Forbes list of the most valuable football clubs

This is a list of the richest association football clubs in the world as ranked by Forbes magazine on their worth in U.S. dollars.

Source: Wikipedia

Article

Forbes list of the most valuable football clubs

This is a list of the richest association football clubs in the world as ranked by Forbes magazine on their worth in U.S. dollars.

2025

Forbes list of the most valuable football clubs

<table><thead><tr><th>Rank 2025</th><th>Rank 2024</th><th>Team</th><th>Country</th><th>Value in $ billions</th><th>% change on year</th><th>Revenue ($M)</th></tr></thead><tbody><tr><td>1</td><td>1</td><td>Real Madrid</td><td>Spain</td><td>6.75</td><td>2</td><td>1,129</td></tr><tr><td>2</td><td>2</td><td>Manchester United</td><td>England</td><td>6.6</td><td>1</td><td>834</td></tr><tr><td>3</td><td>3</td><td>Barcelona</td><td>Spain</td><td>5.65</td><td>2</td><td>821</td></tr><tr><td>4</td><td>4</td><td>Liverpool</td><td>England</td><td>5.4</td><td>1</td><td>773</td></tr><tr><td>5</td><td>5</td><td>Manchester City</td><td>England</td><td>5.3</td><td>4</td><td>901</td></tr><tr><td>6</td><td>6</td><td>Bayern Munich</td><td>Germany</td><td>5.1</td><td>2</td><td>827</td></tr><tr><td>7</td><td>7</td><td>Paris Saint-Germain</td><td>France</td><td>4.6</td><td>5</td><td>870</td></tr><tr><td>8</td><td>10</td><td>Arsenal</td><td>England</td><td>3.4</td><td>31</td><td>771</td></tr><tr><td>9</td><td>8</td><td>Tottenham Hotspur</td><td>England</td><td>3.3</td><td>3</td><td>666</td></tr><tr><td>10</td><td>9</td><td>Chelsea</td><td>England</td><td>3.25</td><td>4</td><td>591</td></tr><tr><td>11</td><td>11</td><td>Juventus</td><td>Italy</td><td>2.15</td><td>5</td><td>389</td></tr><tr><td>12</td><td>12</td><td>Borussia Dortmund</td><td>Germany</td><td>2.05</td><td>4</td><td>555</td></tr><tr><td>13</td><td>13</td><td>Atlético Madrid</td><td>Spain</td><td>1.7</td><td>6</td><td>442</td></tr><tr><td>14</td><td>14</td><td>Milan</td><td>Italy</td><td>1.5</td><td>5</td><td>433</td></tr><tr><td>15</td><td>15</td><td>LAFC</td><td>United States</td><td>1.25</td><td>4</td><td>150</td></tr><tr><td>16</td><td>17</td><td>Inter Miami</td><td>United States</td><td>1.2</td><td>17</td><td>180</td></tr><tr><td>17</td><td>18</td><td>Internazionale</td><td>Italy</td><td>1.15</td><td>15</td><td>430</td></tr><tr><td>18</td><td>16</td><td>West Ham United</td><td>England</td><td>1.125</td><td>2</td><td>349</td></tr><tr><td>19</td><td>–</td><td>Newcastle United</td><td>England</td><td>1.1</td><td>38</td><td>403</td></tr><tr><td>20</td><td>19</td><td>LA Galaxy</td><td>United States</td><td>1.0</td><td>5</td><td>95</td></tr><tr><td>21</td><td>20</td><td>Atlanta United</td><td>United States</td><td>0.975</td><td>8</td><td>105</td></tr><tr><td>22</td><td>–</td><td>Aston Villa</td><td>England</td><td>0.9</td><td>13</td><td>343</td></tr><tr><td>23</td><td>NYCFC</td><td>United States</td><td>0.875</td><td>3</td><td>78</td></tr><tr><td>24</td><td>Brighton & Hove Albion</td><td>England</td><td>0.86</td><td>18</td><td>280</td></tr><tr><td>25</td><td>Fulham</td><td>England</td><td>0.85</td><td>8</td><td>229</td></tr><tr><td>26</td><td>Austin</td><td>United States</td><td>0.825</td><td>10</td><td>90</td></tr><tr><td>27</td><td>Roma</td><td>Italy</td><td>0.81</td><td>N/A</td><td>273</td></tr><tr><td>28</td><td>Seattle Sounders</td><td>United States</td><td>0.8</td><td>2</td><td>83</td></tr><tr><td>29</td><td>Crystal Palace</td><td>England</td><td>0.79</td><td>1</td><td>221</td></tr><tr><td>30</td><td>D.C. United</td><td>United States</td><td>0.785</td><td>1</td><td>90</td></tr></tbody></table>

Previous rankings

Number one by year

<table><thead><tr><th>Year</th><th>Team</th><th>League</th><th>Value (USD million)</th></tr></thead><tbody><tr><td>2025</td><td>Real Madrid</td><td>La Liga</td><td>$6,750</td></tr><tr><td>2024</td><td>$6,600</td></tr><tr><td>2023</td><td>$6,070</td></tr><tr><td>2022</td><td>$5,100</td></tr><tr><td>2021</td><td>Barcelona</td><td>$4,760</td></tr><tr><td>2020</td><td>Real Madrid</td><td>$4,180</td></tr><tr><td>2019</td><td>$4,239</td></tr><tr><td>2018</td><td>Manchester United</td><td>Premier League</td><td>$4,123</td></tr><tr><td>2017</td><td>$3,690</td></tr><tr><td>2016</td><td>Real Madrid</td><td>La Liga</td><td>$3,645</td></tr><tr><td>2015</td><td>$3,260</td></tr><tr><td>2014</td><td>$3,440</td></tr><tr><td>2013</td><td>$3,300</td></tr><tr><td>2012</td><td>Manchester United</td><td>Premier League</td><td>$2,235</td></tr><tr><td>2011</td><td>$1,864</td></tr><tr><td>2010</td><td>$1,835</td></tr><tr><td>2009</td><td>$1,870</td></tr><tr><td>2008</td><td>$1,800</td></tr><tr><td>2007</td><td>$1,453</td></tr></tbody></table>

