Football finance 100

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C O N T E N T S

The third edition of the Soccerex Football Finance 100 (FF100) underlines the growing power
and influence of the world’s top clubs – football institutions that not only win countless domestic
and international honours, but also possess a financial strength that has created significant
competitive advantages.
These clubs operate in an industry that could be on the brink of change, judging by the constant
stream of rumours and counter-rumours concerning the shape and format of the game’s major
competitions.
Like many sectors that have been challenged by new technology, such as media and financial
services, football is also being confronted with the threat of disruption and possible cultural
change. Most notably, the introduction of Video Assistant Referees (VAR) has added a new
dimension to the sport, one that does not currently sit comfortably within football and clearly
has to be adapted for practical use.
Moreover, the past couple of years have seen football increasingly faced with the possibility
that an elite band of clubs will push the governing bodies into making structural changes to
competitions like the UEFA Champions League. Talk of a European Super League, while an
interesting and attention-grabbing exercise on paper, does not necessarily have the interests of
the broader game at its heart.
In Ligue 1, the Bundesliga, Serie A and La Liga, there is a high level of predictability about the
destination of the major prizes. The Premier League, the other member of that group, has a little
more variety, but that balance seems to be on the threshold of further polarisation as the top
six begins to reduce to a smaller group of clubs, partly due to financial power and ownership
dynamics.
The names at the top of the FF100 2020 are familiar, although the running order has changed
slightly. Paris Saint-Germain (PSG), have overtaken Manchester City at the top, largely due to
improved financial management that has seen their cash increase and debt reduce.
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In the slipstream of these two clubs, Europe’s current top bracket, including Bayern Munich, Real
Madrid, Liverpool and Juventus, are all in the top 10. The gap between these clubs and their
domestic rivals appears to be growing, as evidenced in the FF100 when comparing PSG’s wealth
and squad with their French peers, Bayern Munich’s strength alongside Bundesliga stablemates
and Juventus’ advantages with those of their Serie A rivals.
Interestingly, heavyweights such as Barcelona and Manchester United dropped markedly this
year, most notably Manchester United, whose on-pitch malaise has started to affect income,
morale and brand visibility. In spite of this, Manchester United’s revenue streams remain strong
– (revenues are not a feature of the FF100, hence clubs like Hoffenheim and RB Leipzig with
wealthy owners and sound financial management appear higher in the rankings – offsetting
to an extent their high debt and a reduced level of cash. Nevertheless, the relative decline of
England’s most famous club over the past six years is a reminder that nothing can ever be taken
for granted in football.
Europe’s strength, built on lucrative broadcasting revenues and commercial prowess, makes it
difficult for clubs from the other continents to compete, although the FF100 demonstrates there
are strong clubs in Canada, China, Japan, Mexico and the United States. As the game becomes
increasingly global in its development, reach and investment, it has also attempted to become
more inclusive, despite contemporary problems around racism and financial imbalances.
Fortunately, football mostly remains a force for good that brings a lot of joy to all demographic
groups, and there is no apparent signal that the global boom in spectator enthusiasm is coming
to an end. But, like any organic body, change is inevitable and a visible sign of life. It is football’s
governing bodies’ responsibility that, amid any change, either cosmetic or transformational, the
body remains healthy. At the top of the FF100, the leading clubs certainly appear to be in rude
health.

As football continues to globalise and become more inter-connected, the Soccerex Football
Finance 100, recognising contemporary trends, has expanded its reach, analysing more
clubs and regions than ever before. Hence, clubs from Japan, where football is growing both
culturally and commercially, have entered the top 100.
Against a backdrop of possible disruption and challenges to the status quo, the football
industry continues to strengthen its ability to attract spectators, investors and business
partners right across the globe. The game, while remaining the world’s most popular sport,
has also evolved into a business offering lucrative opportunities for very high net worth
individuals, governments and their wealth funds and corporates. Football’s stakeholder base,
which once comprised players, officials and supporters, has grown to include all segments of
the business community.
INEVITABLE?
For the past five years, football has become more polarised with the prominent leagues
monopolised by clubs that not only have on-pitch strength, but also unprecedented financial
power provided by extremely rich backers. Football has seen the emergence of a new type of
owner in the form of savvy investors who want to monetise their investments. For example, over
the past 12 months, Jim Ratcliffe, the owner of INEOS, paid € 100 million to acquire OGC Nice
of France, and Silver Lake, a US private equity fund, bought a stake in the City Football Group
which owns Manchester City.
Increasingly, clubs seek-out the investors that can elevate them to a new level, perhaps realising
the stakes have been raised and a new type of competition has emerged over the past decade.
Whereas clubs with billionaire backing were the exception a decade ago, the modern football
model is increasingly drawn to oil magnates, speculators and huge corporations.
The obvious examples of clubs that have been transformed by such investment are Paris Saint-
Germain, Manchester City and Chelsea. These clubs, predicted the pundits, would dominate
world football in the years to come thanks to their incredible resources. In the first two Soccerex
FF100 reports, Manchester City came out on top but they have now been overtaken by Paris
Saint-Germain, whose sovereign ownership wealth totals some € 286 billion and their cash
reserves have grown by 50%.
While economics give these two clubs a significant advantage, making success almost a given,
football’s unpredictability means nothing is ever guaranteed. PSG and City have designs on
European domination, just like Chelsea, the forerunner among the billionaire-backed clubs.
Of the three, only Chelsea have managed to win the prize they all covet, the UEFA Champions
League, which the London club secured in 2012. It is often overlooked that clubs with huge
resources are part of a band that is similarly wealthy, either through investor capital or through
self-perpetuating heritage.
However, these clubs have become all-conquering in their domestic leagues and the gulf
between some of them and their stable-mates has widened, posing questions about the lack
of competitiveness of some European leagues. This, along with concerns about distribution
of broadcasting monies and bloated formats, has prompted discussions – driven by groups
such as the European Club Association - around the modification of existing competitions and
ringfencing of the elite clubs. Such moves may only serve to strengthen the financial power of a
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small body of clubs. FIFA, perhaps trying to keep ahead of third party interference, has also attempted
to change the landscape by expanding its Club World Cup.
One of the clubs mentioned in discussions about global club competition is Guangzhou Evergrande
Tabao, the Chinese Super League (CSL) champions. Guangzhou are at the forefront of China’s bid to
become a footballing powerhouse and have won the CSL eight times. They have the backing of an
ownership group that includes real estate company Evergrande and Alibaba owner Jack Ma, with total
wealth of € 175 billion, the second highest among the FF100. Guangzhou, like all Chinese clubs, have
not reached the stage of their evolution where their playing squad has a competitive value versus
European counterparts. Guangzhou’s own squad value, of € 76 million is but a fraction of a modest
European club.
The scale of the Chinese market will give the country an important status in football by sheer virtue of
its commercial potential. This applies not just to Chinese domestic football, but also to the market as
an avenue for western clubs to build their global franchises.
The United States is a similar story, but Major League Soccer is rapidly establishing itself as a very
professional, well-organised and well-managed competition. MLS has 17 clubs in the FF100, second
only to the English Premier League, and four more than last year. MLS clubs are characterised by a
business model that includes good stadiums – resulting in high tangible asset levels – little if any debt
and low squad valuations, which will remain a feature of MLS as the league has restrictions on transfers
and salaries. The league’s clubs also have some very wealthy owners, notably Toronto (€ 20bn), Los
Angeles FC (€ 18.9bn) and LA Galaxy (€ 9.7bn), all of which have richer owners than, among others,
Tottenham, Arsenal and Liverpool.
THE USUAL SUSPECTS
Many people predicted that the rise of China and the US would trigger an inevitable shift in power
across world football, but while these two economic giants may yet assume a comparable status in
football, at present, the traditional regions of strength are clearly still in control.
Europe dominates, but the top clubs are no longer the sole property of the countries where they are
located, they aspire to be global and they derive a substantial slice of their financial strength from
outside their home nation. The top 30 of the FF100 evidences the global nature of ownership with just
under 50% of clubs in the hands of non-European owners, 10 of which are EU-based clubs.
As in previous years, the Premier League is the dominant competition in the FF100. The 23 clubs from
the UK include 18 from the current top tier, half of which have declined in the rankings and seven that
have climbed, including Aston Villa, who rose by 35 places in the top 100.
The Premier League clubs enjoy relatively high player valuations, but at the same time, they also have
sizeable debt levels. In fact, the two clubs with the highest debts in the FF100 are Tottenham Hotspur
(€ 898 million) and Manchester United (€ 800 million).
The latter has declined significantly, dropping to 16th from eighth in 2019. Manchester United,
continues to be the biggest revenue generator in English football and the most popular in terms of
match attendances (75,000), but the club is currently enduring, by their own high standards, a very
mediocre period. This has started to impact in a number of ways, not least a € 100 million drop in the
value of their squad, a fall in cash reserves of more than € 50 million and increased debt levels by a
similar amount.
Decline is a relative thing, of course, and Manchester United are still one of the world’s most powerful
and influential clubs. The Premier League is a two-speed competition to a certain degree and the

