2 018 ED I T IO N

SOCCERE X FOOTBALL FINANCE 10 0 • SUMMARY 02

SUMMARY

01 INTRODUCTION P. 0 3

02 EXECUTIVE SUMMARY P. 0 4

03 METHODOLOGY P. 0 6

04 FOOTBALL FINANCE 10 0 R ANKINGS P. 0 7

05 TOP 3 0 P. 0 9

06 CONCLUSION P. 4 0

07 AUTHORS & CONTRIBUTORS P. 4 1

SOCCERE X FOOTBALL FINANCE 10 0 • INTRODUCTION
01 INTRODUCTION
Soccerex, the global leader for the business of football, is proud to bring to you the SOCCEREX
FOOTBALL FINANCE 100 – a new study that looks at the economic power of football clubs
from a different perspective, one more in tune with the modern reality in football. The report
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
beginning of the 21st.
Over the past 15 years, international funding has reshaped the football industry, notably in recent
times with the emergence of significant Chinese investment in the game both domestically
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
demonstrated in the transfer market, would not have been visibly apparent following Roman
Abramovich’s takeover in 2003.
Working with independent academics, we wanted to engineer a different approach, supported
by innovative methodology, that evaluated the varied elements that constitute a clubs’
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
liquid assets. Crucially, we have also considered who owns the club, their contribution to date
and the potential for future investment. Finally, the club’s net debt is factored in.
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.
In the methodology chapter this is explained in depth. We cover all the markets across the globe.
Clubs were analysed from all continents, and after applying the methodology it was possible
to identify a global ranking of clubs according to their financial strength, looking beyond the
traditional “Big 5” European leagues.
Given that football currently commands the attention of billionaires around the world, many
club shareholders are extremely rich. The Football Finance 100 identifies that between Europe,
China, Mexico and the US, club owners have a total net worth of more than €450 billion.
Among the 30 richest teams in the Soccerex study, few are not owned by billionaires. However,
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
shares to minority companies or also be 100% owned by a corporation.There is also the Spanish
model that allows some clubs to avoid becoming a company. The property is maintained “in
house” thanks to club membership schemes. They are an exception in the current landscape, but
this model can also involve the participation of heavily capitalised sports tycoons.
03
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
regulations that limit the use of resources without control. For example, in the US, wage caps and
transfer regulations prevent MLS club owners – many of whom are wealthy tycoons - from making
large investments that might create an uncompetitive environment.
In Europe, UEFA created the Clubs Licensing System in 2004 and introduced its Financial Fair Play
(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
rigid expenditure regulations or control of heavy losses. This really began with the introduction
of FFP.
In the UK, with the Premier League’s aggressive expansion over the past two decades, the
presence of wealthy benefactors is an accepted part of the game. Their net worth in British
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
into major footballing economic powers. The UK model has been replicated in other markets as
evidenced at Paris Saint-Germain (PSG) and across Chinese football.
European football, at its peak, has experienced broad expansion, but many of these new giants
have accumulated heavy losses in the process, with their sustainability depending on their
owners’ soft loans or large corporate sponsorship funds linked to the owner’s family or other
business interests.
With the application of FFP in 2011, the losses were reduced and more balanced financial
structures were developed, but as has been witnessed in the most recent transfer window, clubs
– particularly those with wealthy owners - are still able to make game-changing investments.
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
of Qatar Investment Authority which has under is administration €440 billion in assets, enough in
terms of capital, to be considered a country in itself!
In comparison, the estimated net worth of Chelsea’s Roman Abramovich, once considered
football’s biggest foreign investor is “just” is €9 billion.
This new study attempts to throw some light on the current state of play in the football world
by looking at the big picture, analysing the entire business of the clubs, from return on assets
to investment strength and levels of indebtedness. We think it provides a thought-provoking
picture of the world’s most popular sport. We hope you enjoy it.
SOCCERE X FOOTBALL FINANCE 10 0 • EXECUTIVE SUMMARY
02 EXECUTIVE SUMMARY
This Soccerex study underlines that the global football landscape has changed dramatically
over the past two decades, largely due to increased investor interest - including the involvement
of billionaires from Europe, Asia Pacific, the Middle East and the Americas - along with rising
broadcasting fees.
TRENDS
As well as making a select band of clubs extremely wealthy, the overall financial health of
football clubs at the top level of the sport has also improved, creating clubs that have become
global brands and businesses.
However, as football has become more popular, transfer fees have spiralled, along with player
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.
At the same time, traditional football markets in Europe have been impacted by growing interest
in the sport from China, which has been vigorously backed by both the government and large
Chinese corporates. This resulted in increased activity in transfer windows involving clubs from
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
Saint-Germain have created a group of new contenders that have challenged the status quo,
not just in their domestic markets, but also across Europe. Evidence of the shift in football
power was seen in the recent transfer of Neymar from Barcelona to PSG.
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
such as City Football Group have expanded their franchise by acquiring new clubs in various
locations. Multi-club ownership is a trend that may continue unless regulatory measures make
it difficult to achieve.
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
potential, looks set to remain an attractive proposition and major talking point for investors for
some time.
04
INVESTORS AND MEMBERS
The Soccerex Football Finance 100 reveals that owners of the top 100 ranked clubs across the
world have a combined net worth of just over € 475bn. In China, the net worth of the owners
of the nine largest clubs amounts to € 60bn, while in the US, the richest owners’ wealth totals
some € 26bn. The owners of the top 30 clubs, as defined by this report, have a net worth of over
€ 366bn.
Billionaire-owned clubs represent just one type of business model. Clubs like Real Madrid and
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
Leverkusen, that are effectively owned by corporates.
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
more than most from the globalisation of the game, this is perhaps no surprise.
A TEAM GAME
A number of reports rank football clubs by their revenues, but very few look at factors like debt
levels, ownership involvement and potential and the value of assets. Hence, this Soccerex study
produces some eye-opening results for market watchers.
›› K clubs dominate the upper part of the rankings, providing four of the top 10 and eight
U
of the top 30, more than any other nation.
›› he remaining 22 comprises clubs from eight other countries; the US have the next
T
biggest contingent with five, Germany and Spain provide four clubs each, France and
Italy three and China, Russia and the Ukraine one each.
›› anchester City, one of the most famous cases of significant foreign investment
M
changing a club’s status and potential, top the rankings. Their owner’s high potential
investment value is complimented by a strong peformance by the club across each of
the other verticals, showing how the owner’s investment has improved the club’s overall
business.
›› A rsenal’s 2 nd place in the rankings, ahead of PSG, will surprise many and is certainly
a talking point in light of the criticism the club receives from some quarters for its
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)

