Share with your friends

Real Madrid surpass Manchester United to lead KPMG’s football clubs’ Enterprise Value ranking

Real Madrid surpasses Manchester United

British teams still dominate the top ten most valuable clubs with six teams.


Also on

After three years of stability on the podium, this year sees Real Madrid leapfrogging Manchester United at the top, with Barcelona slipping to the 4th spot, allowing Bayern München take the 3rd position. The aggregate enterprise value (EV) of the top 32 clubs in consideration has increased by 9% year on year, demonstrating that the football business is growing at a significantly faster pace than Europe’s economy in general.

In UK news, British teams still dominate the top ten most valuable clubs with six teams – Manchester United, Manchester City, Chelsea FC, Liverpool FC, Arsenal FC and Tottenham Hotspur – all appearing. Both Champions League finalists, Liverpool and Tottenham, have increased their value by over 30% year on year, the second and third biggest growth of the entire list respectively, and FA Cup winner, Manchester City has grown by 14% in the last 12 months.

Key results:

  • Real Madrid and Manchester United are the only clubs above the EUR 3 billion threshold for EV. The top 8 clubs can boast an EV in excess of EUR 2 billion, with Chelsea and Liverpool having joined this group. 
  • Although the top 10 consists of the same clubs as last year, all the clubs changed positions, with the only exception being Manchester City, which retained the fifth position. 
  • Both Chelsea and Liverpool have surpassed an EV of EUR 2 Billion for the first time.
  • Inter Milan registered the highest (41%) year-on-year EV increase, helping them move up five positions in our ranking. 
  • Scotland joins the list for the first time this year with the addition of Celtic in 30th place.
  • Galatasaray sees a 26% drop in EV – the largest in the ranking
  • Olympique Lyonnais boast the highest (+150%) overall increase over the three years since the report was introduced, followed by Tottenham Hotspur (+110%)

Real Madrid jumped above the EUR 3 billion EV level for the first time, however, their current EV is lower than Manchester United’s EV was last year, which has decreased by EUR 48 million over the year. Similarly, the Bavarians’ current EV is lower than the Blaugrana’s EV was in 2018. Real Madrid can attribute their success primarily to the massive UEFA prize money awarded to them following three UEFA Champions League titles in a row. In addition, they benefitted from their improvement in profitability and from a cumulated 29% operating revenue growth, driven mainly by increasing commercial revenues over the past four years.

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

The two 2019 UEFA Champions League finalists boast remarkable financial performance in the past season: Liverpool’s 33% annual EV growth is second only to Inter Milan’s 41% year-on-year increase in our ranking, while Tottenham came in third with a 31% growth. They also registered record levels of pre-tax profit – EUR 157 million for Spurs and EUR 136 million for the Reds. Tottenham’s 39% staff costs-to-revenue ratio is also the lowest among the 32 clubs.

The representation of the big 5 football leagues remained the same, with 27 clubs in the top 32, with the English Premier League confirming its dominance having nine clubs on the list and accounting for 43% of the total aggregate value. This year, Scotland is a new joiner, represented by Celtic, raising the number of participating countries to nine for the first time during the four years analyzed.

“For the third consecutive year, the overall EV of the 32 most prominent European football clubs has increased by 9% (35% over the past three years). This growth rate is in contrast with the overall trend of the major European Stock Exchanges, notably the STOXX Europe 50 Index1, showing a year-on-year decrease of -13% (-9% from 2016), and demonstrating the different pace at which the football industry is evolving. The transition of major clubs into media and entertainment companies, with global brand exposure, also helps create more stable and predictable cash flows and consequently better warranties to investors and financiers. It comes as no surprise, that such remarkable growth has heated the debate concerning the transformation of European clubs’ competition structure. However, the stakeholders involved do not necessarily share the same interests and instead have opposing positions that are likely to make future decisions even more challenging”, Andrea Sartori, KPMG’s Global Head of Sports and the author of the football clubs’ valuation report series commented.