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players valuations in the FF100 serve to emphasise the imbalances within the league – for example,
Manchester City’s squad, valued at close to € 1.3 billion is more than 10 times that of Norwich City.
But the Premier League is not the only competition with such huge imbalances between its clubs.
Across the top leagues, the footballing institutions that dominate domestic football are also the
richest – Bayern Munich in Germany, Juventus in Italy, Real Madrid and Barcelona in Spain, and of
course, Paris Saint-Germain in France.
In Germany’s Bundesliga, Bayern Munich not only have a squad that is € 242 million higher than their
nearest domestic challenger, Borussia Dortmund, they also have four times as much in cash reserves
and a higher level of owner wealth. Dortmund can at least claim to be the world’s most popular club
by matchday attendances, their 81,000 average higher than Bayern’s 75,000.
German clubs have far less in debt than those in Spain and Italy. Real Madrid and Barcelona,
naturally, have a long-established stranglehold on and off the pitch in Spain. Their revenues are far
greater than the rest of La Liga, but they also have high levels of debt - € 244 million and € 652 million
respectively. Real Madrid have growing local competition in the form of Atlético Madrid, a club with
a new stadium – hence their high levels of debt (€ 537m) and tangible assets (€ 379m).
Italian clubs also have high debt levels but low tangible assets. Most are short of cash and despite
some overseas investment, Serie A has yet to experience the sort of financial boost seen in England.
Juventus were the first Italian club to realise the business paradigm was changing and became the
first owners of their stadium which has given them an advantage over their rivals. Juve’s tangible
assets total € 196 million, 10 times the total of AC Milan and eight times Inter Milan’s tangibles.
MISSING LINKS
The FF100 provides firm evidence that the financial power in football rests in Europe, even though
that power is provided by investment from all continents. For decades, the popular belief has been
that South America is the most passionate football region. There is no denying that countries such
as Argentina, Brazil – and to a smaller degree – Uruguay have provided the world with great teams
and players, but in the modern world, their clubs have struggled to compete with Europe.
Brazil, for example, is conspicuous by its absence from the FF100. A year ago, there were
eight Brazilian teams in the list, but all have declined and sit outside the 100. The region’s only
representatives are Argentina, with the Buenos Aires duo, River Plate and Boca Juniors, in 91st and
95th place respectively. Despite being massive clubs at home, the South Americans are generally
typified by low cash, high amounts of debt and lack of economic clout both in terms of ownership
and fanbases.
While South America’s presence has declined, Japan makes its first appearance in the FF100,
with two clubs, Nagoya Grampus and Vissel Kobe both making the top 30. Both clubs have strong
ownership backing – corporate Japan has long been closely linked to Japanese football – notably
Nagoya, whose owner, Toyota, is worth some € 150 billion. The J-League is arguably the strongest
in Asia, as shown by Japanese clubs reaching three consecutive AFC Champions League finals
between 2017 and 2019.
While football remains a global game that has mass appeal, the disparity between Europe and the
rest of the world is attributable to a number of factors: economic variation, corporate involvement
and maturity of domestic football. While there has been improvement in many football markets, the
imbalances are still significant and will always make any attempt at globalising club competitions a
challenging task. The frequency of attempts to introduce such projects appears to be increasing,
which suggests where there is a will, there may eventually be a way.

S O C C E R E X F O O T B A L L F I N A N C E 1 0 0 • M E T H O D O L O G Y
Our aim with the Soccerex Football Finance 100 (FF100) is to provide a unique analytical
model to evaluate the financial strength of football clubs around the world, using a bespoke
methodology, in line with the modern 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 reputable sources of information such as UEFA, The Financial Times, Bloomberg, Yahoo
Finance, Forbes, Transfermarkt and Hoovers. For this edition, the financial year analysed was
2017-18.
The methodology is constructed on five variables that go towards making up the final calculation
of each team:
A) Playing Assets
B) Tangible Assets (i.e. team’s stadiums, training centres and other properties)
C) Cash in the bank
D) Owner Potential Investment*
E) Net Debt
In order to ensure consistency of method, we have calculated net debt as short term liabilities
plus long term liabilities minus current assets. In some cases this produces a negative net debt
which is indicative that the club possesses enough cash and cash equivalents to pay off its short
and long-term debt and still have excess cash remaining.
Our goal with this report is to evaluate and rank the financial potential of each club and 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, thereby giving an FFI score for each that can
be calculated as follows:
S O C C E R E X F F I S C O R E F O R A C L U B
A FFI Score + B FFI Score + C FFI Score** + D FFI Score** – E FFI Score
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Many clubs feature in high positions in the Soccerex FF100 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 tangible assets and cash in bank are fundamental for the most efficient
and productive management of the 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.
In line with the current reality of football, 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” for that variable.
Also, some tycoons have multiple clubs, in different countries. In these instances, in our
methodology the potential investment amount was divided between 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 owner’s net worth we have listed them 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.
*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.

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# C L U B C O U N T R Y
F F I
S C O R E
P L A Y E R S
V A L U E
T A N G I B L E
A S S E T S
C A S H I N
B A N K
O W N E R P O T E N T I A L
I N V E S T M E N T
N E T
D E B T
0 1 P S G F R A 5 . 3 1 8 1 0 5 0 . 0 9 9 . 9 1 3 8 . 0 1 , 0 0 3 - 3 4 .1
0 2
M A N C H E S T E R
C I T Y
E N G 5 .1 9 7 1 2 8 0 . 0 4 6 4 . 2 3 1 . 5 6 4 7 1 7 3 . 2
0 3 B A Y E R N M U N I C H G E R 3 . 8 8 8 8 8 2 . 7 2 5 7. 7 2 2 0 . 8 4 1 6 6 . 9
0 4
T O T T E N H A M
H O T S P U R
E N G 3 . 4 4 1 9 8 4 . 0 11 0 1 .1 11 3 . 7 1 6 2 8 9 8 . 0
0 5 R E A L M A D R I D E S P 3 . 3 3 6 11 9 0 . 0 3 4 1 . 2 1 9 0 .1 0 2 4 3 . 7
0 6 A R S E N A L E N G 3 .1 5 0 6 8 3 . 8 4 8 0 .1 2 6 1 . 5 2 9 1 2 7 1 . 6
0 7 C H E L S E A E N G 2 . 8 9 3 8 0 7. 0 1 9 9 . 8 3 5 . 8 3 6 5 1 8 4 . 4
0 8 L I V E R P O O L E N G 2 . 6 1 6 1 0 7 0 . 0 1 9 9 . 4 11 . 7 8 0 2 9 4 . 6
0 9 J U V E N T U S I T A 2 .1 9 5 8 6 4 . 0 1 6 2 . 4 1 5 . 3 3 1 3 5 3 9 . 4
1 0
B O R U S S I A
D O R T M U N D
G E R 2 .1 5 4 6 4 0 . 5 1 9 5 . 5 5 4 . 9 6 3 - 1 9 . 8
11
A T L É T I C O D E
M A D R I D
E S P 2 . 0 4 9 8 7 2 . 5 3 7 9 . 4 2 3 . 0 6 2 5 3 7. 9
1 2 B A R C E L O N A E S P 2 . 0 3 6 11 8 0 . 0 1 5 6 . 6 4 0 . 3 0 6 5 2 .1
1 3 R B L E I P Z I G G E R 1 . 9 4 9 5 4 4 . 6 1 4 . 7 2 . 7 3 7 3 1 4 9 . 8
1 4 H O F F E N H E I M G E R 1 . 9 2 2 2 3 4 . 8 7 6 . 9 4 9 . 2 4 1 0 - 1 0 2 . 0
1 5
G U A N G Z H O U
E V E R G R A N D E
T A O B A O
C H N 1 . 8 5 3 7 6 . 3 11 2 . 0 8 . 4 6 11 N A
1 6
M A N C H E S T E R
U N I T E D
E N G 1 . 7 4 3 7 5 3 . 3 2 7 7. 3 2 7 3 . 5 1 6 4 7 9 9 . 8
1 7 N A P O L I I T A 1 . 6 7 0 6 2 5 . 8 0 . 3 11 8 . 7 1 8 5 . 0
1 8 L O S A N G E L E S F C U S A 1 . 6 5 7 3 8 . 5 N A N A 6 6 1 N A
1 9
B A Y E R
L E V E R K U S E N
G E R 1 . 5 5 1 4 1 5 . 3 8 4 . 4 N A 1 9 0 2 5 .1
2 0 M O N A C O F R A 1 . 4 4 3 3 5 4 . 3 7. 8 1 7. 3 1 3 4 - 1 4 2 . 8
2 1 L E I C E S T E R C I T Y E N G 1 . 3 7 2 4 1 0 . 3 6 7. 2 3 0 . 8 1 4 5 6 8 . 9
2 2 L A G A L A X Y U S A 1 . 3 1 7 3 7. 4 2 2 5 . 0 N A 3 3 8 N A
2 3
Z E N I T
S T. P E T E R S B U R G
R U S 1 . 3 0 9 2 1 2 . 6 11 6 . 0 N A 2 4 7 N A
2 4
N A G O Y A
G R A M P U S
J P N 1 . 2 7 5 2 0 . 5 N A N A 5 2 4 8 . 3
2 5 I N T E R N A Z I O N A L E I T A 1 . 2 0 0 5 3 5 . 9 1 9 . 0 4 5 .1 1 7 0 3 3 5 . 7
0 7
( € M I L L I O N S )
F F I
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P L A Y E R S
V A L U E
T A N G I B L E
A S S E T S
C A S H I N
B A N K
I N V E S T M E N T
N E T
D E B T
2 6
O L Y M P I Q U E
L Y O N N A I S
F R A 1 .1 9 7 3 6 7. 7 3 9 9 . 4 9 . 2 1 6 2 8 2 . 7
2 7
S E A T T L E
S O U N D E R S
U S A 1 .1 4 6 2 9 . 5 2 5 0 . 3 N A 2 5 4 N A
2 8 V A L E N C I A E S P 1 . 0 8 7 4 9 5 . 5 2 6 8 . 6 11 . 5 4 9 4 2 5 . 9
2 9 V I S S E L K O B E J P N 1 . 0 7 9 2 7. 2 N A N A 4 3 0 2 . 6
3 0
S H A K H T A R
D O N E T S K
U K R 1 . 0 4 8 1 3 7. 4 1 6 9 . 8 N A 1 6 9 N A
3 1 A J A X N E D 1 . 0 2 7 3 7 5 . 9 2 0 . 3 1 2 . 2 0 - 4 6 . 6
3 2
WOLV ERHA MP TON
WANDERERS
E N G 1 . 0 2 5 3 3 3 . 8 4 . 3 2 . 6 1 9 0 1 3 2 . 6
3 3 E V E R T O N E N G 1 . 0 0 8 5 0 6 . 0 1 7. 8 1 0 . 7 4 4 2 0 0 . 7
3 4 M I L A N I T A 0 . 9 4 0 5 11 . 0 1 4 . 5 2 4 . 8 1 0 3 3 3 8 .1
3 5 A S T O N V I L L A E N G 0 . 9 3 0 1 9 1 . 0 9 . 9 3 .1 3 0 0 1 4 9 .1
3 6
C O L O R A D O
R A P I D S
U S A 0 . 8 9 2 1 4 . 3 8 9 . 2 N A 2 9 1 N A
3 7
S P A R T A K
M O S C O W
R U S 0 . 8 7 8 1 0 6 . 6 N A N A 2 6 4 N A
3 8 F U L H A M E N G 0 . 8 7 5 1 3 6 . 0 1 . 4 9 . 8 2 4 0 1 9 . 4
3 9 F I O R E N T I N A I T A 0 . 8 3 8 2 5 1 . 0 0 . 9 1 8 8 .1 1 4 1 6 1 . 0
4 0
N E W E N G L A N D
R E V O L U T I O N
U S A 0 . 8 3 5 1 9 . 6 1 6 0 . 0 N A 2 0 5 N A
4 1 S O U T H A M P T O N E N G 0 . 8 1 6 2 3 7. 0 5 1 .1 6 4 . 6 7 1 6 3 . 4
4 2
N E W Y O R K R E D
B U L L S
U S A 0 . 7 8 7 2 5 . 7 1 4 9 . 4 N A 1 8 7 N A
4 3 R E A L S O C I E D A D E S P 0 . 7 7 2 3 0 9 . 8 3 1 . 4 1 3 . 9 0 2 4 . 7
4 4
W E S T H A M
U N I T E D
E N G 0 . 7 7 1 3 4 8 . 8 2 3 . 7 3 4 . 5 3 2 1 3 3 . 3
4 5 A T H L E T I C B I L B A O E S P 0 . 7 6 0 2 2 4 . 0 2 9 . 0 1 3 2 . 0 0 1 4 . 5
4 6
N E W C A S T L E
U N I T E D
E N G 0 . 7 4 5 2 7 3 . 6 7 0 . 3 3 8 . 2 8 3 1 7 0 . 2
4 7 S E V I L L A E S P 0 . 7 3 6 2 8 3 . 2 1 9 . 7 6 6 . 4 0 4 2 . 6
4 8 N E W Y O R K C I T Y U S A 0 . 7 0 1 3 0 . 7 2 2 3 .1 N A 8 6 N A
4 9 L I L L E F R A 0 . 6 8 2 2 3 3 . 6 3 3 . 9 6 8 . 5 1 5 7 2 4 0 . 8
5 0
BORUSSIA
MONCHENGLADBACH
G E R 0 . 6 6 8 2 7 0 . 5 7 8 . 3 1 0 . 5 0 7 9 . 9
( € M I L L I O N S )
0 4 F O O T B A L L F I N A N C E 1 0 0

