Introduction. Italian Football Association. Thanks to ReportCalcio and the other main documents (i.e. Sustainability Report, Ethic Code, budget and

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5 Introduction For the 5th consecutive year, Federazione Italiana Giuoco Calcio (FIGC), together with its prominent partners AREL (Agenzia di Ricerche e Legislazione) and PwC, is honoured to introduce the reader to the 217 edition of ReportCalcio Abstract, a synthetic version in English of the complete ReportCalcio published in Italian. This publication encompasses the most relevant figures and trends widely analysed in the Italian football scene. The research and analysis that gave birth to ReportCalcio in 211 are reiterated and overhauled each year in order to provide diverse and interesting ways to examine and to expose the uniqueness of the Italian football system. The selection of topics is strongly related to the project s mission: to develop a solid framework with which to analyse in depth the current scenarios and to apply this acquired knowledge critically, identifying strengths and weaknesses, opportunities and potential threats, in order to develop the social, economic and sports-related credentials of football. The volume consists of 8 sections, each one examining a different dimension of the industry, from the economic and financial dynamics underneath the entire football landscape to the managerial sport and social ones. Section 1, dedicated to the census of Italian football has a new chapter, which describes the fundamental role that football plays as an instrument of integration. The number of associates born abroad (players, coaches and referees) and their various countries of origin are proof of it. Section 2 elaborates on the profiles of the 17 Italian National Teams, with specific focus on the extraordinary sport achievements due to the participation of the Italian National Team in the 216 UEFA European Championship, together with an analysis of viewership and audience registered in foreign countries. Section 3 analyses the sport and tax profile of amateur and youth football, while Section 4 examines the economic and financial aspects of professional football, including a new analysis on the impact of clubs investments on sport achievements. Section 5 expands on the tax and social contribution of professional football, with an extended paragraph on international comparisons. Section 6 includes detailed international benchmarking with analysis on the impact of football on the global sport business, a study on the economic, financial, infrastructure, commercial and digital profile of the European Top Divisions, and an in-depth analysis on the main effects of the two UEFA Champions League finals played in Italy in May 216. Section 7 expands on infrastructures (stadiums, spectators and security), while Section 8 analyses the governance structures typical of professional clubs. This section includes a new extended paragraph elaborating on foreign ownership in European football. Thanks to ReportCalcio and the other main documents (i.e. Sustainability Report, Ethic Code, budget and financial report) that FIGC periodically publishes, the Italian Football Association is following a path of further transparency in the relationship with its stakeholders, a principle adopted by both sport and non-sport organizations operating in different fields. In this regard, FIGC is nowadays considered a point of reference at an international level, as demonstrated by the recent publication of Transparency International. The Italian Football Association is one of the 14 member associations of FIFA (out of the 211 affiliated ones) that makes available all the main documents concerning its activity and profile publicly available. Certainly, this is an important recognition that encourages us to further commit to this governance policy. In addition to the aforementioned ones, in 216 FIGC published two innovative documents: the Integrated Report (based on the most advanced international models) and the Income Statement of the Italian Football, in which, for the first time the economic dimension related to the entire football system was estimated, including amateur football, FIGC and all the Leagues. In addition to the satisfaction for the results achieved, we commit to continuously improve our work, aware of the fact that our Association currently represents an example of best practice worldwide for communication and transparency. Italian Football Association 3

6 Foreword Enrico Letta Carlo Tavecchio Emanuele Grasso Over 4% of FIGC s registered members in were born abroad. This comment seems appropriate to introduce the 7 th edition of ReportCalcio, in light of current events. A figure that confirms the role of football as a factor of social integration and that together with the number of players engaged in youth activity (827,) shows a side of the movement of which to be proud. In numbers, almost 6, foreigners, of which 96% football players are part of the football world and as mentioned above, more than 827, athletes play youth sports. Looking at this from another angle, 2% of the Italian population between 5 and 16 years old are registered football players! The football movement is truly young and multicultural. It is important to mention that it is a movement which consists of over 1,353, registered footballers, technical staff, referees and club officials. There are certainly also several elements to improve and this report outlines them constructively. On the whole, however, there is a certain dynamism that is the result of decisive action from clubs to strengthen revenues, primarily for Serie A but also for Serie B and Lega Pro. ReportCalcio with its 8 sections rich in analysis helps to represent a complete state of the art picture of our football, not forgetting international comparisons. We are delighted to present a tool of great value for those who live and work for football and for the simple enthusiasts, because, as Albert Camus said, There is no other place in the world where the man is happier than in a football stadium. ReportCalcio 217 represents the 7th edition of the annual report on the Italian football, edited and published by FIGC since 211 in collaboration with its prestigious partners. I want to thank them for sharing together this virtuous path, aimed to further promote the level of transparency of FIGC and of the entire Italian football family. ReportCalcio has three purposes. First, to provide the different stakeholders with a base of reliable information, certified by all the Italian and international bodies operating in the industry (in particular UEFA, a partner since the beginning of this report), including all main dimensions of football (sport, social, economic, organizational and infrastructure). Second, support the Italian Football Association in the definition and realisation of the appropriate strategic decisions. Finally, enrich the analysis every year with new issues and different perspectives. Throughout the years, ReportCalcio has always been the main reference for stakeholders in the industry, thanks to the abundant information provided. Also in this version, we tried to enrich both the content and the quality of the analysis. In addition to the satisfaction for the results achieved, we commit to continuously improve our work, aware of the fact that our Association currently represents an example of best practice worldwide for communication and transparency, envisaging to maintain this role. ReportCalcio was born with the collaboration of PwC, AREL and FIGC to provide an analytical tool that would help managers and investors better evaluate and manage Italian clubs. A mission that PwC has pursued all these years, even outside ReportCalcio, supporting international investors and clubs in defining their strategies in light of Financial Fair Play. ReportCalcio s analysis shows a correlation between financial trends in professional football and the economic fundamentals of our country. It is a stagnating scenario that has difficulties attracting foreign investments. Our football, however, differs in many ways. The Federation continues to attract talent, football pitches are everywhere and football is undoubtedly our national sport. In addition, the results achieved by the National Team were superior to the individual clubs financial and competition performance. Therefore, the correlation between financial resources and competition results can be diminished and ReportCalcio gives us the elements to work on. What levers can facilitate sporting performance despite limited investments and difficulties of the Italian economy? The answers lie in Strategy, Governance and Talent. Clear strategies How many clubs have a 3-year Business Plan? More flexible governance models How many non-family office or individual investors can we attract? Managing talent Investing more in the youth sector can bring benefits? These are levers on which we can work without significant financial resources. If the goal is achieved, a portion of the merit will also belong to ReportCalcio. 4

7 Il profilo Executive delle RappresentativeSummary Nazionali 2 5

8 EXECUTIVE SUMMARY Highlights 1 Census of Italian football 2 National Football Teams official matches Men s A National Team average audience and share - football event 3,387 (1%) Professional football UEFA EURO 212 (Ukraine & Poland) 16,59, % FIFA Confederations Cup 213 (Brazil) 8,64, % 378,547 (65%) Youth activity 21,46 (34%) Amateur football TOTAL 583,34 FIFA World Cup 214 (Brazil) 17,65, % UEFA EURO 216 (France) 17,68, % Average audience Average share 1,353,866 FIGC registered members (almost 1.1 million players) 19.8% Incidence related to the number of male registered players compared with the Italian population (5-16 years old) 7,868 Teams affiliated to FIGC, for a total of 13,12 clubs 184 Total official matches played by the 17 National Teams in million Fans and followers growth on FIGC official social media accounts during UEFA EURO million Official FIGC-PUMA merchandising sales in 216 (79% abroad) 6

9 EXECUTIVE SUMMARY Highlights 3 Amateur and youth football 4 Economic profile of professional football Amateur and youth registered players 67,589 67,25 658,9 666,56 698,29 673,555 Economic profile of professional football - aggregated figures TREND , , % +2.% 48, , , , , , , , % 3,436m 2,66m 3,18m 3,42m 2,696m 2,972m 3,686m 2,727m 2,994m 3,386m 2,625m 3,78m 3,54 2,858m 3,143m +7.4% +4.1% Youth activity Amateur activity Total debt Value of production Cost of production a b c d 1,5,78 Amateur and youth registered players in ,563 Amateur clubs in Lombardia (1 st region in Italy) 23.2m Total tax contribution of amateur and youth football in 214 2,858m Aggregate value of production of Italian professional football in , a growth of 8.9% versus the previous season 84% Incidence of value of production of Serie A over the total value of production of the Italian professional football 57% Share of employee costs on total value of production from professional football 7

10 EXECUTIVE SUMMARY Highlights 5 Tax and social security contribution of professional football 6 International benchmarking Sources of tax and social security contribution in professional football Top professional sport divisions 215 Betting Lega Pro , , , , , , , MILLION 37 NFL American Football MLB Baseball Premier League Football AVERAGE REVENUES PER CLUB NBA Basket Bundesliga Football NHL Hockey Liga Football Serie A Football Ligue 1 Football 46 Russian Premier Liga Football Serie B 178 Serie A MILLION ABCDEFG 1,335.7m Income from employment in professional football in 214 (9,448 total contributors) 91% Incidence of football related to the total number of professional sports employees in m Tax revenue in Italy from betting on UEFA EURO 216 matches 26.6 billion Aggregated total revenues of football at worldwide level (46% of the total revenues of global sport business) 2,718 Total number of sponsorships from clubs participating in Top 1 European Divisions (22.2% from abroad) 1.1 billion Aggregated total fans and followers of the official social media accounts of clubs participating in Top 1 European Divisions 8

11 EXECUTIVE SUMMARY Highlights 7 Stadiums, spectators and security 8 Governance models in professional football Average spectators per match - competitions played in Italy Comparison of recapitalizations - professional clubs million AVERAGE PER MATCH Serie A 22,28 A National Team 21,524 UEFA Europa League 13,847 Coppa Italia 7,89 Serie B 6,749 UEFA Champions League 42, Under 21 National Team 4,325 Lega Pro 2,2 Other National Teams 992 Serie A Serie B Lega Pro 14.9 million Total spectators attending top level competitions for matches played in Italy million Total unsold seats in professional leagues ,852 Total spectators of Italian National Teams (75% of matches played abroad) 85.4% Average percentage of main shareholder s ownership in Serie A Number of clubs owned by a foreign legal entity (4 in Serie A, 2 in Serie B and 2 in Lega Pro) 386 Total number of administrators in Italian professional football (92% men) 9

12 EXECUTIVE SUMMARY 1 Census of Italian football FIGC s registered members in amounted to 1,353,866, slightly lower compared to (-2.9%). 78.5% are football players, for a total of nearly 1.1 million, slightly down in the last 5 years (-1.3% on average per year), due to the decrease in the number of amateur players (-4.%) and professionals (-4.4%), which is offset by a slight increase in the number of players involved in the Youth and School Sector (+.6%). FIGC registered members REGISTERED PLAYERS Registered male players (5-16 years old) , 18, 16, 14, 12, 1, 8, 6, 4, 2, 118, % 5-7 years old 187, % 8-1 years old Registered male football players 145, % years old 132, % years old 114, % years old 5% 45% 4% 35% 3% 25% 2% 15% 1% Incidence on Italian population, by age group (almost 1,6 a day), of which 65% related to youth championships and 34% related to amateur, while professional matches counted for approximately 1% of the total. To confirm the important integration role played by football, in the total number of memberships issued abroad was 58,689, of which 96% were to football players (the main countries of origin were Albania, Romania and Morocco). Registered foreign players by category 233,141 (18%) 6, 5,24 51,325 53,85 1,343 57,27 56,512 1,333 1,327 5, 1,299 1,24 33,674 (2%) 24,757 (2%) 1,353,866 REGISTERED MEMBERS Players Technical staff 1,62,294 (78%) The number of players involved in youth activities was 827,784 (male football players between the ages of 5 and 16 represented 19.8% of the Italian population). In addition to registered players, there were 24,757 coaches (+2.9% average growth over the past 5 years), 33,674 referees (-.4%) and 233,141 club officials (+5.9%) for a total of over 13, clubs and about 71, teams. During , 583,34 official matches were held FOREIGN PLAYERS 4, 3, 2, 1, 39,69 38,228 34,89 35,829 37,75 14,96 14,292 14,712 16,328 16, Amateurs Youth and School Sector Referees Club officials Professionals and young professionals 1

