Soccerex Football Finance 100 2018 Edition PDF
Soccerex Football Finance 100 2018 Edition PDF
Soccerex Football Finance 100 2018 Edition PDF
SUMMARY
01 INTRODUCTION P. 0 3
02 EXECUTIVE SUMMARY P. 0 4
03 METHODOLOGY P. 0 6
05 TOP 3 0 P. 0 9
06 CONCLUSION P. 4 0
01 INTRODUCTION In China, football club owners’ net worth for the largest nine clubs in the country exceeds €75
billion, while in the US, the richest club owners have a net worth of more than €34 billion.
The economic influence of the club owner and his capitalisation is of course restricted by domestic
Soccerex, the global leader for the business of football, is proud to bring to you the SOCCEREX regulations that limit the use of resources without control. For example, in the US, wage caps and
FOOTBALL FINANCE 100 – a new study that looks at the economic power of football clubs transfer regulations prevent MLS club owners – many of whom are wealthy tycoons - from making
from a different perspective, one more in tune with the modern reality in football. The report large investments that might create an uncompetitive environment.
takes into account assets, net debt and the potential owners have to invest, something that has
dramatically changed the competitive landscape built throughout the mid-20th Century and In Europe, UEFA created the Clubs Licensing System in 2004 and introduced its Financial Fair Play
beginning of the 21st. (FFP) regulations in 2011. Today 1,500 European teams fall under this regulation. The European
market, following its restructuring and increased professionalisation in the 1990s, did not have
Over the past 15 years, international funding has reshaped the football industry, notably in recent rigid expenditure regulations or control of heavy losses. This really began with the introduction
times with the emergence of significant Chinese investment in the game both domestically of FFP.
and internationally. Set in this context, we felt that current club turnovers are not necessarily
the most relevant indicators of financial power. For example, Chelsea’s actual strength, as was In the UK, with the Premier League’s aggressive expansion over the past two decades, the
demonstrated in the transfer market, would not have been visibly apparent following Roman presence of wealthy benefactors is an accepted part of the game. Their net worth in British
Abramovich’s takeover in 2003. football now exceeds €88 billion. A portion of the success of English football can be attributed
to the significant investments made by these billionaires. This has elevated a group of clubs
Working with independent academics, we wanted to engineer a different approach, supported into major footballing economic powers. The UK model has been replicated in other markets as
by innovative methodology, that evaluated the varied elements that constitute a clubs’ evidenced at Paris Saint-Germain (PSG) and across Chinese football.
financial muscle in a way that reflects contemporary trends. Our methodology focuses on the
management of a club’s assets such as players, stadiums and training facilities as well as their European football, at its peak, has experienced broad expansion, but many of these new giants
liquid assets. Crucially, we have also considered who owns the club, their contribution to date have accumulated heavy losses in the process, with their sustainability depending on their
and the potential for future investment. Finally, the club’s net debt is factored in. owners’ soft loans or large corporate sponsorship funds linked to the owner’s family or other
business interests.
We believe that analysing assets, understanding the potential of the owner’s investment and
deducting net debt provides a robust approach for evaluating a club in the current environment. With the application of FFP in 2011, the losses were reduced and more balanced financial
In the methodology chapter this is explained in depth. We cover all the markets across the globe. structures were developed, but as has been witnessed in the most recent transfer window, clubs
Clubs were analysed from all continents, and after applying the methodology it was possible – particularly those with wealthy owners - are still able to make game-changing investments.
to identify a global ranking of clubs according to their financial strength, looking beyond the
traditional “Big 5” European leagues. The Neymar transfer to PSG, a €222 million transaction, shows how strong and capitalized the
new powers in football really are. Qatar Sports Investment, the group that controls PSG is part
Given that football currently commands the attention of billionaires around the world, many of Qatar Investment Authority which has under is administration €440 billion in assets, enough in
club shareholders are extremely rich. The Football Finance 100 identifies that between Europe, terms of capital, to be considered a country in itself!
China, Mexico and the US, club owners have a total net worth of more than €450 billion.
In comparison, the estimated net worth of Chelsea’s Roman Abramovich, once considered
Among the 30 richest teams in the Soccerex study, few are not owned by billionaires. However, football’s biggest foreign investor is “just” is €9 billion.
there are various club models in Europe, including those structured around PLCs, limited liability
firms and, peculiar to Germany, a model that enables the club to retain control but also sell This new study attempts to throw some light on the current state of play in the football world
shares to minority companies or also be 100% owned by a corporation.There is also the Spanish by looking at the big picture, analysing the entire business of the clubs, from return on assets
model that allows some clubs to avoid becoming a company. The property is maintained “in to investment strength and levels of indebtedness. We think it provides a thought-provoking
house” thanks to club membership schemes. They are an exception in the current landscape, but picture of the world’s most popular sport. We hope you enjoy it.
this model can also involve the participation of heavily capitalised sports tycoons.
SOCCERE X FOOTBALL FINANCE 10 0 • EXECUTIVE SUMMARY 04
The Soccerex Football Finance 100 reveals that owners of the top 100 ranked clubs across the
This Soccerex study underlines that the global football landscape has changed dramatically world have a combined net worth of just over € 475bn. In China, the net worth of the owners
over the past two decades, largely due to increased investor interest - including the involvement of the nine largest clubs amounts to € 60bn, while in the US, the richest owners’ wealth totals
of billionaires from Europe, Asia Pacific, the Middle East and the Americas - along with rising some € 26bn. The owners of the top 30 clubs, as defined by this report, have a net worth of over
broadcasting fees. € 366bn.
