Escalating payouts from television agreements, shirt and kit deals, sponsors, and the Champions League are continuing to fuel higher values for the world’s top soccer teams. As a result, investors who feasted on soccer teams during the past decade or so are now looking very smart–especially those who bought English teams.
UEFA increased the Champions League payout by roughly 50% for the three cycle beginning with 2015-16. This year’s final, to be played at San Siro in Milan, Italy, between Spain’s Real Madrid and Atletico Madrid, will earn each team over $100 million.
| Top Champions League Distributions 2014-15 | |
| (April 20, 2016 exchange rate) | |
| Team | Payment |
| 1. Juventus | $101 mil |
| 2. Barcelona | $69 mil |
| 3. Paris Saint-Germian | $64 mil |
| 4. Real Madrid | $59 mil |
| 5. AS Monaco | $59 mil |
| 6. Bayern Munich | $57 mil |
| 7. AS Roma | $52 mil |
| 8. Manchester City | $52 mil |
| 9. Atletico Madrid | $50 mil |
| 10. Chelsea | $44 mil |
The 20 most valuable soccer teams in the world are worth an average of $1.44 billion, 24% more than the top 20 teams were worth a year ago. Credit richer television deals, like the three-year, $7.9 billion agreement between the English Premier League with Sky Sports and BTSport that starts with the 2016-17 season, and more lucrative uniform deals, the prime example being the $130 million a year arrangement between Manchester United and Adidas .
The most valuable team for the fourth consecutive year is Real Madrid, which is taking on Atletico Madrid in this year’s Champions League final. Real Madrid has generated more revenue than any soccer team for 11 straight seasons. Real is worth $3.65 billion, 12% more than last year and more than any sports team in the world not named the Dallas Cowboys ($4 billion).
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| Most Valuable Sports Teams | |
| Team | Value |
| 1. Dallas Cowboys | $4 bil |
| 2. Real Madrid | $3.65 bil |
| 3. Barcelona | $3.55 bil |
| 4. Manchester United | $3.32 bil |
| 5. New England Patriots | $3.2 bil |
Nipping at Real’s heels are Barcelona, worth $3.55 billion, also 12% higher than a year ago. Barcelona may soon overtake their Spanish rival because of a $400 million remaking of its home grounds, Camp Nou, which is expected to be completed in about five years.
The third most valuable team is Manchester United, which is publicly traded. The listed shares had an enterprise value of around $3 billion at the time I was wrapping up my list. But I reckon there’s a discount built into the price given the Glazer family’s controlling interest. I peg the value of the Red Devils at $3.32 billion, 7% more than last year. With operating income of $190 million during the 2014-15 season, Manchester United is the most profitable team on our list, but sits behind the NFL’s Dallas Cowboys ($270 million) and New England Patriots ($195 million) among all sports teams.
The Premier League’s large advantage in television money explains why eight of the top 20 most valuable soccer teams are English, as well as five of the top 10. Even in the U.S., where the Premier League and Bundesliga have deals with NBC Sports and Fox Sports, respectively, television ratings have been solid for the English side and weak for the Germans. Still, the German league’s next domestic television deal, currently being negotiated, should be at least 30% higher then its current agreement. It is the aggregate television and sponsorship payouts that largely determine the order of the 20 most valuable teams.