13 EXECUTIVE SUMMARY 2 National Football Teams In , the 17 Italian National Teams played 184 games (with a record of 94 victories, 38 draws and 52 defeats). The Men s A National Team took part in the UEFA EURO 216 hosted in France, reaching the quarterfinals with extraordinary results in terms of public interest, media and commercial impact. Stadium attendance was of nearly 25, spectators, whereas media audience surpassed 17.6 million television viewers, with a share of 7.9%. Men s A National Team - total official matches in history MILLION TV VIEWERS Cumulative audience of Men s A and Under 21 National Teams - major foreign markets Germany China France United Kingdom Spain Brazil Poland Russia Indonesia Over the course of 216, the total television audience worldwide was over 2.2 billion viewers, with a significant portion coming from foreign markets (mainly Germany, China and France). From a commercial perspective, in 216 the total number of official FIGC-PUMA merchandis sold was of 1.2 million units, of which over 79% outside Italy. PUMA Stores around the world in (27%) 158 (2%) 786 MATCHES 419 (53%) While it was still in the competition, the Italian Team registered the best performance from a social media perspective, growing its community of online followers more than any other team in the tournament (with an increase in over one million fans and followers). The various Italian National Teams continue to represent a strategic asset for the Italian Television market; among the Top 5 most watched TV events in Italian history, 45 are National Team games. PUMA STORES Western Europe EEMEA Latin America North America 15 APAC Victories Draws Defeats PUMA Stores selling FIGC official merchandising Total PUMA Stores 11

14 EXECUTIVE SUMMARY 3 Amateur and youth football Amateur and youth football continues to be Italy s leading sports movement: in there were 13,24 clubs and 7,479 teams, for a total of 1,5,78 players (of which 64% involved in Youth and School Sector activities), and 579,953 official matches played. Over the course of the last 5 years, there has been however a slight decline in key indicators (with an average annual reduction of 1.2% in the Amateur clubs 15, 14,332 13,797 13,541 13,389 13,24 13, 3,72 3,95 3,225 11, 9, 7, 3,318 3,278 5, 11,26 1,72 1,316 1,71 9,746 CLUBS 3, 1, Amateur activity Youth activity REGISTERED PLAYERS Amateur registered players 1,2, 1,13,553 1,85,543 1,6,224 1,87,244 1,5,78 1,, 8, 658,9 67,25 666,56 698,29 673,555 6, 4, 2, 444, , , , , Amateur activity Youth activity number of players and 2.4% in the number of clubs, however the number of teams appeared to be near stable, with a growth of.2%). The data on registered football players demonstrate how deeply amateur and youth football is rooted in Italy (at a national level, nearly one Italian in 58 is member of an amateur football club). Analysing the data at a regional level one can observe that registered players in Lombardia (18,48), Veneto (18,117), Lazio (97,71), Toscana (82,499) and Emilia Romagna (8,981) account for 52.2% of total players. In the tax year 214, the sector generated a total fiscal contribution equal to 23.2 million, of which 46% from value added tax ( 1.7 million), 35% from withholding tax ( 8 million) and the remaining 19% from taxes on corporate income (worth 4.5 million). Total fiscal contribution by type - tax year 214 8,18,642 (35%) 477,383 (2%) Ires- corporate income tax Iva - value added tax 23.2 MILLION Irap - regional tax 4,51,381 (17%) 1,669,625 (46%) Withholding tax 12

15 EXECUTIVE SUMMARY 4 Economic profile of professional football With an increase in value of production of 8.9% Net equity Overall net equity rose to 15.5 million, up from and a decline in net losses of 3.6%, the alarm surrounding Italian professional football has been subdued, though the overall balance million in the previous year. This figure indicates that professional football remains on fragile ground, though the industry witnessed sheet remained fragile for the season. During this season, aggregated value of production growth far exceeded the levels of the past 5 years, with an increase from 2,625.1 million in several recapitalizations for the first time in a few years, especially in Serie A and Lega Pro. Total debt increased again by 3.5% up to 3,54 million to 2,857.7 million in MILLION Total debt ,75 Value, cost of production and net result ,7 3,686 4,4 3,4 2,4 3,18 2,972 2,994 3,78 3,143 2,66 2,696 2,727 2,625 2,858 The 13.8% increase in sponsorships and commercial activities, was an initial timid signal of the internationalisation of Italian football. Cost of production also rose however, from 3,78.5 million to 3,143. million (+2.1%), mainly due 3,65 3,6 3,55 3,5 3,45 3,436 3,54 MILLION 1,4 4-6 (388) (311) (317) (536) (372) Value of production Cost of production Net result to employee costs, once again rising significantly (+6.9%) after several years of restraint. The overall net result remained significantly in the red, with losses of million, but was a marked improvement from the losses of million in MILLION 3,4 3,35 3,3 3,25 3,2 3,42 3,

16 EXECUTIVE SUMMARY 4 Costs and revenues of professional football Revenues from media rights continued to represent the most significant revenue stream, though declining slightly from 42% to 4% in total. Revenue growth was instead generated mostly by an increase from 49 to 466 million in sponsorships and commercial activities (+13.8%), and from 5 million classified as other revenues. There was an additional positive effect on solidarities evident mostly in Serie B (+41.1%), thanks to the so-called parachute for relegated teams, and to a broader redistribution of TV rights as a part of the mutuality system. Net result by competition Breakdown of sources of income % 9% 8% 7% 6% 5% 4% 3% 2% 4% 287 9% 15% 15% 2% 37% 38% 37% Solidarities 16% 14% Sponsorship and commercial revenues 4% 4% 4% 6% 8% 8% 1% 14% 2% 19% 17% 14% 13% Gate receipts Profit on disposal of players 16% 15% 1% 16% 15% 42% 4% Other income Broadcasting rights income The impact of salaries on total costs rose 2%, from 5 to 52%, reaching the highest level in the past 5 years; an increase due almost entirely to Serie A. The overall economic-financial situation of professional football remains fragile, as evidenced by the 11 readmissions of relegated clubs carried out to complete the roster of teams competing in Lega Pro in , by the 3 teams which were refused participation to this competition, and by the 29 penalty points awarded for administrative irregularities over the course of the season. Breakdown of costs MILLION (5.) (1.) (15.) (2.) (25.) (3.) (35.) (4.) (5) (48) (59) (57) (66) (56) (61) (63) (74) (91) (22) (186) (25) (281) (379) Revenues from sales (value of production net of profits on disposal of players) increased by 7.8%, and gate receipts showed a modest increase of 3.3% thanks to the growth in attendance registered across both Serie A and B. Profit on disposal of players grew even more significantly, up to million from 38.8 million in (+14.8%). 1% 9% 8% 7% 6% 5% 4% 3% 2% 4% 15% 2% 11% 3% 3% 4% 4% 15% 15% 14% 15% 2% 21% 21% 2% 12% 12% 12% 9% 5% 49% 49% 5% 52% Serie A Serie B Lega Pro Lease costs Service costs Depreciations and amortizations Other costs Employee costs 14

17 EXECUTIVE SUMMARY 4 Serie A key results The overall financials of Serie A appear less negative than in past seasons, while the net result remained resoundingly in the red, losses fell 34.1% from 379 to 25 million. Net result (5) (1) only to 3.8 million (63% less than 2 years ago), a slight improvement due mainly to recapitalizations by large clubs, versus growing debt for smaller clubs. Ebitda grew strongly, by 38% from 255 to 352 million, with revenues reaching 2,414 million, up 9.2% from 2,21 million, sufficient to offset a 5.5% increase in operating costs (from 1,955 to 2,62 million). Overall value of production also grew due to a new 3-year TV MILLION (15) (2) (25) (3) (35) (4) (186) (22) (25) (281) (379) Total debt grew 3.1% to over 3 billion, however the composition of debt changed, with financial debt shrinking by 6.2% whereas debt between clubs for delayed payments grew by over 8 million. Total debt Value and cost of production ,15 MILLION 3, 2,9 2,8 2,7 2,6 2,5 2,4 2,3 2,2 2,1 2, 2,58 2,472 2,498 2,438 2,376 2,414 2,38 2,299 2,21 2, Value of production Cost of production rights deal coming into play and the increase of revenues from sponsors and commercial activities. Profit on disposal of players grew to 376 million (+13.3%), mostly due to domestic transfers. 33.3% of profits were booked by teams who finished in the Top 3 positions in the league. Net equity crept back into positive ground, but MILLION 3,1 3,5 3, 2,95 2,9 2,85 2,8 2,75 3,93 3,66 2,974 2,947 2,

18 EXECUTIVE SUMMARY 4 Costs and revenues of Serie A Value of production in Serie A showed the strongest growth in the past 5 years, rising more than 9.2%, from 2,21.3 million to 2,413.9 million. This surge was largely caused by an increase in TV rights (up 8.5%) as well as sponsorships and commercial activities (up 14.9%). The growth of commercial revenues from 36.9 to million was evidence of a more entrepreneurial approach to club management, though results Breakdown of sources of costs % 9% 4% 14% 4% 14% 3% 15% 3% 14% 4% 14% 8% 1% 12% 7% 11% 11% 9% 6% 5% 4% 22% 5% 22% 48% 22% 49% 22% 49% 2% 53% 3% 2% A club relegated to Serie B lost approximately 14 million in value of production with a fall in net result of 5.5 million, whereas a promotion into Serie A can be worth on average 23 million in value of production growth and 3 million improvement in net result. The overall value of production of a club which qualifies to UEFA Champions League (after not having taken part in European competition in the previous season) increased on average by 54.4 million. Lease costs Service costs Other costs Breakdown of sources of income Depreciations and amortizations Employee costs Average profit on disposal of players and amortization % 9% 8% 7% 6% 5% 4% 3% 2% 11% 9% 2% 16% 43% 1% Solidarities Profit on disposal of players 12% 8% 2% 15% 43% 2% 13% 8% 19% 15% 43% 1% Other income Sponsorship and commercial revenues 11% 1% 15% 16% 47% 1% 1% 9% 16% 17% 46% Gate receipts Broadcasting rights income 1% were still far off those of other leading European leagues also saw an increase in employee costs, rising by 9.7% from the previous season, up from 1,235.6 to 1,355.1 million. The share of player wages on total costs grew from 49% to over 53%. The analysis of the impact of performance on the pitch on the Income Statement showed a clear link, confirming past study results. MILLION Average profit on disposal of players Average amortization on player s rights

