top 10 - Soccerex
Transcription
top 10 - Soccerex
Barcelona/Manchester September 7th 2015 SOCCEREX TRANSFER REVIEW 2016 1. Technical sheet 2. Summer transfers window 2015/16 3. Squads review La Liga 4. FC Barcelona & Real Madrid face to face 5. Conclusions 6. Annexes 2 ABOUT SOCCEREX TRANSFER REVIEW MISSION CONTENT Soccerex Transfer Review by Prime Time Sport provides since 2009 (originally established as Football Transfer Review) relevant data and insightful and independent analysis on the variables that influence squad designs and player transfers at main European Clubs • 2 releases published every year, related to Summer and Winter transfer windows • The objective is to combine the available data in a way that helps to come-up with insightful analysis, rather than the publication of the information itself • Addressed to both football industry professionals and those that follow it with special interest 3 TECHNICAL SHEET • Data included refer to main division of English Premier League, Spanish La Liga, Italian Serie A, German Bundesliga and French Ligue 1 • Transfer figures include guaranteed amounts only • It includes player transfers that took place until September 1st 2016 • Player loans with purchase obligation are accounted as a transfer at the time of SPECIFICATIONS effective player exit • Transfer figures are gross of agent fees or revenue share with other stakeholders • It is considered that teams where players are landing have paid for transfer fees, regardless of the participation of other investors • Loan fees not included unless really relevant • Squads review includes only players registered as first team members TEAM • • • • Director: Esteve Calzada Head of content: Bruno Batlle Coordinator: Aleix Piqué Analyst: Isaac Vives 4 SOCCEREX TRANSFER REVIEW 2016 1. Technical sheet 2. Summer transfers window 2015/16 3. Squads review La Liga 4. FC Barcelona & Real Madrid face to face 5. Conclusions 6. Annexes 5 SOCCEREX TRANSFER REVIEW 2016 1. Background 2. European football 3. La Liga 6 BACKGROUND Increased trading activity all over Europe, with highest disposable income ever from player sales to reinvest in new players PSG and Manchester City released from UEFA’s Financial Fair Play strict limitations. FFP with less impact as a result of increased revenues at subsequent stronger purchasing power, specially in the EPL Large number of top teams with aspirations to improve pitch results, either domestically or in Europe (such as Manchester and Milan sides) Arrival and consolidation of new Asian shareholders at Milan teams, Atletico and Valencia Outlook of even higher TV incomes at English Premier League and centralised system in Spain which resulted in a 50% increase from TV revenues Strong British pound rate vs Euro, with an additional 9% increase vs last year 7 SOCCEREX TRANSFER REVIEW 2016 1. Background 2. European football 3. La Liga 8 PLAYER ACQUISITION SPENDING-TOP 5 EUROPEAN LEAGUES +32% Mio€ 2.963 1.838 1.321 2009/10 2010/11 1.723 1.544 2011/12 2012/13 2.162 2.238 2013/14 2014/15 2015/16 Top 5 European Leagues investment a whopping 3bio€, +32% vs last season and highest amount ever. All 5 top European leagues showed an increase in investment in players transfers 9 PLAYER ACQUISITION SPENDING-TOP 5 EUROPEAN LEAGUES Mio€ 1169 +14% 2011/12 2012/13 2013/14 2014/15 2015/16 1028 731 553 +92% 617 +4% 579 465 402 335 302 500 518 +43% 396 360 393 238 258 128 +261% 375 303 274 194 226 151 134 Premier League stayed as the driving force of European football by surpassing again1bio€ in players spending, +14% vs last year and record high ever. Serie A is back to top 2 with 579mio€ thru squad renovation of all top teams. All leagues (except Ligue 1) hit record high investment figures 10 % OF TOTAL INVESTMENT BY TOP 4 IN EACH LEAGUE 82,7% Mio€ 72,5% 62,3% 56,3% 45,7% PSG AS Monaco O.Lyon O.Marseille At.Madrid Valencia CF Real Madrid FC Barcelona Juventus FC Inter AC Milan AS Roma B. Munich B.Leverkusen Wolfsburg Borussia Mon. M.City M.United Liverpool Chelsea Ligue 1 is once again the most monopolized European league (83% of total investment by top 4). La Liga shows the lowest polarization rate ever (73%) without neither Real Madrid nor Barcelona in the top 2. EPL stays with the least investment polarization (46% by top 4) as a result TV moneys distribution scheme 11 2ND DIVISION EXPENDITURE– TOP 5 EUROPEAN LEAGUES Mio€ 137 35 20 5 1 England dominance gets replicated when analyzing second division expenditure by country. Championship sides invested a whopping 137m€, 4 times more than Bundesliga B (35). Serie B, Liga Adelante and Ligue 2 spent 20, 5 and just 1m€ respectively 12 PLAYER SALES-TOP 5 EUROPEAN LEAGUES Mio€ 2010/12 +2% 563 573 +78% 2013/14 2014/15 2015/16 +244% 484 438 2012/13 480 +81% 470 410 400 299 261 -23% 396 365 336 512 290 272 200 192 128 135 228 221 183 152 164 Premier League lead again player sales income ranking and hit yet another record high (573m€), pivotal to sustain high levels of expenditure in players acquisition. Serie A, Bundesliga and Ligue 1 also hit record high player sales income with 484, 