04 FOOTBALL FINANCE 10 0 # CLUB COUNTRY

FFI
SCORE
PL AY ER S
VALUE
FIXED
ASSETS
CASH IN
BANK
OWNER POTENTIAL
INVESTMENT
NET
DEBT

(€ MILLIONS) 26 NAPOLI I TA 0.814 380 9 3 19 66

FFI PL AY ER S FIXED CASH IN OWNER POTENTIAL NET

# CLUB COUNTRY 27 EVERTON UK 0.775 296 12 0 70 60
SCORE VALUE ASSETS BANK INVESTMENT DEBT

MANCHESTER NEW ENGLAND

01 UK 4.883 637 534 75 788 15 28 USA 0.739 15 170 0 12 3 0
CITY REVOLUTION

02 ARSENAL UK 4.559 592 76 6 300 287 8 29 VALENCIA S PA 0.690 162 264 5 63 290

03 PSG FRA 4 .12 8 485 83 107 1, 0 5 0 18 6

30 INTER MILAN I TA 0.665 319 12 4 14 0 306
GUANGZHOU
04 CHI 3.423 46 12 0 (NA) 1,12 0 (NA) HEBEI CHINA
EVERGRANDE 31 CHI 0.649 27 25 0 196 0
FORTUNE
TOT TENHAM
05 UK 2.591 463 386 231 16 8 240
HOTSPUR 32 SOUTHAMPTON UK 0.627 239 4 28 53 84

06 REAL MADRID S PA 2.579 771 323 2 11 0 263

33 STOKE CIT Y UK 0 . 610 157 1 17 12 3 79
MANCHESTER
07 UK 2.314 524 347 307 13 3 536
UNITED
34 AC MIL AN I TA 0.581 364 20 2 39 250
08 JUVENTUS I TA 2.260 470 161 33 403 209
WEST HAM
35 UK 0.577 196 63 37 16 90
09 CHELSEA UK 2.093 624 201 0 315 400 UNITED

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

12 RB LEIPZIG GER 1. 6 8 9 182 11 0 0 384 0 38 JIANGSU SUNING CHI 0.562 42 40 0 14 0 0

13 BARCELONA S PA 1. 6 26 780 14 3 27 0 315

39 AT H L E T I C B I L B AO S PA 0 . 5 61 172 26 47 0 0

14 LA GALAXY USA 1. 593 26 239 0 371 0

40 AMÉRICA MEX 0.558 48 12 0 (NA) 70 0
AT L E T I C O
15 S PA 1. 3 91 534 141 20 149 370
MADRID
41 DYNAMO KIE V UKR 0.547 87 10 (NA) 12 3 0
16 LIVERPOOL UK 1. 370 459 171 11 75 16 3