19 EXECUTIVE SUMMARY 4 Serie B and Lega Pro key results MILLION Serie B The Income Statement of Serie B improved slightly in The net negative result decreased from 91 to 63 million, with a lower weight of 3.4%. Ebitda also returned to positive at 16 million, compared to the negative 24 million last year. But the change in revenue streams gave rise to some criticalities on the overall sustainability of the category in the upcoming seasons. The most significant item among revenues is solidarities, which represent the various forms of mutuality structures. Their incidence also rises from 21% to 28% (from 64.4 to 9.8 million). In their absence, the Serie B - value and cost of production Value of production Cost of production management of clubs would become very problematic. The increase recorded in the season , also fueled by the substantial parachute granted especially to the clubs that were relegated to Serie B, helped to offset the decline of 43.5% of revenues secured by the commercialization contracts of Serie B radio and television specific broadcasting rights, which is now dominated by a single broadcaster. The equity situation of Serie B seems largely stable. Average equity at 3.1 million, returned to the level it was 2 years ago, while total debt grew 2.3% to 32.9 million. Lega Pro In the second season after the reform that cleared the separation between First and Second Division and decreased the total number of registered clubs, there were some early economic benefits. The average net result was negative for million per club, compared to 1.4 million for the season , 12.5% decrease. Average value of production improved from to million, an increase of 8.3%. THOUSAND Lega Pro average value and cost of production , 3,961 3,694 4, 3,525 3,84 3,256 3, 2, 1, 2,236 2,357 2,531 2,361 2, Average value of production Average cost of production The average cost of production decreased from to million (-6.7%), mainly due to the substantial decrease in employee costs (-11.8%). The share of the employee costs on the total revenue remains difficult to sustain but decreased from 95% to 78%. From a financial point of view, the landscape is even more encouraging. The average net equity reached 221, after the collapse to 52, in The portion of debt on total assets fell from 86% in the previous year to 8% currently. 17

20 EXECUTIVE SUMMARY 5 Tax and social security contribution of professional football In 214, the overall tax and social security contribution exceeded 1,73.3 million (of which 71.9% came from Serie A), with a growth of 5.2% compared to 213 and reaching a record figure among those recorded in the last 9 years. More than 5% of the contribution came from Irpef - withholding tax ( million); followed by Iva - value added tax (21.8%) and Inps - social security contribution (11.2%). Sources of tax and social security contribution in professional football NUMBER OF CONTRIBUTORS Taxation classes per employee income 12, 1, 8, 6, 4, 2, 1, ,12 2,792 5,456 1,74 9,94 9, ,88 1,148 1,127 2,962 5,57 9, Up to 15, Between 15, and 6, Between 6, and 2, 2,999 4,83 3,54 4,773 Beyond 2, 1,189 3,132 4,23 in 214, as a result mainly of the increase in the number of taxpayers in the highest tax brackets in Serie A. With regard to the revenue generated by football betting, in 216 the figure was million; the total amount of funding collected during the year was 8.3 billion (football bets alone accounted for 73.7% of total funding), also a record figure over the past 9 years. Total collection and tax revenue in Italy from betting on football - Big Events ,1 1,5 1, 1,33.5 1,69.8 1,29.4 1,33.7 1,22.9 1,73.3 1,2.6 Ires - Corporate income tax (.6%) and Irap - regional tax (3.9%) had a lower incidence rate, while betting on football accounts for 12%. After 3 years of steady decline, employee income returned MILLION to growth (+6.8%), reaching 1,335.7 million in 214, while the total number of taxpayers continued to fall from 11,245 in 29 to 9,448 in 214. The average income per employee then increased from 126,19 in 213 to 141,377 MILLION UEFA EURO FIFA World Cup UEFA EURO FIFA FIFA Conf. Cup World Cup UEFA EURO MILLION Collection Tax revenue 18

21 EXECUTIVE SUMMARY 6 International benchmarking Football accounts for 46% of the global sport business turnover ( 26.6 billion compared to 57.3 in total). Between 1996 and 215, total revenues of the European Top Divisions grew on average 9.3% each year (from 2.8 to 16.9 billion). Employee costs grew even more significantly (+1.3%), reaching 1.6 billion in 215. Thanks to the introduction of Financial Fair Play, the economic imbalance appears to be attenuating Aggregated revenues of sport business at global level in (6%) 21.1 (37%) 1.5 (3%) 2.4 (4%) 2.3 (4%) Football 57.3 BILLION US Sports 26.6 (46%) Formula 1 Aggregated total revenues and employee costs in European Top Division clubs BILLION Revenues Data referred to 54 European Top Divisions Employee costs (aggregate loss went from 1.7 billion in 211 to.3 in 215). Among the main Top 1 Divisions, Italy ranked 4 th in average club revenues ( 95.2 million), surpassed by England ( 22.2 million), Germany ( million) and Spain ( 12.5 million), ahead of France ( 7.9 million) and Russia ( 46.3 million) while Turkey, Netherlands, Portugal and Scotland are between 4 and 1 million. The clubs participating in the Top 1 Divisions have agreements with 2, sponsors (of which 22.2% from abroad) and have surpassed 1.1 billion fans and followers on social media. Among the Top 3 sports competitions in the world for average stadium attendance, 18 are football tournaments. With regard to the infrastructure profile, over the past 1 years, 167 stadiums have been constructed or restructured in Europe with a capacity of more than 5, seats (the first being Poland, with 3 new facilities). Economic direct impact for the city of Milan due to the UEFA Champions League Final m (22%) 4.6m (18%) 1.m (4%) Accommodations 1.2m (5%) 25.2 MILLION Transports Shopping 12.8m (51%) Tennis Golf Other sports Restaurants Other 19

22 EXECUTIVE SUMMARY 7 Stadiums, spectators and security Average stadium occupancy rate in Italy In , the total number of spectators at Italian stadiums for top level competitions 6% 55% 55% 56% 58% 55% 56% This is mainly due to the infrastructure profile of the Italian football structures and the level matches (from National Teams to the UEFA 5% of services offered. The average age of football Champions League) was 14.9 million, slightly down (-3.2%) compared to % 4% 41% 41% structures goes from 69 years in Serie A to 63 in Serie B, falling to 54 in Lega Pro. The spectators of Italian professional football (Serie A, B and Lega Pro) are continuing the growth trend already highlighted in the previous 2 seasons, reaching 13.6 million (+1.8%) in % 35% 3% 25% 2% 15% 32% 21% 28% 18% 33% 22% 24% 28% Taking into account data for the 17 Italian National Teams, in , total attendance was 847,852 spectators (+52.3%): 75% of total attendance was generated by matches played abroad Comparison of aggregated number of spectators in professional football Serie A Serie B Lega Pro Total spectators of Italian National Teams NUMBER OF SPECTATORS The situation remains critical: the average capacity exceeds 5% only in Serie A, and then falls to 41% in Serie B and to 28% in Lega Pro. Over the course of the season, the total number of unsold seats was over 16 million with an economic potential of 27 million in additional gate receipts. 637,914 (75%) TOTAL SPECTATORS 847,852 29,938 (25%) Serie A Serie B Lega Pro Matches played abroad (11) Matches played in Italy (74) 2

23 EXECUTIVE SUMMARY 8 Governance models in professional football The governance model of professional clubs continues to be strongly concentrated: in , the average percentage of controlling shareholders ranged from 85.4% in Serie A to 81.3% in Series B, and to 69.2% of Lega Pro. As far as the controlling shareholder is concerned, in 33 cases it is an individual person, in 48 cases it is an Italian legal entity and in the remaining 8 cases it is a foreign legal entity. VAR. % Annual variation of recapitalizations and total debt 8.% 6.% 4.% +61.8% 2.%.% +1.1% +9.8% +7.3% -7.4% -5.1% +4.1% -2.% -3.% -4.% in secondary professional series (in Lega Pro for example, in over 5% of clubs, the control is traced directly to an individual person while in Serie A, this number does not exceed 15%). By widening the analysis to the European context, there is a progressive trend towards foreign ownership of the clubs in Top Divisions; among the Top 13 European Divisions there are a total of 44 foreign ownerships, mostly coming from the United States, China and Russia. Recapitalizations Total debt NUMBER OF CLUBS Types of control Serie A Serie B Lega Pro 1 shareholder > 5% 5 shareholders > 5% N/a 2 2 shareholders > 5% or 4 shareholders > 5% 1 In recapitalization operations were carried out for approximately million, with a strong growth over the previous season (+61.8%) and an increase far greater than the increase in total debt (+4.1%). Considering also the length of the chain of control, it is interesting to note how it is shorter Foreign owners in the 1 European Top Divisions 216 by country of origin FOREIGN OWNERS United States China Russia Thailand Malaysia Qatar Italy India Other 1 countries 21

24 Highlights Abstract 22

25 1 24 Census of Italian football 2 28 National Football Teams 3 32 Amateur and youth football 4 34 Economic profile of professional football 5 42 Tax and social security contribution of professional football 6 46 International benchmarking 7 52 Stadiums, spectators and security 8 56 Governance models in professional football 23

26 Census of Italian football FIGC s figures CAGR CLUBS 14,451 13,98 13,652 13,491 13,12-2.4% Professionals % Amateurs 11,26 1,72 1,316 1,71 9, % Youth and School Sector 3,72 3,95 3,225 3,318 3, % 1,353,866 The aggregate amount of FIGC s registered members in , including 1,62,294 players, 24,757 coaches and other technical staff, 33,674 referees and 233,141 club officials TEAMS 7,329 6,21 62,295 61,435 7, % Professionals % Amateurs 16,57 15,658 15,521 15,64 14, % Youth and School Sector 53,34 44,77 46,36 45,953 55, % REGISTERED PLAYERS 1,117,447 1,98,45 1,73,286 1,99,455 1,62, % Professional activity 13,894 12,97 13,62 12,211 11, % Professionals 3,24 2,951 2,93 2,86 2, % Young professionals 1,654 9,956 1,132 9,45 8,98-4.4% Amateur activity 444, , , , ,153-4.% 7,868 Total amount of registered teams, with an increase of 15.3% compared to Youth and School Sector activity 658,9 67,25 666,56 698,29 673, % FIGC TECHNICAL STAFF 22,57 22,137 23,474 24,76 24, % Coaches 2,445 2,51 21,792 22,921 22, % Athletic trainers % Doctors % Health professionals % +.6% Average annual growth in the last 5 years of players participating in Youth and School Sector activities, for a total amount of 673,555 in REFEREES 34,267 34,49 34,381 34,765 33, % National Technical Bodies 1,918 1,874 1,87 1,888 1, % Regional and Sectional Technical Bodies 32,349 32,535 32,511 32,877 31, % CLUB OFFICIALS 185,396 27,41 24, , , % TOTAL REGISTERED MEMBERS 1,359,167 1,362,46 1,372,137 1,394,62 1,353, % 19.8% The incidence related to the number of male players registered by FIGC and aged between 5 and 16 years compared with the Italian population (in the years old range, the incidence reaches 24.6%) 24 Source: FIGC - Lega Nazionale Dilettanti data up to June 3, 216

