Manchester United and Manchester City have helped add £3.4bn to UK GDP in 2013/14, a report revealed.
The study, conducted by business advisory firm EY on behalf of the Premier League, also says the 20 clubs boosted the coffers of the Exchequer by paying £2.4bn in taxes and supported more than 10,000 jobs.
That year the league title was won by Manchester City, with Liverpool a close second.
The report highlighted that, while the primary role of the Premier League is to organise the football competition between the 20 clubs that make up the league, there is then a range of revenues – including ticketing, merchandising and broadcast revenues – that flow to the clubs and beyond with significant consequent economic impact.
These revenues have allowed clubs to invest in all aspects of the game – including their squads, stadia and training facilities – which in turn has generated greater interest in the competition from football fans in the UK and overseas.
As a consequence, the Premier League has become the third largest sporting competition in the world by revenue, and the largest in Europe, outstripping the Bundesliga in Germany, La Liga in Spain and Serie A in Italy.
EY’s chief economist, Mark Gregory, said: “The game of football is of considerable economic, social and cultural significance to the UK, and our report is the first attempt to quantify this.”
The author of the report, David Mullen, an assistant director in EY’s economic advisory team, added: “These estimates represent just a part of the economic impact of the Premier League and clubs as there are other industries such as tourism, broadcasting and gambling that are also supported by the competition.”
The report also highlights the fact that the impact of the Premier League and clubs goes beyond the economic, as it generates a number of positive social impacts through its investment in facilities and support of a range of community programmes.