2024

<table><thead><tr><th>Rank 2024</th><th>Rank 2023</th><th>Team</th><th>Country</th><th>Value in $ billions</th><th>% change on year</th><th>Debt as % of value</th><th>Revenue ($M)</th><th>Operating income ($M)</th></tr></thead><tbody><tr><td>1</td><td>1</td><td>Real Madrid</td><td>Spain</td><td>6.6</td><td>9</td><td>15</td><td>873</td><td>76</td></tr><tr><td>2</td><td>2</td><td>Manchester United</td><td>England</td><td>6.55</td><td>9</td><td>10</td><td>785</td><td>187</td></tr><tr><td>3</td><td>3</td><td>Barcelona</td><td>Spain</td><td>5.6</td><td>2</td><td>31</td><td>840</td><td>-145</td></tr><tr><td>4</td><td>4</td><td>Liverpool</td><td>England</td><td>5.37</td><td>2</td><td>3</td><td>719</td><td>102</td></tr><tr><td>5</td><td>5</td><td>Manchester City</td><td>England</td><td>5.1</td><td>2</td><td>0</td><td>869</td><td>147</td></tr><tr><td>6</td><td>6</td><td>Bayern Munich</td><td>Germany</td><td>5.0</td><td>3</td><td>0</td><td>781</td><td>84</td></tr><tr><td>7</td><td>7</td><td>Paris Saint-Germain</td><td>France</td><td>4.4</td><td>4</td><td>2</td><td>754</td><td>-126</td></tr><tr><td>8</td><td>9</td><td>Tottenham Hotspur</td><td>England</td><td>3.2</td><td>14</td><td>33</td><td>665</td><td>161</td></tr><tr><td>9</td><td>8</td><td>Chelsea</td><td>England</td><td>3.13</td><td>1</td><td>20</td><td>620</td><td>0</td></tr><tr><td>10</td><td>10</td><td>Arsenal</td><td>England</td><td>2.6</td><td>15</td><td>1</td><td>560</td><td>140</td></tr><tr><td>11</td><td>11</td><td>Juventus</td><td>Italy</td><td>2.05</td><td>-5</td><td>2</td><td>459</td><td>11</td></tr><tr><td>12</td><td>12</td><td>Borussia Dortmund</td><td>Germany</td><td>1.98</td><td>2</td><td>1</td><td>441</td><td>75</td></tr><tr><td>13</td><td>13</td><td>Atlético Madrid</td><td>Spain</td><td>1.6</td><td>4</td><td>7</td><td>382</td><td>20</td></tr><tr><td>14</td><td>14</td><td>Milan</td><td>Italy</td><td>1.43</td><td>1</td><td>0</td><td>405</td><td>81</td></tr><tr><td>15</td><td>17</td><td>Los Angeles</td><td>United States</td><td>1.2</td><td>20</td><td>11</td><td>140</td><td>9</td></tr><tr><td>16</td><td>15</td><td>West Ham United</td><td>England</td><td>1.1</td><td>2</td><td>6</td><td>289</td><td>66</td></tr><tr><td>17</td><td>-</td><td>Inter Miami</td><td>United States</td><td>1.03</td><td>72</td><td>15</td><td>118</td><td>8</td></tr><tr><td>18</td><td>16</td><td>Internazionale</td><td>Italy</td><td>1.0</td><td>-3</td><td>44</td><td>398</td><td>39</td></tr><tr><td>19</td><td>18</td><td>LA Galaxy</td><td>United States</td><td>0.95</td><td>3</td><td>0</td><td>95</td><td>3</td></tr><tr><td>20</td><td>19</td><td>Atlanta United</td><td>United States</td><td>0.9</td><td>6</td><td>0</td><td>95</td><td>9</td></tr></tbody></table>

2023

<table><thead><tr><th>Rank 2023</th><th>Rank 2022</th><th>Team</th><th>Country</th><th>Value in $ millions</th><th>% change on year</th><th>Debt as % of value</th><th>Revenue ($M)</th><th>Operating income ($M)</th></tr></thead><tbody><tr><td>1</td><td>1</td><td>Real Madrid</td><td>Spain</td><td>6,070</td><td>19</td><td>16</td><td>807</td><td>-38</td></tr><tr><td>2</td><td>3</td><td>Manchester United</td><td>England</td><td>6,000</td><td>30</td><td>11</td><td>779</td><td>108</td></tr><tr><td>3</td><td>2</td><td>Barcelona</td><td>Spain</td><td>5,508</td><td>10</td><td>13</td><td>721</td><td>53</td></tr><tr><td>4</td><td>4</td><td>Liverpool</td><td>England</td><td>5,288</td><td>19</td><td>2</td><td>793</td><td>129</td></tr><tr><td>5</td><td>6</td><td>Manchester City</td><td>England</td><td>4,990</td><td>18</td><td>0</td><td>815</td><td>175</td></tr><tr><td>6</td><td>5</td><td>Bayern Munich</td><td>Germany</td><td>4,860</td><td>13</td><td>0</td><td>739</td><td>133</td></tr><tr><td>7</td><td>7</td><td>Paris Saint-Germain</td><td>France</td><td>4,212</td><td>32</td><td>2</td><td>739</td><td>-219</td></tr><tr><td>8</td><td>8</td><td>Chelsea</td><td>England</td><td>3,100</td><td>0</td><td>0</td><td>642</td><td>35</td></tr><tr><td>9</td><td>10</td><td>Tottenham Hotspur</td><td>England</td><td>2,803</td><td>19</td><td>39</td><td>591</td><td>152</td></tr><tr><td>10</td><td>11</td><td>Arsenal</td><td>England</td><td>2,263</td><td>10</td><td>1</td><td>490</td><td>108</td></tr><tr><td>11</td><td>9</td><td>Juventus</td><td>Italy</td><td>2,160</td><td>-12</td><td>10</td><td>453</td><td>-90</td></tr><tr><td>12</td><td>12</td><td>Borussia Dortmund</td><td>Germany</td><td>1,928</td><td>7</td><td>0</td><td>403</td><td>91</td></tr><tr><td>13</td><td>13</td><td>Atlético Madrid</td><td>Spain</td><td>1,539</td><td>3</td><td>11</td><td>445</td><td>32</td></tr><tr><td>14</td><td>14</td><td>Milan</td><td>Italy</td><td>1,200</td><td>17</td><td>0</td><td>299</td><td>11</td></tr><tr><td>15</td><td>18</td><td>West Ham United</td><td>England</td><td>1,079</td><td>20</td><td>6</td><td>340</td><td>98</td></tr><tr><td>16</td><td>15</td><td>Internazionale</td><td>Italy</td><td>1,026</td><td>3</td><td>43</td><td>348</td><td>44</td></tr><tr><td>17</td><td>-</td><td>Los Angeles</td><td>United States</td><td>1,000</td><td>-</td><td>0</td><td>116</td><td>8</td></tr><tr><td>18</td><td>-</td><td>LA Galaxy</td><td>United States</td><td>925</td><td>-</td><td>0</td><td>98</td><td>4</td></tr><tr><td>19</td><td>-</td><td>Atlanta United</td><td>United States</td><td>850</td><td>-</td><td>0</td><td>81</td><td>6</td></tr><tr><td>20</td><td>-</td><td>Crystal Palace</td><td>England</td><td>806</td><td>-</td><td>0</td><td>214</td><td>22</td></tr></tbody></table>

2022

<table><thead><tr><th>Rank 2022</th><th>Rank 2021</th><th>Team</th><th>Country</th><th>Value in $ millions</th><th>% change on year</th><th>Debt as % of value</th><th>Revenue ($M)</th><th>Operating income ($M)</th></tr></thead><tbody><tr><td>1</td><td>2</td><td>Real Madrid</td><td>Spain</td><td>5,100</td><td>7</td><td>11</td><td>761</td><td>90</td></tr><tr><td>2</td><td>1</td><td>Barcelona</td><td>Spain</td><td>5,000</td><td>5</td><td>15</td><td>692</td><td>-17</td></tr><tr><td>3</td><td>4</td><td>Manchester United</td><td>England</td><td>4,600</td><td>10</td><td>13</td><td>663</td><td>128</td></tr><tr><td>4</td><td>5</td><td>Liverpool</td><td>England</td><td>4,450</td><td>9</td><td>4</td><td>654</td><td>104</td></tr><tr><td>5</td><td>3</td><td>Bayern Munich</td><td>Germany</td><td>4,275</td><td>1</td><td>0</td><td>726</td><td>102</td></tr><tr><td>6</td><td>6</td><td>Manchester City</td><td>England</td><td>4,250</td><td>6</td><td>0</td><td>766</td><td>156</td></tr><tr><td>7</td><td>9</td><td>Paris Saint-Germain</td><td>France</td><td>3,200</td><td>28</td><td>3</td><td>661</td><td>-102</td></tr><tr><td>8</td><td>7</td><td>Chelsea</td><td>England</td><td>3,100</td><td>-3</td><td>0</td><td>586</td><td>45</td></tr><tr><td>9</td><td>11</td><td>Juventus</td><td>Italy</td><td>2,450</td><td>26</td><td>11</td><td>515</td><td>26</td></tr><tr><td>10</td><td>10</td><td>Tottenham Hotspur</td><td>England</td><td>2,350</td><td>2</td><td>45</td><td>483</td><td>127</td></tr><tr><td>11</td><td>8</td><td>Arsenal</td><td>England</td><td>2,050</td><td>-27</td><td>1</td><td>435</td><td>53</td></tr><tr><td>12</td><td>12</td><td>Borussia Dortmund</td><td>Germany</td><td>1,800</td><td>-5</td><td>0</td><td>402</td><td>20</td></tr><tr><td>13</td><td>13</td><td>Atlético Madrid</td><td>Spain</td><td>1,500</td><td>50</td><td>11</td><td>396</td><td>45</td></tr><tr><td>14</td><td>16</td><td>Milan</td><td>Italy</td><td>1,200</td><td>115</td><td>4</td><td>257</td><td>-16</td></tr><tr><td>15</td><td>14</td><td>Internazionale</td><td>Italy</td><td>1,000</td><td>35</td><td>41</td><td>393</td><td>3</td></tr><tr><td>16</td><td>15</td><td>Everton</td><td>England</td><td>940</td><td>43</td><td>13</td><td>259</td><td>-20</td></tr><tr><td>17</td><td>19</td><td>Leicester City</td><td>England</td><td>925</td><td>103</td><td>9</td><td>304</td><td>16</td></tr><tr><td>18</td><td>18</td><td>West Ham United</td><td>England</td><td>900</td><td>77</td><td>8</td><td>259</td><td>42</td></tr><tr><td>19</td><td>20+</td><td>Leeds United</td><td>England</td><td>800</td><td>-</td><td>0</td><td>229</td><td>51</td></tr><tr><td>20</td><td>20+</td><td>Aston Villa</td><td>England</td><td>750</td><td>-</td><td>0</td><td>236</td><td>12</td></tr></tbody></table>

