KPMG’s analysis shows that Europe’s 32 leading football clubs grew by 14% in comparison to last season to a combined enterprise value of €29.9bn. 

Manchester United leads the list with an enterprise value of a little over €3bn, ahead of two Spanish clubs: UEFA Champions league winners Real Madrid CF (€2.9bn) and Barcelona (€2.7bn).

The report, now in its second edition, finds that in 2017, English Premier League clubs dominated the ranking, accounting once again for approximately 40% of the aggregate enterprise value.

KPMG says English clubs, which enjoy significantly higher broadcasting revenues than their peers, now occupy six spots in the top 10 as a result of Tottenham Hotspur FC’s rise to tenth position, replacing Paris Saint-Germain. 

The appeal Premier League enjoys for sponsors is confirmed by the finding that five of the clubs featuring in the top 10 by overall kit value are English.

This year, 10 clubs were valued in excess of €1bn, two more than in 2016, with Juventus FC and Tottenham Hotspur FC being the new entrants.

Andrea Sartori, KPMG’s Global Head of Sports and the report’s author, said: ‘The aggregate value of Europe’s 32 leading football clubs suggests that the overall value of football, as an industry, has grown. While this is partially explained by football’s broadcasting boom, the internationalisation of the clubs’ commercial operations, their investment into privately-owned and modern facilities, and overall more sustainable management practices, are also key reasons for this growth.

‘In terms of media rights value, the English Premier League sits comfortably at the top of European leagues, although other major leagues have outlined well-defined strategies to compete for the attention of global fans. However, unlike other factors, an individual club’s ability to influence their broadcasting income is often limited, despite the very evident impact this revenue stream has on their enterprise value.’

KPMG’s statistics show the overall value of Spanish clubs in the ranking increased by 10%, as a result of significant growth at Atlético de Madrid (up 34%) and Sevilla (up 44%) significant growth and the entry of Athletic Club Bilbao in the top 32 list for the first time.

Germany, which recorded an aggregate EV increase of 14%, is again represented by only three clubs. However, Bayern München is now valued at €2.4bn and has reclaimed fourth position, narrowing the gap to third placed FC Barcelona.

Defeated UEFA Champions League finalists Juventus have bucked the trend for Italian clubs to perform less well financially, reporting a 24% enterprise value growth and remained the only Italian club in the top 10.

KPMG’s Football Clubs’ Valuation: The European Elite 2017 is here.