8,6

22

Accumulated 5 year spending of top teams Mio€

611 549

370

348

331 274 227

227

197

191 141

Real Madrid (611mio€) is the team with the highest combined expenditure in the last 5 years, followed by Manchester City (549mio€) and PSG (370) * Winter window transfers not included

23

Top 10 teams in player sales income Mio€

140

128 105

104

82

78

74

71

68 45

Anzhi

Tottenham

Roma

R.Madrid

Sevilla

At.Madrid

Porto

Napoli

Shakhtar

Lille

Anzhi is the European leader in player sales income after reduced ownership commitment. Tottenham (128mio€) reaches 2nd position thanks to Gareth Bale sale to Real Madrid.

24

Top 10 teams in player sales income 2012/13

Mio€

81

71

69

67 56

Porto

Benfica

AC Milan Tottenham Arsenal

41

40

40

39

39

Genoa

At. Bilbao

Lille

Villarreal

Real Madrid

25

Top European teams player sales ranking

Mio€

2011/12 2012/13 2013/14

104 69 39 17

41 5 0

37 1217

29 3 3

24 28 0

18 16

70 56

12

2324

3335

9

7

25 10 3

1111

Real Madrid is the team with highest income from player sales among the top ones. Bayern Munich, Juventus and PSG get important revenues from sales after 2 years of failing to reach high figures 26

0

Top European teams player sales ranking Mio€

Real Madrid

103,5

Tottenham

127,7

AS Roma

91,9

Sevilla FC

81,9

Everton

39,4

SSC Napoli

70,7

Atlético Madrid

78,0

Liverpool

30,8

AC Fiorentina

40,0

Valencia CF

41,7

Sunderland

22,2

Juventus

36,7

Real Sociedad

39,0

Arsenal

11,6

Udinese

26,2

Borussia Dormund

44,1

Lille OSC

45,0

Bayern Munich

41,0

PSG

28,5

Bayern Leverkusen

34,7

O. Lyon

24,5

Werder Bremen

12,9

Saint-Etienne

23,0

Mainz 05

11,3

Toulouse

12,7

27

Accumulated 5 year player sales of top teams Mio€

260 212

200

193 143

142 116

114 81 58 36

Real Madrid gets confirmed as the most active team in the market having also the highest accumulated sales in the last 5 years. Inter Milan and AC Milan follow in 2nd and 3rd position * Winter window transfers not included

28

Top European teams net investment ranking Mio€

2011/12

2012/13

144

2013/14

98 84 90 82 79 70 61 75 40 38

-9

54 38 46 34 363329

70 39 22 21 0 8

5

10

4436

-5

-8-13 -45

Manchester City is the team with highest net investment this season. PSG keeps signing players without selling much for the 3rd year in a row and gets 2nd position. Juventus doesn’t invest the income from player sales and is the only top team with mores sales than spending in players 29

Accumulated 5 year net investment of top teams

Mio€

435 351

333

274 192

161

146

84 -2

* Winter window deals not included

30

-16

-59

European club ranking in # of signings

Players

84

26

Parma

Genoa

24

Chievo Verona

23

Hellas Verona

20

Sassuolo

17

Livorno

17

17

Inter Milan Udinese

17

15

Monaco

Roma

Italian teams top ranking of number of player arrivals and exits

31

European club ranking in # of exits

Players

120

44

Parma

Genoa

37

35

33

32

30

28

Udinese

Milan

Juventus

Chievo Verona

Bologna

Roma

28

28

Inter Milan Napoli

32

Top 10 most expensive players 2013/14 €Mio

101 65

Bale

Cavani

60

Falcao

57

Neymar

45

45

Özil

James

40

39

Fernandinho Illarramendi

38

37

Willian

Higuaín Gotze

Bale signing is the most expensive of the summer and in football history. The average cost of signings in the top 10 (53,1mio€) is 41% higher than last season

33

Top 10 most expensive players 2012/13

€Mio

55 42

40

40

40

40 32

Hulk

Thiago Silva Javi Martínez

* Winter window transfers not included

Witsel

Lucas

Hazard

Oscar

31

30

Van Persie

Modric

34

26

Lavezzi

Average value Top 10 European signings last 5 years Mio€

53 44 38 32 26

2009/10

2010/11

2011/12

2012/13

2013/14

Average value of top 10 signings in 2012/13 is 53mio€, setting a new record

35

Top 5 most expensive players in each league Mio€

Bale

101

Özil

45

Higuaín

37

Neymar

57

Fernandinho

40

Strootman

17

Illarramendi

39

Willian

38

Mario Gómez

16

Isco

30

Fellaini

32

Benatia

14

Guilagovi

10

Soldado/Lamela

30

Ogbonna

13

Götze

37

Cavani

65

Mkhitaryan

28

Falcao

60

Thiago

25

James

45

Luiz Gustavo

18

Marquinhos

31

Aubameyang

13

Moutinho

25

36

Ranking most expensive transfers ever €Mio

101

94 72

Bale

C.Ronaldo

Zidane

66

65

65

60

60

59

57

Ibrahimovic

Kaka

Cavani

Figo

Falcao

F.Torres

Neymar

Half of the top 10 most expensive transfers ever have been made by Real Madrid. Also 4 of the top 10 transfers took place this summer (Bale, Cavani, Falcao and Neymar) 37