2021

<table><thead><tr><th>Rank</th><th>Team</th><th>Country</th><th>Value in $ millions</th><th>% change on year</th><th>Debt as % of value</th><th>Revenue ($M)</th><th>Operating income ($M)</th></tr></thead><tbody><tr><td>1</td><td>Barcelona</td><td>Spain</td><td>4,760</td><td>18</td><td>6</td><td>792</td><td>62</td></tr><tr><td>2</td><td>Real Madrid</td><td>Spain</td><td>4,750</td><td>12</td><td>6</td><td>790</td><td>92</td></tr><tr><td>3</td><td>Bayern Munich</td><td>Germany</td><td>4,215</td><td>39</td><td>0</td><td>703</td><td>49</td></tr><tr><td>4</td><td>Manchester United</td><td>England</td><td>4,200</td><td>10</td><td>16</td><td>643</td><td>167</td></tr><tr><td>5</td><td>Liverpool</td><td>England</td><td>4,100</td><td>88</td><td>2</td><td>619</td><td>62</td></tr><tr><td>6</td><td>Manchester City</td><td>England</td><td>4,000</td><td>49</td><td>0</td><td>609</td><td>-2</td></tr><tr><td>7</td><td>Chelsea</td><td>England</td><td>3,200</td><td>24</td><td>0</td><td>520</td><td>35</td></tr><tr><td>8</td><td>Arsenal</td><td>England</td><td>2,800</td><td>23</td><td>7</td><td>430</td><td>47</td></tr><tr><td>9</td><td>Paris Saint-Germain</td><td>France</td><td>2,500</td><td>129</td><td>0</td><td>599</td><td>-5</td></tr><tr><td>10</td><td>Tottenham Hotspur</td><td>England</td><td>2,300</td><td>42</td><td>39</td><td>494</td><td>134</td></tr><tr><td>11</td><td>Juventus</td><td>Italy</td><td>1,950</td><td>29</td><td>16</td><td>441</td><td>-14</td></tr><tr><td>12</td><td>Borussia Dortmund</td><td>Germany</td><td>1,900</td><td>112</td><td>0</td><td>405</td><td>15</td></tr><tr><td>13</td><td>Atlético Madrid</td><td>Spain</td><td>1,000</td><td>5</td><td>26</td><td>368</td><td>62</td></tr><tr><td>14</td><td>Internazionale</td><td>Italy</td><td>743</td><td>11</td><td>8</td><td>323</td><td>13</td></tr><tr><td>15</td><td>Everton</td><td>England</td><td>658</td><td>38</td><td>0</td><td>235</td><td>15</td></tr><tr><td>16</td><td>Milan</td><td>Italy</td><td>559</td><td>-4</td><td>4</td><td>165</td><td>-92</td></tr><tr><td>17</td><td>Roma</td><td>Italy</td><td>548</td><td>-12</td><td>56</td><td>156</td><td>-108</td></tr><tr><td>18</td><td>West Ham United</td><td>England</td><td>508</td><td>-18</td><td>18</td><td>175</td><td>-24</td></tr><tr><td>19</td><td>Leicester City</td><td>England</td><td>455</td><td>-</td><td>17</td><td>189</td><td>-49</td></tr><tr><td>20</td><td>Ajax</td><td>Netherlands</td><td>413</td><td>-</td><td>2</td><td>172</td><td>2</td></tr></tbody></table>

2019

<table><thead><tr><th>Rank</th><th>Team</th><th>Country</th><th>Value in millions</th><th>% change on year</th><th>Debt as % of value</th><th>Revenue ($M)</th></tr></thead><tbody><tr><td>1</td><td>Real Madrid</td><td>Spain</td><td>4,239</td><td>4</td><td>1</td><td>896</td></tr><tr><td>2</td><td>Barcelona</td><td>Spain</td><td>4,205</td><td>-1</td><td>8</td><td>824</td></tr><tr><td>3</td><td>Manchester United</td><td>England</td><td>3,808</td><td>-8</td><td>19</td><td>795</td></tr><tr><td>4</td><td>Bayern Munich</td><td>Germany</td><td>3,024</td><td>-1</td><td>0</td><td>751</td></tr><tr><td>5</td><td>Manchester City</td><td>England</td><td>2,688</td><td>9</td><td>0</td><td>678</td></tr><tr><td>6</td><td>Chelsea</td><td>England</td><td>2,576</td><td>25</td><td>0</td><td>597</td></tr><tr><td>7</td><td>Arsenal</td><td>England</td><td>2,268</td><td>1</td><td>11</td><td>520</td></tr><tr><td>8</td><td>Liverpool</td><td>England</td><td>2,183</td><td>12</td><td>3</td><td>613</td></tr><tr><td>9</td><td>Tottenham Hotspur</td><td>England</td><td>1,624</td><td>4</td><td>4</td><td>511</td></tr><tr><td>10</td><td>Juventus</td><td>Italy</td><td>1,512</td><td>3</td><td>9</td><td>480</td></tr><tr><td>11</td><td>Paris Saint-Germain</td><td>France</td><td>1,092</td><td>12</td><td>0</td><td>646</td></tr><tr><td>12</td><td>Atlético Madrid</td><td>Spain</td><td>953</td><td>12</td><td>23</td><td>363</td></tr><tr><td>13</td><td>Borussia Dortmund</td><td>Germany</td><td>896</td><td>-1</td><td>0</td><td>379</td></tr><tr><td>14</td><td>Schalke 04</td><td>Germany</td><td>683</td><td>-3</td><td>12</td><td>291</td></tr><tr><td>15</td><td>Internazionale</td><td>Italy</td><td>672</td><td>11</td><td>50</td><td>335</td></tr><tr><td>16</td><td>Roma</td><td>Italy</td><td>622</td><td>1</td><td>41</td><td>298</td></tr><tr><td>17</td><td>West Ham United</td><td>England</td><td>616</td><td>-18</td><td>10</td><td>236</td></tr><tr><td>18</td><td>Milan</td><td>Italy</td><td>583</td><td>-5</td><td>42</td><td>248</td></tr><tr><td>19</td><td>Everton</td><td>England</td><td>476</td><td>32</td><td>0</td><td>254</td></tr><tr><td>20</td><td>Newcastle United</td><td>England</td><td>381</td><td>-</td><td>0</td><td>240</td></tr></tbody></table>