Billionaire-owned clubs represent just one type of business model. Clubs like Real Madrid and
TRENDS Barcelona are member-owned clubs, while in Germany the so-called 50+1 system works for
clubs such as Bayern Munich. These clubs sit alongside others, such as VfL Wolfsburg and Bayer
As well as making a select band of clubs extremely wealthy, the overall financial health of Leverkusen, that are effectively owned by corporates.
football clubs at the top level of the sport has also improved, creating clubs that have become
global brands and businesses. The English Premier League has been the most exposed to foreign ownership and only five of
the 20 clubs are 100%-owned by English investors. Given that English clubs have benefitted
However, as football has become more popular, transfer fees have spiralled, along with player more than most from the globalisation of the game, this is perhaps no surprise.
salaries. The spending behaviour of certain clubs in this new environment has been the catalyst
for regulatory change, notably in the form of UEFA’s Financial Fair Play, which has restricted
outlays and, consequently, club losses. A TEAM GAME
At the same time, traditional football markets in Europe have been impacted by growing interest A number of reports rank football clubs by their revenues, but very few look at factors like debt
in the sport from China, which has been vigorously backed by both the government and large levels, ownership involvement and potential and the value of assets. Hence, this Soccerex study
Chinese corporates. This resulted in increased activity in transfer windows involving clubs from produces some eye-opening results for market watchers.
the Chinese Super League. European clubs no longer get their own way in their own backyard.
Among themselves, the investments made in clubs like Chelsea, Manchester City and Paris ›› K clubs dominate the upper part of the rankings, providing four of the top 10 and eight
U
Saint-Germain have created a group of new contenders that have challenged the status quo, of the top 30, more than any other nation.
not just in their domestic markets, but also across Europe. Evidence of the shift in football
›› he remaining 22 comprises clubs from eight other countries; the US have the next
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power was seen in the recent transfer of Neymar from Barcelona to PSG.
biggest contingent with five, Germany and Spain provide four clubs each, France and
Italy three and China, Russia and the Ukraine one each.
At present, the trend of football club acquisition shows little sign of easing up. Indeed investors
from China have started eyeing opportunities among second tier clubs in England, while bodies
›› anchester City, one of the most famous cases of significant foreign investment
M
such as City Football Group have expanded their franchise by acquiring new clubs in various
changing a club’s status and potential, top the rankings. Their owner’s high potential
locations. Multi-club ownership is a trend that may continue unless regulatory measures make
investment value is complimented by a strong peformance by the club across each of
it difficult to achieve.
the other verticals, showing how the owner’s investment has improved the club’s overall
business.
Meanwhile, the transfer market may now be entering a period of frantic activity and inflated
fees following the Neymar transaction. Football, owing to its mass global appeal and financial ›› A rsenal’s 2 nd place in the rankings, ahead of PSG, will surprise many and is certainly
potential, looks set to remain an attractive proposition and major talking point for investors for a talking point in light of the criticism the club receives from some quarters for its
some time. perceived lack of spending in the transfer market. Their ranking is a reflection of the
club’s professionalism and a sound business model, which sees them around the top
in four of the five key variables, while also having a relatively low level of net debt.
This position of financial strength means Arsenal could invest significantly should the
hierarchy at the club choose to change their business strategy.
SOCCERE X FOOTBALL FINANCE 10 0 • EXECUTIVE SUMMARY 05
›› L eading Chinese club Guangzhou Evergrande features in the top 10 largely due to the
immense wealth of it’s owners, Evergrande and Alibaba. In total, there are nine Chinese
clubs in the top 100, more than France, Germany and Italy and the same number as
Spain, showing the significant financial potential of the Chinese Super League.
›› helsea, the other big European club often associated with heavy owner investment,
C
are 9 th, however it should be noted that their ranking is affected by the listing of the
owner’s investment as a loan, albeit one without interest or timescale, which gives them
the largest net debt of all clubs in the top 100. We have made a weighted adjustment
for this in the ranking but if the bulk of their “debt” to Abramovich was recorded as
sponsorship or something similar, as it is with other clubs, then Chelsea would move up
to 5 th in the rankings.
›› panish powerhouses Real Madrid and Barcelona, who invariably feature at the head
S
of most reports on football finance, “languish” in 6 th and 13 th respectively, with their
rankings impacted by their member ownership structures and the lack of potential
owner investment. Although, as we point out, should Real Madrid be capitalised via
the stock markets, their overall financial power, would make them worth more than any
tycoon’s club.
›› nsurprisingly, the European clubs in the top 20 are the clubs that have dominated
U
the top leagues in Europe – PSG (France), Bayern Munich (Germany), Real Madrid and
Barcelona (Spain) and Juventus (Italy). In most cases, their wealth exceeds their main
domestic competitors by some distance, suggesting their reign at the top should be
sustained.
›› he United States is the joint second most represented country in the top 30, ahead
T
of the likes of Germany and Spain, largely due to solid business models, high value of
assets (e.g. stadiums) and strong investors.
›› espite the rich football heritage of the region, notable absentees from the top 30 are
D
South American clubs, where national economic inistability is reflected in their financial
position. However Brazil is strongly represented in the lower half of the rankings with 12
clubs featuring between 50 and 100.
Our report demonstrates that heritage counts for little in the new corporatisation of global
football. Hence, football institutions with rich tradition such as AC Milan, Benfica and Ajax, all
of whom have won countless trophies on both the domestic and international stages, can now
considered to have less financial strength than clubs like Leicester City, Zenit St Petersburg and
RB Leipzig, as well as a number of US and Chinese clubs. Football, as ever, remains a curious
game for many people.
