The big six compared

Whether the concept of the 'Big Six' in the Premier League is quite what it was with the financial boost at Newcastle is an open question, but anyway here are some comparisons over the last five years from the Swiss Ramble.

Manchester in the lead

The Big Six Premier League clubs had a total of £18.2 bn of available funds in the last five years. Manchester City led the way with £3.4 bln, closely followed by Manchester United £3.3 bln. There were three other clubs around the £3 bln level, but there was then a big gap to Arsenal, who lagged the others with “only” £2.5 bn.

Manchester United generated the most revenue in the last five years with £2.8 bn. They were just ahead of Manchester City £2.7 bn, even though they were overtaken by their rivals in the last two seasons.

Four clubs increased their revenue by more than £100m in the last five years with the largest growth at Liverpool, whose income rose £230m (nearly two-thirds) from £364m to £594m. Manchester United’s revenue was basically flat, while Arsenal’s fell £54m (13%) from £423m to £369m.

Manchester United generated the highest match day income of £428m, a fair way ahead of Arsenal £357m and Tottenham £355m. Manchester City’s £208m gate receipts were less than half of their local rivals.

Tottenham’s new stadium has allowed them to close the gap to Manchester United to just £4m in 2021/22, having been £69m ten years ago.

Spurs likely to top revenue chart

The chances are that Spurs match day revenue will be the highest in the Premier League when 2022/23 accounts are published, as they were playing in the Champions League, where they will receive much higher gate receipts, compared to the previous year’s sparsely attended Europe Conference matches.

The importance of the Champions League to English clubs’ business model is underlined by Arsenal’s relatively low £812m broadcasting revenue, as the Gunners did not qualify for UEFA’s leading tournament once in this period.

As a result, their income fell £53m (27%) from £199m to £146m. Furthermore, their £44m advantage over Liverpool in 2016/17 turned into a £115m deficit in 2021/22, a swing of £159m.

Manchester United had the highest commercial revenue of £1.3 bln in the last five years, but this was only thanks to starting from a high base, as the annual income actually dropped £18m (6%) from £276m to £258m.

Manchester City were only £33m below United over the five years, but have leapfrogged them in the last two seasons. City were one of three clubs to enjoy commercial growth of around £100m, though Arsenal only increased by £20m.

Player sales

Two clubs in particular made a lot of money from player sales, namely Chelsea £541m and Manchester City £445m, followed by Liverpool £318m. In contrast, there were much lower amounts at Arsenal £249m, Tottenham £198m and Manchester United £195m.

Three clubs received owner funding in the form of share capital injections: Chelsea £211m, Tottenham £97m and Manchester City £81m. This is the best form of owner financing for a football club, as it will never need to be repaid.

Four of the Big Six spent between £1.5 bn and £1.6 bln on wages in the last five years. Manchester City led the way with £1,635m, very slightly ahead of Manchester United £1,619m, closely followed by Liverpool £1,580m and then Chelsea £1,486m.   There is then a sizeable gap to Arsenal £1,130m and particularly Tottenham £922m.

Net transfer spend (in cash terms) for the Big Six was £2.3 bn in the last five years (purchases £4.3 bln less £2.0 bln). The highest by some distance was Manchester United £612m, followed by Manchester City £497m and Chelsea £376m.   Arsenal’s activity in the transfer market has really ramped up recently, so much so that their £336m net spend was actually higher than Liverpool £318m. Tottenham were miles below the others at just £179m.