Not sure if the following figures are relevant, but a ratio of FoS & Sleeve & Kit to Total Commercial for the most recent period.
Villa 47% (£39m/£83m).
Newcastle 52% (£72.5m/£139m).
Arsenal 43% (£135m/£314m)
Liverpool 33% (£122m/£366m)
Man City 46% (£187.5m/£408m)
Man Utd 43% (£170m/£397m)
Spurs 30% (£100m/£330m).
I suppose our ratio is similar to others, however I'm surprised Liverpool's isn't a lower figure, and ditto for Man United, given their global appeal over many decades. I also thought Newcastle would be further ahead of us.