Welcome back to another episode of 
Football Benchmark with Andrea Sartori, 
KPMG Global Head of Sports, 
supporting us with the 
preparation of our show. 
Hello everyone
Let’s analyse a virtuous case in Italian 
football, 
which we often mentioned in
previous episodes 
It's the case of Juventus FC
and specifically 
the management of Andrea 
Agnelli. Juventus FC are an
example of a successful club
not only on the pitch, but
also in terms of economic results, which we
will analyse in this episode. In the
first chart we can see the revenues.  
From the first season of the Andrea 
Agnelli era, in 2010/11,
we can see a clear growth - whose
reasons we will specify later. 
How can a growth of this scale, with figures more than
doubled from the first to the last season analysed,
be achieved? We know that the 154 million
euros from the first Agnelli season 
are more or less comparable
to those of the Serie B season. 
How could they achieve this 
economic miracle? 
Actually, in the 2010/11 season
revenues were more or less 8-10 
million euros more than those of 
the Serie B season in 2006/07.
Revenues more than doubled 
across the 6 years of 
Andrea Agnelli’s management. 
Let’s also remember that the 2011/12
season, which marked the victory of Antonio
Conte’s first Scudetto, was also 
the first year in which Juventus FC 
played in the new Juventus Stadium. 
In Agnelli’s first season
there was a loss of 95 million euros 
and the ‘famous’ seventh place
in the league. 
Clearly. 
Andrea, let’s look at the breakdown 
of these revenues because it’s very
important to note another aspect, 
also 
with respect to
the other big teams in Europe. 
Let’s focus on the yellow 
part of this chart.
As we can see,
Juventus FC are slightly behind 
when compared to the European top 4
The yellow part tells us that
Juventus FC’s dependence on
broadcasting rights is high. Approximately, 
they have an impact of 57% on
overall revenues. 
As we said in previous episodes, 
it’s crucial for Juventus FC to 
diversify their revenues and 
specifically expand the 
part in red, namely commercial revenues, which make the 
difference
for the other big European teams. 
Absolutely. Let’s say that 
Juventus FC still have a strong
"tele-dependence". 
If we look at the rest of Europe, 
especially Manchester United FC
and FC Bayern Munich, 
they have a very high impact,
above 55%, of commercial revenues. 
In absolute values, they are
three times higher than the ones of
Juventus FC. Let’s say, approximately 100 million euros
for Juventus FC and more than 300 million
euros for Manchester United FC and Bayern Munich FC.
If we want to place Juventus FC in an 
international context with the 4 
big clubs in Europe, we can see that
their turnover is slightly less than 
half of Manchester United FC’s,
which is approximately 690 million
euros.
Juventus FC’s turnover is instead approximately 
340 million euros. 
Juventus FC had one of their biggest
areas of growth in terms of 
matchday revenues, which is the 
blue part of this chart that  
you see here. The effect of the 
Juventus Stadium was 
important. 
We can see this over the years. 
Indeed, the first column represents the  
last season in which Juventus FC 
played their home games in the
Olympic Stadium of Turin. 
Over the seasons we can see the impact 
of the new stadium. The effect 
wasn’t only in terms of 
average attendance 
but also of 
stadium utilisation rates, 
which is probably even more 
important than the  
number of spectators at the 
stadium. 
Exactly. 
Just to conclude
our conversation about the 
breakdown of 
revenues, 
Juventus FC, on a national scale,
are performing very well in terms
of stadium performance. However, when 
compared to the other European
teams, the big 4 we mentioned
previously, that all have an impact
of matchday revenues above 20%,
Juventus FC’s 13% is not so positive. 
One of the reasons is 
that they play in a significantly 
smaller stadium than the 
other 4 teams. Thus, the absolute
value of Juventus FC’s matchday
revenues is, after all,  
limited by the stadium’s capacity,
about 42,000 seats. Basically what
we can see here is the 
evolution of the average attendance
and the utilisation rate, which
went from 82%, in the last year
of the Olympic Stadium, to 
93% in the last football season, 
namely 2015/16. 
Still with regards to matchday 
revenues, as we can see
in this chart, Juventus FC 
experienced a constant growth. 
With 52 million euros, the peak 
has been in the 2014/15 season. 
But we can say that the general 
trend is of significant growth,
especially when compared to the 
first year, 2010/11, of the
Andrea Agnelli management.
As we said before,
Juventus FC played in the
Olympic Stadium in the 2010/11 season and, since then,
matchday revenues have almost 
quadrupled. Actually even more than quadrupled
with respect to the 2014/15
season, in which
Juventus FC reached the UEFA Champions League final
against FC Barcelona,
Probably, when the 2016/17 financial statements will be published,
considering that Juventus FC
are going to play the UCL final against 
Real Madrid CF,
matchday revenues will be even higher than those 
of the 2014/15 season. 
Juventus Stadium has a
financial,
but also a sporting impact. 
Indeed, Juventus FC’s on-pitch results
have clearly been impacted by the 
new stadium, and are in line 
with the big European teams 
in terms of average winning percentage 
at
home matches.
