A detailed study of the accounts of all 20 clubs

LONDON. Financial figures for 2011-12, for the 20 clubs that were in the Premier League during 2010-11. All details from the published annual reports at Companies House.
Harry Redknapp finally threw in the towel and admitted that his beleaguered Queens Park Rangers side are doomed to relegation from the Premier League.  Net photo.
Harry Redknapp finally threw in the towel and admitted that his beleaguered Queens Park Rangers side are doomed to relegation from the Premier League. Net photo.

LONDON. Financial figures for 2011-12, for the 20 clubs that were in the Premier League during 2010-11. All details from the published annual reports at Companies House.

Net debt is as stated in the accounts; debts minus cash held at the bank. The separate categories of turnover are rounded down or up, so added together do not always tally with the total turnover figure.

MANCHESTER CITY

Accounts for the year to 31 May 2012

Ownership: Wholly owned by Sheikh Mansour, via the Abu Dhabi United Group, registered in the United Arab Emirates

Turnover: 4th in league, £231m (up from £153m in 2011)

Gate and matchday: £22m

TV and broadcasting: £88m

Commercial activities: £121m

Wage bill: 1st, £202m (up from £174m in 2011)

Wages as proportion of turnover: 87%

Loss before tax: £99m (following £197m in 2011)

Net debt: £58m

Interest payable: £3m

Highest-paid director: Unnamed, £1.1m (John MacBeath was the acting chief executive)

State they’re in:

The most spectacular example of an individual from the global super rich buying an English football club and funding them to success.

Courtesy of Sheikh Mansour’s oil-based fortune, they ran a wage bill £40m higher than Manchester United’s, from income £90m lower, and won the Premier League with the 94th-minute goal by £38m Sergio Agüero.

The accounts show a striking contrast between modest matchday income, £22m, with ticket prices lower than London prices, and £121m commercial income, substantially via sponsorships from Abu Dhabi companies.

MANCHESTER UNITED

Accounts for Manchester United plc (registered in the Cayman Islands) for the year to 30 June 2012

Ownership: Owned by Malcolm Glazer’s six children via Red Football LLC a company registered in the low tax state of Nevada

Turnover: 1st in league, £320m (down from £331m in 2011)

Gate and matchday income: £99m

TV and broadcasting: £104m

Commercial activities: £118m

Wage bill: 3rd, £162m (up from £153m in 2011)

Wages as proportion of turnover: 51%

Loss before tax: £5m (following a £12m profit in 2011)

Net debt: £366m

Interest and other finance costs: £50m

Highest-paid director: £2,593,000 unnamed (David Gill is the chief executive)

State they’re in:

The staggering business of the Glazer family and their leveraged buyout of United, now registered in the Cayman Islands tax haven and floated on the New York stock exchange. Pages of the annual report are devoted to the global sponsorships that pushed commercial income to £118m.

United remain burdened with £420m debt from the Glazers’ 2005 takeover, at approximately 8.5% interest, which cost the club £50m last year. The takeover has cost United around £550m altogether.

Last year the club paid a £10m dividend to the owners, a £3m management fee to the Glazers, and £558,484 interest was payable to Kevin Glazer.

NEWCASTLE UNITED

Accounts for the year to 30 June 2012

Ownership: Mike Ashley owns Newcastle United via his company, MASH Holdings Limited

Turnover: 7th in league, £93m (up from £89m in 2011)

Gate and matchday: £24m

TV and broadcasting: £56m

Commercial activities: £14m

Wage bill: 8th, £64m (up from £54m in 2011)

Wages as proportion of turnover: 69%

Profit before tax: £1m (down from £33m in 2011)

Net debt: £129m

Interest payable: £0.07m

Highest-paid director: Unnamed, £266,000 (Derek Llambias is managing director)

State they’re in:

Newcastle’s surprise season, Alan Pardew’s shrewd recruits achieving a fifth-place finish and transforming views of Mike Ashley’s ability to run a football club.

