Nota de Prensa
THU 04.05.2023
LaLiga has presented the annual Economic Report for the 2021-22 season, in which Spanish professional football practically recovered to pre-pandemic figures in terms of revenue, with Spanish clubs recording the lowest aggregate losses among 5 major leagues, showing the success and robustness of a model based on financial sustainability.
Total Income stood at €4,838.1M, again reaching the all-time record of the 2019/20 season, after the severe contraction of the previous 2020/21 season, which reduced this figure to below €4,000M and has now recorded considerable year-on-year growth of +22.6%.
Of this total income, the item that experienced the greatest growth was matchday revenue (+123%), as a result of the widespread return of the public to the stadiums and the lifting of the capacity restrictions over the first part of the season. There was also a remarkable increase in commercial revenues (+2.9%) against a difficult economic backdrop, recovering part of the previous year's loss of revenues as a result of the pandemic.
With these total income figures, LaLiga has once again regained second place among the major leagues, both in absolute and relative terms (measuring per capita income and at equal price levels). Regarding that, the recovery of the top position in relative terms will occur naturally over the next few seasons, when pre-COVID activity in the player transfer market, which has been slightly more subdued in Spain, returns.
In terms of Total Expenses, the cost of sports staff continues to be the largest expense at 47%, although the weight of salary costs in relation to Net Turnover (NT) has fallen from 81.2% to 75.1%, and in relation to Total Income from 61.4% to 54.5%, which demonstrates the effort that the Clubs are making to contain costs in order to optimise their operational efficiency and improve their financial situation.
This determination to contain expenses carried out by the Clubs as a whole, as well as LaLiga's rigorous economic controls, have made a decisive contribution to offset the immediate COVID effects and creating the conditions for a gradual, durable and self-sustaining recovery.
The aggregate Net Result of the Spanish competition was still a loss (€-140.1M) in 2021/22, but with an seemingly lower level of deficit than in the previous year and also compared to the other major leagues. The Bundesliga in Germany suffered a €205M loss, the LFP in France a €601M loss, the Premier League + Championship around a €1,005M loss, and for Serie A + B approximately a €1,150M loss.
This data confirms the sustainable model of LaLiga and the Bundesliga, in contrast to other models based on the absence of adequate economic controls and on constant losses of their clubs, funded with systematic and huge contributions from their shareholders, which means undeniable financial doping that negatively impacts the rules of fair play and distorts the competition.
The aggregate EBITDA (earnings before interest, taxes, depreciation, and amortization) of the Spanish competition, both before and after the results of player transfers, was again positive (€23.9M and €280.8M respectively). This is a significant improvement, but still far from the annual records achieved before the pandemic.
In this regard, it is important to highlight that the long-term negative effects derived from the health crisis will take a few years to be completely overcome, a situation shared by the main European competitions as a whole, although LaLiga's overall situation is particularly favourable in comparative terms.
The evolution of transfer market activity is probably the clearest indicator of this situation in professional football. The lower activity in the player market is having a strong impact on the sale price of transfers (player exits), but the "automatic stabilisers" activated by LaLiga are enabling the adjustment to be made to a large extent through the matching of purchase prices for transfers (player acquisitions), effectively protecting the balance sheet and the financial situation of the Clubs.
This favourable performance has also allowed the competition's aggregate organic operating cash flow (before net infrastructure investment) to turn positive again, at €104.3M, and for the first time since the 2018/19 season. As a result, net borrowing has barely grown since the previous year, only +0.8%, standing at €2,102.4M (this balance includes the resources associated with the LaLiga’s ‘Plan Impulso’, which are in fact 50-year subordinated debt of the Clubs, i.e. basically their own funds).
It should be highlighted that the aggregate positive EBITDA and organic operating cash flow records are also very solid, and do not take into account the hundreds of millions in profits and extraordinary financial resources obtained by Real Madrid CF and FC Barcelona as a consequence of their corporate asset monetisation operations (i.e. sale of future rights).
Total Net Investment increased again thanks to higher investments in infrastructure, with major developments in stadiums and training facilities. Further growth is expected as investments from the LaLiga’s ‘Plan Impulso’ and other significant renovations such as the Spotify Camp Nou and Estadio Santiago Bernabeu take place.
LaLiga’s ‘Plan Impulso’is a strategic project with great transformational power, providing very long-term funding to clubs and aimed at making targeted investments. It is very important to underline that, contrary to what has often been claimed, the main objective of this operation is not to offset the immediate effects of the pandemic, but mainly to create the conditions for further growth, both structural and economic, of the Spanish competition in the long term.
In terms of forecasts for the current 2022-23 season, revenue is estimated to gradually continue growing and, most importantly, that aggregate positive net results will once again be reached in Spanish professional competition.
