I think this is a bit of a false assumption.
Some recent financial results:
View attachment 697
As you can see, since 2007 the Year-on-Year increase in wages has matched the Year-on-Year increase in Turnover, ie: 18%. Therefore, our increase in revenue generated through other areas of the business is offsetting increases in wage costs. But that includes Champions League! I hear you say. Okay, lets completely strip 2011 out then: it outturns to 13% YoY Wages versa 14% YoY T/O.
I would heavily wager - pardon the pun - that a lot of steep wage increase (36%) is associated with one-off bonus payments, ie: it's not a stepped-increase. Obviously we'll see within the latest financial reports whether this bears true or not, but I would expect wages to drop back to a sustainable ?ú75m or so.
For illustrative purposes, even if we lost ?ú20m from T/O, and wages reduced by ?ú10m - to allow for a figurative one-off bonus amount - that would still only return to 57% wages:T/O which is bang in-line with our average over the last two years. I don't see this great chasm which many are trying to paint - only if you ignore other important factors.
Even in the unlikely event that wages:T/O rose to 70%, you have to bear in mind two things: i) that the club has acted to reduce wages by disposal of registrations, and ii) that the club will also begin to see significant increases in income from the renegotiated media rights deals. So, even if the ratio did rise to 70% it is highly unlikely to be a long-term; more a spike in an otherwise sustainable pattern.
I don't see, either, that wage increase should serve as a criticism of the manager? Because, whilst wages has indeed increased, so has the profitability of the business - therefore it's a bit of an empty claim/criticism. Ironically even, the increase is going to be exponential in relation to the success of the football club: win more, or achieve more - and you'll pay more for it. So, would you rather win less, and achieve less? The criticism would be valid if - as is
not the case here - wages were rising, yet revenue was stagnant.