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The European Elite 2019

KPMG’s fourth edition of the club valuation report

Following the success of the past three years, KPMG introduces the fourth edition of the club valuation report, an annual analysis providing an indication of the Enterprise Value (EV) of the 32 most prominent European football clubs as at 1 January 2019. We trust our report, prepared by the Football Benchmark team of the KPMG’s Sports Advisory Practice, provides stimulating insights into the European football landscape.


Paul Adriani

Senior Manager

KPMG Nederland


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The European Elite 2019

After three years of stability on the podium, this year brought some turbulence, with Real Madrid CF leapfrogging Manchester United FC at the top, and FC Barcelona slipping to the 4th spot, letting FC Bayern München take the 3rd position. Los Blancos jumped above the EUR 3 billion EV level for the first time, the only club to do this alongside the Red Devils; however, the Spanish giants’ current EV is still lower than the Red Devils was last year. Similarly, the Bavarians’ current value is lower than the Blaugrana’s in 2018.

Further changes among the top 10 include Tottenham Hotspur FC surpassing Juventus FC to reach the 9th position, and Arsenal FC dropping two spots to land in the 8th position, surpassed by Chelsea FC and Liverpool FC. The latter two clubs claim an EV in excess of EUR 2 billion for the first time, making to eight the number of clubs having an EV over EUR 2 billion.

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