SOCCERE X FOOTBALL FINANCE 10 0 • METHODOLOGY 06
03 METHODOLOGY Many clubs feature at high positions in the Soccerex Football Finance 100 because, in addition
to a capitalised ownership, they have excellent asset management, which impacted deeply
the final score. For example, clubs that have extremely valuable players in their squad have a
greater capacity to generate revenue from intangible assets. The ability to make a return on
This study has been carried out for Soccerex by specialists in sports financial valuations.
their investment in players is a key business tool for many clubs.
The idea was to bring a new model to evaluate the financial strength of football clubs around
The management of fixed assets and cash in bank are fundamental for the most efficient
the world, using a bespoke methodology, in line with the current reality of the market.
and productive management of an entire business. The actual transformation of assets into
revenue depends on many factors (some unpredictable). Many clubs have turned into economic
This financial evaluation individually analyses the construction of the assets of each club, its
powerhouses precisely because they have been able to increase the return of investment to
economic power for future investments and its net debts.
their shareholders, thanks to asset growth.
The analysis is based on balance sheets and annual reports published by the clubs, as well
The owner’s net worth was considered as an important factor for the evaluation of the teams’
as other renowned sources of information such as UEFA, Financial Times, Bloomberg, Yahoo
financial strength. In situations where a club does not have one owner or ownership group –
Finance, Forbes, Transfermarkt and Hoovers. For this edition, the financial year analysed was
e.g. members’ clubs such as Real Madrid and Barcelona - they are attributed a value of “zero”
2015-16.
in for that variable.
The methodology is constructed on five variables that go towards making up the final calculation
Also, some tycoons have multiple clubs, in different countries. In these instances, in our
of each team:
methodology the potential investment is divided by the different clubs owned by the investor.
The values were stipulated according to the degree of effective investment made in each club.
A) Playing Assets
Net debt is the final variable and its deduction is important to finish the valuation, according to
B) Fixed Assets (i.e. team’s stadiums, training centres and other properties) the actual financial situation of each club. In cases where no reliable information could be found
to provide a figure for a clubs net debt or their owner’s estimated net worth, we have listed it as
NA and for the purposes of the calculation zeroed the value.
C) Cash in the bank
Clubs that do not have moguls as owners have had their calculations restricted to valuing their
D) Owner Potential Investment* assets and deducting debts. Some of them showed strength in their asset management and
they are featured in the survey.
E) Net Debt
Our aim with this report is to evaluate and rank the financial potential of each club. So we
developed a methodology we have called the Football Finance Index (FFI) that looks at the
performance of clubs in each of the five key variables identified, weighted against that variable’s
percentage of the accumulative total, and its relative liquidity, thereby giving an FFI score for
each variable that can be used to calculate the overall FFI Score for each club as follows:
SOCCEREX FFI SCORE FOR A CLUB *Owner Potential Investment is a Soccerex index created to define the potential to be invested in a football club by the
owner or ownership group. For the purposes of the report, a starting percentage was used based on research and evaluation
A FFI Score + B FFI Score + C FFI Score** + D FFI Score** – E FFI Score of the owner investment to date, with further weighting applied based on analysis of macro & microeconomic factors such as
ownership structure, national league restrictions and other regulations such as financial fair play.
**In the cases of Cash in Bank and Owner Potential Investment, greater weighting was applied to their FFI score due their
greater liquidity and therefore greater impact on a club’s immediate financial strength.
SOCCERE X FOOTBALL FINANCE 10 0 • FOOTBALL FINANCE 10 0 R ANKINGS 07
(€ MILLIONS)
02 ARSENAL UK 4.559 592 76 6 300 287 8 29 VALENCIA S PA 0.690 162 264 5 63 290
NEWCASTLE
10 B AY ER N M U N I C H GER 2.086 603 225 101 0 0 36 UK 0.563 13 4 88 2 91 12 0
UNITED
ZENIT