27 Census of Italian football Registered players Registered referees for age and gender ,555 (63%) 11,586 (1%) TOTAL 1,62, ,153 (36%) Amateurs Youth and School Sector Professionals REGISTERED REFEREES 9, 8, 7, 6, 5, 4, 3, 2, 1, 7, , years old 7, , years old 4, , years old 3,213 3, years old 153 2, , years old 2, , years old 5, ,883 Beyond 44 years old Men Women MATCHES Official matches 65, 65,333 69,79 596,173 6, 583,34 571,857 3,899 3,791 3,817 3,387 4,313 55, 5, 45, 4, 61, ,356 65, , ,953 35, 3, 25, 2, Amateur footbal and Youth activity Professional footbal FIGC technical staff Qualified Registered Registered Registered Italians Foreigners Total Coaches - Total 75,624 22, ,964 UEFA PRO - First Category Coaches UEFA A - Second Category Coaches 1, UEFA B - Coaches 43,376 17, ,51 UEFA Grassroots C - Youth Sector Coaches 1, Amateur Coaches 3,562 1,52 1,52 Third Category Coaches 15,263 1,88 3 1,883 Youth Players Trainers 8, Futsal Coaches Goalkeeper Coaches Amateur and Youth Sector Goalkeeper Coaches Futsal First Level Coaches Technical Directors Doctors 3, Health Professionals 4, Athletic Trainers 1, Youth Sector Athletic Trainers TOTAL 84,62 24, ,757 Note: Data for FIGC technical staff refer to the total number of diplomas for the different titles. In some limited cases, the same person could have earned 2 or more diplomas in different fields. Source: FIGC Technical Sector and Italian Referees Association; Lega Serie A, Lega Serie B, Lega Pro and Lega Nazionale Dilettanti (LND) 25

28 Census of Italian football Registered youth players Registered youth players by category ,, 2, 19,379 8, 6, 838, , ,18 165, , , , , , ,229 18, 16, 14, 12, 12, , ,84 5, , ,475 REGISTERED PLAYERS 4, 2, 658,9 67,25 666,56 Youth and School Sector registered players 698,29 Other registered youth players Note: Within the youth players category are included all registered football players related to Youth and School Sector, involving young amateurs, young professionals and Juniores. 673, REGISTERED PLAYERS 1, 8, 6, 4, 2, Piccoli Amici (5-7 years old) Pulcini (8-1 years old) Esordienti (11-12 years old) Youth and School Sector registered players 129,279 Giovanissimi (13-14 years old) 3,193 86,26 Allievi (15-16 years old) Other registered youth players 118,475 Juniores Registered male players (5-16 years old) Registered female players (5-16 years old) , 18, 16, 14, 12, 118, , ,16 132, ,35 5% 45% 4% 35% 3, 2,5 2, 2,716 2,328 2,42 2,364 1.%.75% REGISTERED PLAYERS 1, 8, 6, 4, 2, 24.6% 21.2% 22.6% 19.2% 13.5% 5-7 years old 8-1 years old years old years old years old 3% 25% 2% 15% 1% % REGISTERED PLAYERS 1,5 1, 5 1,323.4%.4%.4%.3%.2% 5-7 years old 8-1 years old years old years old years old.5%.25%.% % Registered male players Incidence on Italian population, by age group Registered female players Incidence on Italian population, by age group 26 Source: FIGC - Youth and School Sector

29 Census of Italian football Foreign registered members by geographic region Foreign players Top 1 countries of origin Amateurs Youth Total Registered Young Aggregated and School professionals Professionals football Referees coaches and Total Sector players technical staff Europe 8,613 22, ,621 1, ,841 Africa 6,78 11, , ,897 Asia 372 2, ,4 81 2,481 14, 12, 1, 8, 12,358 9,493 7,761 South America 1,39 2, , ,917 6, Central America North America Oceania Total 16,957 38, ,512 2, ,689 REGISTERED PLAYERS 4, 2, 2,234 1,545 1,465 1,439 1,395 1,29 1,177 Albania Romania Morocco Senegal Moldova Macedonia Ecuador Nigeria Ghana Perù Foreign minors registered for the first time for the Italian FA by country of origin 2,25 (2%) Albania Foreign referees Top 1 countries of origin ,72 (41%) 323 (3%) TOTAL 11,523 2,16 (18%) Romania Morocco Moldova Senegal Other 117 countries REFEREES (3%) 1,796 (16%) Albania Romania Cameroon Morocco Moldova Germany Ukraine Switzerland Macedonia Russia Source: FIGC, Technical Sector and Italian Referees Association 27

30 National Football Teams MATCHES MATCHES National Teams matches M-A M-U.. 21 M-U. 2 M-U. 19 M-U. 18 M-U. 17 M-U. 16 M-U. 15 W-A W-U. 19 W-U. 17 W-U. 16 M-Futsal A W-Futsal A National Teams matches Victories Draws Defeats Victories Draws Defeats 8% 6% 4% 2% % National Teams - percentage of victories 42.4% 61.9% 55.% 6.% 5.9% 4.% 7.4% 5.% % % 7.6% 61.5% TOTAL MATCHES 49.5% 47.4% M-Futsal U % 65.5% 3 3 W-Futsal U Men s 11-a-side National Teams Women s 11-a-side National Teams Futsal National Teams 49.% 41.9% 6.% Beach Soccer 78.6% Beach Soccer National Team 28 Source: FIGC - Competitions and National Teams Areas

31 National Football Teams Social media following growth of A National Team during UEFA EURO 216 International comparision - social media following growth of A National Teams qualified to quarterfinals of UEFA EURO 216 Facebook Italian National Team (Ita) (Eng) YouTube FIGC Vivo Azzurro Channel Google+ FIGC Vivo Azzurro May 23, July 11, Growth Italian Foreign Growth % fans fans 4,25,416 4,87,1 +619, % 32% 68% 451, , +44, % 44% 56% 356,586 49, +52, % 31% 69% 4, 646, +246, +61.5% ND ND 49,953 1,63 +5, % 88% 12% 14, ,616 +1,35 +1.% 4% 6% DIGITAL MEDIA GROWTH (FANS) 9, 8, 7, 6, 5, 4, 3, 2, 1, +855, , , , ,55 +22, , ,529 Italy France Germany Poland Portugal Belgium Wales Iceland TOTAL Social Media Reach 5,648,74 6,662,689 +1,13, % Note: Data updated at July 4, 216 (day after the last quarterfinal match of UEFA EURO 216). AVERAGE AUDIENCE Average audience and share of Men s A National Team by event 2,, 18,, 16,, 14,, 12,, 1,, 8,, 6,, 4,, 2,, 16,59, % UEFA EURO 212 (Ukraine & Poland) 8,64, % FIFA Confederations Cup 213 (Brazil) Average audience 17,65, % FIFA World Cup 214 (Brazil) Average share 17,68, % UEFA EURO 216 (France) 1% 9% 8% 7% 6% 5% 4% AVERAGE SHARE (%) 29.7 million 125 Total number of views of the Italy v Spain score posted on Facebook, record for UEFA EURO ST place In June 216, the Men s A National Team was the Italian Top Brand for growth and engagement on Facebook and Twitter Videos published by FIGC on its YouTube channel during UEFA EURO 216, with a total amount of 8.2 million views for 2.8 million of minutes 1 TH place Esame di napoletano per Florenzi con i prof Insigne e Immobile is the 1 th most popular YouTube video in Italy (not music videos) in 216 Note: Except where expressly stated, data consider the growth of FIGC social media accounts during the period between the day of the start of Italian National Team s retreat for UEFA EURO 216 (May 23, 216) and the day after the tournament final match (July 11, 216). Source: FIGC - Competitions Area, Vivo Azzurro and Press Office (Commuication Area), Result Sports, YouTube and BlogMeter 29

32 National Football Teams Revenues from TV rights 216 Cumulative worldwide audience and broadcast length in m (6%).8m (3%).6m (2%) Men s A National Team Men s A National Team Men s Under 21 National Team Cumulative Broadcast Cumulative Broadcast audience length audience length (million) (HH:MM:SS) (MLN) (HH:MM:SS) Italy 1, :37: :24:34 TOTAL 25.9m Men s Under 21 National Team Subsidiary rights - youth and female National Teams Europe (excluding Italy) ,42:12: :54:18 Pacific Asia :8: :59:59 Africa and Middle East :2: :15: North America :5:5.3 8:: Subsidiary rights - other revenues Central and South America :12:2. :: TOTAL 2, ,37:3: :33:51 23.m (89%) Total TV audience 216 by National Team 7.2m (4%) Cumulative audience of Men s A and Under 21 National Teams - major foreign markets TOTAL AUDIENCE 163.2m 156.m (96%) Men s A National Team Other National Teams AUDIENCE Germany China France 3.98 United Kingdom Spain Brazil Poland Russia Indonesia 3 Source: FIGC - Competitions Area, Press Office (Communication Area), Marketing (Commercial Area)/Infront with data provided by Nielsen

33 National Football Teams Official FIGC-PUMA merchandising - units sold Official FIGC-PUMA merchandising: net sales comparison per geographic area SOLD MERCHANDISING (MILLION UNITS) % NET SALES 7% 6% 5% 4% 3% 2% 1% 6% 42% 46% 45% 56% 6% 14% 7% 12% 8% 11% 15% Western Europe EEMEA Latin America North America APAC 12% 7% 9% 11% 14% 25% 24% 14% 13% 15% 1% 13% 12% Italy Abroad FIFA World Cup UEFA EURO Official FIGC-PUMA net sales - Top 1 countries 216 Top 15 PUMA stores abroad with highest net sales 216 Italy France 2% 16% United States Germany 11% 6% Netherlands Roermond France Paris UAE Dubai United Kingdom London United States Orlando (1) China Mexico Switzerland Japan UAE United Kingdom Other countries 5% 4% 4% 4% 4% 4% 22% Japan Gotemba Germany Herzogenaurach United States Orlando (2) China Beijing Japan Osaka Germany Metzingen Canada Toronto United States Ontario United States Elizabeth, New Jersey Brazil São Paulo % 5% 1% 15% 2% 25% % OF NET SALES Source: Analysis FIGC - Study and Research Division with data provided by PUMA 31

34 Amateur and youth football Amateur clubs Amateur teams 15, 13, 11, 14,332 3,72 13,797 3,95 13,541 3,225 13,389 3,318 13,24 3,278 8, 7, 6, 69,874 59,735 61,827 61,17 7,479 9, 7, 5, 4, 53,34 44,77 46,36 45,953 55,994 5, 3, 11,26 1,72 1,316 1,71 9,746 3, 2, CLUBS 1, TEAMS 1, 16,57 15,658 15,521 15,64 14, Amateur activity Youth activity Amateur activity Youth activity Amateur registered players Official matches 1,2, 1,, 1,13,553 1,85,543 1,6,224 1,87,244 1,5,78 21,46 (35%) 8, 658,9 67,25 666,56 698,29 673,555 6, REGISTERED PLAYERS 4, 2, 444, , , , , ,547 (65%) TOTAL 579,953 Amateur activity Youth activity Amateur activity Youth activity Note: The 9,746 National Amateur League clubs refer to the official activity. In addition, there are other clubs involved in non-official activity. 32 Source: FIGC - Lega Nazionale Dilettanti (LND)