Usage top 10 European signings 2012/13 % Minutes

91% 77%

67%

64%

61%

58%

56%

54%

53% 21%

Van Persie Hazard

Oscar

Modric

Lavezzi

Javi Martínez

Thiago Silva

Witsel

Hulk

Van Persie is the most profitable signing (number of minutes). Chelsea’s signings (Hazard and Oscar) are both at the top of the list *Winter window transfers not included. Calculated on domestic league minutes **Was transferred in summer but incorporated to the team in winter

38

Lucas **

Summer transfers window 2013/14

1.

Background

2.

European football

3.

La Liga

39

Total player acquisition spending- La Liga Mio€

470 360

270

388

+303%

262 128

2008/09

2009/10

2010/11

2011/12

2012/13

2013/14

La Liga has tripled investment in new players to almost 400mio€, 2nd largest ever, as a result of reinvestment of income from sales and extraordinary signing of Gareth Bale by Real Madrid 40

Player acquisition spending- La Liga

Mio€

470 388

360

2009/10 2010/11

262

245

2011/12

2012/13

128

Total Liga

148 94

2013/14

111 65

Liga excl. FCB & RM

Signings by Barça and Real Madrid accounted for 62% of La Liga total (49% in 12/13, 32% in 11/12, 57% in 10/11, 80% in 09/10) 41

New players investment R. Madrid vs FC Barcelona

Mio€

265

2009/10

2010/11

183

2011/12 2012/13

112 78

2013/14

73

55 30

60 33

57

Both Real Madrid and Barça recuperate growth trend after 3 consecutive years of decline. Season 2009/10 expenditure by Real Madrid is still its highest ever 42

New players spending by team Mio€

183

2011/12 2012/13 2013/14

71 55 30

60 57 33

58 34 1113

33 22 1

16

15 3

32 23 14

766

35

225

3 3

43

3

21

8

1

86

1

11

Sevilla and Atlético Madrid follow the 2 giants by partially reinvesting income from players sales. 4 teams did not spend any money and 10 spent 3mio€ or less

43

Top 10 on 5 year accumulated investment Mio€

611

335 136

Real Madrid FC Barcelona At.Madrid

103 Valencia

96 Sevilla

79

57

30

26

19

Málaga

Villarreal

At.Bilbao

Getafe

Granada

Real Madrid accounts for 38% of total La Liga players investment of the last 5 years and has spent 82% more than FC Barcelona * Winter window transfers not included

44

Top 10 most expensive players 2013/14 €Mio

101

57

39

Bale

Neymar

Illarramendi

30

Isco

10

8

8

8

7

7

Guilavogui

Beñat

Pabón

Gameiro

Bacca

Alderweireld Baptistao

Bale and Neymar signings joined top 10 of most expensive signings ever. 5 of top 10 signings in Spain were made by Real Madrid or FC Barcelona (vs 3 at previous season) 45

Top 10 most expensive players 2012/13

€Mio

30 19

14 8

Modric

Song

Jordi Alba

Canales

6

5

4

4

4

4

Cissokho

El Arabi

Kondogbia

Vela

Pereira

Gago D.López

46

Total value of player sales- La Liga Mio€

480

245

286

290 183

2009/10

2010/11

2011/12

2012/13

2013/14

Spanish La Liga sold players for 480mio€ at 13/14 summer transfer window, the highest amount in European history 47

Player sales by team Mio€

104

2011/12 2012/13

82 85 78

3942 30

39 17

2013/14

14

39

18 1

37 29

40 28 24

18 20 13 12 6 5 9 1

8

7 23

46

6 854

24

1

1

Real Madrid is also the most active team in player sales by releasing Ozil, Higuain, Albiol and Callejón. FC Barcelona is only 7th (Thiago, Villa & Fontás). Sevilla, Atlético Madrid and Valencia, forced to sell their best players

48

Top 10 on 5 year accumulated player sales Mio€

260

220

215 145

122 93 67

Real Madrid

At.Madrid

Valencia FC Barcelona

Sevilla

Villarreal

Málaga

65

55

Getafe

Espanyol

40

At.Bilbao

Financial constraints and availability of top players have put At. Madrid and Valencia very close to Real Madrid over a 5 year period. FC Barcelona traditionally more reluctant to sell its best players

* Winter window transfers not included

49

Sales abroad of national players Mio€

139 115

57

74

79

2010/11

2011/12

47 17

2007/08

2008/09

2009/10

2012/13

2013/14

Spanish players exports grew for 4th consecutive seasons to 139, the highest number ever *Includes transfers of Liga BBVA and Liga Adelante

50

Total net spending- La Liga

€Mio

225 70 -24

2009/10

2010/11

-55

2011/12

2012/13

-92

2013/14

The highest ever sales at La Liga resulted in a negative net investment of 92mio€, also the highest ever. La Liga moving from “buying” into “selling” type of league 51

