Warning: "continue" targeting switch is equivalent to "break". Did you mean to use "continue 2"? in /customers/b/b/1/celticunderground.net/httpd.www/wp-content/themes/Extra/includes/builder/functions.php on line 5840 Warning: Cannot modify header information - headers already sent by (output started at /customers/b/b/1/celticunderground.net/httpd.www/wp-content/themes/Extra/includes/builder/functions.php:5840) in /customers/b/b/1/celticunderground.net/httpd.www/wp-includes/rest-api/class-wp-rest-server.php on line 1758 Warning: Cannot modify header information - headers already sent by (output started at /customers/b/b/1/celticunderground.net/httpd.www/wp-content/themes/Extra/includes/builder/functions.php:5840) in /customers/b/b/1/celticunderground.net/httpd.www/wp-includes/rest-api/class-wp-rest-server.php on line 1758 Warning: Cannot modify header information - headers already sent by (output started at /customers/b/b/1/celticunderground.net/httpd.www/wp-content/themes/Extra/includes/builder/functions.php:5840) in /customers/b/b/1/celticunderground.net/httpd.www/wp-includes/rest-api/class-wp-rest-server.php on line 1758 Warning: Cannot modify header information - headers already sent by (output started at /customers/b/b/1/celticunderground.net/httpd.www/wp-content/themes/Extra/includes/builder/functions.php:5840) in /customers/b/b/1/celticunderground.net/httpd.www/wp-includes/rest-api/class-wp-rest-server.php on line 1758 Warning: Cannot modify header information - headers already sent by (output started at /customers/b/b/1/celticunderground.net/httpd.www/wp-content/themes/Extra/includes/builder/functions.php:5840) in /customers/b/b/1/celticunderground.net/httpd.www/wp-includes/rest-api/class-wp-rest-server.php on line 1758 Warning: Cannot modify header information - headers already sent by (output started at /customers/b/b/1/celticunderground.net/httpd.www/wp-content/themes/Extra/includes/builder/functions.php:5840) in /customers/b/b/1/celticunderground.net/httpd.www/wp-includes/rest-api/class-wp-rest-server.php on line 1758 Warning: Cannot modify header information - headers already sent by (output started at /customers/b/b/1/celticunderground.net/httpd.www/wp-content/themes/Extra/includes/builder/functions.php:5840) in /customers/b/b/1/celticunderground.net/httpd.www/wp-includes/rest-api/class-wp-rest-server.php on line 1758 Warning: Cannot modify header information - headers already sent by (output started at /customers/b/b/1/celticunderground.net/httpd.www/wp-content/themes/Extra/includes/builder/functions.php:5840) in /customers/b/b/1/celticunderground.net/httpd.www/wp-includes/rest-api/class-wp-rest-server.php on line 1758 {"id":1168,"date":"2011-09-25T13:11:33","date_gmt":"2011-09-25T13:11:33","guid":{"rendered":"http:\/\/www.celticunderground.net\/wordpress\/?p=1168"},"modified":"2011-09-25T13:11:33","modified_gmt":"2011-09-25T13:11:33","slug":"celtic-a-porto-a-sporting-and-financial-analysis","status":"publish","type":"post","link":"http:\/\/celticunderground.net\/celtic-a-porto-a-sporting-and-financial-analysis\/","title":{"rendered":"Celtic & Porto: A Sporting and Financial Analysis"},"content":{"rendered":"
Celtic and Porto share some obvious similarities; both are large clubs within domestic leagues that receive small media revenues that are dwarfed by larger neighbours whose leagues receive global media attention. Therefore Porto can be used as a valuable means to compare Celtic’s financial and sporting results. The contrasting strategies that have brought about these results shall be examined and conclusions drawn.<\/span><\/p>\n <\/span><\/p>\n RELATIVE SPORTING PERFORMANCE – CELTIC AND PORTO<\/strong> <\/span><\/p>\n \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 CELTIC \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 PORTO<\/span><\/p>\n 2000\/1 2001\/2 <\/span><\/span><\/p>\n 2002\/3 <\/span><\/span><\/p>\n 2003\/4 <\/span><\/span><\/p>\n 2004\/5 <\/span><\/span><\/p>\n 2005\/6 <\/span><\/span><\/p>\n 2006\/7 <\/span><\/span><\/p>\n 2007\/8 <\/span><\/span><\/p>\n 2008\/9 <\/span><\/span><\/p>\n 2009\/10 <\/span><\/span><\/p>\n 2010\/11 <\/span><\/p>\n Domestically both Celtic and Porto have been the most dominant clubs in their domestic leagues with 6 and 7 titles respectively over the past 11 seasons. However, it is performance in European competition that provides a better gauge of the standard of the team. Here Porto has a distinct advantage.<\/span><\/p>\n <\/span><\/p>\n In the 21st Century, Porto has outperformed Celtic in European competition on no less than 8 of the past 11 seasons. Celtic have reached a stage further than Porto in just one season during this period and on two occasions both clubs were knocked out at the same Round of 16 Phase of the Champions League (in seasons 2006\/7 and 2007\/8).<\/span><\/p>\n <\/span><\/p>\n Furthermore, since the turn of the millennium Porto have won four international trophies; the UEFA Cup in 2002\/3, the Champions League in 2003\/4, the World Club Cup in 2004\/5 and the Europa League earlier this year. Their international success dispels the myth that it is impossible for a club that does not compete in a major European league to be successful in European competition.