Brand Finance 2013

BRANDFINANCE
football50The annual report on the world’s most valuable FOOTBALL brands | MAY 2013
Fussball’sComingHome
BayernBecomesFootball’s
MostValuableBrand
®

2 | BRANDFINANCE® football 50 | MAY 2013
Contents
The BrandFinance® Football 50
is published by Brand Finance
plc and is the only study to rank
the top 50 most valuable Football
clubs
Brand Finance plc
3rd Floor, Finland House,
56 Haymarket, London
SW1Y 4RN United Kingdom
Tel: +44 (0) 207 389 9400
Fax: +44 (0) 207 389 9401
www.brandfinance.com
enquiries@brandfinance.com
3 Executive Summary
4-5 The BrandFinance® Football 50
final results
6 Our Verdict
7-15 A Deeper Look at the top 10
16-18 What the Clubs Say; Arsenal, Spurs Juve
19 Glaze of Glory: Manchester United and
The Glazers
20 Bundesliga vs Premier League
21 Football Shirt Brands: Cutting a
Fine Figure
22 Sponsorship: The Growing Value of
Football Sponsorship
23 The Strength of the Brand:
A Brief Look at KPI’s
24 Methodology: How Were the Rankings
Compiled?
25 About Brand Finance Our Services
26 Contact details

27 Appendix
28-29 USD table
30-31 GBP table
32-33 EUR table
Contents
BRANDFINANCE®
football50

MAY 2013 | BRANDFINANCE® Football 50 | 3
• FC Bayern München take the number one spot this year after a
tremendous domestic and European season. On pitch success
coupled with some of the strongest financials in sport sees their
brand grow to $860m.
• Manchester United FC drop to second place, the departure of Sir
Alex Ferguson leaving uncertainty over whether the Red Devils can
continue to be successful without him. Their value falls marginally to
$837m, but are still only one of two football brands deserving of an
AAA+ brand rating, the strongest rating available.
• Spanish and Italian football again sees tough economic conditions
hamper their growth. Despite this both Spanish giants have grown,
Real Madrid CF up to $621m just ahead of FC Barcelona at $572m.
• Juventus FC ($180m) and SSC Napoli ($101m) both continued their
return to form at the expense of FC Internazionale Milano who take
another dip after a poor season to $151m, while rivals AC Milan see a
less dramatic fall in value to $263m.
• Elsewhere Turkish and Brazilian brands made great strides thanks
to their booming emerging economies and passionate domestic
fanbases. Galatasaray AŞ are our highest ranking Turkish team
valued at $116m, while SC Corinthians Paulista ($103m) take the
honour of highest ranking non-European club.
• Average brand growth across the top 50 is a healthy 7%. Attendances
have remained solid, with many top teams filling their stadiums
week-in week-out coupled with long season ticket waiting lists.
• There are now 10 different kit suppliers to the top 50 clubs in this
hotly contested and increasingly lucrative marketplace. Adidas
lead the pack with 18 supplier contracts while Nike follows with 14
deals. Both however are feeling the pressure of new market entrants
Warrior and Under Armour.
Welcome to The BrandFinance® Football 50
2013 report highlighting the world’s most
valuable Football brands.
Executivesummary

BrandFinanceFootball50
TOP 50 FOOTBALL BRANDS 1-25
Rank 2013 Club Country
Brand Value
2013 USD MILLIONS 2012 USD MILLIONS change Brand Rating
1 FC Bayern München Germany 860 786 9% AAA
2 Manchester United FC England 837 853 -2% AAA+
3 Real Madrid CF Spain 621 600 4% AAA+
4 FC Barcelona Spain 572 580 -1% AAA
5 Chelsea FC England 418 398 5% AA
6 Arsenal FC England 410 388 6% AA+
7 Liverpool FC England 361 367 -2% AA
8 Manchester City FC England 332 302 10% AA-
9 AC Milan Italy 263 292 -10% AAA-
10 Borussia Dortmund Germany 260 227 15% AA
11 FC Schalke 04 Germany 259 266 -3% AA-
12 Tottenham Hotspur FC England 219 225 -3% AA
13 Juventus FC Italy 180 160 12% AAA-
14 AFC Ajax Netherlands 162 184 -12% AA
15 FC Internazionale Milano Italy 151 215 -30% AA+
16 Hamburger SV Germany 144 153 -6% AA
17 New Galatasaray AŞ Turkey 116 NEW NEW A+
18 Olympique de Marseille France 111 168 -34% AA-
19 SC Corinthians Paulista

Brazil 103 77 34% AA
20 SSC Napoli Italy 101 85 20% AA-
21 Olympique Lyonnais France 101 120 -16% AA-
22 New Fenerbahçe SK Turkey 95 NEW NEW A+
23 Bayer 04 Leverkusen Germany 90 64 41% AA-
24 Paris Saint-Germain FC France 85 64 34% A+
25 VfB Stuttgart Germany 83 71 18% A+

TOP 50 FOOTBALL BRANDS 26-50
Rank 2013 Club Country
Brand Value
2013 USD MILLIONS 2012 USD MILLIONS change Brand Rating
26 Valencia CF Spain 83 68 22% AA-
27 VfL Wolfsburg Germany 82 66 25% A
28 AS Roma Italy 82 85 -3% AA
29 West Ham United FC England 82 70 17% A
30 Newcastle United FC England 81 86 -6% AA
31 Aston Villa FC England 80 87 -8% AA-
32 SV Werder Bremen Germany 79 68 17% AA-
33 Everton FC England 78 79 0% AA-
34 Fulham FC England 75 65 16% A+
35 Sunderland AFC England 72 66 10% A+
36 New Beşiktaş JK Turkey 71 NEW NEW A+
37 Club Atlético de Madrid Spain 67 50 34% AA-
38 New Santos Futebol Clube Brazil 65 38 70% AA
39 São Paulo FC

Brazil 62 58 6% A+
40 PSV Eindhoven Netherlands 61 74 -18% AA-
41 Stoke City FC England 59 55 6% A+
42 New SL Benfica Portugal 56 NEW NEW A+
43 Sevilla FC Spain 56 49 14% AA+
44 Celtic FC Scotland 55 64 -13% AA-
45 CR Flamengo

Brazil 55 46 20% A+
46 SC Internacional

Brazil 55 51 8% A+
47 West Bromwich Albion FC England 54 NEW NEW A
48 FC Girondins de Bordeaux France 53 76 -30% A+
49 ACF Fiorentina Italy 52 46 15% AA-
50 SS Lazio SpA Italy 52 46 12% AA-
BrandFinanceFootball50

OurVerdict
Welcome to the BrandFinance® Football 50 2013 report
highlighting the world’s most valuable Football brands.
• This year’s edition of the BrandFinance® Football 50 sees
a new champion, FC Bayern München take the number one
spot after a tremendous domestic and European season. On
pitch success coupled with some of the strongest financials in
sport sees their brand grow to $860m.
• Manchester United FC drop to second place, the departure
of Sir Alex Ferguson leaving uncertainty over whether the Red
Devils can continue their success without him. Their value
falls marginally to $837m, but is still only one of two football
brands deserving of an AAA+ brand rating, the strongest
rating available.
• Spanish and Italian football again sees tough economic
conditions hamper their growth. Despite this both Spanish
giants have grown, Real Madrid CF up to $621m. They are
just ahead of FC Barcelona at $572m.
• Juventus FC ($180m) and SSC Napoli ($101m) both
continued their return to form at the expense of FC
Internazionale Milano who take another dip after a poor
season to $151m, while rivals AC Milan see a less dramatic fall
in value to $263m.
• The Milan Contingent is struggling with aging stadia, falling
attendances and crowd trouble. Serie A was the only league
in Europe to see an average attendance fall for 2012/13 and
is desperately in need of a rebrand if it wishes to reignite its
global appeal to the levels experienced during the 90s.
• Elsewhere, Turkish and Brazilian brands made great strides
thanks to their booming emerging economies and passionate
domestic fanbases. Galatasaray AŞ are our highest ranking
Turkish team valued at $116m, while SC Corinthians
Paulista ($103m) take the honour of highest ranking non-
European club.
• Average brand growth across the top 50 is a healthy 7%
outpacing their domestic economies. This shows that top level
sport is largely recession proof with almost all clubs reporting
solid revenue increases.
• Attendances have remained solid, with many top teams filling
their stadiums week-in week-out coupled with healthy season
ticket waiting lists. Clubs are not resting on their laurels with
all working hard to improve the match-day experience via new
technology and upgrades.
• Manchester City FC enjoyed a 10% jump in brand value to
$332m despite a disappointingly trophy less season. A failure
to build on last season’s success despite the highest wage bill
in Europe has seen Italian manager Roberto Mancini shown
the door. The club’s recent pioneering announcement to
stretch the brand into another market teaming up with the
New York Yankees to form a new MLS franchise opens up
a new dimension of commercial and fan experiences for the
club.
• Beyond Europe, the top 50 contains 5 Brazilian clubs headed
up by Corinthians in 19th place. Whilst revenues in the
Brazilian game remains well below European equivalents,
the combination of the FIFA World Cup 2014 and 2016
Summer Olympic Games being held in Brazil is driving an
influx of investment into the sporting sector and will provide
opportunity for the country to shine on a global platform.
• On the front of the shirts, this year we saw a continued rise in
the average price paid by sponsors to be associated with top
50 clubs. Manchester United’s deal with Chevrolet set a
new record when it announced the $559m 7 year agreement.
Emirates continued their deep affiliation with the game and
now sponsor 4 of the top 25 teams. Qatar Airlines burst into
the sports sponsorship arena and its offer of $38m per year
was enough to lure Barcelona to breaks its 103 year tradition
of not having a corporate brand on its shirt. This year’s table
sees a more diverse portfolio of sectors taking up shirts
sponsors as more companies recognise the branding benefits
the beautiful game can bring.
• Providing the kits to the top 50 now sees 10 separate providers
in this hotly contested and increasingly technical marketplace.
Adidas lead the pack with 18 supplier contracts while Nike
follows with 14. Both however are feeling the pressure of new
market entrants Warrior and Under Armour.
• The two significant US brands in Warrior and Under Armour
have fuelled an upward trend in annual payments that
suppliers are willing to be aligned with such an irresistible
platform. For supplier brands, the awareness that top tier
football provides combined with the return on investment
available from replica sales makes kit supplying an attractive
investment. We have recently seen Arsenal, Manchester
City and Lazio leave long-term supplier relationships to enter
more lucrative shirt deals. Combined with this competitive
landscape is the continued sophistication of the jersey,
optimised by the fact that Lyon “the City of Light” will have a
“glow in the dark” feature on its new third kit.
• Outside the top 50 we have seen some other interesting
branding trends with the most extreme being Cardiff City
where we saw the “bluebirds” go red to expand the clubs
appeal in “international markets”.

