Key conclusions from our report:
- Real Madrid have remained the most valuable European football club for the fourth consecutive year, and are also the only club having an EV over EUR 3bn. Manchester United have taken back second place from Barcelona after a year.
- The English Premier League is represented in the top 32 by a record number of 10 clubs, two more than last year.
- Newcomers include West Ham United, who returned after one year away, while Aston Villa and recent EUL winners Eintracht Frankfurt make their debut in our report series. Meanwhile, Schalke 04, Marseille and Fenerbahçe have dropped out.
- Following a year when all clubs’ EVs decreased, now 23 clubs have managed to improve on their past valuations.
- Eight clubs reached their record valuation in this edition, while AC Milan are the best performers by annual EV change (+35%), followed by Villarreal and Atalanta.
- PSG boast the highest EV growth over the past seven years (+153%, and +EUR 1,289m in absolute terms).
- Inter Milan, Lyon, Tottenham, Sevilla, Atlético Madrid and Liverpool have also more than doubled their EV since 2016, our first annual edition.
This year’s EV ranking reinforces the top three on the podium - barring one interruption by Bayern München in 2019, the top three spots have been taken solely by Real Madrid, Manchester United and Barcelona in each of our annual EV ranking since the first edition of our report in 2016.
Real Madrid and Manchester United were both able to increase their EV year on year, while Barcelona’s value worsened by 2%, following notably inferior financial performance. Real Madrid have extended their lead at the top due to continuous sporting and commercial success. Most impressively, they are one of the few top clubs who registered a net profit, although not significant, in both seasons impacted by the pandemic. Manchester United saw a slight decline in total operating revenues in 2020/21, as devastated matchday revenues were partially offset by the club’s participation in the UCL after a year-long absence. While Barcelona’s revenues dried up in the two pandemic-impacted seasons, high staff costs were locked in via long-term contracts, culminating in a staff costs-to-revenue ratio of 88%, and finally in a record loss of EUR 481m in 2020/21.
In the current top ten, the swap of places by Manchester United and Barcelona on the podium is the only change in positions. Paris Saint-Germain, Chelsea and Manchester City could add the most to their EV year on year, with only Barcelona’s valuation declining.
The number of clubs in the top 32 from the Big 5 leagues has grown further, reaching a record high at 28 – these clubs also account for 96% of the aggregate EV of the top 32. Considering the EV averages of the Big 5 league clubs in the report, interestingly, the 7 Italian clubs are quite behind, having an average value of only around half of the other the Big 5 clubs. The English Premier League is represented by a record number of 10 clubs, who have the highest average EV per club (over EUR 1.5 bn) and also make up 42% of the 32 clubs’ total EV. However, it is also interesting to observe that, amongst the clubs also ranked in 2016, the first year of publishing our report, three English clubs – Manchester United, Everton and Arsenal – are the only ones currently having a lower value than in 2016.