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Premier League clubs lost £600 million in season before virus, says report
Premier League clubs made a combined loss of £600 million in the 2018/19 season, even before suffering the financial pain of the coronavirus pandemic, a report revealed on Tuesday.
Analysis from football finance experts Vysyble shows the 20 clubs in the English top-flight combined to post the huge loss despite record revenues of £5.15 billion ($6.6 billion)
The financial impact of COVID-19 is set to have a huge impact on the Premier League, even if plans to complete the current season behind closed doors go smoothly.
Premier League sides face paying a reported £330 million to broadcasters in rebates as matches could not be completed on schedule.
An estimated £126 million could also be lost in matchday income from gate receipts and hospitality.
“The COVID-19 virus is not the cause of football’s financial distress. It is merely the accelerant on what our data has very clearly and very correctly identified as a much longer-term problem,” said Vysyble director Roger Bell.
“The 2018/19 numbers are a disturbing and profoundly worrying financial outcome from England’s senior football divisions and is symptomatic of the deeper issues with the overall financial model.”
Wage costs for Premier League clubs have risen to £3.12 billion.
Everton posted alarming losses of £111 million, while Chelsea’s failure to qualify for the Champions League saw the Blues lose £96 million.
Yet the most worrying sign for the future financial health of the league may come from Tottenham.
Spurs posted a league-high profit of £68.6 million for the 2018/19 season on the back of a run to the Champions League final.
But the London club announced last week they had borrowed £175 million from the Bank of England.
They fear they could lose £200 million over the next year due to the loss of matchday income, cancellation of non-football events such as NFL matches and concerts and rebates owed to broadcasters.
“Our data has consistently demonstrated that football has been the master of its own misfortune with an over-reliance on TV revenues, staff cost-to-revenue ratios regularly in excess of safe operating limits (UEFA guidance recommends 70 per cent) and a failure to recognise key financial dynamics and trends,” added Bell.
The economic outlook for the Championship is also bleak.
Four Championship clubs have yet to release their full 2019 accounts, but the second tier of English football has so far combined for economic losses of £307 million.
The final economic loss total for all 24 EFL Championship clubs is expected to be at least £350 million.
Reporting and photos: AFP
Featured
Beneath the waves: Ellaidhoo’s unmatched marine encounters
The Maldives is often described as a paradise on earth, but beneath its turquoise waters lies an even greater wonder—one that draws explorers, adventurers, and nature enthusiasts from around the world. The waters surrounding the islands are teeming with vibrant marine life and feature world-class dive sites, offering travellers an unparalleled underwater adventure.
At Ellaidhoo Maldives by Cinnamon, diving transcends being a mere activity, becoming a portal to an awe-inspiring, living masterpiece. Renowned for its House Reef, celebrated as one of the top 100 dive and snorkelling sites globally, Ellaidhoo provides encounters that are both exhilarating and humbling. Grey reef sharks glide effortlessly through the currents, while manta rays perform mesmerising underwater dances. One guest recently commented, “You can’t count all the sharks, too many here,” highlighting the abundance of life within this pristine ecosystem.
Among the remarkable marine inhabitants is “Tripod,” a rare three-fin turtle whose resilience and charm leave a lasting impression on divers fortunate enough to encounter him. The feather-tailed stingray, with its hypnotic movements, adds an extra layer of wonder to the underwater experience. From delicate reef fish to barracudas and the occasional hammerhead shark, each dive presents an opportunity to witness the extraordinary.
The marvels of the ocean do not cease with the setting sun. Night diving offers a completely different adventure, revealing an enchanting underwater world in a new perspective—or in near darkness. Lobsters venture out from their rocky shelters, turtles nestle into their sleeping spots, and the bioluminescent glow of plankton creates a surreal and otherworldly experience. This unique setting allows divers to observe the ocean’s nocturnal rhythm and its secretive, captivating creatures.
For those who prefer staying near the surface, the Maldives offers equally enchanting snorkelling experiences. The coral reefs surrounding Cinnamon Hotels & Resorts Maldives showcase a kaleidoscope of vibrant colours, with swaying anemones, clownfish darting from their homes, and moray eels gliding gracefully along the seabed. Family-friendly snorkelling excursions ensure that visitors of all ages can partake in these magical experiences.
