Real Madrid have retained their position as the most valuable European football club for the 3rd consecutive year, with an Enterprise Value of €2,909 million, ahead of Barcelona and Manchester United, according to KPMG’s report “Football Clubs’ Valuation: The European Elite”.

For the first time, Barcelona have jumped to the 2nd position with an EV of €2,869 million, while Manchester United take the last step of the podium with an EV of €2,661 million, a 20% decrease compared to 2020.

While all three clubs on the podium increased their EV last year (Los Blancos by 8%, the Blaugrana by 19% and the Red Devils by 4%), this time they suffered an EV decline of 16%, 10% and 20%, respectively. The same three clubs have also dropped below the EUR 3 billion threshold, which they surpassed last year.

In the top 10, PSG moved up to the 8th position, overtaking Tottenham, while Juventus returned to the top 10, replacing Arsenal, who have lost six positions since the first, 2016 edition of our ranking.

Atalanta, Olympique Marseille and Fenerbahçe are new joiners in this year’s report, while West Ham, Athletic Bilbao and Beşiktaş have dropped out.

Aggregate value has decreased by €6.1 billion

The impacts of the COVID-19 pandemic have been clearly reflected by the financial performance indicators of Europe’s most prominent football clubs.

After years of constant growth, the aggregate EV of the 32 top clubs has decreased by €6.1 billion (-15%) year on year, down to €33.6 billion, a value slighty higher than 2018 level.

Broadcasting and matchday income were impacted to the greatest extent by the pandemic, whereas commercial revenues slightly increased, mainly thanks to agreements signed before the start of the health crisis.

The impact of the pandemic is apparent in clubs’ profitability as well: only seven of the top 32 clubs reported a net profit, while there were 20 profitable clubs in this elite a year before.

Operating losses of €2.7 billion

KPMG estimates aggregate operating revenues losses of €2.5-2.7 billion for the 2019/2020 season in Europe, a minus 11% year on year, when considering the top division clubs of all 55 UEFA Members Associations combined.

Clubs from the big 5 leagues would be responsible for the majority of the decrease with an estimated €1.8-1.9 billion in operating revenues decline, while the clubs from the remaining 50 European top divisions are forecasted to lose approximately €750 million in operating income.

Amongst the big 5 leagues, the Italian Serie A and the French Ligue 1 experienced the pandemic most severely, with matchday, broadcasting and commercial revenus all expected to significantly decrease.

Top 32 Most Valuable European Football Clubs 2021

1. Real Madrid (La Liga) €2,909 million
2. Barcelona (La Liga) €2,869 million
3. Manchester United (Premier League) €2,661 million
4. Bayern München (Bundesliga) €2,621 million
5. Liverpool (Premier League) €2,284 million
6. Manchester City (Premier League) €2,170 million
7. Chelsea (Premier League) €1,875 million
8. PSG (Ligue 1) €1,754 million
9. Tottenham (Premier League) €1,708 million
10. Juventus (Serie A) €1,480 million
11. Arsenal (Premier League) €1,445 million
12. Borussia Dortmund (Bundesliga) €1,220 million
13. Atletico Madrid (La Liga) €1,133 million
14. Inter Milan (Serie A) €877 million
15. Schalke 04 (Bundesliga) €502 million
16. Olympique Lyon (Ligue 1) €489 million
17. Napoli (Serie A) €485 million
18. Everton (Premier League) €455 million
19. AC Milan (Serie A) €427 million
20. Leicester City (Premier League) €424 million
21. Ajax (Eredivisie) €418 million
22. AS Roma (Serie A) €405 million
23. Valencia (La Liga) €367 million
24. Atalanta (Serie A) €364 million
25. Benfica (Liga NOS) €349 million
26. Sevilla (La Liga) €346 million
27. Galatasaray (Süperleague) €345 million
28. Lazio (Serie A) €298 million
29. FC Porto (Liga NOS) €252 million
30. Villarreal (La Liga) €239 million
31. Olympique Marseille (Ligue 1) €195 million
32. Fenerbahce (Süperleague) €184 million