Move over, Madrid. Spain has a new No. 1.
Barcelona tops the Forbes list of the world’s 20 most valuable soccer teams for the first time, knocking Real Madrid to No. 2. Barcelona is valued at $4.76 billion, just nudging out Real Madrid’s $4.75 billion. The top spot has been monopolized by two teams for the previous 16 years, with Real Madrid taking it five times and England’s Manchester United 11 times.
Barcelona’s rise comes as the club has been caught in a public fight with superstar Lionel Messi, the world’s highest-paid player, who threatened to leave last year before the final season under his contract. The months-long cliffhanger ended with Messi staying put and the team’s president resigning.
The world’s 20 most valuable soccer teams are worth an average of $2.28 billion apiece, an increase of 30% from two years ago, the last time we published the ranking. The jump comes despite a decline in revenue caused by limited attendance during the pandemic, with buyers focused on what they see as still untapped revenue potential in the sport’s massive global following.
Average revenue for the 20 teams was $441 million for the 2019-20 season, down 9.6% from 2017-18, while average operating income fell by 70% over the period to $23 million. The pain is far from over, with a worsening decline in match-day revenue during the current season, as most of the teams in Europe’s top leagues still permit few fans to attend games.
Still, investors continue to pay the same kind of rich multiples for top-tier soccer teams that they offer NFL, NBA and big-market MLB franchises. RedBird Capital recently acquired a minority stake in Fenway Sports Group, which owns the Premier League’s Liverpool, that valued the club at more than $4 billion, roughly 6.4 times revenue, about the same multiple Steve Cohen paid for the New York Mets last year when he bought the MLB franchise for $2.42 billion. The NBA’s Utah Jazz also changed hands for $1.66 billion in December, or six times pre-pandemic revenue. The deal pushed up Liverpool’s value 88% since our last valuation.
The club, which lands at No. 5 on this year’s list at $4.1 billion, has 84 million combined followers on Facebook, Twitter and Instagram, and is the world’s 12th most valuable sports team. Barcelona, fourth in the world, and Madrid, fifth, have more than 260 million social media followers each. The NFL’s Dallas Cowboys, the world’s most valuable sports franchise at $5.7 billion, has less than 16 million social media followers.
Those massive followings pay off. Manchester, with almost 140 million followers, recently replaced shirt sponsor Chevrolet with TeamViewer, a German software company. The deal begins in the upcoming 2021-22 season and will pay Manchester an average of $64.9 million over five years. While that’s less than the amount paid by the carmaker, it includes fewer commercial rights, which means Manchester can seek another automotive sponsor and match — or even exceed – the original deal with Chevrolet. Madrid, Barcelona, Liverpool, Paris Saint-Germain and Juventus, home to soccer’s No. 2 earner Ronaldo, all have shirt deals expiring within the next few years.
Merchandise is another juicy draw for investors. Last summer, Paris Saint-Germain and sports merchandising powerhouse Fanatics announced e-commerce, manufacturing and licensing deal that a person familiar with the agreement said could triple the French club’s e-commerce business to almost $40 million by 2023. The club could collect about $60 million annually by the midpoint of the 10-year deal.
Real Madrid remains the king in global soccer when it comes to commercial revenue, pulling in $424 million during 2019-20 from advertising, sponsorships, shirt and kit deals, a rise of 55% from five years ago, including soccer’s most valuable shirt deal ($82.5 million per year), and richest kit deal ($152 million a year), through ties with Adidas that run through 2030. Barcelona, which had commercial revenue of $377 million, nudged ahead of Madrid thanks to its $275 million of broadcast revenue, the highest of any soccer team.
#1. Barcelona
Barcelona, Spain
Owner/Controlling Shareholder: Club members
Value: $4.76 billion
Two-Year Change: 18%
Revenue (2020): $792 million
Operating Income (2020): $62.2 million
Debt Value: 6%
#2. Real Madrid
Madrid, Spain
Owner/Controlling Shareholder: Club members
Value: $4.75 billion
Two-Year Change: 12%
Revenue (2020): $792 million
Operating Income (2020): $92 million
Debt Value: 6%
Vinicius Junior of Real Madrid CF in action during the UEFA Champions League Round of 16second leg football match between Real Madrid CF and Atalanta BC at Estadio Alfredo Di Stefano on March 16, 2021 in Madrid, Spain. NICOLO CAMPO/LIGHTROCKET/GETTY IMAGES
#3. Bayern Munich
Munich, Germany
Owner/Controlling Shareholder: Club members
Value: $4.215 billion
Two-Year Change: 39%
Revenue (2020): $703 million
Operating Income (2020): $49.2 million
Debt Value: 0%
#4. Manchester United
Manchester, England
Owner/Controlling Shareholder: Glazer family
Value: $4.2 billion
Two-Year Change: 10%
Revenue (2020): $643 million