470 and 400m€ respectively 13 NET SPENDING-TOP 5 EUROPEAN LEAGUES 2011/12 Mio€ 2012/13 2013/14 2014/15 2015/16 596 470 465 318 217 147 122 95 70 30 27 -12 -55 -84 103 -30 23 58 82 42 62 -8 -77 -87 -97 Premier League dominance becomes even stronger when deducting income from player sales, with a net investment of still 596mio€, 5 times higher than runners-up La Liga (122mio€, positive amount for 1st time in 4 years). Bundesliga had a negative net investment for the 1st time and Ligue1 confirms its players supply profile 14 TOP 10 SPENDING RANKING Mio€ 200 140 140 125 M.City M.United At.Madrid Juventus 116 PSG 112 Liverpool 108 Inter 99 Valencia 91 86 Milan R.Madrid Manchester City spent the highest amount of the summer (200m€) after release from FFP limitations. Manchester rivals United spent another 140m€ (adding to 196m of last year). Atlético are surprising number 3 and traditional Italian teams are back to a top 10 that does not include neither Barcelona nor Chelsea 15 TOP 10 SPENDING RANKING 2014/15 Mio€ 196 157 149 120 M.United FC Barcelona Liverpool R.Madrid 105 At.Madrid 104 Chelsea 102 Arsenal 73 66 60 Southampton M.City Valencia 16 TOP EUROPEAN TEAMS SPENDING RANKING Mio€ 2013/14 200 2014/15 2015/16 196 183 157 125 111 107 120 116 108 104 91 86 78 102 82 82 66 79 65 62 50 32 34 50 29 34 26 10 51 45 14 12 17 HIGHEST SPENDING ON SUMMER TRANSFER WINDOWS Mio€ 265 200 196 183 177 158 157 150 149 147 09/10 15/16 14/15 13/14 01/02 03/04 14/15 04/05 14/15 12/13 League Position 2 ? 4 3 1 2 1 1 6 1 UCL Position 1/8 ? - 1 1/8 Semi-final 1 Semi-final Group stage 1/4 High amounts spent in new players do not guarantee immediate pitch success. Only 5 out of 10 highest summer expenditure resulted in League or Champions League victory 18 TOP 5 SPENDING CLUBS IN EACH LEAGUE Mio€ Atlético Madrid 139,5 Valencia CF 99,0 Real Madrid 86,0 Liverpool FC FC Barcelona 51,0 Villarreal CF 45,2 Juventus FC 125,3 Inter 108,4 111,9 AC Milan 91,0 Chelsea FC 82,1 AS Roma 35,8 Tottenham 72,0 SSC Napoli 32,8 Manchester City 200,0 Manchester United 139,7 Bayern Munich 79,0 PSG 116,1 Bayern Leverkusen 58,0 AS Mónaco 82,3 VfL Wolfsburg 55,2 O.Lyon 36,2 Borussia Mon. 29,0 O.Marseille 16,0 TSG Hoffenheim 23,6 LOSC Lille 12,9 19 INVESTMENT BY PROMOTED TEAMS – TOP 5 EUROPEAN LEAGUES Mio€ 47 31 20 9 14 Watford Bournemouth 3 Norwich Bologna 0 0 Carpi Frosinone 0 Betis Las Palmas Sporting 4 Ingolstadt 1 0 0 0 Darmstadt Troyes Ajaccio Angers Strong TV income for all Premier League teams results in strong purchasing power even for promoted teams. Just Watford (47m€) spent more than all promoted teams from other leagues together 20 ACCUMULATED 7 YEAR SPENDING OF TOP TEAMS Mio€ 817 815 551 536 517 488 433 356 315 302 244 Real Madrid continues to be the team with highest accumulated investment during last 6 years. Manchester City stays in 2nd position, rest of teams still far from the top 2 *Winter window transfers not included 21 TOP 10 TEAMS IN PLAYER SALES INCOME Mio€ 160 116 AS Monaco At.Madrid 110 Porto 102 M.United 97 Wolfsburg 89 Inter 84 Liverpool 77 Benfica 72 70 Tottenham AS Roma AS Monaco was the European leader in player sales income with a whopping 160mio€, highest amount in football history. Other traditional “selling” teams as Atlético & Porto follow with 116 and 110mio€ in player sales respectively. Manchester United used player sales to help financing new player arrivals (102m€ cashed-in) 22 TOP 10 TEAMS IN PLAYER SALES INCOME 2014/15 Mio€ 120 113 97 Southampton R.Madrid AS Monaco 94 Chelsea 92 Liverpool 80 Porto 79 77 FC Barcelona At. Madrid 23 73 Benfica 62 M.City TOP EUROPEAN TEAMS PLAYER SALES RANKING Mio€ 2013/14 2014/15 2015/16 113 104 94 89 79 69 62 55 52 52 46 39 37 28 49 41 31 29 29 22 16 7 6 15 9 3 2 0 16 8 12 Inter and Juventus took advantage of player sales to finance new player arrivals. Arsenal was the most quiet top team of the summer, with just 14m€ invested (Petr Cech) and 3m€ in player sales income (Podolski) 24 16 3 EUROPEAN ELITE HISTORICAL SALES RANKING Mio€ 136 113 01/02 14/15 104 13/14 103 09/10 100 02/03 94 14/15 89 89 84 84 09/10 15/16 09/10 06/07 Inter Milan sales this summer got them in the historical Top-10. Juventus sales in 2001/02 stay as the highest income from players sales amongst the top teams *Winter window transfers not included 25 TOP EUROPEAN TEAMS PLAYER SALES RANKING Mio€ Inter 88,6 83,7 AS Roma 69,5 Tottenham 71,6 Juventus FC 68,5 46,0 Aston Villa 64,2 Udinese 54,4 36,3 Manchester City 55,3 USC Palermo 40,5 Manchester United 102,3 Atlético Madrid 116,0 Sevilla FC 52,3 Liverpool FC Valencia CF 50,1 FC Barcelona Villarreal CF VfL Wolfsburg 96,8 AS Mónaco 160,4 Bayern Leverkusen 61,5 O.Marseille 54,0 TSG Hoffenheim 57,1 OSC Lille 35,3 Shalke 04 50,2 Saint-Étienne 23,2 Mainz 05 35,6 O.Lyon 21,8 26 ACCUMULATED 7 YEAR PLAYER SALES OF TOP TEAMS Mio€ 389 307 268 237 233 231 212 207 204 161 54 Real Madrid gets reconfirmed as the most active team in the market, toping both accumulated investment and player sales *Winter window transfers not included 27 TOP EUROPEAN TEAMS NET INVESTMENT RANKING Mio€ 2013/14 157 2014/15 