S O C C E R E X F O O T B A L L F I N A N C E 1 0 0 • F O O T B A L L F I N A N C E 1 0 0 R A N K I N G S
F F I
S C O R E
P L A Y E R S
V A L U E
T A N G I B L E
A S S E T S
C A S H I N
B A N K
I N V E S T M E N T
N E T
D E B T
5 1 A T L A N T A U N I T E D U S A 0 . 6 3 1 5 6 .1 5 4 . 0 N A 1 6 7 N A
5 2 T O R O N T O F C C A N 0 . 6 3 0 3 3 . 8 2 0 2 . 0 N A 7 0 N A
5 3 M A R S E I L L E F R A 0 . 6 3 0 2 2 6 . 7 2 5 . 9 3 0 . 7 3 5 5 0 . 0
5 4 M O N T E R R E Y M E X 0 . 6 2 0 8 4 .1 9 4 .1 N A 1 0 2 N A
5 5 R E A L B E T I S E S P 0 . 6 0 0 2 9 2 . 5 3 4 . 5 5 . 3 0 9 7. 2
5 6 C H I C A G O F I R E U S A 0 . 5 9 8 2 5 . 3 1 4 6 . 5 N A 11 0 N A
5 7 C E L T A V I G O E S P 0 . 5 9 6 2 2 6 . 3 1 2 . 3 2 2 .1 0 - 1 . 7
5 8 B O U R N E M O U T H E N G 0 . 5 9 2 3 3 4 . 3 1 3 . 8 8 . 7 4 1 4 4 . 8
5 9 B U R N L E Y E N G 0 . 5 8 9 1 9 8 . 8 2 5 . 5 3 8 . 9 1 - 5 . 0
6 0 K R A S N O D A R R U S 0 . 5 8 9 1 4 8 . 0 N A N A 1 0 1 N A
6 1 P O R T O P O R 0 . 5 8 9 2 5 0 . 7 1 6 . 3 0 .1 0 2 1 . 2
6 2 C R Y S T A L P A L A C E E N G 0 . 5 8 4 2 3 6 . 6 1 4 . 9 2 0 . 2 8 8 1 4 2 . 3
6 3 S T O K E C I T Y E N G 0 . 5 7 9 1 0 5 . 5 0 . 8 2 4 . 7 2 1 0 1 2 1 . 2
6 4 B E N F I C A P O R 0 . 5 6 2 3 1 0 . 7 1 7 1 . 9 7. 5 0 2 9 8 . 7
6 5 B A R N S L E Y E N G 0 . 5 5 7 8 . 7 0 . 4 6 . 3 2 1 8 - 5 .1
6 6 V I L L A R R E A L E S P 0 . 5 5 5 2 11 . 7 1 2 . 0 2 8 . 5 4 2 6 4 . 8
6 7 P S V E I N D H O V E N N E D 0 . 5 3 8 2 11 . 5 4 5 . 0 1 6 . 4 0 4 3 . 0
6 8 L A Z I O I T A 0 . 5 3 7 2 9 1 . 3 3 9 . 0 1 . 5 2 1 3 6 . 3
6 9
M I N N E S O T A
U N I T E D
U S A 0 . 5 3 6 1 8 . 6 N A N A 2 0 8 N A
7 0
E I N T R A C H T
F R A N K F U R T
G E R 0 . 5 2 7 2 1 7. 6 3 .1 3 0 .1 0 2 3 . 3
7 1 R E N N E S F R A 0 . 5 1 9 1 5 7. 5 4 . 3 2 . 3 5 4 - 4 . 5
7 2
S A N J O S E
E A R T H Q U A K E S
U S A 0 . 5 0 9 1 7.1 1 5 4 . 2 N A 7 4 N A
7 3 B O L O G N A I T A 0 . 5 0 7 9 5 . 8 1 3 . 0 0 . 5 1 4 2 4 8 . 0
7 4 S H A N G H A I S I P G C H N 0 . 5 0 0 8 7. 0 4 6 . 6 N A 8 7 N A
7 5 A T A L A N T A I T A 0 . 4 9 1 2 5 2 .1 N A 9 . 2 2 7 2 . 7
0 8
( € M I L L I O N S )
F F I
S C O R E
P L A Y E R S
V A L U E
T A N G I B L E
A S S E T S
C A S H I N
B A N K
I N V E S T M E N T
N E T
D E B T
7 6
D E P O R T I V O
G U A D A L A J A R A
M E X 0 . 4 7 6 4 1 . 8 1 5 0 . 3 N A 3 9 N A
7 7 T O R I N O I T A 0 . 4 7 5 2 3 0 . 4 0 . 7 5 . 9 0 4 7. 5
7 8
B R I G H T O N &
H O V E A L B I O N
E N G 0 . 4 7 0 2 1 7.1 1 6 3 . 6 1 0 . 0 3 6 2 6 5 . 8
7 9 O R L A N D O C I T Y U S A 0 . 4 7 0 2 4 . 6 2 0 3 . 7 N A 1 0 N A
8 0 N I C E F R A 0 . 4 5 5 1 8 2 .1 1 5 . 9 1 5 . 7 1 1 9 . 0
8 1 A M É R I C A M E X 0 . 4 4 2 6 2 . 6 11 2 . 5 N A 3 4 N A
8 2
P O R T L A N D
T I M B E R S
U S A 0 . 4 4 0 2 6 . 3 1 7 2 . 7 N A 2 1 N A
8 3 E S P A N Y O L E S P 0 . 4 2 8 1 5 0 . 3 11 3 . 6 6 . 6 1 7 11 3 . 6
8 4
H O U S T O N
D Y N A M O
U S A 0 . 4 1 2 2 0 . 5 1 9 1 .1 N A 0 N A
8 5 S A S S U O L O I T A 0 . 3 9 7 1 5 8 . 7 6 .1 0 . 4 7 7 1 0 1 . 5
8 6
W E S T
B R O M W I C H
A L B I O N
E N G 0 . 3 9 5 8 1 . 4 2 4 .1 1 0 . 3 9 7 5 1 . 9
8 7 F R E I B U R G G E R 0 . 3 8 6 1 3 5 . 0 N A N A 0 - 3 8 . 6
8 8
M O N T R E A L
I M P A C T
C A N 0 . 3 7 9 1 7. 7 N A N A 1 4 2 N A
8 9 C A G L I A R I I T A 0 . 3 7 9 1 6 9 . 5 1 5 . 6 1 . 2 11 4 6 .1
9 0
S P O R T I N G
K A N S A S C I T Y
U S A 0 . 3 7 2 2 0 . 0 1 7 0 . 7 N A 0 N A
9 1 R I V E R P L A T E A R G 0 . 3 5 7 1 5 4 . 7 3 1 .1 2 . 8 0 4 2 . 6
9 2 M A I N Z G E R 0 . 3 5 7 1 5 2 . 5 N A N A 0 2 . 6
9 3
B E I J I N G
S I N O B O G U O A N
C H N 0 . 3 4 7 4 7. 0 6 6 . 0 N A 4 7 N A
9 4 B O R D E A U X F R A 0 . 3 4 6 1 2 9 . 5 7. 3 0 . 7 0 - 1 4 . 2
9 5 B O C A J U N I O R S A R G 0 . 3 3 9 1 2 0 . 3 3 9 . 8 5 . 8 0 1 7. 5
9 6 N O R W I C H C I T Y E N G 0 . 3 2 7 1 2 1 . 6 3 3 . 2 1 8 .1 1 3 1 .1
9 7 S C H A L K E 0 4 G E R 0 . 3 2 6 2 0 7. 9 9 2 .1 6 . 5 0 2 0 5 . 0
9 8 C S K A M O S C O W R U S 0 . 3 2 4 1 3 6 . 8 N A N A 0 N A
9 9
L O K O M O T I V
M O S C O W
R U S 0 . 3 1 9 1 3 4 . 8 N A N A 0 N A
1 0 0 D E R B Y C O U N T Y E N G 0 . 3 1 9 5 2 . 8 1 6 . 4 3 . 4 2 0 - 6 4 . 6
( € M I L L I O N S )