| The Five Biggest Domestic TV Deals In Sports | ||
| League | Annual Average | Period |
| National Football League | $6.68 bil | 2014-21 |
| English Premier League | $2.60 bil | 2017-19 |
| National Basketball Assoc. | $2.67 bil | 2016-23 |
| Major League Baseball | $1.55 bil | 2014-21 |
| Italian Serie A | $1.08 bil | 2016-18 |
| The Five Biggest Domestic TV Deals In Soccer | ||
| League | Annual Average | Period |
| English Premier League | $2.60 bil | 2017-19 |
| Italian Serie A | $1.08 bil | 2016-18 |
| Spanish La Liga | $972 mil | 2017-19 |
| French Ligue 1 | $798 mil | 2017-20 |
| German Bundesliga | $690 mil | 2014-17 |
Each of the top European leagues–Premier, Serie A, La Liga, Bundesliga–allocate television moneydifferently with the goal of trying to have both competitive leagues and reward teams for their performance on the pitch. Beginning with the 2016-17 season, La Liga, which has allowed team to negotiate individual deals, will use a centralized system that slices the money far more evenly. The upshot will be to diminish the huge advantage Real Madrid and Barcelona have had in television revenue. Here are the soccer teams that earned the most from television during the 2014-15 season.
| Soccer Team TV Earnings 2014-15 | |
| Team TISI +% | Amount |
| 1. Barcelona | $192 mil |
| 2. Real Madrid | $189 mil |
| 3. Chelsea | $167 mil |
| 4. Manchester City | $166 mil |
| 5. Manchester United | $163 mil |
| 6. Arsenal | $163 mil |
| 7. Liverpool | $156 mil |
| 8. Tottenham Hotspur | $150 mil |
| 9. Southampton | $139 mil |
| 10. Everton | $136 mil |
| 11. Swansea City | $136 mil |
| 12. Newcastle United | $131 mil |
| 13. Stoke City | $131 mil |
| 14. Crystal Palace | $103 mil |
| 15. West Ham United | $129 mil |
| 16. Wst Bromwich Albion | $123 mil |
| 17. Leicester City | $121 mil |
| 18. Aston Villa | $116 mil |
| 19. Juventus | $113 mil |
| 20. Hull City | $112 mil |
These teams rake in the most money from shirt, kit and stadium naming rights sponsors (including training grounds).
| Teams That Make Most Money From Kit and Shirt Deals | |
| (includes stadium and training ground naming rights) | |
| Team | Annual Average |
| 1. Real Madrid | $220 mil |
| 2. Manchester United | $209 mil |
| 3. Bayern Munich | $111 mil |
| 4. Chelsea | $99 mil |
| 5. Arsenal | $86 mil |
| 6. Barcelona | $81 mil |
| 7. Liverpool | $79 mil |
| 8. Manchester City | $74 mil |
| 9. Juventus | $53mil |
| 10. Paris Saint-Germain | $51 mil |
Our valuations are not strictly correlated with revenue. For example, Arsenal, which generated revenue of $524 million during 2014-15, are ranked fifth with a value of $2.02 billion, while Manchester City, which had revenue of $558 million, are ranked sixth with a value of $1.92 billion. I think a prospective buyer would pay more for the London team because of its decisive market advantage. One way this is already expressed is with Arsenal’s Premier League-leading ticket price. Arsenal gets $2,895 versus $1,294 for Man City.
| Soccer’s Most Expensieve Season Tickets 2015-16 | |||
| 1. AC Milan: $5,177 | |||
| 2. Palmero: $4,305 | |||
| 3. Lazio: $4,304 | |||
| 4. Fiorentina: $3,814 | |||
| 5. Arsenal: $2,895 | |||
| 6. Tottenham Hotspur: $2,725 | |||
| 7. Inter Milan: $2,588 | |||
| 8. Real Madrid: $2,099 | |||
| 9. Chelsea: $1,798 | |||
| 10. AS Roma: $1,740 | |||
Meanwhile, as revenue has increased significantly for these teams, those who invested in them have made a bundle–at least on paper.
In 2003, Roman Abramovich paid $233 million for Chelsea, and poured in a few hundred million more underwriting losses to turn the team around on the pitch by bringing to London players like Arjen Robben and Ashley Cole. Chelsea won the Champions League in 2012 and the Premier League title last year.
I think Chelsea is worth $1.7 billion today.
The Glazer family gained control of Manchester United in 2005 at a $1.47 billion valuation. The publicly traded team now has an enterprise value of $3.3 billion and in 2015 was the third-most profitable sports team in the world. The Red Devils have won the Premier League five times since the Glazers took control and own a record 20 English domestic league titles.
