KPMG’s Football Benchmark team released its European Champions Report 2017, according to Paul Nicholson of INSIDE WORLD FOOTBALL. The findings "might not be revolutionary in terms of new numbers but it is thought-provoking when looking at a Europe-wide view." The analysis, based on "hard financial data," does show a "huge swing from the days of spending big to win big, to a more sustainable management model." Of the winners of Europe’s eight leading leagues, the report "shows all made a profit except Besiktas," which was still within UEFA financial fair play limits. The difference between a "true world giant club like Barcelona" and surprise Premier League winner Leicester City is roughly €450M ($481.3M). But "when it comes to efficiency," Bayern Munich topped the list, with the highest profit after tax of €33M ($35.3M), followed by Barcelona’s €28.8M ($30.8M). The "real win for broadcasters has been the well documented boom in broadcast revenues" that has been Europe-wide. Couple that with UEFA club competition revenue and increased global sponsorship and media opportunities and "the conditions for club revenue growth become very strong across the board." KPMG Global Head of Sports Andrea Sartori, the report’s author, said, "As a result of the booming broadcasting deals, the increased revenues distribution from UEFA competitions and clubs' growing global connectivity with sponsors and fans, the steep rise of broadcasting and commercial revenues is a common trend across the analyzed clubs." A "key measure of a club’s operating prowess" has long been the wages as a percentage of turnover ratio. The report finds that staff costs were below 65% of operating revenues at all clubs. Bayern Munich, Benfica and PSV Eindhoven recorded a ratio below 50% (INSIDE WORLD FOOTBALL, 1/17).