The Soccerex Football Finance 100 2020
paints a clear picture of the ownership
of the global game today. The US is the
largest single nation, accounting for 23%
of top 100 and 20% of top 30, whereas
Europe dominates as a continent,
accounting for 40% of the Top 100 clubs,
and 46.7% of the Top 30. There are 15
member-owned clubs in the Top 100,
that do not benefit from the financial
backing that comes from not having an
owner / ownership group.
0 5 OWNER SHIP
C O M B I N E D
P L A Y E R S V A L U E
€ 2 8 . 4 B N
C O M B I N E D T A N G I B L E A S S E T S
A N D C A S H I N B A N K
€ 12 . 5 B N
C O M B I N E D O W N E R S
N E T W O R T H
€ 1,12 5 B N
N E T D E B T
€ 9. 3 B N
SOCCERE X FOOTBALL FINANCE 10 0 • OWNERSHIP
O W N E R S H I P B Y R E G I O N
T O P 1 0 0 C L U B S B Y N U M B E R S
R E G I O N
% O F T O P
1 0 0 C L U B S
% O F T O P
3 0 C L U B S
E U R O P E 4 0 % 4 6 . 7 %
A M E R I C A S 2 9 % 2 0 %
A S I A 1 5 % 2 6 . 7 %
A F R I C A 1 % 0 . 0 %
M E M B E R
O W N E D
1 5 % 6 . 7 %
0
5
10
15
20
25
O W N E R N AT I O N A L I T Y
NUMBEROFCLUBS
KEY
TOP 100 CLUBS
TOP 30 CLUBS
MEMBER-OWNED
2 2 22
5
6
3
1 1 11 1 11 1 1 1
2
15
9
23
3 3
8
7 7 7 7
UNITEDKINGDOM
RUSSIA
RUSSIA
ITALY
SPAIN
FRANCE
UKRAINE
USA
MEXICO
CANADA
CHINA
UAE
JAPAN
IRAN
QATAR
SINGAPORE
THAILAND
EGYPT
0 9

3 . 3 %
R U S S I A
Z E N I T S T P E T E R S B U R G
3 . 3 %
U K R A I N E
S H A K H T A R D O N E T S K
1 0 %
I TA LY
J U V E N T U S
N A P O L I
I N T E R M I L A N
1 0 %
U S A
L O S A N G E L E S F C
L A G A L A X Y
S E A T T L E S O U N D E R S
1 0 %
F R A N C E
P A R I S S A I N T - G E R M A I N
A S M O N A C O
O L Y M P I Q U E L Y O N N A I S
6 . 7 %
J A P A N
N A G O Y A G R A M P U S
V I S S E L K O B E
1 0
The Soccerex Football Finance 100
demonstrates the financial power of
the top football clubs around the world.
The top 30 in the report features clubs
from Europe, North America, China,
and Japan who enter the Top 30 for the
first time. As per last year, despite the
fervor created by the game in countries
like Brazil and Argentina, there is no
presence from Latin America.
0 6 T O P 3 0
P L A Y E R S V A L U E
€ 17. 4 B N
T A N G I B L E A S S E T S
A N D C A S H I N B A N K
€ 7. 7 2 B N
O W N E R S ’ N E T W O R T H
€ 9 0 8 B N
N E T D E B T
€ 5 . 7 B N
S O C C E R E X F O O T B A L L F I N A N C E 1 0 0 • T O P 3 0
T O P 3 0 C L U B S B Y C O U N T R Y
T O P 3 0 C L U B S B Y N U M B E R S
2 3 . 3 %
U N I T E D K I N G D O M
M A N C H E S T E R C I T Y
T O T T E N H A M H O T S P U R
A R S E N A L
C H E L S E A
L I V E R P O O L
M A N C H E S T E R U N I T E D
L E I C E S T E R C I T Y
3 . 3 %
C H I N A
G U A N G Z H O U E V E R G R A N D E
13 . 3 %
S P A I N
R E A L M A D R I D
A T L E T I C O M A D R I D
B A R C E L O N A
V A L E N C I A
16 . 7 %
G E R M A N Y
B A Y E R N M U N I C H
B O R U S S I A D O R T M U N D
R B L E I P Z I G
T S G 1 8 9 9 H O F F E N H E I M
B A Y E R 0 4 L E V E R K U S E N
C O U N T R Y C L U B S %
U K 8 2 6 . 7 %
G E R 5 1 6 . 7 %
E S P 4 1 3 . 3 %
U S A 3 1 0 . 0 %
F R A 3 1 0 . 0 %
I T A 3 1 0 . 0 %
J P N 2 6 . 7 %
C H I 1 3 . 3 %
R U S 1 3 . 3 %
U K R 1 3 . 3 %
30

11
# 0 1
PA R I S S A I N T-
G E R M A I N F C
P L A Y E R S
€ 1. 0 5 B N
€ 1 0 0 M
A V E R A G E A T T E N D A N C E
4 6 ,9 11
C A S H I N T H E B A N K
€ 13 8 M
N E T D E B T
€ - 3 4 .1M
E S T. O W N E R / S N E T W O R T H
€ 2 8 6 . 5 B N †
F F I S C O R E
5 . 3 1 8
N A M E
P A R I S S A I N T - G E R M A I N
F O O T B A L L C L U B
C I T Y
P A R I S , F R A N C E
F O U N D E D
1 2 A U G U S T 1 9 7 0
A Q U I S I T I O N D A T E
S I N C E 2 0 11
Paris Saint-Germain (PSG) won their
sixth Ligue 1 title in seven years in
2019, clinching the title by a margin
of 16 points in coach Thomas Tuchel’s
first season in the PSG hot seat. PSG
has been in the hands of Qatar Sports
Investments since 2011, a fund linked to
the Emir. The club’s ownership remains
the wealthiest in global football, valued
at € 286 billion, giving PSG huge
advantages on the domestic front. The
club has a squad value of more than
€ 1 billion and also increased its cash
reserves and reduced debt, key factors
in taking PSG to the top of the FF100.
1 0 0 %
Q S I
O W N E R S H I P
† ESTIMATED NET WORTH OF QATAR INVESTMENT AUTHORITY (QIA), THE
SOVEREIGN FUND THAT LISTED OWNERS QATAR SPORTS INVESTMENTS (QSI)
IS PART OF.
2019 RESULT
#02 · 1
11

N A M E
M A N C H E S T E R C I T Y L I M I T E D
C I T Y
M A N C H E S T E R , U N I T E D K I N G D O M
F O U N D E D
1 6 A P R I L 1 8 9 4
S I N C E 2 0 0 8
Manchester City lost their place at the
top of the Soccerex Football Finance 100
rankings despite winning a domestic
double in England in the financial year
evaluated. City has the most valuable
playing squad in the world, comprising
some of the most coveted players in
football and valued at almost € 1.3
billion. The owner, Sheikh Mansour
bin Zayed Al Nahyan, is among the top
10 in the FF100. Furthermore, City’s
fixed assets, including their impressive
Etihad Campus, are valued at almost
half a billion euros.
# 0 2
M A N C H E S T E R
C I T Y F C
P L A Y E R S
€ 1. 2 8 B N
€ 4 6 4 M
€ 3 2 M
N E T D E B T
€ 17 3 M
1 3 . 7 9 %
C H I N A M E D I A C A P I T A L
O W N E R S H I P
( 1 0 0 % - C I T Y F O O T B A L L G R O U P ) *
8 6 . 2 1 %
A B U D H A B I U N I T E D
G R O U P
F F I S C O R E
5 .19 7
1 2
5 4 ,13 0
€ 2 4 . 7 B N †
† NET WORTH OF ABU DHABI UNITED GROUP OWNER SHEIKH MANSOUR
BIN ZAYED AL NAHYAN.
* SILVER LAKES INVESTMENT IN CFG IS NOT INCLUDED AS THIS HAPPENED
OUTSIDE THE TIMEFRAMES OF THIS REPORT
2019 RESULT
#01 · 1

