Media rights represent UEFA's biggest revenue stream, with broadcasters collectively paying billions for the rights to competitions like the Champions League and the European Championship. In 2023/24, UEFA's revenue from broadcasting rights amounted to just under **** billion euros, representing an increase of around ** percent on the previous season.

Commercial rights represented the UEFA Women's Champions League's largest source of revenue in 2023/24, contributing nearly ** million euros. Meanwhile, revenue from broadcasting rights totaled over ***** million euros.

Real Madrid led Europe’s 2023/24 soccer champions in total revenue, generating about 474 million euros from only commercial and other streams, the largest share of any club. Manchester City ranked second, with total revenue of approximately 837 million euros.

This statistic shows English Premier League and Championship clubs' average revenues in the 2019/20 season, by stream. During this season, clubs playing in the UEFA Champions League recorded 178 million euros in revenue from broadcasting.

Readme file for

Garcia-del-Barrio, P., & Reade, J. J. (2024). "Talent allocation in European football leagues: why competitive imbalance may be optimal?". Jahrbücher für Nationalökonomie und Statistik, 244(5-6), 631-670.

Content

The provided content consists of two files: - The "data" file (with the dataset) - The "do" file (with the estimations).

Summary

Based on a simple model, the paper empirically examines some major sources of interest that fans show in sport events, such as: (i) degree of competitive balance that determines the uncertainty of the outcome (ii) concentration of gifted players in a team, whose interaction of talents on the field enhances the quality of the ‘product joint’ that is a sporting event (iii) joint aggregate quality of rival teams. The argument of the paper relies on the idea that overall quality of a sport event encompasses more than the mere sum of individual talents. Our empirical analyses show that certain degree of talent imbalance between rival teams seems to be better than a perfect competitive balance – to broaden the interest of fans on the sport events and, thus, maximise economic outcomes. Disaggregate estimations reveal discrepancies across football domestic leagues.

Requirements

STATA to perform the following tasks: - Obtain the summary statistics of the main variables - Compute the estimations and regression analyses - Produce the tables (reported in Appendix A and Appendix B of the paper).

Estimating the models

To run the "do" file, you must first modify the initial line to tell the location path of the "dataset" file. Then, the code is organised to deliver, in due order, the estimations of all the tables reported in Appendix A:

• TABLE_A.1.a: Ln(Revenue) - Basic Model
• TABLE_A.2.a: Ln(Revenue) - Filtered MVI
• TABLE_A.3.a: Ln(Revenue) - Filtered Elo
• TABLE_A.4.a: Ln(Revenue) constant_returns - Basic Model
• TABLE_A.5.a: Ln(Revenue) constant_returns - Filtered MVI

• TABLE_A.6.a: Ln(Revenue) constant_returns - Filtered Elo

• TABLE_A.1.b: Ln(WageLimit) - Basic Model

• TABLE_A.2.b: Ln(WageLimit) - Filtered MVI

• TABLE_A.3.b: Ln(WageLimit) - Filtered Elo

• TABLE_A.4.b: Ln(WageLimit) constant_returns - Basic Model

• TABLE_A.5.b: Ln(WageLimit) constant_returns - Filtered MVI

• TABLE_A.6.b: Ln(WageLimit) constant_returns - Filtered Elo

Then, the results and calculations of the tables in the main body of the paper are calculated, based on the information found on these tables. The final part of the "do" file produces the estimations of the table in Appendix B:

• APPENDIX B: Descriptive Statistics of the Main Variables (Pair of Teams) - By Season and League

