2018 EDITION
SOCCEREX FOOTBALL FINANCE 100 SUMMARY 02 SUMMARY 01 INTRODUCTION P. 0 3 02 EXECUTIVE SUMMARY P. 0 4 03 METHODOLOGY P. 0 6 04 FOOTBALL FINANCE 100 RANKINGS P. 07 05 TOP 30 P. 0 9 06 CONCLUSION P.4 0 07 AUTHORS & CONTRIBUTORS P.41
SOCCEREX FOOTBALL FINANCE 100 INTRODUCTION 03 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. 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.
SOCCEREX FOOTBALL FINANCE 100 EXECUTIVE SUMMARY 04 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. 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. UK clubs dominate the upper part of the rankings, providing four of the top 10 and eight of the top 30, more than any other nation. The remaining 22 comprises clubs from eight other countries; the US have the next biggest contingent with five, Germany and Spain provide four clubs each, France and Italy three and China, Russia and the Ukraine one each. Manchester City, one of the most famous cases of significant foreign investment 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. Arsenal 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.
SOCCEREX FOOTBALL FINANCE 100 EXECUTIVE SUMMARY 05 Leading 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. Chelsea, the other big European club often associated with heavy owner investment, 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. Spanish powerhouses Real Madrid and Barcelona, who invariably feature at the head 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. Unsurprisingly, the European clubs in the top 20 are the clubs that have dominated 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. The United States is the joint second most represented country in the top 30, ahead of the likes of Germany and Spain, largely due to solid business models, high value of assets (e.g. stadiums) and strong investors. Despite the rich football heritage of the region, notable absentees from the top 30 are 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.
SOCCEREX FOOTBALL FINANCE 100 METHODOLOGY 06 03 METHODOLOGY This study has been carried out for Soccerex by specialists in sports financial valuations. The idea was to bring a new model to evaluate the financial strength of football clubs around the world, using a bespoke methodology, in line with the current reality of the market. This financial evaluation individually analyses the construction of the assets of each club, its economic power for future investments and its net debts. The analysis is based on balance sheets and annual reports published by the clubs, as well as other renowned sources of information such as UEFA, Financial Times, Bloomberg, Yahoo Finance, Forbes, Transfermarkt and Hoovers. For this edition, the financial year analysed was 2015-16. The methodology is constructed on five variables that go towards making up the final calculation of each team: A) Playing Assets B) Fixed Assets (i.e. team s stadiums, training centres and other properties) C) Cash in the bank D) Owner Potential Investment* E) Net Debt 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 their investment in players is a key business tool for many clubs. The management of fixed assets and cash in bank are fundamental for the most efficient 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 powerhouses precisely because they have been able to increase the return of investment to their shareholders, thanks to asset growth. The owner s net worth was considered as an important factor for the evaluation of the teams financial strength. In situations where a club does not have one owner or ownership group e.g. members clubs such as Real Madrid and Barcelona - they are attributed a value of zero in for that variable. Also, some tycoons have multiple clubs, in different countries. In these instances, in our 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. Net debt is the final variable and its deduction is important to finish the valuation, according to 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. Clubs that do not have moguls as owners have had their calculations restricted to valuing their assets and deducting debts. Some of them showed strength in their asset management and they are featured in the survey. 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 FOR A CLUB A FFI Score + B FFI Score + C FFI Score** + D FFI Score** E FFI Score *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 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.