Operating Income (2020): $166.6 million
Debt Value: 16%
#5. Liverpool
Liverpool, England
Owner/Controlling Shareholder: John Henry, Tom Werner
Value: $4.1 billion
Two-Year Change: 88%
Revenue (2020): $619 million
Operating Income (2020): $61.9 million
Debt Value: 2%
Ruben Dias of Manchester City bring down Mohamed Salah of Liverpool in action the penalty box during the Premier League match between Liverpool and Manchester City at Anfield on February 07, 2021 in Liverpool, England. ANDREW POWELL/LIVERPOOL FC/GETTY IMAGES
#6. Manchester City
Manchester, England
Owner/Controlling Shareholder: Sheikh Mansour bin Zayed Al Nahyan
Value: $4 billion
Two-Year Change: 49%
Revenue (2020): $609 million
Operating Income (2020): -$2 million
Debt Value: 0%
Kevin De Bruyne of Manchester Cityruns with the ball during the UEFA Champions League Quarter Final match between Manchester City and Borussia Dortmund at Etihad Stadium on April 06, 2021 in Manchester, England. CLIVE BRUNSKILL/GETTY IMAGES
#7. Chelsea
London, England
Owner/Controlling Shareholder: Roman Abramovich
Value: $3.2 billion
Two-Year Change: 24%
Revenue (2020): $520 million
Operating Income (2020): $34.7 million
Debt Value: 0%
#8. Arsenal
London, England
Owner/Controlling Shareholder: E. Stanley Kroenke
Value: $2.8 billion
Two-Year Change: 23%
Revenue (2020): $430 million
Operating Income (2020): $47.3 million
Debt Value: 7%
#9. Paris Saint-Germain
Paris, France
Owner/Controlling Shareholder: Qatar Sports Investments
Value: $2.5 billion
Two-Year Change: 129%
Revenue (2020): $599 million
Operating Income (2020): -$4.5 million
Debt Value: 0%
Neymar Jr of Paris Saint-Germain in action with Mauro Icardi during the Ligue 1 match between Paris Saint-Germain and Montpellier HSC at Parc des Princes on January 22, 2021 in Paris, France. XAVIER LAINE/GETTY IMAGES
#10. Tottenham Hotspur
London, England
Owner/Controlling Shareholder: Joseph Lewis, Daniel Levy
Value: $2.3 billion
Two-Year Change: 42%
Revenue (2020): $494 million
Operating Income: $134.2 million
Debt Value: 39%
#11. Juventus
Turin, Italy
Owner/Controlling Shareholder: Agnelli family
Value: $1.95 billion
Two-Year Change: 29%
Revenue (2020): $441 million
Operating Income: -$14 million
Debt Value: 16%
Cristiano Ronaldo of Juventus on the ball during the Serie A match between Juventus and Napoli at Allianz Stadium on April 07, 2021 in Turin, Italy. GETTY IMAGES
#12. Borussia Dortmund
Dortmund, Germany
Owner/Controlling Shareholder: Bernd Geske, Evonik Industries
Value: $1.9 billion
Two-Year Change: 112%
Revenue (2020): $405 million
Operating Income: $15.1 million
Debt Value: 0%
#13. Atletico de Madrid
Madrid, Spain
Owner/Controlling Shareholder: Miguel Gil, Enrique Cerezo
Value: $1 billion
Two-Year Change: 5%
Revenue (2020): $368 million
Operating Income: $61.7 million
Debt Value: 26%
#14. Inter Milan
Milan, Italy
Owner/Controlling Shareholder: Zhang Jindong, LionRock Capital
Value: $743 million
Two-Year Change: 11%
Revenue (2020): $323 million
Operating Income: $13.1 million
Debt Value: 8%
#15. Everton
Liverpool, England
Owner/Controlling Shareholder: Farhad Moshiri
Value: $658 million
Two-Year Change: 38%
Revenue (2020): $235 million
Operating Income: $15 million
Debt Value: 0%
#16. AC Milan
Milan, Italy
Owner/Controlling Shareholder: Elliot Management
Value: $559 million
Two-Year Change: -4%
Revenue (2020): $165 million
Operating Income: -$92.4 million
Debt Value: 4%
Zlatan Ibrahimovic of AC Milan looks on during the UEFA Europa League Round of 16 Second Leg match between AC Milan and Manchester United at San Siro on March 18, 2021 in Milan, Italy. EMILIO ANDREOLI/GETTY IMAGES
#17. AS Roma
Rome, Italy
Owner/Controlling Shareholder: Dan Friedkin
Value: $548 million
Two-Year Change: -12%
Revenue (2020): $156 million
Operating Income: -$108.4 million
Debt Value: 56%
#18. West Ham United
London, England
Owner/Controlling Shareholder: David Sullivan, David Gold
Value: $508 million
Two-Year Change: -18%
Revenue (2020): $175 million
Operating Income: -$24.2 million
Debt Value: 18%
#19. Leicester City
Leicester, England
Owner/Controlling Shareholder: Khun Aiyawatt Srivaddhanaprabha
Value: $455 million
Two-Year Change: NR
Revenue (2020): $189 million
Operating Income: -$49.3 million
Debt Value: 17%
#20. Ajax
Amsterdam, Netherlands
Owner/Controlling Shareholder: Club members
Value: $413 million
Two-Year Change: NR
Revenue (2020): $172 million
Operating Income: $1.7 million
Debt Value: 11%
Methodology
When looking over the number below keep in mind that revenues and operating income are for the 2019-2020 season, converted to U.S. dollars based on average exchange rates during that season. Proceeds from lending players to other teams was excluded from revenue. Team values are enterprise values (equity plus net debt) and include the economics of the team’s stadium but exclude the value of the real estate. Operating income is earnings before interest, taxes, depreciation and amortization, player trading and disposal of player registrations. Debt is interest-bearing borrowings (including stadium debt). NR: not ranked two years ago.
