Athletic Club, the iconic Spanish football team, navigated a challenging 2021-2022 season, revealing both strengths and areas for improvement in its financial performance. The club generated €120.6 million in revenue but also incurred €145.6 million in expenses, resulting in a break-even point of €54.1 million. Despite this deficit, the club remained financially stable, boasting €103.4 million in net equity as of June 30, 2022.
The largest income streams were broadcasting rights (€66.7 million) and ticket sales (€32.9 million). Sponsorship and advertising contributed €8.9 million, and other revenue sources, such as commercial activities, operating income, and financial income brought in a combined €12 million. The club did not earn any income from player transfers or asset sales during this period.
Breakdown of Expenses
Employee benefits (€102.1 million) comprised the largest portion of expenses. Operating expenses (€25.5 million), depreciation and amortization (€13.9 million), and cost of goods sold (€3.8 million) accounted for a significant portion of the remaining expenses. The club incurred minimal financial costs and did not allocate funds to community development activities, academy development activities, or transactions with related parties.
Financial Stability and Future Prospects
While the club’s net debt exceeded 78% of its relevant income, it remained below the critical threshold of 100%, suggesting a stable financial position. However, the club’s significant investment in players (€555 million) and the significant amounts received from player sales in prior seasons (reaching €80 million in 2018-2019) warrant monitoring. The club’s first-team squad wage limit stood at €127.7 million for the 2022-2023 season, demonstrating its commitment to competitive performance.
Contractual Agreements and Governance
Athletic Club’s financial stability is also supported by its long-term lease agreement for the San Mamés Stadium, covering 50 years with an option for an additional 50-year renewal. This agreement ensures a stable revenue stream from stadium rentals. The club also benefits from public subsidies and financial assistance programs, contributing €75,000 to the Fundación Bizkaia-Bizkaialde program and receiving €51,233 in return for its women’s football team. Importantly, the club has a transparent governance structure with no compensation for its Board of Directors and a well-defined economic and management control system.
