SBD/Issue 154/Franchises

ManU Tops Forbes' Soccer Valuations For Seventh Straight Year

EPL club Manchester United for the seventh straight year ranks as the most valuable soccer club in the world, worth $1.84B, according to Schwartz, Maidment & Ozanian in FORBES' annual valuations. ManU last year posted operating income of $150M, the most of any team, while their media revenue of $164M ranked No. 1 in the EPL. The top 20 clubs last season posted an average enterprise value (equity plus net debt) of $632M, down 8.5% from $691M the previous year, which equates to a $1.2B aggregate loss in value. Also, operating income for the top 20 clubs fell from an average of $50M to $32M. But the "bigger concern is the growing bifurcation in profitability among Europe's elite clubs," as the five richest teams earned $556M, an operating margin of 24%, while the five poorest teams lost a combined $54M on revenues of $778M (FORBES.com, 4/21). FORBES' Parmy Olson notes sponsorships and broadcast rights money "have continued to roll in for Europe's top 20 soccer clubs," as broadcast rights "account for 42% of the revenue of Europe's top 20 clubs." Their combined revenues increased $36M to $5.5B last season (FORBES, 5/10 issue).

FORBES MOST VALUABLE SOCCER CLUBS
RK
TEAM
NATION
CURRENT VALUE
DEBT/
VALUE
1-YR % +/-
REV.
OPER. INCOME
1
Manchester United
England
$1.835B
46%
-2%
$459M
$150M
2
Real Madrid
Spain
$1.323B
54%
-2%
$563M
$130M
3
Arsenal
England
$1.181B
41%
-2%
$369M
$102M
4
FC Barcelona Spain
$1B
0%
4%
$513M
$113M
5
Bayern Munich Germany
$990M
14%
-11%
$406M
$61M
6
Liverpool England
$822M
47%
-19%
$304M
$37M
7
AC Milan Italy
$800M
0%
-19%
$276M
$41M
8
Juventus Italy
$656M
3%
9%
$285M
$57M
9
Chelsea England
$646M
8%
-19%
$340M
-$73M
10
Inter Milan Italy
$413M
0%
12%
$276M
-$14M
11
FC Schalke 04 Germany
$384M
50%
-25%
$175M
-$7M
12
Tottenham Hotspur England
$372M
29%
-16%
$186M
$35M
13
Olympique Lyonnais France
$333M
10%
-21%
$196M
$5M
14
Hamburg SV Germany
$329M
0%
0%
$206M
$41M
15
AS Roma Italy
$308M
0%
-19%
$205M
$25M
16
Werder Bremen Germany
$274M
0%
-6%
$161M
$24M
17
Olympique Marseille France
$262M
0%
9%
$187M
$19M
18
Borussia Dortmund Germany
$261M
32%
-20%
$145M
$8M
19
Manchester City England
$258M
0%
-17%
$143M
-$56M
20
Newcastle United England
$198M
8%
-30%
$142M
-$49M

MOST VALUABLE PLAYERS: FORBES' Christina Settimi reported MLS Galaxy MF David Beckham tops the list of highest-earning soccer players, earning $40M in '09, almost $33M of which "came from endorsements." The earnings include a "percentage of Beckham's Galaxy jersey sales -- the best- and fastest-selling one in MLS." But off the field, "not all is well with Brand Beckham." Brand Beckham Ltd. Dir Simon Fuller last week stepped down from his position, "fuelling speculation that the allure of Beckham and his wife, pop star Victoria Beckham, is fading." Meanwhile, successors to Beckham's position as soccer's top earner are "waiting in the wings." Real Madrid MF Cristiano Ronaldo ranks No. 2 on the list of highest-earning players with $30M in salary and endorsements last year, and Global Sponsors CEO Michael Stirling said Ronaldo "has stepped into the shoes of the old David Beckham." Like Beckham, the majority of Ronaldo's earnings are from sponsors, as he earned $16M in endorsements last year (FORBES.com, 4/21).

WORLD'S TOP EARNERS IN SOCCER
RK
PLAYER
CLUB
NATIONAL TEAM
EARNINGS
1
David Beckham MLS Galaxy/AC Milan England
$40M
2
Cristiano Ronaldo Real Madrid Portugal
$30M
3
Kaka Real Madrid Brazil
$25M
4
Ronaldinho AC Milan Brazil
$25M
5
Thierry Henry FC Barcelona France
$24M
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