2018

<table><thead><tr><th>Rank</th><th>Team</th><th>Country</th><th>Value in millions</th><th>Debt as % of value</th><th>% change on year</th><th>Revenue ($M)</th></tr></thead><tbody><tr><td>1</td><td>Manchester United</td><td>England</td><td>4,123</td><td>18</td><td>12</td><td>737</td></tr><tr><td>2</td><td>Real Madrid</td><td>Spain</td><td>4,088</td><td>2</td><td>14</td><td>735</td></tr><tr><td>3</td><td>Barcelona</td><td>Spain</td><td>4,060</td><td>1</td><td>12</td><td>706</td></tr><tr><td>4</td><td>Bayern Munich</td><td>Germany</td><td>3,063</td><td>0</td><td>13</td><td>640</td></tr><tr><td>5</td><td>Manchester City</td><td>England</td><td>2,474</td><td>0</td><td>19</td><td>575</td></tr><tr><td>6</td><td>Arsenal</td><td>England</td><td>2,238</td><td>12</td><td>16</td><td>531</td></tr><tr><td>7</td><td>Chelsea</td><td>England</td><td>2,062</td><td>0</td><td>12</td><td>466</td></tr><tr><td>8</td><td>Liverpool</td><td>England</td><td>1,944</td><td>5</td><td>30</td><td>462</td></tr><tr><td>9</td><td>Juventus</td><td>Italy</td><td>1,472</td><td>6</td><td>17</td><td>442</td></tr><tr><td>10</td><td>Tottenham Hotspur</td><td>England</td><td>1,237</td><td>19</td><td>17</td><td>387</td></tr><tr><td>11</td><td>Paris Saint-Germain</td><td>France</td><td>917</td><td>0</td><td>16</td><td>529</td></tr><tr><td>12</td><td>Borussia Dortmund</td><td>Germany</td><td>901</td><td>0</td><td>12</td><td>362</td></tr><tr><td>13</td><td>Atlético Madrid</td><td>Spain</td><td>848</td><td>3</td><td>16</td><td>297</td></tr><tr><td>14</td><td>West Ham United</td><td>England</td><td>754</td><td>8</td><td>19</td><td>232</td></tr><tr><td>15</td><td>Schalke 04</td><td>Germany</td><td>707</td><td>11</td><td>12</td><td>251</td></tr><tr><td>16</td><td>Roma</td><td>Italy</td><td>618</td><td>44</td><td>9</td><td>191</td></tr><tr><td>17</td><td>Milan</td><td>Italy</td><td>612</td><td>101</td><td>-24</td><td>213</td></tr><tr><td>18</td><td>Internazionale</td><td>Italy</td><td>606</td><td>58</td><td>13</td><td>285</td></tr><tr><td>19</td><td>Leicester City</td><td>England</td><td>500</td><td>0</td><td>21</td><td>295</td></tr><tr><td>20</td><td>Napoli</td><td>Italy</td><td>471</td><td>0</td><td>24</td><td>219</td></tr></tbody></table>

2017

<table><thead><tr><th>Rank</th><th>Team</th><th>Country</th><th>Value in millions</th><th>Debt as % of value</th><th>% change on year</th><th>Revenue ($M)</th></tr></thead><tbody><tr><td>1</td><td>Manchester United</td><td>England</td><td>3,690</td><td>6</td><td>11</td><td>850</td></tr><tr><td>2</td><td>Barcelona</td><td>Spain</td><td>3,635</td><td>6</td><td>2</td><td>688</td></tr><tr><td>3</td><td>Real Madrid</td><td>Spain</td><td>3,580</td><td>3</td><td>-2</td><td>688</td></tr><tr><td>4</td><td>Bayern Munich</td><td>Germany</td><td>2,713</td><td>0</td><td>1</td><td>657</td></tr><tr><td>5</td><td>Manchester City</td><td>England</td><td>2,083</td><td>5</td><td>8</td><td>650</td></tr><tr><td>6</td><td>Arsenal</td><td>England</td><td>1,932</td><td>16</td><td>-4</td><td>572</td></tr><tr><td>7</td><td>Chelsea</td><td>England</td><td>1,845</td><td>0</td><td>11</td><td>583</td></tr><tr><td>8</td><td>Liverpool</td><td>England</td><td>1,492</td><td>7</td><td>-4</td><td>523</td></tr><tr><td>9</td><td>Juventus</td><td>Italy</td><td>1,258</td><td>7</td><td>-3</td><td>379</td></tr><tr><td>10</td><td>Tottenham Hotspur</td><td>England</td><td>1,058</td><td>17</td><td>4</td><td>377</td></tr><tr><td>11</td><td>Paris Saint-Germain</td><td>France</td><td>841</td><td>0</td><td>3</td><td>578</td></tr><tr><td>12</td><td>Borussia Dortmund</td><td>Germany</td><td>808</td><td>0</td><td>-3</td><td>315</td></tr><tr><td>13</td><td>Milan</td><td>Italy</td><td>802</td><td>73</td><td>-3</td><td>238</td></tr><tr><td>14</td><td>Atlético Madrid</td><td>Spain</td><td>732</td><td>9</td><td>16</td><td>234</td></tr><tr><td>15</td><td>West Ham United</td><td>England</td><td>634</td><td>11</td><td>17</td><td>213</td></tr><tr><td>16</td><td>Schalke 04</td><td>Germany</td><td>629</td><td>7</td><td>-4</td><td>249</td></tr><tr><td>17</td><td>Roma</td><td>Italy</td><td>569</td><td>3</td><td>-2</td><td>242</td></tr><tr><td>18</td><td>Internazionale</td><td>Italy</td><td>537</td><td>37</td><td>-4</td><td>199</td></tr><tr><td>19</td><td>Leicester City</td><td>England</td><td>413</td><td>0</td><td>-</td><td>191</td></tr><tr><td>20</td><td>Napoli</td><td>Italy</td><td>379</td><td>0</td><td>-4</td><td>158</td></tr></tbody></table>