SOCCEREX FOOTBALL FINANCE 100 FOOTBALL FINANCE 100 RANKINGS 07 04 FOOTBALL FINANCE 100 # CLUB COUNTRY F F I SCORE VALUE F I X E D ASSETS ( MILLIONS) CASH IN BANK OWNER POTENTIAL INVESTMENT N E T DEBT ( MILLIONS) 26 NAPOLI ITA 0.814 380 9 3 19 66 # CLUB COUNTRY F F I SCORE VALUE F I X E D ASSETS CASH IN BANK OWNER POTENTIAL INVESTMENT N E T DEBT 27 EVERTON UK 0.775 296 12 0 70 60 01 MANCHESTER UK 4.883 637 534 75 788 15 28 NEW ENGLAND REVOLUTION USA 0.739 15 170 0 123 0 02 ARSENAL UK 4.559 592 766 300 287 8 29 VALENCIA SPA 0.690 162 264 5 63 290 03 PSG FRA 4.128 485 83 107 1,050 186 04 05 GUANGZHOU EVERGRANDE TOTTENHAM HOTSPUR CHI 3.423 46 120 (NA) 1,120 (NA) UK 2.591 463 386 231 168 240 06 REAL MADRID SPA 2.579 771 323 211 0 263 07 MANCHESTER UNITED UK 2.314 524 347 307 133 536 08 JUVENTUS ITA 2.260 470 161 33 403 209 09 CHELSEA UK 2.093 624 201 0 315 400 10 BAYERN MUNICH GER 2.086 603 225 101 0 0 30 INTER MILAN ITA 0.665 319 12 4 140 306 31 HEBEI CHINA FORTUNE CHI 0.649 27 25 0 196 0 32 SOUTHAMPTON UK 0.627 239 4 28 53 84 33 STOKE UK 0.610 157 1 17 123 79 34 AC MILAN ITA 0.581 364 20 2 39 250 35 36 WEST HAM UNITED NEWCASTLE UNITED UK 0.577 196 63 37 16 90 UK 0.563 134 88 2 91 120 11 ZENIT ST.PETERSBURG RUS 1.756 130 120 (NA) 508 120 37 ORLANDO USA 0.563 23 217 0 14 0 12 RB LEIPZIG GER 1.689 182 110 0 384 0 13 BARCELONA SPA 1.626 780 143 27 0 315 14 LA GALAXY USA 1.593 26 239 0 371 0 15 ATLETICO MADRID SPA 1.391 534 141 20 149 370 16 LIVERPOOL UK 1.370 459 171 11 75 163 17 18 BORUSSIA DORTMUND OLYMPIQUE LYONNAIS GER 1.331 409 188 39 0 55 FRA 1.210 150 421 37 35 159 19 MONACO FRA 1.140 265 6 18 263 148 38 JIANGSU SUNING CHI 0.562 42 40 0 140 0 39 ATHLETIC BILBAO SPA 0.561 172 26 47 0 0 40 AMÉRICA MEX 0.558 48 120 (NA) 70 0 41 DYNAMO KIEV UKR 0.547 87 10 (NA) 123 0 42 TORONTO FC USA 0.545 31 214 0 4 0 43 44 DEPORTIVO GUADALAJARA H O U S T O N DYNAMO MEX 0.532 31 160 0 42 0 USA 0.518 12 203 0 18 0 20 LEICESTER UK 1.119 210 72 41 151 14 45 PORTLAND TIMBERS USA 0.516 26 184 0 21 0 21 B A Y E R LEVERKUSEN GER 1.002 229 90 0 112 0 46 AJAX NED 0.515 115 33 70 0 0 22 SHAKHTAR DONETSK UKR 0.993 108 180 (NA) 133 (NA) 47 MONTERREY MEX 0.501 66 100 (NA) 51 0 23 NEW YORK RED BULLS USA 0.955 19 159 0 207 0 48 SCHALKE 04 GER 0.486 185 125 4 0 137 24 S E A T T L E SOUNDERS USA 0.860 19 266 0 87 0 49 SPARTAK MOSCOW RUS 0.478 95 0 (NA) 126 50 25 NEW YORK USA 0.844 18 237 0 105 0 50 SPORTING LISBON POR 0.469 196 165 3 0 222
SOCCEREX FOOTBALL FINANCE 100 FOOTBALL FINANCE 100 RANKINGS 08 ( MILLIONS) ( MILLIONS) # CLUB COUNTRY F F I SCORE VALUE F I X E D ASSETS CASH IN BANK OWNER POTENTIAL INVESTMENT N E T DEBT # CLUB COUNTRY F F I SCORE VALUE F I X E D ASSETS CASH IN BANK OWNER POTENTIAL INVESTMENT N E T DEBT 51 ROMA ITA 0.464 305 8 2 30 208 76 BOCA JUNIORS ARG 0.191 69 30 2 0 21 52 PORTO POR 0.446 206 140 13 0 234 77 SHANDONG LUNENG TAISHAN CHI 0.191 27 40 (NA) 16 (NA) 53 SEVILLA SPA 0.446 199 10 31 0 65 54 SPORTING KANSAS USA 0.426 14 181 0 0 0 55 CRYSTAL PALACE UK 0.411 167 12 11 25 52 56 SHANGHAI SIPG CHI 0.400 58 50 (NA) 60 (NA) 57 58 S A N J O S E EARTHQUAKES COLORADO RAPIDS USA 0.393 16 164 