11 RUS 1.75 6 13 0 12 0 (NA) 508 12 0 37 ORLANDO CITY USA 0.563 23 217 0 14 0
S T. P E T E R S B U R G
PORTLAND
20 LEICESTER CIT Y UK 1.119 210 72 41 151 14 45 USA 0. 516 26 18 4 0 21 0
TIMBERS
B AY ER
21 GER 1.0 0 2 229 90 0 112 0 46 AJA X NED 0. 515 115 33 70 0 0
LEVERKUSEN
S H A K H TA R
22 UKR 0 .9 9 3 108 18 0 (NA) 13 3 (NA) 47 MONTERREY MEX 0.501 66 10 0 (NA) 51 0
DONETSK
S E AT T L E S PA R TA K
24 USA 0.860 19 266 0 87 0 49 RUS 0.478 95 0 (NA) 12 6 50
SOUNDERS MOSCOW
(€ MILLIONS) (€ MILLIONS)
FFI PL AY ER S FIXED CASH IN OWNER POTENTIAL NET FFI PL AY ER S FIXED CASH IN OWNER POTENTIAL NET
# CLUB COUNTRY # CLUB COUNTRY
SCORE VALUE ASSETS BANK INVESTMENT DEBT SCORE VALUE ASSETS BANK INVESTMENT DEBT
SHANDONG
52 PORTO POR 0.446 206 14 0 13 0 234 77 CHI 0 .19 1 27 40 (NA) 16 (NA)
L U N E N G TA I S H A N
SHANGHAI
53 SEVILLA S PA 0.446 19 9 10 31 0 65
78 GREENLAND CHI 0 .19 1 26 30 (NA) 25 (NA)
SHENHUA
SPORTING
54 USA 0.426 14 181 0 0 0
KANSAS CITY
79 R I V E R P L AT E ARG 0 .18 9 78 32 0 0 35
55 C R Y S TA L PA L AC E UK 0 . 411 167 12 11 25 52
80 FEYENOORD NED 0 .18 5 87 2 9 0 23
61 AT L É T I C O - P R BRA 0 . 3 61 33 182 2 0 77
86 TOLUCA MEX 0 .12 5 43 14 (NA) 0 0
65 BOURNEMOUTH UK 0.331 12 6 12 45 4 71
90 BRIGHTON UK 0.099 59 2 3 50 12 2
O LY M P I Q U E
69 FRA 0.295 13 6 21 14 35 12 3
MARSEILLE 94 FLAMENGO BRA 0.062 68 46 4 0 13 4
75 CRUZ AZUL MEX 0.201 46 35 (NA) 9 0 10 0 CSK A MOSCOW RUS -0.065 78 0 0 35 224
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
26.7% 09
UNITED KINGDOM
COMBINED
PL AY ER S VA L U E
€ 9. 7 B N
10%
COMBINED FIXED ASSETS
AND CASH IN BANK FRANCE
€ 7. 7 B N PSG
COMBINED OWNERS O LY M P I Q U E LYO N N A I S
NET WORTH MONACO
€366BN
NET DEBT
€4.3BN 3.3%
CHINA
GUANGZHOU EVERGRANDE
TOP 30 CLUBS BY COUNTRY
COUNTRY CLUBS %
UK 8 26.7% 3.3%
USA 5 16.7% RUSSIA
GER 4 13 . 3 %
Z E N I T S T. P E T E R S B U R G
S PA 4 13 . 3 %
FRA 3 10.0% 13 . 3 % 13 . 3 %
10%
I TA 3 10.0% S PA I N GERMANY
CHI 1 3.3% 3.3% I TA LY
REAL MADRID B AY ER N M U N I C H
RUS 1 3.3% UKRAINE JUVENTUS BARCELONA RB LEIPZIG
NAPOLI AT L E T I C O M A D R I D BORUSSIA DORTMUND
UKR 1 3.3%
S H A K H TA R D O N E T S K INTER MILAN VALENCIA B AY ER L E V ER K U S EN
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S
4.883
# 01 FIXED ASSETS
€534M
MANCHESTER
CASH IN THE BANK
CIT Y FC € 75M
FOUNDED 4 7, 0 0 0
16 APRIL 18 94
AQ U I S I T I O N DAT E E S T. O W N E R / S N E T W O R T H
SINCE 2008
€30BN†
4.559
# 02 FIXED ASSETS
€ 76 6 M
ARSENAL FC
CASH IN THE BANK
€300M
NAME
FOUNDED
AV E R AG E AT T E N DA N C E
1 DECEMBER 1886
60,079
AQ U I S I T I O N DAT E
SINCE 2007
E S T. O W N E R / S N E T W O R T H
€ 8 .1 B N †
Arsenal is in second place with a
strong performance across all the
verticals evaluated. Since moving from OWNERSHIP
Highbury to their current home at the
Emirates Stadium, the London-based
club has seen a giant leap in its assets,
transforming the former stadium into a
real estate complex. In addition, it has
67%
high levels of cash resources, low debt S TA N K R O E N K E
and a very valuable team. To complete
their valuation, the club’s two owners
have a huge net worth, providing
considerable potential to invest if
necessary.
3% MINORIT Y SHAREHOLDERS
30%
ALISHER USMANOV
4 .12 8
# 03 FIXED ASSETS
€83M
PA R I S S A I N T-
CASH IN THE BANK
GERMAIN FC €107M
CITY
AV E R AG E AT T E N DA N C E
PA R I S , F R A N C E
43,238
FOUNDED
12 AU GUS T 19 70
E S T. O W N E R / S N E T W O R T H
AQ U I S I T I O N DAT E
€30BN
S I N C E 2 0 11
QSI
highly dependent on the fortune of its
owner. Only Chinese teams depend as
much on their owners.
12
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S
3.423
# 04 FIXED ASSETS
€12 0 M
GUANGZHOU
CASH IN THE BANK
EVERGRANDE (NA)
TAO B AO F C
NET DEBT
(NA)
NAME
GUANGZHOU EVERGRANDE
TAO B AO F O OT B A L L C L U B
AV E R AG E AT T E N DA N C E
CITY
4 4,70 0
GUANGZHOU, CHINA
FOUNDED E S T. O W N E R / S N E T W O R T H
JUNE 195 4
€32BN†
AQ U I S I T I O N DAT E
EVERGRANDE GROUP
Chinese club has a high asset value, ( X U J I AY I N )
with its team being the second most
valuable in the Chinese Super league
– Guangzhou’s squad is the 68th most
valuable in the world. Their position
in the top five is down to the club’s 6.09% MINORIT Y SHAREHOLDERS
owners very high investment potential,
which is the most telling strength in this
study. Guangzhou have won the AFC
Champions League twice and has been 3 7. 8 1 %
ALIBABA GROUP
one of the fastest-growing clubs since (JACK MA)
the Chinese Super League’s expansion
got underway. Prior to Evergrande
Group’s acquisition, the club was a
medium-sized force in the country.
