Combined revenues of the 20 EPL clubs are predicted The early signs are that this is the case, with Premier The game’s to surpass $6.5 billion in 2016/17, more than double League clubs returning collective pre-tax profits in rising revenues, that of the next-highest European league. The EPL has 2013/14 for the first time since 1998/99. This has and its universal for many years delivered strong matchday, commercial made the sport and its clubs an increasingly attractive and broadcast revenues and the core reasons for the investment, both for individuals seeking prestige and for appeal, make it EPL’s continued revenue leadership are: its substantial financial buyers looking for a return on their investment. highly attractive broadcast revenue advantage, aided by highly successful centralized sales and marketing; global talent; Further purchases of leading European football teams, to investors. competitive matches throughout the league; full stadia; in part or whole, are likely in 2016 and beyond. In late and strong history and heritage. 2015, Chinese investors paid $400m for a 13 percent 276 shareholding in City Football Group , which owns EPL EPL clubs are reaping the returns from heavy investment club Manchester City and football clubs in Melbourne in venues and facilities over the last 20 years. and New York, as well as a shareholding in a club in League attendance averages over 95 percent of stadium Yokohama. As of end-2015, only one Premier League capacity. Commercial revenues are now the highest of club, Leicester City, was majority-owned by Asia any European league, driven particularly by lucrative Pacific-based investors: we expect this to increase. deals secured by the league’s largest clubs, which have global appeal and resonance. For example, Manchester Chinese investors have been building their football United’s ten-year kit deal with Adidas is worth investments within their home country and abroad. 274 One investor in Manchester City, China Media a minimum of $114 million (£75 million) per season . Capital (CMC) also spent $1.3 billion to secure global While the EPL’s financial prowess may not have been broadcasting rights for the Chinese Super League matched by its on-pitch success in European club for five years from 2016277. Earlier in 2015 Dalian competitions, in recent seasons their widening revenue Wanda, a Chinese conglomerate, bought a $50million advantage has given clubs the clout to bid for the top (€45million) stake in Atlético de Madrid, as well as global playing talent, possibly squeezing out other acquiring global sports marketing company Infront European clubs. Sports & Media, which holds commercial rights to the 278, 279 Chinese Super League . Full ownership of a Premier Football has long been about supporters at every level, League club by a Chinese investor may only be a matter and owning a football club has to some extent been the of time. ultimate collectable. The game’s rising revenues, and its universal appeal, make it highly attractive to investors. A quarter of EPL club owners are from North America and the EPL has secured a six-year $1 billion broadcast The game changer is the recent trend for top clubs, in deal with NBC from 2016/17, highlighting its growing the EPL in particular, to be able to generate a profit. prominence in the US. Further evidence of football’s Historically, revenue growth has been outstripped by growing value in the US market are the sell-out crowds cost increases, with football’s greatest challenge being for pre-season matches involving European clubs, and its ability to balance the books. Recent years have seen also the carefully-managed development of the MLS. the development, implementation and subsequent The US generates the highest individual broadcast rights benefits of cost control regulations within the game, fee for the World Cup of any territory, and US fans were indicating that this could be the most significant football the largest contingent of travelling fans for the last business development since the Bosman ruling on player 280 World Cup . 275 transfers . 40