0 0 0 USA 0.389 15 95 0 54 0 59 CHICAGO FIRE USA 0.387 21 156 0 0 0 60 SWANSEA UK 0.370 148 26 27 0 57 61 ATLÉTICO-PR BRA 0.361 33 182 2 0 77 62 LAZIO ITA 0.360 201 41 4 3 127 63 INTERNACIONAL BRA 0.343 43 175 0 0 91 64 BENFICA POR 0.333 175 169 30 0 339 65 BOURNEMOUTH UK 0.331 126 12 45 4 71 78 SHANGHAI GREENLAND SHENHUA CHI 0.191 26 30 (NA) 25 (NA) 79 RIVER PLATE ARG 0.189 78 32 0 0 35 80 FEYENOORD NED 0.185 87 2 9 0 23 81 PACHUCA MEX 0.177 41 40 (NA) 0 0 82 83 CHONGQING DANGDAI LIFAN TIANJIN QUANJIAN CHI 0.165 8 20 (NA) 39 (NA) CHI 0.151 44 20 (NA) 4 (NA) 84 SÃO PAULO BRA 0.151 64 78 2 0 112 85 CRUZEIRO BRA 0.126 65 63 1 0 106 86 TOLUCA MEX 0.125 43 14 (NA) 0 0 87 PALMEIRAS BRA 0.118 65 58 7 0 115 88 GRANADA SPA 0.117 18 7 3 35 28 89 SUNDERLAND UK 0.111 78 20 36 39 208 90 BRIGHTON UK 0.099 59 2 3 50 122 66 GIRONA SPA 0.325 18 1 2 105 7 91 ASTON VILLA 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 0 146 68 PUMAS MEX 0.299 37 100 0 0 0 93 INDEPENDIENTE ARG 0.079 38 15 0 0 25 69 OLYMPIQUE MARSEILLE FRA 0.295 136 21 14 35 123 94 FLAMENGO BRA 0.062 68 46 4 0 134 70 T I G R E S MEX 0.293 69 30 (NA) 28 0 95 GRÊMIO BRA 0.061 57 49 0 0 116 71 CORINTHIANS BRA 0.286 45 169 0 0 124 96 ATLÉTICO-MG BRA 0.054 67 59 1 0 151 72 BEIJING GUOAN CHI 0.224 23 70 (NA) 8 (NA) 97 BESIKTAS TUR 0.015 100 2 2 0 146 73 BURNLEY UK 0.221 82 19 8 3 20 98 SANTOS BRA -0.015 49 14 0 0 104 74 MALAGA SPA 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 0 100 CSKA MOSCOW RUS -0.065 78 0 0 35 224
26.7% 09 UNITED KINGDOM 05 TOP 30 The Soccerex Football Finance 100 demonstrates the financial power of football clubs across different continents. The top 30 in the report features clubs from Europe, China and North America. Despite the fervor created by the game in countries like Brazil and Argentina, there is no presence from Latin America. TOP 30 CLUBS BY NUMBERS MANCHESTER ARSENAL TOTTENHAM HOTSPUR MANCHESTER UNITED CHELSEA LIVERPOOL LEICESTER EVERTON 16.7% USA LA GALAXY SEATTLE SOUNDERS NEW YORK RED BULLS NEW YORK NEW ENGLAND REVOLUTION 30 COMBINED PLAYERS VALUE 9.7BN 10% COMBINED AND CASH IN BANK 7.7BN COMBINED OWNERS NET WORTH 366BN FRANCE PSG OLYMPIQUE LYONNAIS MONACO 4.3BN 3.3% CHINA TOP 30 CLUBS BY COUNTRY GUANGZHOU EVERGRANDE COUNTRY CLUBS % UK 8 26.7% 3.3% USA 5 16.7% RUSSIA GER 4 13.3% ZENIT ST.PETERSBURG SPA 4 13.3% FRA 3 10.0% ITA 3 10.0% CHI 1 3.3% RUS 1 3.3% UKR 1 3.3% 3.3% UKRAINE SHAKHTAR DONETSK 10% ITALY JUVENTUS NAPOLI INTER MILAN 13.3% SPAIN REAL MADRID BARCELONA ATLETICO MADRID VALENCIA 13.3% GERMANY BAYERN MUNICH RB LEIPZIG BORUSSIA DORTMUND BAYER LEVERKUSEN
# 01 MANCHESTER FC 637M 534M 75M 4.883 MANCHESTER LIMITED 15M MANCHESTER, UNITED KINGDOM 16 APRIL 1894 47,000 SINCE 2008 30BN Manchester City top the inaugural Soccerex Football Finance 100 rankings 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 club s stadium and training ground. In 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. (100% - FOOTBALL GROUP) 87% ABU DHABI UNITED GROUP 13% CHINA MEDIA CAPITAL NET WORTH OF ABU DHABI UNITED GROUP OWNER SHEIKH MANSOUR BIN ZAYED AL NAHYAN. 