Footnote 8 Top-earning clubs pay a large portion of all transfer fees and significantly contribute to their increase. The equivalent number for the 2016–2017 season was €199 million, a total increase of 553% over nine seasons. In the 1996–1997 season, a yearly revenue of €36 million was sufficient for a football club to qualify among the twenty highest earning in the world. Footnote 7 This was particularly true for Europe’s top football clubs. Technological development in the 1990s greatly increased the ability of people around the world to follow football clubs from afar, and for the major football clubs this increase in potential audience translated into greater revenue, particularly in the form of television licensing agreements. One important factor behind the transfer-fee trend is the breathtaking revenue growth in football.
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