Net players spending by team €Mio 79,0

28,9 15,3

10,0 2,8

0,2

0,0 -0,9

-1,0

-3,0

-4,0

-6,1

-7,0

-11,7 -12,8 -27,3 -33,5 -36,0 -45,0 -48,0

Real Madrid and FC Barcelona clearly lead net investment ranking. 13 of 20 teams had higher sales than investment. Most teams did not reinvest their significant income from players sales

52

Net players spending by team 2012/13 €Mio

33,0

12,5 4,5

3,8

3,3

3,0

2,2

1,5

1,0

0,0 -2,6

-3,6

-3,8

-4,7

-5,3

-6,8

-8,5 -17,0

-29,3 -37,5

53

# of signings- La Liga Nº of players

155

147 Signings 0€ Loans

126 31

Signings

134 122

39 58

37

63 58

28

36 37

95 57

2009/10

2010/11

53

2011/12

58 34 2012/13

2013/14

The number of new players is the highest of last 5 years. As usual, there is a significant presence of loans and signings at 0 cost

* Data of free signings at season 2009/10 not available

54

# of exits- La Liga

Nº of players

204 179 Signings

188

176

Loans

205

51

58 46

55

50

133

126

2009/10

2010/11

146

133

2011/12

2012/13

155

2013/14

The number of exits is the highest in recent years. In average, every team released 10 players 55

Net # of signings vs exits- La Liga

Nº of players

2009/10

-53

2010/11

-54

2011/12

-57

2012/13

2013/14

-50

-54

For the 5th consecutive season, La Liga teams took advantage of the transfer window to reduce the number of players in the pay roll 56

# of signings by team Nº of players

2011/12

14 14 13 12

13

13

13

12

12

13

2012/13

12 11

2013/14

10 9

9

9

8

8

8

8

8

8

8 77

6

77

7 6

6

66 5

4

6 5

5

5

5

5

4

4 3

3 2

1 00

0

2

22 1

00

Sevilla has made the biggest squad turnaround of La Liga, with 14 new players and 19 exits. Granada and Rayo Vallecano traditionally among the most active teams. FC Barcelona repeats as team with lowest number of new players *does not include registration in first squad of home grown players

57

# of signings by team and category

Nº of players

Signings 0€

0

Loans

5 5

6

Signings

8

7 2 7

9

5

7

3 0

1

1

2 0

2 1

1 1

2

5 2

4

1 1

4 0

5

6

5 1 1

4

0 2

3

0 2

3

2

2 0 3

58

1 0 4

0

5 1 1

1

# of exits by team 2011/12

Nº of players

2012/13 2222

2013/14 19

14

14 11

15

14

10

13 10

6

14 12 11 10

11 10

14 11 1010

11 10 7

11

10

9

10 8

10

12 11 99

99

8

14

12

8

7

7

7

8 6

5 3

5

6

5

4

13 teams have released 9 players or more. Granada leads releases ranking again (22). Real Sociedad only saw 4 players leaving the club 59

Net # of signings vs exits

Nº. of players 3 2

2

2

1

-1

-1

-1

-1 -3

-3

-3

-3 -4

-4 -5

-5 -6

-6

-9

Granada repeats has the team with highest reduction of players in the squad. The majority of teams (15 out of 20) have now less players in the pay roll 60

Continuity of signings of last season 2/2 2/2 100% 100% 5/7 71%

2/3 66%

2/3 66%

8/13 62%

3/5

3/5

60%

60%

5/9 55%

3/6 5/12

2/5

2/5

50% 42%

40%

2/6

1/3

33%

33%

40%

FC Barcelona and Real Madrid, with lower number of signings, are the only teams keeping all signings from previous season *Includes transfers made at winter window

61

Football Transfer Review 2014 1.

Technical sheet

2.

Summer transfers window 2013/14

3.

Squads review La Liga

4.

Barça vs Real Madrid

5.

Conclusions

6.

Annexes: -

European Football Finances Tables About Prime Time Sport

62

% of non national players by league Non-national players 2010/11 2011/12

69,6% 64,0% 63,3% 63,2%

2012/13 2013/14

54,4%

52,2% 47,3% 44,9%

49,7% 49,2% 48,6%

45,8%

45,1% 41,1% 40,3% 39,4%

40,2% 38,8% 37,9% 36,7%

La Liga is still the league that has the highest % of national players. English Premier League the lowest 63

Average age of players in squad

Age

28,5 28,4

28,1 27,9 27,7 26,7 26,7 26,7 26,6 26,5

26,2 26,0 25,9 25,8 25,7 25,7 25,6 25,5 25,4 25,4

64

Home grown players by squad

Players

17

17 14 11

10

8

8

7

6

5

5

4

3

2

2

2

1

* Players having participated in any youth teams of the club, including reserves (B teams)