2016

<table><thead><tr><th>Rank</th><th>Team</th><th>Country</th><th>Value ($M)</th><th>Debt as % of value</th><th>% change on year</th><th>Revenue ($M)</th></tr></thead><tbody><tr><td>1</td><td>Real Madrid</td><td>Spain</td><td>3,645</td><td>3</td><td>12</td><td>694</td></tr><tr><td>2</td><td>Barcelona</td><td>Spain</td><td>3,549</td><td>2</td><td>12</td><td>675</td></tr><tr><td>3</td><td>Manchester United</td><td>England</td><td>3,317</td><td>20</td><td>7</td><td>625</td></tr><tr><td>4</td><td>Bayern Munich</td><td>Germany</td><td>2,678</td><td>0</td><td>14</td><td>570</td></tr><tr><td>5</td><td>Arsenal</td><td>England</td><td>2,017</td><td>17</td><td>54</td><td>524</td></tr><tr><td>6</td><td>Manchester City</td><td>England</td><td>1,921</td><td>0</td><td>40</td><td>558</td></tr><tr><td>7</td><td>Chelsea</td><td>England</td><td>1,661</td><td>0</td><td>21</td><td>505</td></tr><tr><td>8</td><td>Liverpool</td><td>England</td><td>1,548</td><td>5</td><td>58</td><td>471</td></tr><tr><td>9</td><td>Juventus</td><td>Italy</td><td>1,299</td><td>4</td><td>55</td><td>390</td></tr><tr><td>10</td><td>Tottenham Hotspur</td><td>England</td><td>1,017</td><td>2</td><td>69</td><td>310</td></tr><tr><td>11</td><td>Borussia Dortmund</td><td>Germany</td><td>836</td><td>0</td><td>19</td><td>338</td></tr><tr><td>12</td><td>Milan</td><td>Italy</td><td>825</td><td>32</td><td>6</td><td>240</td></tr><tr><td>13</td><td>Paris Saint-Germain</td><td>France</td><td>814</td><td>0</td><td>28</td><td>578</td></tr><tr><td>14</td><td>Schalke 04</td><td>Germany</td><td>655</td><td>21</td><td>15</td><td>264</td></tr><tr><td>15</td><td>Atlético Madrid</td><td>Spain</td><td>633</td><td>22</td><td>45</td><td>225</td></tr><tr><td>16</td><td>Internazionale</td><td>Italy</td><td>559</td><td>43</td><td>27</td><td>198</td></tr><tr><td>17</td><td>West Ham United</td><td>England</td><td>542</td><td>6</td><td>76</td><td>194</td></tr><tr><td>18</td><td>Roma</td><td>Italy</td><td>508</td><td>36</td><td>N/A</td><td>217</td></tr><tr><td>19</td><td>Napoli</td><td>Italy</td><td>396</td><td>0</td><td>12</td><td>151</td></tr><tr><td>20</td><td>Newcastle United</td><td>England</td><td>383</td><td>0</td><td>10</td><td>104</td></tr></tbody></table>

2015

<table><thead><tr><th>Rank</th><th>Team</th><th>Country</th><th>Value ($M)</th><th>Debt as % of value</th><th>% change on year</th><th>Revenue ($M)</th></tr></thead><tbody><tr><td>1</td><td>Real Madrid</td><td>Spain</td><td>3,260</td><td>4</td><td>-5</td><td>746</td></tr><tr><td>2</td><td>Barcelona</td><td>Spain</td><td>3,160</td><td>3</td><td>-1</td><td>657</td></tr><tr><td>3</td><td>Manchester United</td><td>England</td><td>3,100</td><td>20</td><td>10</td><td>703</td></tr><tr><td>4</td><td>Bayern Munich</td><td>Germany</td><td>2,350</td><td>0</td><td>27</td><td>661</td></tr><tr><td>5</td><td>Manchester City</td><td>England</td><td>1,380</td><td>0</td><td>60</td><td>562</td></tr><tr><td>6</td><td>Chelsea</td><td>England</td><td>1,370</td><td>0</td><td>58</td><td>526</td></tr><tr><td>7</td><td>Arsenal</td><td>England</td><td>1,310</td><td>30</td><td>-2</td><td>487</td></tr><tr><td>8</td><td>Liverpool</td><td>England</td><td>982</td><td>10</td><td>39</td><td>415</td></tr><tr><td>9</td><td>Juventus</td><td>Italy</td><td>837</td><td>9</td><td>-2</td><td>379</td></tr><tr><td>10</td><td>Milan</td><td>Italy</td><td>775</td><td>44</td><td>-9</td><td>339</td></tr><tr><td>11</td><td>Borussia Dortmund</td><td>Germany</td><td>700</td><td>6</td><td>17</td><td>355</td></tr><tr><td>12</td><td>Paris Saint-Germain</td><td>France</td><td>634</td><td>0</td><td>53</td><td>643</td></tr><tr><td>13</td><td>Tottenham Hotspur</td><td>England</td><td>600</td><td>9</td><td>17</td><td>293</td></tr><tr><td>14</td><td>Schalke 04</td><td>Germany</td><td>572</td><td>0</td><td>-1</td><td>290</td></tr><tr><td>15</td><td>Internazionale</td><td>Italy</td><td>439</td><td>56</td><td>-9</td><td>222</td></tr><tr><td>16</td><td>Atlético Madrid</td><td>Spain</td><td>436</td><td>53</td><td>33</td><td>231</td></tr><tr><td>17</td><td>Napoli</td><td>Italy</td><td>353</td><td>0</td><td>19</td><td>224</td></tr><tr><td>18</td><td>Newcastle United</td><td>England</td><td>349</td><td>0</td><td>N/A</td><td>210</td></tr><tr><td>19</td><td>West Ham United</td><td>England</td><td>309</td><td>12</td><td>N/A</td><td>186</td></tr><tr><td>20</td><td>Galatasaray</td><td>Turkey</td><td>294</td><td>17</td><td>-15</td><td>220</td></tr></tbody></table>

2014

<table><thead><tr><th>Rank</th><th>Team</th><th>Country</th><th>Value ($M)</th><th>% change on year</th><th>Revenue ($M)</th></tr></thead><tbody><tr><td>1</td><td>Real Madrid</td><td>Spain</td><td>3,440</td><td>4</td><td>675</td></tr><tr><td>2</td><td>Barcelona</td><td>Spain</td><td>3,200</td><td>23</td><td>627</td></tr><tr><td>3</td><td>Manchester United</td><td>England</td><td>2,810</td><td>-11</td><td>551</td></tr><tr><td>4</td><td>Bayern Munich</td><td>Germany</td><td>1,850</td><td>41</td><td>561</td></tr><tr><td>5</td><td>Arsenal</td><td>England</td><td>1,331</td><td>0</td><td>370</td></tr><tr><td>6</td><td>Chelsea</td><td>England</td><td>868</td><td>-4</td><td>394</td></tr><tr><td>7</td><td>Manchester City</td><td>England</td><td>863</td><td>25</td><td>411</td></tr><tr><td>8</td><td>Milan</td><td>Italy</td><td>856</td><td>-9</td><td>343</td></tr><tr><td>9</td><td>Juventus</td><td>Italy</td><td>850</td><td>22</td><td>354</td></tr><tr><td>10</td><td>Liverpool</td><td>England</td><td>691</td><td>8</td><td>313</td></tr><tr><td>11</td><td>Borussia Dortmund</td><td>Germany</td><td>599</td><td>31</td><td>333</td></tr><tr><td>12</td><td>Schalke 04</td><td>Germany</td><td>580</td><td>16</td><td>258</td></tr><tr><td>13</td><td>Tottenham Hotspur</td><td>England</td><td>514</td><td>-1</td><td>224</td></tr><tr><td>14</td><td>Internazionale</td><td>Italy</td><td>483</td><td>20</td><td>219</td></tr><tr><td>15</td><td>Paris Saint-Germain</td><td>France</td><td>415</td><td>N/A</td><td>518</td></tr><tr><td>16</td><td>Galatasaray</td><td>Turkey</td><td>347</td><td>N/A</td><td>204</td></tr><tr><td>17</td><td>Atlético Madrid</td><td>Spain</td><td>328</td><td>33</td><td>156</td></tr><tr><td>18</td><td>Hamburger SV</td><td>Germany</td><td>326</td><td>9</td><td>176</td></tr><tr><td>19</td><td>Roma</td><td>Italy</td><td>307</td><td>19</td><td>162</td></tr><tr><td>20</td><td>Napoli</td><td>Italy</td><td>296</td><td>-10</td><td>156</td></tr></tbody></table>

