A detailed look at the TV money earned to date by clubs in the 2023/24 UEFA Champions League after this week’s semi-finals.
These estimates should be fairly close to the final figures, though the winners of the final will receive additional prize money.
I will go into a bit more detail for the English clubs, explaining how each element is calculated, and also include their earnings for the Europa League and Europa Conference.
Total Revenue
My calculations suggest that five clubs have earned more than €100m from this season’s Champions League, namely Real Madrid €133m, Paris Saint-Germain €121m, Borussia Dortmund €120m, Bayern Munich €119m and Manchester City €109m. They are closely followed by three clubs “in the nineties”: Barcelona €97m, Arsenal €93m and Atletico Madrid €92m.
Elements of TV Money
The amounts earned from UEFA’s competitions depend on four elements:
Participation fee
Prize money
UEFA coefficient
TV pool
However, the percentage split varies by competition, e.g. in the Champions League this works out as participation fee 25%, prize money 30%, UEFA coefficient 30% and TV pool 15%.
The importance of the UEFA coefficient is evident here with the TV pool being much less significant than it was before. This rewards historically successful clubs rather than those with larger national TV rights deals.
All numbers in this analysis are certain except for the TV pool, which has to be estimated at this stage. I have based this element on the most recent actual payments by UEFA, which are from the 2022/23 season.
Participation Fee
Each of the 32 clubs that qualified for the Champions League group stage received a participation fee of €15.64m, even if they did not win a single game. Logically, this element is thus more important for the clubs from the smaller countries, as it makes up a larger slice of their earnings.
Prize Money
As would be expected, the two Champions League finalists have earned the most prize money: Real Madrid €66.5m and Borussia Dortmund €59.2m. The Spaniards have received more than the Germans, due to a far better record in the group stage, where they won all six games.
They were followed by semi-finalists Bayern Munich €48.9m and Paris Saint-Germain €40.6m, then the quarter-finalists: Manchester City €38.5m, Atletico Madrid €34.2m, Arsenal €33.3m and Barcelona €32.4m.
Red Star Belgrade had the lowest prize money of just €0.9m, as they only managed to produce one draw. Manchester United and Celtic both received €4.0m with one win and one draw apiece in the group.
Within the group each win was worth €2.8m, while a draw gave both clubs €930k. In addition, any money left on the table as a result of the draws was allocated to clubs based on how many games they won.
Each stage reached earns more money: last 16 €9.6m, quarter-finals €10.6m, semi-finals €12.5m and final €15.5m. The winners receive an additional €4.5m, i.e. €20.0m less €15.5m.
Taking the example of Manchester City, they got €38.5m prize money, which comprised €16.8m for winning all six group games (6 x €2.8m), €1.5m for their share of the draws money, €9.6m for reaching the last 16 and €10.6m for the quarter-final.
City’s better record in the group stage explains why they received more prize money than Arsenal, even though both clubs were eliminated in the quarter-finals.
UEFA Coefficient
The coefficient payment is based on performances in UEFA tournaments over the past 10 years, including a bonus for winning a trophy.
This approach obviously benefits the traditional big clubs, so the big earners here are the usual suspects. As a result, the highest amounts were awarded to Real Madrid €36.4m, Bayern Munich €35.3m, Barcelona €34.1m and Manchester City €33.0m.
Even though they did not make the Champions League in four of the last five years (while not qualifying for Europa at all last season), Arsenal’s ranking has remained high, due to their historically good record and decent performances in the Europa League. This earned them a very respectable €25.0m.
In contrast, clubs that have only recently qualified for the Champions League are effectively penalised by this model, so Newcastle United only received €4.5m. The Geordies didn’t actually have any UEFA 10-year coefficient points, as the last time they played in Europe was 2012/13.
However, a club’s ranking is determined by either the sum of all the points won in the previous 10 years or by the association’s coefficient over the same period, whichever is the higher.
In this way, Newcastle ranking was driven by England’s high country coefficient, though they were still ranked a lowly 29th out of the 32 clubs in the group stage, only ahead of Union Berlin, Lens and Antwerp.
