Close Brothers Seydler Research AG - BVB Aktie - Borussia Dortmund

Borussia Dortmund GmbH & CO KGaA
The Bundesliga and Premier League clubs were all able to sell over 90% of their
seats. One reason for this result is that both leagues consist mainly of new or
redeveloped stadiums.
Occupancy rate 2011/12
92% 91%
Occupancy rate in top
5 leagues
74%
73%
55%
Premier
League
Bundesliga
Primera
División
Serie A Ligue 1
Source: UEFA Benchmarking Bericht 2011, CBS Research AG
Employee expenses on European level
European football clubs are the highest earning clubs in the world, and their players
are paid accordingly. But the average wage of a professional football player varies
greatly among top-level UEFA leagues. For example, players in the top leagues of
England, Italy or Spain are paid more than those in countries such as Poland,
Switzerland or Norway. Given the significance of employee costs for football clubs,
in particular player salaries, the ratio is regularly used as a key performance
indicator by clubs. Generally, all direct employee (player, technical and
administrative staff) costs incurred by the employer are disclosed together and this
is the figure used below.
Employee expenses expressed as percentage of revenues (left
FY 2010, right FY 2011)
Personnel cost ratios
in top 5 leagues
63%
68%
51%
52%
61%
59%
74% 74%
71%
70%
64%
65%
Source: UEFA Benchmarking Bericht 2011, CBS Research AG
According to the UEFA Benchmark report 2011, the English Premier League pays,
speaking in absolute figures, the most for its players. Wages and Salaries
amounted to 68% which resulted in EUR 1.823bn being paid. Italy and France have
a slightly higher ratio with 71% and 70%, resulting in absolute payments of
approximately EUR 1.156bn and EUR 791m. Spanish clubs pay significantly less to
its employees with a ratio of only 61% or EUR 1.032bn in absolute terms. Among
the top five leagues, the Bundesliga has the lowest revenues/employee expenses
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