List of the 30 richest football clubs in Europe

01 June 2020 Consultancy.eu

Europe’s 30 richest football clubs are only getting richer, according to a new analysis of enterprise value by Big Four accounting and advisory firm KPMG.

The firm’s analysis looked at the enterprise value of leading football clubs from the continent’s largest countries, and is based on pre Covid-19 data from the last five years, providing a long term view of wealth.

Across the board, the enterprise value for football clubs has grown tremendously since 2015. A 44% jump in operating revenues over five years has driven an enterprise value jump of more than 50%. Revenue has been flowing in from every channel, with broadcasting revenues accounting for the lion’s share (65%), and matchday and commercial revenues making up just over 20%.

Dominant in Europe’s rich list are Real Madrid and Manchester United, which have held the top two positions in every annual edition of the study over the past five years. Both clubs have tremendous historical brand value, and have been home to some of the most prominent names in football. The likes of Cristiano Ronaldo and David Beckham – who are now global celebrities – have been on the roster for both clubs in the past.

Real Madrid’s dominance has been driven by three Champions League triumphs on the trot in 2016, 2017 and 2018, which has boosted both its commercial revenue and its social media following. Real Madrid is now the most followed club in Europe on social media, with 240+ million followers as of this month.

Manchester United’s dominance, meanwhile, has been driven by its global brand value. The club has not performed particularly well in recent years, although it continues to generate impressive earnings of nearly €70 million per year.

Where Bundesliga champions FC Bayern München were previously in 3rd place on KPMG’s list – driven by years of strong financial performances – the club has now been overtaken by Spanish giant FC Barcelona. The Spanish club was lifted in its advance by a bumper commercial season in 2018/2019, which saw the club generate operating revenues of more than €800 million.

FC Bayern München slipped to fourth place as a result, while last year’s Champions League victors Liverpool FC made a two-spot jump to 5th position this year. English giants Manchester City, Chelsea and Tottenham Hotspur follow on the list.

Chelsea’s revenues have been stagnating of late due to poor sporting performances and a transfer ban among other factors, while Tottenham Hostpur is on the rise due to their arrival in the Champions League final last year.

Paris Saint-Germain is Europe’s 9th richest football club, making a comeback into the top ten from 11th position last year. The club recorded the 2nd highest annual increase in enterprise value – a staggering 45%, which KPMG attributes to their targeted commercial efforts. Meanwhile, Arsenal rounds up the top ten, cementing the dominance of the English league in top flight European football.

A list of the 30 richest football clubs in Europe:

Real Madrid
Country: Spain
Enterprise Value: €3,478 million

Manchester United
Country: United Kingdom
Enterprise Value: €3,342 million

FC Barcelona
Country: Spain
Enterprise Value: €3,193 million

Bayern München
Country: Germany
Enterprise Value: €2,878 million

Liverpool
Country: United Kingdom
Enterprise Value: €2,658 million

Manchester City
Country: United Kingdom
Enterprise Value: €2,606 million

Chelsea
Country: United Kingdom
Enterprise Value: €2,218 million

Tottenham Hotspur FC
Country: United Kingdom
Enterprise Value: €2,067 million

Paris Saint-Germain
Country: France
Enterprise Value: €1,911 million

Arsenal
Country: United Kingdom
Enterprise Value: €1,852 million

Juventus
Country: Italy
Enterprise Value: €1,735 million

Borussia Dortmund
Country: Germany
Enterprise Value: €1,281 million

Atlético Madrid
Country: Spain
Enterprise Value: €1,197 million

Internazionale
Country: Italy
Enterprise Value: €983 million

FC Schalke 04
Country: Germany
Enterprise Value: €814 million

AS Roma
Country: Italy
Enterprise Value: €602 million

Napoli
Country: Italy
Enterprise Value: €590 million

West Ham United
Country: United Kingdom
Enterprise Value: €561 million

Leicester City
Country: United Kingdom
Enterprise Value: €558 million

Olympique Lyonnais
Country: France
Enterprise Value: €543 million

Everton
Country: United Kingdom
Enterprise Value: €533 million

AC Milan
Country: Italy
Enterprise Value: €526 million

Ajax
Country: Netherlands
Enterprise Value: €432 million

Benfica
Country: Portugal
Enterprise Value: €410 million

Valencia
Country: Spain
Enterprise Value: €408 million

Sevilla
Country: Spain
Enterprise Value: €372 million

Galatasaray
Country: Turkey
Enterprise Value: €366 million

Lazio Roma
Country: Italy
Enterprise Value: €328 million

Athletic Club Bilbao
Country: Spain
Enterprise Value: €320 million

FC Porto
Country: Portugal
Enterprise Value: €313 million

About the list

To feature in KPMG’s analysis, football clubs had to be in the top 50 in the world when it comes to operating revenues. Clubs also had to feature in the top 50 of the 5-year UEFA co-efficient – a detailed ranking prepared by The Union of European Football Associations accounting for points accumulated in the Champions League or the Europa League each year.

The social media presence and following of clubs was also a consideration. Based on these metrics, KPMG shortlisted just over 30 top clubs, most of which were based in England, followed by Spain, Italy and Germany respectively. Two clubs each also feature from France, Portugal and Turkey, while the Netherlands accounts for a single club in the top 30 list.

Notable is that the value of clubs is based on the pre-Covid-19 world. While the researchers highlight that it is obvious that Covid-19 and the resulting lockdown has slashed considerable value of football clubs (in particular as broadcasting revenues have plummeted), the full extent of the impact will only be visible later this year after the next round of financial statements are released.