TheTop10:Profiles
Worthy
winners
Over the next 6 pagesare
mini-profiles of the world’s
10 most valuable football
brands, starting with this
year’s winner FC Bayern
München.
01FC Bayern München Germany
2013 USD 860 2012 USD 786 Change 9% Brand rating AAA 2012 rank: 2
02Manchester United FC England
2013 USD 837 2012 USD 853 Change -2% Brand rating AAA+ 2012 rank: 1
03Real Madrid CF Spain
2013 USD 621 2012 USD 600 Change 4% Brand rating AAA+ 2012 rank: 3
04FC Barcelona Spain
2013 USD 572 2012 USD 580 Change -1% Brand rating AAA 2012 rank: 4
05Chelsea FC England
2013 USD 418 2012 USD 398 Change 5% Brand rating AA 2012 rank: 5
06Arsenal FC England
2013 USD 410 2012 USD 388 Change 6% Brand rating AA+ 2012 rank: 6
07Liverpool FC England
2013 USD 361 2012 USD 367 Change -2% Brand rating AA 2012 rank: 7
08Manchester City FC England
2013 USD 332 2012 USD 302 Change 10% Brand rating AA- 2012 rank: 8
09AC Milan Italy
2013 USD 263 2012 USD 292 Change -10% Brand rating AAA- 2012 rank: 9
10Borussia Dortmund Germany
2013 USD 260 2012 USD 227 Change 15% Brand rating AA 2012 rank: 11

TheTop10:Profiles01
1FCBayernMünchen
This year, Bayern Munich first mastered the Bundesliga. Then, on Saturday
25th, the European title was secured. Now a global title can be added to
the list; Bayern has toppled Manchester United to become the World’s most
valuable football club brand. Its $860 value is driven by on-field success
backed by off-field stability and scale.
With a commercial revenues stream alone in excess of €200m, Bayern
Munich really is the game’s commercial powerhouse. Long standing (and
ownership) ties with Audi, Adidas, Deutsche Telecom and Adidas provide
contracted and visible revenue streams for the club to invest into one of the
World’s most talented and exciting squads.
Alongside its commercial clout, the 2012/13 season has been one of
domestic domination. The domestic title was secured as early as April and
saw Bayern end with a massive 25 point margin over 2nd place Dortmund.
The free-flowing football was further visible on the European stage where
the world watched them humiliate arguably the greatest ever football team,
Barcelona. Trophies bring inflows to all three revenues streams (match
day, media and commercial) and with many of Bayern’s commercial deals
being performance-linked, we anticipate 2012/13 is likely to have produced
a record year of turnover for the club and help add another year of profit to
its impressive financial track record.
With Bayern being the leading club in Europe’s largest economy, they
have been able to leverage commercial deals to maximise this position.
Though German media deals are dwarfed those of some other European
clubs, the fact that most German football is televised on free to air channels
domestically, helps feed greater commercial appetite for sponsorship deals.
It is also worth highlighting the financial stability of the club that sets it
out from its European rivals. The club comfortably meets UEFA’s financial
fair play criteria and will see little discomfort as this is fully rolled out. Its
track record of running a profitable operation and the doubling of turnover
since 2007 is testament to the quality of the commercial team behind the
scenes. Whilst much of its financial prudence is driven by strict Bundesliga
guidance, the club is working proof that silverware and profit are not
mutually exclusive in the beautiful game.
More impressive still is that Bayern top the brand value table whilst
charging fans a fraction of Premier League clubs for equivalent matches.
Bayern’s cheapest season ticket costs €123 whilst at Arsenal, the cheapest is
an astronomical £985. The club’s spectacular Allianz Arena is consistently
full and it now has over 170,000 members showing the its enduring
popularity. As President Uli Hoeness famously said this year, “We do not
think the fans are like cows, which you milk. That’s the biggest difference
between us and England”.
The next challenge for Bayern to ensure it stays on top of the brand value
league is to devise a strategy to drive further revenue growth. To do this,
it will need to see if it can transcend its domestic dominance and attract a
global audience. With highly rated Josep “Pep” Guardiola joining the club
for the 2013/14 season, it is one of the clearest indicators yet that there has
been a step change in outside perceptions of the Bundesliga. It can and in
Brand Finance’s view will, truly challenge the Spanish and English leagues
for European dominance.
BRANDVALUE
$860m +9%
BRANDRATING
AAA
SHIRTSPONSOR ANNUAL VALUE
$40m
KITMANUFACTURER ANNUAL VALUE
$34m

TheTop10:Profiles02
2ManchesterUnitedFC
With Sir Alex Ferguson announcing his retirement, Manchester United
suffers another blow as the club loses its status as the World’s most valuable
football brand. The Red Devils have delivered another successful year both
on and off the field, however the departure of the clubs ultimate “brand
manager”,Sir Alex Ferguson, leaves a question mark as the club enters
a new era. United’s commercial success has been underpinned by its
consistent on-pitch performance, fans and investors alike will be waiting to
see if David Moyes can deliver.
The club continues to operate a regional and sectoral approach to
recruiting commercial partners and throughout 2012-13 has continued
to add new partners. To fuel this approach it has opened a commercial
office in Hong Kong to be closer to the expanding number of existing and
potential commercial partners in the region. It has also mooted that the
club is soon to open an office in its owner homeland, the USA, to tap into
the World’s largest economy.
The magnitude of the recent Chevrolet deal is testament to the global
brand that the club has built particularly under the Glaziers’ guidance.
At over £50m per year, this is more than a five-fold increase on the £9m
annual shirt sponsorship deal in place with Vodafone when the Glaziers
arrived in 2005. Alongside the traditional front of shirt sponsor, the club
has also installed a significant training ground naming rights deal with Aon
worth £160m over eight years. The fact the club can demand a greater value
on naming its training ground than many can generate from naming rights
on its main stadium demonstrates the potency of United’s brand. It is also
encouraging that the club current shirt sponsor, Aon, is keen to remain
involved with the club in another dimension and would suggest a positive
Return on investment (ROI) is being generated.
Whilst the club has published questionable statistics about its global
fanbase (claiming 659m people worldwide support the club), there is no
denying that Manchester United has global awareness and stature that
many of its peers are vying to replicate. At last count it has no less than 40
commercial partners set around a structured sponsorship matrix based
on specific sectors and territories. Whilst many top clubs are condensing
their partnerships along the “less is more” path,United is following a “more
is more” strategy and believe the brand has the strength to be further
stretched.
Manchester United has always been at the forefront of setting brand
trends in the game, from innovative new commercial deals, to its successful
TV channel and far flung tours across the globe. The club is once again
setting the mark through an impressive social media strategy to connect
with its ever expanding global fanbase. The club’s partnership with multiple
telecom providers affords it access to followers in over 40 countries and its
website, now available in seven languages, receives over 60 million page
views per month. Whilst this connectivity is still in its infancy, the challenge
for the brand will be how to monetise this channel.
BRANDVALUE
$837m -2%
BRANDRATING
AAA+
$31m
$38m

