Football Clubs' Valuation: The European Elite 2024


After only one-year, Real Madrid CF reclaim their throne, becoming the first football club to surpass an EV of EUR 5bn.

UEFA Champions League finalists Real Madrid CF are again the leader of the European Elite after only one year of absence from the number one spot, displacing Manchester City FC, according to Football Benchmark’s annual ranking of Europe’s 32 most prominent football clubs based on their Enterprise Value (EV). The 9th edition of “Football Clubs’ Valuation: The European Elite” reveals the consolidation of football’s power as a prime entertainment product, as the aggregate EV of the top 32 clubs has reached EUR 59.1 billion, marking a 124% growth since our first edition in 2016 and a 14% increase from the previous year.


Key conclusions from our report:

  • After ceding the number one spot for a single year, Real Madrid CF (EUR 5,097m) reclaim their throne, becoming the first football club to surpass an EV of EUR 5bn. The two Manchester clubs - Manchester City FC (EUR 4,933m) and Manchester United FC (EUR 4,861m) - complete the podium’s three tiers.
  • Remarkably, all clubs within the top 10 now command an EV surpassing EUR 3bn, undoubtedly showcasing the industry's robust growth trajectory. To underscore the significance of this change, it is worth noting that in our first report back in 2016, no club had surpassed this milestone.
  • While the composition of the top 10 remains unchanged, the order of the clubs has undergone some reshuffling. In addition to the changes atop the podium, FC Bayern München overtook Liverpool FC as the fourth most valuable club. Chelsea FC fell two positions to ninth, to the advantage of Tottenham Hotspur FC, who are now seventh, and French giants Paris Saint-Germain FC remained stable in eighth place.
  • The aggregate EV of the top 32 clubs has reached EUR 59.1bn, marking growth of 124% since our first edition in 2016, and a 14% increase on the previous year. The annual growth is driven by three key factors: increasing revenue multiples observed in the market, a substantial rise in operating revenues – driven by post-Covid matchday and commercial revenues’ growth – and improved financial sustainability across the board.
  • EV/operating revenue multiples reveal a notable disparity. “Trophy assets” clubs have significantly higher multiples compared to others. More specifically, Manchester United FC have the highest multiple at 6.5x, while Olympique de Marseille have the lowest at 1.9x.
  • From an asset perspective, the top 10 clubs recorded the lowest percentage of the weight of the squad on EV, at 25%. This indicates that, on average, around 75% of elite football clubs' EV is represented by their real estate assets and brands.
  • Compared to the previous edition’s results, 24 clubs improved their EV, while six clubs experienced a decline. AC Milan (+35.5%) achieved the highest year-on-year growth for the third consecutive edition, closely followed by Arsenal FC (+35.1%). On the other hand, Atalanta BC (-18.9%) suffered the biggest decrease, primarily due to their absence from UEFA competitions in the 2022/23 season. However, future expectations for the Bergamaschi are upbeat, considering their UEFA Europa League victory, return to the UEFA Champions League and robust financial performance.
  • Sporting Clube de Portugal and Real Sociedad de Fútbol are the two newcomers in the 2024 edition, both making their debut in our report series, replacing Leicester City FC and Wolverhampton Wanderers FC, which have exited the top 32.
  • Despite losing two clubs, the presence of the English Premier League remains the largest, at nine clubs, accounting for 44% of the aggregate EV.
  • The two UEFA Champions League finalists, Real Madrid CF and Borussia Dortmund, sit in 1st and 11th place, respectively, with a 2.7x delta between their EV.