Football clubs’ valuation: The European Elite | KPMG | IE

Football clubs’ valuation: The European Elite

Football clubs’ valuation: The European Elite

Real Madrid and Manchester United top the list with the highest value among Europe’s leading football clubs.


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Football clubs’ valuation: The European Elite
  • Detailed analysis of the publicly available financial information for Europe's 32 leading football clubs shows a combined Enterprise Value of EUR 26.3 billion 
  • Real Madrid and Manchester United top the list with an Enterprise Value of EUR 2.9 billion
  • The three highest valued clubs (Real Madrid, Manchester United and Barcelona) represent about a third of the cumulative value of all 32 clubs
  • English Premier League domestic broadcasting rights (now valued at EUR 2.4 billion per season) are having significant impact on value of English clubs
  • While football clubs are increasingly seen as valuable assets, with global fan bases, only 9 of the 32 clubs evaluated had a top range Enterprise Value of more than EUR 1 billion

"Football club's valuation: The European elite", is a new ground-breaking report providing an indication of the value of the most prominent European football clubs.

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

"Our analysis of Europe's 32 leading football clubs highlights the changing economic landscape of football. While football clubs are among some of the world's most instantly recognised brands, with truly global fan bases, their Enterprise Value when measured in a similar way to any other business, is relatively small."

Sartori continued:

"Thanks to the deal signed by the English Premier League at the beginning of 2015 the difference in terms of broadcasting revenues among the leading European leagues and the Premier League has widened significantly, despite the booming price of domestic broadcasting rights across other parts of Europe."

KPMG's research found that English clubs top the report in terms of Enterprise Value (EV) per country with a combined total value in excess of EUR 10 billion. English clubs accounted for approximately 40% of the aggregate value of the 32 clubs valued.

Spanish teams, who have won all of Europe's major club competitions for the past three years, follow suit with approximately EUR 6.6 billion of EV, buoyed by the two giants, Real Madrid and Barcelona, which together represent 85% of the Spanish pie and 21% of the total.

Spain is the only country represented by two clubs whose enterprise value exceeds EUR 2 billion each.

Germany had only 3 clubs valued amongst Europe's top 32 with a combined value in excess of EUR 3.5 billion.

Italian teams today play a less prominent role both on and off the pitch. Internazionale Milano were the last Italian club to lift the UEFA Champions League back in 2010, and since then only Juventus last year have been able to reach the final. Although Italy has the highest number of represented clubs (7) together with England, the overall enterprise value of the Italian teams is 70% lower than the English ones (EUR 3.1 billion vs. EUR 10.2 billion). Juventus, with an EV almost approaching EUR 1 billion, are the only Italian club appearing in the Top 10.

Paris Saint-Germain from the French Ligue 1, were assessed as the 10th most valuable club in the ranking, with a value of EUR 843 million.

Only six clubs out of 32 (Ajax, PSV Eindhoven, Benfica, Porto, Fenerbahçe and Galatasaray) do not play in one of Europe's "big 5" leagues, and these clubs only account for approximately 5% of the total enterprise value of the 32 clubs evaluated.

Download the report.

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