Swiss ramble
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Quick update on the TV money earned to date by clubs from the major European leagues in the 2022/23 UEFA Champions League after this week’s semi-finals.
I will go into a bit more detail for the English clubs, explaining how each element is calculated, and also include earnings for the Europa League and Europa Conference.
Although these figures have been modelled, they should be reasonably accurate, though I have had to make an assumption that the total TV pool payments for each country will be the same as the distribution in 2021/22.
England
Obviously, clubs competing in the Champions League earn substantially more than the other competitions with England’s representatives averaging €92m, compared to only €29m in the Europa League and €21m in the Europa Conference.

All four of England’s clubs in the Champions League got to the last 16 at least. Manchester City have gone all the way to the final, so lead the way with €127m, which is also the highest in Europe, followed by Chelsea, who earned €94m after making the quarter-finals.
Despite being eliminated in the last 16, Liverpool and Tottenham received €82m and €64m respectively.

The amounts earned in Europe depend on four elements:
- Participation fee
- Prize money
- UEFA coefficient
- TV pool
The percentage split varies by competition, e.g. in the Champions League this is participation fee 25%, prize money 30%, UEFA coefficient 30% and TV pool 15%.

Each of the 32 clubs that qualified for the Champions League group stage receive a participation fee of €15.64m, even if they do not win a single game.

Manchester City have earned the highest prize money to date of €62.2m, including €14.0m from the group stage, €9.6m for reaching the last 16, €10.6m for the quarter-final, €12.5m for the semi-final and €15.5m for the final.
Liverpool’s prize money was boosted by winning five games in the group, which was worth €14.0m (€2.8m for each win), plus €1.1m for their share of money left on the table after draws in the group stage.
Note: a draw is worth €930k to each team, so leads to €1.86m total payment, as opposed to €2.8m for a win.

The coefficient payment is based on performances in UEFA tournaments over the past 10 years, including a bonus for winning a European trophy. Chelsea were the highest ranked English club, as the Blues won both the Champions League and Europa League twice in that period.

As a result, Chelsea had the highest UEFA coefficient payment of €32m, followed by Manchester City €28m, Liverpool €27m and Tottenham €19m.

Each country’s TV pool depends on the size of the broadcasting deal, which is traditionally highest in Britain. However, if a Scottish club qualifies for the Champions League group stage, then 10% of the TV pool is allocated to Scotland.
Manchester City have again earned the most with €21m, followed by Liverpool €14m, Chelsea €13m and Tottenham €9m. Celtic and Rangers both got around €3m.

The Champions League TV pool distribution is split into two elements.
The first half is based on a club’s position in the previous season’s Premier League. The higher a club finishes, the more it receives: winners 40%, 2nd 30%, 3rd 20% and 4th 10%.
In this way, Manchester City received the most after finishing champions in the 2021/22 Premier League with €11.2m, while Tottenham only got €2.8m after coming fourth.

The second half is driven by progress in the current season’s Champions League, calculated as a simple pro-rate based on the number of games played (from group stage onwards).
Once again, City have earned the most with €9.4m after reaching the final, followed by Chelsea who received €7.2m for getting to the quarter-final.

If Manchester City manage to win the Champions League, that would be worth another €4.5m in prize money, i.e. the difference in prize money between €20m for the winners and €15.5m for the finalists. That would bring their total TV money up to €131m.

Europa League
Manchester United have earned €31m from the Europa League, despite their elimination by Sevilla in the quarter-final. In contrast to the Champions League, the largest payment here was the TV pool (€15.7m), followed by prize money €7.4m, UEFA coefficient €4.2m and participation fee €3.6m.
Arsenal received €26m after only reaching the last 16.

Europa Conference
I estimate that West Ham have earned €21m after reaching the Europa Conference final, split between prize money €10.6m, TV pool €6.5m, participation fee €2.9m and UEFA coefficient €1.0m.
This is pretty good for UEFA’s junior competition, as only two clubs earned more than €10m the previous season, namely the two finalists Roma €19m and Feyenoord €14m. Basically, the only way to make decent money here is to reach the final.
If West Ham win the Europa Conference, that would be worth another €2m in prize money, i.e. the difference in prize money between €5m for winners and €3m for finalists. That would bring their total TV money up to €23m.
Worth noting that the TV pool might is only an estimate based on the total 2021/22 distribution to English clubs in the Europa Conference, so this number is subject to change.

Spain
Real Madrid have obviously earned the most in Spain after reaching the Champions League semi-final with €118m. This was considerably more than the other Spanish clubs, none of whom managed to get out of the group: Barcelona €69m, Atletico Madrid €61m and Sevilla €54m.

Thanks to their impressive record in Europe, Spanish clubs do very well out of the UEFA coefficient, especially Real Madrid €36m, Barcelona €34m and Atletico Madrid €31m.
Sevilla’s earnings are lower than the other Spanish clubs, due to a lower coefficient and the smallest TV pool (as they finished 4th in La Liga in 2021/22).
However, Sevilla (and Barcelona) will be boosted by additional earnings after dropping down to the Europa League.

Germany
Even though Bayern Munich were knocked-out in the quarter-finals, they still earned more than €100m – €107m to be precise. Three other German clubs reached the last 16, but received much less than Bayern, namely Borussia Dortmund €73m, RB Leipzig €51m and Eintracht Frankfurt €51m.
Bayer Leverkusen only got €47m after failing to get out of the group stage, but will earn more after dropping down to the Europa League.

Bayern’s financial dominance was partly due to their very high UEFA coefficient payment of €35m and the highest TV pool €18m after yet again winning the Bundesliga the previous season.
Germany had five clubs in the Champions League group stage after Eintracht Frankfurt qualified by winning the previous season’s Europa League, which impacted the TV pool distribution, even though Frankfurt did not receive anything from the first half.
