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Manchester United FC leads KPMG’s Football Club’s Enterprise Value ranking, with Bayern München closer to top 3

Manchester United FC leads KPMG’s Football Club ranking

KPMG released the 2nd edition of the “Football Clubs’ Valuation: The European Elite 2017” report, providing an indication of the Enterprise Value of the 32 most prominent European football clubs.


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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 far from Premier League top positions, Manchester United FC tops 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 the 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).


In advance of Saturday’s UEFA Champions League final between Real Madrid CF and Juventus FC and following the success of last year’s publication, KPMG is releasing the second edition of the “Football Clubs’ Valuation: The European Elite 2017”, a report providing an indication of the Enterprise Value (EV) of the 32 most prominent European football clubs. 

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 internationalization 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.”

Sartori continued: 

“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, 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.”

In 2017, English Premier League clubs dominated the ranking, accounting once again for approximately 40 percent of the aggregate Enterprise Value. Moreover, as a result of the broadcasting agreement which has started this season, their 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.

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, especially 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.

Among French clubs (reporting an overall 6 percent increase), it is remarkable that Olympique Lyonnais, now valued at EUR 317 million, scored the best result among the top 32 in terms of EV rise (71 percent). Meanwhile, Paris Saint-Germain FC could not avoid dropping from the top 10, despite an 18 percent increase in EV.

Six clubs not playing in one of Europe’s “Big Five” leagues made the ranking (AFC Ajax, PSV Eindhoven, SL Benfica, Fenerbahçe SK, Galatasaray SK and Beşiktaş JK), accounting for 6 percent of the total EV of the clubs under analysis. Within this group, Fenerbahçe SK and Galatasaray SK, now joined by 2015/16 Turkish champions Beşiktaş JK, witnessed impressive growth as a result of increased revenues and significant improvements in terms of cost control and profitability.

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.

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.


Sports chart

For inquiries on the report, please contact:

Pedro Iriondo
KPMG Sports Advisory
+36 703701640

For media inquiries, please contact:

Brian Bannister
KPMG International
+44 7919 393753

About KPMG International

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