Real Madrid are worth $9.5bn and nothing about that surprises anyone who has watched how that club operates. What Forbes' latest valuations do tell you, though, is that the gap between the old money and the new is growing — and English football's stranglehold on these lists is starting to loosen at the top.
Barcelona, in the middle of a financial saga that's been running for years, have somehow climbed to second at $7.5bn, leapfrogging Manchester United who sit third at $7.2bn. United generated $865m in revenue this season. They also finished 15th in the Premier League and lost a Europa League final. That's a remarkable amount of money flowing into a club that is, by any competitive measure, broken right now.
Premier League dominance — but not at the summit
Six Premier League clubs in the top 10 tells you everything about where broadcast money has taken English football. Liverpool — actual Premier League champions this season — come in fourth at $6.2bn. PSG, who won the Champions League, sit fifth at $5.8bn. Manchester City, still one of the most decorated clubs of the modern era, have slipped to seventh at $5.5bn.
Arsenal at eighth ($5.4bn) are the one to watch for next year's list. They've just won the Premier League for the first time in 22 years and they're in the Champions League final against PSG on Saturday. Win that, and a top-five valuation is a realistic conversation.
The full top 10 breakdown:
- 1. Real Madrid – $9.5bn
- 2. Barcelona – $7.5bn
- 3. Manchester United – $7.2bn
- 4. Liverpool – $6.2bn
- 5. Paris Saint-Germain – $5.8bn
- 6. Bayern Munich – $5.7bn
- 7. Manchester City – $5.5bn
- 8. Arsenal – $5.4bn
- 9. Chelsea – $4.2bn
- 10. Tottenham – $3bn
The wider picture
Eleven Premier League clubs in the top 30 is a staggering level of representation — more than Serie A (4), the Bundesliga (3), Ligue 1 (1), and Primeira Liga (1) combined. Even MLS gets seven entries, which reflects American investment appetite rather than any shift in global footballing relevance.
La Liga's position is more precarious than the top two spots suggest. Beyond Real Madrid and Barcelona, only Atletico Madrid make the top 30, in 11th. Spain has the two most valuable clubs on earth and almost nothing behind them.
The average value across the 30 clubs is now $2.9bn — up 21% from last year's record. The money in football isn't slowing down. Whether results and ambition are keeping pace with the balance sheets is a very different question, particularly at Old Trafford.