65

1

1

0

Average stability of squad- Top 10 Years*

4,3 3,8

4,2

3,7

3,5 3,1

3,2 3,3

2011/12 2012/13 2013/14

3,0

2,8

2,7 2,4

2,3

2,3 2,0

1,7 1,7 1,21,3

FC Barcelona

R.Sociedad

At.Bilbao

Real Madrid

Osasuna

Espanyol

1,5

1,7 1,7

1,6 1,7

1,3

1,6 1,7

1,1

R.Valladolid

Celta

Barça repeats as the team with most stable squad

* Average time of stay in the club

66

Málaga

Getafe

Average stability of squad- Bottom 10 Years*

2011/12 2012/13 2013/14

2,02,0

1,8 1,6 1,43 1,2

1,41

1,4

1,3

1,1

1,2

1,18

1,1 0,91

0,8

At.Madrid

Villarreal

Valencia

Granada

1,0

Almería

Sevilla

Elche

1,2 0,88

Betis

1,0

1,1 0,87

Levante

* Average time of stay in the club

67

1,0

0,80,75

Rayo

Football Transfer Review 2014 1.

Technical sheet

2.

Summer transfers window 2013/14

3.

Squads review La Liga

4.

Barça vs Real Madrid

5.

Conclusions

6.

Annexes: -

European Football Finances Tables About Prime Time Sport

68

Players movement

2012/13

2013/14

2012/13

2013/14

Revenues* (mio€)

470

N/A

517

N/A

Profit/Loss* (mio€)

35,9

N/A

32,4

N/A

Signings investment (mio€)

33

57

30

183

Player sales (mio€)

0

28

39

104

Net signings investment (mio€)

33

42

-8,5

79

# of signings

2

1

2

5

# of exits

3

7

9

8

Average cost per new player

17

57

15

37

2/2

2/2

4/5

2/2

Song (19)

Neymar (57)

Modric (30)

Bale (101)

Continuity players signed last season Most expensive signing (mio€) * Forecast Real Madrid 2012/13 y FC Barcelona 2012/13

69

Players movement- accumulated 5 years

2009/14

2009/14

Signings investment (mio€)

335

611

Player sales (mio€)

143

260

Net signings investment (mio€)

192

345

Most expensive signing (mio€)

Ibrahimovic (66)

Bale (101)

Most important sale (mio€)

Touré (30)

Ozil (45)

* Seasons 2009/10, 2010/11, 2011/12, 2012/13 y 2013/14

70

Squad review

2013/14

2013/14

Nº players in First team

25

23

Average age

26,7

25,7

Average stability of squad (Average time of stay in the club)

4,3

2,7

% Foreign players

36%

48%

Nº Nationalities

6

7

Home grown players by squad

17

8

New home grown players by squad

2

4

U21 Players

2

6 71

# of signings- La Liga

Eto’o Deco

D.Alves

Giuly

Hleb

Edmilson

Cáceres

Belletti Zambrotta

Sylvinho

Henry

Keita

Ibrahimovic

Milito

Henrique

Chygrynskiy

Villa

Larsson

Ezquerro

Gudjohnsen

Abidal

Piqué

Keirrison

Mascherano

Cesc

Song

Van Bronckhorst

Van Bommel

Thuram

Y.Touré

Pinto

Maxwell

Adriano

A.Sánchez

J.Alba

Neymar

2004/05

2005/06

2006/07

2007/08

2008/09

2009/10

20010/11

2011/12

2012/13

2013/14

72

Homegrown player sales FC Barcelona 2004-2014

Mio€

26,0 20,8

8,8

2,2

1,5

2004-05

9,5

7,0

2006-07

2007-08

Luis García Sergio Garcia (8,75) (1,5)

Gabri (0)

Motta (2)

Santamaría (0)

Damià (1)

ToniCalvo (0,2)

Tortolero (0)

2005-06

Ros (0)

Fernando Navarro (6)

2008-09

0,0

0,0

2009-10

2010-11

G. dos Jorquera (0) Santos (6)

0,0 2011-12

2012-13

2013-14

V.Sánchez (0)

Thiago (25)

Oleguer (3)

O.Romeu(5)

Fontàs (1)

Crosas (0,5)

Jeffren (3.75) Bojan (12)

73

Football Transfer Review 2014 1.

Technical sheet

2.

Summer transfers window 2013/14

3.

Squads review La Liga

4.

Barça vs Real Madrid

5.

Conclusions

6.

Annexes: -

European Football Finances Tables About Prime Time Sport

74

Conclusions FTR 2014- summer (1 of 5)

 Top 5 European Leagues combined investment grew by 40% to 2,2bio€, highest amount ever, despite Financial Fair Play and economy downturn.  All big European leagues have experimented significant expenditure growth, with Premier League, Ligue 1 and Bundesliga reaching highest levels ever. Premier League has been the market driving force with 731mio€ expenditure, thanks to fresh an increased money from new TV contracts. La Liga experimented the highest growth led by Gareth Bale signing by Real Madrid.  Investment stays monopolized by few teams with high revenue generation potential, wealthy owners or significant income from sales of best players. Top 8 spending teams accounted for 60% of total investment in Europe.  Total income from players sales recuperates growth trend to 1,6bio€ (+38%) and reaches the highest level since 2010/11 season. Player sales, along with increased money from new TV contracts in England and higher prizes for Champions League participation have helped to finance investment in new players acquisition

75

Conclusions FTR 2014- summer (2 of 5)  La Liga made close to half billion€ in player sales at summer transfer window, the highest amount ever in football history globally, confirming Spain as the upcoming power in talent production and development. All European leagues -except English Premier Leagueexperimented increased income from player sales.