Ashley has cleared all the club’s debt and loaned £129m himself as financial ballast, before charging Derek Llambias with running affairs commercially.

NORWICH CITY

Accounts for the year to 31 May 2012

Ownership: Majority owned by Delia Smith and her husband Michael Wynn-Jones

Turnover: 12th in league, £75m (up from £23m in 2011)

Gate receipts: £11m

TV and media: £50m

Commercial activities: £14m

Wage bill: 19th, £37m (up from £18m in 2011)

Wages as proportion of turnover: 49%

Profit before tax: £16m (from £7m loss in 2011)

Net debt: Nil; £1m net cash in the bank

Interest payable: £2m

Highest-paid director: £1,533,000 paid to unnamed director (David McNally is the chief executive)

State they’re in:

The happy state of a club properly enjoying the first year of promotion to the Premier League. Norwich used the massive TV and commercial windfall, with income up £52m, to pay off all debt while keeping wages under control.

QUEENS PARK RANGERS

Accounts for the year to 31 May 2012

Ownership: 66% by Tune QPR, registered in Malaysia, owned by Tony Fernandes and partners Kamarudin Meranun and Ruben Gnanalingam. 33% by Sea Dream Ltd, family holding of Lakshmi Mittal

Turnover: 17th in league, £64m (up from £16m in 2011)

QPR’s turnover is not broken down into TV and other activities.

Wage bill: 12th, £58m (up from £30m in 2011)

Wages as proportion of turnover: 91%

Loss before tax: £23m (reduced from £25m loss in 2011)

Net debt: £89m

Interest payable: £0.038m

Highest-paid director: Directors of the holding company were not paid

State they’re in:

Surprisingly under the Air Malaysia entrepreneur Fernandes, they will be lucky to avoid a crash.

Rather than banking the Premier League bonanza at a club with only an 18,000 capacity at Loftus Road, they supported Neil Warnock to sign 11 players, sacked him in January 2012 then backed Mark Hughes to sign Nedum Onuoha, Djibril Cissé and Bobby Zamora.

STOKE CITY

Accounts for the year to 31 May 2012

Ownership: Owned by bet365 Group, the online gambling company controlled by Denise Coates, daughter of chairman, Peter, and family

Turnover: 13th in league, £71m (up from £68m in 2011)

Gate Receipts: £8m

Sponsorship and advertising: £6m

Europa League: £5m

TV and media: £46m

Conferencing and hospitality: £3m

Other: £0.6m

Retail and merchandising: £3m

Wage bill: 14th, £53m (up from £47m in 2011)

Wages as proportion of turnover: 75%

Loss before tax: £10m (following £6m loss in 2011)

Net debt: £14m

Interest payable: Nil

Highest-paid director: Unnamed, £517,000

Agencies

State they’re in:

Looking fairly solid financially in this fourth year since promotion to the Premier League in 2008. Backed by the bet365 online gambling fortune of Stoke native Peter Coates and family, whose loan was up to £24m in the year.

SUNDERLAND

Accounts for the year to 31 July 2012

Ownership: Owned by the American Ellis Short via Drumaville, a company registered in Jersey

Turnover: 11th in league, £78m (down from £79m in 2011)

Gate receipts: £14m

TV and media: £47m

Sponsorship and royalties: £9m

Conference and commercial: £8m

Wage bill: 8th, £64m (up from £61m In 2011)

Wages as proportion of turnover: 82%

Loss before tax: £32m (increased from £8m in 2011)

Net debt: £84m

Interest payable: £2m

Highest-paid director: Niall Quinn, £2,432,702 (includes £2m compensation for resigning)

State they’re in:

Already making losses on this scale and with the owner, Ellis Short, having loaned in £41m, could not countenance the threat of relegation, hence the sacking of Martin O’Neill.