2015/16 145 101 82 98 86 83 79 57 48 49 34 33 22 10 7 78 75 71 12 4 30 30 10 37 21 20 1 4 12 -5 -17 Manchester City also tops European ranking of net investment (145mio€ after deducting income from sales), followed by PSG (101) and AC Milan (83). FC Barcelona spent only 5m€ net after sporting success last season and FIFA ban 28 5 ACCUMULATED 7 YEAR NET INVESTMENT OF TOP TEAMS Mio€ 584 482 429 313 283 255 227 196 91 9 *Winter window transfers not included 29 7 MOST ACTIVE TEAMS IN PLAYERS TRADING (SPENDING + SALES) Mio€ 256 255 242 Sales 242 Signings 55 197 116 196 102 160 194 152 89 84 69 149 147 50 97 200 140 140 82 108 112 110 125 99 55 37 Atlético was the most active side in Europe in terms of amount of money traded, both from player acquisition and sales to a total of 256m€ (140 spent in new players and 116 collected from sales) 30 TOP 10 MOST EXPENSIVE PLAYERS 2015/16 Mio€ 76 63 60 50 De Bruyne Di María Sterling Martial 47 Benteke 45 Otamendi 41 Firmino 37 36 35 A.Vidal Draxler Kovacic De Bruyne signing by Manchester City for 76mio€ was the most expensive of the summer in Europe, followed by Di Maria (63) and Sterling (60). Premier League or La Liga sides were involved in 9 out of 10 most expensive signings 31 TOP 10 MOST EXPENSIVE PLAYERS 2014/15 Mio€ 81 80 75 50 43 L.Suárez James Di María D.Luiz A.Sánchez 40 Mangala 38 38 36 35 D.Costa Shaw A.Herrera Lukaku *Winter window transfers not included 32 USAGE TOP 10 EUROPEAN SIGNINGS 2014/15 %Minutes 86% 84% 67% 67% 64% 63% 60% 55% 48% 33% A. Sánchez Lukaku D.Luiz James Mangala L.Suárez D.Costa A.Herrera Di María Shaw Alexis Sanchez was the most profitable signing last season (86% of minutes), followed by Lukaku, David Luiz and James Rodríguez. Herrera, Di Maria and Shaw (injured) played just 55%, 48% and 33% of the minutes respectively *Winter window transfers not included. Calculated on domestic league minutes. Most expensive signings 33 TOP 5 MOST EXPENSIVE PLAYERS IN EACH LEAGUE Mio€ Kovacic 35 De Bruyne 76 Dybala 32 Jackson Martínez 35 Sterling 60 Bacca 30 Arda Turan 34 Martial 50 Kondogbia 30 Danilo 32 Benteke 47 Alex Sandro 26 Rodrigo 30 Otamendi 45 Romagnoli 25 Arturo Vidal 37 Di María 63 Draxler 36 Kurzawa 25 Douglas Costa 30 Cavaleiro 15 Aránguiz 13 Traoré 14 Darder / R.Lopes 12 Chicharito Hernández 12 34 RANKING MOST EXPENSIVE TRANSFERS EVER Mio€ 101 94 81 Bale C.Ronaldo L.Suárez 80 James 76 De Bruyne 75 Di María 72 Zidane 66 65 65 65 Ibrahimovic Kaka Neymar Cavani 8 of the top 10 most expensive transfers ever have been made either by Real Madrid (5) or FC Barcelona (3). De Bruyne becomes 5th most expensive signing in football history and 1st in the top 10 by Manchester City 35 SOCCEREX TRANSFER REVIEW 2016 1. Background 2. European football 3. La Liga 36 TOTAL PLAYER ACQUISITION SPENDING- LA LIGA Mio€ +3,6% 500 470 396 360 270 518 262 128 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 La Liga BBVA invested 518mio€ in new players, highest amount in 8 years. As much as 14 teams increased their investment led by Atlético de Madrid and Valencia. FC Barcelona and Real Madrid spent 140mio€ less 37 PLAYER ACQUISITION SPENDING- LA LIGA Mio€ 500 518 470 2009/10 396 360 2010/11 381 2011/12 2012/13 262 245 128 Total Liga 94 111 2013/14 223 2014/15 148 2015/16 65 Liga excl. FCB & RM Combined investment of FC Barcelona and Real Madrid only accounted for 26% of La Liga total, the lowest % in history (vs 50% traditionally). Irruption of Atlético and Valencia investment, and to a lesser extend Sevilla, was the main reason 38 NEW PLAYERS SPENDING BY TEAM Mio€ 183 2013/14 157 2014/15 140 2015/16 120 105 99 86 60 65 51 45 33 14 1612 34 31 21 23 12 3 9 538 15 8 1 315 3 13 643 122 2 1 1 Atlético and Valencia take the lead from the 2 giants by reinvesting income from player sales. Up to14 teams have spent more than last season. 4 teams could not spend any money *Data not included for seasons in which team not at Liga BBVA 39 TOP 10 ON 7 YEAR ACCUMULATED INVESTMENT Mio€ 817 551 381 262 148 Real Madrid FC Barcelona At.Madrid Valencia Sevilla 114 Villarreal 85 Málaga 39 31 26 At.Bilbao Getafe Granada Real Madrid tops the ranking of total La Liga players investment of the last 7 years. Real Madrid and FC Barcelona account for 56% of total investment 40 TOP 10 MOST EXPENSIVE PLAYERS 2015/16 Mio€ 35 35 34 32 30 25 25 20 20 17 Kovacic J.Martínez A.Turan Danilo Rodrigo Abdennour Savic Vietto Y.Ferreira A.Vidal Kovacic and Jackson Martinez were the most expensive signings of the summer. All top 10 signings were made by Real Madrid, FC Barcelona, Atlético Madrid or Valencia 41 TOP 10 MOST EXPENSIVE PLAYERS 2014/15 Mio€ 81 80 30 L.Suárez James Kroos 30 29 Griezmann Negredo 20 18 18 16 16 Mathieu Mandzukic Rakitic Cerci Oblak 42 LEAGUES OF ORIGIN OF LIGA BBVA PLAYERS INVESTMENT Other leagues TOTAL 518m€ 10% 10% 52 11% 56 28% 147m€ 54 68 13% 141 27% Besides domestic acquisitions (28%), La Liga most important “supplier” league was Portugal (FC Porto in particular), where Spanish sides bought players for 141m€ (27%). Serie A got 13% of the investment and Premier League and Ligue 1 just 