Excursions
Fuvahmulah triumphs at 2024 DRT show as Best Shark Diving spot
Fuvahmulah has been crowned the ‘Best Shark Diving Destination’ at the 2024 Diving Resort & Travel (DRT) Show held in Hong Kong. This prestigious recognition solidifies the Maldivian island’s reputation as a global hotspot for thrilling and sustainable shark diving experiences.
Renowned for its exceptional underwater ecosystem, Fuvahmulah offers divers a unique opportunity to encounter a wide variety of shark species. Among the highlights are its tiger sharks, rare and awe-inspiring predators that attract adventurers from around the world. The island’s pristine waters and vibrant marine life have consistently drawn accolades from the diving community, and this latest achievement underscores its unparalleled appeal.
This award is not only a celebration of Fuvahmulah’s natural beauty but also a testament to the dedication of its local community. Dive centres, guest houses, and tourism professionals have worked tirelessly to showcase the island’s marine wonders while prioritising sustainability and conservation efforts. Their collective passion and hard work have been instrumental in positioning Fuvahmulah as a must-visit destination for divers worldwide.
The recognition at the DRT Show not only celebrates Fuvahmulah’s achievements but also reinforces the importance of preserving its unique underwater ecosystem. As visitors continue to flock to this diving paradise, the island remains steadfast in its commitment to sustainable tourism and marine conservation, ensuring that its breathtaking marine life can be enjoyed for generations to come.
Featured
Six Senses Laamu honoured for groundbreaking marine conservation initiatives
Six Senses Laamu has achieved dual recognition for its innovative marine conservation efforts. The resort was included in Condé Nast Traveller’s prestigious 2024 ‘Bright Ideas in Travel’ list and was awarded the ‘Best Culture, Travel & Lifestyle Environmental Initiative’ at the inaugural Country & Town House Future Icons Awards.
The Future Icons Awards, presented by the UK’s esteemed Country & Town House magazine, celebrate visionary innovators who are redefining sustainability and environmental stewardship. Six Senses Laamu’s Sea Hub of Environmental Learning in Laamu (SHELL) was lauded by judges as ‘an incredible conservation project,’ highlighting its success in bringing together diverse stakeholders to protect marine ecosystems.
Simultaneously, the resort’s inclusion in Condé Nast Traveller’s Bright Ideas in Travel list recognised SHELL and the Maldives Underwater Initiative (MUI) as transformative solutions addressing some of the most critical environmental challenges in the travel industry.
SHELL, which opened in March 2023, represents a groundbreaking partnership between luxury hospitality and marine conservation. It serves as the base for the MUI team, a collaboration involving Six Senses Laamu marine biologists and three renowned NGOs: The Manta Trust, Blue Marine Foundation, and the Olive Ridley Project. Spanning 5,952 square feet, the facility is at the forefront of several pioneering research programs.
The SHELL team’s manta ray research has identified 138 individual manta rays in Laamu waters and developed the world’s first underwater contactless ultrasound scanner for studying manta ray reproduction. Their innovative ‘Eyes on the Reef’ project offers unprecedented 24/7 monitoring of manta ray behaviour at cleaning stations.
In the field of sea turtle conservation, the team has documented 1,383 hatchlings on the resort’s beaches between January and November 2024 alone. They also manage one of the Maldives’ largest turtle identification databases, with over 670 individually identified turtles in the Laamu Atoll. Their advocacy contributed to the designation of Gaadhoo, a vital turtle nesting site, as a Marine Protected Area in December 2021.
The coral reef monitoring program at Six Senses Laamu has also yielded impressive results, with coral cover on the house reef increasing by up to 55 percent. The team has identified 36 different coral genera on the house reef and 47 throughout the Laamu Atoll while conducting pioneering research on coral spawning patterns.
SHELL’s influence extends beyond research to impactful conservation campaigns, such as the #ProtectMaldivesSeagrass initiative, which has led to the protection of over 910,000 square meters of seagrass meadows across 37 resorts. The facility also features an interactive gallery with LED display floors, educational viewing booths, and advanced technology designed to engage guests of all ages in marine conservation.
By blending scientific research, conservation, and luxury tourism, Six Senses Laamu continues to redefine sustainable travel in the Maldives. These prestigious accolades highlight the resort’s unwavering commitment to protecting marine ecosystems while providing enriching experiences for its guests.
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