Forbes Ligi'nde sıralamada ilk iki sırayı Real Madrid ve Barcelona alırken, Manchester United ve Bayern Münih 3 ve 4. sırayı aldılar. Forbes'un hesaplamalarına göre Real Madrid ve Barcelona'nın toplam değeri 6.6 milyar dolarla, 20 takımın toplam değeri olan yaklaşık 21 milyar doların %32'sine denk geliyor. Öte yandan değeri 1 milyar doların üzerinde bulunan ilk 5 takımın toplam piyasa değeri ise 12.6 milyar dolar ile ilk 20 takımın %60'ına denk geliyor. 16. sırada olan Galatasaray'ın değeri ise 347 milyon dolar ile Real Madrid'in piyasa değerinin yaklaşık 10'da birine denk geliyor.
Forbes 2014 Sıralaması
Kulüplerin borçlarına bakıldığında ise borç/değer oranlarında çıkarılan rakama göre 20 kulübün toplam borcu yaklaşık 7 milyar dolar, piyasa değerleri toplamının yaklaşık üçte birine denk geliyor. Rakamsal olarak en büyük borç 533 milyon dolar ile Manchester United'a ait iken, piyasa değerine oranla olarak en büyük borç ise Atletico Madrid'e ait. Bu noktada dikkati çeken bir ilginç rakam ise Galatasaray'ın borcunun kulüp değerine oranının sadece %9 olması. Buna göre piyasa değerinin %9'u hesabıyla Galatasaray'ın borcu 347 mn dolar x %9 = 31 milyon dolar ediyor. Metodolojinin ve hesapların detayı bilinmediğinden
bunu kontrol etme imkanımız yok, ama borç rakamında bir hata olduğu izlenimi var.
Forbes Metodolojisi:
Haberde metodolojiye ilişkin şu paragraf yer alıyor:
Our team values are enterprise values (equity plus debt) based on current stadium deals (unless a new stadium is pending). Revenues and operating income (earnings before interest, taxes, depreciation, amortization, player trading and disposal of player registration) are for the 2012-13 season, converted into U.S. dollars based on fiscal year-end exchange rates. All figures are Forbes calculations except for revenues, most of which come courtesy of Deloitte LLP’s Football Money League report.Bunu açarsak, takım değerleri hesabı, öncelikle firma değeri=hisse değeri+borç olarak hesaplanıyor, yani kulüplerin tamamen borçsuz olsalar değerleri ne kadar olurdu değer onu gösteriyor.
Ayrıca bu hesapta takımların stadyum anlaşmalarının (isim hakkı anlaşmaları kastediliyor) değeri de hesaba katılıyor (örnek TT Arena Türk Telekom anlaşması).
Gelirler ve faaliyet karları ise 2012-13 sezonuna ait (Faaliyet karı ile kastedilen faiz, vergi, amortisman, oyuncu alım satım kar/zararları öncesi kar rakamı, yani FAVÖK + Oyuncu alım satım zararları (-karları))
Galatasaray değeri nasıl hesaplandı?
Forbes sitesinden Galatasaray ile ilgili değerleri alalım. Görüldüğü gibi:
- Takım değeri 347 milyon dolar
- Gelirler 204 milyon dolar (157 milyon Euro-Forbes değeri)
- Faaliyet Karı ise eksi 4 milyon dolar (zarar)
- Borç/Değer %9
Açıklamalara göre:
- Takım değeri tüm takımlar için Mayıs 2014'de hesaplanmış ve mevcut stad anlaşmasını içeriyor, ve borç düşülmemiş halde (Enterprise Value/Firma Değeri)
- Faaliyet gelirleri (Faiz, amortisman, vergi ve oyuncu satış zararları öncesi kar = FAVÖK - Oyuncu satış zararları)
- Borç/Gelirler ise staddan kaynaklanan borçları da içeriyor
Galatasaray
- Team Value1
- $347 M
- (€267 M)
Team Value calculated May 2014
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At a Glance
- Owner/Controlling Shareholder:club members
- Domestic Leaque Championships:19
- Revenue: $204 M (€157 M)
- Operating Income2 : $-4.0 M (€-3 M)
- Debt/Value3 : 9%
- Match Day: $70 M
- Broadcasting: $103 M
- Commercial: $123 M
Forbes Lists
Numbers
Valuation Breakdown
- Match Day
- $70 M
- Broadcasting
- $103 M
- Commercial
- $123 M
- Brand
- $50 M
Revenues and operating income are for the 2012-13 season, converted into U.S. dollars based on June 28, 2013 exchange rates.
