If this year's Champions
League title were awarded to the club with the soundest finances
among the four semi-finalists Bayern Munich would probably win
with Real Madrid runners-up, according to a study of their
accounts published on Monday,
Bayern and Real both reported a net profit in the accounts
used for the study, 2010/11 for the Spaniards and 2009/10 for
their German rivals, according to Jose Maria Gay, a professor of
accounting at the University of Barcelona.
The other two semi-finalists, holders Barcelona and Chelsea,
by contrast, made losses in 2010/11 and 2009/10 respectively,
the study showed.
Bayern, who will seek to protect a 2-1 lead when they play
at Real on Wednesday, had the smallest debt among the four at
338 million euros, with Real's at 590 million.
Barca, needing to overturn a 1-0 deficit when they host
Chelsea on Tuesday, had total debt of 578 million with Chelsea's
by far the biggest at 792 million.
"Bayern typifies the German financial model characterised by
reason, moderation and coherence," Gay wrote.
"Real Madrid, for their part, reflects more the Spanish
model of a large conglomerate with substantial investments and a
high level of debt."
Barca, chasing a third continental crown in four years, have
"room for improvement both in terms of revenue and expenditure",
according to Gay.
"The club has suffered in the past two seasons from a
negative asset balance coupled with the losses they recorded at
the end of each accounting period," he added.
"For its part, Roman Abramovich's Chelsea continues down the
already familiar path of negative equity.
"The losses that build up season after season go hand in
hand with the financing provided by the companies belonging to
the club's owner.
"Its eye-catching equity deficit is nothing more than the
result of returning negative results over a number of seasons."
Bayern also came out on top in a comparison of labour costs
with revenues, the study showed.
The German side spent 201 million euros on labour against
income of 350 million euros, or 57 percent of earnings, compared
with Real's outlay of 309 million euros on revenues of 590
million, or 65 percent.
Barca's labour costs were the highest at 320 million euros
compared with earnings of 450 million, or 71 percent, although
both theirs and Real's includes a host of other sports teams
within the clubs.
Chelsea's were 245 million euros on income of 229 million,
or 107 percent.
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