The VfL Wolfsburg Files
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Soccernomics

VfL Wolfsburg

MONEY TRAIL BETA

Soccer Economics · VfL Wolfsburg · Season 2023-24

Akte Wölfe — Club-Dossier VfL Wolfsburg

VfL Wolfsburg at a glance: equity €76.4M (equity ratio 26.0%). Wage ratio 52.3%. Net profit €0.0M. Financial Stability Score: 48/100 🔴.

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Financial Stability Score

Equity ratio 26.0%Wage ratio 52.3%Diversified revenueHigh transfer spending
🟢 League rank null of 18 (avg null/100)

The financially most stable club in the Bundesliga. Squad expansion possible without risk. The high transfer spending of recent years is covered by revenue growth and the equity cushion.

01

DFL License Compliance

🟢 All criteria met
Equity
76.4 M €
Highest in the league
Equity ratio
26.0%
League avg: 34%
Liabilities
71.4%
League avg: 47%
Net profit
+0.0 M €
32 consecutive profitable years

FC Bayern comfortably meets all DFL licensing criteria. With an equity ratio of 55.3% it is well above the league average (32%). All 18 Bundesliga clubs report positive equity — Bayern by far the highest. Continuously profitable for more than 30 years.

02

Equity X-Ray

Player assets (book value)
M €
Acquisition cost minus depreciation
Squad market value
M €
SportMonks / transfermarkt.de
Book value vs. market value — Hidden reserves: €—M
Book value €—M
Hidden reserves €—M

Low repricing risk. The high hidden reserves come mainly from academy players (book value ≈0) and market value gains for key players.

PlayerBook valueMarket valueHidden reserve

Book values estimated: transfer fee / contract length × remaining years. Academy players ≈ training cost.

03

Wage Ratio

Personnel expenses
120.8 M €
Gross income (≈revenue)
230.9 M €
Wage ratio
52.3%
League avg: 48% · UEFA recommendation: <70%

Wage ratio FC Bayern: 52.3% (personnel €120.8M against gross income €230.9M). Below league average (48%) — Bayern generates so much revenue that even the league's highest wage budget remains efficient as a percentage. UEFA recommends a maximum of 70% — Bayern is well below. Agent fees: €7.6M (highest in the league).

04

Transfer Balance (5 years)