- Enterprise value based on current stadium deal (unless new stadium is pending) without deduction for debt (other than stadium debt).
- Earnings before interest, taxes, depreciation and amortization, player trading and disposal of player registrations.
All figures are Forbes calculations except for revenues, most of which come courtesy of Deloitte LLP's Football Money League report.
- Includes stadium debt.
Bu kısım biraz teknik oldu biliyoruz, öte yandan açıklama da yeterli teknik detay içermiyor, ama şirket değerinin nasıl hesaplandığına University of Reading'den Tom Markham'ın çalışmasından* da faydalalanarak bir özet (tahmini) yaparsak:
- Forbes kulüplerin gelirlerini Deloitte Para Ligi'nden alıyor ve kendi metodları ile düzeltiyor (ekteki Deloitte tablosu ile Forbes tablosu kıyaslanabilir)
- Forbes'un orijinal metodolojisinde, mevcut gelirlerin dışında eğer kulüp yeni bir stadyuma geçecekse ve gelirleri artacaksa, bu da değerlemede belli katsayı ile hesaba katılıyordu
- Mevcut durumda ise Forbes, mali tabloları inceleyerek, spor bankacıları/finansçıları (ülkemize uzak bir kavram) ile görüşerek her takım için operasyonel kar, borç ve takım değerlerini hesaplıyor
- Bir değerleme yöntemi FAVÖK (oyuncu alım satım zararları öncesi) rakamının her futbol şirketi için belli bir çarpanla (FD/FAVÖK) çarpılması ve kulübün değerinin bulunması şeklinde (Galatasaray dahil 4 takımda bu rakam eksi, bu nedenle bu işi zorlaştırıyor, bu metodun kullanılmasını engelliyor)
- Benzer şekilde gelir rakamları kullanılarak her kulüp için bu rakamda belli bir çarpan (FD/Gelirler) ile çarpılıyor ve buradan da bir değer bulunuyor
- Kulübün stadyum anlaşmaları ve yarattığı gelirler bu değerlere belli ölçülerde ekleniyor (açıklanmıyor)
- Çıkan değerler belli ağırlıklarla (açıklanmıyor) çarpılarak bir takım değeri (Enterprise Value: Firma değeri/girişimci değeri) bulunuyor
What is the optimal method to value a football club?
Tom Markham, ICMA Centre, Henley Business School, University of Reading, Whiteknights Campus
2.2.2 Forbes valuationForbes has been publishing valuations for the top North American sports franchises competing within the Major League Baseball (MLB), National Basketball Association (NBA), National Football League (NFL) and National Hockey League (NHL) since 1998. In 2004, the wealth orientated magazine began publishing its ‘Most Valuable Soccer Teams’ which revealed the twenty most valuable football clubs in Europe (Maidment, 2004).
The now annual Forbes feature lists the twenty-five highest valued football clubs in the world based on the magazine’s own valuation methodology. Historically, the technique favoured by Forbes in valuing clubs was based on multiples of revenue, past transaction prices and a club’s current stadium status. If a club was scheduled to move into a new stadium which will potentially increase its annual revenue, this is factored into the valuation estimate (Forbes, 2003). The 2012 valuations are based on an even vaguer model that starts with Deloitte’s Football Money League7 figures from which Forbes engages in its ‘own research which includes reviewing financial documents and speaking to sports bankers, to derive operating income, debt and values for each team’ (Ozanian, 2012).The evidence above elucidates that revenue multiples play a large part in Forbes’ club valuations.
Their figures may be comparable on an annual basis but the logic of valuing a sports franchise predominantly based on revenue figures is flawed (Vogel, 1999). This is apparent when Forbes North American sports franchise valuations between 1998 and 2003 were compared with the actual transaction price of the same sports franchises sold during the period. Results show that on average the transaction cost of the franchises was 27% higher than Forbes had estimated during the aforementioned period (Vine, 2004). A comprehensive study of the sale of 91 North American sports franchises since 1990 found that Forbes and Financial World8 valuations were on average $31.6m (£20.7m) less than the actual price the franchises sold for. Of the 91 sales; 57 were valued at less than the actual sale price with the average difference of $75m (£49.2m). The average difference for 30 of the sales was $49m (£32.2m) higher than the actual price paid with the remaining 4 sales being close to the agreed transaction price (Humphreys and Mondello, 2008).
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3.2.5 Forbes valuationForbes has been publishing its annual ‘Most Valuable Soccer Teams’ feature since 2004. In the nine years since then the list has included between six and ten EPL clubs dependant on the year. Forbes club valuations have consequently become the benchmark figures in club valuation by default. The actual valuation methods used by Forbes are not available publicly. Consequently, Table 1 is made up of all the EPL clubs included in the Forbes valuations between the 2003/04 and 2011/12 seasons.