2013

<table><thead><tr><th>Rank</th><th>Team</th><th>Country</th><th>Value ($M)</th><th>% change on year</th><th>Revenue ($M)</th></tr></thead><tbody><tr><td>1</td><td>Real Madrid</td><td>Spain</td><td>3,300</td><td>76</td><td>650</td></tr><tr><td>2</td><td>Manchester United</td><td>England</td><td>3,165</td><td>61</td><td>502</td></tr><tr><td>3</td><td>Barcelona</td><td>Spain</td><td>2,600</td><td>99</td><td>613</td></tr><tr><td>4</td><td>Arsenal</td><td>England</td><td>1,326</td><td>3</td><td>368</td></tr><tr><td>5</td><td>Bayern Munich</td><td>Germany</td><td>1,309</td><td>6</td><td>468</td></tr><tr><td>6</td><td>Milan</td><td>Italy</td><td>945</td><td>-4</td><td>326</td></tr><tr><td>7</td><td>Chelsea</td><td>England</td><td>901</td><td>18</td><td>409</td></tr><tr><td>8</td><td>Juventus</td><td>Italy</td><td>694</td><td>17</td><td>248</td></tr><tr><td>9</td><td>Manchester City</td><td>England</td><td>689</td><td>56</td><td>362</td></tr><tr><td>10</td><td>Liverpool</td><td>England</td><td>651</td><td>5</td><td>296</td></tr><tr><td>11</td><td>Tottenham Hotspur</td><td>England</td><td>520</td><td>-8</td><td>226</td></tr><tr><td>12</td><td>Schalke 04</td><td>Germany</td><td>498</td><td>-15</td><td>221</td></tr><tr><td>13</td><td>Borussia Dortmund</td><td>Germany</td><td>456</td><td>11</td><td>240</td></tr><tr><td>14</td><td>Internazionale</td><td>Italy</td><td>401</td><td>-18</td><td>236</td></tr><tr><td>15</td><td>Lyon</td><td>France</td><td>368</td><td>-4</td><td>167</td></tr><tr><td>16</td><td>Corinthians</td><td>Brazil</td><td>358</td><td>-</td><td>119</td></tr><tr><td>17</td><td>Napoli</td><td>Italy</td><td>330</td><td>17</td><td>188</td></tr><tr><td>18</td><td>Hamburger SV</td><td>Germany</td><td>300</td><td>-15</td><td>154</td></tr><tr><td>19</td><td>Marseille</td><td>France</td><td>285</td><td>-18</td><td>167</td></tr><tr><td>20</td><td>Newcastle United</td><td>England</td><td>263</td><td>9</td><td>146</td></tr></tbody></table>

2012

<table><thead><tr><th>Rank</th><th>Team</th><th>Country</th><th>Value ($M)</th><th>% change on year</th><th>Revenue ($M)</th></tr></thead><tbody><tr><td>1</td><td>Manchester United</td><td>England</td><td>2,235</td><td>5</td><td>532</td></tr><tr><td>2</td><td>Real Madrid</td><td>Spain</td><td>1,877</td><td>34</td><td>695</td></tr><tr><td>3</td><td>Barcelona</td><td>Spain</td><td>1,307</td><td>34</td><td>653</td></tr><tr><td>4</td><td>Arsenal</td><td>England</td><td>1,292</td><td>8</td><td>364</td></tr><tr><td>5</td><td>Bayern Munich</td><td>Germany</td><td>1,235</td><td>12</td><td>466</td></tr><tr><td>6</td><td>Milan</td><td>Italy</td><td>989</td><td>18</td><td>341</td></tr><tr><td>7</td><td>Chelsea</td><td>England</td><td>761</td><td>16</td><td>362</td></tr><tr><td>8</td><td>Liverpool</td><td>England</td><td>619</td><td>12</td><td>295</td></tr><tr><td>9</td><td>Juventus</td><td>Italy</td><td>591</td><td>-6</td><td>223</td></tr><tr><td>10</td><td>Schalke 04</td><td>Germany</td><td>587</td><td>56</td><td>293</td></tr><tr><td>11</td><td>Tottenham Hotspur</td><td>England</td><td>564</td><td>37</td><td>262</td></tr><tr><td>12</td><td>Internazionale</td><td>Italy</td><td>490</td><td>11</td><td>307</td></tr><tr><td>13</td><td>Manchester City</td><td>England</td><td>443</td><td>52</td><td>246</td></tr><tr><td>14</td><td>Borussia Dortmund</td><td>Germany</td><td>394</td><td>52</td><td>197</td></tr><tr><td>15</td><td>Lyon</td><td>France</td><td>385</td><td>8</td><td>193</td></tr><tr><td>16</td><td>Hamburger SV</td><td>Germany</td><td>355</td><td>4</td><td>187</td></tr><tr><td>17</td><td>Roma</td><td>Italy</td><td>354</td><td>38</td><td>208</td></tr><tr><td>18</td><td>Marseille</td><td>France</td><td>349</td><td>26</td><td>218</td></tr><tr><td>19</td><td>Valencia</td><td>Spain</td><td>288</td><td>-</td><td>169</td></tr><tr><td>20</td><td>Napoli</td><td>Italy</td><td>283</td><td>-</td><td>167</td></tr></tbody></table>

2011

<table><thead><tr><th>Rank</th><th>Team</th><th>Country</th><th>Value ($M)</th><th>% change on year</th><th>Revenue ($M)</th></tr></thead><tbody><tr><td>1</td><td>Manchester United</td><td>England</td><td>1,864</td><td>1</td><td>428</td></tr><tr><td>2</td><td>Real Madrid</td><td>Spain</td><td>1,451</td><td>10</td><td>537</td></tr><tr><td>3</td><td>Arsenal</td><td>England</td><td>1,192</td><td>1</td><td>336</td></tr><tr><td>4</td><td>Bayern Munich</td><td>Germany</td><td>1,048</td><td>6</td><td>396</td></tr><tr><td>5</td><td>Barcelona</td><td>Spain</td><td>975</td><td>-2</td><td>488</td></tr><tr><td>6</td><td>Milan</td><td>Italy</td><td>838</td><td>5</td><td>289</td></tr><tr><td>7</td><td>Chelsea</td><td>England</td><td>658</td><td>2</td><td>313</td></tr><tr><td>8</td><td>Juventus</td><td>Italy</td><td>628</td><td>-4</td><td>251</td></tr><tr><td>9</td><td>Liverpool</td><td>England</td><td>552</td><td>-33</td><td>276</td></tr><tr><td>10</td><td>Internazionale</td><td>Italy</td><td>441</td><td>7</td><td>275</td></tr><tr><td>11</td><td>Tottenham Hotspur</td><td>England</td><td>412</td><td>11</td><td>179</td></tr><tr><td>12</td><td>Schalke 04</td><td>Germany</td><td>377</td><td>-2</td><td>171</td></tr><tr><td>13</td><td>Lyon</td><td>France</td><td>358</td><td>8</td><td>179</td></tr><tr><td>14</td><td>Hamburger SV</td><td>Germany</td><td>340</td><td>3</td><td>179</td></tr><tr><td>15</td><td>Manchester City</td><td>England</td><td>291</td><td>13</td><td>153</td></tr><tr><td>16</td><td>VfB Stuttgart</td><td>Germany</td><td>281</td><td>0</td><td>141</td></tr><tr><td>17</td><td>Werder Bremen</td><td>Germany</td><td>279</td><td>2</td><td>147</td></tr><tr><td>18</td><td>Marseille</td><td>France</td><td>277</td><td>6</td><td>173</td></tr><tr><td>19</td><td>Atlético Madrid</td><td>Spain</td><td>275</td><td>6</td><td>153</td></tr><tr><td>20</td><td>Borussia Dortmund</td><td>Germany</td><td>260</td><td>-1</td><td>124</td></tr></tbody></table>

