Now that the UEFA Champions League round of last 16 has finally been completed, I thought it would be interesting to look at how much money clubs have already received, focusing on the Big 5 leagues. Some analysis in the following thread.

The amount distributed to clubs in Champions League (group stage onwards) has risen €681m (54%) from €1.269 bln to €1.950 bln in the current cycle. This is split: participation €488m (25%), performance €585m (30%), TV pool €292m (15%) and coefficient ranking €585m (30%).

In 2019/20 each of the 32 clubs qualified for Champions League group stage gets €15.25m plus €2.7m for a win and €900k for a draw. Additional prize money for each further stage reached: last 16 €9.5m, quarter-final €10.5m, semi-final €12m, final €15m and winners €19m.

So the maximum amount of prize money that a club could earn from the Champions League (excluding TV pool & coefficient) is a hefty €82.5m, which is 44% (€25.3m) higher than the previous cycle.

As a hypothetical case of how much a club could potentially earn, let’s take #MCFC as an example. If they were to win the Champions League, winning all group stage games and other English clubs were eliminated in the last 16, they would receive an incredible €134m.

All numbers in this analysis are certain except the TV pool, which is split into two, based on: (a) position in previous season’s domestic league (known); (b) progress in this season’s Champions League (will change as teams make further progress).

It is worth noting that there are no details on whether the TV pool distribution will be impacted by the single game ties from quarter-finals onwards.

Nor have UEFA announced whether there will be any revenue reductions arising from potential rebates to TV companies.

After the last 16, two clubs have already earned more than €100m from the 2019/20 Champions League: PSG €106m and Barcelona €104m. These are followed by #MCFC €99m, Bayern Munich €98m, Atletico Madrid €95m, Juventus €87m, #Real Madrid €84m, #CFC €81m and #LFC €80m.

Looking at how Champions League revenue is distributed in the current cycle, the importance of the UEFA coefficient is evident. TV pool is much less important than it was before. This rewards historically successful clubs rather than those with larger national TV rights deals.

Straight off the bat, each of the 32 clubs that qualify for the Champions League group stage receive a substantial participation fee of €15.25m.

Bayern Munich has earned most prize money to date with €37.8m, as they won all 6 games in group stage, worth €16.2m (€2.7m for each win), plus €1.6m for their share of the money left on the table after draws, plus €9.5m and €10.5m for reaching last 16 and quarter-finals.

UEFA coefficient is based on performances over 10 years, including bonus points for winning UEFA tournaments. The €585m pot is divided into shares with each worth €1.108m, so the highest ranked club (Real Madrid) gets €35.5m, while Atalanta only get €2.2n.

TV pool figures have been estimated in line with the payments by country for 2018/19. On this basis, PSG have received the most with €26m (French only has to be shared between 3 clubs), followed by #MCFC €24m, Barcelona €21m and #LFC €18m. England has the highest TV pool.

#MCFC have highest Champions League 2019/20 revenue in England with €99m, due to most prize money and highest TV pool. Even after elimination in last 16, #CFC and #LFC still earn €81m and €80m respectively. Big decreases for last season’s finalists, #THFC £29m and #LFC £27m.

#CFC revenue boosted by having highest UEFA coefficient (based on last 10 years), worth €31m. In contrast, #THFC adversely impacted by least successful record of English clubs in group stage, lowest UEFA coefficient and finishing 4th in 2018/19 Premier League (smallest TV pool).

Barcelona have the highest Spanish clubs’ Champions League 2019/20 revenue to date with €104m, due to earning the most prize money and having the highest TV pool. Followed by Atletico Madrid €95m, Real Madrid €84m (best UEFA coefficient of all), and Valencia €61m.

Spain have benefited most from the introduction of the UEFA coefficient payment, thanks to their very successful record in Europe. In fact, three of the four highest rankings are from Spanish clubs: Real Madrid 1st (€35m), Barcelona 2nd (€34m) and Atletico Madrid 4th (€32m).

Bayern Munich’s €98m is the highest German clubs’ Champions League 2019/20 revenue to date, due to earning the most prize money, having the best UEFA coefficient and highest TV pool. There is a big gap to Borussia Dortmund €69m, RB Leipzig €60m and Bayer Leverkusen €41m.

Bayern were boosted by winning all 6 games in group stage (worth €2.7m each), while Leverkusen were one of only 3 clubs from the Big Five leagues not to reach the last 16. RB Leipzig’s relatively recent success means only €6m from UEFA coefficient compared to Bayern’s €33m.

Juventus’ €87m is the highest Italian clubs’ Champions League 2019/20 revenue to date, due to having the best UEFA coefficient and highest TV pool. Despite the Old Lady’s elimination in the last 16, there is still a big gap to Napoli €70m, Atalanta €57m and Inter €44m.

Even though Atalanta are the only Italian club to reach the quarter-finals, their €57m is still lower than Juve €87m & Napoli €79m, largely due to a much lower UEFA coefficient, which shows how the new distribution model protects traditional big clubs against emerging teams.

Paris Saint-Germain have the highest French clubs’ Champions League 2019/20 revenue to date with €106m, due to earning the most prize money, having the best UEFA coefficient and highest TV pool. Followed by fellow quarter-finalists Lyon €77m and Lille €38m.

It is worth noting that Lille have earned a very respectable €38m from the Champions League, despite only managing to draw one game in the group stage. Lyon were boosted by €18m from their UEFA coefficient ranking, linked to former European glories.

Although no club from outside the Big 5 leagues reached the last 16, some still generated good money from their Champions league adventures. Including estimates for TV pool, the highest earners were Benfica €52m, Ajax €48m, Shakhtar Donetsk €44m & Zenit St Petersburg €42m.

As an added bonus, I have also estimated the Europa League earnings for English clubs after the last 16. Obviously, these are much lower than the Champions League, but still worth having: quarter-finalists #MUFC and #WWFC have earned €27m and €25m respectively; #AFC only €22m.

As it stands, #MUFC and #AFC European revenue is significantly lower than previous season: United down £59m (Champions League in 18/19); Arsenal down £15m (reached Europa League final). However, United could earn additional £10-11m if they win the Europa League.

Once again, it should be emphasised that these are only estimates, particularly assumptions on the TV pool, while revenue will clearly depend on progress in this season’s competition, but hopefully this analysis gives a good idea of the money to be earned in the Champions League.

What is clear is that qualification for the Champions League is more lucrative than ever – and this reinforces the financial strength of the elite clubs from the Big Five Leagues. Huge money from the CL makes qualification more likely, which delivers more cash. Rinse and repeat.