TheTop10:Profiles03,04
3RealMadridCFThe departure of the “Special One” Jose Mourinho caps the end of a
disappointing season for Real Madrid, leaving them stuck in third place
in the BrandFinance® Football 50. Whilst its 2011/12 season generated
the largest revenues in the game (€513m), the clubs brand value has been
dampened by the economic woes of the Spanish economy. The distribution
of media rights in La Liga continues to be negotiated individually, although
this is set to move to a collective basis shortly, which will squeeze Madrid’s
media income. The club has expressed an interest in increasing the match-
day and commercial buckets to help continue its growth.
Redevelopment plans are currently being tendered to transform the
Bernabéu, with club President Florentino Pérez stating, “I want a stadium
that doesn’t look like a stadium and is profitable”. The drive will be to not
only provide an improved match-day experience but create sources of
revenue that can be generated every day of the week.
Away from the field, the club operates an expanding (and very successful)
merchandising operation – the club sold over 1.5 million replica shirts last
season alone. For the 4th consecutive summer the team will complete a
tour of the US, the club is nurturing a strong following in both North and
South America. Mourinho tested the Real Madrid “blue book” during
his reign, the club can ill afford another unsuccessful season and the
appointment of a new manger could be crucial to maintaining the clubs
top three standing, let alone to reclaim the title of World’s most valuable
football brand.
BRANDVALUE
$621m +4%
BRANDRATING
AAA+
$30m
$39m
4FCBarcelonaFC Barcelona’s brand value remained stagnant this year as concern grows
that Pep Guardiola’s trophy filled golden era is drawing to a close. The
Catalans will be hoping the signing of the hugely marketable Brazilian
superstar Neymar will continue the traditions of Maradona, Cruyff and
Messi that made the club a multinational institution. It is a tantalising
prospect for anyone to see two of the world’s most exciting talents, Messi
and Neymar, playing together in the same team.
The Nou Camp, Europe’s largest football stadium, has a capacity of
98,787, with average attendance figures ranging between 79,000 and
84,000. The star studded Barça squad playing attractive football has
allowed these attendance figures to steadily rise and there is no reason this
will not continue. Such profitable infrastructure has allowed FC Barcelona
to grow revenues by 4.5% this year to almost €494m, cementing its position
of 4th in the BrandFinance® Football 50.
Although Barça won La Liga this season, that victory was overshadowed
by a failure to reach the Champions League or Copa Del Rey final. The club
missed out on the rewards of additional trophies this season and so the
players and coaching staff forfeited bonuses of €12m. Under the financial
stewardship of Javier Faus and Sandro Rosell, FC Barcelona have been able
to embark on a successful strategy of cutting costs and securing long term
partners such as Audi, Coca Cola and Movistar in addition to kit and shirt
sponsorship from Nike and the Qatar Foundation. Impressively they have
managed this without compromising their football on the pitch. All these
elements combined resulted in FC Barcelona producing an “historic” €48m
profit.
BRANDVALUE
$572m -1%
BRANDRATING
AAA
SHIRTSPONSOR ANUAL VALUE
$38m
$46m

TheTop10: Profiles05,06
5ChelseaFC
Chelsea has enjoyed a 5% jump in brand value following Champions
League and, more recently, Europa League success, which boosted all
three revenue streams. High staff turnover has continued however, with
the manager count during the Abramovich reign now in double digits. This
continued managerial merry-go-round along with its limited stadia capacity
is weighing on the Chelsea’s ability to challenge the Brand Finance Football
50’s ‘Big Four’.
Whilst the club has lacked consistency on the pitch, it has enjoyed great
stability with its long standing commercial partners Adidas and Samsung.
Alongside these global brands it has added Delta, Gazprom Audi and
more recently Singha Beer, demonstrating the increasingly global appeal
of the Chelsea brand. The club also has in place an innovative branding
partnership with F1 team Sauber, focusing on ways to enhance sporting
and business performance. This includes the exchange of knowledge in
sport science, launching joint commercial initiatives, merchandising,
events, marketing and linked sponsorship opportunities. We expect to see
more collaborations of this manner throughout football as different sports
recognise the synergies and commonalities that exist.
BRANDVALUE
$418m +5%
BRANDRATING
AA
$21m
$15m
6ArsenalFCWhilst Arsenal endured another trophy-less year, off the pitch its fortunes
have been more impressive. The club has been criticised in recent years
for its poor commercial revenues relative to its peers. However, earlier this
month it announced a record breaking kit deal with Puma. Reported to be
worth £30m a year, the deal was enough to see the Gunners end a 20 year
alliance with Nike. In addition, significantly increased extension of shirt
sponsorship and naming rights has been agreed with Emirates Airlines
through to 2019. The club now needs to feed its increased revenues into on
pitch talent to end its eight year trophy drought.
The Emirates Stadium continues to sell out and be one of the highest
yielding stadia in the world; once again the stadium will host a number
of events during the summer football break that will bring in ancillary
revenues and act as a touch-point for the brand to new consumers. Arsenal
is unique in that match-day revenues continue to be its largest income
stream.
Speculation is still rife about a potential takeover approach for the
club, either from one of its current wealthy shareholders or an external
consortium. With its listed shares at an all-time high, valuing the club at just
over £1bn, it would take a brave investor to see where they could eke out a
return.
BRANDVALUE
$410m +6%
BRANDRATING
AA+
$8m
$20m

7LiverpoolFCDespite a very slight brand value fall after another disappointing year on
the field, Liverpool is backed by an increasingly solid commercial team and
experienced US owners. With a brand new shirt supplier, the 2012-13 season
saw the first evidence of the club’s impressive deal with new market entrant
Warrior. This deal saw Liverpool move away from a 22 year relationship
with Adidas and take a gamble on Warrior’s first foray into the ultra
competitive football apparel market and away from its lacrosse and hockey
roots. However, whilst the deal alone represents a 100% increase in value,
it also opens the club up to greater branded merchandise opportunities
previously contracted out in the Adidas deal.
Liverpool’s tremendous heritage has not gone unnoticed by kit supplier
Warrior. Drawing inspiration from Liverpool’s 1964/65 kit they have
reintroduced the iconic yellow Liver Bird emblem last seen on the shirt in
1985 during the club’s golden era. Football clubs tend to move slowly when
it comes to visual identity changes and it speaks positively of Liverpool and
Warrior’s relationship that they recognise the opportunity and have the
conviction to make such a change.
Despite the shrewd business and marketing minds now steering the club,
Liverpool must return to the European stage to drive all three revenues
streams, and equally push on with the development of Anfield to tap into
the great match-day yields available from such a rich heritage and loyal
fans.
8ManchesterCityFCWinning no major trophies, losing in the final of the FA cup to underdogs
Wigan and a disappointing Champions League outing led to the sacking of
Roberto Mancini. The fact it happened on the anniversary of winning the
Premier League title shows the strong desire of the Abu Dhabi based owners.
With one of the largest wage bills in Europe the club needs on pitch success
to drive all three revenue streams to make a sustainable business operation –
this will soon become compulsory as Financial Fair Play kicks in.
Whilst match-day and media revenues are largely dictated by on-field
activities, City has been frantically trying to catch up with its neighbours
to boost commercial income, recently opening a commercial office in the
centre of London, akin to their red rivals. Long term, lucrative deals are
currently in place with Etihad for naming rights and shirt sponsorship, as
well as a new kit supplier partnership with Nike worth £12m per year being
rolled out for the 2013/14 season. Outside these traditional sponsorship
avenues, the club has taken the pioneering move in acquiring the rights to
Major League Soccer’s 20th expansion franchise from 2015 in a partnership
with baseball team the New York Yankees. Whilst the deal has only just
been announced and full details of ‘NYCFC’ are yet to emerge, it shows the
commitment of the club to take the brand global and compete with their
neighbours both on and off the pitch.
BRANDVALUE
$361m -2%
BRANDRATING
AA
$31m
$38m
BRANDVALUE
$332m +10%
BRANDRATING
AA-
$31m
$40m

9ACMilan
AC Milan has suffered a bigger drop in brand value than any other in the
top 10. The club had a relatively disappointing domestic and European
campaign this season. Similar to many of its Italian peers, the club is
constrained by its aging San Siro home with its match-day revenues
making up less than 15% of its €257m turnover. In 2010, the club bravely
introduced a disciplined, tiered sponsorship structure, which saw it reduce
its commercial partners in a drive to provide greater visibility, exclusivity
and value for a more select number of sponsors. The strategy appears to be
working as the club has seen commercial revenues grow significantly since
implementing the “less is more approach”.
However, for the club to climb the ranks, it needs to invest in its fixed
assets to improve its match-day offering. Unfortunately this may prove
challenging as the club does not own its own stadium, instead the
Stadio Giuseppe Meazza is owned by the City of Milan. Co-tenants FC
Internazionale Milano seem to be the most proactive in this area, taking a
leaf out of Juventus’ book. They have reportedly already found a location
for a new 60,000-seat Stadium.
10BorussiaDortmundDomestic success in 2011/12 and this season’s Champions League final spot
helped Dortmund enter the top 10 of the BrandFinance® Football 50 for
the first time. The club’s long-term marketing agreement with Sportfive
provides the platform for strong commercial performance, which includes
recently extended deals with shirt sponsor Evonik Industries and stadium
naming rights holder Signal Iduna. The club brand is still very much
contained to domestic appeal, however it consistently fills it 79,000 seat
stadium and the club broke a European record for season tickets for the
third year in a row, with more than 54,000 sold for the 2012/3 season.
Whilst very much a domestically focused brand, the club has completed
a “black and yellow” miracle in its turnaround of fortunes that has seen
the club go from the verge of bankruptcy in 2005 to the Champions League
final. The Dortmund identity is based on ‘intensity’ and is reflected in
how they play, the challenge is now for the club to try and spread this
intensively to a global audience. Highly rated manager Jürgen Klopp will
be key to maintaining this brand of football, but with more and more clubs
seemingly afflicted by the increasingly unpredictable reshuffling of football
management, the Dortmund club may struggle to hold onto what could be
a very successful brand manager.
BRANDVALUE
$263m -10%
BRANDRATING
AAA-
$16m
$13m
BRANDVALUE
$260m +15%
BRANDRATING
AA
$20m
$8m