Juventus FC are at 73%, well
above the rest of Italian teams. 
The second best team in Serie A, 
SSC Napoli, is at 55%.
Andrea, how much does this 
figure also impact the
economic performance of the team?
I would say that it’s crucial. 
Well, in a way it’s decisive.
However, it also slightly depends
on the competitiveness of the 
league. For example, FC Bayern 
Munich, concerning the games 
played at home 
in the last 5 years, has an average 
winning rate of 79%. 
But Juventus FC, at 73%, are
also performing well. If we
analyse their home league games
this year, Juventus FC have won
17 out of 18 games. Thus, we can say 
that they offered a decent spectacle
to their supporters. A 
privately-owned stadium,
as we have also seen from our
analyses of other countries,
undoubtedly helps and in a way
brings more enthusiasm for
players, which can possibly
lead to more victories. 
But, obviously, in order to win you always 
need to have an important squad. 
It’s not a coincidence 
that, since the opening of the 
new stadium,
Juventus FC have won the league
every season. 
These 6 consecutive domestic titles
also show the important impact
a privately-owned stadium can 
have, not only from an
economic, but also from a 
sporting perspective. 
Let’s move on to the wages, 
Andrea. Here too, we compare
Juventus FC both with the big European and Italian teams  
In this chart we can see 
Juventus FC’s ability to
keep their wages 40% below those of
FC Barcelona's, that stand at 372 
million euros. 
However, Juventus FC’s
personnel expenses are much higher 
when compared to the other 
Serie A teams.
First of all, we have to say 
that these figures include
the squad, the coaching staff, and 
also the administrative staff. 
Juventus FC, as you correctly
stated before, spend 150 million 
euros less than FC Barcelona 
and obviously their revenues 
are also significantly lower. 
The ratio we have to focus 
on is the relation between
wages and revenues, where 
Juventus FC are at 65%. 
When compared to Real Madrid CF
and
FC Bayern Munich, that operate 
between 48% and 50%, 
Juventus FC still have, 
let’s say, 
room for improvement.
While, under the Agnelli management,
costs have had a yearly increase of 
approximately 10%, on the other hand revenues, in the 
same time span, have grown 
by 14% 
And this, obviously, had an
impact on the profitability. 
Absolutely, as this is the figure at which 
owners usually look at. 
We can see that the Agnelli
management starts off with a
significant loss
of 95.4 million euros, and
in the last season it has 
reached profits of 4.1 million 
euros. 
Andrea, what type of improvement
can we expect from Juventus FC at the end of this season?
Let’s say that, when looking
at this chart, we shouldn’t forget
that Juventus FC started with
minus 95 million euros
in the first season of Agnelli and that 
this was followed by a
capital increase and 
on-going investments, such 
as the J Village, which will 
be inaugurated later this year. 
This project involves the development 
of a hotel, a new training center, 
and
the new Juventus FC 
headquarters. 
It’s also important
to say that, in these last 6 
years, Juventus FC have generated
profits on disposal of players of approximately 130
million euros 
In the next years, Juventus FC
have to focus on increasing their 
commercial revenues 
as the revenues generated by
the stadium and TV rights are 
somewhat limited. 
Thus, Juventus FC have to increase
commercial revenues, and 
this can only be done by 
winning in Europe. 
Winning in Europe means to enjoy
a greater international recognition,
sell more jerseys, and generate 
more engagement on social media,
which will lead to overall growth. 
Andrea, talking about winning in 
Europe, there is the upcoming UCL final 
against Real Madrid CF. We 
have made a chart, which you
can see here, to compare the 
two clubs. We can see from
the red labels that 
Real Madrid CF are 
still the better side in many aspects.
So what can we highlight from
this chart? Well, first of all, 
a clear difference in revenues. 
Real Madrid CF are 
very much ahead by
about 240-250 million euros. 
Of course, 
wage costs of Real Madrid
CF are also much higher. 
However, regarding the wage/turnover ratio,
which is one of the indicators
of operational efficiency
of a football club, 
Real Madrid CF operate at 50%, while
Juventus FC at 65%. 
We can also see that, if we 
take into account the last 5 seasons, 
the profits, or losses 
in the case if Juventus FC, 
are of 
65 million euros, while 
Real Madrid CF accumulated profits 
in excess of 170 million euros. 
It’s interesting to note, also 
in view of the upcoming match, 
that Real Madrid CF’s squad market
value is approximately 300 million euros 
higher than that of Juventus FC. 
Indeed from a sporting 
perspective, 
the focus falls on those figures.
There is a significant 40% difference
between the two teams. 765 million euros is really
an astonishing figure. I would 
say that another very interesting 
indicator, in my opinion, is the
number of social media followers. 
Here we consider 
Facebook, Twitter and Instagram. 
Real Madrid CF have more than 
4 times the number of followers 
of Juventus FC. 
This, in a way, represents the 
commercial value of Real Madrid CF
compared to Juventus FC. Absolutely. 
Thank you Andrea Sartori. 
You are welcome. Football Benchmark 
will be back next week. 