2.591
# 05 FIXED ASSETS
€386M
TOTTENHAM
CASH IN THE BANK
HOTSPUR FC € 2 31M
FOUNDED 31, 0 0 0 *
5 SEPTEMBER 18 82
AQ U I S I T I O N DAT E E S T. O W N E R / S N E T W O R T H
SINCE 2001
€4.8BN†
ENIC GROUP
Spurs forward over the last two years (JOE LEWIS AND
in the Premier League, in addition to DANIEL LEV Y )
* (70,000 AT WEMBLEY)
2.579
# 06 FIXED ASSETS
€323M
REAL MADRID
CASH IN THE BANK
CF € 2 11 M
M A D R I D, S PA I N
AV E R AG E AT T E N DA N C E
FOUNDED 73,0 0 0
6 M A RCH 19 0 2
E S T. O W N E R / S N E T W O R T H
CLUB’S MEMBERS
capitalised, for example via the stock (NON-PROFIT
exchange, it would undoubtedly be O R G A N I Z AT I O N )
worth more than any club owned by a
magnate.
15
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S
2 . 314
# 07 FIXED ASSETS
€3 47M
MANCHESTER
CASH IN THE BANK
UNITED FC €3 07M
FOUNDED 75, 20 0
1 JANUARY 18 6 8
AQ U I S I T I O N DAT E E S T. O W N E R / S N E T W O R T H
2003-2005
€3.8BN†
GEORGE SOROS
2.260
# 08 FIXED ASSETS
€161M
JUVENTUS FC
CASH IN THE BANK
€33M
NAME
J U V E N T U S F O OT B A L L C L U B S PA
NET DEBT
CITY
T U R I N , I TA LY
€209M
FOUNDED
AV E R AG E AT T E N DA N C E
1 NOVEMBER 1897
3 9, 5 0 0
AQ U I S I T I O N DAT E
BEGINS 19 23
E S T. O W N E R / S N E T W O R T H
€ 11 . 5 B N †
Juventus is another prominent
European football club that symbolized
the pace of market development in the OWNERSHIP
early 2000s. A pioneer in raising capital
via the financial markets, the club was
the first to offer shares on the stock
exchange. Juventus is run by one of
the richest families in Italy, but suffered 64%
greatly from the punishments received AG N E L L I FA M I LY
( F I AT G R O U P )
for management misconduct in 2006.
Current chairman Andrea Agnelli has
been very assertive and focused in his
decisions. In addition to a competitive
team, Juve also owns its own stadium,
which has helped strengthen its assets
and create market differentiation in
Italy. Although the club has very wealthy
owners, its high level of debt has
impacted its position in this ranking. 36% MINORIT Y SHAREHOLDERS
2.093
# 09 FIXED ASSETS
€ 2 01M
CHELSEA FC
CASH IN THE BANK
€0
NAME
FOUNDED
AV E R AG E AT T E N DA N C E
10 M A RCH 19 0 5
41, 5 0 0
AQ U I S I T I O N DAT E
JUNE 2003
E S T. O W N E R / S N E T W O R T H
€9BN
Bought in 2003 by Russian magnate
Roman Abramovich, Chelsea FC is
arguably the club that kick-started OWNERSHIP
the wave of prominent acquisitions by
overseas billionaires in English football.
Within less than 10 years, the London-
based club, which until the mid-1990s
regularly featured in the middle of the
table in the English League, suddenly
became a powerhouse and went on to
win a number of major trophies, both
nationally and internationally. More than
€ 1.2 billion have been invested in the
10 0%
club since its acquisition by Abramovich. ROMAN ABRAMOVICH
Chelsea have won titles and invested in ( M I L L H O U S E C A P I TA L )
2.086
# 10 FIXED ASSETS
€220M
F C B AY E R N
CASH IN THE BANK
MUNICH €101M
MUNICH, GERMANY
AV E R AG E AT T E N DA N C E
FOUNDED 75,0 0 0
FEBRUA RY 19 0 0
E S T. O W N E R / S N E T W O R T H
CLUB’S MEMBERS
8.33%
ADIDAS
8.33%
AUDI
8.33%
ALLIANZ
19
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S
1.75 6
# 11 FIXED ASSETS
€12 0 M
F C Z E N I T S T.
CASH IN THE BANK
PETERSBURG (NA)
S T. P E T E R S B U R G , R U S S I A
AV E R AG E AT T E N DA N C E
FOUNDED 16 , 7 71*
3 0 M AY 19 2 5
AQ U I S I T I O N DAT E E S T. O W N E R / S N E T W O R T H
DECEMBER 2005
€14 5 B N †
1. 6 8 9
# 12 FIXED ASSETS
€ 11 0 M
RB LEIPZIG
CASH IN THE BANK
(NA)
NAME
RASENBALLSPORT LEIPZIG
NET DEBT
CITY
LEIPZIG, GERMANY
(NA)
FOUNDED
AV E R AG E AT T E N DA N C E
19 M AY 2 0 0 9
41, 4 0 0
AQ U I S I T I O N DAT E
19 M AY 2 0 0 9
E S T. O W N E R / S N E T W O R T H
€16 .9 B N †
Germany’s RB Leipzig is one of the clubs
owned by Dietrich Mateschitz, founder
of the Red Bull brand, which invests OWNERSHIP
diversely across different sports and
activities such as adventure sports and
F1. The rise of this club - which started
in the fifth division and last season
reached second place in the Bundesliga
- is a genuine, if controversial, success
story. Leipzig is currently the most
valuable club among the company´s
football holdings and an emerging 10 0%
RED BULL
force on the European football scene. ( D I E T R I C H M AT E S C H I T Z )
The playing squad is its main strength,
currently the 29 th most valuable in the
world. The potential investment of its
owner is the second most significant
factor in the club’s final value.
