Thomas Boettcher

So finally I am able to put up an overview of P&l and some KPI for the period FY 2019/20-2024/25 exclusively based on the actual published accounts for FC BAYERN GROUP, AG and ALLIANZ ARENA. Other detailed figures were sourced from official publications from UEFA, FIFA and DFL. Projections for FY 2025/26 are based on published figures, public statements and comments from club sources and best effort estimates. broadcasting will be overall lower, although income from CL and Pokal competitions increased, income from DFL expected to be significant lower and obviously income from CWC was completely accounted for in 24/25). Commercial income should increase based on reports about renewed and new sponsorship deals, as well as continued excellent merchandising activities. Transfer income and profit calculations are based on reports from reliable sources and best effort estimates (salaries). After careful examination and consideration it seems reasonable to assume that squad cost (wages and amortisation) were slightly reduced in 25/26. Agent fees expected to be unchanged. Transfer net debt reversed into a slight surplus and expected to stay again in balance for the foreseeable future. Transfer net spending also reversed into a small surplus, after some years of heavy over spending. Transfer net profit remains stable, and continues to be necessary to cover the structural deficit in EBIT. Cash position should recover and is projected to increase to abt €200 Mio again. So overall FC Bayern remains profitable, for over 30y, and thus continues to increase its Equity without and capital requirements from third party investors. Outlook for 26/27 to follow in this thread.

The issue is not new. Ever since Spurs built and inaugurated the first brand new generational stadium in 2019; also in conjunction with hosting NFL games and concerts in North London, it was clear that this is the way to go to generate significant additional income for football clubs. Perez also realised this immediately and started the Bernabeu rejuvenation project in 2019. As head of one of Europes biggest construction company, he knew that such a colossal construction project bears significant risks, must be properly planned and most importantly, perfectly executed to avoid massive cost overruns. He also knew that the extremely low interest rates provided once in a lifetime opportunity to cap and ring fence the overall finance cost. Laporta then quickly followed but planned and executed in the worst possible way, huge cost overruns and completion delays, much higher finance cost. Same happened with the new Everton stadium and some others. There are other better examples like the Metropolitano and Sevilla. In the end, a new stadium also makes sense, if the new additional match day revenues at minimum cover and ideally are significantly higher than the total cost of finance, interest and capital repayments (and depreciation). Otherwise it’s just an additional drag on the free Cashflow and operational business of a football club. Kroenke who built the worlds biggest and most expensive sport stadium the SoFi, realised exactly that situation at Arsenal, and pulled any plans to extend the capacity at the Emirates. Bayern continuously invested into the Allianz Arena. According to the latest available financial report 24/25, the total cost of building to date are abt €491mio. The club reported more investment in 25/26 and 26/27 so that the total number of CAPEX will be well above €500mio to date. In other words more than €160mio were invested since inauguration (and initial building cost of abt €340). And this doesn’t include the regular annual cost for repair and maintenance, which are recorded as OPEX in the annual P&L. The overall capacity reportedly cannot be extended, at least not feasibly. So regular investments are essential to reduce or cap the operating cost, to increase the revenues. There might be more significant investment in the coming years. The new independent indoor event and concert arena built north of the Allianz Arena is a missed opportunity imo. This could or should have been built nearby the Allianz Arena to increase the attractiveness of the location. n-tv.de/sport/fussball/Der-B…

Not too bad

WOW Nailed it What's come together over the last two or three years is really special. With the coach, the coaching staff, the team and everyone around the club. There's a lot of calm at the club at the moment. Things used to be different. Even when we were playing successful football, there was still a lot of unrest. Now, you really get the feeling that everything is falling into place. Of course, we have to be successful on the pitch – that's always the foundation. But we've seen over the past few weeks that even when the coach is unavailable and we have a lot of injuries, we still stand together. And I think that's also what matters in football"

Future club captain

TOP

This is another game where we should have scored much earlier the third goal to put the game to rest, and then score many more. That’s the big difference to last lesson. Lack of concentration to play the last ball and more importantly to convert all those chances

SPAIN!!!

Still first

„Lost“ €2,8mio so far due to two draws

Squad and Squad Management We are just in November, a quarter of the season behind us and people discussing transfers more than performances. Again and again and again executives and supervisors explained publicly that Bayern will maintain a comparable smaller squad than other big clubs, with a clear hierarchy of top world class, very expensive players, many international top players, squad players and enough space to integrate top class talents from the academy. Bayern deliberately have chosen not to entertain any longer international top players who demand very high wages which are not justified with constant top performances and availability (Goretzka Sane Coman etc). Bayern reestablished a clear hierarchy of top leaders such as Neuer Tah Kimmich Kane (of which Neuer to retire in 2027 and the other three all with contracts expiring in 2029). Emerging future leaders of this team are clearly Olise, Upamecano and Pavlovic, (Musiala). As much as Bayern are looking at options to cover for Diaz whose contract also expires in 2029, there are many more decisions to be made during the season and summer: - number 2 and 3 keepers - extending Kim or sale?replacement? - keeping or selling Ibrahimovic - selling Boey Ito Zaragoza - young CB? - successor Gnabry - extensions Olise, Pavlovic, Bischof, Urbig, Karl, Stanisic whose contracts all expire in 2029. Extending all those contracts are very much prioritised over buying new players. Squad planners will keep in mind with every decision they take to find and integrate players in time who succeed and fill places for Kane, Kimmich, Tah and Diaz 2029/2030. Bayern generate sufficient free cash flow and retain sufficient free liquidity to sign 2-3 top players till then, but will certainly promote players from the existing squad and plan to integrate young top class academy talents or from outside. 2027 Neuer Ulreich Boey 2028 Kim Gnabry Ibra Boey Ito 2029 Olise Pavlovic Bischof Díaz Urbig Stanisic Karl Laimer Zaragoza Kane Kimmich Tah

Good stats

Fantastic, enjoy

Brillant Podcast Watch it to understand why debt in football is a killer (as long it’s not explicitly allocated for a feasible stadium project generating significant higher net revenues).

Gute und richtige Analyse bzw. Schlussfolgerung. Erstaunlich

Schmadtke disputes all allegations lnkd.in/p/e6ekfkwd