Top 10 historical overview 2013
The diagram below charts the rise, fall and rise of the world’s 10 most valuable football
brands over the past seven years. Bayern Munich’s rapid rise and the emergence of
Dortmund shows the growing significance of the Bundesliga.
0
200
400
600
800
1000 FC Bayern München
Manchester United FC
Real Madrid CF
FC Barcelona
Chelsea FC
Arsenal FC
Liverpool FC
Manchester City FC
AC Milan
Borussia Dortmund
Brandvalue($m)
2007 2008 2009 2010 2011 2012 2013
AC Milan finish
5th in Serie A,
Manchester
City purchased
by Abu Dhabi
United Group
Manchester
United win the
Champions
League
Christiano
Ronaldo
finishes first
season at Real
Madridfollowing
£80m transfer
from United
The Euro
crisis begins to
take its toll on
Spanish and
Italian clubs
Manchester
City win the
Premier League
Sir Alex
Ferguson
retires, Bayern
Munich win the
Champions
League
AC Milan win
Champions
League

Winnersandlosers
Bayern Munich has clinched the title of 2013’s most valuable football brand with this year’s
biggest gain in brand value ($68 million). Inter Milan, Bordeaux and Olympique Marseilles
have fared the worst, all recording brand value falls of over 30%.
-50 -25 0 25 50 75 100
Olympique de Marseille
FC Girondins de Bordeaux
FC Internazionale Milano
PSV Eindhoven
Olympique Lyonnais
Celtic FC
AFC Ajax
AC Milan
Aston Villa FC
Hamburger SV
VfB Stuttgart
SSC Napoli
CR Flamengo
Valencia CF
VfL Wolfsburg
Club Atlético de Madrid
Paris Saint-Germain FC
SC Corinthians Paulista
Bayer 04 Leverkusen
Santos Futebol Clube
Change in brand value ()
70%
41%
34%
34%
34%
25%
22%
20%
20%
18%
-6%
-8%
-10%
-12%
-13%
-16%
-18%
-30%
-30%
-34%
BRAND VALUE CHANGE (USDm)BRAND VALUE CHANGE (%)
-50 -25 0 25 50 75 100
FC Internazionale Milano
Olympique de Marseille
FC Girondins de Bordeaux
AC Milan
AFC Ajax
Olympique Lyonnais
PSV Eindhoven
Celtic FC
Aston Villa FC
Hamburger SV
Juventus FC
Santos Futebol Clube
Bayer 04 Leverkusen
SC Corinthians Paulista
Chelsea FC
Arsenal FC
Manchester City FC
Borussia Dortmund
Real Madrid CF
FC Bayern München
Change in brand value ()
68
29
27
27
24
23
19
19
18
17
-2
-3
-4
-7
-9
-10
-12
-13
-34
-37

Whattheclubssay
Arsenal
Do you have documented set of brand guidelines/values?
Arsenal Football Club is synonymous with history, tradition
and success. We believe that the Club exists to make our
fans proud wherever they are in the world and however they
choose to follow us.
Everyone that works for the Club understands that we will
fulfil our goal of making fans proud by being together, always
moving forward and doing things ‘The Arsenal Way’. This final
element is a key ingredient of who we are. It’s about thinking
about others, getting the detail right and going above and
beyond expectations.
What do you view as key territories for further brand growth?
As a genuine global Club with millions of fans all over the
world, we have a major focus in a number of different overseas
territories, with our most notable growth currently across
Africa and Asia.
How do you balance the dual role of fans as both customers
from whom you must make money and supporters/brand
ambassadors?
We know that as a Club we have an avid following all over the
world and while the vast majority will never make it to an
actual Premier League game, our challenge is to engage with
their passion for Arsenal and make all supporters feel a part of
the Club wherever they are.
The primary objective is to have as many supporters as
possible regularly engaging with the Club across a number of
different platforms, whether that’s directly through fan events
and activities tied in to our Tour, or through digital media.
Once you have established a conversation with those fans and
understand their interests in more detail (something we are
developing extensively through investment in our Customer
Relationship Management (CRM) system), it is easier for the
Club to interact on an individual basis and develop potential
commercial revenue streams.
How much impact can off-pitch activities (charitable efforts,
advertising marketing, tours etc) have when compared to
the effect of on-pitch success?
In our opinion, the two need to work in tandem to drive real
fan engagement and brand value. We know that supporter
pride is driven primarily by success on the pitch and this
means winning trophies. At Arsenal, we are also proud that
are our style of play, our focus on developing youth talent,
our magnificent stadium, our broader contribution in the
community and our self-financing approach helps us to stand
out amongst the crowd and provide additional sources of pride
and recognition.
Players are obviously key to your image, how do you manage
the risks that they may personally damage the club’s brand?
The players are undoubtedly the Club’s primary asset and we
work hard to ensure that they, like the rest of the Club’s staff,
adhere to our vision and values both on and off the pitch.
The growth in digital and social media means that many
players now interact directly with supporters, and while
this presents its challenges, we are able, through consistent
engagement and comprehensive media training, to provide
the players with clear parameters whilst using their individual
appeal and profile to enhance and support the Club’s own
initiatives.
A Club Spokesperson

Whattheclubssay
JuventusFC
How many people do you have working in your marketing/
brand team? Do you have more than one office?
We have no specific marketing team but rather a commercial
team covering a range of areas from merchandise to marketing
the stadium and the brand made up of 9 people. At Juventus
we do all our marketing activities in house, unlike most other
Italian clubs, we feel this gives us greater control and a better
connection with our fans.
Do you benchmark/record your brand value in any way?
No, we feel it would be too subjective to do it ourselves we rely
on information from Brand Finance and the market.
Do you have a documented set of brand guidelines/values?
In 2006/07 we changed the logo, we are continually trying to
adapt the brand to keep it modern. In terms of intellectual
property it is Nike who is reliant on us to protect the IP
through our ‘Guardian of the brand”.
The focus has always been Italy however we can now look
to engage new markets in new ways. In the future we will be
looking to local partners in Japan, China, India, Australia,
Indonesia and USA. This summer we will be competing in the
Guinness International Champions Cup in the USA along with
Milan and Inter. This allows us to promote the Serie A league
together as opposed to one club going to China one club going
to Australia and the message being lost. We work with Serie
A to improve the image of the league overall. In my opinion
the Italian league remains an entertaining league due to the
number of top sides that compete. The German Bundesliga
and the Spanish La Liga are dominated by two teams whereas
in Serie A you have Juventus, Inter, Milan, Roma, Lazio and
Napoli who all compete for top honours.
Do you have a unified return on investment (ROI) metric that
you use with all commercial partners/sponsors?
10 years ago sponsors and partners were primarily concerned
with buying visibility. Today sponsors are more concerned
with gaining access to content and fans.
ambassadors?
The 1st priority is that the team wins. We work to develop a
close relationship with the fans and hope that continued on
the pitch success will deliver financial rewards in the future.
Players are obviously key to your image, how do you manage
the risks that they may personally damage the clubs brand?
There was a Juventus before them and there will be a Juventus
after them, the club is more important than any one player.
What impact has the new stadium had on your brand?
The process of moving to a new stadium took 16 years. We
are already beginning to see increased participation and
engagement of the fans.
Francesco Calvo, Commercial Director

Whattheclubssay
TottenhamHotspurFC
How many people do you have working in your marketing/
brand team? Do you have more than one office
There are eight members of the marketing team including two
digital specialists. The team are all based at the stadium.
Do you benchmark / record your brand value in any way?
Yes. Our main bench marks are based around tangible
indicators of brand value i.e. growth in commercial revenues,
merchandising and licensing, fan base development – global
TV audiences for our matches, estimated size of our fan
base in key territories, volumes of engaged fans across all
our channels globally and level of reach and increase in
transacting supporters.
Do you have documented set of brand guidelines/values?
Yes. The Club has a comprehensive set of guidelines that
set out our brand proposition, values and tone of voice and
outlines a clear narrative of what our brand stands for. Our
brand’s visual identity has comprehensive guidelines around
the use of our badge as well as how we achieve a cohesive
brand look and feel across every Club touch point. This is
combined with a clear brand protection strategy that ensures
our marks and IP are protected and where any potential
infringements are carefully monitored.
Our primary focus outside the domestic market is the USA and
Asia. We have seen significant growth in the USA following our
2012 Tour. Our supporters Club network has grown by around
40% in the last season.
Do you have a unified return on investment (ROI) metric that
you use with all commercial partners/sponsors?
Yes in that we commission independent analysis from trusted
industry sources in order to put a valuation on both the
tangible and intangible elements of a partners package of
rights. We use current market media and branding valuation
data and measures to put values on each element of the
partnership e.g. media, hospitality and ticketing, event and
facility usage, corporate real estate, merchandise etc. In
addition we use accepted industry methodologies to quantify
the brand value to a partner through brand awareness and
benefit of association impact, brand stand out and rarity value,
promotional rights and money can’t opportunities.
ambassadors?
Our aim is to bring all our fans closer to the Club - provide
a sense of belonging and make them feel part of the Club.
First and foremost it is about creating ways for fans to engage
and interact with the Club whatever their desired level of
involvement and ultimately aim to nurture a one-to-one
relationship with each and every Spurs fan. The growth in
social media and digital channels allow us to extend our
reach and open up new opportunities to attract new fans
and inspire advocacy from existing fans. If we achieve this,
the ability to monetise support is a seamless outcome of
engagement whether it’s direct transactions or value for our
partners or broadcasters.
How much impact can off-pitch activities have when
compared to the effect of on-pitch success?
What we do off the pitch is also important in determining our
brand values and gaining new supporters and both on and off
pitch activities are mutually supportive. By way of example, we
are at the forefront of charitable efforts and CSR through our
Tottenham Hotspur Foundation, which is dedicated to utilising
the power of football to engage young people and create life
changing opportunities. The Foundation runs a vast number
of programmes which are fully supported by the players and
coaching staff, who attend events on a weekly basis. This has
earned the Club a reputation for being responsible, caring
and inspiring. Our global coaching programmes also take the
‘Tottenham style’ of play to grass roots football at schools and
colleges. Everything we do is guided by our core principles.
Players are obviously key to your image, how to you manage
the risks that they may personally damage the club’s brand?
The players have a duty to represent the Club in the best way
at all times and all are made aware of this responsibility. We
constantly liaise with the players regarding new trends and the
best ways to communicate.
Emma Taylor, Head of Marketing