<\/span><\/p>\n <\/span><\/p>\n FINANCIAL STRENGTH \u2013 CELTIC AND PORTO<\/strong> <\/span><\/p>\n Both clubs provide annual financial reports on their club websites and these results for turnover have been reproduced below. The Porto financial figures have been converted from Euros into Pound Sterling using the exchange rate on the 30th June of each particular year, as this is frequently the date when their annual financial reports are published.<\/span><\/p>\n <\/span><\/p>\n Table 2: Annual Financial Report<\/span><\/span><\/p>\n <\/span><\/p>\n Year of Report \u00a0 Turnover (excluding player trading) \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Profit\/(Loss) <\/span><\/p>\n 2005 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a362.2m \u00a0 \u00a0 \u00a331.2m* \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0(\u00a33.7m) \u00a0 \u00a0 \u00a0\u00a30.7m<\/span><\/p>\n <\/span><\/p>\n 2006 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a357.4m \u00a0 \u00a0 \u00a331.9m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (\u00a34.2m) \u00a0 \u00a0 (\u00a321.1m)<\/span><\/p>\n <\/span><\/p>\n 2007 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a375.2m \u00a0 \u00a0 \u00a337m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a315m \u00a0 \u00a0 \u00a0 \u00a0 \u00a31.6m<\/span><\/p>\n <\/span><\/p>\n 2008 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a372.6m \u00a0 \u00a0 \u00a343.5m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a34.4m \u00a0 \u00a0 \u00a0 \u00a0\u00a36.3m<\/span><\/p>\n <\/span><\/p>\n 2009 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a372.6m \u00a0 \u00a0 \u00a358m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a32m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a34.3m<\/span><\/p>\n <\/span><\/p>\n 2010 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a361.7m \u00a0 \u00a0 \u00a347.3m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (\u00a32.1m) \u00a0 \u00a0 \u00a30.1m<\/span><\/p>\n <\/span><\/p>\n *The 2006 Annual Report provides two different sets of results for the year 2005. Those shown above are in accordance with International Financial Reporting Standards (IFRS). The second set of results provided in the 2006 Annual Financial Report that are not shown in the table above are in accordance with Portuguese ‘Generally Accepted Accounting Principles’ (GAAP), however these results differ substantially from the results in all prior Annual Reports with respect to calculating amortisation and depreciation.<\/span><\/p>\n <\/span><\/p>\n **Unfortunately the Porto’s Annual Financial Reports published online for 2003 and 2004 respectively do not provide consolidated profit and loss accounts, otherwise these results would also have been shown above<\/span><\/p>\n <\/span><\/p>\n As can be observed, Celtic’s turnover has been greater than Porto’s every year for the previous six years. Indeed, the annual reports of 2005 and 2007 show that Celtic’s turnover was approximately double that of the Portuguese club. The Annual Financial Reports from 2005-2010 show that the cumulative turnover of Porto is less than 61% of that of Celtic. Over this period Celtic have made an accumulated profit of \u00a311.4m, whereas Porto have made a loss of \u00a38m.<\/span><\/p>\n <\/span><\/p>\n Regarding the first two tables shown, there seems to be a disconnect between Celtic consistently having a significantly larger turnover than Porto, yet Porto consistently outperforming them in European competitions. Of course, a club’s turnover will not necessarily indicate the amount actually invested on the playing side. It has been known for clubs to spend more than 100% of their turnover in order to have short-term, if not sustainable success. It is therefore essential to analyse the annual wage expenditure of both clubs.<\/span><\/p>\n <\/span><\/p>\n Table 3: Annual Wage Costs<\/span><\/span><\/p>\n <\/span><\/p>\n \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Celtic \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Porto<\/span><\/p>\n <\/span><\/p>\n 2004 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a340.5m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a328.4m<\/span><\/p>\n <\/span><\/p>\n 2005 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a337.4m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a326.9m<\/span><\/p>\n <\/span><\/p>\n 2006 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a332.5m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a324m<\/span><\/p>\n <\/span><\/p>\n 2007 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a336.4m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a322.9m<\/span><\/p>\n <\/span><\/p>\n 2008 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a339m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a330.6m<\/span><\/p>\n <\/span><\/p>\n 2009 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a338.8m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a340.5m<\/span><\/p>\n <\/span><\/p>\n 2010 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a336.5m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a332.3m<\/span><\/p>\n <\/span><\/p>\n Similar to Table 2 which shows Celtic with significantly higher turnover than Porto, the above table shows that Celtic consistently spend more on wages. In the past 7 years, only once has Porto had higher wage costs (in 2009) and this was by a small amount, just \u00a32m. In 2004, the season that Porto won the Champions League, Celtic’s expenditure on staff costs was more than \u00a312m above Porto’s i.e. more than 40% higher. From the table above it is apparent than Celtic’s wage bill has decreased since 2004, yet even in 2010 the wage bill was \u00a36m more than Porto’s in their Champions League winning season.<\/span><\/p>\n <\/span><\/p>\n If Celtic’s turnover and wage costs are significantly greater than Porto’s-how then can the Portuguese club produce playing teams that are consistently better than Celtic’s? The answer seems to lie in player recruitment. Using a German football database that records player transfers across Europe, the figures for transfer expenditure and income for both Celtic and Porto have been reproduced below. The figures remain in Euros and have not been converted into Pound Sterling as the conversion of every transfer(both incoming and outgoing) for both clubs using the correct conversion rates for those dates of transfer, would have been overly complicated.<\/span><\/p>\n <\/span><\/p>\n Table 4: Transfers<\/span><\/span><\/p>\n <\/span><\/p>\n \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Transfer Spend \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Transfer Income \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Transfer Net<\/span><\/p>\n <\/span><\/p>\n \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Celtic \u00a0 \u00a0 \u00a0 \u00a0 Porto \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Celtic \u00a0 \u00a0 \u00a0 \u00a0 Porto \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Celtic \u00a0 \u00a0 \u00a0 \u00a0 \u00a0Porto<\/span><\/p>\n <\/span><\/p>\n 2000\/01 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u20ac31.2m \u00a0 \u00a0 \u00a0 \u20ac3.9m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac10.7m \u00a0 \u00a0 \u00a0\u20ac16m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0-\u20ac20.5m \u00a0 \u00a0 \u20ac12.1m<\/span><\/p>\n <\/span><\/p>\n 2001\/02 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u20ac12.2m \u00a0 \u00a0 \u00a0 \u20ac8.1m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac2.5m \u00a0 \u00a0 \u00a0 \u00a0\u20ac0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0-\u20ac9.7m \u00a0 \u00a0 \u00a0 -\u20ac8.1m<\/span><\/p>\n <\/span><\/p>\n 2002\/03 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u20ac6m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u20ac11.4m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u20ac17.8m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0-\u20ac6m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac6.4m<\/span><\/p>\n <\/span><\/p>\n 2003\/04 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u20ac0.5m \u00a0 \u00a0 \u00a0 \u00a0 \u20ac14.7m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac2.3m \u00a0 \u00a0 \u00a0 \u00a0\u20ac10.4m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac1.8m \u00a0 \u00a0 \u00a0 \u00a0-\u20ac4.3m<\/span><\/p>\n <\/span><\/p>\n 2004\/05 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u20ac0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac40.4m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac100.3m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u20ac59.9m<\/span><\/p>\n <\/span><\/p>\n 2005\/06 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u20ac12.5m \u00a0 \u00a0 \u00a0 \u20ac22.8m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac1.5m \u00a0 \u00a0 \u00a0 \u00a0\u20ac45.3m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 -\u20ac11m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u20ac22.5m<\/span><\/p>\n <\/span><\/p>\n 2006\/07 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u20ac16.4m \u00a0 \u00a0 \u00a0 \u20ac6.4m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac16.7m \u00a0 \u00a0 \u00a0\u20ac10.8m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac0.3m \u00a0 \u00a0 \u00a0 \u00a0\u20ac4.4m<\/span><\/p>\n <\/span><\/p>\n 2007\/08 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u20ac17.1m \u00a0 \u00a0 \u00a0 \u20ac17.6m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac8m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac71.4m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 -\u20ac9.1m \u00a0 \u00a0 \u00a0 \u00a0 \u20ac53.7m<\/span><\/p>\n <\/span><\/p>\n 2008\/09 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u20ac11.5m \u00a0 \u00a0 \u00a0 \u20ac46.7m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac1m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac54.9m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 -\u20ac10.5m \u00a0 \u00a0 \u00a0 \u20ac8.3m<\/span><\/p>\n <\/span><\/p>\n 