10% each 43 TOTAL VALUE OF PLAYER SALES- LA LIGA Mio€ -23% 480 512 396 245 286 290 183 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 La Liga sold players for 396mio€ at summer transfer window, down 23% vs last season, following 2 seasons of record high figures 44 PLAYER SALES BY TEAM Mio€ 116 2013/14 113 104 2014/15 2015/16 7877 82 51 52 79 4750 42 46 45 39 36 37 36 36 28 68 7 18 12 5 21 16 15 8 2 4 9 13 33 1 10 6 7 Most teams sold their best players and used income to bring replacements at a lower price. Teams like Atlético, Sevilla, Valencia, Villarreal, Málaga or Espanyol sold again their marquee players *Data not included for seasons in which team not at Liga BBVA 45 TOP 10 ON 7 YEAR ACCUMULATED PLAYER SALES Mio€ 416 391 312 271 225 137 At.Madrid Real Madrid Valencia FC Barcelona Sevilla Villarreal 110 Málaga 84 78 76 R.Sociedad Espanyol At.Bilbao Atlético takes over from Real Madrid as the leader of the accumulated player sales ranking of the last 7 summers. Financial constraints and availability of top players has taken Atlético to top the ranking. Valencia also reduced its gap to Real Madrid 46 SALES ABROAD OF NATIONAL PLAYERS Mio€ 166 139 115 74 57 80 79 47 17 2007/08 2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 Number of Spanish players exports was down for 1st time in 6 seasons. Less Spanish talent left this season to other leagues, but they still left an income of 80mio€, half of it homegrown players from FC Barcelona *It includes sales from la Liga BBVA and Liga Adelante 47 DESTINATION LEAGUES OF LA LIGA PLAYER SALES Other leagues TOTAL 396m€ 3% 20% 2% 8% 32M€ 38% 147m€ 85 111 29% 38% of total La Liga sales came from domestic transactions (147m€). Premier League is still most important “client” of La Liga sides (29%), followed by Serie A (20%) 48 TOTAL NET SPENDING- LA LIGA €Mio 225 122 70 -12 -24 2009/10 2010/11 -55 2011/12 2012/13 -84 2013/14 2014/15 2015/16 La Liga shows a positive net spending (122mio€) for the first time in 4 years. Lower sales of Real Madrid and high investment by Atlético Madrid, Valencia and Real Sociedad, the main reasons 49 NET PLAYERS SPENDING BY TEAM €Mio 70,5 48,9 23,5 23,2 9,0 8,2 8,0 5,0 3,4 2,8 1,5 0,4 0,1 0,0 -2,5 -6,2 -6,5 -15,5 -21,1 -30,8 Real Madrid clearly led net investment ranking after making lower income from sales. 13 out of 20 teams invested more than collected from players sales (vs 8 last season) 50 NET PLAYERS SPENDING BY TEAM 2014/15 €Mio 77,9 25,1 12,7 7,5 4,5 1,0 0,5 0,2 0,0 0,0 -3,0 -3,1 -3,3 -6,0 -6,0 -9,2 -16,7 -29,6 51 -33,2 -35,0 SOCCEREX TRANSFER REVIEW 2016 1. Technical sheet 2. Summer transfers window 2015/16 3. Squads review La Liga 4. FC Barcelona & Real Madrid face to face 5. Conclusions 6. Annexes 52 % OF NON NATIONAL PLAYERS BY LEAGUE 2011/12 2012/13 Non-national players 2013/14 2014/15 70% 63% 64% 67% 68% 2015/16 56% 49% 49% 46% 47% 52% 47% 54% 53% 49% 45% 45% 48% 39% 41% 39% 37% 40% 39% 42% La Liga is still the league that has the highest % of national players (58%), while English Premier League sides continue to struggle to grab more national players 53 HOME GROWN PLAYERS BY SQUAD Players 18 16 15 14 12 8 7 7 7 6 6 6 5 5 3 3 2 2 Athletic Bilbao repeats as leader of the ranking. 2 newcomers to La Liga get the 2nd and 3rd position, long term work in their Academies showed success. FC Barcelona keeps 12 homegrown players but falls to 5th position (lowest ever) * Players having participated in any youth teams of the club, including reserves (B teams) 54 2 1 AVERAGE STABILITY OF SQUAD- TOP 10 Years* 4,2 4,2 4,3 3,5 2013/14 3,4 3,2 3,2 3,3 3,1 2,8 2014/15 2015/16 3,1 2,7 2,3 2,0 1,9 1,7 1,4 R.Sociedad At.Bilbao FC Barcelona Real Madrid Sporting Las Palmas Deportivo 1,7 1,7 1,7 1,5 At.Madrid 1,5 1,5 Málaga Real Sociedad has most stable squad, with an average stay by player of 3,5 years. Teams with higher number of home grown players show higher stability * Average time of stay in the club 55 1,6 1,5 Celta AVARAGE STABILITY OF SQUAD- BOTTOM 10 Years* 2013/14 2014/15 2015/16 2,25 1,84 1,41 1,42 1,70 1,54 1,361,39 0,90 Villarreal Levante 1,40 1,33 0,96 Valencia 1,32 1,261,29 1,07 0,800,84 Rayo Getafe Betis 1,17 1,10 0,920,96 Sevilla 0,92 Espanyol 0,92 Eibar Eibar and Granada -with 17 signings each- are the teams with newest squads * Average time of stay in the club 56 1,20 0,880,83 Granada SOCCEREX TRANSFER REVIEW 2016 1. Technical sheet 2. Summer transfers window 2015/16 3. Squads review La Liga 4. FC Barcelona & Real Madrid face to face 5. Conclusions 6. Annexes 57 NEW PLAYERS INVESTMENT R. MADRID VS FC BARCELONA Mio€ 2009/10 265 2010/11 2011/12 183 2012/13 157 120 78 86 55 30 2013/14 112 2014/15 73 60 65 33 2015/16 51 FC Barcelona reduced to a third its investment due to last season squad renovation, good sporting results and FIFA ban. Real Madrid also reduced its expenditure after heavily investing in last 2 seasons and not completing De Gea transfer 58 PLAYERS MOVEMENT 2014/15 2015/16 2014/15 2015/16 Revenues* (mio€) 555 578 Profit/Loss (mio€) 15 42 Signings investment (mio€) 157 51 120 86 Player sales (mio€) 79 46 113 16 Net signings