# 0 3
F C B AY E R N
M U N I C H
1 2
P L A Y E R S
€ 8 8 3 M
€ 2 5 8 M
7 5 , 0 0 0
€ 2 2 1M
N E T D E B T
€ 6 .9 M
€ 2 .9 7 B N
F F I S C O R E
3 . 8 8 8
N A M E
F C B A Y E R N A G
C I T Y
M U N I C H , G E R M A N Y
F O U N D E D
F E B R U A R Y 1 9 0 0
Bundesliga champions for a record
seventh consecutive season in 2018-19,
Bayern Munich continue to dominate
German football. Member-owned to
a large degree, with minority stakes
also held by major German corporates
adidas, Alliance and Audi, Bayern’s
strength is found in its playing squad
(almost € 900million) and healthy levels
of cash reserves (€ 221 million) and
tangible assets (€258 million). The club
also has a low level of net debt. 7 5 %
C L U B ’ S M E M B E R S
8 . 3 3 %
A L L I A N Z
8 . 3 3 %
A U D I
8 . 3 3 %
A D I D A S
O W N E R S H I P
2019 RESULT
#03 ·
1 3

# 0 4
T O T T E N H A M
H O T S P U R F C
P L A Y E R S
€ 9 8 4 M
€ 1.1B N
5 4 , 2 16
€ 114 M
N E T D E B T
€ 8 9 8 M
€ 4 . 6 B N †
F F I S C O R E
3 . 4 41
N A M E
T O T T E N H A M H O T S P U R L I M I T E D
C I T Y
L O N D O N , U N I T E D K I N G D O M
F O U N D E D
5 S E P T E M B E R 1 8 8 2
S I N C E 2 0 0 1
Tottenham remain without a major
trophy since 2008 despite reaching
the UEFA Champions League in 2019
and have continued to produce quality
football for a number of years. The
club moved into its new stadium in
2019 which gave Tottenham tangible
assets of over € 1 billion, the highest in
the FF100, but also a very high level of
debt, around € 900 million. Their squad
is valued at just under € 1 billion. There
has been some disruption recently with
manager Mauricio Pochettino being
replaced by José Mourinho and both
Spurs management and supporters will
be hoping silverware arrives soon to
gild their new stadium.
8 5 . 5 5 %
E N I C G R O U P
( J O E L E W I S A N D
D A N I E L L E V Y )
1 4 . 4 5 % M I N O R I T Y S H A R E H O L D E R S
O W N E R S H I P
† ESTIMATED NET WORTH OF ENIC GROUP OWNERS JOE LEWIS AND
DANIEL LEVY.
1 4
2019 RESULT
#04 ·

N A M E
R E A L M A D R I D C L U B D E F Ú T B O L
C I T Y
M A D R I D , S P A I N
F O U N D E D
6 M A R C H 1 9 0 2
Real Madrid’s reign as champions of
Europe, four triumphs in five years,
came to an end in 2018-19 in what was
a troubled season for the club. Real
had three head coaches, eventually
rehiring Zinedine Zidane, but the loss
of Cristiano Ronaldo was significant for
the club. In the summer of 2019, they
bought Eden Hazard from Chelsea for
€100 million. The Real squad is valued
at almost € 1.2 billion and they have a
relatively high level of cash, but with the
club member-owned, there is no benefit
from ownership wealth. Real are on the
brink of a major redevelopment of their
Bernabéu stadium, which will have a
positive effect on revenue streams and
overall asset value once completed.
# 0 5
R E A L M A D R I D
C F
1 5
1 0 0 %
( N O N - P R O F I T
O R G A N I Z A T I O N )
P L A Y E R S
€ 1.19 B N
€ 3 41M
6 0 , 6 4 5
€ 19 0 M
N E T D E B T
€ 2 4 4 M
N /A
O W N E R S H I P
F F I S C O R E
3 . 3 3 6
2019 RESULT
#06 · 1

1 6
# 0 6
A R S E N A L F C
P L A Y E R S
€ 6 8 4 M
€ 4 8 0 M
5 9, 8 9 9
€ 2 6 2 M
N E T D E B T
€ 2 7 2 M
€ 8 . 3 B N
F F I S C O R E
3 .15 0
N A M E
A R S E N A L H O L D I N G S P L C
C I T Y
F O U N D E D
1 D E C E M B E R 1 8 8 6
S I N C E 2 0 0 7 *
Arsenal went into 2018-19 under new
management for the first time in over
two decades, but with the team under-
performing, notably in the Europa
League final and in the opening weeks
of 2019-20, Unai Emery was dismissed
before the end of 2019. Furthermore,
there was stakeholder unrest at the
club with fans unhappy about the club’s
ownership. However, Arsenal continue
to be relatively conservative in financial
management, with a high level of cash
reserves (€ 262 million), albeit lower
than 2019, and tangible assets (€ 480
million).
1 0 0 %
S T A N K R O E N K E
O W N E R S H I P
*Kroenke first invested in the club in 2007, and took full
ownership of Arsenal FC in June 2018
2019 RESULT
#05 · 1

# 0 7
C H E L S E A F C
P L A Y E R S
€ 8 0 7 M
€ 2 0 0 M
4 0 , 4 41
€ 3 5 . 8 M
N E T D E B T
€ 1 8 4 M
€ 1 0 . 4 B N
F F I S C O R E
2 . 8 9 3
N A M E
C H E L S E A F O O T B A L L C L U B L I M I T E D
C I T Y
F O U N D E D
1 0 M A R C H 1 9 0 5
J U N E 2 0 0 3
The Roman Abramovich era continues
to be phenomenally successful with the
UEFA Europa League won in 2018-19.
The club was banned from spending
in the summer 2019 resulting in some
of Chelsea’s younger players being
included in the first team. Once again,
the club changed its manager, Maurizio
Sarri lasting just one season before
returning to Italy, giving Frank Lampard
the chance to manage the club he played
for with great distinction. The current
squad value has dropped since 2019
to just over € 800 million and Chelsea’s
tangibles lag behind the leading Premier
League clubs and cash reserves, at € 36
million, are also relatively small.
1 0 0 %
R O M A N A B R A M O V I C H
( M I L L H O U S E C A P I T A L )
O W N E R S H I P
1 7
2019 RESULT
#10 · 3

1 8
# 0 8
L I V E R P O O L F C
P L A Y E R S
€ 1. 0 7 B N
€ 19 9 M
5 2 ,9 8 3
€ 11. 7 M
N E T D E B T
€ 2 9 5 M
€ 2 . 3 B N †
F F I S C O R E
2 . 616
N A M E
T H E L I V E R P O O L F O O T B A L L C L U B A N D
A T H L E T I C G R O U N D S L I M I T E D
C I T Y
L I V E R P O O L , U N I T E D K I N G D O M
F O U N D E D
1 5 M A R C H 1 8 9 2
O C T O B E R 2 0 1 0
Liverpool won their sixth UEFA Champions
League/European Cup in 2019 and were
narrowly deprived of their first Premier
League title by Manchester City, although
they look set to go one better this season.
Liverpool’s squad value increased by 22%
to over € 1 billion, a reflection of the team’s
success, the ability of their popular and
charismatic manager, Jürgen Klopp, and
the quality of their football. Despite these
positives, Liverpool have a very low level
of cash and the benefit from ownership
wealth remains limited (EUR 2.3 billion).
1 0 0 %
F E N W A Y S P O R T S G R O U P
( J O H N W . H E N R Y )
O W N E R S H I P
† ESTIMATED NET WORTH OF FENWAY SPORTS GROUP OWNER, JOHN
W. HENRY.
2019 RESULT
#11 · 3

# 0 9
J U V E N T U S F C
P L A Y E R S
€ 8 6 4 M
€ 16 2 M
3 9, 2 3 1
€ 15 . 3 M
N E T D E B T
€ 5 3 9 M
€ 8 .9 B N †
F F I S C O R E
2 .19 5
N A M E
J U V E N T U S F O O T B A L L C L U B S P A
C I T Y
T U R I N , I T A L Y
F O U N D E D
1 N O V E M B E R 1 8 9 7
1 9 2 3
Juventus continue to dominate
Italian football, winning their eighth
consecutive Serie A title in 2018-19.
The club went into 2019-20 under new
management after Massimiliano Allegri
left Juventus in the summer of 2019.
Juventus have significant advantages
over their domestic rivals, with a
playing squad valuation of almost € 900
million and ownership wealth of nearly
€ 9 billion. Less positively, Juventus
have a high level of debt (€ 539 million)
and very low amounts of cash (€ 11.7
million). While they are powerful in Italy,
Juventus – with Cristiano Ronaldo in
their line-up – still lag behind their main
European peers.
6 4 %
A G N E L L I F A M I L Y
( E X O R N . V . )
3 6 % M I N O R I T Y S H A R E H O L D E R S
O W N E R S H I P
† ESTIMATED NET WORTH OF THE AGNELLI FAMILY.
1 9
2019 RESULT
#09 ·

2 0
# 1 0
B O R U S S I A
D O R T M U N D
P L A Y E R S
€ 6 41M
€ 19 6 M
8 0 , 8 41
€ 5 4 .9 M
N E T D E B T
- € 19. 8 M
€ 1. 8 B N
F F I S C O R E
2 .15 4
N A M E
G M B H & C O . K G A A
C I T Y
D O R T M U N D , G E R M A N Y
F O U N D E D
1 9 D E C E M B E R 1 9 0 9
The best supported club in world
football with an average attendance of
over 80,000 people regularly turning up
at their Westfalenstadion for Bundesliga
games. Thanks to some outstanding
young players, the club’s squad value
has closed the gap on Germany’s top
club, Bayern Munich, rising to 73%
of Bayern’s value. Dortmund have no
debt and the second highest amount of
tangible assets (€ 195.5 million).
1 4 . 7 8 %
E V O N I K I N D U S T R I E S A G
9 . 3 2 %
B E R N D G E S K E
5 . 5 3 %
5 . 4 3 %
S I G N A L I D U N A
5 %
P U M A
5 9 . 9 4 %
F R E E F L O A T
O W N E R S H I P
2019 RESULT
#15 · 5