Notes to editors:

The “Football Clubs’ Valuation: The European Elite 2019” report, prepared by the KPMG Football Benchmark team, provides an indication of the enterprise value of the 32 most prominent European football clubs as at 1 January 2019.

32 clubs Enterprise Value ranking:


Position Club

Mid Point

EUR Million 

y-o-y change (%)
1 Real Madrid CF 3,224 10%
2 Manchester United FC   3,207   -1%
3 FC Bayern München     2,696     6%
4 FC Barcelona 2,676 -4%
5 Manchester City FC 2,460 14%
6 Chelsea FC 2,227 26%
7 Liverpool FC 2,095 33%
8 Arsenal FC 2,008 -4%
9 Tottenham Hotspur FC 1,679 31%
10 Juventus FC 1,548 19%
11 Paris Saint-Germain FC 1,315 15%
12 Borussia Dortmund 1,085  2%
13 Atlético de Madrid 1,004 12%
14 FC Schalke 04 765 14%
15 FC Internazionale Milano 692 41%
16 Leicester City FC 633 6%
17 West Ham United FC 578 9%
18 SSC Napoli 569 10%
19 AC Milan 555 8%
20 Everton FC 543 6%
21 AS Roma 516 13%
22 Olympique Lyonnais 463 8%
23 Besiktas JK 383 15%
24 Sevilla FC 352 11%
25 Athletic Club Bilbao 336 1%
26 SL Benfica 333 1%
27 AFC Ajax 315 12%
28 SS Lazio 297 23%
29 AS Monaco FC 255 -2%
30 Celtic FC 252 NEW
31 Villarreal CF 247 NEW
32 Galatasaray SK 246 -26%


Methodology: The foundation of this report is an analysis of the latest publicly available financial statements for 38 European football clubs that meet our selection criteria, and of which the top 32 by EV are selected for the purposes of this publication. Thus, it is important to note that this report does not consider the business and sporting results achieved by each club in the 2018/19 football season. The proprietary algorithm developed by KPMG and applied for the purposes of this report is consistent with the one applied in the past three editions of our analysis. It is based on the Revenue Multiple approach and takes into consideration five football-specific metrics: profitability, popularity, sporting potential, broadcasting rights and stadium ownership. 

For inquiries on the report, please contact:

Miklós Scheibelhoffer 


KPMG Football Benchmark


For Media enquiries please contact:

KPMG Press office

T:  +44 (0) 207 694 8773

Angela Pink, KPMG Corporate Communications

M: 07500100257


About KPMG’s Football Benchmark

Providing an in-depth and interactive analysis of hundreds of Europe’s top professional football clubs is the latest initiative offered to the global football industry from KPMG. The digital platform democratizes and consolidates financial and operational performance data to assist the critical decision making of those within the global football industry.

In addition to the wealth of information and knowledge shared on the platform, KPMG’s dedicated Football Benchmark team deliver services to those operating, investing in and governing the world of football. These services include:

  • Valuation and transaction support 
  • Operational evaluation and restructuring 
  • Feasibility & business planning 
  • Bidding assistance and economic impact assessment
  • Governance & organizational structure
  • Audit & tax


Follow us on:





About KPMG Sports Practice

Delivering value through insight, experience and expertise, KPMG’s Sports Practice supports those making critical decision in the sports sector. Through knowledge sharing, coordinated working practices and a multi-disciplinary team, we are ideally suited to provide to our clients global coverage that crosses a multitude of industries and profiles such as:

  • Investors and financial institutions; 
  • Governing bodies and federations; and
  • Leagues, clubs, major events and individuals. 

KPMG’s globally-positioned and solution-orientated approach addresses the real issues faced by those wanting to succeed in the business of sport.  

About KPMG International

KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 153 countries and territories and have more than 207,000 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

© 2021 KPMG LLP a UK limited liability partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

For more detail about the structure of the KPMG global organisation please visit

Connect with us


Want to do business with KPMG?


loading image Request for proposal

Save, Curate and Share

Save what resonates, curate a library of information, and share content with your network of contacts.

Sign up today