Variables description and sources

• Revenues: Sum of annual revenue of pairs of rival clubs in each season (Source: Deloitte Annual Review of Football Finance (ARFF, 2005-2021); Deloitte Football Money League (FML, 1999-2021); Official clubs’ account for some clubs of the Ligue 1 and Serie A).
• Salaries: Sum of annual wages of pairs of rival clubs in each season (Source: Deloitte Annual Review of Football Finance (ARFF, 2005-2021); Deloitte Football Money League (FML, 1999-2021); Official clubs’ account for some clubs of the Ligue 1 and Serie A).
• Points: Sum of points in domestic football leagues by every pair of rival teams at the end of the season (Source: Official websites of the domestic leagues; and www.transfermarkt.de).
• Rounds in UEFA Champions League: Sum of the number of qualifying rounds that every pair of rival teams reached in the UEFA Champions every season (Source: Official website of the Union of European Football Associations).
• Rounds in UEFA Europa League: Sum of the number of qualifying rounds that every pair of rival teams reached in the UEFA Europa every season (Source: Official website of the Union of European Football Associations).
• Media Visibility: index of the combined visibility of every pair of rival teams in each season (Source: Authors' own calculations following the approach described at: www.meritsocialvalue.com).
• Elo rating: Sum of Elo ratings for every pair of rival teams in each season (Source: Football Club Elo Ratings http://clubelo.com/).

Corrigendum

In Tables 7 and 8 there are some typographical errors, which are obvious with a simple inspection of the tables in the Appendices: the figures for the filtered MVI and the filtered Elo have been mistakenly swapped.

Contact

For any reamining questions, please contact me via pgbarrio@unav.es

The global women's volleyball league market is experiencing robust growth, driven by increasing participation rates, rising media coverage, and the expanding popularity of the sport among both players and spectators. While precise market figures are unavailable, a reasonable estimation, based on the growth of other professional sports leagues and the significant media attention given to major women's volleyball competitions like the Olympics and World Championships, suggests a current market size exceeding $500 million. This figure accounts for revenue streams including broadcasting rights, sponsorships, merchandise sales, and ticket sales. The Compound Annual Growth Rate (CAGR) is projected to remain healthy, estimated around 8% from 2025-2033, potentially reaching over $1 billion by the end of the forecast period. Key factors driving this growth include the increasing professionalism of women's leagues, improved infrastructure, and a greater focus on promoting women's sports globally. The rising engagement on social media and streaming platforms further amplifies the market's reach. Several regional leagues, including the China Volleyball League, Turkey Volleyball Federasyonu, and the various European leagues (like the Champions League and national leagues in Italy and Russia) contribute significantly to the market. The continued investment in these leagues, both in terms of infrastructure and player development, coupled with enhanced marketing and broadcasting strategies, will be critical in driving future growth. Restraints to the market's expansion could include competition from other sports, economic downturns affecting sponsorship deals, and the need for greater investment in grassroots development to ensure a sustainable talent pipeline. Segmenting the market by revenue streams (broadcasting, sponsorship, etc.) and geographical regions would provide a more granular understanding of the market dynamics and potential areas for growth. The consistent promotion of women's volleyball as a major professional sport will continue to be critical in achieving the market's full potential.

EURO 2024 generated nearly *** billion euros in revenue, with broadcasting rights alone contributing over *** billion euros. The second-largest revenue stream was commercial rights, which amounted to ***** million euros.

The UEFA European Women's Championship in 2022 saw an explosion in revenue, with UEFA taking in over ** million euros from the tournament. Commercial rights saw the biggest increase proportionally, with EURO 2022's figure of **** million euros being over 75 times that of EURO 2017.

In 2024/25, the 30 franchises comprising the National Basketball Association (NBA) recorded a total revenue amounting to **** billion U.S. dollars. This was an increase of over *** billion dollars from the previous year. What are the NBA's main sources of revenue? Among the NBA's main sources of income are broadcasting deals, sponsorships, and gate receipts. In particular, the NBA's sponsorship revenue has consistently exceeded one billion U.S. dollars since the 2017/18 season. One of the league's main sponsors since then has been Nike, which is the league's official outfitter. Meanwhile, the share of overall revenue from gate receipts in the NBA was around ** percent in 2024/25. Which NBA team generates the most revenue? With a revenue of *** million U.S. dollars, the Golden State Warriors were the NBA team with the highest revenue in the 2024/25 season. Between 2015 and 2023, the Warriors were a dominant force in the NBA, appearing in six of eight finals and winning four championships, ending their trophy drought stretching back to 1975. However, the Warriors still have some way to go to match the Boston Celtics and the Los Angeles Lakers as the NBA teams with the most championships, with the Celtics winning a record **** championship title in 2024.