TV Pool
The highest TV pool payments were made to Paris Saint-Germain €34.3m, followed by Manchester City €22.3m and Lens €22.1m. French clubs benefit from their TV pool only being divided between two clubs, whereas other countries have to spread this money among many more clubs, e.g. Spain had five representatives in the Champions League this season.
The next highest payments were to German and English clubs: Bayern Munich €19.5m, Arsenal €19.2m and Borussia Dortmund €17.4m. England’s two other clubs both failed to get out of the group, so received smaller sums: Manchester United €12.1m and Newcastle United €9.0m.
Once again for the cheap seats, these figures have been modeled, based on actual payments made in 2022/23 (the last available distribution).
Each country’s TV pool depends on the size of the broadcasting deal, which is traditionally highest in Britain. However, if a Scottish club qualifies for the Champions League group stage, then 10% of the TV pool is allocated to Scotland, as was the case in 2023/24 when Celtic qualified.
The Champions League TV pool distribution is split into two elements.
The first half is based on a club’s position in the previous season’s domestic league, whereby the higher a club finishes, the more it receives. If four clubs qualify, then the split is: winners 40%, second place 30%, third place 20% and fourth place 10%.
In this way, Manchester City received the most after finishing champions in the 2022/23 Premier League with €12.5m, while Arsenal got €9.4m as runners-up. Manchester United and Newcastle United got €6.3m and €3.1m after coming third and fourth respectively.
The second half of the TV pool is based on a club’s progress in the current season’s Champions League, calculated as a simple pro-rate in line with the number of games played (group stage onwards).
Here, City and Arsenal again earned the most with €9.8m after reaching the quarter-finals, while the other two English clubs got €5.9m.
Countries
Putting these four elements together, we get the total UEFA TV money, though clubs will also obviously generate more income from Europe in terms of gate receipts and performance-related clauses in sponsorship agreements.
We will now take a closer look at the income by country.
England
The Champions League has been a bit of a disappointment for English clubs this season, as two advanced to the quarter-finals, while the other two not only failed to qualify, but finished rock bottom of their groups, so did not even manage to drop down to the Europa League.
Consequently, Manchester City and Arsenal enjoyed the highest earnings with €109m (£95m) and €93m (£81m) respectively, while Manchester United €60m (£52m) and Newcastle United €34m (£30m) received much less.
Despite Newcastle United having a better performance on the pitch compared to Manchester United, the club from Old Trafford still got nearly twice as much money, mainly thanks to a far better UEFA coefficient payment.
Europa League
All three English clubs in the Europa League won their group, thus proceeding automatically to the last 16. Brighton were eliminated at that point, but Liverpool and West Ham went one stage further, reaching the quarter-finals.
Liverpool earned the most with €26.7m (£23m), followed by Brighton €22.0m (£19m) and West Ham €18.3m (£16m).
The reason that West Ham received the lowest amount is they did not get anything from the first half of the TV pool, as they did not qualify via a league position, but by winning the previous season’s Europa Conference.
This is important, as the TV pool is the largest element in the Europa League, in contrast to the Champions League. The figures here should be treated with some caution, as they are highly modeled, but I estimate the share of the TV pool as Liverpool €12.1m, Brighton €11.1m and West Ham €5.0m.
However, West Ham earned the most prize money, as they won five of their group games. Liverpool’s better European record meant they had the highest UEFA coefficient payment in the whole competition, though this was only worth €4.2m, i.e. significantly lower than the Champions League.
Europa Conference League
I estimate that Aston Villa received €15.6m (£14m) for reaching the semi-finals of the Europa Conference before being somewhat surprisingly eliminated by Olympiacos. This was split between participation fee €2.9m, prize money €6.5m, UEFA coefficient €0.8 and TV pool €5.2m.
This is pretty good for UEFA’s junior competition, though it is largely driven by the high British TV pool. This could be a bit “toppy”, as I have assumed the same amount as 2022/23, even though this was based on West Ham, who got to the final (and won it).