En cuanto a los Gastos Totales, el coste de plantilla deportiva sigue siendo la partida más cuantiosa con un 47%, si bien el peso que tienen los costes salariales en relación con el Importe Neto de la Cifra Negocio (INCN) ha bajado de un 81,2% a un 75,1%, y en relación con los Ingresos Totales del 61,4% al 54,5%, lo que demuestra el esfuerzo que los Clubes están haciendo en su contención de costes, de cara a optimizar su eficiencia operativa y a mejorar su situación financiera.
Esta determinación en contención operativa llevada a cabo por el conjunto de los Clubes, así como el riguroso Control Económico de LaLiga, han contribuido de forma decisiva a paliar los efectos inmediatos y a crear las condiciones de una recuperación paulatina, sostenible y autosostenida.
El Resultado Neto agregado de la competición española se situó aún en pérdidas (€-140,1M) en la 21/22, pero con un nivel de déficit ostensiblemente inferior al del ejercicio previo y también al de las otras grandes ligas. La Bundesliga en Alemania sufrió un €-205M, la LFP en Francia un €-601M, la Premier League + Championship en el entorno de €-1.005M, y para la Serie A + B aproximadamente €-1.150M.
Estos datos vienen a confirmar el modelo sostenible de LaLiga y la Bundesliga, en contraste con otros modelos basados en la ausencia de un adecuado control económico y en las pérdidas constantes de sus clubes, financiadas con sistemáticas e ingentes aportaciones de recursos de sus accionistas, es decir, un innegable dopaje financiero que altera las reglas del fair play y adultera la competición.
El EBITDA agregado de la competición española, tanto antes como después de los resultados por traspasos de jugadores, se situó nuevamente en el terreno positivo (€23,9M y €280,8M respectivamente). Es un avance importante, pero aún lejos de los registros anuales alcanzados antes de la pandemia.
En este sentido, es importante destacar que los efectos negativos a largo plazo derivados de esta crisis sanitaria tardarán aún unos pocos años en ser superados completamente, una situación compartida por el conjunto de las competiciones de referencia europeas, si bien la situación global de LaLiga resulta especialmente favorable en términos comparativos.
La evolución en la actividad del mercado de jugadores representa probablemente el más claro indicador de esta situación en el fútbol profesional. La menor actividad en el mercado de jugadores está impactando fuertemente en el precio de venta por traspasos (baja de jugadores), pero los “estabilizadores automáticos” activados de LaLiga están propiciando que el ajuste se realice en buena medida por el acompasamiento de precios de compra por traspasos (altas de jugadores), protegiendo eficazmente el balance y la fisonomía financiera de los Clubes.
Esta favorable evolución ha permitido además que el flujo de caja operativo orgánico agregado de la competición (antes de la inversión neta en infraestructuras) vuelva a ser positivo, con €104,3M, por primera vez desde la temporada 2018/19. Como consecuencia de esto, el endeudamiento neto apenas ha crecido desde el ejercicio anterior, tan sólo +0,8%, situándose en €2.102,4M (incluyendo en este saldo los recursos movilizados asociados al Plan Impulso, que en realidad son deuda subordinada a 50 años de los Clubes, es decir básicamente fondos propios).
Debe subrayarse que los positivos registros agregados de Ebitda y flujo de caja operativo orgánico son además muy sólidos, y no tienen en cuenta los cientos de millones de beneficios y los recursos financieros extraordinarios obtenidos por Real Madrid CF y FC Barcelona como consecuencia de sus operaciones corporativas de monetización de activos (i.e. venta de derechos futuros).
La Inversión Neta Total vuelve a crecer gracias al aumento de las inversiones en infraestructuras, con importantes actuaciones en los estadios y en las ciudades deportivas. Se prevé que siga aumentando gracias a la entrada en maduración de las inversiones del Plan Impulso y otras renovaciones integrales relevantes como Spotify Camp Nou y Santiago Bernabéu.
El Plan Impulso es un proyecto estratégico con gran poder transformador, que aporta financiación a muy largo plazo a los clubes y dirigido a la realización de inversiones finalistas. Es muy importante subrayar que, al contrario de lo que se ha afirmado muchas ocasiones, esta operación no tiene como objetivo principal contrarrestar los efectos inmediatos de la pandemia, sino sobre todo crear las condiciones para propiciar un mayor crecimiento, estructural y rentable, de la competición española a largo plazo.
En cuanto a las previsiones para la temporada 22-23 en curso, se estima que continuará paulatinamente el crecimiento en ingresos y, lo más importante, que volverán a registrarse beneficios netos agregados en la competición profesional española.
© LALIGA - 2023