Manchester United and The Glazers
Glaze of Glory?
Love them or loathe them its hard to dispute the impressive numbers generated under
the Glazers guidance at Old Trafford. Since taking over the club. in 2005 the Club has
seen revenues double bouyed primalry by the every increasing number and value of
commercial deals. Following a succesful IPO in New York in 2012 the clubs shares are
currently trading at an all-time high valuing the business at almost £2bn
2005 2013
Market Cap $1,398M $2,888M
Brand Value $293M $837M
Brand Rating AA AAA+
Annual Revenue $294M $486M
Revenue split
Matchday Media Commercial
Shirt sponsor
(deal signed 2013, shirt sponsor from 2014)
Annual shirt sponsor value S16m $68m
Kit supplier
Commercial Partners 10 40+
Domestic Titles 15 20
European Cup / CL 2 3
Ground capacity 67,540 75,811
Sources: Company accounts, press reports, Brand Finance league table, bloomberg
Since acquiring Manchester United in
May 2005 the Glazers have set about
extracting the “unrealised” commercial
potential they saw within the club,
relative to their US sporting experience.
In an 8 year period, the club has seen
overall revenues almost double with the
commercial stream providing the main
impetus. Driving this commercial gain is
the fact that the club truly recognise the
brand asset that they own and have set
about a clear strategy to invest and get
exponential returns on this investment.
The club had devised a clear territorial
and sector approach to commercial
partners, which sees it with commercial
relationships with over 40 partners
serving many territories. Whilst this
strategy could dilute weaker brands,
Manchester United is confident they have
the global awareness and brand strength
to pursue such a strategy. Credit needs
to go the commercial team behind the
brand, who are consistently inventing
new partnership opportunities, the club
recently took the bold move to back out
of a “revolutionary” training kit deal with
DHL as they felt they could command a
greater return on the opportunity.
The brand and its strategy featured
heavily in last year’s IPO prospectus and
the club is very pro-active in seeking
out new partners. It has recently setup
a commercial office in Hong Kong to
service its Asian partners and has been
open about its desires to setup a similar
office in America.
The Glazers remain close lipped
about their exit strategy, but with shares
currently trading at an all time high
valuing the club at close to $3bn, the
figures demonstrate what a great job the
Glazers have overseen.
$122(m)
$86(m)
$86(m)
$150(m)
$159(m)
$178(m)

Football leagues
Bundesliga vs
Premier League
Football is a business and with UEFA’s
Financial Fair Play looking to curb
the advantages given to club’s treated
as billionaire playthings the profit
generating potential of clubs is only set
to become more important. Commercial
success allows clubs to sustainably
create on-pitch success through the
acquisition of better players, hiring of
better staff and capital expenditure on
better training facilities. In turn, on-
pitch success helps drive commercial
success by attracting better sponsors,
selling more merchande and enabling
higher ticket prices. A club that is
both successful as a business and as
a sporting endeavour is a force to be
reckoned with and the Bundesliga may
have found the perfect balance.
14 of the Bundlesliga’s clubs made
a profit in 2012, with an overall profit
for the Bundesliga of €55m, the EPL
made a staggering €245m loss over the
same period despite the EPL generating
€2.8bn of revenue compared to the
German club’s €2.1bn. The Bundesliga
has managed this profit through strict
cost control; only 38% of total income
goes to players and coaches whereas in
the EPL the figure is far greater at 64%.
Ticket prices in the Bundesliga are
low with the cheapest average ticket
at about €12, EPL average ticket prices
are three times higher. The low ticket
prices are a matter of policy for German
football and kept purposely low, unlike
in the EPL where free market supply
and demand sets prices high. These low
ticket prices coupled with large modern
stadiums has allowed the German top
division to attract the biggest average
attendances in the world, averaging
45,000 spectators per match compared
to the second place EPL with 34,000.
But despite the record attendances
the low prices are limiting match-day
revenues, this has forced the German
Bundesliga English Premier League
Formed 1963 1992
Clubs 18 20
Average ticket price 2011/12 (in USD) 29.81 43.15
Total Revenue FY2011 3,349 6,022
Estimated club average revenue FY2011 ($m) 186 301
Rank in Europe 4 1
Average spend on wages as % of revenue 52% 68%
Club Revenue Compound Annual Growth Rate 2006-10 8.3% 13.1%
GDP Compound Annual Growth Rate over same period 0.6% -0.3%
Total Transfer Value of League ($m) 2,468 4,388
Average squad value ($m) 137 219
Foreign player % 49% 65%
Average age 24.80 27.00
Champions League Titles 12 7
UEFA Country coefficients 2012/13 79.328 82.677
Rank in Europe 3 2
Average Attendance (2011/12) 45,116 34,600
Total Attendance (2011/12) 13,805,462 13,148,133
Largest Attendance (2011/12) 80,521 75,387
Rank in Europe 1 2
clubs to concentrate on leveraging their
brand elsewhere; the commercial space.
German clubs historically have formed
close relationships with local businesses
and as the German economy has grown
these businesses have become huge
global corporations better able to
support their sponsored team. Bayern
München has the highest reported
commercial revenues of any club in the
world.
Broadcasting is the only area the
Bundesliga lacks in comparison to their
English counterparts and unlike cheap
tickets this is not by choice. The EPL
derives a third of its views from Asia and
a quarter from Africa and the Middle
East allowing the league to distribute
over €1.3bn in broadcasting revenue to
its clubs. By comparison the Bundesliga
only generated €519m.
If trends continue German club
football will become better recognised
on the global stage, the all-German UCL
final as well as big-name foreign coach
Pep Guardiola entering the league are
early indicators of the step change in
global perceptions to come. With this
recognition comes an opportunity to
patch up poor broadcasting deals with
foreign markets. Not until this is fixed
and incorporated into the financially
responsible model of German football
will the Bundesliga truly be able to
challenge the EPL on a level playing
field.

Away from the club brands, an equally
exciting branding battle is taking place
between the kit suppliers. This year’s
BrandFinance® Football 50 sees an
unprecedented 10 different apparel
providers dressing the World’s top
teams. Adidas leads the pack, supplying
kit to 18 of the top 50 clubs, including
this year’s winners, Bayern Munich. The
Germans are hotly pursued by Nike,
which hold contracts with 14 of the top
50 teams. The long-term dominance
of Nike and Adidas however is being
threatened by a raft of smaller brands
vying to gain market share.
Warrior sports entered the market in
2012 with a deal to supply Liverpool’s kits
over a 6 year period. Warrior, owned by
New Balance, is better known in the US
market for providing lacrosse and hockey
apparel. Liverpool brokered the deal over
a 12 month period, speaking with all the
major kits suppliers before settling on the
value and exclusivity that the Warrior deal
would provide. Richard Wright, Warrior’s
head of football, said “we are not the sort
of brand to keep our head down, we are
here to shake up the world of football”.
They were certainly not afraid to spend to
achieve it; the deal was worth a reported
£300m, a record braking sum.
Under Armour is another US brand just
beginning to capture UK market share,
using its deal with Tottenham Hotspur as
a market entry tool to tap into the football
market and continue its rapid revenue
rise. The company is particularly well
known for its pioneering research and
technological innovations and is at the
forefront of the current trend for football
shirts to be treated on a par with boots as
serious pieces of technical apparel. The
average retail price of a team shirt across
the top 50 is now over US$75.
Puma, which has tended to focus on
lower tier teams, has re-entered the top
10, announcing that it will supply kits
to Arsenal. The five-year, £170million
deal ends the Gunners’ 20 year alliance
with Nike. Puma owner PPR is currently
in the process of completing a drastic
reorganisation of the company to reverse
its financial woes and has recently exited
Rugby kit sponsorship citing the greater
opportunities offered by football.
We do not expect too many further
entrants into this busy marketplace,
however we do expect to see clubs
leverage the competitive landscape in new
kit supplier negotiations and anticipate
that longer and even more valuable
deals will be struck by the games’ biggest
brands.
Football shirt brands
Cutting a Fine Figure -
£300m to be precise
Kit Supplier
NumberofPartnershipswithclubsintheBrandFinance®Football50
18
15
4 4
2 2 2
1 1 1
‘we are not the sort of brand to
keep our head down, we are here
to shake up the world of football
’RichardWright,Warrior

