Why UEFA see Leeds United as 16th most popular club in Europe

The European Club Finance and Investment Landscape report is an exhaustive study of the financial health of club football across the continent via different measures.

It calls its analysis of kit manufacturer sponsorship revenues and total merchandising revenues "probably as good a measure of club popularity as any", and Leeds come in 16th, seventh in Engand.

Barcelona, Real Madrid and Bayern Munich are the top three, Liverpool and Manchester United fourth and fifth respectively. Celtic are 17th.

Leeds' revenues were £29.1m, less than a fifth of Barcelona's £153.1m, with big gaps even within the top 20.

Most of the figures are based on 2022-23 figures, but Leeds are one of five clubs yet to have reported, so theirs are from the previous season.

The Whites were 28th for money brought in per matchday (£1.3m) and 17th for revenue per fan.

Leicester City and Southampton, relegated with Leeds last season, were also in Europe's top 50, going some way to explaining why they are leading the Championship.

Premier League gate receipts were £765m, more than second-placed Spain (£367) and third-placed France (£304) combined.

Commercial revenues were nearly twice as lucrative as domestic television cash for the top 20 clubs.

The figures do not include Sheffield United or any other Yorkshire clubs as they were not in the Premier League at the time.

They show the economic dominance of England’s top division – the leading performer for fan, TV and UEFA revenue, gate receipts, net equity, fixed assets, the best wage-to-turnover revenue but also the highest gross bank debt and squad costs.

Its £5.6bn generated equaled the second and third-best performing leagues, Spain and Germany, combined and was almost as high as the total for 642 clubs in the bottom 50 countries, showing the importance of being in the Premier League.

Leeds were relegated last season but are in contention to win an immediate return, whilst Hull City hope to get there via the play-offs. Sheffield United are in the Premier League but bottom of the table and looking doomed to relegation.

Whilst across Europe there were £0.8bn of operating losses, led by Barcelona's £153m, Premier League clubs made £0.4bn.

Wage inflation was down and for the first time there was a drop in wages amongst the top 20 biggest payers but Aston Villa's were 92 per cent of revenue and Everton's 90 per cent. Uefa recommends around 70 per cent, one per cent below the continental average.

English and Spanish clubs contributed two thirds of the 27 per cent rise in debt since Covid, with early signs it will increase next season.

Interestingly for Sheffield United, currently for sale, there was a decline in top-division clubs bought, with more focus on minority investment and lower-division sides.

Leeds were one of only three clubs in the "Big Five" leagues sold and then only after relegation. Andrea Radrizzani used the money to buy Sampdoria, relegated from Serie A. Mallorca were the other.

Leeds and Huddersfield Town joined the 30 per cent of North American-owned European clubs.

Thirty-three of England's 92 league clubs – including Sheffield United, Huddersfield and Barnsley – and 105 European top-division sides were part of networks with stakes in other football clubs worldwide.

Hull City were until Acun Ilicali sold his stake in Shelbourne. Leeds are owned by the investment arm of NFL franchise San Francisco 49ers.