42 TORONTO FC USA 0.545 31 214 0 4 0

BORUSSIA
17 GER 1. 3 31 409 18 8 39 0 55
DORTMUND
DEPORTIVO
43 MEX 0.532 31 16 0 0 42 0
O LY M P I Q U E GUADAL AJARA
18 FRA 1. 210 15 0 421 37 35 159
LYO N N A I S
HOUSTON
44 USA 0. 518 12 203 0 18 0
19 MONACO FRA 1.14 0 265 6 18 263 14 8 DYNAMO

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

NEW YORK RED

23 USA 0 .95 5 19 159 0 207 0 48 SCHALKE 04 GER 0.486 185 12 5 4 0 13 7
BULLS

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

25 NEW YORK CIT Y USA 0.844 18 237 0 105 0 SPORTING

50 POR 0.469 196 16 5 3 0 222
LISBON
SOCCERE X FOOTBALL FINANCE 10 0 • FOOTBALL FINANCE 10 0 R ANKINGS 08

(€ 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

51 ROMA I TA 0.464 305 8 2 30 208 76 BOCA JUNIORS ARG 0 .19 1 69 30 2 0 21

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

56 SHANGHAI SIPG CHI 0.400 58 50 (NA) 60 (NA)

81 PAC H U C A MEX 0 .17 7 41 40 (NA) 0 0
SAN JOSE
57 USA 0.393 16 16 4 0 0 0
EARTHQUAKES CHONGQING
82 CHI 0 .16 5 8 20 (NA) 39 (NA)
DANGDAI LIFAN
COLORADO
58 USA 0.389 15 95 0 54 0
RAPIDS TIANJIN
83 CHI 0 .151 44 20 (NA) 4 (NA)
QUANJIAN
59 CHICAGO FIRE USA 0.387 21 15 6 0 0 0
84 S ÃO PAU LO BRA 0 .151 64 78 2 0 112

60 SWANSE A CIT Y UK 0.370 14 8 26 27 0 57

85 CRUZEIRO BRA 0 .12 6 65 63 1 0 106

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

62 LAZIO I TA 0.360 201 41 4 3 12 7

87 PA L M EI R A S BRA 0 .11 8 65 58 7 0 115

63 INTERNACIONAL BRA 0.343 43 175 0 0 91

88 GRANADA S PA 0 .117 18 7 3 35 28

64 BENFICA POR 0.333 175 169 30 0 339

89 SUNDERLAND UK 0 .111 78 20 36 39 208

65 BOURNEMOUTH UK 0.331 12 6 12 45 4 71
90 BRIGHTON UK 0.099 59 2 3 50 12 2

66 GIRONA S PA 0.325 18 1 2 105 7

91 ASTON VILL A UK 0.092 107 13 0 39 187

67 TIJUANA MEX 0.322 44 29 (NA) 60 0

92 FLUMINENSE BRA 0.089 36 102 1 0 14 6

68 PUMAS MEX 0.299 37 10 0 0 0 0

93 INDEPENDIENTE ARG 0.079 38 15 0 0 25

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

70 TIGRES MEX 0.293 69 30 (NA) 28 0

95 GRÊMIO BRA 0 . 0 61 57 49 0 0 116

71 CORINTHIANS BRA 0.286 45 169 0 0 124

96 AT L É T I C O - M G BRA 0.054 67 59 1 0 151

72 BEIJING GUOAN CHI 0.224 23 70 (NA) 8 (NA) 97 B E S I K TA S TUR 0.015 10 0 2 2 0 14 6

73 BURNLEY UK 0.221 82 19 8 3 20 98 SANTOS BRA - 0.015 49 14 0 0 104

74 MAL AGA S PA 0.209 69 5 2 35 35 99 FENERBAHÇE TUR -0.060 85 4 2 0 176

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

05 TOP 30 MANCHESTER CIT Y

ARSENAL
TOT TENHAM HOTSPUR
MANCHESTER UNITED
The Soccerex Football Finance 100 CHELSEA
LIVERPOOL
demonstrates the financial power LEICESTER CIT Y
of football clubs across different EVERTON
continents. The top 30 in the report
features clubs from Europe, China and
North America. Despite the fervor
created by the game in countries
16 .7%
like Brazil and Argentina, there is no USA
presence from Latin America.
LA GALAXY
S E AT T L E S O U N D E R S
NE W YORK RED BULL S
NEW YORK CIT Y
30
TOP 30 CLUBS BY NUMBERS
NEW ENGLAND REVOLUTION

