Main Article Content

Benito Pérez-González
Universidad Isabel I
Luis de la Riva
Universidad Europea de Madrid
José Bonal
Universidad Europea de Madrid
Alvaro Fernández-Luna
Universidad Europea de Madrid
Vol. 9 No. 2 (2020), Articles, pages 170-180
Submitted: Jan 23, 2020 Accepted: May 25, 2020 Published: Jul 24, 2020
Copyright How to Cite


The purpose was to analyse the income variation of the 13 top clubs of Deloitte Football Money League Report (2019) as well as the variation of the perceived value of their squad, obtained from the website during 9 seasons. Friedman's two-way analysis by ranges of selected samples and Wilcoxon W tests were used to measure the evolution and relation among the clubs’ income and perceived value of players. The income of clubs was deflected according to inflation (CPI: 2016) and market value was adjusted to a 20 players squad. Market value and income have a significant positive variation from one year to the next (p = .000). We found differences between both variables only in the last 2 years on the period analysed (2011-2019). Market value has suffered an increase higher than expected. This fact should make football managers reflect on how to control constant inflation in the transfer market.

Article Details


Buraimo, B., Frick, B., Hickfang, M., and Simmons, R. (2015). The Economics of Long-term Contracts in the Footballers' Labour Market. Scottish Journal of Political Economy, 62(1).

Castillo, D., Pérez-González, B., Raya-González, J., Fernández-Luna, Á., Burillo, P., and Lago-Rodríguez, Á. (2019). Selection and promotion processes are not associated by the relative age effect in an elite Spanish soccer academy. Plos One, 14(7), e0219945.

Deloitte (2011). Football Money League 2011: The untouchables. Retrieved from

Deloitte (2012). Football Money League 2012: Fan power. Retrieved from

Deloitte (2013). Football Money League 2013: Captains of industry. Retrieved from

Deloitte (2014). Football Money League 2014: All to play for. Retrieved from

Deloitte (2015). Football Money League 2015: Commercial breaks, from

Deloitte (2016). Football Money League 2016: Top of the table. Retrieved from

Deloitte (2017). Football Money League 2017: Planet Football. Retrieved from

Deloitte (2018). Football Money League 2018: Rising Stars. Retrieved from

Deloitte (2019). Football Money League 2019: Bullseye. Retrieved from

Fort, R. (2019). Diferencias entre el deporte europeo y el norteamericano: una mirada retrospectiva. Papeles de Economía Española, Deporte y Economía 159(abril), 61-71.

García del Barrio, P., and Szymanski, S. (2009). Goal! Profit maximization and win maximization in football leagues. Review of Industrial Organization, 34(1), 45-68.

García del Barrio, P., and Tena Horrillo, J. d. D. (2019). Inversión en talento y visibilidad mediática: un estudio del fútbol profesional en Europa. Papeles de Economía Española, Deporte y Economía 159(abril), 165-179.

Hall, S., Szymanski, S., and Zimbalist, A. S. (2002). Testing Causality Between Team Performance and Payroll: The Cases of Major League Baseball and English Soccer.

Herm, S., Callsen-Bracker, H. M., and Kreis, H. (2014). When the crowd evaluates soccer players’ market values: Accuracy and evaluation attributes of an online community. Sport Management Review, 17(4), 484-492.

Késenne, S. (2015). The optimal competitive balance in a sports league? In P. Rodríguez, S. Késenne and R. Koning (Eds.), The Economics of Competitive Sports (pp. 85-92). Glos/Massachusetts: Edward Elgar Publishing.

Késenne, S. (2019). ¿Cómo puede mejorarse el balance competitivo? Papeles de Economía Española, Deporte y Economía 159(abril), 32-42.

Kuper, S., and Szymanski, S. (2014). Soccernomics. London: HarperCollins.

Lago, U., Simons, R., and Szymanski, S. (2006). The Financial Crisis in European Football: An Introduction. Journal of Sports Economics, 7(1), 3-12.

Lorenz, J., Rauhut, H., Schweitzer, F., and Helbing, D. (2011). How social influence can undermine the wisdom of crowd effect. Proceedings of the National Academy of Sciences, 108, 9020-9025.

Mareque, M., Barajas, A., and López-Corrales, F. (2018). The Impact of Union of European Football Associations (UEFA) Financial Fair Play Regulation on Audit Fees: Evidence from Spanish Football. International Journal of Financial Studies, 6(4), 92.

Müller, O., Simons, A., and Weinmann, M. (2017). Beyond crowd judgments: Data-driven estimation of market value in association football. European Journal of Operational Research, 263(2), 611-624.

Palacios-Huerta, I. (2019). Tras la senda de Galileo: deporte como economía. Papeles de Economía Española, Deporte y Economía 159(abril), 12-31.

Pawlowski, T., Breuer, C., and Hovemann A. Top clubs’ performance and the competitive situation in European domestic football competitions. Journal of Sports Economics, 11, 186-202.

Peeters, T. (2018). Testing the Wisdom of Crowds in the field: Transfermarkt valuations and international soccer results. International Journal of Forecasting, 34(1), 17-29.

Pérez-González, B. (2017). La resistencia a la regresión a la media. El caso del Atlético de Madrid, campeón en eficiencia económica desde 2014 / The resistence to regression toward the mean. The case of Atlético de Madrid, leader in economic efficiency since 2014. Journal of Sport and Health Research, 9(3), 357-368.

Plumley, D., Ramchandani, G. M., and Wilson, R. (2019). The unintended consequence of Financial Fair Play: an examination of competitive balance across five European football leagues. Sport, Business and Management, 9, 118-133.

Rodríguez, P. (2012). La economía del deporte. Estudios de Economía Aplicada, 30(2), 387-418.

Sánchez, L. C., Barajas, Á., and Sánchez-Fernández, P. (2019). Finanzas del deporte: fuentes de ingreso y regulación financiera en el fútbol europeo. Papeles de Economía Española, Deporte y Economía 159(abril), 180-199.

Simmons, R., and Berri, D. (2019). Los mercados de trabajo en el deporte de equipo profesional. Papeles de Economía Española, Deporte y Economía 159(abril), 148-164.

Solberg, H. A. (2016). The Battle for Media Rights. In U. Wagner, R. S. Storm and K. Nielsen (Eds.), European Club Football. When Sport Meets Business: Capabilities, Challenges, Critiques (pp. 92-107): Sage.

Szymanski, S. (2015). Money and Football: A Soccernomics Guide (INTL ed): Why Chievo Verona, Unterhaching, and Scunthorpe United Will Never Win the Champions League, Why Manchester City, Roma, and Paris St. Germain Can, and Why Real Madrid, Bayern Munich, and Manchester United Cannot Be Stopped. Bold Type Books.

Szymanski, S. (2019). Dominio y apuros. Papeles de Economía Española, Deporte y Economía 159(abril), 92-108.

Terviö, M. (2010). Transfer Fee Regulations and Player Development. Journal of the European Economic Association, 4(5), 957-987.

Torgler, B., and Schmidt, S. L. (2007). What shapes player performance in soccer? Empirical findings from a panel analysis. Applied Economics, 39(18), 2355-2369.

Transfermarkt. (2019) Retrieved Marzo, 2019, from

Varela-Quintana, C., and Del Corral, J. (2019). Economía del comportamiento en el deporte. Papeles de Economía Española, Deporte y Economía 159(abril), 72-89.