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Manchester United FC lead KPMG’s Football Club’s Enterprise Value ranking

MUFC lead Football Club’s Enterprise Value ranking

Our report highlights that Europe’s 32 leading football clubs grew by 14 percent in comparison to last season.


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  • With a combined Enterprise Value* of EUR 29.9 billion, the aggregate value of Europe’s 32 leading clubs grew by 14 percent in comparison to last season. 
  • Despite finishing in sixth place in the Premier League, Manchester United FC top the list ahead of the two Spanish giants, becoming the first club to surpass the EUR 3 billion threshold in Enterprise Value. 
  • English clubs, enjoying significantly higher broadcasting revenues than their peers, now occupy six spots in the top 10 as a result of Tottenham Hotspur FC’s rise to 10th position, replacing Paris Saint-Germain FC. 
  • UEFA Champions League finalists, Real Madrid CF (EUR 2.9 billion) and Juventus FC (EUR 1.2 billion) stand in the second and ninth positions respectively in KPMG’s ranking. 
  • 2015/16 Premier League champions Leicester City FC entered the list this year in a remarkable 16th position, joined by Athletic Club Bilbao (25th) and Beşiktaş JK (30th).

Ahead of Saturday’s UEFA Champions League final between Real Madrid CF and Juventus FC, KPMG’s “Football Clubs’ Valuation: The European Elite 2017” report today highlights that Europe’s 32 leading football clubs grew by 14 percent in comparison to last season to a combined Enterprise Value (EV) of EUR 29.9 billion.

Andrea Sartori, KPMG’s Global Head of Sports and the report’s author, commented:The aggregate value of Europe’s 32 leading football clubs suggests that the overall value of football, as an industry, has grown. While this is partially explained by football’s broadcasting boom, the internationalisation of the clubs’ commercial operations, their investment into privately-owned and modern facilities, and overall more sustainable management practices, are also key reasons for this growth.

In terms of media rights value, the English Premier League sits comfortably at the top of European leagues, although other major leagues have outlined well-defined strategies to compete for the attention of global fans. However, unlike other factors, an individual club’s ability to influence their broadcasting income is often limited, despite the very evident impact this revenue stream has on their Enterprise Value.

The second edition of KPMG’s report finds that in 2017, English Premier League clubs dominated the ranking, accounting once again for approximately 40 percent of the aggregate EV. The appeal Premier League enjoys for sponsors is confirmed by five clubs featuring in the top 10 by overall kit value are English. Moreover, as a result of the broadcasting agreement which started this season (2016-17). The Premier League’s position is expected to be even more prominent in next year’s report.

This year, 10 clubs were valued in excess of EUR 1 billion, two more than in 2016, with Juventus FC and Tottenham Hotspur FC being the new entrants in this elite group, the latter ousting Paris Saint-Germain FC from the 10th position.

Another remarkable change in the top-third of the table is Manchester City FC’s move to the fifth position, being valued at EUR 1.9 billion and surpassing Arsenal FC. Leicester City FC’s journey to the English Premier League crown in 2015/16 has passed into the annals of history, earning them a noteworthy 16th position in our report.

Despite the English dominance, Spain is still the only country with two clubs reporting an EV above EUR 2 billion, namely Real Madrid CF and FC Barcelona. Furthermore, the overall value of Spanish clubs in the ranking increased by 10 percent, as a result of Atlético de Madrid (+34 percent) and Sevilla FC’s (+44 percent) significant growth and the entry of Athletic Club Bilbao in the top 32 list for the first time.

Germany, which recorded an aggregate EV increase of 14 percent, is again represented by only three clubs. Thanks to this growth, FC Bayern München is now valued at EUR 2.4 billion and sits again in 4th position, narrowing the gap to third placed FC Barcelona.

The analysis also highlights how Italian clubs continue to struggle to keep the pace with European peers. Serie A (overall 7 percent growth) is now represented by only six clubs, one less than in 2016, while SS Lazio’s value decreased by 2 percent and that of AC Milan, recently acquired by a Chinese consortium, remained at EUR 547 million. By contrast, UEFA Champions League finalists Juventus FC, following a winning streak of six consecutive domestic titles, mirrored their on-pitch success with a 24 percent EV growth and remained the only Italian club in the top 10.


Notes to editors

*KPMG’s “Football Clubs’ Valuation: The European Elite 2017” report aims to provide an indication of the Enterprise Value of the most prominent European football clubs as at 1 January 2017. The foundation of this report is an analysis of publicly available financial and non-financial information of the 2014/15 and 2015/16 football seasons for the most prominent 32 football clubs. It is, therefore, important to highlight that the report does not consider the business and sporting results achieved by each club in the 2016/17 football season.

The proprietary algorithm KPMG’s member firm professionals have developed is based on the Revenue Multiple approach and takes into consideration five football-specific metrics: profitability, popularity, sporting potential, broadcasting rights and stadium ownership.

Further details on the methodology can be found in the report here.

The Enterprise Value ranges of the 32 most valuable clubs can be found in the list below. The full list of clubs and values can be viewed in the report.

Manchester United FC lead KPMG’s Football Club’s Enterprise Value ranking - Table of 32 most valuable clubs

For inquiries on the report, please contact:

Pedro Iriondo, KPMG Sports Advisory
T: +36 703701640

For media enquiries, please contact:

Nahidur Rahman, Senior PR Manager
T: +44 (0) 20 7694 8812
M: +44 (0)73 9376 0775

Follow us on twitter: @kpmguk

KPMG Press Office

T: +44 (0)207 694 8773

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