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

€637M FFI SCORE

4.883
# 01 FIXED ASSETS

€534M
MANCHESTER
CASH IN THE BANK
CIT Y FC € 75M

NAME NET DEBT

MANCHESTER CIT Y LIMITED
€15 M
CITY

MANCHESTER, UNITED KINGDOM

AV E R AG E AT T E N DA N C E

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†

Manchester City top the inaugural OWNERSHIP

Soccerex Football Finance 100 rankings (10 0% - CIT Y FOOTBALL GROUP)

thanks largely to the heavy investment

made by its owner Mansour bin Zayed
Al Nahyan, from Abu Dhabi. The club
possesses one of the most valuable
squads in world football, and has
invested heavily in fixed assets - the
Etihad Campus, which includes the 87%

club’s stadium and training ground. In ABU DHABI UNITED

GROUP
addition, the club has a multibillionaire
owner who has invested more than €
650 million since buying the club. In
addition to the owner’s investment,
the Premier League’s recent expansion,
fuelled by massive broadcast deals, has
also contributed to Manchester City’s
financial strength. 13 %
C H I N A M E D I A C A P I TA L

† NET WORTH OF ABU DHABI UNITED GROUP OWNER SHEIKH MANSOUR

BIN ZAYED AL NAHYAN. 10
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S

€592M FFI SCORE

4.559
# 02 FIXED ASSETS

€ 76 6 M
ARSENAL FC
CASH IN THE BANK

€300M
NAME

ARSENAL HOLDINGS PLC

NET DEBT
CITY
€8M
LONDON, UNITED KINGDOM

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

† FIGURE EQUATES TO 67% OF KROENKE’S ESTIMATED NET WORTH PLUS

30% OF ALISHER USMANOV ESTIMATED NET WORTH, IN ACCORDANCE
WITH THE PERCENTAGE OF THE CLUB THEY OWN. 11
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S

€485M FFI SCORE

4 .12 8
# 03 FIXED ASSETS

€83M
PA R I S S A I N T-
CASH IN THE BANK
GERMAIN FC €107M

NAME NET DEBT

PA R I S S A I N T- G E R M A I N
€18 6M
FOOTBALL CLUB

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

Paris Saint-Germain (PSG) is the most OWNERSHIP

recent member of the group of teams
bought by multibillionaires. In 2011, the
club was purchased by Qatar Sports
Investments (QSI), a fund linked to the
Emir, with the group’s chairman, Nasser
Al-Klelaifi assuming control of the club.
The Parisian team has become a power
in French football and on the European
scene. The assets include a valuable
team and, most notably, the wealth of
its owner. PSG can be considered as 10 0%

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

€46M FFI SCORE

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

SINCE 2 010 A ND 2 014

OWNERSHIP

Guangzhou Evergrande is the first Asian

and highest-placed non-European
club in our ranking. The most valuable 5 6 .1%

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.

† FIGURE EQUATES TO 56.1% OF EVERGRANDE GROUP CHAIRMAN XU

JIAYING’S ESTIMATED NET WORTH PLUS 37.81% OF ALIBABA GROUP
EXECUTIVE CHAIRMAN JACK MA’S ESTIMATED NET WORTH. 13
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S

€463M FFI SCORE

2.591
# 05 FIXED ASSETS

€386M
TOTTENHAM
CASH IN THE BANK
HOTSPUR FC € 2 31M

NAME NET DEBT

TOT TENHAM HOTSPUR LIMITED
€24 0M
CITY

LONDON, UNITED KINGDOM

AV E R AG E AT T E N DA N C E

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†

Tottenham Hotspur is another London OWNERSHIP

club very well positioned in our ranking.
This outstanding placing is due to
prudent investment in its fixed assets
and healthy levels of cash in bank.
Another important element has been
increased investment in wages and
transfer fees, which has been driving 85.55%

ENIC GROUP
Spurs forward over the last two years (JOE LEWIS AND
in the Premier League, in addition to DANIEL LEV Y )

the very high investment potential of

its owners. The club is 100% controlled
by English investors, something
increasingly rare in the Premier League.
The trend for 2018 is set to continue
with the completion of the works at the
new White Hart Lane stadium, which
will have a capacity of 61,000. 14.45% MINORIT Y SH A REHOL DERS

* (70,000 AT WEMBLEY)

† ESTIMATED NET WORTH OF ENIC GROUP OWNERS JOE LEWIS AND

DANIEL LEV Y. 14
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S

€ 7 71M FFI SCORE

2.579
# 06 FIXED ASSETS

€323M
REAL MADRID
CASH IN THE BANK
CF € 2 11 M

NAME NET DEBT

REAL MADRID CLUB DE FÚTBOL
€263M
CITY

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

Real Madrid is the first club in the 0

ranking not owned by a tycoon. The
club’s legal structure does not permit
this. The ownership belongs to club OWNERSHIP
members, many of whom are also season
tickets holders. Since the so-called
“Galactico” era in the early 2000’s,
Real has invested heavily in players and
hence its current squad is extremely
valuable. Its financial strength is also
built on high asset values due to the
stadium and training ground and cash
in hand, all of which contributed to the
club’s ranking. In this study, if Real was 10 0%