10
# 02 ARSENAL FC ARSENAL HOLDINGS PLC LONDON, UNITED KINGDOM 592M 766M 300M 8M 4.559 1 DECEMBER 1886 SINCE 2007 Arsenal is in second place with a strong performance across all the verticals evaluated. Since moving from 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 high levels of cash resources, low debt 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. 60,079 8.1BN 67% STAN KROENKE 3% MINORITY 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
# 03 PARIS SAINT- GERMAIN FC 485M 83M 107M 4.128 PARIS SAINT-GERMAIN FOOTBALL CLUB 186M PARIS, FRANCE 12 AUGUST 1970 SINCE 2011 43,238 30BN Paris Saint-Germain (PSG) is the most 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 highly dependent on the fortune of its owner. Only Chinese teams depend as much on their owners. 100% QSI 12
# 04 GUANGZHOU EVERGRANDE TAOBAO FC GUANGZHOU EVERGRANDE TAOBAO FOOTBALL CLUB GUANGZHOU, CHINA 46M 120M (NA) (NA) 44,700 3.423 JUNE 1954 32BN SINCE 2010 AND 2014 Guangzhou Evergrande is the first Asian and highest-placed non-european club in our ranking. The most valuable Chinese club has a high asset value, 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 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 one of the fastest-growing clubs since the Chinese Super League s expansion got underway. Prior to Evergrande Group s acquisition, the club was a medium-sized force in the country. 56.1% EVERGRANDE GROUP (XU JIAYIN) 6.09% MINORITY SHAREHOLDERS 37.81% ALIBABA GROUP (JACK MA) 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
# 05 TOTTENHAM HOTSPUR FC 463M 386M 231M 2.591 TOTTENHAM HOTSPUR LIMITED 240M LONDON, UNITED KINGDOM 5 SEPTEMBER 1882 31,000* SINCE 2001 4.8BN Tottenham Hotspur is another London 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 Spurs forward over the last two years in the Premier League, in addition to 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. 85.55% ENIC GROUP (JOE LEWIS AND DANIEL LEVY) 14.45% MINORITY SHAREHOLDERS * (70,000 AT WEMBLEY) ESTIMATED NET WORTH OF ENIC GROUP OWNERS JOE LEWIS AND DANIEL LEVY. 14
# 06 REAL MADRID CF 771M 323M 211M 2.579 REAL MADRID CLUB DE FÚTBOL 263M MADRID, SPAIN 6 MARCH 1902 73,000 Real Madrid is the first club in the ranking not owned by a tycoon. The club s legal structure does not permit this. The ownership belongs to club 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 capitalised, for example via the stock exchange, it would undoubtedly be worth more than any club owned by a magnate. 0 100% CLUB S MEMBERS (NON-PROFIT ORGANIZATION) 15
# 07 MANCHESTER UNITED FC 524M 347M 307M 2.314 MANCHESTER UNITED PLC 536M MANCHESTER, UNITED KINGDOM 1 JANUARY 1868 75,200 2003-2005 3.8BN Manchester United represents 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, debts multiplied and affected its 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. 92.25% JOEL & AVRAM GLAZER 7.85% GEORGE SOROS ESTIMATED NET WORTH OF THE GLAZER FAMILY. GEORGE SOROS STAKE IN THE CLUB WAS DEEMED TOO SMALL TO BE INCLUDED. 