All Competitions
The difference in earnings between UEFA’s three competitions is pretty stark, though it is less evident than normal, as two of England’s Champions League clubs did not make it out of the group. Furthermore, Newcastle United’s income was deflated by a very low UEFA coefficient by English standards.
Even so, the Champions League clubs averaged £65m, which is more than three times as much as the Europa League’s £20m and more than four times as much as the Europa Conference’s £14m.
Spain
Spanish clubs have done well financially from the Champions League, which is fair reward for one club reaching the final and two getting to the quarter-finals. Real Madrid have earned the most in Spain (and indeed in Europe) with €133m, though Barcelona and Atletico Madrid have also coined it with €97m and €92m respectively.
Sevilla and Real Sociedad were a fair bit behind the “Big Three” with around €50m apiece, albeit for different reasons.
Real Madrid’s earnings would increase to €137m if they win the Champions League for the 15th time when they meet Borussia Dortmund in the final at Wembley.
In addition, victory would mean qualification for the UEFA Super Cup, which is worth a minimum of €3.5m plus another €1m to the winner.
Spain’s hugely successful record in Europe means that their clubs filled four of the top seven places in this season’s Champions League rankings, which led to high UEFA coefficient payments: Real Madrid €36m, Barcelona €34m, Atletico Madrid €32m and Sevilla €30m.
The exception to the rule is Real Sociedad, who only received €6m, which explains why Sevilla managed to earn around the same as La Real, even though they finished last in their group.
However, it’s also worth noting that Sevilla did not receive anything from the first half of the TV pool, as they qualified for the Champions League thanks to winning the Europa League, as opposed to via their finishing position in La Liga.
Germany
Borussia Dortmund’s €120m (£104m) is the highest revenue to date of the German clubs, just ahead of Bayern Munich €119m (£104m). Their higher prize money for reaching the final compensates for Bayern’s better UEFA coefficient and larger TV pool.
There is then a big gap to RB Leipzig €66m (£57m), who reached the last 16. Union Berlin are even further back after finishing bottom of their group, though they still received €28m (£24m).
Bayern had the second a very high UEFA coefficient payment of €35m, only behind Real Madrid in Europe, and the highest TV pool of €19m after winning the Bundesliga the previous season.
However, Dortmund generated the most prize money with €59m after beating the odds to reach next month’s final. If they were to win the Champions League for the second time, their earnings would increase to €124m (plus they would get another €3.5m after qualification for the UEFA Super Cup).
Italy
After a superlative performance in last season’s Champions League, the Italian clubs fell back this season, with the furthest round reached being the last 16. The three clubs that reached this stage earned at least €60m: Napoli led the way with €69m (£60m), closely followed by Inter €66m (£57m) and Lazio €61m (£53m).
Milan only got €48m (£42m), though they will have earned more for reaching the Europa League quarter-finals after dropping down to the lesser competition.
Napoli were boosted by having the highest UEFA coefficient payment in Italy of €23m plus the largest TV pool payment of €11m after winning the previous season’s scudetto.
Inter slightly ate into this advantage, thanks to better results in the group stage (three wins, three draws), which meant that they had the highest prize money of €22m.
It’s worth noting that Italian clubs are adversely impacted by having the smallest TV pool of the “Big Five” leagues.
France
Although Paris Saint-Germain fell short of the very highest levels, their journey to the semi-finals meant that they yet again earned the highest amount of French clubs in the Champions League. In fact, their €121m (£105m) was more than twice as much as the other French representative Lens €48m (£42m).
This was very largely driven by much higher prize money and a significantly better UEFA coefficient, though the TV pool was also more after they won Ligue 1 for the umpteenth time last season.
The French representatives’ earnings were boosted by only having to split the TV pool between two clubs after Marseille were eliminated in the third qualifying round, whereas other countries have to share between 4-5 clubs.