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

€524M FFI SCORE

2 . 314
# 07 FIXED ASSETS

€3 47M
MANCHESTER
CASH IN THE BANK
UNITED FC €3 07M

NAME NET DEBT

MANCHESTER UNITED PLC
€536M
CITY

MANCHESTER, UNITED KINGDOM

AV E R AG E AT T E N DA N C E

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†

Manchester United represents OWNERSHIP

the epitome of global football
commercialisation. Historically, United
had been a pioneer in monetizing
commercial strengths, always
maintaining the financial balance of its
operation while running low levels of
debt. However with Malcom Glazer’s
total acquisition of the club in 2015,
92.25%
debts multiplied and affected its JOEL & AVR AM GL A ZER
value – and ultimately, its position in
this ranking. Its current strength is in
its valuable team and the high value
of fixed and cash assets as well as
the enormous wealth potential of its
owners. George Soros’s investment
as a minority shareholder is another
relevant capitalisation factor.
7. 8 5 %

GEORGE SOROS

† ESTIMATED NET WORTH OF THE GLAZER FAMILY. GEORGE SOROS’

STAKE IN THE CLUB WAS DEEMED TOO SMALL TO BE INCLUDED. 16
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S

€470 M FFI SCORE

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

† ESTIMATED NET WORTH OF THE AGNELLI FAMILY. 17

SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S

€624M FFI SCORE

2.093
# 09 FIXED ASSETS

€ 2 01M
CHELSEA FC
CASH IN THE BANK

€0
NAME

CHELSEA FOOTBALL CLUB LIMITED

NET DEBT
CITY

LONDON, UNITED KINGDOM

€800M

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 )

their squad, but have also accumulated

heavy losses. The club also has a very
high amount of net debt even though the
bulk of it is owed without conditions to
Abramovich. The playing squad is the 4th
most valuable football team in the world.
Another factor that is very relevant is the
club’s fixed assets, and especially the
wealth of its owner who has never spared
efforts to inject resources into Chelsea. 18
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S

€603M FFI SCORE

2.086
# 10 FIXED ASSETS

€220M
F C B AY E R N
CASH IN THE BANK
MUNICH €101M

NAME NET DEBT

F C B AY ER N AG
€0
CITY

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

Bayern Munich is another giant of world 0

football who can compete with teams
controlled by tycoons and deliver
excellent results, both domestically OWNERSHIP
and internationally. The club has an
extremely valuable team and high asset
values. The lack of net debt is also a
significant competitive differentiator.
The club has large German companies as
minority shareholders, a characteristic
of German corporate behavior.
75%

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

€13 0 M FFI SCORE

1.75 6
# 11 FIXED ASSETS

€12 0 M
F C Z E N I T S T.
CASH IN THE BANK
PETERSBURG (NA)

NAME NET DEBT

Z E N I T S T. P E T E R S B U R G
€12 0 M
CITY

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 †

Zenit St. Petersburg is one of the oldest OWNERSHIP

clubs in Russia and represents the city
of St. Petersburg, formerly Leningrad.
The club has experienced good and
bad times, being Soviet champion and
later Russian, but has also suffered
relegated to the second division. It is
currently the best-performing Russian
team and since 2005 has been owned 10 0%

by oil and gas giant Gazprom. The GAZPROM

club reached its peak in 2007-08 when

they won the UEFA Cup, the current
Europa League. With Russia’s winning
the right to host the 2018 FIFA World
Cup, the club built a new stadium
with a construction cost of almost € 1
billion. This heavy investment will surely
take Zenit to a new level, as both
their revenues and assets will grow.

* KRESTOVSKY STADIUM (21,500 CAPACITY)

† WHEN LOOKING AT THE OWNER POTENTIAL INVESTMENT VALUE, THE

PERCENTAGE OF OWNER’S WORTH WAS DECREASED TO ACCOUNT FOR
GAZPROM BEING A CORPORATION RATHER THAN AN INDIVIDUAL OR
GROUP OF INDIVIDUALS. 20
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S

€182M FFI SCORE

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.

† ESTIMATED NET WORTH OF RED BULL OWNER DIETRICH MATESCHITZ 21

SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S

€78 0 M FFI SCORE

1. 6 2 6
# 13 FIXED ASSETS

€14 3 M
FC BARCELONA
CASH IN THE BANK

€27M
NAME

FUTBOL CLUB BARCELONA

NET DEBT
CITY

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

Barcelona is another club owned by its E S T. O W N E R / S N E T W O R T H

members – many of them being season
ticket holders. After undergoing a
0
restructuring of its management in
2003, the club has enjoyed the best
sporting achievements of its history. OWNERSHIP
The Catalan club has one of the most
valuable football squads, its greatest
strength. The inferior value of its assets,
compared to its rivals, and the value of
its debt prevented a better ranking.

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

€26M FFI SCORE

1. 5 9 3
# 14 FIXED ASSETS

€239M
LA GALAXY
CASH IN THE BANK

(NA)
NAME

LOS ANGELES GAL A X Y

NET DEBT
CITY

LOS ANGELES, USA

(NA)

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.