In 2024, the 32 teams of the National Football League (NFL) generated a total revenue of approximately **** billion U.S. dollars. This shows an increase of nearly *** billion U.S. dollars over the previous year. How does the NFL compare to other major sports leagues? The NFL is the most profitable professional sports league in the United States. Apart from the decline in 2020 and 2021 caused by the coronavirus (COVID-19) pandemic, the league’s total revenue grew steadily, rising by around 17 billion U.S. dollars between 2019 and 2024. In comparison, the revenue generated by Major League Baseball (MLB) teams amounted to around **** billion U.S. dollars in 2024, while the revenue of the National Basketball Association (NBA) was ***** billion U.S. dollars in the 2023/24 season. NFL revenue streams In the list of most watched TV programs in the U.S., football games dominate the top spots. Duly, the NFL has a diverse array of lucrative revenue streams, such as sponsorships, media partnerships (both broadcasting and digital), ticket sales and concessions. As of February 2024, media deals between the NFL and networks in the United States alone accounted for over ** billion U.S. dollars annually. Meanwhile, NFL league and team sponsorships provided nearly *** billion U.S. dollars in revenue in 2024. Which team generates the most income? In 2024, the five-time Super Bowl champion Dallas Cowboys topped the rankings of NFL teams with the highest revenues. That year, the Cowboys were the only team to generate more than *** billion U.S. dollars in revenue. The Las Vegas Raiders ranked second with approximately**** million U.S. dollars in revenue. Meanwhile, the team with the most Super Bowl titles of the last 20 years - the New England Patriots - sat in fourth place with**** million U.S. dollars in revenue.

In the 2024 financial year, the National Collegiate Athletic Association (NCAA) generated almost *** million U.S. dollars in revenue from its television and marketing rights fees segment. Moreover, the organization generated revenue of over *** million U.S. dollars from championships and NIT tournaments.

The statistic displays the revenue of the Ultimate Fighting Championship (UFC) in 2015, by source. The majority of the revenue from the UFC in 2015 came from the sales of content, which includes any UFC broadcasts, on Pay-Per-View, on various TV channels through rights deals or online streams.

In 2024, the Wimbledon Championships generated at least ** million British pounds in revenue for the Lawn Tennis Association (LTA). Meanwhile, the previous year had seen the governing body for British tennis record **** million British pounds in revenue from Wimbledon. As one of the four Grand Slam tournaments in tennis, Wimbledon is consistently the largest source of revenue for Great Britain's governing body of tennis.

During the 2024/25 season, the Miami Heat generated 417 million dollars in revenue. This was an increase of 44 million U.S. dollars from the previous year for the three-time National Basketball Association (NBA) champions. What are the Miami Heat’s sources of income? A significant chunk of the team’s net income is from the Miami Heat’s gate receipts, which made up just under a quarter of its total revenue in 2024/25. This however exceeded the average share of revenue from ticketing in the NBA, which stood at 21.43 percent that season. Despite losing its stadium sponsor, FTX, following the latter's bankruptcy in 2022, the Heat also have a wide array of partnership deals with companies such as jersey patch sponsor Carnival Cruise Line and new stadium sponsor Kaseya. What is the average revenue of an NBA franchise? In addition to the Heat outperforming the league’s average in revenue from gate receipts, the franchise was also slightly ahead of the NBA's average for revenue per franchise. Nevertheless, the Heat were far behind the Golden State Warriors, whose net income of 880 million U.S. dollars in 2024/25 made them the NBA team with the highest revenue that year.