SWANSEA CITY

Accounts for the year to 31 May 2012

Ownership: Martin Morgan, 22.5%; Brian Katzen, 20%; Swansea City Supporters Society Limited (supporters trust) 20%; chairman Huw Jenkins 12.5%; Robert Davies 10%


Turnover: 15th in league, £65m (up from £12m in 2011)

All football income: £61m

Commercial: £4m

Wage bill: 20th, £35m (up from £17m in 2011)

Wages as proportion of turnover: 54%

Profit before tax: £17m (after £11m loss in 2011)

Net debt: Nil; £5m cash in the bank

Interest payable: £0.3m

Highest-paid director: Huw Jenkins, £200,000

State they’re in:

Identified by the Premier League chief executive, Richard Scudamore, as “probably the ideal ownership model”, among the mostly overseas owners and tax exiles. Supporters trust owns 20%, and elects a director, alongside the businessmen shareholders, who are also fans.

TOTTENHAM HOTSPUR

Accounts for the year to 30 June 2012

Ownership: Enic International Limited, registered in the Bahamas, owns 85% of Spurs. Joe Lewis, resident in the Bahamas, has the controlling, 70.6% ownership of Enic, with chairman Daniel Levy and family owning the other 29.4%

Turnover: 6th in league, £144m (down from £163m in 2011)

Gate receipts, Premier League: £21m

Europa League and cups income: £11m

TV and broadcasting: £59m

Sponsorship and corporate hospitality: £35m

Merchandising: £9m

Commercial activities: £9m

Wage bill: 6th, £90m (down from £91m in 2011)

Wages as proportion of turnover: 63%

Loss before tax: £7m (down from £0.4m profit in 2011)

Net debt: £70m

Interest payable: £6m

Highest-paid director: £2.2m paid to Daniel Levy

State they’re in:

Well run, but the figures illustrate Spurs’ frustrations with where they are stuck. Considering themselves the rightful north London equals of Arsenal and historically superior to Chelsea, Spurs can only get this far until they have built their long mooted new stadium.

WEST BROMWICH ALBION

Accounts for the year to 30 June 2012

Ownership: Majority owned by the chairman, Jeremy Peace

Turnover: 14th in league, £67m (up from £59m in 2011)

Gate receipts: £8m

Merchandising: £3m

TV and media: £50m

Other commercial income: £6m

Wage bill: 15th, £50m (up from £39m in 2011)

Wages as proportion of turnover: 75%

Profit before tax: £1m (down from £9m in 2011)

Net debt: £0.5m

Interest payable: Nil

Highest-paid director: Unnamed, £1,133,000 (Jeremy Peace is the executive chairman)

State they’re in:

Eminently well-run. Accepted yo-yoing between Championship and Premier League for a decade, with chairman Jeremy Peace determined not to splurge into debt in either league.


WIGAN ATHLETIC

Accounts for the year to 31 May 2012

Ownership: Owned by Dave Whelan and family, registered in the UK

Turnover: 20th in league, £53m (up from £51m in 2011)

Premier League TV and other: £46m

Gate and matchday: £4m

Sponsorship and commercial: £2m

Other: £1m

Wage bill: 17th, £38m (down from £40m in 2011)

Wages as proportion of turnover: 72%

Profit before tax: £4m (up from £7m loss made in 2011)

Net debt: £12m

Interest payable: £0.5m

Highest-paid director: Not disclosed

State they’re in:

Owner Dave Whelan wrote off £48m of loans, converting them to equity. The loan and overdraft from Barclays Bank has also been significantly reduced, from £21m to £13m.

WOLVERHAMPTON WANDERERS

Accounts for the year to 31 May 2012

Ownership: Ultimately owned by Steve Morgan’s company Bridgemere Investments, registered in Guernsey

Turnover: 18th in league, £60m (down from £64m in 2011)

Gate receipts: £8m

Sponsorship and advertising: £5m

Premier League and broadcasting: £42m

Commercial activities: £5m

Wage bill: 17th, £38m (same as 2011)

Wages as proportion of turnover: 63%

Profit before tax: £2m

Net debt: Nil – Wolves had £13m cash in the bank

Interest payable: Nil

Highest-paid director: £1.2m paid to unnamed director

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