Sponsorship
The Growing Value of
Football Sponsorship
Sponsorship is a huge investment
opportunity for corporate brands seeking
to expand their global reach and raise
awareness amongst new customers
in new markets. In world football the
value of these sponsorships has grown
dramatically in recent years with some
of the top clubs now generating more
than $70m per year from shirt kit
sponsorship alone. This should not be
surprising with shirts worn by individual
players and loyal fans televised to a global
audience of 4.7 billion, shirts are prime
real estate for sponsors.
The 2014/15 English Premier League
(EPL) season will see Manchester
United begin a $79 million per year
shirt sponsorship deal with Chevrolet,
making it the largest deal of its kind.
Bayern Munich, UEFA Champions League
finalists two years running, generates
$37million per year from a deal with
Deutsche Telekom. In recent years even
Catalonian giants Barcelona have chosen
to emblazon their traditionally plain shirt
with a lucrative sponsorship deal. The
Qatar Foundation is reportedly paying
€30 million a year to be the club’s first
ever kit sponsor in its 113 year history.
The top 10 most valuable brands in
this year’s report generate an impressive
$266m from their shirt sponsorship
alone, not taking into account the raft of
secondary deals and kit partnerships.
Corporate brands seeking a platform
for building, strengthening and
maintaining their brand image see
football brands as the ideal vehicle.
Brands seeking to develop in new
markets will look to clubs with the
strength to raise awareness. Manchester
United are gold standard in this regard,
their new deal with Chevrolet signals
the car manufactures desire to drive its
appeal up in the European market by
using the well developed United brand
as a vehicle. Conversely, United itself is
attempting to grow their brand in the US
with the Glazer’s pioneering large tour
events across the Atlantic.
Clearly sponsors must also fit with their
target audience and brands must have
synergy with viewers and supporters
alike. A look at the top sponsorship deals
in world football shows huge investment
from brands which believe they share
the same ideals that make a football club
successful: the pursuit of perfection, hard
work passion.
Aspirational brands such as cars and
airlines as well as some of the world’s
most valuable banking and telecoms
brands can be found on the shirts of the
most successful clubs. Away from the
top global brands, betting has continued
to be a major sponsor of football. The
synergy between these areas is clear
with TV, mobile, online and pitch side
advertising invested in heavily by betting
businesses such as Bet 365, Bet Fred and
32 Red amongst others. Shirt sponsorship
by betting brands in the Football 50 is
now worth US$47 million per annum.
It is no coincidence that the majority of
adverts at half time are betting adverts.
Sponsorship in football is not without
its risks however with on-pitch success
by no means a guarantee. Corporate
sponsors can risk aligning their brand
with a sinking ship or paying tens of
millions of dollars only to have their
sponsored club miss out on vital UEFA
Champions League qualification and
the awareness that comes with global
television broadcasting.
Sponsors must not forget that through
their partnerships with the club as
an entity they are also associating
themselves with the individual stars.
Footballers as individuals are notoriously
difficult to control at the best of times, for
example Luis Suarez provides a difficult
dilemma for Liverpool’s head sponsor
Standard Chartered. The Uruguayan’s
silky skills are vital to the success of the
Merseyside club on the pitch which can
in turn become off pitch brand success,
but his consistent negative antics are
no doubt straining heavily on Standard
Chartered’s own brand ideals.
Unexpected success is the flip-side of
this with the potential to reap rewards
for sponsors well beyond a relatively
modest sponsorship deal as in the case
of Swansea City. Sponsors 32 RED will
no doubt have been extremely happy
with the clubs promotion from the
Championship, the securing of a 9th
place finish in this year’s EPL as well as
a first major trophy, lifting the Capital
One Cup in February this year. The
reverse of this has been experienced
by Wolverhampton Wanderers sponsor
Sporting Bet following the club’s
relegation in consecutive seasons. This
uncertainty is however reflected in the
size of deal a club can command, those
that can guarantee European football
consistently will attract the best sponsors
for the best money.
Sponsorship revenues are a key
component of any clubs income and
these sponsorships are often driven by
on-pitch success. The problem faced
by many clubs is that in order become
successful on the pitch they must first
attract the big sponsors to fund the best
players and staff. Many clubs have found
this leap difficult, leaving an imbalance
in football where the smaller clubs
cannot challenge the big boys on or off
the pitch. The increasing emphasis on
running clubs as a viable business creates
an opportunity for traditionally smaller
clubs who, with shrewd commercial
teams, will be able to break this cycle
through innovation and value for money.

Below is a sample of the Key Performance
Indicators we look at when accessing the
strength of a football brand.
•Heritage
History is something you cannot buy.
The oldest clubs tend to have the most
successful histories and a loyal fan base
stretching back generations that will stick
with the club through thick and thin.
•Trophies
Ultimately history only remembers
winners, the runner-up is rarely given a
shout. Fans and sponsors alike want to be
associated with these winners. Every fan,
player, manager and owner talks in terms
of trophies, they are the raison d’etre for
any club.
•Starplayers
Star players win matches and sell
merchandise – they can be the key
component of strengthening the brand. A
club can have the heritage, the staff and
the stadium, but if they don’t have the
fundamental product – the players – to
win and be successful on-pitch then it is
all for naught.
•Stadia
A vital revenue generator and brand
“touch point”, stadia are where the clubs
“product” is showcased. Creating an
enjoyable experience for fans is a must to
make them part with their hard earned
money as well as being large enough to fit
all their fans in, easily accessible and well
maintained.
•Manager
The single most important person at any
club and the single hardest job. Without
their successful stewardship no club can
rise to the top of our rankings.
The Strength of the Brand
These are calculated using Brand Finance’s Brand Strength Index analysis, which
benchmarks the strength, risk and future potential of a brand relative to its competitors on
a scale ranging from AAA+ to D. It is conceptually similar to a credit rating. The data used
to calculate the ratings comes from various sources including Bloomberg, annual reports,
websites such as transfermrkt.co.uk and Brand Finance original research.
strap
Club
2013
USD
Brand
Rating
Key Performance Indicators
Founded
League
Titles
CL
Titles
UEFA 5y
coefficient
Squad
Value
USD
Stadium Size Utilsation
Manager
(12/13 season)
Managerial
Assessment
Manager
Career
Win %
1 860 AAA 1900 23 4 145 578 Allianz-Arena 69,901 99% JuppHeynckes VeryStrong 52%
2 837 AAA+ 1878 20 3 131 562 OldTrafford 75,957 99% SirAlexFerguson ExtremelyStrong 63%
3 621 AAA+ 1902 31 9 137 798 SantiagoBernabéu 80,354 91% JoséMourinho ExtremelyStrong 67%
4 572 AAA 1899 22 4 158 806 CampNou 99,354 80% TitoVilanova Good 70%
5 418 AA 1905 4 1 136 517 StamfordBridge 41,841 99% RafaelBenítez Strong 54%
6 410 AA+ 1886 13 0 114 380 EmiratesStadium 60,355 99% ArsèneWenger ExtremelyStrong 56%
7 361 AA 1858 18 5 79 327 AnfieldRoad 45,522 93% BrendanRodgers Satisfactory 42%
8 332 AA- 1880 2 0 71 578 EtihadStadium 47,726 97% RobertoMancini ExtremelyStrong 55%
9 263 AAA- 1899 18 7 94 281 GiuseppeMeazza 80,065 58% MassimilianoAllegri Good 49%
10 260 AA 1909 8 1 62 342 SignalIdunaPark 81,264 97% JürgenKlopp Strong 48%
11 259 AA- 1904 7 0 85 220 Veltins-Arena 61,482 100% JensKeller Satisfactory 56%
12 219 AA 1882 2 0 70 357 WhiteHartLane 36,257 99% AndréVillas-Boas Good 59%
13 180 AAA- 1897 29 2 71 433 JuventusStadium 41,000 93% AntonioConte Good 50%
14 162 AA 1900 31 4 65 123 AmsterdamArenA 52,960 89% FrankdeBoer Strong 63%
15 151 AA+ 1908 18 3 106 274 GiuseppeMeazza 80,065 75% AndreaStramaccioni Satisfactory 52%
16 144 AA 1887 6 1 56 141 ImtechArena 57,274 95% ThorstenFink Good 55%
17 116 A+ 1905 19 0 54 190 TürkTelekomArena 52,695 64% FatihTerim Strong 48%
18 111 AA- 1899 9 1 79 147 StadeVélodrome 60,031 85% ElieBaup Satisfactory 41%
19 103 AA 1910 5 1 0 94 EstádiodoPacaembu 40,199 63% Tite Good 48%
20 101 AA- 1926 2 0 47 289 SanPaolo 60,240 76% WalterMazzarri Satisfactory 41%
Brand strength