16
# 08 JUVENTUS FC JUVENTUS FOOTBALL CLUB SPA TURIN, ITALY 470M 161M 33M 209M 2.260 1 NOVEMBER 1897 BEGINS 1923 Juventus is another prominent European football club that symbolized the pace of market development in the 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 greatly from the punishments received 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. 39,500 11.5BN 64% AGNELLI FAMILY (FIAT GROUP) 36% MINORITY SHAREHOLDERS ESTIMATED NET WORTH OF THE AGNELLI FAMILY. 17
# 09 CHELSEA FC CHELSEA FOOTBALL CLUB LIMITED LONDON, UNITED KINGDOM 624M 201M 0 800M 2.093 10 MARCH 1905 JUNE 2003 Bought in 2003 by Russian magnate Roman Abramovich, Chelsea FC is arguably the club that kick-started the wave of prominent acquisitions by overseas billionaires in English football. Within less than 10 years, the Londonbased 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 club since its acquisition by Abramovich. Chelsea have won titles and invested in 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. 41,500 9BN 100% ROMAN ABRAMOVICH (MILLHOUSE CAPITAL) 18
# 10 FC BAYERN MUNICH 603M 220M 101M 2.086 FC BAYERN AG 0 MUNICH, GERMANY FEBRUARY 1900 75,000 Bayern Munich is another giant of world football who can compete with teams controlled by tycoons and deliver excellent results, both domestically 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. 0 75% CLUB S MEMBERS 8.33% ADIDAS 8.33% AUDI 8.33% ALLIANZ 19
# 11 FC ZENIT ST. PETERSBURG 130M 120M (NA) 1.756 ZENIT ST. PETERSBURG 120M ST.PETERSBURG, RUSSIA 30 MAY 1925 16,771* DECEMBER 2005 145BN Zenit St. Petersburg is one of the oldest 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 by oil and gas giant Gazprom. The 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. 100% GAZPROM * KRESTOVSKY STADIUM (21,500 CAPA) 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
# 12 RB LEIPZIG RASENBALLSPORT LEIPZIG LEIPZIG, GERMANY 182M 110M (NA) (NA) 1.689 19 MAY 2009 19 MAY 2009 Germany s RB Leipzig is one of the clubs owned by Dietrich Mateschitz, founder of the Red Bull brand, which invests 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 force on the European football scene. 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. 41,400 16.9BN 100% RED BULL (DIETRICH MATESCHITZ) ESTIMATED NET WORTH OF RED BULL OWNER DIETRICH MATESCHITZ 21
# 13 FC BARCELONA FUTBOL CLUB BARCELONA BARCELONA, SPAIN 780M 143M 27M 315M 1.626 29 NOVEMBER 1899 77,4 0 0 Barcelona is another club owned by its members many of them being season ticket holders. After undergoing a restructuring of its management in 2003, the club has enjoyed the best sporting achievements of its history. 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. 0 100% CLUB S MEMBERS (NON-PROFIT ORGANIZATION) 22
# 14 LA GALAXY LOS ANGELES GALAXY LOS ANGELES, USA 26M 239M (NA) (NA) 1.593 1994 1994 LA Galaxy s history is very much aligned with Major League Soccer s own trajectory. Owned by Anschutz 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 the new stadium the club has increased 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. 22,700 10.6BN 100% AEG (PHILIP ANSCHUTZ) ESTIMATED NET WORTH OF AEG OWNER PHILIP ANSCHUTZ. 