he world’s most valuable soccer teams are now worth an average of $2.3 billion, or 5.1% more than a year ago. Revenue for the top 30 teams averaged $397 million, or 3% higher than last year. But operating income averaged $36 million, an increase of 57% from the previous year.
Real Madrid, worth $6.6 billion, is top of the table for the third consecutive year and for the eighth time in the past 11 years. Real generated the most revenue ($873 million) among the top 30 teams, fueled by its unmatched performance on the pitch. Since 2014 Real Madrid has won 14 international titles, including five Champions League trophies, four European Super Cups and four Club World Cups. And Real can add another Champions League title if they beat Borussia Dortmund June 1 at Wembley Stadium in London.
Despite its enormous value, you can’t invest in Real Madrid as the team is owned by more than 90,000 club members. You can, however, buy shares of Manchester United, which is worth $6.55 billion by Forbes’ count and takes the second spot on this year list. In February, Sir. Jim Ratcliffe bought 27.7% of Manchester United at an enterprise value of $6.5 billion, paying $33 a share. The stock market says the team is worth only $17 a share. Chris Marangi, a portfolio manager at Gabelli Funds, believes Manchester United’s stock—likely beaten down from both its supporter’s anger over the Glazer family not selling control of the team and the team’s disappointing play in the English Premier League and missing next year’s Champions League, is worth what Ratcliffe paid. It is likely a control sale of the team—similar to the one pursued by Sheikh Jassim with United last year—would fetch a price well north of $33 per share.
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METHODOLOGY
The revenue and operating income figures listed for European teams are for the 2022-2023 season, converted to U.S. dollars based on average exchange rates during that season (1 euro = $1.05, 1 GBP = $1.21, 1 GBP = 1.15 euro). For Major League Soccer teams, figures are for the 2023 season as published in Forbes’ annual MLS team valuations in February 2024. Revenue figures reflect proceeds the soccer team generates from broadcasting, commercial and match-day events. 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 itself), based on comparable transactions. Because enterprise value is a capital structure-neutral metric, it allows Forbes to compare companies (or in this case, soccer teams) with different debt and equity structures. Operating income is earnings before interest, taxes, depreciation and amortization, player trading and disposal of player registrations. Debt is interest-bearing borrowings due in more than one year (including stadium debt). The exchange rates used to convert team values and debt to U.S. dollars for the European teams were as of May 6, 2024 (1 euro = $1.08, 1 GBP = $1.25, 1 GBP = 1.17 euro). Sources include the teams’ annual reports and documents, team executives, soccer team investors, credit rating agency reports and sports bankers. To make sure Forbes’ revenue numbers and expense figures are comparable for each team, we rely on the annual Deloitte Football Money League report and Swiss Ramble to check our figures.