Methodology
What is a brand value?
We define the brand as the trademark
and associated intellectual property.
Football clubs are made up of a mixture
of fixed tangible assets (stadium, training
ground) and disclosed intangible assets
(purchased players) with brand value,
internally developed players goodwill
making up the difference to provide the
combined clubs value.
How do we measure its value?
We use the Royalty Relief method. This
approach assumes the company doesn’t
own their brand and must license it from
a theoretical third party. The method
determines how much it would cost to do
this. It is called the Royalty Relief method
because when a business owns their
brand they are ‘relieved’ from paying a
‘royalty’ rate for its use.
Royalty Relief Approach
The Royalty Relief method is used for
three main reasons:
1. It is the most recognised by technical
authorities’ worldwide and favoured
accounting, tax and legal users because
it calculates brand values by reference to
comparably third-party transactions.
2. The method ties back to the
commercial reality of brands and their
ability to command a premium in an
arm’s length transaction.
3. It can be performed on the basis of
publicly available financial information
How does the Royalty Relief
approach work?
Determine forecast revenues -
referencing historic trends market
growth estimates, competitive forces,
analyst projections and company
forecasts.
1. Assess the Brand Strength – we use
our BrandBeta® Index which in the
case of football clubs scores domestic
and European honours, club heritage,
revenue scale and split, attendances
and global reach amongst others to
benchmark the brands against each
other.
2. Establish a Royalty Rate – we review
comparable licensing agreements as
well as analysing margins and value
drivers to establish a royalty rate range
for the sector and revenue stream. The
βrandβeta® is then applied to find the
correct royalty rate for each brand within
the range.
3. Determine the Discount Rate – this
allows us to calculate the net present
value (NPV) of the brand’s future
earnings, therefore putting future
benefits in today’s terms.
4. Brand Valuation Calculation – steps 1-3
are then brought together to determine
the NPV of post-tax royalties, which is
the brand value.
Brand Ratings:
These are calculated using Brand
Finance’s Brand Strength Index analysis,
which benchmarks the strength, risk and
future potential of a brand relative to
its competitors on a scale ranging from
AAA+ to D. It is conceptually similar to a
credit rating. The data used to calculate
the ratings comes from various sources
including Bloomberg, annual reports and
Brand Finance research.
Brand ratings definitions
AAA+ Extremely strong
AA Very strong
A Strong
BBB-B Average
CCC-C Weak
DDD-D Failing
Valuation date
All brand values in the report are as
at 29th May 2013 and displayed in US$
millions. For any further information,
please contact:
Dave Chattaway
Head of Sports Brand Valuation
+44 207 389 9400
D.Chattaway@brandfinance.com
Matt Hannagan
Sports Valuation Analyst
+44 207 389 9400
M.Hannagan@brandfinance.com
Or visit:
How were the
rankings compiled?
The Brand Finance Index of ‘The Brand Finance® Football Brands 2013’ was compiled using,
where available, publicly available information regarding market share, market growth
and company financials. Our main sources of publicly available data were the Deloitte
Football Money League Report, Bloomberg, individual football club Annual Reports and
press releases. Brand value was derived using a ‘relief from royalty’ method that values
brands according to the cost of re-licensing them from a hypothetical third party.

Brand Finance
Since it was founded in 1996, Brand
Finance has performed thousands of
branded business, brand and intangible
asset valuations worth trillions of dollars.
Brand Finance’s services
support a variety of business
needs:
• Technical valuations for accounting,
tax and legal purposes
• Valuations in support of commercial
transactions (acquisitions, divestitures,
About
Brand Finance
Brand Finance is an independent global business focused on advising strongly branded
organisations on how to maximize value through the effective management of their brands
and intangible assets.
licensing and joint ventures) involving
different forms of intellectual property
• Valuations as part of a wider mandate
to deliver value-based marketing strategy
and tracking, thereby bridging the gap
between marketing and finance. Our
clients include international brand
owners, tax authorities, IP lawyers and
investment banks. Our work is frequently
peer-reviewed by the big four audit
practices and our reports have also been
accepted by various regulatory bodies,
including the UK Takeover Panel. Brand
Finance is headquartered in London
and has a network of international
offices in Amsterdam, Bangalore,
Barcelona, Cape Town, Colombo,
Dubai, Geneva, Helsinki, Hong Kong,
Istanbul, Lisbon, Madrid, Moscow,
New York, Paris, Sao Paulo, Sydney,
Singapore, Toronto and Zagreb.
Valuation
• How much should you pay?
• Structure of payments
• Competitor research
• Brand value tracking
Analytics
• Business case modelling
• Sponsorship impact on drivers
of demand
• Return on investment
• Sponsorship objectives/KPI
• Commission of market research
Strategy
• Brand Audit
• Brand “Fit” analysis
• Stakeholder mapping
• Brand Licensing
• Budget setting / allocation
Transactions
• Brand due diligence
• Negotiation strategy
• Brand licensing
Our Services
At Brand Finance we have worked with world leaders in the sports industry helping them
to build and understand their brand. We apply all of our core service offerings to the sports
industry ensuring you get the most out of your partnership and brand assets. Our services
are tailored separately towards the sponsor and the rights holder.
• Valuation of rights
• Structure of charges
• Competitor research
• Market review Expectations
• Proof of ROI
• Quantification of sponsorship
benefits
• Database management
• Brand Audit
• What to license
• How to license it
• Selecting the right partners
• Building a more appealing
brand to license
• Brand extension /
diversification
• Tax efficient brand
structuring
• Transfer Pricing
• Fundraising
RightsHolderSponsor

Contact Details
Brand Finance is the leading brand valuation and strategy firm, helping companies to
measure, manage and maximise the value of their brands for improved business results.
For further enquiries relating to this report, please contact:
David Haigh
CEO, UK
david.haigh@brandfinance.com
Edgar Baum,
North America
e.baum@brandfinance.com
Xander Bird,
Australia
x.bird@bradfinance.com
Samir Dixit,
Singapore
s.dixit@brandfinance.com
Gilson Nunes,
Brazil
g.nunes@brandfinance.com
Joao Pinto Goncalves
Portugal
j.pintogoncalves@brandfinance.com
Hany Mwafy,
Middle East
h.mwafy@brandfinance.com
Muhterem Ilguner
Turkey
m.ilguner@brandfinance.com
Unni Krishnan
India
u.krishnan@brandfinance.com
Marc Cloosterman
Netherlands
m.cloosterman@brandfinance.com
Further International Contacts
Country Contact Email address
Russia Alexander Eremenko a.eremenko@brandfinance.com
South Africa Oliver Schmitz o.schmitz@brandfinance.com
Sri Lanka Ruchi Gunewardene r.gunewardene@brandfinance.com
South Korea Min Jae Son minjaeson@metabranding.com
For further information on Brand Finance’s services,
please contact your local representative:
For all other countries, please contact:
E. enquiries@brandfinance.com
T. +44 (0)207 389 9400
www.brandirectory.com
www.brandfinanceforums.com
Dave Chattaway
Head of Sports Valuation, UK
d.chattaway@brandfinance.com

Appendix
28-29 USD table
30-31 GBP table
31-32 EUR table
Contents

Top 50 Football Brands USD
TOP50FOOTBALLBRANDS1-25
2013
rank
2012
rank
ClubCountry2013
USD
2012
USD
changeBrand
Rating
MainSponsorsKitSupplierFoundedLeague
Titles
CL
Titles
Squad
Value*
StadiumSizeUtilsationManager
Win%
12FCBayernMünchenGermany8607869%AAADeutscheTelekomAdidas1900234578Allianz-Arena69,90199%52%
21ManchesterUnitedFCEngland837853-2%AAA+AonNike1878203562OldTrafford75,95799%63%
33RealMadridCFSpain6216004%AAA+bwinAdidas1902319798SantiagoBernabéu80,35491%67%
44FCBarcelonaSpain572580-1%AAAQatarFoundationNike1899224806CampNou99,35480%70%
55ChelseaFCEngland4183985%AASamsungAdidas190541517StamfordBridge41,84199%54%
66ArsenalFCEngland4103886%AA+EmiratesNike1886130380EmiratesStadium60,35599%56%
77LiverpoolFCEngland361367-2%AAStandardCharteredWarrior1858185327AnfieldRoad45,52293%42%
88ManchesterCityFCEngland33230210%AA-EtihadAirwaysUmbro188020578EtihadStadium47,72697%55%
99ACMilanItaly263292-10%AAA-EmiratesAirlinesAdidas1899187281GiuseppeMeazza80,06558%49%
1011BorussiaDortmundGermany26022715%AAEvonikPuma190981342SIGNALIDUNAPark81,26497%48%
1110FCSchalke04Germany259266-3%AA-GazpromAdidas190470220Veltins-Arena61,482100%56%
1212TottenhamHotspurFCEngland219225-3%AAAutonomyUnderArmour188220357WhiteHartLane36,25799%59%
1316JuventusFCItaly18016012%AAA-Fiat-JeepNike1897292433JuventusStadium41,00052%50%
1414AFCAjaxNetherlands162184-12%AAAEGONAdidas1900314123AmsterdamArenA52,96089%63%
1513FCInternazionaleMilanoItaly151215-30%AA+PirelliNike1908183274GiuseppeMeazza80,06575%52%
1617HamburgerSVGermany144153-6%AAEmiratesAdidas188761141ImtechArena57,27495%55%
17NEWGalatasarayAŞTurkey116NEWNEWA+TurkTelekomNike1905190190TürkTelekomArena52,69564%48%
1815OlympiquedeMarseilleFrance111168-34%AA-InterSportAdidas189991147StadeVélodrome60,03185%41%
1924SCCorinthiansPaulista Brazil1037734%AACaixaNike19105194EstádiodoPacaembu40,19963%48%
2022SSCNapoliItaly1018520%AA-MSCCruisesMacron192620289SanPaolo60,24076%41%
2118OlympiqueLyonnaisFrance101120-16%AA-HyundaiMotorsAdidas189970143StadedeGerland43,05181%54%
22NEWFenerbahçeSKTurkey95NEWNEWA+TurkTelekomAdidas1907180198ŞükrüSaraçoğluStadyumu50,53078%49%
2336Bayer04LeverkusenGermany906441%AA-SunPowerAdidas190400190BayArena30,21095%67%
2438ParisSaint-GermainFCFrance856434%A+EmiratesNike197030403ParcdesPrinces48,71260%58%
2528VfBStuttgartGermany837118%A+Mercedes-BenzBankPuma189350122Mercedes-BenzArena55,89670%45%

