As the 22nd edition of the greatest show on earth gets underway with the FIFA world cup in Qatar, it has emerged that football clubs are being hit with massive tax rises next year.
Whilst non-domestic properties in England overall will see a 7.3% rise overall in their rateable values used to calculate business rates bills, analysis by the real estate adviser Altus Group, shows that the average value for Premier League stadia has shot up by 50%.
The Government have now adjusted the rateable value of all 2.1 million non-domestic properties in England and Wales to reflect changes in the property market between 1st April 2015 and 1st April 2021.
Tottenham Hotspur’s new 1 billion Euro stadium has the highest valuation for business rates of any football ground in the country:
THFC
New rateable values will be used to determine the basis of business rates bills from 1st April 2023 for the next 3 financial years. Analysis of official Government data by Altus Group shows that the 20 Premier League clubs, including the newly promoted clubs, had a combined rateable value of 59.18 million Euro for their stadiums based at the last property assessment in 2017, which has formed the basis of rates bills for the last 6 years, but this has been increased by 48.93% to 88.14 million Euro.
Tottenham Hotspur’s new 1 billion Euro stadium has the highest valuation for business rates of any football ground in the country at 11.98 million Euro followed by Manchester United’s Theatre of Dreams at 10.11 million Euro.
Biggest Loser in this ranking: The Elland Road in Leeds.
Stephan Hoogerwaard
The biggest loser, under the 2023 revaluation, is Leeds United who’s Elland Road stadium has seen its value skyrocket 315% whilst Wolverhampton Wanderers and Brighton & Hove Albion have both seen rises of over 250% on the values of their stadiums.
The only winner is Aston Villa who have seen the value of Villa Park fall 291,250 Euro down by 9.62%. It wasn’t until the start of the season in August 2021, after 17 long months, that Premier League grounds welcomed fans back to stadiums after coronavirus restrictions were lifted.
The only winner is Aston Villa who have seen the value of Villa Park fall 291,250 Euro down by 9.62%.
STADIAWORLD
Robert Hayton, UK President at Altus Group, Britain’s largest ratings advisory, said “valuations of football stadium are complex and take into account not only the size or capacity of the stadium but their quality as well as attendances and income.”
Hayton predicts an influx of challenges adding “the valuers of the draft lists have clearly downplayed the impact of the pandemic on values given restrictions were still in force on the assessment date with games being played behind closed doors.”
The Government promised in March 2021 that market-wide economic changes to property values, such as those from COVID-19, would be properly considered at the next general rates revaluation. Even lower league grounds are not immune from the massive hikes. The Coventry Building Society Arena, home to the Sky Blues in the Championship, has seen its value increase from 757,250 to 1.4 million Euro up 84.62% according to Altus Group. Businessman Mike Ashley last week brought the ground after the group that held the lease to the stadium was placed into administration. (STADIAWORLD, 02.12.2022)
