EPL clubs post pre-tax losses despite record revenues — report

19 Apr

Premier League clubs’ revenues hit a new record of £3.6 billion in the 2015-16 season, but top-flight teams still recorded pre-tax losses of £110 million, according to sports finance experts Deloitte.

The record revenues were nine percent higher than the previous top total of £3.4 billion posted in the 2014-15 campaign, with Manchester United and Manchester City responsible for more than half of the rise.

United’s revenue grew to £515 million, which saw them top the Deloitte Football Money League for the first time since 2003-04 as the world’s highest revenue-generating club

Increased wage costs, up by 12 percent to £2.3 billion, were the main factor in the combined losses of England’s 20 elite clubs.

It is the first time Premier League teams have posted an aggregate pre-tax loss since the 2012-13 season.

Dan Jones, partner and head of the Sports Business Group at Deloitte, said: “The 2015-16 season saw Premier League clubs grow revenues by almost 10% to £3.6bn, with the two Manchester clubs alone responsible for more than 50% of the increase.

“Manchester United’s participation in the 2015/16 UEFA Champions League, coupled with continued strong commercial revenue growth, resulted in a 30% increase in revenue to £515m.

“Our analysis reveals a return to pre-tax losses, following two consecutive years of pre-tax profits.

“However, it is worth noting that this is due to a small number of one-off ‘exceptional’ costs, and we fully expect that the Premier League’s new three-year broadcast rights deal will see a return to record levels of profitability in the 2016-17 season.”

Sky and BT paid a record £5.136 billion for the latest round of TV rights, a sum 71 per cent higher than the previous deal.

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Hamilton stunned as teen driver has legs amputated

19 Apr

Three-time world champion Lewis Hamilton rallied to the support of a teenage British motor racing driver who had both legs amputated in a horrific high-speed crash.

Billy Monger, 17, was left fighting for his life after the crash in a Formula Four race at Donington race track in England on Sunday, a smash which left him trapped in his car for around 90 minutes.

Now, a crowd-funding campaign has been set-up with a target of £260,000.

“I have only just seen the news of this tragic incident,” tweeted Mercedes star Hamilton with a link to the fund-raising site.

Sergio Perez, a rival of Hamilton in the F1 championship, also appealed for help.

“Let’s help our fellow and his family thru this tough times! ,” tweeted the Mexican Force India driver.

The 17-year-old Monger was injured in a collision with a car being driven by Finland’s Patrik Pasma which appeared to have stopped on the track.

Onboard footage from a camera on Monger’s car showed him seeming to run into the back of Pasma’s stationary car.

After being trapped in his car for an hour and a half, the British driver was airlifted to hospital in nearby Nottingham.

“After being involved in one of the most horrific crashes motorsport has seen Billy Monger is a teenager that needs little introduction. Thousands of people have already watched the haunting footage of the crash which left Billy fighting for his life,” said a statement on the fund-raising page.

“Sadly Billy has had amputations to both legs.”

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