investment (mio€) 78 5 7 70 # of signings 7 2 3 6 # of exits 14 9 8 8 Average cost per new player 22 26 40 14 1/1 7/7 4/5 3/3 Continuity players signed last season Most expensive signing (mio€) • Players trading not included L.Suárez (81) A.Turan (34) James (80) Kovacic (35) 59 PLAYERS MOVEMENT- ACCUMULATED 7 YEARS 2009/16 2009/16 Signings investment (mio€) 551 817 Player sales (mio€) 268 389 Net signings investment (mio€) 283 428 Most expensive signing (mio€) Luis Suárez (81) Bale (101) Most important sale (mio€) * Seasons 2009/10, 2010/11, 2011/12, 2012/13 , 2013/14 & 2014/15 A. Sánchez (43) Di María (75) 60 SQUAD REVIEW 2015/16 2015/16 Nº players in First team 24 22 Average age 26,9 26,3 Average stability of squad (Average time of stay in the club) 3,1 3,1 % Foreign players 58% 64% Nº Nationalities 9 9 Home grown players by squad 12 7 New home grown players by squad 3 3 U21 Players 2 1 61 HOMEGROWN PLAYER SALES FC BARCELONA 2004-2016 Mio€ 36,9 43,0 2013-14 2014-15 2015-16 V.Sánchez (0) Thiago (25) Cesc (33) Pedro (27) Fontàs (1) 26,0 20,8 8,8 1,5 2004-05 9,5 2,2 0,0 0,0 2010-11 0,0 2006-07 2007-08 2008-09 2009-10 Luis García Sergio (8,75) Garcia (1,5) Gabri (0) Motta (2) G. dos Santos (6) Jorquera (0) Santamaría (0) Damià (1) ToniCalvo (0,2) Oleguer (3) O.Romeu(5) Crosas (0,5) Jeffren (3.75) Bojan (1,8) Bojan (12) Rodri (0,6) Tortolero (0) 2005-06 7,0 Ros (0) Fernando Navarro (6) 2011-12 2012-13 J. dos Santos Deulofeu (6) (1,5) V.Valdés (0) Oier (0) Cuenca (0) 62 Adama (10) PLAYERS EXITS R. MADRID 2004-2016 45,0 9,3 2004-05 Morientes (9,3) 66,0 15,2 30,8 2005-06 2006-07 Figo (0) Zidane (-) Owen (25) Portillo (0) Pavón (0) Cassano (0) Parejo (3) Celades (0) Cobeño (0) Mejía (0) Balboa (4) García (7) García (0) Codina (0) Granero (3) Saviola (5) Cannavaro (0) Huntelaar (15) Solari (2) 2007-08 2008-09 A. Gonález Helguera (0) (0) Sánchez (0) Bravo (2,3) Samuel (18) Arbeloa (1,3) Diogo (4,5) César (0) Borja (-) Beckham (0) Soldado (6) Juanfran (0,4) R. Carlos (0) Baptista (10) 2009-10 Heinze (1,5) Gravesen (3) D.López (7) Robinho (43) Negredo (15) Jurado (3) Émerson (5) 112,5 38,5 11,0 16,5 2010-11 Metzelder (0) 2011-12 2012-13 2013-14 2014-15 Garay (5) Altintop (3,5) Ozil (45) Sahin (7) 15,5 Pedro León Canales Higuaín (37) Morata (20) (5) (7,5) Raúl (0) Sarabia (3) Gago (3,5) Albiol (12) Jesús (0,5) Van der Juan Carlos Granero (8) Callejón (9,5) D.López (0) Vaart (11) (2.5) Fran Rico (1) Diarra (5) Carvalho (0) Di María (75) Guti (0) Drenthe (-) Kaká (0) Carvajal (5) Adán (0) Joselu (6) Cicinho (9) De la Red (-) Sneijder (15) González (-) De la Red (3) Ronaldo (7,5) 103,5 87,5 Robben (24) Torres (2) Salgado (0) Van Nistelrooy (0) 63 X.Alonso (10) 2015-16 Illarramendi (15) L.Vázquez (0,5) FC BARCELONA ACTIVITY AT A GLANCE El FC Barcelona ha tenido un mercado estival de fichajes con menor actividad debido a la gran renovación de plantilla la temporada pasada, al éxito deportivo y la sanción FIFA: - Ha incorporado únicamente 2 jugadores: Arda Turan y Aleix Vidal - Ha reducido su inversión a un tercio de la temporada pasada (51 vs 157 mio€) - Ha reducido su cifra de ingresos por ventas de jugadores (46 vs 79mio€ la temporada pasada). El 94% de estas ventas procede de jugadores canteranos - Ha obtenido la mayor cifra de su historia por traspaso de canteranos: 43mio€ (Pedro, Deulofeu y Adama) Tras los cambios en la plantilla: - Mantiene el número de canteranos: 12 (había 17 hace 2 temporadas) - Se reduce la estabilidad de la plantilla por 2o año consecutivo. Los jugadores llevan una media de 3,1años en la plantilla (vs 3,4 temporada pasada y 4,3 la anterior). 64 REAL MADRID ACTIVITY AT A GLANCE Reduce su inversión (86mio€) tras el fustrado fichaje de De Gea. Representa un 29% menos que la temporada pasada Vende únicamente por 16mio€, cifra 7 veces menor que la temporada anterior, en la que consiguió la mayor cifra de ventas de la historia de la Liga BBVA (113mio€). Cifra de ventas más baja de los últimos 6 años Fichaje más caro de la Liga BBVA: Kovacic (35mio€) 65 SOCCEREX TRANSFER REVIEW 2016 1. Technical sheet 2. Summer transfers window 2015/16 3. Squads review La Liga 4. Barça vs Real Madrid 5. Conclusions 6. Annexes 66 CONCLUSIONS STR 2015 (1 OF 6) El total de la inversión en fichajes de las 5 grandes ligas europeas alcanzó los 3bio€, +32% vs la temporada pasada estableciendo un nuevo récord histórico. Las 5 grandes ligas incrementaron la inversión en fichajes La Premier League se mantiene como principal motor del mercado alcanzando de nuevo el billón de Euros de inversión en fichajes, 14% más que la temporada pasada y nuevo récord histórico. La Serie A vuelve al Top 2 con 579mio€ tras las renovaciones de plantilla de los principales equipos. Todas las ligas (excepto Ligue 1) alcanzan nuevos récords de inversión. La Premier League sigue siendo la liga menos polarizada con sólo 46% de la inversión realizada por el top 4 de equipos (vs 83% en Francia y 73% en España). La Championship inglesa es la liga de 2ª división más potente con una inversión de 137mio€ (La Liga Adelante invirtió 5mio€) La Premier League lidera de nuevo el ranking de ventas y alcanza un nuevo récord (573mio€), básico para mantener los altos niveles de inversión en fichajes. Serie A, Bundesliga y Ligue 1 también consiguen nuevos récords de ingresos por ventas con 484, 470 y 400m€ respectivamente. Las ventas de la Liga BBVA decrecen (396) El dominio de la Premier es aún mayor cuando se deducen los ingresos de las ventas, con una inversión neta positive de 596mio€ (+28%). 