† ESTIMATED NET WORTH OF AEG OWNER PHILIP ANSCHUTZ. 23

SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S

€534M FFI SCORE

1. 3 9 1
# 15 FIXED ASSETS

€141M
AT L E T I C O
CASH IN THE BANK
MADRID €20M

NAME NET DEBT

C L U B AT L É T I C O D E M A D R I D S A D
€370M
CITY

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†

Atlético de Madrid, a long-time leader in OWNERSHIP

Spanish football, has grown significantly
in recent years, winning titles and
reaching two UEFA Champions League
finals. In 2015, the club attracted
one of the richest businessmen in 52%

MIGUEL ÁNGEL GIL MARIN

China as an investor. Atlético recently
moved to a new stadium, the Wanda
Metropolitano, which should help the
future development of its businesses.
The greatest strength is in its playing
squad, currently the world’s 7th most
valuable, and the sizeable potential 20%

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

† FIGURE EQUATES TO 20% OF WANG JIANLIN’S ESTIMATED NET WORTH. 24

SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S

€459M FFI SCORE

1. 3 70
# 16 FIXED ASSETS

€171M
LIVERPOOL FC
CASH IN THE BANK

€ 11 M
NAME

THE LIVERPOOL FOOTBALL CLUB AND

AT H L E T I C G R O U N D S L I M I T E D NET DEBT

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.

† ESTIMATED NET WORTH OF FENWAY SPORTS GROUP OWNER, JOHN

W. HENRY. 25
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S

€409M FFI SCORE

1. 3 31
# 17 FIXED ASSETS

€18 8 M
BORUSSIA
CASH IN THE BANK
DORTMUND €39M

NAME NET DEBT

BORUSSIA DORTMUND
GMBH & CO. KGA A
€55M

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 %

experienced a deep restructuring in EVONIK INDUSTRIES AG

its management which was decisive for

its current success. In 2005, Dortmund 9. 0 1%
BERND GESKE

suffered a heavy financial crisis and its

5.53%
debts exceeded € 180 million. The club BORUSSIA DORTMUND

5.43%
currently has a valuable squad, 13 th by SIGNAL IDUNA

market value, good asset values and 5%

PUMA
carefully managed levels of net debt.
The club is also the best supported in
world football in terms of average home
attendances.

60.25%

F R E E F LOAT

26
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S

€15 0 M FFI SCORE

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

NAME NET DEBT

O LY M P I Q U E LYO N N A I S ( O L G R O U P E )
€159 M
CITY

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 †

After its complete restructuring in OWNERSHIP

1999, Olympique Lyonnais became
the leading power in French football.
2 7. 8 8 %
The club raised capital on the stock JEAN-MICHEL AUL AS
exchange and became deeply
capitalised. The global financial crisis in
2008-09 affected its business like most
clubs operating on the stock market. OL 2 3 . 81%

Groupe currently has a broader investor JÉRÔME SEYDOUX

base, including Jérôme Seydoux and
Chinese fund IDG capital partners. In
January 2016, the club inaugurated its
20%
new stadium, resulting in a substantial I D G C A P I TA L PA R T N E R S
increase in assets. The Lyon squad is
ranked 35 th by value in the world. 0.07% BOARD OF MEMBERS

28.24%

F R E E F LOAT

† FIGURE BASED  TO 23.81% OF SEYDOUX FAMILY ESTIMATED NET WORTH

IN ACCORDANCE WITH THE PERCENTAGE OF THE CLUB THEY OWN. 27
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S

€265M FFI SCORE

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

† ESTIMATED NET WORTH OF AS MONACO PRESIDENT, DMITRY

RYBOLOVLEV 28
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S

€ 210 M FFI SCORE

1 .11 9
# 20 FIXED ASSETS

€72M
LEICESTER
CASH IN THE BANK
CIT Y FC € 41M

NAME NET DEBT

LEICESTER CIT Y FOOTBALL CLUB
LIMITED
€14 M

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%

club’s history. Leicester City is owned KING POWER

I N T E R N AT I O N A L G R O U P
by a Thai tycoon, which creates a big (VICHAI
differential in competing in the market. SRIVADDHANAPR ABHA )
The squad is the 22 th most valuable in
the global market, but its low debts and
high value of its owner’s equity give
the club a prominent position in the
ranking.