# 11
C L U B AT L E T I C O
D E M A D R I D
2 1
P L A Y E R S
€ 8 7 3 M
€ 3 7 9 M
5 6 , 2 16
€ 2 3 M
N E T D E B T
€ 5 3 8 M
€ 1. 8 B N †
F F I S C O R E
2 . 0 4 9
N A M E
C L U B A T L É T I C O D E M A D R I D S A D
C I T Y
M A D R I D , S P A I N
F O U N D E D
2 6 A P R I L 1 9 0 3
S I N C E 1 9 9 2 A N D 2 0 1 8
Club Atlético de Madrid remain
Spain’s number three club although
their on-pitch presence is not quite
as formidable as it was two years ago.
However, Atléti have a splendid stadium
that contributes to its € 379 million of
tangible assets and also to the club’s
net debts of € 652 million. Atléti still
have a valuable squad, valued at € 872
million and a number of players coveted
by other clubs. The club also has a good
degree of stability, unlike many of its
rivals – manager Diego Simeone has
been in charge since 2011.
5 2 %
M I G U E L Á N G E L G I L M A R I N
3 % M I N O R I T Y S H A R E H O L D E R S
3 2 %
I D A N O F E R
1 5 %
E N R I Q U E C E R E Z O
O W N E R S H I P
† FIGURE EQUATES TO 32% OF IDAN OFER’S ESTIMATED NET WORTH, NO
DATA AVAILABLE ON MIGUEL ÁNGEL GIL MARIN OR ENRIQUE CEREZO.
2019 RESULT
#13 · 2

# 12
F C B A R C E L O N A
P L A Y E R S
€ 1.1 8 B N
€ 15 7 M
76 , 0 51
€ 4 0 M
N E T D E B T
€ 6 5 2 M
N /A
F F I S C O R E
2 . 0 3 6
N A M E
F U T B O L C L U B B A R C E L O N A
C I T Y
B A R C E L O N A , S P A I N
F O U N D E D
2 9 N O V E M B E R 1 8 9 9
Barcelona continue to dominate
Spanish football although they are still
heavily reliant on Lionel Messi, who is
now in the veteran stage of his career.
Messi is part of a squad that is valued
at almost € 1.2 billion, the third highest
in the FF100. Like their fierce rivals, Real
Madrid, Barca are a member-owned
club and therefore, do not benefit from
owner wealth. Conversely, Barcelona
have a high level of debt, € 652 million,
almost three times that of bitter rivals
Real Madrid and a characteristic of
leading Spanish clubs.
1 0 0 %
( N O N - P R O F I T
O R G A N I Z A T I O N )
O W N E R S H I P
2 2
2019 RESULT
#07 · 5

2 3
# 13
R B L E I P Z I G
P L A Y E R S
€ 5 4 5 M
€ 15 M
3 8 , 3 8 0
€ 2 . 7 M
N E T D E B T
€ 15 0 M
€ 2 1. 3 B N †
F F I S C O R E
1.9 4 9
N A M E
R A S E N B A L L S P O R T L E I P Z I G
C I T Y
L E I P Z I G , G E R M A N Y
F O U N D E D
1 9 M A Y 2 0 0 9
1 9 M A Y 2 0 0 9
RB Leipzig’s continued rise has created
a dynamic, if somewhat controversial
model backed by Austrian drinks
company Red Bull. The value of Red
Bull’s ownership amounts to almost €11
billion in the FF100, a major factor in
RBL’s overall ranking. The club’s squad
valuation has risen to more than € 500
million. Given the club is a tenant at the
Zentralstadion, the club’s fixed assets –
as well as cash reserves - are very low.
1 0 0 %
R E D B U L L
( D I E T R I C H M A T E S C H I T Z )
O W N E R S H I P
† ESTIMATED NET WORTH OF RED BULL OWNER DIETRICH MATESCHITZ
2019 RESULT
#16 · 3

2 4
# 14
T S G 1 8 8 9
H O F F E N H E I M
P L A Y E R S
€ 2 3 5 M
€ 7 7 M
2 8 , 4 5 6
€ 4 9. 2 M
N E T D E B T
- € 1 0 2
€ 11. 7 B N
F F I S C O R E
1.9 2 2
N A M E
T S G 1 8 8 9 H O F F E N H E I M
C I T Y
S I N S H E I M , G E R M A N Y
F O U N D E D
1 J U L Y 1 8 9 9
2 0 0 0
Hoffenheim have had a meteoric rise in
German football, a remarkable story for
a modestly-sized club representing a
small village with a population of around
4,000 people. Hoffenheim’s success is
built on the ownership wealth (€ 11.7
billion) of Dietmar Hopp, one of the
founders of the multinational software
corporation SAP, who has spent € 100
million on the club’s stadium. While
the club has one of the lowest average
attendances in the Bundesliga, it also
has no debt and a reasonable level of
cash.
9 6 %
D I E T M A R H O P P
4 %
M I N O R I N V E S T O R S
O W N E R S H I P
2019 RESULT - N/A
NEW ENTRY

# 15
G U A N G Z H O U
E V E R G R A N D E
TA O B A O F C
P L A Y E R S
€ 76 . 3 M
€ 112 M
4 5 , 6 7 5
€ 8 . 4 M
N E T D E B T
N /A
€ 174 . 6 B N †
F F I S C O R E
1. 8 5 3
N A M E
G U A N G Z H O U E V E R G R A N D E
T A O B A O F O O T B A L L C L U B
C I T Y
G U A N G Z H O U , C H I N A
F O U N D E D
J U N E 1 9 5 4
S I N C E 2 0 1 0 A N D 2 0 1 4
Guangzhou won their eighth Chinese
Super League title in 2019 but have had
to endure a programme of cost-cutting
in order to bring down their financial
deficits to comply with local regulations.
The club continues to benefit from the
ownership of the Evergrande Group and
Alibaba, with the combined ownership
value in excess of € 175 billion, a figure
bettered only by Paris Saint-Germain.
By contrast, Guangzhou Evergrande
has a very low squad valuation (€ 76
million) and tangible assets of € 112
million.
5 6 . 7 1 %
E V E R G R A N D E G R O U P
( X U J I A Y I N )
3 7. 8 1 %
A L I B A B A G R O U P
( J A C K M A )
5 . 4 8 % F R E E F L O A T
O W N E R S H I P
† FIGURE EQUATES TO 56.1% OF EVERGRANDE GROUP PLUS 37.81% OF
ALIBABA GROUP.
2 5
2019 RESULT
#12 · 3

# 16
M A N C H E S T E R
U N I T E D F C
P L A Y E R S
€ 7 5 3 M
€ 2 7 7 M
74 , 4 9 8
€ 2 74 M
N E T D E B T
€ 8 0 0 M
€ 4 . 6 B N †
F F I S C O R E
1. 74 3
N A M E
M A N C H E S T E R U N I T E D P L C
C I T Y
M A N C H E S T E R , U N I T E D K I N G D O M
F O U N D E D
1 J A N U A R Y 1 8 6 8
2 0 0 3 - 2 0 0 5
Manchester United’s on-pitch malaise
is starting to affect the club’s overall
strength in the FF100 and its position
in the 2020 analysis will surprise many
people. That said, United’s ability to
generate revenues is without question.
However, while their cash is the
highest in the FF100, it has declined
significantly to € 274 million. As in 2019,
United’s level of net debt, at € 780
million, is the highest in the FF100.
United’s ownership, which has been in
place since 2005, is valued at just under
€ 4 billion.
1 0 0 %
T H E G L A Z E R F A M I L Y
O W N E R S H I P
† ESTIMATED NET WORTH OF THE GLAZER FAMILY.
2 6
2019 RESULT
#08 · 8

2 7
# 17
S . S . C . N A P O L I
P L A Y E R S
€ 6 2 6 M
€ 0 . 3 M
2 8 , 76 8
€ 119 M
N E T D E B T
€ 5 M
F F I S C O R E
1. 6 7 0
€ 2 0 0 M
N A M E
S O C I E T À S P O R T I V A C A L C I O N A P O L I
C I T Y
N A P L E S , I T A L Y
F O U N D E D
1 A U G U S T 1 9 2 6
A U G U S T 2 0 0 4
Still trying to compete with the power of
Juventus, Napoli continue to represent
the most consistent challenge to the
Turin side in Serie A. Their squad value
has increased to € 625 million and the
other key aspects of their performance
in the FF100 are the lack of net debt
and a reasonable level of cash (€ 119
million). Less positively, their stadium is
owned by the municipality, so tangible
assets are low.
1 0 0 %
A U R E L I O D E L A U R E N T I I S
( F I L M A U R O )
O W N E R S H I P
2019 RESULT
#23 · 6

# 1 8
2 8
P L A Y E R S
€ 3 8 . 5 M
N /A
2 2 , 2 4 2
N /A
N E T D E B T
N /A
€ 1 8 .9 B N
F F I S C O R E
1. 6 5 7
N A M E
C I T Y
L O S A N G E L E S , C A , U N I T E D S T A T E S
F O U N D E D
3 0 O C T O B E R 2 0 1 4
A U G U S T 2 0 1 6
With star studded ownership group
boasting an estimated combined wealth
of € 18.9 billion, Los Angeles FC are the
highest ranked US Club in the FF100. Only
founded in 2014, the club’s ownership
group includes Brandon Beck of Riot
video games and Vincent Tan, the owner
of Cardiff City. The club also benefits
from significant exposure from YouTube,
who are the club’s shirt sponsor. Los
Angeles has no net debt and negligible
cash, and like all MLS teams, has a low
squad valuation.
1 0 0 %
L A F C O W N E R S H I P G R O U P
O W N E R S H I P
† LAFC OWNERSHIP GROUP COMPRISES OF LARRY BERG,BRANDON
BECK, BENNETT ROSENTHAL,PETER GUBER, TOM PENN, HENRY
NGUYEN, RUBEN GNANALINGHAM, VINCENT TAN, WILL FERRELL,
MIA HAMM GARCIAPARRA, NOMAR GARCIAPARRA, EARVIN “MAGIC”
JOHNSON, GOODWIN GAW, CHAD HURLEY, TUCKER KAIN, KIRK
LACOB, MITCH LASKY, MARK LESCHLY, MIKE MAHAN, MARC MERRILL,
IRWIN RAIJ, TONY ROBBINS, LON ROSEN, PAUL SCHAEFFER,
BRANDON SCHNEIDER, ALLEN SHAPIRO, MARK SHAPIRO, JASON
SUGARMAN, JOE TSAI, HARRY TSAO & RICK WELTS.
†
2019 RESULT - N/A
NEW ENTRY