 Premier League dominance becomes even stronger when deducting income from player sales, with a net investment still of 470mio€. On the other extreme, Spain continues to lose talent and experiments a negative net investment of 92mio€. Therefore, for 2 seasons in a row, income from sales was higher than investment in new players  Italian Serie A is once again the most active in terms of new player arrivals (366), more than doubling Spanish La Liga which is second with 156 new players. Loans and free signings continue to be a very popular signing format and for 4 seasons in a row all leagues experimented more player exits than arrivals  In terms of clubs, Real Madrid is back to top spending position 2 years later after by investing 183mio€ (101 in Gareth Bale). Under new Russian ownership, AS Monaco reaches 2nd position by spending 166mio€. Tottenham takes advantage of Bale sale to join top 3.

76

Conclusions FTR 2014- summer (3 of 5)

 Anzhi from Russia is the European leader in player sales income after reduced ownership commitment. Tottenham (128mio€) reaches 2nd position thanks to Gareth Bale sale to Real Madrid. 3 La Liga teams (Real Madrid, Sevilla and Atlético Madrid) among top 10 teams in player sales.

 Real Madrid is the undisputed driving force in the European transfers market of the last 5 years, as it made both the highest accumulated expenditure (611mio€) and the highest income in player sales (260mio€). Manchester City made the most significant net investment (acquisition costs minus sales) with 435mio€ in 5 years.  Bale signing (101mio€) is the most expensive of the summer and in football history. The average cost of signings in the European top 10 (53,1mio€) is 41% higher than last season. Real Madrid has made 5 of 10 most expensive signings in European history. 4 signings of this summer have joined historical top 10.

77

Conclusions FTR 2014- summer (4 of 5)  La Liga has tripled investment in new players at summer transfer window to almost 400mio€, 2nd largest ever, as a result of reinvestment of income from player sales and extraordinary signing of Gareth Bale by Real Madrid  Combined signings by Real Madrid (183mio€) and FC Barcelona (57mio€) continue to concentrate most of the value, accounting for 62% of La Liga total (49% in 12/13, 32% in 11/12, 57% in 10/11. Both Real Madrid and Barça recuperate investment growth trend after 3 consecutive years of decline. Real Madrid accounts for 38% of total La Liga players investment (610mio€) of the last 5 years and has spent 75% more than FC Barcelona (348mio€) in that period.  Sevilla and Atlético Madrid follow the 2 giants by partially reinvesting income from players sales, spending 34mio€ and 33mio€ respectively. 4 La Liga teams did not spend any money and 9 spent 3mio€ or less  Real Madrid (104mio€), Sevilla (82mio€) and Atlético Madrid (78mio€) are in top 3 positions of La Liga in terms of player sales income. FC Barcelona, having sold Thiago, Villa and Fontás is only 7th in the ranking. Real Madrid also leads sales of the last 5 years with 263mio€ income, followed by Atlético Madrid (220mio€) and Valencia (215mio€). During the last 5 years, Real Madrid has cashed-in 81% more than FC Barcelona in player sales income. 78

Conclusions FTR 2014- summer (5 of 5)  Spanish players exports grew for 4th consecutive season to 139, the highest number ever (17 in season 2009/10).  The highest ever sales at La Liga (480mio€) resulted in a negative net investment of 87mio€, also the highest ever. La Liga moving from “buying” into “selling” type of league and experimenting difficulties to keep the talent at home (except for Real Madrid and FC Barcelona). 13 out of 20 La Liga teams saw their income on player sales beat the investment in signings

 Sevilla has made the biggest squad turnaround of La Liga, with 14 new players and 19 exits. Granada and Rayo Vallecano traditionally among the most active teams. FC Barcelona repeats as team with lowest number of new players (just Neymar)  Spanish La Liga has the lowest proportion of foreign players (40,2%) among top European leagues  FC Barcelona has the highest number of home grown players, along with Athletic Bilbao (17) and the most stable squad (4,3 years stay per player in average)

79

Football Transfer Review 2014 1.

Technical sheet

2.

Summer transfers window 2013/14

3.

Squads review La Liga

4.

Barça vs Real Madrid

5.

Conclusions

6.