† ESTIMATED NET WORTH OF LEICESTER CITY CHAIRMAN, VICHAI

SRIVADDHANAPRABHA. 29
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S

€229M FFI SCORE

1. 0 0 2
# 21 FIXED ASSETS

€90M
B AY E R
CASH IN THE BANK
LEVERKUSEN (NA)

NAME NET DEBT

B AY ER 0 4 L E V ER K U S EN
FUSSBALL GMBH
(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

€10 8 M FFI SCORE

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)

NAME NET DEBT

F U T B O L N I Y K L U B S H A K H TA R
(NA)
CITY

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†

Shakhtar Donetsk is another good OWNERSHIP

example of a club that has grown
considerably since being acquired by
a tycoon. The owner is the richest man
in Ukraine and, under his control, the
trophies have multiplied. All the national
trophies won by the club came after the
1996 arrival of Rinat Akhmetov. The 10
10 0%
league titles have been won since 2000. R I N AT A K H M E TO V
In 1999, Mr Akhmetov built the club’s ( S Y S T E M C A P I TA L
MANAGEMENT )
modern stadium, on par with the best in
the world at that time. But the conflict
between Ukraine and Russia over the
peninsula of Crimea directly impacted
the club - the stadium was damaged by
military attacks in August 2014 and the
club was forced to play outside Donetsk.
Its ranking is a result of the wealth of its
owner, its fixed assets and the value of its
squad of players, the 42nd most valuable
in the world. * AVERAGE ATTENDANCE FELL DRASTICALLY, DUE TO THE IMPOSSIBILITY
OF PLAYING ON ITS OWN GROUND. AT DONBASS ARENA, IN DONETSK,
THE AVERAGE HAS SURPASSED 30,000 PER MATCH.

† ESTIMATED NET WORTH OF SHAKHTAR DONETSK PRESIDENT, RINAT

AKHMETOV 31
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S

€637M FFI SCORE

0 .9 5 5
# 23 FIXED ASSETS

€534M
NEW YORK
CASH IN THE BANK
RED BULLS € 75M

NAME NET DEBT

NEW YORK RED BULLS
€15 M
CITY

NEW YORK, USA

AV E R AG E AT T E N DA N C E

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 †

The New York Red Bulls were the first OWNERSHIP

major football club acquired by the
Austrian energy drink conglomerate,
Red Bull GmbH, as part of Dietrich
Mateschitz’s strategy to diversify the
company’s investment into mainstream
sports. The company had previously
enjoyed success with the ownership of a
Formula 1 team, and decided to acquire
the control of various football clubs in
10 0%
different countries – an approach later RED BULL
adopted by the City Football Group, ( D I E T R I C H M AT E S C H I T Z )

which created the Red Bulls rivals, New

York City FC. Although MLS rules (such
as salary cap and the home grown player
rule) may deter owners from spending
too much on player signings, the owner’s
wealthy pockets have allowed the club
to sign important “designated players”
throughout the years (such as the French
international Thierry Henry) and, more
importantly, to make a massive investment
in infrastructure, with the construction of
the Red Bull Arena, in 2010.    † ESTIMATED NET WORTH OF RED BULL OWNER DIETRICH MATESCHITZ 32
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S

€19 M FFI SCORE

0.860
# 24 FIXED ASSETS

€266M
S E AT T L E
CASH IN THE BANK
SOUNDERS FC (NA)

NAME NET DEBT

S E AT T L E S O U N D E R S F C
(NA)
CITY

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†

A solid business model underpins OWNERSHIP

Seattle Sounders, the latest club to
bear a name that dates back decades
in North American soccer. Although
the MLS generates values ​​somewhat
lower than other leagues, the financial
strength of the Seattle team is notable.
Sounders are one of the most valuable
clubs in the Americas thanks to the
10 0%
strength of its assets as well as the ADRIAN HANAUER, JOE
enormous investment potential of R OT H , PAU L A L L E N , D R E W
CAREY
its owners. Despite some peculiar
regulations by the MLS, such as the
league’s salary cap, clubs are allowed
to circumvent that cap with the hiring
of a number of “designated players”
under the so-called “Beckham rule”.
That means that, in theory, the club still
has an enormous potential to invest in
assets, including players. The Sounders’
strengths are in the high value of the
Century Link Field stadium and owner
wealth. † FIGURE EQUATES TO 15% OF PAUL ALLEN’S ESTIMATED NET WORTH IN
ACCORDANCE WITH THE PERCENTAGE OF THE CLUB HE OWNS. 33
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S

€18 M FFI SCORE

0.844
# 25 FIXED ASSETS

€237M
NEW YORK
CASH IN THE BANK
CIT Y FC (NA)

NAME NET DEBT

NEW YORK CIT Y FOOTBALL CLUB
(NA)
CITY

NEW YORK, USA

AV E R AG E AT T E N DA N C E

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†

New York City FC, along with Orlando OWNERSHIP

City, joined MLS in 2015. The arrival
of the club made a huge impact in
the league and it has already become
one of its most valuable. The club is
part of the City Football Group (which
also owns Manchester City FC) and
enjoys the support of the group that 80%

manages the baseball club NY Yankees, CIT Y FOOTBALL GROUP

the most valuable franchise in the US.
The strength of the New York club is
its assets and especially the potential
investment of its owners. The squad
value is rated only 98 th in the world.