In 2022, Juventus FC had a team value of **** billion U.S. dollars. Juventus FC brand and team value – additional informationBrand Finance, Forbes and KPMG have all attempted to define the value of a football team and their brand using different methodologies:- Brand Finance measures a team’s brand value by looking at its brand strength according to the degree of public interest and commercial support, the brand's ‘royalty rate’†, and revenues from matchday, commercial and broadcasting streams.- Forbes calculates a team’s value based on its economic performance from matchday, broadcasting, and commercial sources, as well as any additional value generated by its market position or potential. - KPMG presents a team’s enterprise value, taken from its profitability, popularity, sporting potential, as well as the value of broadcasting rights and revenue opportunity stemming from stadium ownership.In regard to Juventus FC, the club’s team value increased by more than ** percent between 2015 and 2016. Victories in Serie A and the Coppa Italia made ******* a triumphant season for the team’s manager Massimiliano Allegri, who was appointed just before it had started. The team attempted to build on its international success, having progressed to the Champions League final in 2014/15 at the expense of Real Madrid , but ended up dropping out in the round of ** against semifinalists, Bayern Munich. Juventus has appeared in the Champions League more times than any other Italian club.Juventus’s on-pitch efforts were matched by lucrative commercial deals as Adidas replaced Nike as the team’s kit supplier, contributing to the team’s peak in brand value to *** million U.S. dollars in 2015. Despite their run in the Champions League and domestic double in Italy, Juventus missed out on a place among the top 10 in terms of brand value in 2016. The ****-placed club was estimated to be worth around *** million U.S. dollars. The difference of this figure with the other top 10 European football clubs was put down to the lack of Juventus’ exposure abroad of its domestic tournament success and its marketing management. In contrast to to its English and Spanish rivals, the club’s revenue in the commercial stream only made up about ** percent of its total revenue in 2014/15.Juventus is Italy’s most highly valued football brand, worth as much as AC Milan and FC Internazionale Milano combined, according to KPMG’s estimation of the football teams’ enterprise values in 2016. Italian teams today play a less prominent role on and off the pitch, as the last Italian club to lift the UEFA Champions League trophy was FC Internazionale in 2010. Of Italy's 'big three', AC Milan has won the greatest number of Champions League trophies, ahead of Juventus * to . Although Italy had the highest number of clubs () represented - together with England - on KPMG's table, the overall enterprise value of the Italian teams was ** percent lower than the English ones. Juventus FC, with an enterprise value more than * billion U.S. dollars, was the only Italian club on the top 10 European football enterprise value table in 2016.†'Royalty rate' is determined by the team’s licensing or franchising negotiation, international licensing, competitor benchmarking and the potential sales figures of what could be charged for the use of the trade mark.

The Premier League distributed over *** billion British pounds to its members in 2024/25, with champions Liverpool receiving a payout of ***** million British pounds. The league's distribution model sees the bulk of broadcasting revenue being shared evenly, meaning that even relegated clubs can receive a substantial payout.

The New York Yankees are one of the most famous sports teams in the world. It is therefore unsurprising that the baseball team, based at Yankee Stadium in New York City, generated the second-highest revenue in the league at *** million U.S. dollars in 2024. Meanwhile, the Los Angeles Dodgers topped the list that year with a revenue of *** million U.S. dollars. Baseball's most successful franchises As well as financial success off the field, the New York Yankees are one of the most successful teams in the MLB. The Yankees have won a record ** World Series Championships, with their closest rivals, the St. Louis Cardinals, having lifted the trophy on ** occasions. However, the Bronx-based team have found success harder to come by in recent years, with the last World Series title coming back in 2009. MLB revenue The MLB has seen its total league revenue grow steadily since the turn of the century. Despite the inevitable hit during the coronavirus pandemic, revenues exceeded ** billion U.S. dollars for the first time in 2023. This revenue comes from a variety of sources including local media, team sponsorships, and concessions. In the 2022 season, just over *********** of the MLB's revenue came from national media, while almost ********* was generated through seating and suites.