2 9
# 19
B AY E R 0 4
L E V E R K U S E N
P L A Y E R S
€ 415 M
€ 8 4 . 4 M
2 7,9 9 0
N /A
N E T D E B T
€ 2 5 .1M
€ 5 4 . 3 B N
F F I S C O R E
1. 5 51
1 0 0 %
B A Y E R A G
N A M E
B A Y E R 0 4 L E V E R K U S E N
F U S S B A L L G M B H
C I T Y
L E V E R K U S E N , G E R M A N Y
F O U N D E D
1 J U L Y 1 9 0 4
Bayer Leverkusen continue to benefit
from the ownership support provided
by pharmaceutical company Bayer AG
(ownership wealth € 54 billion) – which
dates back decades – which puts them
in the FF100 top five in this category.
This enhances Leverkusen’s position
in the table as in other categories, the
club is behind its peers. The club’s
squad valuation is € 415 million, less
than half of Bundesliga champions,
Bayern Munich and two thirds of
Borussia Dortmund’s total.
O W N E R S H I P
2019 RESULT
#14 · 5

3 0
# 2 0
A S M O N A C O
F C
P L A Y E R S
€ 3 5 4 M
€ 7. 8 M
8 , 4 4 8
€ 17. 3 M
N E T D E B T
- € 14 3 M
€ 3 . 8 B N †
F F I S C O R E
1. 4 4 3
N A M E
A S S O C I A T I O N S P O R T I V E
D E M O N A C O F O O T B A L L C L U B
C I T Y
P R I N C I P A L I T Y O F M O N A C O
F O U N D E D
3 A U G U S T 1 9 5 0
D E C E M B E R 2 0 11
Monaco may be in the top 20 of the
FF100 as the second highest French
club, but they are way behind Paris
Saint-German in many areas. Their
squad valuation, totalling € 354 million,
is around one third of PSG’s and the
Paris club’s ownership wealth dwarfs
Monaco’s owner wealth of € 3.8 billion.
Monaco saw their cash reserves fall
dramatically from €52 million to just €
17 million. However, the club, whose
attendances are less than five figures,
has no debt.
6 6 . 7 %
E K A T E R I N A R Y B O L O V L E V A
T R U S T
O W N E R S H I P
3 3 . 3 %
H O U S E O F G R I M A L D I
† FIGURE BASED TO 66.7% OF THE ESTIMATED NET WORTH OF AS
MONACO PRESIDENT, DMITRY RYBOLOVLEV PLUS 33.3% OF ALBERT
II DE MONACO ESTIMATED NET WORTH IN ACCORDANCE TO THE
PERCENTAGE OF THE CLUB THEY OWN.
2019 RESULT
#22 · 2

N A M E
L E I C E S T E R C I T Y F O O T B A L L C L U B
L I M I T E D
C I T Y
L E I C E S T E R , U N I T E D K I N G D O M
F O U N D E D
1 8 8 4
A U G U S T 2 0 1 0
Leicester City recaptured some of
their title-winning verve in 2019 with
the arrival of Brendan Rodgers as
manager. The club is still benefitting
from their Premier League triumph
and subsequent European campaign
and has recovered its purpose since
the tragic death of owner Vichai
Raksriaksorn in 2018. The King Power
group’s ownership is still valued at
more than € 4 billion, a major element
in Leicester’s high ranking in the FF100.
The club also has relatively healthy
levels of cash and debt and a squad
value of € 410 million.
# 2 1
L E I C E S T E R
C I T Y F C
3 1
1 0 0 %
K I N G P O W E R
I N T E R N A T I O N A L G R O U P
P L A Y E R S
€ 41 0 M
€ 6 7. 2 M
3 1, 8 51
€ 3 0 . 8 M
N E T D E B T
€ 6 8 .9 M
€ 4 . 2 B N †
O W N E R S H I P
F F I S C O R E
1. 3 7 2
† ESTIMATED NET WORTH OF THE LATE VICHAI SRIVADDHANAPRABHA.
2019 RESULT
#19 · 2

3 2
# 2 2
L A G A L A X Y
P L A Y E R S
€ 3 7. 4 M
€ 2 2 5 M
2 3 , 2 0 5
N /A
N E T D E B T
N /A
€ 9. 7 B N †
F F I S C O R E
1. 3 17
N A M E
L O S A N G E L E S G A L A X Y
C I T Y
L O S A N G E L E S , U S A
F O U N D E D
1 9 9 4
1 9 9 4
The most decorated club in the US
Major League Soccer recently lost its
star player, Swedish veteran Zlatan
Ibrahimovic, whose short spell in the US
was a resounding success. Backed by
US entrepreneur Philip Anschutz (AEG),
the ownership value to LA Galaxy is
calculated at EUR 9.7 billion. The club’s
tangible assets, at € 225 million, are
higher than some of world football’s
leading names.
1 0 0 %
A E G
( P H I L I P A N S C H U T Z )
O W N E R S H I P
† ESTIMATED NET WORTH OF AEG OWNER PHILIP ANSCHUTZ.
2019 RESULT
#18 · 4

3 3
# 2 3
Z E N I T S T
P E T E R S B U R G
P L A Y E R S
€ 2 13 M
€ 116 M
4 8 ,12 2
N /A
N E T D E B T
N /A
€ 7 0 . 6 B N
F F I S C O R E
1. 3 0 9
N A M E
Z E N I T S T. P E T E R S B U R G
C I T Y
S T. P E T E R S B U R G , R U S S I A
F O U N D E D
3 0 M A Y 1 9 2 5
D E C E M B E R 2 0 0 5
Zenit, Russia’s wealthiest club, won the
Russian league in 2019 for the first time
since 2015. With the backing of Russian
energy company, Gazprom, Zenit enjoy
ownership wealth calculated at € 71
billion. Their squad valuation, despite
some high-profile signings in recent
years, is relatively modest at € 213
million. Zenit’s tangible assets total
€ 116 million – their stadium was used in
the FIFA World Cup 2018 and will host
the UEFA Champions League final 2021. 1 0 0 %
G A Z P R O M
O W N E R S H I P
2019 RESULT
#29 · 6

N A M E
N A G O Y A G R A M P U S
C I T Y
N A G O Y A , A I C H I , J A P A N
F O U N D E D
3 0 N O V E M B E R 1 9 3 8
3 0 N O V E M B E R 1 9 3 8
Nagoya make a first appearance in
the FF100, underlining the positive
momentum of Japanese football.
Nagoya Grampus date back to 1938
and are owned by the Toyota company,
hence the club benefits from ownership
wealth of € 150 billion, the third highest
in the FF100. The club has a low level of
net debt but also has the lowest squad
valuation of the top 30.
3 4
# 2 4
N A G O YA
G R A M P U S
1 0 0 %
T O Y O T A
P L A Y E R S
€ 2 0 . 5 M
N /A
2 4 , 6 6 0
N /A
N E T D E B T
€ 8 . 3 M
€ 15 0 B N
O W N E R S H I P
F F I S C O R E
1. 2 7 5
2019 RESULT - N/A
NEW ENTRY

# 2 5
INTERNAZIONALE
P L A Y E R S
€ 5 3 6 M
€ 19 M
61, 4 2 3
€ 4 5 .1M
N E T D E B T
€ 3 3 6 M
€ 4 . 8 B N †
3 5
F F I S C O R E
1. 2 0 0
Enjoying tremendous support at the
municipal-owned San Siro stadium, an
average of over 60,000, Inter may be on
the brink of a revival, with fresh impetus
from their Chinese ownership and the
hiring of Antonio Conte as coach. The
club’s squad, at € 534 million, is highly
valued, reflecting continued activity in
the transfer market. Inter has the second
highest level of owner wealth among the
Italian clubs in the FF100, EUR 4.8 billion.,
but the club also has a high level of debt,
totalling € 336 million.
N A M E
F O O T B A L L C L U B I N T E R N A Z I O N A L E
M I L A N O S . P. A .
C I T Y
M I L A N , I T A L Y
F O U N D E D
9 M A R C H 1 9 0 8
2 8 J U N E 2 0 1 6 B Y S U N I N G G R O U P
6 8 . 5 5 %
S U N I N G C O M M E R C E
G R O U P
( Z H A N G J I N D O N G )
3 1 . 0 5 %
I N T E R N A T I O N A L S P O R T S
C A P I T A L
0 . 3 7 % P I R E L L I
0 . 0 3 % M I N O R I T Y S H A R E H O L D E R S
† ESTIMATED NET WORTH OF SUNNING COMMERCE GROUP FOUNDER,
ZHANG JINDONG. NO DATA FOR INTERNATIONAL SPORTS CAPITAL
FOUNDER, ERICK TOHIR’S ESTIMATED WORTH.
O W N E R S H I P
2019 RESULT
#24 · 1