23
# 15 A T L E T I C O MADRID 534M 141M 20M 1.391 CLUB ATLÉTICO DE MADRID SAD 370M MADRID, SPAIN 26 APRIL 1903 44,700 SINCE 1992 AND 2015 4.3BN Atlético de Madrid, a long-time leader in 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 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 7 th most valuable, and the sizeable potential involvement of its new investor. The weak point is a very high level of debt. If Atlético had less debt, it would be much better ranked than 15th. 52% MIGUEL ÁNGEL GIL MARIN 20% ENRIQUE CEREZO 20% DALIAN WANDA GROUP (WANG JIANLIN) 8% MINORITY SHAREHOLDERS FIGURE EQUATES TO 20% OF WANG JIANLIN S ESTIMATED NET WORTH. 24
# 16 LIVERPOOL FC THE LIVERPOOL FOOTBALL CLUB AND ATHLETIC GROUNDS LIMITED LIVERPOOL, UNITED KINGDOM 459M 171M 11M 163M 1.370 15 MARCH 1892 53,000 OCTOBER 2010 2.1BN Liverpool has a rich history that includes five European Cup / Champions League 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 and depends a lot on this value for its final score. The rest of their assets and net debt place the club in 16 th 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. 100% FENWAY SPORTS GROUP (JOHN W. HENRY) ESTIMATED NET WORTH OF FENWAY SPORTS GROUP OWNER, JOHN W. HENRY. 25
# 17 B O R U S S I A DORTMUND 409M 188M 39M 1.331 BORUSSIA DORTMUND GMBH & CO. KGAA 55M DORTMUND, GERMANY 19 DECEMBER 1909 Borussia Dortmund is a traditional German club and was a pioneer in Germany in raising capital via the stock market in 2000. The company experienced a deep restructuring in its management which was decisive for its current success. In 2005, Dortmund suffered a heavy financial crisis and its debts exceeded 180 million. The club currently has a valuable squad, 13 th by market value, good asset values and carefully managed levels of net debt. The club is also the best supported in world football in terms of average home attendances. 79,650 0 14.78% EVONIK INDUSTRIES AG 9.01% BERND GESKE 5.53% BORUSSIA DORTMUND 5.43% SIGNAL IDUNA 5% PUMA 60.25% FREE FLOAT 26
# 18 O LY M P I Q U E LYONNAIS 150M 421M 37M 1.210 OLYMPIQUE LYONNAIS (OL GROUPE) 159M LYON, FRANCE 3 AUGUST 1950 40,300 SINCE 1999 1BN After its complete restructuring in 1999, Olympique Lyonnais became the leading power in French football. The club raised capital on the stock exchange and became deeply capitalised. The global financial crisis in 2008-09 affected its business like most clubs operating on the stock market. OL Groupe currently has a broader investor base, including Jérôme Seydoux and Chinese fund IDG capital partners. In January 2016, the club inaugurated its new stadium, resulting in a substantial increase in assets. The Lyon squad is ranked 35 th by value in the world. 27.88% JEAN-MICHEL AULAS 23.81% JÉRÔME SEYDOUX 20% IDG CAPITAL PARTNERS 0.07% BOARD OF MEMBERS 28.24% FREE FLOAT FIGURE BASED TO 23.81% OF SEYDOUX FAMILY ESTIMATED NET WORTH IN ACCORDANCE WITH THE PERCENTAGE OF THE CLUB THEY OWN. 27
# 19 AS MONACO ASSOCIATION SPORTIVE DE MONACO FOOTBALL CLUB PRINCIPALITY OF MONACO 265M 6M 18M 148M 1.140 3 AUGUST 1950 9,038 DECEMBER 2011 7. 