1. 6 2 6
# 13 FIXED ASSETS
€14 3 M
FC BARCELONA
CASH IN THE BANK
€27M
NAME
B A R C E LO N A , S PA I N
€ 315 M
FOUNDED
AV E R AG E AT T E N DA N C E
2 9 NOVEMBER 189 9
7 7, 4 0 0
10 0%
CLUB’S MEMBERS
(NON-PROFIT
O R G A N I Z AT I O N )
22
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S
1. 5 9 3
# 14 FIXED ASSETS
€239M
LA GALAXY
CASH IN THE BANK
(NA)
NAME
FOUNDED
AV E R AG E AT T E N DA N C E
19 94
22,70 0
AQ U I S I T I O N DAT E
19 94
E S T. O W N E R / S N E T W O R T H
€10.6BN†
LA Galaxy’s history is very much
aligned with Major League Soccer’s
own trajectory. Owned by Anschutz OWNERSHIP
Entertainment Group AEG), its founder
Philip Anschutz was the biggest
investor and advocate for the soccer
league to develop. The club was the
first to make a profit in the league, in
2003, and has the highest revenue,
especially since they started playing at
the Stub Hub Center (formerly known as
Home Depot Center). With the move to 10 0%
AEG
the new stadium the club has increased (PHILIP ANSCHUTZ)
its average audience and doubled
its revenues with sponsors and other
streams on match days. The squad is
only 88 th in market value in the world. Its
greatest strength is clearly the wealth
of its owner and assets.
1. 3 9 1
# 15 FIXED ASSETS
€141M
AT L E T I C O
CASH IN THE BANK
MADRID €20M
M A D R I D, S PA I N
AV E R AG E AT T E N DA N C E
FOUNDED 4 4,70 0
26 A PRIL 19 0 3
AQ U I S I T I O N DAT E E S T. O W N E R / S N E T W O R T H
SINCE 19 9 2 A ND 2 015
€4.3BN†
ENRIQUE CEREZO
involvement of its new investor. The
weak point is a very high level of debt.
If Atlético had less debt, it would be
20%
much better ranked than 15th. DALIAN WANDA GROUP
( WANG JIANLIN)
8% MINORIT Y SHAREHOLDERS
1. 3 70
# 16 FIXED ASSETS
€171M
LIVERPOOL FC
CASH IN THE BANK
€ 11 M
NAME
CITY
€16 3 M
LIVERPOOL, UNITED KINGDOM
AV E R AG E AT T E N DA N C E
FOUNDED
15 M A RCH 18 9 2 53,000
AQ U I S I T I O N DAT E
OCTOBER 2010 E S T. O W N E R / S N E T W O R T H
€ 2 .1 B N †
Liverpool has a rich history that includes
five European Cup / Champions League OWNERSHIP
triumphs, the most recent coming in
2005. However, in recent years, the club
has struggled to keep pace with its rivals
in England and Europe. The sale to its
current owner in 2010 brought fresh hope,
but Fenway Sports Group is understood
to have less “investment potential” than
some of its rivals. Currently, LFC has the
12 th most valuable squad in world football 10 0%
F EN WAY S P O R T S G R O U P
and depends a lot on this value for its (JOHN W. HENRY )
final score. The rest of their assets and
net debt place the club in 16th place in
the Soccerex ranking. The sole owner of
the Liverpool Football Club and Athletic
Grounds Limited is Fenway Sports Group
(legally organised as NESV I, LLC), which is
managed by John Henry and Tom Werner.
1. 3 31
# 17 FIXED ASSETS
€18 8 M
BORUSSIA
CASH IN THE BANK
DORTMUND €39M
CITY
AV E R AG E AT T E N DA N C E
DORTMUND, GERMANY
7 9, 6 5 0
FOUNDED
19 DECEMBER 19 0 9
E S T. O W N E R / S N E T W O R T H
0
Borussia Dortmund is a traditional
German club and was a pioneer in
Germany in raising capital via the OWNERSHIP
stock market in 2000. The company 14.78 %
5.43%
currently has a valuable squad, 13 th by SIGNAL IDUNA
60.25%
F R E E F LOAT
26
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S
1. 2 10
# 18 FIXED ASSETS
€ 421M
O LY M P I Q U E
CASH IN THE BANK
LY O N N A I S €37M
LYO N , F R A N C E
AV E R AG E AT T E N DA N C E
FOUNDED 40,300
3 AU GUS T 195 0
AQ U I S I T I O N DAT E E S T. O W N E R / S N E T W O R T H
SINCE 19 9 9
€1B N †
28.24%
F R E E F LOAT
1 .1 4 0
# 19 FIXED ASSETS
€6M
A S MONACO
CASH IN THE BANK
€18 M
NAME
A S S O C I AT I O N S P O R T I V E
DE MONACO FOOTBALL CLUB NET DEBT
CITY
€14 8 M
P R I N C I PA L I T Y O F M O N AC O
AV E R AG E AT T E N DA N C E
FOUNDED
3 AU GUS T 195 0 9, 0 3 8
AQ U I S I T I O N DAT E
D E C E M B E R 2 0 11 E S T. O W N E R / S N E T W O R T H
€ 7. 5 B N †
AS Monaco is another club that has
enjoyed considerable growth thanks OWNERSHIP
to the backing of an extremely wealthy
owner. Since 2011 the club has received
significant investment and has become
an emerging force in European football,
reaching the UEFA Champions League
66.7%
semi-final in 2016-17. One factor that E K AT E R I N A R Y B O LO V L E VA
draws much attention is the value of TRUST
the club’s players. Monaco generates
a lot of money from transfer of players
to Europe’s richest clubs and has
become a benchmark in youth academy
development. One of the variables
that most impacted the final value is
its squad, the 18 th most valuable team
in the world – as well as the investment
33.3%
potential of its owner. HOUSE OF GRIMALDI
1 .11 9
# 20 FIXED ASSETS
€72M
LEICESTER
CASH IN THE BANK
CIT Y FC € 41M
CITY
AV E R AG E AT T E N DA N C E
LEICESTER, UNITED KINGDOM
31,9 0 0
FOUNDED
18 8 4
E S T. O W N E R / S N E T W O R T H
AQ U I S I T I O N DAT E
AUGUST 2010
€4.3BN†
OWNERSHIP
Leicester City was a little-known club in
world football until the 2015-16 season,
when they won the Premier League title,
outperforming the more fancied names
in England and their considerably
higher budgets. Reaching the quarter-
finals of the Champions League in
2016-17 was also a milestone in the 10 0%
1. 0 0 2
# 21 FIXED ASSETS
€90M
B AY E R
CASH IN THE BANK
LEVERKUSEN (NA)
CITY
AV E R AG E AT T E N DA N C E
LEVERKUSEN, GERMANY
28,245
FOUNDED
1 J U LY 19 0 4
E S T. O W N E R / S N E T W O R T H
€ 31.9 M
Bayer Leverkusen is one of the most
traditional clubs in the Bundesliga
(albeit without ever winning it), and one OWNERSHIP
of few owned by a corporation. The
backing of pharmaceutical giant Bayer
AG pushes the club to 21st place of our
ranking, which means that in theory,
the club has the necessary financial
backing to revive its glory days (end
of 1990’s and beginning of 2000’s),
when the club was runner up in the
Bundesliga and even played a UEFA
Champions League final, against Real
Madrid in 2002. However, it is important 10 0%
B AY ER AG
to point out that clubs ran, de facto, by
corporations tend to have a much more
conservative approachwhen it comes to
signing players.