2010

<table><thead><tr><th>Rank</th><th>Team</th><th>Country</th><th>Value ($M)</th><th>Debt as % of value</th><th>% change on year</th><th>Revenue ($M)</th><th>Operating income ($m)</th></tr></thead><tbody><tr><td>1</td><td>Manchester United</td><td>England</td><td>1,835</td><td>46</td><td>-2</td><td>459</td><td>150</td></tr><tr><td>2</td><td>Real Madrid</td><td>Spain</td><td>1,323</td><td>54</td><td>-2</td><td>563</td><td>130</td></tr><tr><td>3</td><td>Arsenal</td><td>England</td><td>1,181</td><td>41</td><td>-2</td><td>369</td><td>102</td></tr><tr><td>4</td><td>Barcelona</td><td>Spain</td><td>1,000</td><td>58</td><td>4</td><td>513</td><td>113</td></tr><tr><td>5</td><td>Bayern Munich</td><td>Germany</td><td>990</td><td>14</td><td>-11</td><td>406</td><td>61</td></tr><tr><td>6</td><td>Liverpool</td><td>England</td><td>822</td><td>47</td><td>-19</td><td>304</td><td>37</td></tr><tr><td>7</td><td>Milan</td><td>Italy</td><td>800</td><td>0</td><td>-19</td><td>276</td><td>41</td></tr><tr><td>8</td><td>Juventus</td><td>Italy</td><td>656</td><td>3</td><td>9</td><td>285</td><td>57</td></tr><tr><td>9</td><td>Chelsea</td><td>England</td><td>646</td><td>8</td><td>-19</td><td>340</td><td>-73</td></tr><tr><td>10</td><td>Internazionale</td><td>Italy</td><td>413</td><td>0</td><td>12</td><td>276</td><td>-14</td></tr><tr><td>11</td><td>Schalke 04</td><td>Germany</td><td>384</td><td>50</td><td>-25</td><td>175</td><td>-7</td></tr><tr><td>12</td><td>Tottenham Hotspur</td><td>England</td><td>372</td><td>29</td><td>-16</td><td>186</td><td>35</td></tr><tr><td>13</td><td>Lyon</td><td>France</td><td>333</td><td>10</td><td>-21</td><td>196</td><td>5</td></tr><tr><td>14</td><td>Hamburger SV</td><td>Germany</td><td>329</td><td>0</td><td>0</td><td>206</td><td>41</td></tr><tr><td>15</td><td>Roma</td><td>Italy</td><td>308</td><td>0</td><td>-19</td><td>205</td><td>25</td></tr><tr><td>16</td><td>Werder Bremen</td><td>Germany</td><td>274</td><td>0</td><td>-6</td><td>161</td><td>24</td></tr><tr><td>17</td><td>Marseille</td><td>France</td><td>262</td><td>0</td><td>9</td><td>187</td><td>19</td></tr><tr><td>18</td><td>Borussia Dortmund</td><td>Germany</td><td>261</td><td>32</td><td>-20</td><td>145</td><td>8</td></tr><tr><td>19</td><td>Manchester City</td><td>England</td><td>258</td><td>0</td><td>-17</td><td>143</td><td>-56</td></tr><tr><td>20</td><td>Newcastle United</td><td>England</td><td>198</td><td>8</td><td>-30</td><td>142</td><td>-49</td></tr></tbody></table>

2009

<table><thead><tr><th>Rank</th><th>Team</th><th>Country</th><th>Value ($M)</th><th>Debt as % of value</th><th>% change on year</th><th>Revenue ($M)</th><th>Operating income ($m)</th></tr></thead><tbody><tr><td>1</td><td>Manchester United</td><td>England</td><td>1,870</td><td>54</td><td>4</td><td>512</td><td>160</td></tr><tr><td>2</td><td>Real Madrid</td><td>Spain</td><td>1,353</td><td>23</td><td>5</td><td>576</td><td>81</td></tr><tr><td>3</td><td>Arsenal</td><td>England</td><td>1,200</td><td>107</td><td>0</td><td>349</td><td>80</td></tr><tr><td>4</td><td>Bayern Munich</td><td>Germany</td><td>1,110</td><td>0</td><td>21</td><td>465</td><td>59</td></tr><tr><td>5</td><td>Liverpool</td><td>England</td><td>1,010</td><td>59</td><td>-4</td><td>332</td><td>50</td></tr><tr><td>6</td><td>Milan</td><td>Italy</td><td>990</td><td>0</td><td>24</td><td>330</td><td>58</td></tr><tr><td>7</td><td>Barcelona</td><td>Spain</td><td>960</td><td>43</td><td>22</td><td>487</td><td>108</td></tr><tr><td>8</td><td>Chelsea</td><td>England</td><td>800</td><td>92</td><td>5</td><td>424</td><td>-13</td></tr><tr><td>9</td><td>Juventus</td><td>Italy</td><td>600</td><td>5</td><td>18</td><td>264</td><td>46</td></tr><tr><td>10</td><td>Schalke 04</td><td>Germany</td><td>510</td><td>38</td><td>9</td><td>234</td><td>41</td></tr><tr><td>11</td><td>Tottenham Hotspur</td><td>England</td><td>445</td><td>29</td><td>12</td><td>228</td><td>70</td></tr><tr><td>12</td><td>Lyon</td><td>France</td><td>423</td><td>18</td><td>4</td><td>245</td><td>94</td></tr><tr><td>13</td><td>Roma</td><td>Italy</td><td>381</td><td>9</td><td>-12</td><td>276</td><td>69</td></tr><tr><td>14</td><td>Internazionale</td><td>Italy</td><td>370</td><td>77</td><td>-8</td><td>272</td><td>27</td></tr><tr><td>15</td><td>Hamburger SV</td><td>Germany</td><td>330</td><td>0</td><td>13</td><td>202</td><td>44</td></tr><tr><td>16</td><td>Borussia Dortmund</td><td>Germany</td><td>325</td><td>33</td><td>1</td><td>183</td><td>9</td></tr><tr><td>17</td><td>Manchester City</td><td>England</td><td>310</td><td>0</td><td>62</td><td>164</td><td>-16</td></tr><tr><td>18</td><td>Werder Bremen</td><td>Germany</td><td>292</td><td>0</td><td>12</td><td>177</td><td>27</td></tr><tr><td>19</td><td>Newcastle United</td><td>England</td><td>285</td><td>96</td><td>-5</td><td>198</td><td>-13</td></tr><tr><td>20</td><td>VfB Stuttgart</td><td>Germany</td><td>264</td><td>0</td><td>not reported</td><td>176</td><td>18</td></tr><tr><td>21</td><td>Aston Villa</td><td>England</td><td>240</td><td>10</td><td>26</td><td>150</td><td>1</td></tr><tr><td>21</td><td>Marseille</td><td>France</td><td>240</td><td>0</td><td>28</td><td>200</td><td>20</td></tr><tr><td>23</td><td>Celtic</td><td>Scotland</td><td>218</td><td>14</td><td>-4</td><td>145</td><td>11</td></tr><tr><td>24</td><td>Everton</td><td>England</td><td>207</td><td>49</td><td>5</td><td>151</td><td>14</td></tr><tr><td>25</td><td>Rangers</td><td>Scotland</td><td>194</td><td>86</td><td>not reported</td><td>128</td><td>15</td></tr></tbody></table>

