Good morning [%first_name |Dear Reader%],

Earlier this week, global consultancy Deloitte released its annual report on the financial performance of the highest revenue-generating football clubs in the world. Premier League champions Manchester City topped the Deloitte Football Money League 2022 for the first time, with revenue of £571.1 million (US$755 million) in 2021. The English club climbed five spots from the previous year, when it had made £481.6 million (US$635 million).

Manchester City displaced Spanish giants Barcelona, who had topped the Money League for the previous two years. Barcelona’s revenue dropped from €713.4 million (US$785 million) in 2020 to €582.1 million (US$640 million) last year. It was Barcelona’s lowest position in the Money League since the 2013-14 season.

Of course, this wasn’t surprising. Yes, Covid played a part. But Barcelona’s financial problems long predate the pandemic. As of August 2021, the club had a debt of US$1.5 billion—the result of years of rash, poor decisions while buying, selling, and paying players.

Soaring revenues—€841 million (US$925 million) in 2019—helped the club paper over such mistakes, but the pandemic exposed Barcelona.