As a result, PSG received €34m, while Lens’ share was also really good at €22m. Based on the 2022/23 distribution, Marseille would have earned €6m from the TV pool even though they did not reach the group stage.
However, the difference in the UEFA coefficient payment is striking with PSG being awarded €31m, which is a massive €29m more than Lens’ €2m. This underlines just how much the algorithm hurts “newbies”.
Portugal
Porto were the only Portuguese club that reached the last 16, so their €64m (£56m) income was much higher than Benfica €44m (£39m) and Braga €33m (£28m).
This was reflected in Porto earning €22m prize money, having won four games in the group. They also had the highest UEFA coefficient with their €26m, which was a little more than Benfica’s €24m, but around twice as much as Braga’s €13m.
Portuguese clubs suffer from having a very low TV pool, which only adds up to around €2m in total, meaning that they each receive less than €1m. The most recent payments published by UEFA in 2022/23 underlined this fact: Porto €0.8m, Benfica €0.7m and Sporting €0.6m.
Both Benfica and Braga earned more money after dropping down to the Europa League. Benfica reached the quarter-finals, while Braga were immediately eliminate in the knockout round.
Scotland
Celtic were Scotland’s sole representative in the Champions League group stage in 2023/24, earning a cool €37m (£32m) in the process, even though they again finished bottom of their group.
At least they won a game this season, as well as drawing another game, which made them €4.0m prize money. However, the largest element of their income was still the €15.6m participation fee, followed by a €10.2m UEFA coefficient payment.
I have estimated €7.0m for the TV pool, which corresponds to the 2022/23 distribution to Scottish clubs, i.e. 10% of the British TV pool.
Netherlands
Two Dutch clubs reached the Champions League group stage for the first time since 2018/19 and both acquitted themselves pretty well, as PSV Eindhoven reached the last 16, while Feyenoord secured Europa League qualification.
As a result, PSV earned €50m (£43m), including €18m prize money and €15m UEFA coefficient. This was around €14m more than Feyenoord’s €36m (£32m), very largely due to better results on the pitch, i.e. €12m more prize money.
The TV pool in the Netherlands is also very low, so was only worth €1m apiece.
Denmark
The surprise package this season was FC Copenhagen, who qualified for the last 16, ahead of the more storied Manchester United and Galatasaray. This achievement earned them €56m (£49m) with €18m prize money, including €7.9m from an evenly balanced 2 wins, 2 draws and 2 defeats in the group plus €9.6m for reaching the last 16.
This was boosted by a decent €11m UEFA coefficient payment and €12m TV pool (based on the 2022/23 actuals).
Other Countries
Two other clubs also received more than €40m for their exploits in the group stage.
Shakhtar Donetsk earned €47m (£41m), boosted by winning three times, despite having to play their home games in Hamburg, due to the conflict in Ukraine.
Austria’s representative, RB Salzburg, earned €42m (£36m), even though they finished last in their group, albeit only behind Benfica on goals scored.
Both clubs benefited from sizeable UEFA coefficient payments: Shakhtar Donetsk €22m and RB Salzburg €18m.
Smaller sums were received by the other clubs in countries outside the Big Six leagues, but these still help drive a large revenue gap between the Champions League representatives and their domestic rivals.
Indeed, the remaining four clubs in the group stage earned around €20m to €30m: Galatasaray (Turkey) €32m (£28m), Young Boys (Switzerland) €29m (£25m), Red Star Belgrade (Serbia) €26m (£22m) and Antwerp (Belgium) €22m (£19m).
Conclusion
As might have been predicted, most of the clubs doing well in this season’s Champions League are from the major leagues. Three of the quarter-finalists were from Spain, while England and Germany contributed two clubs apiece with one from France.
Outside of these leagues, the last 16 also featured one club from three other countries, namely Portugal, Denmark and the Netherlands.
Therefore, the Champions League continues to be a fantastic money-spinner for the elite clubs, even before the 21% increase in revenue next season when the new “Swiss model” will be implemented, so the gap with the “also rans” looks likely to further grow.