2008

<table><thead><tr><th>Rank</th><th>Team</th><th>Country</th><th>Value ($M)</th><th>Debt as %of value</th><th>% change on year</th><th>Revenue ($M)</th><th>Operating income($m)</th></tr></thead><tbody><tr><td>1</td><td>Manchester United</td><td>England</td><td>1,800</td><td>60</td><td>24</td><td>394</td><td>111</td></tr><tr><td>2</td><td>Real Madrid</td><td>Spain</td><td>1,285</td><td>27</td><td>24</td><td>474</td><td>112</td></tr><tr><td>3</td><td>Arsenal</td><td>England</td><td>1,200</td><td>43</td><td>31</td><td>329</td><td>77</td></tr><tr><td>4</td><td>Liverpool</td><td>England</td><td>1,050</td><td>65</td><td>131</td><td>269</td><td>60</td></tr><tr><td>5</td><td>Bayern Munich</td><td>Germany</td><td>917</td><td>0</td><td>9</td><td>302</td><td>72</td></tr><tr><td>6</td><td>Milan</td><td>Italy</td><td>798</td><td>0</td><td>-3</td><td>307</td><td>54</td></tr><tr><td>7</td><td>Barcelona</td><td>Spain</td><td>784</td><td>27</td><td>47</td><td>392</td><td>92</td></tr><tr><td>8</td><td>Chelsea</td><td>England</td><td>764</td><td>0</td><td>42</td><td>382</td><td>-5</td></tr><tr><td>9</td><td>Juventus</td><td>Italy</td><td>510</td><td>5</td><td>-10</td><td>196</td><td>35</td></tr><tr><td>10</td><td>Schalke 04</td><td>Germany</td><td>470</td><td>48</td><td>0</td><td>154</td><td>36</td></tr><tr><td>11</td><td>Roma</td><td>Italy</td><td>434</td><td>12</td><td>94</td><td>213</td><td>48</td></tr><tr><td>12</td><td>Tottenham Hotspur</td><td>England</td><td>414</td><td>15</td><td>70</td><td>207</td><td>64</td></tr><tr><td>13</td><td>Lyon</td><td>France</td><td>408</td><td>7</td><td>19</td><td>190</td><td>15</td></tr><tr><td>14</td><td>Internazionale</td><td>Italy</td><td>403</td><td>0</td><td>-27</td><td>207</td><td>21</td></tr><tr><td>15</td><td>Borussia Dortmund</td><td>Germany</td><td>323</td><td>57</td><td>63</td><td>122</td><td>31</td></tr><tr><td>16</td><td>Newcastle United</td><td>England</td><td>300</td><td>43</td><td>16</td><td>175</td><td>12</td></tr><tr><td>17</td><td>Hamburger SV</td><td>Germany</td><td>293</td><td>0</td><td>32</td><td>163</td><td>41</td></tr><tr><td>18</td><td>Werder Bremen</td><td>Germany</td><td>262</td><td>0</td><td>n/a</td><td>131</td><td>11</td></tr><tr><td>19</td><td>Valencia</td><td>Spain</td><td>254</td><td>159</td><td>31</td><td>145</td><td>-45</td></tr><tr><td>20</td><td>Celtic</td><td>Scotland</td><td>227</td><td>11</td><td>23</td><td>151</td><td>48</td></tr><tr><td>21</td><td>Everton</td><td>England</td><td>197</td><td>30</td><td>24</td><td>103</td><td>-1</td></tr><tr><td>22</td><td>West Ham United</td><td>England</td><td>195</td><td>23</td><td>25</td><td>115</td><td>-22</td></tr><tr><td>23</td><td>Manchester City</td><td>England</td><td>191</td><td>63</td><td>-8</td><td>114</td><td>27</td></tr><tr><td>24</td><td>Aston Villa</td><td>England</td><td>190</td><td>12</td><td>36</td><td>106</td><td>-40</td></tr><tr><td>25</td><td>Marseille</td><td>France</td><td>187</td><td>0</td><td>19</td><td>134</td><td>13</td></tr></tbody></table>

• Manchester United increased from $1.2 billion to $1.8 billion still remaining at top. While Real Madrid remains second due to an increase of $400 million. Arsenal also remain third after an approximate increase of $350 million.

2007

<table><thead><tr><th>#</th><th>Team</th><th>Country</th><th>Value ($M)</th><th>Debt as %of value</th><th>% change on year</th><th>Revenue ($M)</th><th>Operating income($m)</th></tr></thead><tbody><tr><td>1</td><td>Manchester United</td><td>England</td><td>1,453</td><td>84</td><td>6</td><td>310</td><td>92</td></tr><tr><td>2</td><td>Real Madrid</td><td>Spain</td><td>1,036</td><td>10</td><td>2</td><td>000</td><td>83</td></tr><tr><td>3</td><td>Arsenal</td><td>England</td><td>915</td><td>53</td><td>9</td><td>246</td><td>20</td></tr><tr><td>4</td><td>Bayern Munich</td><td>Germany</td><td>838</td><td>0</td><td>9</td><td>262</td><td>62</td></tr><tr><td>5</td><td>Milan</td><td>Italy</td><td>824</td><td>0</td><td>-10</td><td>305</td><td>46</td></tr><tr><td>6</td><td>Juventus</td><td>Italy</td><td>567</td><td>17</td><td>-18</td><td>321</td><td>45</td></tr><tr><td>7</td><td>Internazionale</td><td>Italy</td><td>555</td><td>n/a</td><td>10</td><td>264</td><td>26</td></tr><tr><td>8</td><td>Liverpool</td><td>England</td><td>537</td><td>28</td><td>6</td><td>283</td><td>-37</td></tr><tr><td>9</td><td>Barcelona</td><td>Spain</td><td>535</td><td>12</td><td>22</td><td>331</td><td>12</td></tr><tr><td>10</td><td>Schalke 04</td><td>Germany</td><td>471</td><td>53</td><td>45</td><td>157</td><td>37</td></tr><tr><td>11</td><td>Chelsea</td><td>England</td><td>454</td><td>18</td><td>28</td><td>225</td><td>37</td></tr><tr><td>12</td><td>Lyon</td><td>France</td><td>343</td><td>n/a</td><td>65</td><td>163</td><td>10</td></tr><tr><td>13</td><td>Newcastle United</td><td>England</td><td>260</td><td>46</td><td>-14</td><td>159</td><td>11</td></tr><tr><td>14</td><td>Tottenham Hotspur</td><td>England</td><td>243</td><td>0</td><td>27</td><td>137</td><td>9</td></tr><tr><td>15</td><td>Roma</td><td>Italy</td><td>224</td><td>0</td><td>-15</td><td>162</td><td>53</td></tr><tr><td>16</td><td>Hamburger SV</td><td>Germany</td><td>221</td><td>n/a</td><td>n/a</td><td>130</td><td>31</td></tr><tr><td>17</td><td>Manchester City</td><td>England</td><td>208</td><td>83</td><td>-6</td><td>114</td><td>9</td></tr><tr><td>18</td><td>Borussia Dortmund</td><td>Germany</td><td>199</td><td>126</td><td>61</td><td>114</td><td>1</td></tr><tr><td>19</td><td>Ajax</td><td>Netherlands</td><td>196</td><td>0</td><td>13</td><td>95</td><td>9</td></tr><tr><td>20</td><td>Celtic</td><td>Scotland</td><td>185</td><td>14</td><td>18</td><td>106</td><td>-8</td></tr><tr><td>21</td><td>Everton</td><td>England</td><td>165</td><td>32</td><td>34</td><td>107</td><td>-15</td></tr><tr><td>22</td><td>Marseille</td><td>France</td><td>157</td><td>n/a</td><td>n/a</td><td>105</td><td>6</td></tr><tr><td>23</td><td>West Ham United</td><td>England</td><td>156</td><td>27</td><td>n/a</td><td>111</td><td>6</td></tr><tr><td>24</td><td>Rangers</td><td>Scotland</td><td>147</td><td>7</td><td>32</td><td>113</td><td>12</td></tr><tr><td>25</td><td>Aston Villa</td><td>England</td><td>140</td><td>16</td><td>16</td><td>91</td><td>-21</td></tr></tbody></table>