Annexes: -

European Football Finances Tables About Prime Time Sport

80

Revenue trend top European leagues Mio€ 2.917 2.4792.500 2.326 1.872 1.746 1.664 1.575

1.7181.765 1.622 1.501

1.4941.5321.5531.570 1.136 1.0481.0721.040

2008/09

2009/10

2010/11

2011/12

Big five leagues have experimented revenue growth for the 4th consecutive year, except Ligue1 in 2010/11. Revenue ranking remains unchanged and clearly led by Premier League, followed by Bundesliga and La Liga. Source Deloitte Annual Review of Football Finance, June 2013

81

Club European ranking by revenues Mio€ 513 480 439 401

483 451 398 366

2008/09 396 367 350 327

2009/10

2010/11

2011/12

368 323 321 290

323 259 253 245

290 263274 251

286 257 244235 203205

197 153170

195

225 211 197 186

154

102

Real Madrid FCBarcelona Man.United

B.Munich

Chelsea

Arsenal

Man.City

AC Milan

Juventus

Inter

While we wait for all teams publishing their 2012/13 results, season 2011/12 saw the same teams in top 6 positions in a ranking lead once again by Real Madrid followed by FC Barcelona Source: Deloitte Football Money League 2013

82

Football Transfer Review 2014 1.

Technical sheet

2.

Summer transfers window 2013/14

3.

Squads review La Liga

4.

Barça vs Real Madrid

5.

Conclusions

6.

Annexes: -

European Football Finances Tables About Prime Time Sport

83

Arrivals & exits La Liga 2013/2014 Equipo

Altas

€Mio

Bajas

€Mio

Neymar

57

Fontàs Abidal David Villa Deulofeu Thiago Rafinha

1 0 2,1 Ced 25 Ced

Total

-57

Total

28,1

Carvajal Casemiro Isco Illarramendi Bale

6,5 6 30 39 101

Carvalho Callejón R.Albiol Higuaín Kaká Cheryshev Adán Özil

0 9,5 12 37 0 Ced 0 45

Total

182,5

Total

Nelson Valdez Javi Fuego Míchel Oriol Romeu Hélder Postiga Dorlan Pabón

3 0 0,4 Ced 3 8

Tino Costa Nelson Valdez Gago Soldado Cissokho

Total

14,4

Total

103,5 7 3 1,7 30 Ced

Equipo

Altas

€Mio

Bajas

José Giménez Demichelis Baptistao David Villa Roberto Aranzubia Alderwireld Guilavogui

0,9 0 7 2,1 6 0 7 10

Falcao Silvio Cisma Rubén Micael Joel Rubén Pérez Pulido Cata Díaz S.Asenjo Pizzi Roberto Borja Bastón Demichelis Cabrera

Total

33

Total

Fontàs Charles Nolito Rafinha Aurtenetxe

1 1 2,6 Ced Ced

Total

4,6

41,7

84

€Mio

60 Ced 0 3 4 Ced 0 0 Ced 6 Ced Ced 5 0

78

Roberto Lago Iago Aspas Dani Abalo Bustos Jota Insa De Lucas

0 8,2 0 Ced Ced 0 0

Total

8,2

Arrivals & exits La Liga 2013/2014 Equipo

Altas

€Mio

Chuli Steinhöfer Cedrick Andersen Reyes Joan Verdú Sara Jordi Figueras Dídac Vilà Juanfran Rennella Xavi Torres

0,8 0 0 0 0,9 0 Ced 0 Ced 0 0 2,8

Total

4,5

Raúl Baena Nery Castillo Mojica Saúl Ñíguez Rubén Galeano Larrivey Alberto Bueno Cueva Zé Castro Iago Falqué S.Fernández J.Viera

0 0 Ced Ced 0 0 0 0 Ced 0 Ced 0 Ced

Bajas

€Mio

Cañas Adrián Beñat Pozuelo Ezequiel Mario Agra Ángel Casto Fabri Rennella Álex Martínez J.Pereirea

0 0 8 0,5 Ced 0 Ced 0 0 0 Ced 0 0

Total

8,5

Javi Fuego Baptistao Piti A.Domíngez Casado Fiménez Delibasic Machado Rafa García Tamudo

0 7 0 0 0 0 0 0 0 0

Equipo

Altas

0

Total

7

Bajas

€Mio

Beto Rusescu Pareja Jairo Marko Marin Vitolo Bacca Carriço Figueiras Gameiro Cristóforo Iborra Mbia Cherysev

2 2,5 Ced 2,5 Ced 3,2 7 Ced 1 7,5 2,3 6 Ced Ced

Palop Jesús Navas Luna Luis Alberto Espinosa Spahic Del Moral Ibusuki Campaña Negredo Acosta Botía Alexis Medel Hervás Babá Guarente Kondogbia

0 17,5 2 8 0 0,4 Ced 0 2 19 0 Ced 0 13 Ced Ced 0 20

Total

33,9

Total

81,9

Bergdich Alcatraz Deigo Mariño Omar Bermettler Osorio Rossi

0,7 0 0 0 0 0 Ced

Balenziaga Hernández Alberto Bueno Quique Lázaro

0,5 Ced 0 0 0

Total

0,5

Total Total

€Mio

0,7 85

Arrivals & exits La Liga 2013/2014 Equipo

Altas

€Mio

Bajas

€Mio

Sérgio da Silva David Barral Xumeetra El Adoua Ivanschitz Jvai jiménez Gomis Nong Babá