30
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S
0 .9 9 3
# 22 FIXED ASSETS
€18 0 M
F C S H A K H TA R
CASH IN THE BANK
DONETSK (NA)
DONETSK, UKRAINE
AV E R AG E AT T E N DA N C E
FOUNDED 8,000*
193 6
AQ U I S I T I O N DAT E E S T. O W N E R / S N E T W O R T H
SINCE 19 96
€3.8BN†
0 .9 5 5
# 23 FIXED ASSETS
€534M
NEW YORK
CASH IN THE BANK
RED BULLS € 75M
FOUNDED 4 7, 0 0 0
19 94
AQ U I S I T I O N DAT E E S T. O W N E R / S N E T W O R T H
9 MARCH 2006
€16 .9 B N †
0.860
# 24 FIXED ASSETS
€266M
S E AT T L E
CASH IN THE BANK
SOUNDERS FC (NA)
S E AT T L E , U S A
AV E R AG E AT T E N DA N C E
FOUNDED 42,80 0
19 94
AQ U I S I T I O N DAT E E S T. O W N E R / S N E T W O R T H
SINCE 2002
€2.4BN†
0.844
# 25 FIXED ASSETS
€237M
NEW YORK
CASH IN THE BANK
CIT Y FC (NA)
FOUNDED 2 7, 1 9 6
2 1 M AY 2 013
AQ U I S I T I O N DAT E E S T. O W N E R / S N E T W O R T H
2 1 M AY 2 013
€30BN†
20%
YA N K E E G LO B A L
ENTERPRISES
0 . 814
# 26 FIXED ASSETS
€9M
NAPOLI FC
CASH IN THE BANK
€3M
NAME
S O C I E TÀ S P O R T I VA C A LC I O N A P O L I
NET DEBT
CITY
N A P L E S , I TA LY
€66M
FOUNDED
AV E R AG E AT T E N DA N C E
1 AU GUS T 19 26
3 9, 0 9 9
AQ U I S I T I O N DAT E
AUGUST 20 04
E S T. O W N E R / S N E T W O R T H
€550M
Napoli is a passionately supported
club that went through serious financial
problems and after passing through OWNERSHIP
different owners was bought by
filmmaker Aurelio De Laurentiis. He
put the Neapolitan club back among
the Italian football elite through good
results on the field. Napoli is the second
Italian club in the Soccerex ranking, and
the value of its squad is the main driver
in placing the club among the Top 30.
The squad is the 14 th most valuable in
the world and the second most valuable
10 0%
among Italian teams. AURELIO DE L AURENTIIS
(FILMAURO)
35
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S
0.775
# 27 FIXED ASSETS
€12 M
EVERTON FC
CASH IN THE BANK
€0
NAME
FOUNDED
AV E R AG E AT T E N DA N C E
1878
3 9, 3 1 0
AQ U I S I T I O N DAT E
FEBRUARY 2 016
E S T. O W N E R / S N E T W O R T H
€2BN†
Everton, based in Liverpool, had most
of its shares acquired by the English
tycoon of Iranian origin Farhad Moshiri OWNERSHIP
in 2016. The club’s current majority
shareholder was once a shareholder at
Arsenal, mainly due to the involvement
of Alisher Usmanov. Moshiri sold his
4 9.9 %
stake to Usmanov and subsequently FARHAD MOSHIRI
acquired Everton shares. The financial
impetus of Moshiri’s arrival should
enable the club to grow in the coming
years. Much of the formation of its final
value comes from its playing assets.
12 . 2 %
Everton has the 18 th most valuable BILL KENWRIGHT
squad in the world.