In 2008, Sheikh Mansour bought Manchester City for $360 million and, like Abramovich, investedhundreds of millions more underwriting losses to sign top players, like Robinho and Nigel de Jong, to eventually make the horrid team a champion. How much could City fetch today? At least $1.92 billion.
Five years ago, Stan Kroenke bought control of Arsenal for $1.2 billion. I think the London team, whichcharges the most for match day and season tickets in the Premier League, are worth $2 billion.
Even LeBron James has gotten into the act. The Cleveland Cavaliers superstar became an investor in Liverpool after John Henry paid $476 million for the Reds in 2010. Both Henry and James have made out like bandits as Liverpool are now worth $1.5 billion.
But undervalued teams were also found teams in Italy, France and Germany (sort of).
In 2011, a group of U.S. investors bought AS Roma for $400 million. Although the Italian team is losing money, I reckon it’s now worth over $500 million. After placing seventh in the Serie A in 2009, Roma finished second in both 2014 and 2015, making the Champions League. As a result, the team’s revenue has increased to $217 million from $150 million the past five years. Roma is also moving towards a new stadium and entertainment grounds.Indonesian Erik Thohir bought Inter Milan for $480 million in 2013. Prior to Thohir, Inter were anaging team with directionless management. Inter are currently contemplating either building a new stadium, or renovating San Siro, which they share with rival AC Milan. I peg Inter’s value at $559 million.
In France, Paris Saint-Germian was bought by a Qatari state investment company for about $143 million in 2011. For decades, watching PSG was like watching an English match circa 1984: poor soccer, scary fans, empty seats. No more. After taking control, Qatar Sports Investment went on a massive spending spree to bring in big name players like in French football: Javier Pastore, Thiago Silva, Ezequiel Lavezzi, Zlatan Ibrahimovic, and David Beckham, costing Qatar Sports hundreds of millions. The payoff? PSG has won the Lique 1 title each of the past four seasons.
Next door, Bayern Munich sold an 8.3% stake to insurance company Allianz for $150 million in early 2014 (German soccer teams sell their shares about as often as it snows in June). My math shows the $1.8 billion valuation that deal placed on the soccer team was a bargain. Bayern’s current value: $2.7 billion.
| Soccer Team Deals | ||||
| Team | Buyer | Year | Purchase Price | Current Value |
| Chelsea | Roman Abramovich | 2003 | $233 mil | $1.66 bil |
| Manchester United | Glazer family | 2005 | $1.47 bil | $3.32 bil |
| Manchester City | Sheikh Mansour | 2008 | $360 mil | $1.92 bil |
| Liverpool | John Henry | 2010 | $476 mil | $1.55 bil |
| Arsenal | Stan Kroenke | 2011 | $1.2 bil | $2.02 bil |
| AS Roma | Four-person investor group | 2011 | $400 mil | $508 mil |
| Paris Saint-Germain | Qatar Sports Investments | 2011 | $143 mil | $814 mil |
| Inter Milan | Erik Thohir | 2013 | $480 mil | $559 mil |
Yes, Chelsea and Man City suffered huge operating losses while rebuilding but they are now very profitable.
AC Milan will be next term sold and liked man city and Chelsea will need significant investment to turn around before profitable. Look for Milan, which lost $100 million during the 2014-15 season,, to be acquired by a group of Chinese investors for between $825 million and $835 million this summer.
Players are making much more money, too, and not just because of their superior skills on the pitch. Cristiano Ronaldo, Lionel Messi, Neymar, Louis Suarez and Zlatan Ibrahimovic are enormous social media stars with global name recognition akin to famous movie stars. These players get paid so handsomely by their teams and sponsors because they help monetize the huge, real-time social media networks that their respective teams represent.
http://www.forbes.com/soccer-valuations/list/#tab:overall
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