Deloitte Para Ligi 2012/13 sonuçları (Gelirler mn Euro)
Forbes haberi:
The World's Most Valuable Soccer Teams
For the first time since Forbes began ranking the world’s most valuable soccer teams a decade ago, two Spanish teams, Real Madrid and Barcelona, have grabbed the top two spots. During the 2012-13 season Real Madrid generated revenue of $675 million–the most of any team in history in any sport–and are now worth $3.44 billion, 4% more than a year ago. Barcelona posted the second-most revenue ($627 million) and are worth $3.2 billion, up 23% from last year.
Neither Real Madrid or Barcelona have peaked due to their consistently great play on the pitch–both domestically and in the lucrative Champions League–and commercial success.
Led on the pitch by Cristiano Ronaldo, Real Madrid is in this year’s Champions League final after trouncing last year’s winner, Bayern Munich, in the semi-finals by an aggregate of 5-0. As a result, Real Madrid’s Champions League bounty will surpass the $62 million they took home last year when they wereeliminated in the semi-finals by Borussia Dortmund. Real Madrid’s success and strength as a global brand has helped it sign a $52 million a year kit deal with adidas and a $39 million per year shirt sponsorship with Emirates.
Prior to being ousted by Spanish rival Atletico Madrid in the quarter-finals of this year’s Champions League, Barcelona had made it to at least the semi-finals every year going back to 2007-08. The stellar run on Europe’s biggest stage, fueled in large part by the scoring of Lionel Messi, has enabled Barcelona to monetize its brand with a $45 million a year shirt deal with Qatar and a $44 million per year kit deal with Nike.
Manchester United is the third most valuable team, worth $2.8 billion. The English team’s value decreased 11% during the past year due to its substandard performance this season in Barclays Premier League, which will result in missing out on the next Champions League. But thanks to Manchester United’s$559 million, seven-year shirt deal with Chevrolet that begins this summer, the team’s net loss from missing out on the Champions League will only be about $35 million instead of $55 million.
Despite Uli Hoeness, the president of last year’s Champions League winner Bayern Munich, being convicted in March of tax evasion and sentenced to three and a half years in prison, the German powerhouse rose 41% in value, to $1.85 billion. Bayern Munich is closing in on a record 24th domestic title (Borussia Dortmund is a distant second with eight) and is also Germany’s most popular team, with more than 3,100 FC Bayern Fan Clubs worldwide, including over 225,000 registered fans. In 2012, Bayern Munich extended its shirt sponsorship deal with Deutsche Telekom through 2017 for an average of $42 million a year, the most of any German team.
Two newcomers to the top 20: Paris Saint-German landed in the 15th spot, worth $415 million and Galatasaray, worth $347 million, ranked 16th.
Ever since Qatar Sports Investment bought a controlling stake in the reigning French champions three years ago, the investment arm of Qatar’s sovereign wealth fund has poured a fortune into the team, including a ground-breaking,$260 million partnership with the Qatar Tourism Authority. And signing David Beckham for the 2012-13 season brought instant cache to the team, enabling it ink sponsorships with global brands like McDonald’s andPanasonic.
Galatasaray captured its second-consecutive domestic title in 2012-13 and made it to the quarter-finals of the Champions League, which earned the Turkish team $32 million in tournament distributions. And earlier this month the team secured its record 19th Turkish Süper Lig title. Galatasaray has cashed in on its success on the pitch with new sponsorships with Opel, W Collection and HCL Infosystems.
While Champions League prize money and uniform sponsorship deals often determine the pecking order of wealth within each team’s respective country, each league’s representation on our top 20 list is underpinned by the size of its domestic broadcasting deal. Five of the top 10 most valuable soccer teams are from the Premier League, which gets $2.6 billion per year from its domestic and international television rights. The next richest league deal is $1.3 billion per year for Italy’s Serie A, which has five teams among the top 20.
Our team values are enterprise values (equity plus debt) based on current stadium deals (unless a new stadium is pending). Revenues and operating income (earnings before interest, taxes, depreciation, amortization, player trading and disposal of player registration) are for the 2012-13 season, converted into U.S. dollars based on fiscal year-end exchange rates. All figures are Forbes calculations except for revenues, most of which come courtesy of Deloitte LLP’s Football Money League report.
http://www.forbes.com/teams/galatasaray/
http://www.forbes.com/teams/galatasaray/
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