35 Amateur and youth football Total fiscal contribution in amateur and youth football - tax year 214 Comparison total tax contribution by type - tax years 213 and 214 Serie D Other Men s National National (11-a-side 11-a-side Women s Futsal Top Amateur Football Football Division) Divisions Divisions Divisions Youth and School only Other divisions (Women s Football, Futsal and Beach Soccer) TOTAL Number of clubs 167 8, ,319 1,584 13, Earnings 642,864 1,448,74 117, ,79 1,62,2 1,493,71 15,14,27 Losses 3,649,562 1,64,654 97,5 1,18, ,569 6,897,529 MILLION Ires corporate income tax Iva value added tax.5.5 Irap regional tax Withholding tax Ires - corporate income tax 176,681 2,86,925 31, ,6 445,536 47,756 4,51, Irap taxable base 2,674,29 3,1,589 3,916,37 127,867 1,753,862 2,324,486 4,87,23 Total fiscal contribution - tax year 214 Irap - regional tax 19,375 19,558 24,958 6,31 64,711 81, ,383 Iva taxable base (revenues) 24,719,77 63,21,61 4,165,36 1,641,888 1,766,876 7,258,788 12,753,49 2.3m (1%) 1.4m (6%) 4.4m (19%) Serie D (11-a-side Top Amateur Division) Iva - value added tax 3,597,914 3,524, ,215 1,559, ,737 51,684 1,669,625 Other Men s 11-a-side Football Divisions Independent contractors - taxable base Employed workers - taxable base 2,243,498 14,152,3 213,1 4,586,556 3,561, ,864 25,599, ,912 26,97,45 44,154 41,569 3,358,238 2,465,195 32,539,113 Withholding tax 49,99 5,471,19 53, , , ,767 8,18, m (11%).7m (3%) TOTAL 23.2m National Women s Football Divisions National Futsal Divisions Youth and School Sector only Total fiscal contribution 4,374,69 11,993, ,739 2,462,927 2,342,924 1,386,958 23,217,31 12.m (52%) Other Divisions (Women s Football, Futsal and Beach Soccer) Note: The analysis was conducted over a significant sample of 1,49 clubs participating in amateur and youth championships. Slight shifts were registered in terms of total number of clubs participating in different championships from the data published in the other sections of ReportCalcio due to the inclusion of the figures related to Beach Soccer and the categorization of various clubs according to their main championship in the season (consisting in the tax year 214). Since data come from a drawing sample, some approximations should be considered. When considering the data of the current page, it is necessary to account the existing fiscal facilitations in favor of amateur sports. Source: Analysis by FIGC - Study and Research Division with data provided by MEF - Department of Finance 33

36 Economic profile of professional football Sample: 2 of 2 Sample: 21 of 22 Sample: 48 of 54 Key figures/ratios Key figures/ratios Key figures/ratios Value of production 2,414m Value of production 321m Value of production 123m Operating costs ( 2,62m) Operating costs ( 35m) Operating costs ( 161m) Ebitda 352m Ebitda 16m Ebitda ( 38m) Depreciation & amortization ( 518m) Depreciation & amortization ( 81m) Depreciation & amortization ( 16m) Ebit ( 166m) Ebit ( 65m) Ebit ( 55m) Extraordinary & financial income (costs) ( 63m) Extraordinary & financial income (costs) ( 1m) Extraordinary & financial income (costs) ( 3m) Ebt ( 228m) Ebt ( 66m) Ebt ( 57m) Taxes ( 22m) Taxes 3m Taxes ( 2m) Net result ( 25m) Net result ( 63m) Net result ( 59m) Players & coaches wages/revenues 61% Players & coaches wages/revenues 61% Employee costs/value of production 78% Net equity/total assets 2% Net equity/total assets 15% Net equity/total assets 6% Financial debt/total debt 38% Financial debt/total debt 22% Financial debt/total debt n.a 2,858 million (+8.9%) Aggregate value of production million (+87.1%) Aggregate Ebitda million (+3.6%) Aggregate net result Note: Percentages in brackets indicate the variation from previous season. ReportCalcio 217 includes data from the financial statements of 464 clubs, or 86% of all professional clubs, throughout the 5 year period referring to seasons / Financial data not reviewed by ReportCalcio relates to clubs that were not required to submit their financial statements due to exclusion or non-admission to the competitions. 34 Source: PwC analysis

37 Aggregated economic results : Serie A, B and Lega Pro Aggregated economic result , +1.8% Cagr value of production 3, 2, 3,18 2,972 2,994 3,78 3,143 2,66 2,696 2,727 2,625 2,858 +1% Cagr cost of production MILLION 1, -1, % Cagr net result Value of production Cost of production Aggregated net equity and total debt Net result +.5% Cagr total debt 4, 3, 3,436 3,42 3,686 3,386 3, % Cagr net equity MILLION 2, 1, Net equity Total debt Note: The Cagr (Compound Annual Growth Rate) is the year-over-year growth rate of a value over a specified period of time. Source: PwC analysis 35

38 The impact of sporting perfomance Average per club Income Statement impact of positive sporting performance Number of cases NON QUALIFIED NON QUALIFIED C M 5 Y 1 K C 1 M 5 Y K C 1 M Y 1 K C M 1 Y 1 K Gate Broadcasting Solidarities receipts Value of production Employee costs Cost of production Ebitda Net result m m - 1.9m m + 2.9m m m m Average impact of the A participation to UEFA Champions League m m m m m m m Average impact of the A participation to UEFA Champions League m + 1.m + 1.4m m + 5.8m m - 6.7m - 7.7m Average impact of the B participation to UEFA Europa League m m - 3.2m m + 11.m + 2.7m + 4.6m + 2.9m Average impact C of the promotion from Serie B to Serie A 2 +.5m + 1.2m + 1.9m + 5.5m + 3.1m + 5.5m +.2m -.1m Average impact D of the promotion from Lega Pro to Serie B m + 1.2m + 1.5m -.6m -.6m Average impact of the E promotion from Serie D to Lega Pro C M Y K 1 Average per club Income Statement impact of negative sporting performance Number of cases Gate Broadcasting Solidarities receipts Value of production Employee costs Cost of production Ebitda Net result 1-3.1m m m + 3.3m + 11.m m m 4-9.3m m + 1.m m - 8.9m m m - 18.m m + 1.1m - 1.m + 6.8m +.7m - 6.8m m m 1-2.1m m + 4.8m m - 5.8m - 8.3m - 5.8m - 5.5m m - 7.3m - 1.8m - 1.3m NOT QUALIFIED Average impact of the A missed participation to UEFA Champions League Average impact of the A missed participation to UEFA Champions League NOT QUALIFIED Average impact of the B missed participation to UEFA Europa League Average impact Methodological note: For each case study was taken into account the average of the increases and decreases in operating results in the last 5 years. The production cost also includes the amortizations. For , the sample of financial statements takes into account also clubs not admitted to professional leagues, but completed the season filing bankruptcy. For the impact of promotion and relegation from Serie D (Men s 11-a-side Top Amateur Divisions) to Lega Pro, only financial statements from clubs promoted has been analized. 36 Source: PwC analysis C of the relegation from Serie A to Serie B Average impact D of the relegation from Serie B to Lega Pro

39 Return on investments of sporting perfomance Serie A - Average of Investments/(Disposals) by cluster , 12, 1, 8, 6, 76,67 119, million Average per club investments necessary to qualify to UEFA Champions League 63% of total fixed assets was spent on acquiring players registration rights THOUSAND THOUSAND 4, 2, (2,) (4,) (6,) Qualification to UEFA Champions League Qualification to UEFA Europa League 9,552 Stay in Serie A (46,47) Relegation Serie B - Average of Investments/(Disposals) by cluster , 3, 25, 2, 15, 1, 5, (5,) (1,) 31,776 Direct promotion to Serie A 8,153 (3,98) (1,551) Playoff Stay in Serie B Playout or relegation million 31.8 million Average per club investments necessary to qualify to UEFA Europe League 59% of total fixed assets was spent on acquiring players registration rights Average per club investments necessary to be promoted directly from Serie B to Serie A 16% of total fixed assets was spent on acquiring players registration rights Methodological Note: The amount of investments (+) or disposals (-) was calculated as the change in the Total Assets between the season (gross of amortization and/or depreciation) and the previous season Source: PwC analysis 37

40 Serie A key results million (+1%) Gate receipts million (+14.9%) Sponsorship and commercial revenues 19.8 (+9.8%) Average ticket price 1.1 billion (+8.5%) Broadcasting rights revenues THOUSAND MILLION Gate receipts breakdown , 2, 15, 1, 5, Average per club profit on disposal of players by cluster , ,31 16,1 86, ,676 83,638 15,86 9, National, friendly and youth competition ,334 79,569 22,681 9,84 International competitions ,689 74,97 47,399 99,32 223,916 73,764 4,466 19,686 Seasonal tickets SERIE A AVERAGE: 18.8m st - 3 rd 4 th - 7 th 8 th - 17 th 18 th - 2 th Note: These clusters refer to the position of clubs in the championship THOUSAND Broadcasting rights revenues breakdown ,2, 1,, 8, 6, 4, 2, 912,992 98, Broadcasting rights from national competition Sponsorship revenues breakdown % 987, ,63 149, ,448 24% TOTAL 236m 1,31, , , ,66 85, ,93 Broadcasting rights from UEFA 64% Note: Sponsorship and commercial revenues refer to official, technical and other sponsors, merchandising, royalties and advertising. 1,119, , ,24 Official sponsor Technical sponsor Other sponsors 38 Source: PwC analysis

41 Serie A key results Total assets breakdown Total liabilities breakdown Players registrations 1, ,15.7 1, ,174.3 Net equity Other fixed assets , Provisions and severance indemnities Current assets 1,35.9 1,45.6 1,442. 1, ,383.7 Debt 2, , ,93.3 2, ,66.2 Other assets Other liabilities MILLION Total assets 3,47.7 3, , , ,513.2 MILLION Total liabilities 3,47.7 3, , , ,513.2 Total debt breakdown and trend Average per club debt breakdown and trend Financial debts 933, ,66 1,129,326 1,254,559 1,176,99 Trade receivables 48,1 489,46 49, ,959 42,651 Tax liabilities/ social security liabilities 242,77 25,72 261,85 268,17 281,42 Debts towards other football clubs 676, ,87 663,7 654,644 8, THOUSAND Inter-company liabilities 98,34 95,34 12,427 48,767 72,31 Other debts 533,138 48, ,24 312, ,541 Total debts 2,892,328 2,946,668 3,93,253 2,974,234 3,66,166 MILLION Financial debt Trade receivables Tax liabilities/ social security liabilities Debts towards other football clubs Intercompany liabilities Other debts Methodological note: The capital structure of the Serie A over represented suffers insolvency of a football club took place during the season Therefore, within the balance sheet data referring to the failed football club was not included within this representation. Source: PwC analysis 39

42 Serie B key results 1.1 million (+2.8%) Average gate receipts per club 1.6 million (-43.5%) Average broadcasting rights revenues per club 2.4 million (+5.4%) Average sponsorship and commercial revenues per club 7.3 (-6.9%) Average ticket price THOUSAND THOUSAND Average per club gate receipts breakdown ,4 1,2 1, , 2,5 2, 1,5 1, 5 1.2m National, friendly and youth competitions Seasonal tickets Average per club sponsorship and other commercial revenues m 73 1,94.8m m 72 1,535.9m m 445 1, m m 666 1, m m 729 1, MILLION Average per club profit on disposal of players MILLION Average per club revenue from broadcasting rights m m 2.5m 3.4m 1.5m 4.5m 2.8m 2.3m 1.6m 2.9m Sponsors Other commercial revenues 4 Source: PwC analysis