5BN AS Monaco is another club that has enjoyed considerable growth thanks 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 semi-final in 2016-17. One factor that draws much attention is the value of 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 potential of its owner. 66.7% EKATERINA RYBOLOVLEVA TRUST 33.3% HOUSE OF GRIMALDI ESTIMATED NET WORTH OF AS MONACO PRESIDENT, DMITRY RYBOLOVLEV 28
# 20 LEICESTER FC 210M 72M 41M 1.119 LEICESTER FOOTBALL CLUB LIMITED 14M LEICESTER, UNITED KINGDOM 1884 AUGUST 2010 31,900 4.3BN 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 quarterfinals of the Champions League in 2016-17 was also a milestone in the club s history. Leicester City is owned by a Thai tycoon, which creates a big differential in competing in the market. 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. 100% KING POWER INTERNATIONAL GROUP (VICHAI SRIVADDHANAPRABHA) ESTIMATED NET WORTH OF LEICESTER CHAIRMAN, VICHAI SRIVADDHANAPRABHA. 29
# 21 B AY E R LEVERKUSEN 229M 90M (NA) 1.002 BAYER 04 LEVERKUSEN FUSSBALL GMBH (NA) LEVERKUSEN, GERMANY 1 JULY 1904 Bayer Leverkusen is one of the most traditional clubs in the Bundesliga (albeit without ever winning it), and one of few owned by a corporation. The backing of pharmaceutical giant Bayer AG pushes the club to 21 st 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 to point out that clubs ran, de facto, by corporations tend to have a much more conservative approachwhen it comes to signing players. 28,245 31.9M 100% BAYER AG 30
# 22 FC SHAKHTAR DONETSK 108M 180M (NA) 0.993 FUTBOLNIY KLUB SHAKHTAR (NA) DONETSK, UKRAINE 1936 8,000* SINCE 1996 3.8BN Shakhtar Donetsk is another good 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 league titles have been won since 2000. In 1999, Mr Akhmetov built the club s 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 42 nd most valuable in the world. 100% RINAT AKHMETOV (SYSTEM CAPITAL MANAGEMENT) * 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
# 23 NEW YORK RED BULLS 637M 534M 75M 0.955 NEW YORK RED BULLS 15M NEW YORK, USA 1994 47,000 9 MARCH 2006 16.9BN The New York Red Bulls were the first 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 different countries an approach later adopted by the City Football Group, 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 100% RED BULL (DIETRICH MATESCHITZ) the Red Bull Arena, in 2010. ESTIMATED NET WORTH OF RED BULL OWNER DIETRICH MATESCHITZ 32
# 24 S E A T T L E SOUNDERS FC 19M 266M (NA) 0.860 SEATTLE SOUNDERS FC (NA) SEATTLE, USA 1994 42,800 SINCE 2002 2.4BN A solid business model underpins 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 strength of its assets as well as the enormous investment potential of 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. 100% ADRIAN HANAUER, JOE ROTH, PAUL ALLEN, DREW CAREY FIGURE EQUATES TO 15% OF PAUL ALLEN S ESTIMATED NET WORTH IN ACCORDANCE WITH THE PERCENTAGE OF THE CLUB HE OWNS. 33
# 25 NEW YORK FC 18M 237M (NA) 0.844 NEW YORK FOOTBALL CLUB (NA) NEW YORK, USA 21 MAY 2013 27,196 21 MAY 2013 30BN New York City FC, along with Orlando 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 manages the baseball club NY Yankees, 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. 