5 veces mayor que La Liga (122mio€, inversión neta positiva por primera vez en 4 años). La Bundesliga tuvo una inversión negativa por primera vez y la Ligue 1 confirma su perfil vendedor (-77 y 97mio€ respectivamente) 67 CONCLUSIONS STR 2015 (2 OF 6) El Manchester City invirtió la mayor cantidad del verano (200mio€) tras superar las limitaciones del Financial Fair Play. El Manchester United gastó otros 140mio€ (adicionales a los 196 de la temporada pasada). El Atlético es el sorprendente 3er clasificado y los equipos italianos principales vuelven a un top 10 que no incluye ni al FC Barcelona ni al Chelsea Los importantes ingresos televisivos de los equipos de la Premier League permiten fuertes inversiones incluso a los clubes recién ascendidos. El Watford ha podido invertir (47mio€), más que el resto de ligas juntas. Los equipos ascendidos en España suman 12mio€ El AS Monaco ha sido el líder en ingresos por ventas alcanzando los 160mio€, récord histórico. Otros equipos tradicionalmente “vendedores” como el Atlético y el Porto le siguen con 116 y 110mio€ respectivamente. El Manchester United ha utilizado los ingresos por ventas para ayudar a financiar sus fichajes, ingresando 102mio€ El Manchester City también lidera el ranking europeo de inversión neta (145mio€ tras deducir ingresos de ventas), seguido por el PSG (101) y AC Milan (83). El FC Barcelona se ha gastado únicamente 5mio€ tras el éxito deportivo de la temporada pasada y la sanción FIFA 68 CONCLUSIONS STR 2015 (3 OF 6) El Real Madrid se mantiene como el gran protagonista del mercado Europeo de fichajes en los últimos 7 años, siendo a la vez el club con una mayor inversión acumulada (817mio€) y un mayor ingreso por venta de jugadores (389mio€). El Manchester City es el club con mayor inversión neta (gasto en fichajes menos ingresos por ventas) de los últimos 7 años con 584mio€ invertidos. El Atlético de Madrid es el principal protagonista del mercado europeo de fichajes 2015/16: equipo con mayor actividad en Europa sumando inversión (140mio€) y ventas (116). También es el equipo que más invierte y vende en la Liga BBVA. La cifra de ventas (116) es la más alta en la historia de la Liga El fichaje de De Bruyne (76mio€) por el Manchester City es el más caro del verano y el 5º de la historia del fútbol. Le siguen el fichaje de Di Maria por parte del PSG (63), y el de Sterling también por el City (60). En 9 de los 10 fichajes más caros del verano se vieron involucrados clubes de la Premier League o Liga BBVA La Liga BBVA ha invertido 518mio€, lo que supone un crecimiento del 4% vs temporada pasada, y la cifra más alta de inversión de los últimos 8 años. Sorprendentemente, esta cifra se consigue en una temporada en la que FC Barcelona y Real Madrid han reducido significativamente su inversión (-140mio€) y ni siquiera figuran en las primeras posiciones 69 CONCLUSIONS STR 2015 (4 OF 6) La irrupción de Atlético de Madrid (140mio€) y Valencia (99) lidera el crecimiento, han vendido algunos de sus mejores jugadores pero han invertido todavía más en renovar sus plantillas. Ambos clubes han recibido inyección de capital de inversores asiáticos (Wang Jianlin y Peter Lim) en los 2 últimos años Valencia (+65%), Sevilla (+375%) y Villarreal (+32%) son también grandes actores del mercado de la Liga, tras incrementar significativamente sus inversiones vs la temporada pasada. 4 equipos no realizan ningún fichaje y 9 invierten 3mio€ o menos La Liga BBVA cambia la tendencia e invierte más en fichajes (518mio€) que lo ingresado por ventas (396mio€) tras 3 temporadas en que se habían ahorrado 151mio€ y se habían conseguido 2 récords históricos de ventas FC Barcelona y Real Madrid han tenido un papel menos relevante en este mercado. Entre los 2 han invertido 140mio€ menos que la temporada pasada. Las razones en el caso del FC Barcelona son la gran inversión de la temporada pasada, los excelentes resultados deportivos y la sanción FIFA. En el Real Madrid destaca el frustrado traspaso de David De Gea y la reducción de ventas, al ingresar sólo 16 mio€, su cifra más baja de los últimos 6 años 70 CONCLUSIONS STR 2015 (5 OF 6) La polarización de los 2 grandes en la Liga BBVA disminuye, ya que los fichajes de FC Barcelona y Real Madrid representan únicamente un 26% del total (vs más del 50% en las 3 últimas temporadas). La inversión combinada de Atlético y Valencia (239mio€) es muy superior (+75%) esta temporada a la de los 2 gigantes del fútbol español La Liga BBVA ha vendido jugadores por valor de 396mio€ en esta ventana de verano (-23% vs temporada pasada). Este descenso llega tras 2 temporadas en las que se habían conseguido récords históricos de ventas en la Liga. Todos los