43 Lega Pro key results Average per club value and cost of production Average per club employee costs and incidence on value of production THOUSAND 4,5 4, 3,5 3, 2,5 2, 1,5 1, 5 2,236 3,84 2,357 3,256 2,531 3,525 2,361 3,961 2,557 3, THOUSAND 2,5 2, 1,5 1, 5 2,252 1,917 1,983 1,826 1,686 95% 75% 77% 76% 78% % 1% 8% 6% 4% 2% % Average value of production Average cost of production Average employee costs Employee costs/value of production Average per club net result Average per club total assets and debt over total assets THOUSAND (2) (4) (6) (8) (1,) (1,2) (1,4) (877) (889) (1,35) (1,225) (1,4) THOUSAND 4, 3,5 3, 2,5 2, 1,5 1, 5 88% 86% 85% 82% 3,498 8% 2,837 2,863 1,98 2, Average total assets Debt over total assets 9% 85% 8% 75% Source: PwC analysis 41

44 Tax and social security contribution of professional football Comparison by type - professional football Tax and social security contribution of professional football by geographic area - tax year 214 Iva - value added tax 26,293, ,477,612 21,787,65 224,983, ,479,263 Ires - corporate income tax 11,252,599 16,17,375 7,856,181 4,773,396 6,463,51 Irap - regional tax 39,738,46 4,829,526 41,559,812 43,946,325 42,193,986 Withholding tax 553,879, ,856, ,877,353 54,543, ,173, m (19%) 48.m (21%) IVA 233.5m 8.4m (34%) Inps - social security contribution 92,499,798 92,369,728 99,482,66 116,81,214 12,312,86 TOTAL 93,663, ,64, ,562, ,56, ,623, m (26%) 2.3m (35%) DATA IN EURO Betting 166,13, ,18, ,353, ,515, ,678,28 TOTAL 1,69,767,32 1,33,748,571 1,22,916,48 1,2,572,452 1,73,31, m (51%) IRES 6.5m Comparison by league - professional football.9m (14%) MILLION 1, m (19%) 25.m (21%) INPS 12.3m 46.7m (39%) 24.9m (21%) 117.3m (22%) 82.1m (15%) WITHHOLD. TAX 542.2m 86.6m (16%) 11.6m (28%) 256.2m (47%) 6.3m (15%) IRAP 42.2m 5.3m (12%) North-West North-East Centre South-Islands 19.m (45%) Serie A Serie B Lega Pro Note: Data related to the geographic distribution of Inps (social security contribution) is estimated basing on the incidence of each area and of the professional leagues during tax year Source: Analysis by FIGC - Study and Research Division with data provided by MEF Department of Finance, Inps (retirement fund for professional sportspersons) and ADM

45 Tax and social security contribution of professional football Italian professional football aggregated data - tax year 214 SERIE A Taxation classes Average number Number of Earnings from employment per earnings from of contributors employment (in euros) contributors per club Frequency Amount Average SERIE B Taxation classes Average number Number of Earnings from employment per earnings from of contributors employment (in euros) contributors per club Frequency Amount Average Up to 5, ,525,88 2,241 5, - 15, ,751,234 9,469 15, - 35, ,242,712 23,294 35, - 6, ,853,913 45,533 6, - 1, ,219,28 76,881 1, - 2, ,99, ,797 Beyond 2, ,16,91,31 1,341,558 TOTAL 4, ,13 1,124,593,98 28,238 Up to 5, ,72,178 2,336 5, - 15, ,565,47 9,76 15, - 35, ,298,877 22,826 35, - 6, ,363,568 46,6 6, - 1, ,527,498 75,877 1, - 2, ,613, ,372 Beyond 2, ,38, ,635 TOTAL 2, ,27 142,479,633 62,766 LEGA PRO Taxation classes Average number Number of Earnings from employment per earnings from of contributors employment (in euros) contributors per club Frequency Amount Average TOTAL Taxation classes Average number Number of Earnings from employment per earnings from of contributors employment (in euros) contributors per club Frequency Amount Average Up to 5, ,543,698 2,474 5, - 15, 1, ,223 11,546,617 9,441 15, - 35, ,742,291 22,5 35, - 6, ,551,621 45,84 6, - 1, ,62,61 73,754 1, - 2, ,363,225 13,45 Beyond 2, ,288,48 311,87 TOTAL 3, ,165 68,656,533 21,692 Up to 5, 1, ,764 4,141,684 2,348 5, - 15, 2, ,439 22,863,258 9,374 15, - 35, 2, ,197 5,283,88 22,888 35, - 6, ,769,12 45,742 6, - 1, ,367,379 75,833 1, - 2, ,76, ,46 Beyond 2, ,9,228,468 1,179,91 TOTAL 9, ,448 1,335,73, ,377 Note: Total amount and average data are expressed in euros. The word frequency refers to the number of subjects taken into consideration in the assessment of the taxable base and the subsequent tax due. Source: Data provided by MEF Department of Finance 43

46 Tax and social security contribution of professional football MILLION MILLION Betting collection for football and other sports 9, 8,264 8, 7, 6, 6,1 2,177 5, 4,396 1,587 4,419 3,98 4, ,849 3,941 3,78 4, , 6,87 2, 4,32 4,513 3,66 3,662 3,432 3,436 3,21 3,591 1, Tax revenue from betting on football Betting on football Betting on other sports events Betting collection and tax revenue per football competition in 216 (excluding betting exchange) Betting collection ( ) Incidence Tax revenue ( ) Serie A 92,48, % 21,84,28.29 Serie B 342,654, % 8,292, UEFA Champions League 311,661, % 7,542,28.75 Premier League (ENG) 27,469, % 6,545, UEFA EURO ,555, % 6,39, Liga (ESP) 237,216, % 5,74,64.77 UEFA Europa League 215,291, % 5,21,5.95 Lega Pro 168,8, % 4,65,799.3 Ligue 1 (FRA) 137,89, % 3,317,56. Bundesliga (GER) 117,82, % 2,833,4.62 FIFA World Cup 218 Qualifiers 112,84, % 2,712, Friendly matches 96,175, % 2,327, Eredivisie (NED) 62,623, % 1,515, Primeira Liga (POR) 59,717, % 1,445, Championship (ENG) 53,15, % 1,282,965.5 Serie D (ITA) 15,65, % 377, Other competitions 2,97,583, % 5,761,52.96 TOTAL 5,448,315,5.3 1.% 131,849,235.1 Total collection and tax revenue from betting on football - Big Events Total per football competition National Team matches Betting collection Tax revenue Betting collection Tax revenue ( m) ( m) ( m) ( m) UEFA EURO 28 (Austria & Switzerland) FIFA World Cup 21 (South Africa) UEFA EURO 212 (Ukraine & Poland) FIFA Confederations Cup 213 (Brazil) FIFA World Cup 214 (Brazil) UEFA EURO 216 (France) TOTAL 1, Note: 214, 215 and 216 figures, excluding where specified, account for betting collection coming from the betting exchange game (introduced on April 1, 214). Data provided do not include any collection undertaken by legalized bookmakers as provided by law n. 19/214. From January 1, 216 the tax on sports betting is applied on the margin (collection less winnings). The tax rate is 18% for the physical collection and 22% for the online collection. Average tax rate is given by the ratio tax value year 216 and the total collection. It has, therefore, an estimation value. 44 Source: Data provided by ADM

47 Tax and social security contribution of professional football Maximum tax rate on taxable income of natural persons data up to December 31, 216 Note: Data up to December 31, 216 Less than 1, 5, 1, 2, 5, 5, and beyond Netherlands 36.6% 36.6% 4.4% 52.% 52.% 52.% Belgium 25.% 3.% 5.% 5.% 5.% 5.% Portugal 14.5% 28.5% 45.% 48.% 48.% 48.% Italy 23.% 23.% 38.% 43.% 43.% 46.% Spain 19.% 19.% 37.% 45.% 45.% 45.% Germany.% 14.8% 39.7% 42.% 42.% 45.% France.% 14.% 3.% 41.% 45.% 45.% United Kingdom.%.% 4.% 4.% 45.% 45.% Australia.%.% 32.5% 37.% 45.% 45.% China 25.% 35.% 45.% 45.% 45.% 45.% Greece 22.% 22.% 42.% 42.% 42.% 42.% South Africa 18.% 18.% 4.% 4.% 4.% 4.% United States 1.% 15.% 25.% 28.% 33.% 39.6% Turkey 2.% 27.% 35.% 35.% 35.% 35.% Argentina 27.% 35.% 35.% 35.% 35.% 35.% Mexico 17.9% 21.4% 34.% 34.% 35.% 35.% Brazil.% 15.% 27.5% 27.5% 27.5% 27.5% Russia 13.% 13.% 13.% 13.% 13.% 13.% Qatar.%.%.%.%.%.% Net income for a determined taxable income data up to December 31, 216 Taxable income 2,, 1,, 5, 1, NET INCOME Netherlands 968, , ,471 56,471 Belgium 1,4,62 54,62 254,62 54,62 Portugal 1,13, , ,215 6,64 China 1,12,1 552,1 277,1 57,1 Spain 1,19,98 559,98 284,98 64,98 Germany 1,117, ,569 32,569 67,935 Italy 1,117,76 564,86 288,41 63,83 Australia 1,118, , ,355 71,481 United Kingdom 1,118,65 568,65 293,65 69,895 France 1,119, , ,611 72,532 Greece 1,166,7 586,7 296,7 64,7 South Africa 1,24,871 64,871 34,871 64,871 United States 1,249, , ,595 78,68 Argentina 1,3,85 65,85 325,85 65,85 Turkey 1,31, , ,852 66,852 Mexico 1,35,6 655,6 33,6 69,63 Brazil 1,452, , ,389 75,389 Russia 1,74, 87, 435, 87, Qatar 2,, 1,, 5, 1, Maximum tax rate on corporate income and value added per country - data up to December 31, % 3.% 2.% 1.%.% 35% 35% 34% 34% 8.3% 21% 2% 21% 33,3% 2% 3% 1% 3% 16% 28% 14% 27,5% 22% 26% 23% 25% 21% 25% 21% 25% 17% 21% 23% 2% 18% 2% 18% United States Argentina Brazil Belgium France Australia Mexico South Africa Italy Greece Spain Netherlands China Portugal Russia Turkey Corporate income tax Value added tax 2% 2% United Kingdom 15,8% 19% 1%.% Germany Qatar Source: Analysis by FIGC - Study and Research Division and Sports & Co. Piacenza. Data collection by Professor Adriano Benazzi and Dr Gianfranco Serioli 45

48 International benchmarking BILLION Aggregated total revenues - global sport business Note: Data updated at 213 (217 is estimated) BILLION Aggregated revenues in 213 by sport and geographical area EEMEA North America APAC Latin America Football US Sports Formula 1 Tennis Golf Other sports % Incidence of football on the global sport business turnover Average revenues per club in top 1 competitions Average employee costs per athlete in top 1 competitions Annual average Weekly average Rank League Sport Nation employee costs employee costs 1 National Basketball Association (NBA) Basketball United States 3,677,251 7, Indian Premier League Cricket India 3,48,271 66,928 3 Major League Baseball (MLB) Baseball United States 3,347,966 64, Premier League Football England & Wales 3,71,398 59, National Hockey League (NHL) Hockey United States 2,11,382 4,411 6 Bundesliga Football Germany 1,839,751 35,38 7 National Football League (NFL) American Football United States 1,696,283 32,621 MILLION 5 NFL American football MLB Baseball ENG Football NBA Basket GER Football NHL Hockey ESP Football ITA Football FRA Football 46 RUS Football 8 Liga Football Spain 1,492,599 28,74 9 Serie A Football Italy 1,394,41 26,815 1 Ligue 1 Football France 1,199,581 23,69 46 Source: Analysis by FIGC - Study and Research Division with data provided by A.T. Kearney, Forbes and SportingIntelligence