20%

YA N K E E G LO B A L
ENTERPRISES

† NET WORTH OF ABU DHABI UNITED GROUP OWNER SHEIKH MANSOUR

BIN ZAYED AL NAHYAN. 34
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S

€380M FFI SCORE

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

€296M FFI SCORE

0.775
# 27 FIXED ASSETS

€12 M
EVERTON FC
CASH IN THE BANK

€0
NAME

EVERTON FOOTBALL CLUB LIMITED

NET DEBT
CITY

LIVERPOOL, UNITED KINGDOM

€60M

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

29% MINORIT Y SHAREHOLDERS

† ESTIMATED NET WORTH OF FARHAD MOSHIRI. 36

SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S

€15 M FFI SCORE

0.739
# 28 FIXED ASSETS

€17 0 M
NEW ENGLAND
CASH IN THE BANK
REVOLUTION (NA)
NAME

NEW ENGLAND REVOLUTION

NET DEBT
CITY

FOXBOROUGH, MA, USA

(NA)

FOUNDED
AV E R AG E AT T E N DA N C E
6 JUNE 19 95
2 0 ,1 8 0

The New England Revolution is one of

E S T. O W N E R / S N E T W O R T H
the founders of the MLS and one of
the most long-standing franchises in
€3.5M
soccer. The club is owned by billionaire
Robert Kraft and family. They also
own one of America’s most successful OWNERSHIP
sporting club, NFL’s New England
Patriots, who also play in the Gillette
Stadium. The Revs, as there are known,
have alternated strong seasons with
weaker ones. Backed by the Kraft’s
financial power, the club has reached
the finals of the MLS Cup five times
without ever winning it. Despite its
enormous potential, the club has so far
failed to cause a major impact in terms
10 0%
of signing big names as designated ROBERT K. KRAFT
players.

37
SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S

€16 2 M FFI SCORE

0.690
# 29 FIXED ASSETS

€263M
VA L E N C I A C F
CASH IN THE BANK

€5M
NAME

VALENCIA CLUB DE FÚTBOL, SAD

NET DEBT
CITY
€290M
VA L E N C I A , S PA I N

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%

majority of the club (70.4%) in 2014. PETER LIM

His personal financial power is a major
contributor to Valencia’s inclusion in
the top 30 of the Soccerex ranking.
Valencia’s relatively high debt, however,
prevents the “murciélagos” (the bats)
to feature higher in the list.  

2 9. 6% M I N O R I T Y S H A R E H O L D E R S

† ESTIMATED NET WORTH OF PETER LIM. 38

SOCCERE X FOOTBALL FINANCE 10 0 • TOP 30
PL AY ER S

€637M FFI SCORE

0.665
# 30 FIXED ASSETS

€534M
INTER MILAN
CASH IN THE BANK

€ 75M

NAME NET DEBT

FOOTBALL CLUB INTERNA ZIONALE
M I L A N O S . P. A .
€15 M

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

28 JUNE 2 016 BY SUNING GROUP

€4BN†

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

† ESTIMATED NET WORTH OF SUNNING COMMERCE GROUP FOUNDER,

ZHANG JINDONG. 39
SOCCERE X FOOTBALL FINANCE 10 0 • CONCLUSION 40

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

07 AUTHORS & CONTRIBUTORS AMIR SOMOGGI

This report was prepared for Soccerex by independent sports business expert, Amir Somoggi
in partnership with JF Sports Consulting, with additional editorial support provided by Neil
Jensen of Isherwood Editorial.
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
hundreds of reports, surveys and articles in the field of sports, and columnist for Lance! - Brazil’s
most prominent sports paper. He specialises in consultancy to clubs, sponsors, agencies and
investors and has extensive experience in sport marketing projects, sponsorship, branding,
football clubs´ “globalisation” projects, financial viability and business planning.

SOCCEREX
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
worldwide.
Working closely with regional governments, football federations, major leagues and clubs,
Soccerex have delivered over 40 events in 16 different cities around the world, uniting more
than 50, 000 business and football figures to further their different commercial and sporting
objectives.
NEIL JENSEN, ISHERWOOD EDITORIAL
Neil Jensen is an experienced business and football writer and columnist specialising in
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
career retirement to concentrate on freelance writing through his UK-based agency, Isherwood
Editorial. He is a former football club director and the editor of the award-winning website
Game of the People (www.gameofthepeople.com).

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. 

JF Sports Consulting is headed by Joao Frigerio, a sports business professional with an

established career in the industry. He is a confirmed strategic problem-solver with extensive
experience in creating solutions and developing innovative plans to drive business objectives
for clients across multi-sectors.
SOCCERE X FOOTBALL FINANCE 10 0 • 2018 EDITION

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