Real Madrid and ManU have been "rated as the most valuable clubs in the world" in an annual study by KPMG, according to Ian Holyman of ESPN.com. The "Football Clubs' Valuation: The European Elite" study estimated Real Madrid and ManU as being worth €2.9B at the end of the '15-16 season. Barcelona is third, valued at €2.8B, ahead of Bayern Munich, rated at €2.2B. KPMG Head of Sports Network Jean-Luc Leroux said, "It's a study that associates several criteria. These include the popularity of clubs with their number of followers on social media, their sporting potential given the value of their players, TV rights and their ownership situation, notably of the stadiums." Paris St. Germain is "ambitious to move further up the ranks," with L'Équipe reporting that club owner Qatar Sports Investments hopes to increase the club's value to €1.5B ($1.6B) by '20. The top 10 clubs are: Real Madrid (€2.9B); ManU (€2.9B); Barcelona (€2.8B); Bayern Munich (€2.2B); Arsenal (€1.7B); Man City (€1.6B); Chelsea (€1.5B); Liverpool (€1.3B); Juventus (€983M) and PSG (€843M) (ESPN.com, 3/31).