0 0 0 0 0 0 0 0,3 Ced

Míchel Munúa Barkero Dudka Iván López Morales Juanlu Roger Iborra

0,4 0 0 0 Ced Ced 0 Ced 6

Total

0,3

Total

6,4

Balenziaga Etxeita Beñat Kike Sola Mikel Rico

0,5 0 8 4 2,8

F.Llorente Amorebieta Xabi Castillo Igor Martínez Raúl Isma López Zubiaurre Iñigo Ramalho Aurtenetxe Iñigo Pérez

0 0 0 0 Ced 0 0 Ced Ced Ced Ced

Total

15,3

Total

€Mio

Bajas

€Mio

Roberto Lago Escudero Alexis L.López

0 0,5 0 Ced

Hugo Fraile Mané Barrada Güiza Arizmendi Xavi Torres Miguel Torres Álex Pérez Á.Vázquez

0 0 10 0 0 2,8 0,5 Ced Ced

Total

0,5

Total

13,3

Jordan Lotiès Joan Oriol De las Cuevas Oriol Riera Silva

0 0 1,2 0,7 1,2

Kike Sola Zabal Timor Nano Annunziata González Rúper Masoud

4 0 Ced 0 0 0 0 0

Total

3,1

Total

Equipo

Altas

0

86

4

Arrivals & exits La Liga 2013/2014 Equipo

Altas

€Mio

Bajas

€Mio

Equipo

Altas

Tissone Santa Cruz Antunes Ferreira Anderson Angeleri Pawlowski Chen El Hamdaoui

0 0 1,2 0,5 1 0,2 Ced 0,4 Ced

Saviola Demichelis Edinho Iturra Joaquín Isco Toulalan Baptista Rubén Recio S.Fernández

0 0 0 0 1,8 30 5 0 0 Ced 0

Lanzarote David López Fuentes Abraham Pizzi Sidnei Álex Torje Córdoba

Total

3,3

Total

36,8

Total

Stevanovic Gil Sapunaru Toño Del Moral Lombán Cisma Rubén Pérez Botía Carlos Sánchez Javi Márquez Boakye

Ced Ced 0 0 Ced 0,1 0 Ced Ced 0 Ced Ced

Montagud Etxeita Xumetra Palanca Linares Pelayo Verdés Flaño Rivas Powel

0 0 0 0 0 Ced 0 0 Ced 0

Perbet Pina Jokic Pantic Gio Dos Santos J.Pereira S.Asenjo Gabriel

Total

0,1

Total

Total

€Mio

0 0,2 0 0 Ced Cedd 0,5 Ced Ced

Bajas

€Mio

Petrov Joan Verdú Baena Amat Forlín Álvarez C.Alfonso C.Gómez Wakaso Albín Luna

0 0 0 2,9 3,5 0 Ced Ced 6 0 0

0,7

Total

12,4

1,4 5 0 0,3 6 0 Ced 3,3

Zapata Senna Mellberg Joan Oriol Truyols Javi Venta Diego Mariño Joselu G.Bordas Juanma Camuñas

6 0 0 0 0 0 0 0 0 0 0

Total

6

16

0

87

Arrivals & exits La Liga 2013/2014 Equipo

Altas

Gai Assulin Brahimi Iturra Piti Riki Douglas Belkalem Coeff Karnezis Ighalo Foulquier Recio Campos Pereira Widmer

Total

€Mio

Bajas

€Mio

0 4 0 0 0 2,3 0 Ced Ced Ced Ced Ced Ced Ced Ced

Iñigo López Cases Widmer Toño Pudil Kitoko Iriney Anya David de Coz Lucena Gai Assulin Yuste Ferreiro Machí Belkalem Mikel Rico Álex Bernal Toti Santos Siqueira

0 0 0,7 0 0 Ced 0 0 0 0 Ced Ced Ced Ced Ced 2,8 0 Ced Ced Ced

Total

3,5

6,3

Equipo

Altas

Dubarbier Óscar Díaz Tébar Rodri Suso Ustari Nélson Torsiglieri Barbosa Total Seferovic Abora Granero Oscar Vega Total

€Mio

Bajas

€Mio

0 0 0 Ced Ced 0 Ced Ced Ced

Charles Diego García Carlos Calvo Bernardello Mejía R.Suárez Abel

1 0 0 0 0 0 0

Total

1

0 3 0 Ced 0 3

88

Illarramendi Llorente Abora Oscar Vega Total

39 0 Ced Ced 39

Home grown players by team Club

Canteranos Valdés, Oier, Piqué, Puyol, Bartra, J.Alba, Montoya, Busquets, Xavi, Iniesta, Dos Santos, Sergi Roberto, Cesc, Tello, Pedro, Cuenca, Messi