2009\/10 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u20ac15.3m \u00a0 \u00a0 \u00a0 \u20ac29.7m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac10.5m \u00a0 \u00a0 \u00a0\u20ac71.7m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 -\u20ac4.8m \u00a0 \u00a0 \u00a0 \u00a0 \u20ac42m<\/span><\/p>\n <\/span><\/p>\n 2010\/11 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u20ac12.2m \u00a0 \u00a0 \u00a0 \u20ac34.3m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac20.6m \u00a0 \u00a0 \u00a0\u20ac39.8m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u20ac8.4m \u00a0 \u00a0 \u00a0 \u00a0 \u20ac5.5m<\/span><\/p>\n <\/span><\/p>\n 2011\/12 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u20ac3.5m \u00a0 \u00a0 \u00a0 \u00a0 \u20ac37.5m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac1.1m \u00a0 \u00a0 \u00a0 \u00a0\u20ac45.3m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0-\u20ac2.4m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u20ac7.8m<\/span><\/p>\n <\/span><\/p>\n TOTAL \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac138.4m \u00a0 \u00a0 \u00a0\u20ac273.4m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u20ac74.8m \u00a0 \u00a0 \u20ac483.6m \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 -\u20ac63.5m \u00a0 \u00a0 \u00a0 \u20ac210.2m<\/span><\/p>\n <\/span><\/p>\n
Table 1: Footballing Success<\/span><\/span><\/p>\n
Domestic \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1st \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a02nd
European \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0UEFA Cup 2nd Round \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 UEFA Cup Quarter Finals <\/span><\/span><\/p>\n
Domestic \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1st \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a03rd
European \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0CL 1st Group Stage\/UEFA Cup 3rd Round \u00a0 \u00a0 \u00a0 \u00a0 CL 2nd Group Stage<\/span><\/span><\/p>\n
Domestic \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2nd \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1st
European \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0UEFA Cup Final \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 UEFA Cup Winners<\/span><\/span><\/p>\n
Domestic \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1st \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01st
European \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0CL Group Stage\/UEFA Cup Quarter Finals \u00a0 \u00a0 \u00a0 \u00a0 Champions League Winners<\/span><\/span><\/p>\n
Domestic \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2nd \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2nd
European \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0CL Group Stage \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0CL Round of 16 Knockout Phase<\/span><\/span><\/p>\n
Domestic \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1st \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01st
European \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0CL 2nd Qualification Round \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0CL Group Stage<\/span><\/span><\/p>\n
Domestic \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1st \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01st
European \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0CL Round of 16 Knockout Phase \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<\/span><\/span>CL Round of 16 Knockout Phase<\/span><\/p>\n
Domestic \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1st \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01st
European \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0CL Round of 16 Knockout Phase \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0CL Round of 16 Knockout Phase<\/span><\/span><\/p>\n
Domestic \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 2nd \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 1st
European \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0CL Group Stage \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0CL Quarter Finals<\/span><\/span><\/p>\n
Domestic \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a02nd \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a03rd
European \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 CL 4th Qualification Round\/UEFA Group Stage \u00a0 CL Round of 16 Knockout Phase<\/span><\/span><\/p>\n
Domestic \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a02nd \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a01st
European \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 CL 3rd Qualification Round\/EL Play-off \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Europa League Winners<\/span><\/span><\/p>\n
Has this been achieved because of their greater financial resources? The answer is no.<\/span><\/p>\n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Celtic \u00a0 \u00a0 \u00a0 Porto \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Celtic \u00a0 \u00a0 \u00a0 \u00a0 Porto<\/span><\/p>\n