49 International benchmarking Aggregated total revenues - European Top Division clubs Aggregated total costs - European Top Division clubs BILLION BILLION Broadcasting revenues Sponsorship, and advertinsing Gate receipts Commercials and other revenues Employee costs Net transfer expenses Other costs BILLION Aggregated net result - European Top Division clubs % % -1.8% % -5.5% % -7.8% % % -12.7%.% -2.% -4.% -6.% -8.% -1.% -12.% -14.% INCIDENCE OF TOTAL REVENUES 1 European Top Leagues: economic profile - average per club data Average annual Average annual Number Revenues Costs Net result growth of revenues growth of GDP per of clubs ( million) ( million) ( million) capita ENG % +3.% GER % +3.2% ESP % +1.6% ITA ,6 +3.9% +,4% FRA ,2 +5.7% +2.2% RUS % +2.8% TUR % +4.9% NED % +2.% POR % +1.% Net result Net result/revenues ratio SCO % N/a Source: Analysis by FIGC - Study and Research Division with data provided by UEFA 47

50 International benchmarking Sponsorships in Top 1 Leagues by country of origin and industry Total Number of sponsorship deals ,718 % of national sponsors 37.6% 76.8% 59.2% 85.% 9.2% 95.2% 84.8% 88.8% 83.6% 85.2% 77.8% % of foreign sponsors 62.4% 23.2% 4.8% 15.% 9.8% 4.8% 15.2% 11.2% 16.4% 14.8% 22.2% Clothing & fashion 6% 4% 3% 9% 2% 3% 5% 5% 7% 1% 5% Food 2% 5% 4% 1% 8% 6% 3% 2% 5% 1% 5% Furniture 2% 4% % 2% 1% % 3% 3% 4% 2% 2% Automotive 7% 1% 7% 7% 5% 3% 9% 8% 4% 6% 7% Banking, insurance & financial services 15% 1% 14% 4% 9% 8% 12% 1% 8% 3% 9% Betting 11% 5% 6% 3% 3% % 11% 2% 1% 8% 5% Beverages 11% 1% 23% 7% 4% 4% 11% 7% 1% 8% 9% Airlines 2% 1% 2% % % 3% 3% % 1% % 1% Energy 2% 6% 2% 2% 4% 7% 3% 6% 1% 9% 4% Gaming 3% 1% 1% % % 1% % % % % 1% Public institutions/no profit % % 3% % 5% 7% 2% % 1% 2% 2% Healthcare 4% 3% 9% 7% 3% 1% 8% 3% 13% 2% 5% Media 4% 5% 3% 8% 8% 2% 1% 3% 1% 9% 6% Real estate 3% 2% 1% 3% 9% 7% 5% 3% 6% 13% 5% Services & consultancy/other 7% 8% 1% 12% 11% 6% 5% 22% 14% 18% 1% Technology & electronics 5% 1% 3% 8% 5% 7% 4% 13% 1% 4% 7% Telecommunications 4% 1% 4% 3% 5% 2% 2% 3% 1% % 3% Transports 3% 4% 1% 4% 2% 3% 3% 4% % 6% 3% Tourism & accommodations 3% 3% 7% 3% 6% 1% 3% 1% 4% 2% 4% Other 7% 11% 5% 7% 1% 12% 8% 4% 1% 8% 8% Total 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 1% 48 Source: Analysis by FIGC - Study and Research Division. Data updated at December 31, 216

51 International benchmarking Social media accounts of 1 Top Leagues - data at December 31, 216 Number of clubs Likes Followers Followers Followers Total Views Spain 2 215,821,91 82,726,45 92,988,13 18,149,421 49,685, ,852,745 England 2 24,6,762 48,37,75 46,157,79 28,727,35 362,982, ,437,441 Italy 2 74,681,34 16,48,212 12,535,948 8,668, ,933, ,11,81 Germany 18 68,593,328 11,341,775 14,32,592 5,448,837 99,686, ,995,879 France 2 44,294,294 13,126,16 8,95,651 2,66,88 68,977, ,337,791 Turkey 18 31,752,479 16,47,436 7,39,932 1,631,299 57,164,146 72,585,825 Portugal 18 11,291,537 2,485,46 1,662,516 21,259 15,46,358 44,393,882 Russia 16 2,445,1 3,733,74 95,177 1,355,14 8,438, ,115,648 Netherlands 18 4,556,663 2,83,559 94, ,645 7,695,45 236,195,878 Scotland 12 2,45,29 1,84, ,89 16,57 3,965,571 35,11,44 Total ,947,37 197,136,75 186,77,976 66,828,659 1,145,99,647 2,732,127,339 Jersey Sponsors - Top 1 Leagues main industries Technology & electronics Banking, insurance & financial services Services & consultancy/other Energy Beverages Foreign Jersey Sponsors by country of origin - Top 1 Leagues Country Number Incidence of clubs % Top League China 7 1.1% England (4), Spain (3) UAE 7 1.1% England (2), France, Germany, Italy, Portugal and Spain (1) South Korea 4 5.8% Portugal (3) and Italy (1) Switzerland 4 5.8% France, England, Netherlands and Spain (1) Betting Automotive Tourism & accommodations Real estate Food JERSEY SPONSORS Philippines 3 4.3% England (2) and Scotland (1) France 3 4.3% Italy, Spain and Turkey (1) Germany 3 4.3% Francia, Italy and Netherlands (1) Japan 3 4.3% France, England and Italy (1) Gibraltar 3 4.3% England (2) and Scotland (1) United States 3 4.3% England, Scotland and Turkey (1) Other countries % Total 69 1% Spain (8), France, England and Portugal (4), Scotland (3), Germany, Italy and Netherlands (2) Source: Analysis by FIGC - Study and Research Division with data updated at December 31, 216. Data related to Internet traffic are published on the website at December 31,

52 International benchmarking Incidence of average ticket price over average daily wage 215 Indexuva Top 1 divions selected Incidence Total gate receipts Total Average Average (Indexuva 215) ( million) attendance ticket price daily wage % Turkey 69.9% ,444, % Spain 53.7% 42. 1,197, England 53.7% ,747, Germany 39.8% ,318, % 5.% Italy 36.2% 24. 8,22, Greece 33.4% , Sweden 28.% ,711, Portugal 25.5% ,9, Belgium 25.4% ,561, % 3.% 2.% 1.% 4.5% 41.2% 69.9% 65.3% 61.1% 53.7% 6.4% 61.5% 53.7% 5.8% 49.5% 39.8% 38.5% 39.3% 36.2% 33.4% 38.1% 33.4% 24.7% 22.6% 28.% 47.7% 35.% 25.5% 4.9% 29.9% 25.4% 3.7% 33.2% 25.3% Switzerland 25.3% 7.6 1,956, France 24.6% ,455, Israel 21.1% ,199, Austria 18.8% ,184, % TUR ESP ENG GER ITA GRE SWE POR BEL SWI Norway 17.9% ,67, Netherlands 15.8% ,743, Rep. of Ireland 13.9% , Poland 12.6% ,464, Finland 12.5% , Slovakia 1.1% , Slovenia 8.%.8 199, Denmark 7.5% 8.8 1,372, Czech Rep. 6.5% 3.4 1,137, Hungary 6.4% 1.5 6, Iceand 6.3%.7 121, % Indexuva in Turkey, the highest figure recorded among the European Top Divisions 36.2% Indexuva in the Italian Top Division, decreasing in comparison to 39.3% of Average ticket price in Italy, compared respectively to 41.2 in the Spanish and 52.2 in the English Top Divisions The average daily wage in Switzerland, the highest figure recorded among the European Top Divisions Note: Data related to wages refer to the average daily wage of an employee single and childless with the equal purchasing power. The amount related to the average wage in England refers to the United Kingdom. 5 Source: Analysis by FIGC - Study and Research Division with data provided by UEFA, Lega Serie A and OECD

53 UEFA Champions League Finals played in Italy 71,5 Attendance to the UEFA Men s Champions League Final between Real Madrid and Atletico Madrid 2, M 2 The size of the Champions Village (9, guests) Economic direct impact for the city of Milan due to the UEFA Champions League Final m (18%) 1.2m (5%) 12.8m (51%) 5 Volunteers for preparing and running the event 18, M 2 The size of the Champions Festival with 1.4 km between Milan Duomo and Sforza Castle TOTAL 25.2m Accommodations Transports 35 MILLION Global TV Audience in 2 countries BILLION Growth of «San Siro Stadium» brand value at global level 5.6m (22%) Shopping Restaurants Other Average attendance and occupancy rate - UEFA Women s Champions League Finals Season Match City Country Stadium Attendance FFC Turbine Potsdam - Olympique Lyon Getafe Spain Coliseum Alfonso Pérez Stadium capacity Occupancy rate 1,372 16, % 17, Attendance to the UEFA Women s Champions League Final between Olympique Lyon and Wolfsburg 1.m (4%) 89 Events organized for promoting the match, with over 1 stadiums involved Olympique Lyon - 1. FFC Turbine Potsdam Olympique Lyon - 1. FFC Frankfurt Wolfsburg - Olympique Lyon London England Craven Cottage 14,33 25, % Munich Germany Olympiastadion 5,212 6, % London England Stamford Bridge 19,258 41, % 5.4 MILLION Number of views of Facebook posts on the event official page (3,814 likes) 1, Boys and girls involved in promotional activities Wolfsburg - Tyresö 1. FFC Frankfurt - Paris Saint-Germain Olympique Lyon - Wolfsburg Lisbon Portugal Estádio do Restelo 11,217 19,3 58.1% Berlin Germany Friedrich-Ludwig- Jahn-Sportpark 18,3 18,3 1.% Reggio Emilia Italy MAPEI Stadium 17, 21, % 32 Number of articles published (media, press and web at local and national level) 25 Stages of «Trophy Tour» in Italy, with over 3,78 km covered Source: Analysis of FIGC - Study and Research Division with data provided by UEFA and Camera di Commercio di Monza e Brianza 51

54 Stadiums, spectators and security Serie A, Serie B and Lega Pro stadiums Serie A Serie B Lega Pro Yes No N/a Yes No N/a Yes No N/a Athletic track existence 5 (31%) 11 (69%) 8 (36%) 14 (64%) 23 (44%) 26 (5%) 3 (6%) Alternative use of the stadium other than football 13 (81%) 3 (19%) 8 (36%) 14 (64%) 23 (44%) 25 (48%) 4 (8%) Stadium using sources of renewable energy 3 (19%) 13 (81%) 1 (5%) 21 (95%) 5 (1%) 46 (88%) 1 (2%) Projects for waste sorting 9 (56%) 7 (44%) 16 (73%) 6 (27%) 32 (62%) 18 (35%) 2 (4%) Skybox existence 11 (69%) 3 (19%) 2 (12%) 7 (32%) 9 (41%) 6 (27%) 15 (29%) 18 (35%) 19 (37%) Sale points existence for commercial activities 9 (56%) 4 (25%) 3 (19%) 6 (27%) 9 (41%) 7 (32%) 28 (54%) 16 (31%) 8 (15%) Artificial turf 1 (6%) 15 (94%) 5 (23%) 17 (77%) 6 (12%) 44 (84%) 2 (4%) Covered seats (%) 74% 26% 4% 6% 41% 59% Number of stadiums Average age 69 years 63 years 54 years Average capacity 39,68 16,422 7,238 Number of stadiums per division and ownership Food courts and commercial areas existence within the hospitality area % 8% 43.8% 11.5% 3.8% 4 6% 63.6% 46.2% NUMBER OF STADIUMS % OF STADIUMS 4% 56.2% 2% 36.4% 38.5% % Serie A Serie B Lega Pro Serie A Serie B Lega Pro Public ownership Club s ownership Other Both of them Food courts only None N/a 52 Source: FIGC Stadia Database, Lega Serie A, Lega Serie B and Lega Pro for stadiums during season