equipos siguen viéndose obligados a vender a algunos de sus mejores jugadores para afrontar nuevos fichajes y cumplir así con el control financiero de la LFP, aún más estricto que el Financial Fair Play de la UEFA La principal razón de la reducción en las ventas de la Liga es el freno a la fuga de talento español a otras ligas. Tras 6 años de crecimiento, esta temporada han salido jugadores por valor de 80mio€ (vs 166 la temporada pasada). La mitad del valor del talento español exportado ha sido producido en la Masia (Pedro, Adama y Deulofeu generan 43mio€) 71 CONCLUSIONS STR 2015 (6 OF 6) El Atlético de Madrid establece un nuevo récord histórico de ventas en la Liga BBVA (116mio€). Sevilla (52) y Valencia (50) completan el top 3 de la Liga de ventas de jugadores. Otros 3 equipos también venden por encima de 30mio€: FC Barcelona (46), Valencia (36) y Málaga (36). El Real Madrid (16) consigue su menor cifra de ventas de los últimos 6 años. El FC Barcelona consigue la mayor cifra de ventas por canteranos de su historia: 43mio€ A diferencia de las últimas 3 temporadas, la cifra de inversión ha superado la de ventas en la Liga, que ha obtenido una inversión neta positiva de 122mio€. El Real Madrid (+71mio€) lidera esta inversión neta positiva, seguido por el Valencia (+49). 12 de los 20 equipos de la Liga han invertido más de lo vendido en fichajes (vs 8 la temporada pasada) El principal proveedor de la Liga BBVA este verano ha sido la Liga Portuguesa, donde se han invertido 141mio€ (27% de la inversión de la Liga BBVA) con los fichajes de Jackson Martínez, Danilo y Rodrigo. Le sigue la Serie A donde se han invertido 68mio€ (13%) con Kovacic y Savic como principales fichajes. Por su parte, el principal cliente exterior de la Liga BBVA ha sido una vez más la Premier League, que ha invertido 111mio€ en fichajes de la Liga (29%). La Serie A invertido 85 millones en fichajes de la Liga BBVA El Athletic es por 3er año consecutivo el equipo con mayor número de canteranos en su plantilla (18). Las Palmas y Sporting entran con fuerza tras subir a la Liga BBVA con 16 y 15 canteranos respectivamente 72 SOCCEREX TRANSFER REVIEW 2016 1. Technical sheet 2. Summer transfers window 2015/16 3. Squads review La Liga 4. FC Barcelona & Real Madrid face to face 5. Conclusions 6. Annexes 73 7 YEAR ACCUMULATED INVESTMENT TOP 5 LEAGUES Mio€ 5.017 2.810 2.634 1.701 * Winter window transfers not included 1.617 74 AVERAGE VALUE TOP 10 EUROPEAN SIGNINGS LAST 7 YEARS Mio€ 52 52 2013/14 2014/15 49 44 38 32 26 2009/10 *Winter window transfers not included 2010/11 2011/12 2012/13 75 2015/16 SIGNINGS* OF NATIONAL PLAYERS AVERAGE COST Premier league Mio€ La Liga 6,7 4,0 2,9 2,7 2,2 2,0 1,0 0,4 2012/13 2013/14 2014/15 2015/16 EPL sides hunt of English talent resulted in average cost of home born players climbing to 6,7mio€, highest amount ever (compared with 2mio€ at La Liga) *Loans not included 76 HOMEGROWN PLAYERS BY TEAM Club Canteranos Masip, Piqué, Bartra, Alba, Munir, Busquets, Iniesta, S.Roberto, Aleix Vidal, Rafinha, Sandro, Messi Kiko Casilla, Nacho, Carvajal, Arbeloa, Jesé, Lucas Vázquez, Denis Cheryshev Saúl Ñíguez, Koke, Óliver Torres, Gabi, Lucas Hernández, Thomas, Torres Gayá, Alcácer Reyes, Sergio Rico, Luismi Ander Bardaji, I.Martínez, M.González, Ansotegi, C.Martínez, Zaldua, Illarramendi, Bergara, R.Pardo, Zurutuza, Héctor Hernández, Xabi Prieto, Aguirretxe, Alain Oyarzun Iraizoz, Herrerin, Laporte, San José, Etxeita, Gurpegi, Balenziaga, Eneko Bóveda, Iturraspe, Beñat, Eraso, Aketxe, Ibai, Susaeta, Muniain, Aduritz, Merino, Williams Fabri, Manu, Laure, Juan Domínguez, Álex Bergantiños Isaac Success Pau López, Rubén Duarte, Antonio Raíllo, Joan Jordan, V.Álvarez, Roberto Correa, J.López, Mamadou Sylla 77 HOMEGROWN PLAYERS BY TEAM Club Canteranos Jaume Costa, Gaspar, Bruno Soriano, Trigueros, Nahuel, Pablo Íñiguez Recio, Juanpi Añor Carlos Vigaray, Emiliano Buendía, Ian González S.Álvarez, Rubén Blanco, Hugo Mallo, J.Castro, Madinda, Iago Aspas, Josep Señé X.Irureta, Ander Capa Lizoain, David García, Carlos Gutiérrez, David S. , Ángel L, Javi C. , Vicente Gómez, Hernán, Roque Mesa, Dani Castellano, J. Viera, Valerón, Tana, Nauzet, Padrón Hector Rodas, Juanfran, Camarasa, Iván López, Rubén, Morales Amaya, Nacho Martínez, Juan Carlos, Embarba, Lass Bangoura Dennis D, Luis Hernández, Jorge M, Roberto C, Álex Menéndez, Alberto Lora, Alberto G, Sergio A, Nacho Cases, Álex Barrera, Rachi, Jony, Juan Muñiz, Pablo P, Mª Guerrero, Carlos C. Varela, Dani Ceballos, Eder Vilarchao, Álvaro Vadillo, Álvaro Cejudo, Joaquín 78 PLAYERS SIGNINGS AT. MADRID 2004-2016 139,5 105,1 81,5 75,0 54,1 11,3 26,5 25,0 2004-05 2005-06 2006-07 L. Franco (0) Kezman (9) Pernía (4) P. Ibáñez (3) M. Rodríguez Zé Castro (0) (5) 2007-08 D. Costa (1,5) R. García (13) 2008-09 Heitinga (10) Ujfalusi (0) 8,3 2009-10 L. Cabrera (1,5) Juanito (0) 33,0 22,8 1,0 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 D. Costa (1) Miranda (0) Emre (0) Giménez (0,9) Moyà (3) J.Martínez (35) F. Mérida (0) Sílvio (7) Siqueira (10) Savic (25) SinamaM. Suárez Asenjo (5,5) Gabi (3) Pongolle (10) (1,8) Kun Agüero Roberto A. López (0) Galletti (2,5) Forlán (21) Coupet (2) F. Luís (12) Adrián (0) (21,7) (1,25) J. Velasco (0) Petrov (10) Costinha (6) L. García (4) Assunçao (3) Godín (8) R. Micael (5) C. Santana Courtois Sosa (0) Mista (4) Banega (loan) (8) (loan) De las Perea (3,3) Simao (20) Falcao (47) Cuevas (0,4) Pacheco Colsa (0) Jurado (3) Reyes (12) (loan) S. Ballesta Maniche (9) Motta (2) Pizzi (loan) (loan) P. Luccin (5) J. Valera (0) Seitaridis (6) Abbiati (loan) C. Rodríguez Demichelis (0) (0) C.Díaz (1) Baptistao (7) Mandzukic (18) Y.Ferreira (20) Cisma (0) Villa (2,1) Oblak (16) Vietto (20) Roberto (6) Griezmann (30) F.Luís (16) R. Jiménez Aranzubia (0) Mensah (10) (10,5) Alderweireld Ansaldi (loan) Kranevitter (8) (7) Guilavogui J. Gámez (0) Borré (5,5) (10) Moreira (0) Diego (loan) E. Velázquez (2,6) A. Turan (13) Cerci (15) 79 PLAYERS EXITS AT. MADRID 2005-2016 116,0 84,5 51,5 3,3 81,9 3,5 7,0 9,9 19,0 78,0 21,5 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 Pinola (Loan 0,3) Del Moral (0) Pinola (1,2) Jurado (Loan) Zé Castro (2) P. Ibáñez (0) Baldé (1) Perea (0) Falcao (60) Insúa (Loan) A.Turan (34) Maniche (0) Roberto (8,5) Ujfalusi (2) A. López (0) Silvio (Loan) Villa (0) Mandzukic (19) De Gea (20) Kun Agüero (45) Domínguez (8) Cisma (0) Roberto (6) Alderweireld (16) Pizzi (Loan) Micael (3) Asenjo (5) M.Suárez (15) Valera (0) Assunçao (0) Robles (4) Oliver (Loan) R.Jiménez (9) Gabi (0) Cuéllar (0) Denia (0) García Calvo (0) Sosa (Loan) Galletti (2,1) Eller (0) Nano (0) Sicilia (0) Torres (38) Falcón (0) Larena (Loan) Toché Loan) Petrov (7) Mista (0) Grönkjaer (3) Musampa (0) Bravo (0) M. Suárez (0,8) Coupet (0,8) Cabrera (Loan) R. García (Loan) Pérez (Loan) Pérez (Loan) Costa (38) R.García (8) Sosa (Loan) Ibagaza (0) Toché (0) Zé Castro (Loan) D. Costa (0) Salvio (Loan 2) Micael (Loan) Micael (Loan) Pulido (0) R. Pérez (Loan) Miranda (15) Roberto (0) L. García (0) Jurado (11) Salvio (11) Díaz (0) Aranzubia (0) Insúa (0) Cabrera (Loan) Asenjo (Loan) Diego (0) C.Rodríguez (0) Elias (8,85) Mérida (0) Pizzi (6) Adrián (11) Kader (0) Bastón (Loan) Roberto (Loan) F. Luís (17) Baptistao (loan) R. Núñez (0) Toché (Loan) Aragoneses (0) Roberto (Loan) Bernabé (0) Baldé (Loan) De las Cuevas Pernía (0) (0,3) R. Pérez Leo Franco (0) (Loan) Pacheco (Loan) Mérida (Loan) Novo (0) Colsa (0) Cuéllar (Loan) Motta (0) Seitaridis (0) Contra (0) Larena (0) Costinha (0) Reyes (Loan 2,65) Heitinga (6,8) J. Moreno (0) Ortiz (0) M.Suárez (Loan) Costa (Loan) Forlán (5) Medina (Loan) Kezman (7) D. Costa (Loan) Santana (Loan) Bastón (Loan) Saúl (Loan) Thomas (Loan) Mensah (Loan) Paunovic (0) M.Suárez (Loan) Braulio (0) Valera (Loan) Cabrera (Loan) Demichellis (5) Baptistao (Loan) Borré (loan) Romero (0) Medina (0) Luccin (2,8) Manquillo (Loan) Bastón (loan) Guilavogui (Loan) Manquillo (loan) Velázquez (Loan) Kranevitter (loan) Pérez (Loan) PLAYERS EXITS FC BARCELONA 2004-2016 79,4 69,0 55,0 14,8 2004-05 Cocu (0) Santemaría (0) Luis García (8,75) 10,0 13,0 2005-06 2006-07 2007-08 2008-09 Van Rochemback Larsson (0) Bronckhorts Edmílson (0) (1,5) (0) Ros (0) Gabri (0) Saviola (0) Albertini (-) Damià (1) Giuly (4,5) Gérard (0) López (0) Quaresma (6) García (1,5) Navarro (6) Dani (0) Rodri (0) Luis Enrique (0) Mark van Bommel (6) Reiziger (0) 28,1 23,8 22,0 14,0 0,0 Overmars (0) Riquelme (7) Recber (0) Kluivert (0) 46,0 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015/16 Eto’o (20) Touré (30) V.Sánchez (0) Keita (0) Thiago (25) Cesc (33) Pedro (27) Gudjohnsen Chygrynskiy Milito (0) Henrique (0) (2) (15) Ronaldinho R. Márquez Jorquera (0) Jeffren (3.75) (25) (0) Oleguer (3) Máxi lópez Ezquerro (0) Sylvinho (0) (2) Henry (0) Bojan (12) Belletti (5,5) Deco (10) Ibrahimovic Cáceres (3) (24) Motta (2) Thuram (-) O.Romeu(5) Fontàs (1) Villa (2,1) Abidal (0) A.Sánchez Adama (10) (42,5) J. dos Deulofeu (6) Santos (1,5) Bojan (1,8) D.Suárez (3) Rodri (0,6) Keirrison (0) G. dos Santos (6) Zambrotta (10,5) Crosas (0,54) Tortolero (0) Enke (-) 81 PRIME TIME SPORT BUSINESS AREAS PLAYER IMAGE RIGHTS Sponsors recruiting Media relationships Social networks Brand positioning & development FOOTBALL CONTENT & CONFERENCES Player representation Reports and articles International player transfers Book Show Me the Money! Academies development Soccerex Transfer Review Friendly games Conferences Esteve Calzada CORPORATE FINANCE STRATEGIC CONSULTANCY Valuation of squads Secured lending Investors recruiting Investment opportunities Business plan and corporate Club revenue development Sponsorship recruitment and activation for brands PR & Communications Sponsor recruitment decks production 82 CONTACT DETAILS Esteve Calzada Group CEO [email protected] +44 7741 3763 20 +34 669 84 24 46 Bruno Batlle Joan Ramon Minguell General Manager [email protected] +34 672 29 61 33 Director of Corporate Finance [email protected] +34 652 44 31 59 Luiz Rocha Marc Valls Prime Time Sport Madrid [email protected] +34 673 483 809 Players Image Rights Marketing [email protected] +44 7450 253 050 Teo Cruz Prime Time Sport Brazil [email protected] +55 31 8833 0105 83