8 .9 %
JON WOODS
0.739
# 28 FIXED ASSETS
€17 0 M
NEW ENGLAND
CASH IN THE BANK
REVOLUTION (NA)
NAME
FOUNDED
AV E R AG E AT T E N DA N C E
6 JUNE 19 95
2 0 ,1 8 0
37
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S
0.690
# 29 FIXED ASSETS
€263M
VA L E N C I A C F
CASH IN THE BANK
€5M
NAME
FOUNDED
AV E R AG E AT T E N DA N C E
18 M A RCH 1919
41, 5 0 0
AQ U I S I T I O N DAT E
AU GUS T 2 014
E S T. O W N E R / S N E T W O R T H
€1. 8 B N †
Valencia CF is one of the most
successful clubs in Spanish football,
with six La Liga titles, seven Spanish OWNERSHIP
Cups and reached two consecutive
UEFA Champions League finals at the
turn of the century. The club is thought
to have the third largest number of
supporters in Spain. The Singaporean
billionaire Peter Lim acquired the 70.4%
2 9. 6% M I N O R I T Y S H A R E H O L D E R S
0.665
# 30 FIXED ASSETS
€534M
INTER MILAN
CASH IN THE BANK
€ 75M
CITY
AV E R AG E AT T E N DA N C E
M I L A N , I TA LY
4 7, 0 0 0
FOUNDED
9 M A RCH 19 0 8
E S T. O W N E R / S N E T W O R T H
AQ U I S I T I O N DAT E
OWNERSHIP
Inter Milan is one of the most successful
clubs in Italy and Europe, having won
the national league, Serie A, 18 times
and the UEFA Champions League three
times. After 20 years under the ownership
Massimo Moratti, a majority of the club 68.55%
SUNING COMMERCE
was bought in 2013 by the Indonesian GROUP
consortium International Sports Capital, (ZHANG JINDONG)
led by Erick Thohir. In 2016, he sold the
majority of the shares to the Suning
Commerce Group, a holding owned by
the Chinese Zhang Jindong, who also
acquired the shares that were still with
Moratti. Suning’s investment has brought
the club a renewed power to invest
and thus brings Inter into our top 30. A 31.0 5%
I N T E R N AT I O N A L S P O R T S
relatively large net debt, plus the lack of C A P I TA L
valuable fixed assets (the club does not
own its own stadium) prevent the club to 0.37% PIRELLI
be featured higher in the list. 0.03% MINORIT Y SHAREHOLDERS
06 CONCLUSION
Football is a game of surprises and sometimes a tale of the unexpected as our report clearly
shows. Ask anyone which club has the strongest financial position and they will most likely
respond by telling you that Real Madrid, Barcelona or Manchester United are the most resourced
clubs on the planet.
But there’s more than one way to determine who actually has the greatest financial potential
and it is equally important to consider the factors that are shaping modern football’s global
reality. By looking at a club’s assets, cash reserves and net debt and factoring in their owners
potential for investment, we have presented a new global hierarchy, one which recognises the
challenge of football’s emerging powerhouses to the established elite.
The dominance of UK clubs at the top of the rankings should come as no surprise with the influx
of wealthy owners and coffers that have been swollen by vast broadcasting deals. That the
upper echelons should also be shared with clubs from eight other nations highlights just how
global the game has become.
This report shows that football’s pecking order can be redrawn by investment that can transform
a club from a perpetual underachiever to a global powerhouse in the space of a few years.
Football has, effectively, become an asset class to be placed in a portfolio alongside bonds,
real estate and equities. Which means the shift from also-ran to trophy-winning behemoth can
be achieved in a relatively small timeframe. But, like everything else in life these days, the
footballing hierarchy can change quickly, so in 12 months’ time, the Soccerex Football Finance
100 could look very different indeed.
SOCCERE X FOOTBALL FINANCE 10 0 • AUTHORS & CONTRIBUTORS 41
Amir Somoggi is a sports marketing and management consultant with over 16 years’ experience
in the sports industry. He is a Linkedin Influencer, public speaker, guest lecturer, author of
This report was prepared for Soccerex by independent sports business expert, Amir Somoggi hundreds of reports, surveys and articles in the field of sports, and columnist for Lance! - Brazil’s
in partnership with JF Sports Consulting, with additional editorial support provided by Neil most prominent sports paper. He specialises in consultancy to clubs, sponsors, agencies and
Jensen of Isherwood Editorial. investors and has extensive experience in sport marketing projects, sponsorship, branding,
football clubs´ “globalisation” projects, financial viability and business planning.
SOCCEREX
NEIL JENSEN, ISHERWOOD EDITORIAL
Soccerex is the global leader for the business of football with over two decades of experience
in connecting the industry’s key industry stakeholders and promoting the growth of the game Neil Jensen is an experienced business and football writer and columnist specialising in
worldwide. European football, financial technology, travel and investment banking. He worked in the City
of London for one of Europe’s leading financial institutions as editorial director before taking
Working closely with regional governments, football federations, major leagues and clubs, career retirement to concentrate on freelance writing through his UK-based agency, Isherwood
Soccerex have delivered over 40 events in 16 different cities around the world, uniting more Editorial. He is a former football club director and the editor of the award-winning website
than 50, 000 business and football figures to further their different commercial and sporting Game of the People (www.gameofthepeople.com).
objectives.
In addition, Soccerex provide industry news and insight in the form of daily industry news
bulletins and bespoke market insight such as the Soccerex 20 Under 21 Report and the Soccerex
Football Finance 100.
For more information on upcoming Soccerex events and insight products please go to
www.soccerex.com
J F S P O R T S C O N S U LT I N G
JF Sports Consulting supports companies that strive to develop business within the sports
marketplace, primarily covering areas such as strategy, market intelligence and business
development. With close contact and access to most International Sports Federations, the
company services a vast array of clients, from sports marketing agencies, to IFs, academic
institutions, technology start-ups, other sports bodies and service providers in Europe,
Americas and Asia.
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