Top 50 Football Brands USD
2013
rank
2012
rank
ClubCountry2013
USD
2012
USD
changeBrand
Rating
Titles
CL
Titles
Squad
Value*
Win%
2631ValenciaCFSpain836822%AA-JinkoSolarJoma191960213Mestalla55,00073%52%
2732VfLWolfsburgGermany826625%AVWadidas194510126VolkswagenArena30,00096%41%
2821ASRomaItaly8285-3%AAWINDKappa192730220OlimpicodiRoma72,69842%53%
2929WestHamUnitedFCEngland827017%ASbobetMacron189500127UptonPark35,01695%37%
3020NewcastleUnitedFCEngland8186-6%AAVirginMoneyPuma189240236St.JamesPark52,38791%40%
3119AstonVillaFCEngland8087-8%AA-GentingCasinosMacron187471144VillaPark42,78886%46%
3230SVWerderBremenGermany796817%AA-WiesenhofNike189940114Weserstadion42,35888%48%
3323EvertonFCEngland78790%AA-ChangNike187890182GoodisonPark40,39489%42%
3434FulhamFCEngland756516%A+FxProKappa187910107CravenCottage25,70097%44%
3533SunderlandAFCEngland726610%A+InvestinAfricaAdidas187960160StadiumOfLight49,00082%55%
36NEWBeşiktaşJKTurkey71NEWNEWA+ToyotaAdidas1903130125Fi-YapiInönüStadi32,14582%35%
3745ClubAtléticodeMadridSpain675034%AA-AzerbaijanNike190390319VicenteCalderón54,58173%49%
38NEWSantosFutebolClubeBrazil653870%AAPhilcoNike191283121EstádioUrbanoCaldeira16,79848%47%
3939SãoPauloFC Brazil62586%A+SempToshibaPenalty19356394EstádiodoMorumbi67,42837%45%
4026PSVEindhovenNetherlands6174-18%AA-PhilipsNike1913211134PhilipsStadion35,50094%55%
4142StokeCityFCEngland59556%A+Bet365Adidas186300128BritanniaStadium27,59897%37%
42NEWSLBenficaPortugal56NEWNEWA+PortugalTelecomadidas1904322243EstádiodaLuz65,64758%60%
4346SevillaFCSpain564914%AA+Umbro190510167RamónSánchezPizjuan45,50079%46%
4437CelticFCScotland5564-13%AA-Tennent’sNike188844190CelticPark60,83281%69%
4547CRFlamengo Brazil554620%A+CaixaEconomicaFederalAdidas18956144EstádioJornalistaMárioFilho78,83820%43%
4644SCInternacional Brazil55518%A+BanrisulNike19093262EstádioBeira-Rio56,00016%67%
470WestBromwichAlbionFCEngland54NEWNEWAZooplaadidas187800121TheHawthorns26,48495%37%
4825FCGirondinsdeBordeauxFrance5376-30%A+KiaPuma18816093StadeJacques-Chaban-Delmas34,32773%39%
4949ACFFiorentinaItaly524615%AA-MazdaJoma192620213ArtemioFranchi47,28250%43%
5048SSLazioSpAItaly524612%AA-Macron190020175OlimpicodiRoma72,69838%55%

Top 50 Football Brands GBP
2013
rank
2012
rank
ClubCountry2013
GBP
2012
GBP
changeBrand
Rating
Titles
CL
Titles
Squad
Value*
Win%
21ManchesterUnitedFCEngland5515402%AAA+AonNike1878203370OldTrafford75,95799%63%
44FCBarcelonaSpain3763682%AAAQatarFoundationNike1899224530CampNou99,35480%70%
77LiverpoolFCEngland2372332%AAStandardCharteredWarrior1858185215AnfieldRoad45,52293%42%
1110FCSchalke04Germany1701681%AA-GazpromAdidas190470145Veltins-Arena61,482100%56%
1212TottenhamHotspurFCEngland1441421%AAAutonomyUnderArmour188220235WhiteHartLane36,25799%59%
17NEWGalatasarayAŞTurkey76NEWA+TurkTelekomNike1905190125TürkTelekomArena52,69564%48%
22NEWFenerbahçeSKTurkey63NEWA+TurkTelekomAdidas1907180130ŞükrüSaraçoğluStadyumu50,53078%49%

Top 50 Football Brands GBP
2013
rank
2012
rank
ClubCountry2013
GBP
2012
GBP
changeBrand
Rating
Titles
CL
Titles
Squad
Value*
Win%
2821ASRomaItaly54541%AAWINDKappa192730145OlimpicodiRoma72,69842%53%
2929WestHamUnitedFCEngland544421%ASbobetMacron18950083.5UptonPark35,01695%37%
3323EvertonFCEngland52504%AA-ChangNike187890120GoodisonPark40,39489%42%
3434FulhamFCEngland504121%A+FxProKappa18791070.5CravenCottage25,70097%44%
36NEWBeşiktaşJKTurkey47NEWA+ToyotaAdidas190313082.5Fi-YapiInönüStadi32,14582%35%
38NEWSantosFutebolClubeBrazil432476%AAPhilcoNike19128379.5EstádioUrbanoCaldeira16,79848%47%
42NEWSLBenficaPortugal37NEWA+PortugalTelecomadidas1904322160EstádiodaLuz65,64758%60%
4644SCInternacional Brazil363212%A+BanrisulNike19093240.5EstádioBeira-Rio56,00016%67%
470WestBromwichAlbionFCEngland36NEWAZooplaadidas18780079.5TheHawthorns26,48495%37%
4825FCGirondinsdeBordeauxFrance3548-27%A+KiaPuma18816061.5StadeJacques-Chaban-Delmas34,32773%39%

Top 50 Football Brands Euro
2013
rank
2012
rank
ClubCountry2013
Euro
2012
Euro
changeBrand
Rating
Titles
CL
Titles
Squad
Value*
Win%
21ManchesterUnitedFCEngland650670-3%AAA+AonNike1878203437OldTrafford75,95799%63%
44FCBarcelonaSpain444456-3%AAAQatarFoundationNike1899224625CampNou99,35480%70%
77LiverpoolFCEngland280288-3%AAStandardCharteredWarrior1858185254AnfieldRoad45,52293%42%
1110FCSchalke04Germany201209-4%AA-GazpromAdidas190470171Veltins-Arena61,482100%56%
1212TottenhamHotspurFCEngland170177-4%AAAutonomyUnderArmour188220277WhiteHartLane36,25799%59%
17NEWGalatasarayAŞTurkey90NEWNEWA+TurkTelekomNike1905190148TürkTelekomArena52,69564%48%
22NEWFenerbahçeSKTurkey74NEWNEWA+TurkTelekomAdidas1907180153ŞükrüSaraçoğluStadyumu50,53078%49%

Top 50 Football Brands Euro
2013
rank
2012
rank
ClubCountry2013
Euro
2012
Euro
changeBrand
Rating
Titles
CL
Titles
Squad
Value*
Win%
2821ASRomaItaly6466-4%AAWINDKappa192730171OlimpicodiRoma72,69842%53%
2929WestHamUnitedFCEngland635515%ASbobetMacron18950099UptonPark35,01695%37%
3323EvertonFCEngland6162-1%AA-ChangNike187890142GoodisonPark40,39489%42%
3434FulhamFCEngland585115%A+FxProKappa18791083CravenCottage25,70097%44%
36NEWBeşiktaşJKTurkey55NEWNEWA+ToyotaAdidas190313097Fi-YapiInönüStadi32,14582%35%
38NEWSantosFutebolClubeBrazil503068%AAPhilcoNike19128394EstádioUrbanoCaldeira16,79848%47%
42NEWSLBenficaPortugal44NEWNEWA+PortugalTelecomadidas1904322189EstádiodaLuz65,64758%60%
4644SCInternacional Brazil42407%A+BanrisulNike19093248EstádioBeira-Rio56,00016%67%
470WestBromwichAlbionFCEngland42NEWNEWAZooplaadidas18780094TheHawthorns26,48495%37%
4825FCGirondinsdeBordeauxFrance4160-31%A+KiaPuma18816073StadeJacques-Chaban-Delmas34,32773%39%

T: +44 (0) 207 389 9400
E: enquiries@brandfinance.com

Brand Finance 2013

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