Casillas, Jesús, Diego López, Nacho, Carvajal, Arbeloa, Jesé, Morata Manquillo, Koke, O.Torres, Mario Suárez, Gabi Bernat, Alcácer, Guaita, Gayà, Míchel J.Varas, Julián, Cala, I.Puerto, A.Moreno, Reyes M.González, I.Martínez, Ansotegui, Zubikarai, C.Martínez, Estrada, Elustondo, Bergara, R.Pardo, Zurutuza, Javi Ros, X.Prieto, Griezman, Aguirretxe Iraizoz, San José, Gurpegi, Ekiza, Iraola, Iturraspe, Ibai, Susaeta, Muniain, Aduritz, Herrerin, Laporte, Unai, Etxeita, Saborit, Morán, Beñat Vadillo, Nano Alvaro Garcia Parreño, R.Rodríguez, Capdevila, V.Alvarez, J.Lopez, Tejera, Thievy, Kiko Casilla, Carlos Clerc, David López

89

Home grown players by team Club

Canteranos Juan Carlos, Iñiguez, Costa, Gaspar, Bruno, Manu Trigueros, Moises, J.Pereira

Jesús Gámez, Portillo, Juanmi, Samu Arroyo S.Alvarez, Tuñez, J.Vila, Hugo Mallo, Oubiña, Alex Lopez, Yoel, D.Costas, Jonny Castro, Levy Madinda, A.Rodríguez Flaño, Echaide, Oier, R.Torres, Puñal, Raoul Loé, Onwu Hector Rodas Lass Bangoura, Perea Rueda, Baraja

Angel Trujillo, Zongo, Azeez

90

Players exits R. Madrid 2004-2014

9,3 2004-05 Morientes (9,3)

45,0

15,2

30,8

2005-06

2006-07

2007-08

Figo (0)

Zidane (-)

Owen (25)

Portillo (0)

Celades (0)

Cobeño (0)

Solari (2)

Sánchez (0)

Samuel (18) Arbeloa (1,3) César (0)

Borja (-) Juanfran (0,4) Gravesen (3) Jurado (3) González (-) Ronaldo (7,5)

66,0

103,5

87,5 11,0

2008-09

Helguera (0) A. Gonález (-)

2009-10 Heinze (1,5)

2010-11 Metzelder (0)

38,5

16,5 2011-12

2012-13

2013-14

Garay (5)

Altintop (3,5)

Ozil (45)

Pedro León Canales (7,5) Higuaín (37) (5) Mejía (0) Balboa (4) García (7) Raúl (0) Sarabia (3) Gago (3,5) Albiol (12) Van der Juan Carlos Bravo (2,3) García (0) Codina (0) Granero (8) Callejón (9,5) Vaart (11) (2.5) Diogo (4,5) Granero (3) Saviola (5) Fran Rico (1) Diarra (5) Carvalho (0) Cannavaro Beckham (0) Soldado (6) Drenthe (-) Kaká (0) (0) Huntelaar R. Carlos (0) Baptista (10) Carvajal (5) Adán (0) (15) Diego López Negredo Robinho (43) Joselu (6) (7) (15) Sneijder Cicinho (9) De la Red (-) (15) De la Red Robben (3) (24) Pavón (0)

Émerson (5)

Cassano (0)

Parejo (3)

Guti (0)

Torres (2) Salgado (0) Van Nistelrooy (0)

91

Player exits FC Barcelona 2004-2014

69,0

55,0 14,8 2004-05 Cocu (0) Santemaría (0) Luis García (8,75)

10,0

13,0

2005-06

2006-07

Rochemback Larsson (0) (1,5)

Kluivert (0)

2007-08 2008-09 Van Bronckhorts Edmílson (0) (0)

2009-10

2010-11

2011-12

2012-13

2013-14

Eto’o (20)

Touré (30)

V.Sánchez (0)

Keita (0)

Thiago (25)

Gudjohnsen Chygrynskiy Milito (0) Henrique (-) (2) (15) R. Márquez Jorquera (0) Jeffren (3.75) (0)

Gabri (0)

Saviola (0)

Oleguer (3)

Albertini (-)

Damià (1)

Giuly (4,5)

Ronaldinho (25)

Recber (0)

Máxi lópez (2)

Ezquerro (0) Sylvinho (0)

López (-)

Belletti (5,5)

Deco (10)

Navarro (6)

Motta (2)

Thuram (-)

Gérard (0)

Quaresma (6) García (1,5) Dani (0)

Rodri (0)

Luis Enrique (-)

Mark van Bommel (6)

Reiziger (0)

0,0

Ros (0)

Overmars (-) Riquelme (7)

28,1

23,8

22,0

14,0

Henry (0)

Bojan (12)

Ibrahimovic (24)

Cáceres (3) O.Romeu(5)

G. dos Santos (6) Zambrotta (10,5)

Crosas (0,54)

Tortolero (0) Enke (-) 92

Fontàs (1) Villa (2,1) Abidal (0)

Football Transfer Review 2014 1.

Technical sheet

2.

Summer transfers window 2013/14

3.

Squads review La Liga

4.

Barça vs Real Madrid

5.

Conclusions

6.

Annexes: -

European Football Finances Tables About Prime Time Sport

93

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94