3 6
N A M E
O L Y M P I Q U E L Y O N N A I S ( O L G R O U P E )
C I T Y
L Y O N , F R A N C E
F O U N D E D
3 A U G U S T 1 9 5 0
S I N C E 1 9 9 9
Lyon are the third highest-ranked
French club in the FF100, but the gap
between them and Paris Saint-Germain
(PSG) remains substantial. Lyon’s
playing squad, for example, at € 367
million, is around a third of the value
of PSG’s squad. By contrast, Lyon’s
Groupama Stadium, built in 2016 to
coincide with EURO 2016, boosts the
club’s tangible assets to € 399 million,
almost four times the total of PSG.
Lyon’s debts, at € 283 million, are the
highest among French clubs.
# 2 6
O LY M P I Q U E
LY O N N A I S
2 7. 8 6 %
H O L N E S T
( J E A N - M I C H E L A U L A S )
3 1 . 9 4 %
F R E E F L O A T
0 . 6 7 % B O A R D O F M E M B E R S & 0 . 0 5 %
M I N O R I T Y S H A R E H O L D E R S
1 9 . 4 9 %
P A T H É
( J É R Ô M E S E Y D O U X )
1 9 . 9 9 %
I D G C A P I T A L P A R T N E R S
P L A Y E R S
€ 3 6 8 M
€ 3 9 9 M
4 0 , 0 7 9
€ 9. 2 M
N E T D E B T
€ 2 8 3 M
€ 4 6 0 M †
O W N E R S H I P
F F I S C O R E
1.19 7
† FIGURE BASED TO 19.49% OF SEYDOUX FAMILY ESTIMATED NET WORTH
PLUS 27.86% OF AULAS FAMILY ESTIMATED NET WORTH IN ACCORDANCE
WITH THE PERCENTAGE OF THE CLUB THEY OWN. NO DATA FOR IDG
CAPITAL.
2019 RESULT
#17 · 9

3 7
# 2 7
S E AT T L E
S O U N D E R S F C
P L A Y E R S
€ 2 9. 5 M
€ 2 5 0 M
3 9, 8 0 6
N /A
N E T D E B T
N /A
€ 7. 3 B N †
F F I S C O R E
1.14 6
N A M E
S E A T T L E S O U N D E R S F C
C I T Y
S E A T T L E , U S A
F O U N D E D
1 3 N O V E M B E R 2 0 0 7
1 3 N O V E M B E R 2 0 0 7
Seattle Sounders have been MLS
champions twice in the past four
seasons, clinching their second MLS
Cup in 2019. The club also received a
boost in 2019 when 11 families joined
the ownership group, bringing the
ownership wealth to € 7.3 billion.
Seattle Sounders, one of the best
supported clubs in MLS, with an
average attendance close to 40,000 has
a high level of tangible assets, valued at
€ 250 million.
1 0 0 %
A D R I A N H A N A U E R , P A U L
A L L E N , D R E W C A R E Y &
O W N E R S H I P G R O U P O F 11
F A M I L I E S
O W N E R S H I P
† CALCULATED ON A 70/30 OWNERSHIP SPLIT BETWEEN MAJORTIY
OWNER ADRIAN HANAUER AND THE OTHER MEMBERS OF THE
OWNERSHIP GROUP.
2019 RESULT
#21 · 6

3 8
# 2 8
VA L E N C I A C F
P L A Y E R S
€ 4 9 6 M
€ 2 6 9 M
3 9, 4 8 0
€ 11. 5 M
N E T D E B T
€ 4 2 6 M
€ 1. 4 B N †
F F I S C O R E
1. 0 8 7
N A M E
V A L E N C I A C L U B D E F Ú T B O L , S A D
C I T Y
V A L E N C I A , S P A I N
F O U N D E D
1 8 M A R C H 1 9 1 9
A U G U S T 2 0 1 4
Ranked the fourth highest among
Spanish clubs in the FF100, Valencia’s
relatively high position is attributable
to the value of their playing squad
(€ 495 million) as well as their tangible
assets (€ 268 million). The club’s new
stadium remains half-built since the
global financial crisis. Valencia have
a high level of debt, € 425 million, but
they are underpinned by ownership
wealth totalling € 1.4 billion.
8 2 . 3 %
P E T E R L I M
O W N E R S H I P
1 7. 7 % M I N O R I T Y S H A R E H O L D E R S
† ESTIMATED NET WORTH OF PETER LIM.
2019 RESULT
#20 · 8

3 9
# 2 9
V I S S E L K O B E
P L A Y E R S
€ 2 7. 2 M
N /A
2 1, 6 3 0
N /A
N E T D E B T
€ 2 . 6 M
€ 12 . 3 B N
F F I S C O R E
1. 0 7 9
N A M E
R A K U T E N V I S S E L K O B E , I N C .
C I T Y
K O B E , H Y O G O , J A P A N
F O U N D E D
3 0 N O V E M B E R 1 9 6 5
6 D E C E M B E R 2 0 1 4
Owned by Rakuten (the shirt sponsor of
Barcelona) since 2014, Vissel Kobe have
been in business since 1966. Their position
in the FF100 is largely due to ownership
wealth, which stands at over € 12 billion.
The club has a player valuation of € 27.2
million, despite having on their books
former Barcelona stars Andrés Iniesta and
Thomas Vermaelen and Germany’s Lukas
Podolski.
1 0 0 %
R A K U T E N
O W N E R S H I P
2019 RESULT - N/A
NEW ENTRY

4 0
# 3 0
FC SHAKHTAR
DONETSK
P L A Y E R S
€ 13 7 M
€ 17 0 M
6 ,17 0
N /A
N E T D E B T
N /A
€ 4 . 8 B N †
F F I S C O R E
1. 0 4 8
N A M E
F U T B O L N I Y K L U B S H A K H T A R
C I T Y
D O N E T S K , U K R A I N E
F O U N D E D
1 9 3 6
S I N C E 1 9 9 6
Shakhtar retain a place in the FF100
top 30, boosted by the wealth of their
owner, Rinat Akhmetov giving them an
ownership value of € 4.8 billion. The
club also has tangible assets of € 170
million and benefits from regular UEFA
Champions League participation, which
gives it a significant advantage over
domestic rivals. Shakhtar have won the
Ukrainian Premier League 12 times since
2001-02.
1 0 0 %
R I N A T A K H M E T O V
( S Y S T E M C A P I T A L
M A N A G E M E N T )
† ESTIMATED NET WORTH OF SHAKHTAR DONETSK PRESIDENT, RINAT
AKHMETOV
O W N E R S H I P
2019 RESULT
#25 · 5

S O C C E R E X F O O T B A L L F I N A N C E 1 0 0 • C O N C L U S I O N
A CLOUDY FUTURE?
While the Soccerex Football Finance 100 provides a few surprises, it paints an interesting, if not
wholly unexpected, picture of the business dynamics of global football – most notably offering
further evidence that the biggest clubs are putting more clear water between themselves and
the rest of the industry.
At the moment, a battle is raging between clubs with huge state-oriented backing (Qatar and
Abu Dhabi) and as these clubs get more powerful, it seems inevitable the gap will widen.
Few would disagree on the importance of ensuring football’s eco-system remains healthy
and that the game’s spirit and authenticity are both preserved in the face of ever increasing
commercialism. Football clubs are invariably linked to the identity of cities, towns and even
villages, and therefore, they bring pleasure to many people who see “their club” as an essential
part of the community.
While the corporatisation of football has aided an unprecedented explosion of popularity and
media saturation, it has also helped to cast many clubs into the role of also-rans. There is little
doubt that historically successful clubs have an advantage in terms of economic potential and
those that cannot keep pace with the new elite, in terms of both investment and commercial
development, are at risk of being cast adrift. Achieving greater balance has been frequently
discussed by many bodies, but at the same time, simmering away, is the desire to separate
football’s leading clubs from the run-of-the-mill.
The stronger the big names become, the more pressure there may be to create elitist
competitions that could, on one hand, facilitate greater competitiveness in domestic leagues
that have been completely dominated by the wealthy. On the other hand, taking the super-
clubs out of some leagues could be a disaster for their very structure and become an existential
problem. The prospect of a fragmented industry that is harder to navigate should be of great
concern to anyone who cares about the future of the game. Whatever happens has to be handled
sensitively and pragmatically and must be in the interests of all clubs, not just the richest.
After a decade of unprecedented growth in the game, a period that has seen the rise of
Manchester City and Paris Saint-Germain, clubs feasting on lucrative broadcasting revenues,
the arrival of the first 100 million transfers and the golden age of star players like Lionel Messi
and Cristiano Ronaldo, it is an uncertain football world that begins the third decade of the 21st
century. It is an industry in a state of flux, but when has it truly been any different? And isn’t that
part of the sport’s attraction – constant evolution?
0 6 C O N C L U S I O N
4 1

S O C C E R E X F O O T B A L L F I N A N C E 1 0 0 • A U T H O R S & C O N T R I B U T O R S
The Soccerex Football Finance 100 was created by Soccerex in partnership with sports business
experts JF Consulting, with the participation of CIES Sports Intelligence and with editorial
support from Neil Jensen of Isherwood Editorial.
S O C C E R E X
Soccerex is the world’s leading provider of football business events – connecting the industry’s
key stakeholders, and promoting the growth of the game, on a global basis, for nearly a quarter
of a century.
Working closely with the major leagues and clubs around the world, governing bodies, and
regional government, Soccerex has delivered 48 events in 21 cities around the world, uniting
more than 70,000 people in the football business and sporting communities.
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
J F S P O R T S C O N S U LT I N G
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.
Website: JFsports.ch
0 7 A U T H O R S & C O N T R I B U T O R S
4 2
N E I L F R E D R I K J E N S E N , I S H E R W O O D E D I T O R I A L
Neil is an experienced football and finance writer published in over 50 books, magazines and
newspapers. He also works with consultancies and agencies in the football industry, providing
editorial support for business-related publications, such as the Football Finance 100. He is a
member of the Football Writers’ Association and Football Collective and the author of four
books. He is the CEO of Isherwood Editorial and runs the award-winning football website,
Game of the People (www.gameofthepeople.com)

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E N Q U I R I E S @ S O C C E R E X . C O M
W W W . S O C C E R E X . C O M
S O C C E R E X F O O T B A L L F I N A N C E 1 0 0 • 2 0 2 0 E D I T I O N

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