The statistic depicts the brand/team value of the German football club FC Schalke 04 from 2011 to 2020. In 2019, FC Schalke 04 had a team value of *** million U.S. dollars. FC Schalke 04 brand and team value – additional informationBrand Finance, Forbes and KPMG have all attempted to define the value of a football team and their brand using different methodologies:- Brand Finance measures a team’s brand value by looking at its brand strength according to the degree of public interest and commercial support, the brand's ‘royalty rate’*, and revenues from matchday, commercial and broadcasting streams.- Forbes calculates a team’s value based on its economic performance from matchday, broadcasting, and commercial sources, as well as any additional value generated by its market position or potential. - KPMG presents a team’s enterprise value, taken from its profitability, popularity, sporting potential, as well as the value of broadcasting rights and revenue opportunity stemming from stadium ownership.Schalke finished outside the top four of the Bundesliga for the first time in four seasons in 2016, with coach Jens Keller’s sacking in 2014, followed by his replacement Roberto Di Matteo stepping down at the end of the season. Despite a slight increase in brand value, the club dropped **** places to **** on the Brand Finance European football team brand value table, with *** million U.S. dollars. Forbes, on the other hand, estimated that the team’s value was at its lowest point since 2012, falling to *** million U.S. dollars.Schalke relies mostly on its commercial revenue stream to generate profit. In 2014/15, its commercial revenue made up almost half of its total revenue, amounting to about *** million euros. Deloitte reported that Schalke was the German club with the second-largest international presence in 2014/15. Schalke’s international focus towards the Far East, in particular on China, is one of the main causes of its steady increase in commercial revenues. The team’s regular qualification for the UEFA Champions League has also led to the steady rise in revenue from broadcasting since 2012/13. In 2014/15, the club once again received UEFA revenue distributions for reaching the Round of **.In 2015/16, the club’s valuation was hurt by its lack of Champions League play and relatively low matchday revenue, earning less than ** million euros from that stream. Schalke’s relatively poor on-pitch performances and its absence from Europe’s top competition, however, have not prevented fans from attending games. In 2015/16, Schalke remained one of the most popular clubs in Germany with the third-highest average attendance in the German Bundesliga, attracting an average of over ****** spectators, behind only its local rival Borussia Dortmund and national rival FC Bayern Munich.† 'Royalty rate' is determined by the team’s licensing or franchising negotiation, international licensing, competitor benchmarking and the potential sales figures of what could be charged for the use of the trade mark.

During the 2024 financial year, the largest share of the English Rugby Football Union’s (RFU) income came from hospitality and catering, totaling 48.8 million British pounds. Meanwhile, broadcasting revenue made up the second-largest share, with 34.5 million British pounds. What is the Rugby Football Union? Founded in 1871 as the world’s first organizational body in rugby, the RFU was the sport’s original rule maker. While World Rugby has since taken over rule-making duties, the RFU still governs and organizes rugby in England at both a grassroots and professional level. In the last decade, the number of individuals participating in rugby union in England has been on a general decline, with the number of participants nearly halving between 2016 and 2021. However, there have been some promising signs in the last three years, with the number of rugby players growing steadily year-over-year. How has the English rugby union team performed recently? During the 2023 Men’s Rugby World, England reached the semi-finals, before being beaten by eventual champions South Africa. The last time England had World Cup glory came in 2003, when Jonny Wilkinson famously kicked his side to its first Rugby World Cup title. Meanwhile, in the Six Nations Championship, England’s last title came in 2020 as of February 2025.

During the 2023/24 season, the 30 franchises comprising the National Basketball Association (NBA) recorded a total revenue amounting to 11.34 billion U.S. dollars. This was an increase of over 700 million dollars from the previous year. What are the NBA's main sources of revenue? Among the NBA's main sources of income are broadcasting deals, sponsorships, and gate receipts. In particular, the NBA's sponsorship revenue has consistently exceeded one billion U.S. dollars since the 2017/18 season. One of the league's main sponsors since then has been Nike, which is the league's official outfitter. Meanwhile, the share of overall revenue from gate receipts in the NBA was 21.57 percent in 2023/24. Which NBA team generates the most revenue? With a revenue of 800 million U.S. dollars, the Golden State Warriors were the NBA team with the highest revenue in the 2023/24 season. Between 2015 and 2023, the Warriors were a dominant force in the NBA, appearing in six of eight finals and winning four championships, ending their trophy drought stretching back to 1975. However, the Warriors still have some way to go to match the Boston Celtics and the Los Angeles Lakers as the NBA teams with the most championships, with the Celtics winning a record 18th championship title in 2024.