Share with your friends

Manchester United lead KPMG’s Football Clubs’ Enterprise Value ranking

Manchester United lead KPMG’s Football Clubs’ ranking

This third edition of the report provides an indication of the Enterprise Value of the 32 leading European football clubs.

Phil Blackman

Chief Operating Officer, Global Corporate Affairs

KPMG International


Related content

  • With a combined Enterprise Value of EUR 32.5 billion, the aggregate value of Europe's 32 leading clubs grew by 9 percent in comparison to last season.
  • Eye-catching transfer deals and spiralling staff costs have not prevented clubs from registering a striking upward trend, as the profits before taxes increased by some 17 times compared to the previous year.
  • Manchester United FC (EUR 3,255 million) tops the list ahead of the two Spanish giants (FC Barcelona and Real Madrid CF), extending their lead with a year-on-year growth of 5 percent. They are the only club remaining above the EUR 3 billion threshold in Enterprise Value.
  • English clubs, enjoying significantly higher broadcasting revenues than their peers, occupy nine spots in the top 20 as a result of West Ham United FC joining the ranking. Of those nine teams, six are in the top 10.
  • UEFA Champions League finalists Real Madrid CF (EUR 2,920 million) and Liverpool FC (EUR 1,580 million), stand in the second and eighth positions respectively in KPMG's ranking.

In advance of Saturday's UEFA Champions League final between Real Madrid CF and Liverpool FC, and following the success of last two years' publications, KPMG International is releasing the third edition of the “Football Clubs' Valuation: The European Elite 2018”, a report providing an indication of the Enterprise Value (EV) of the 32 leading European football clubs.

Andrea Sartori, KPMG's Global Head of Sports and the report's author, commented:

 “Despite lower growth (14 percent) versus last year, the football industry continues its rise, with a second successive season of an EV increase (9 percent) for the top 32 clubs included in our ranking. Overall growth is driven by different factors, such as the increase in operating revenues of the top 32, at 8 percent. Eye-catching transfer deals and spiralling staff costs have not prevented such clubs from registering a striking upward trend, as the profits before taxes increased by some 17 times in comparison to the previous year.”

Sartori continued:

“One of the reasons for this growth can be found in the significant influence exercised by English clubs, as well as the improved financial health of many mid-size clubs within the ranking, which also reflects compliance with the UEFA FFP Regulations.”

The top three positions are again occupied by Manchester United FC, Real Madrid CF and FC Barcelona. With a 5 percent EV growth in EUR and 10 percent in GBP, the 'Red Devils', despite significantly worse sporting results compared to Real Madrid CF and a slight decrease in operating revenues, were able to slightly improve on their high level of profitability and extend their lead over 'Los Blancos'. For Real Madrid CF, winning the quadruple in the 2016/17 season came at a major cost, as the club reduced its profitability parameters and, although not significantly, their final EV (-2 percent), despite registering an 8 percent operating revenue growth. On the other hand, FC Barcelona recorded a minor 1 percent increase, while FC Bayern München have narrowed the gap and got closer to the podium.

The top 10 ranking order has not changed since last year, with Tottenham Hotspur FC taking the headlines again, displaying the highest EV increase (27 percent in EUR, 33 percent in GBP). Such an increase is even more prominent if considered over the past two seasons (61 percent or EUR 485 million).

Further down the ranking, SSC Napoli (17th by EV with 27 percent growth) becomes the second most valuable club in Italy, behind seven consecutive Serie A winner Juventus FC, and ahead of the two Milan clubs AC Milan (18th) and FC Internazionale Milano (20th). The Italian club SSC Napoli and English club Leicester City FC are the only two that recorded a pre-tax profit higher than 100 million EUR, with 101 million and 108 million respectively.

Taking a look outside of the “big guns” of European football, Beşiktaş JK's top growth (52 percent) does not go unnoticed, capitalizing on the first full season playing in the brand new Vodafone Arena and advancing to the Europa League quarter finals in the 2016/17 season.

Impact of social media on EV

Performance on social media is one of the five drivers reflected in KPMG's proprietary algorithm determining the EV of a football club. As there is a clear correlation between a club's social media presence, on-pitch success, brand value and ultimately EV, this year we have dedicated a chapter of our publication to the topic.

In total, the top 32 clubs according to EV gained close to 111 million new followers across all social media platforms, representing a 10 percent increase over the course of the period under review (from 1 August 2017 to 22 April 2018). A noticeable trend for the overall growth among the top 32 is the rise of Twitter (26 percent) and Instagram (17 percent), as opposed to Facebook's 4 percent increase.

Note to editors

KPMG International's “Football Clubs' Valuation: The European Elite 2018” report aims to provide an indication of the Enterprise Value of the most prominent European football clubs as at 1 January 2018.

The foundation of this report is an analysis of the latest publicly available financial statements for 39 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 2017/18 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 two editions. 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.

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 more detailed list of our findings can be viewed in the report.

Position Clubs Mid-point EUR million Y-o-Y change EUR (%) Y-o-Y change local currency (%)
1 Manchester United FC 3 255 5% 10%
2 Real Madrid CF 2 920 -2% /
3 FC Barcelona 2 783 1% /
4 FC Bayern München 2 552 4% /
5 Manchester City FC 2 160 9% 14%
6 Arsenal FC 2 102 7% 12%
7 Chelsea FC 1 765 10% 15%
8 Liverpool FC 1 580 19% 24%
9 Juventus FC 1 302 7% /
10 Tottenham Hotspur FC 1 286 27% 33%
11 Paris Saint-Germain FC 1 142 14% /
12 Borussia Dortmund 1 060 9% /
13 Atlético de Madrid 900 14% /
14 FC Schalke 04 673 -3% /
15 Leicester City FC 596 29% 35%
16 West Ham United FC 531 NEW NEW
17 SSC Napoli 518 27% /
18 AC Milan 514 -6% /
19 Everton FC 512 12% 17%
20 FC Internazionale Milano 491 14% /
21 AS Roma 455 0% /
22 Olympique Lyonnais 429 35% /
23 Beşiktaş JK 333 52% 86%
24 Athletic Club Bilbao 331 10% /
25 Galatasaray SK 330 -13% 7%
26 SL Benfica 328 -3% /
27 Fenerbahçe SK 319 -9% 12%
28 Sevilla FC 316 21% /
29 AFC Ajax 283 3% /
30 AS Monaco FC 259 NEW /
31 SS Lazio 241 6% /
32 Valencia CF 239 2% /

For inquiries on the report, please contact:

Simon Winkelmann
KPMG Sports Advisory
+36 7093 35426

For media inquiries, please contact:

Brian Bannister
KPMG International
+44 7919 393753

About KPMG International

KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 154 countries and territories and have 200,000 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.

Connect with us


Want to do business with KPMG?


Request for proposal