Real Madrid remained the most valuable football club, while FC Barcelona overtook Manchester United for 2nd place, according to our sixth annual football club valuation, which ranks the 32 most prominent European football clubs based on their Enterprise Value (EV). However, mainly due to the impacts of the coronavirus pandemic, for the first time in our reports, the aggregate EV of the top 32 clubs has decreased year on year. In this year’s report, we also analyze the effects of COVID-19 on European football beyond the elite clubs, provide context around the failed European Super League proposition and offer reform ideas for the football industry to build a more sustainable football ecosystem.