55 Stadiums, spectators and security Spectators per competition - matches played in Italy Number of matches Total spectators Average per match Average attendance - matches played in Italy Cagr 1-16 Serie A 38 8,466,512 22,28 UEFA Champions League 9 38,317 42,257 UEFA Europa League ,864 13,847 Serie B 472 3,185,662 6,749 Lega Pro 94 1,899,55 2,2 Coppa Italia 79 56,16 7,89 A National Team 6 129,144 21,524 Under 21 National Team 4 17,3 4,325 Other National Teams 64 63, Total 1,968 14,895,364 7,569 Serie A 23,541 22,5 22,591 23,11 21,586 22,28-1.1% UEFA Champions League 51,79 54,38 37,814 5,82 44,24 42,257-4.% UEFA Europa League 22,998 2,475 17,138 22,842 24,545 13, % Serie B 5,97 6,257 4,848 5,54 6,148 6, % Lega Pro 1,454 1,284 1,269 1,497 1,91 2,2 +6.8% Coppa Italia 6,13 7,431 6,436 7,891 7,8 7, % A National Team 2,73 23,919 24,793 33,48 41,188 21, % Under 21 National Team 5,378 6,129 4,849 3,467 5,873 4, % Total spectators of Italian National Teams ,938 (25%) Total spectators of matches played abroad in Men s A National Team Other National Teams Total France 247,564 1,6 249,164 Germany 65, 113,6 178,6 TOTAL SPECTATORS 847,852 Azerbaijan 5, 85 5,85 Belgium 4, 55 4,55 China 35,7 35,7 637,914 (75%) Malta 17, 17, Other 24 countries 66,5 66,5 Matches played abroad (11) Matches played in Italy (74) Total 419, ,35 637,914 Source: Analysis of FIGC - Study and Research Division with data provided by Lega Serie A, Lega Serie B, Lega Pro and transfermarkt.it 53

56 Stadiums, spectators and security Economic parameters Total attendance in Serie A, Serie B and Lega Pro Serie A Serie B Lega Pro Total attendance 8,466,512 3,185,662 1,899,55 14,, 12,, 13,382,257 13,164,671 2,4,952 1,861,785 12,328,1 1,474,489 13,73,55 13,313,166 13,551,229 1,731,25 2,28,727 1,899,55 Number of matches Average attendance per match 22,28 6,749 2,2 Average capacity 39,68 16,422 7,238 Occupancy rate (%) 56% 41% 28% Gate receipts 223,915,795 24,52,763 22,423,412 Average ticket price NUMBER OF SPECTATORS 1,, 8,, 6,, 4,, 2,, 2,395,542 2,94,861 2,269,15 2,597,914 2,91,78 3,185,662 8,945,763 8,362,25 8,584,596 8,744,116 8,22,731 8,466, Serie A Serie B Lega Pro Revenue per available seat Potential additional gate receipts with 6% occupancy rate Potential additional gate receipts with 7% occupancy rate Potential additional gate receipts with 8% occupancy rate Potential additional gate receipts with 9% occupancy rate Potential additional gate receipts with 1% occupancy rate 14,919,2 11,61,582 25,778,23 54,725,33 16,913,973 33,811,837 94,53,865 22,766,364 41,845, ,336,697 28,618,755 49,879,52 174,142,53 34,471,146 57,912,659 Note: Data in the table must be uniquely considered as estimations. Gate receipts data used to calculate the average ticket price for League matches include also revenues from other competitions (friendly matches, domestic and European cups). It was not possible to analyse the financial statement of 7 clubs ( 1 in Serie B and 6 in Lega Pro). MILLION Potential additional gate receipts with 1% stadiums occupancy rate Serie A Serie B Lega Pro Source: FIGC Stadia Database, Lega Serie A, Lega Serie B, Lega Pro and public data

57 Stadiums, spectators and security Top Division clubs Total Number of clubs Number of league matches ,827 Average attendance for league matches 43,327 36,461 28,568 22,28 2,896 29,786 Total attendance for league matches 13,31,3 13,855,18 1,855,84 8,466,512 7,94,48 54,419,312 Average capacity 47,29 38,155 38,864 39,68 31,28 38,651 Occupancy rate (%) 92% 96% 74% 56% 67% 77% Total potential attendance 14,437,835 14,498,9 14,768,396 15,51,211 11,859,97 7,615,439 TOTAL UNSOLD SEATS 1,136, ,72 3,912,556 6,584,699 3,918,617 16,196,127 Number of national cups matches Average attendance for national cups matches 47,35 34,191 22,178 12,857 14,294 24, MILLION The overall amount of spectators attending matches of clubs in the Top 5 Divisions, the highest figure recorded since MILLION Total unsold seats in Italian stadiums, compared to 1.15 million in England and 1.35 in Germany Total attendance for national cups matches 79,569 1,914,71 998,11 437, ,61 4,574,2 Occupancy rate (%) 88% 83% 52% 29% 46% 6% Total potential attendance 82,288 2,33,25 1,96,35 1,51,438 1,113,455 7,635,691 TOTAL UNSOLD SEATS 92, ,54 98,294 1,73,3 598,854 3,61,671 Number of European cups matches Average attendance for European cups matches 44,543 46,987 43,617 24,964 25,217 38,965 Total attendance for European cups matches 1,63,554 1,738,536 1,962, ,181 76,88 6,585,11 Occupancy rate (%) 93% 94% 76% 43% 59% 76% Total potential attendance 1,724,553 1,856,434 2,589,92 1,322,484 1,194,968 8,687,531 TOTAL UNSOLD SEATS 12, , , ,33 488,88 2,12,421 NUMBER OF TOTAL MATCHES ,182 TOTAL ATTENDANCE 15,614,423 17,58,417 13,816,62 9,477,831 9,161,169 65,578,442 AVERAGE ATTENDANCE 43,616 37,16 29,397 21,688 2,633 3,54 OCCUPANCY RATE (%) 92% 94% 72% 53% 65% 75% TOTAL POTENTIAL ATTENDANCE 16,964,676 18,658,539 19,263,793 17,884,133 14,167,52 86,938,661 TOTAL UNSOLD SEATS 1,35,253 1,15,122 5,447,191 8,46,32 5,6,351 21,36,219 Note: The analysis refers to the 2,182 official matches played at the stadiums used in by football clubs participating in the Top 5 European Leagues: Bundesliga (Germany), Premier League (England), Liga (Spain), Serie A (Italy) e Ligue 1 (France). This comprises the matches played at the domestic league level (including in Germany the playout game), the domestic cups and the UEFA European cups. The figures related to the UEFA European competitions include the Champions League and the Europa League, while with reference to the data referred to the domestic cups it should be noted that in France and England two different competitions are held: Coupe de France and Coupe de Ligue (France), FA Cup and Football League Cup (England). 94% Average occupancy rate of English stadiums, an increase compared to 92% in MILLION Total attendance in German stadiums, registering an increase of 2.3% compared to % Average occupancy rate in Italy for UEFA Champions League matches, in comparison with 24% for UEFA Europa League matches Source: Analysis by FIGC - Study and Research Division with data provided by UEFA, Lega Serie A, transfermarkt.it, europeanfootballstatistics.co.uk and soccerway.com 55

58 Governance models in professional football Individual and legal entities Number of shareholders NUMBER OF CLUBS Serie A Serie B Lega Pro 26 NUMBER OF CLUBS Serie A Serie B Lega Pro Individual Italian legal entity Foreign legal entity N/a Number of clubs with a sole shareholder Number of clubs with a plurality of shareholders N/a Average percentage of control owned by the main shareholder 9.% Serie A 86.% Serie B 71.% Lega Pro 89.% 84.% 7.5% 7.% 88.% 69.5% 87.% 82.% 69.% 86.% 85.% 84.% 89.6% 89.7% 86.5% 88.2% 86.8% 85.4% 8.% 78.% 85.2% 8.6% 83.9% 79.4% 81.% 81.3% 68.5% 68.% 67.5% 67.% 66.5% 7.6% 69.3% 67.7% 69.3% 69.3% 69.2% 83.% % % Source: Analysis by FIGC - Study and Research Division and the dedicated group work, composed by Professor Ennio Ligli and Professor Luigi Marchini. Data updated at June 3, 216

59 Governance models in professional football Total recapitalizations professional clubs Recapitalizations - clubs participating in Serie A MILLION MILLION MILLION Recapitalizations - clubs participating in Serie B and Lega Pro % CHANGE Annual variation of recapitalizations and total debt for professional clubs +8.% +6.% +4.% +2.%.% -2.% -4.% -3.% +1.1% -7.4% +9.8% +7.3% -5.1% +61.8% +4.1% Serie B Lega Pro Recapitalizations Total debt Note: Data refer to recapitalization trends among shareholders of football clubs participating in professional leagues in the season. The analysis was conducted on clubs financial statements. In few cases it was not possible to collect the necessary documentation, in particular for the clubs that were not supposed to submit their financial statements for the current sporting season for various reasons (not registered and/or not admitted). In the figure in the bottom right of the page, the change for each season is referred to the previous one. Source: Analysis by FIGC - Study and Research Division and the dedicated group work, composed by Prof Ennio Ligli and Prof Luigi Marchini 57

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62 Credits Project authors and executives: Niccolò Donna, FIGC - Study and Research Division, and PwC for financial aspects Coordination and editing FIGC: Niccolò Donna, Guglielmo Cammino Coordination and editing PwC: Giuseppina Floris, Fabrizio Versiero, Umberto Balsamo, Fulvio Faralla, Simone Cocchi, Francesca Ottavia Battaglia, Luca Gaddoni, Maria Rosaria Navarra, Francesco Scarano, Liana Vojkollari Verbal oversight: Gianfranco Teotino Graphic elaboration: Prisma Srl The following offices and departments of the Italian Football Association participated in the creation of the document: National Teams Area, Professional Football Financial Control Committee (Co.Vi.So.C.), National Coordination of Safety and Security Delegates, Competitions Area, TV broadcasting rights, UEFA Club Licensing and Financial Fair Play, Marketing, General Secretariat, IT Systems, Press Office, Institutional and External Relations, Registration Office, Vivo Azzurro Special thanks for their collaboration to: Lega Serie A, Lega Serie B, Lega Italiana Calcio Professionistico, National Amateur League, Italian Referees Association, Italian Players Union, Italian Coaches Union, Technical Sector, Youth and School Sector Special thanks as well to: CONI, FIFA, UEFA, CIES, Ministero dell Interno, Ministero dell Economia e delle Finanze, Osservatorio Nazionale sulle Manifestazioni Sportive, Inps (ex Enpals), Agenzia delle Dogane e dei Monopoli, PUMA, Camera di Commercio di Monza e Brianza, Doxa, Infront Sports & Media, Nielsen Sports, Professor Adriano Benazzi, Dr Gianfranco Serioli, Professor Ennio Lugli, Professor Pier Luigi Marchini Photo credits: FIGC photographic database, LND photographic database, Getty Images 6

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