80% FOOTBALL GROUP 20% YANKEE GLOBAL ENTERPRISES NET WORTH OF ABU DHABI UNITED GROUP OWNER SHEIKH MANSOUR BIN ZAYED AL NAHYAN. 34
# 26 NAPOLI FC SOCIETÀ SPORTIVA CALCIO NAPOLI NAPLES, ITALY 380M 9M 3M 66M 0.814 1 AUGUST 1926 AUGUST 2004 Napoli is a passionately supported club that went through serious financial problems and after passing through 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 among Italian teams. 39,099 550M 100% AURELIO DE LAURENTIIS (FILMAURO) 35
# 27 EVERTON FC EVERTON FOOTBALL CLUB LIMITED LIVERPOOL, UNITED KINGDOM 296M 12M 0 60M 0.775 1878 FEBRUARY 2016 Everton, based in Liverpool, had most of its shares acquired by the English tycoon of Iranian origin Farhad Moshiri 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 stake to Usmanov and subsequently 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. Everton has the 18 th most valuable squad in the world. 39,310 2BN 49.9% FARHAD MOSHIRI 12.2% BILL KENWRIGHT 8.9% JON WOODS 29% MINORITY SHAREHOLDERS ESTIMATED NET WORTH OF FARHAD MOSHIRI. 36
# 28 NEW ENGLAND REVOLUTION NEW ENGLAND REVOLUTION FOXBOROUGH, MA, USA 15M 170M (NA) (NA) 0.739 6 JUNE 1995 20,180 The New England Revolution is one of the founders of the MLS and one of the most long-standing franchises in soccer. The club is owned by billionaire Robert Kraft and family. They also own one of America s most successful 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 of signing big names as designated players. 3.5M 100% ROBERT K. KRAFT 37
# 29 VALENCIA CF VALENCIA CLUB DE FÚTBOL, SAD VALENCIA, SPAIN 162M 263M 5M 290M 0.690 18 MARCH 1919 AUGUST 2014 Valencia CF is one of the most successful clubs in Spanish football, with six La Liga titles, seven Spanish 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 majority of the club (70.4%) in 2014. 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. 41,500 1.8BN 70.4% PETER LIM 29.6% MINORITY SHAREHOLDERS ESTIMATED NET WORTH OF PETER LIM. 38
# 30 INTER MILAN 637M 534M 75M 0.665 FOOTBALL CLUB INTERNAZIONALE MILANO S.P.A. 15M MILAN, ITALY 9 MARCH 1908 28 JUNE 2016 BY SUNING GROUP 47,000 4BN 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 was bought in 2013 by the Indonesian consortium International Sports Capital, 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 relatively large net debt, plus the lack of valuable fixed assets (the club does not own its own stadium) prevent the club to be featured higher in the list. 68.55% SUNING COMMERCE GROUP (ZHANG JINDONG) 31.05% INTERNATIONAL SPORTS CAPITAL 0.37% PIRELLI 0.03% MINORITY SHAREHOLDERS ESTIMATED NET WORTH OF SUNNING COMMERCE GROUP FOUNDER, ZHANG JINDONG. 39
SOCCEREX FOOTBALL FINANCE 100 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.
SOCCEREX FOOTBALL FINANCE 100 AUTHORS & CONTRIBUTORS 41 07 AUTHORS & CONTRIBUTORS 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 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 JF SPORTS CONSULTING 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.
SOCCEREX FOOTBALL FINANCE 100 2018 EDITION T E W +44 208 987 5522 ENQUIRY@SOCCEREX.COM WWW.SOCCEREX.COM