Real Madrid continues to lead as the most valuable football club worldwide, according to the 2025 Football Benchmark Report. For the second consecutive year, the Spanish giants have protected the top position and surpassed Manchester City and Manchester United.
Real Madrid has become the first club in particular to exceed $ 6 billion, with around $ 6.85 billion – an increase of 23% compared to the previous year. This performance places them well ahead of Manchester City ($ 5.57 billion, +3%) and Manchester United ($ 5.52 billion, +4%).
The report emphasizes that Real Madrid has also become the first club to generate more than $ 1.09 billion in operational income. An important contribution to this growth is the renovated Santiago Bernabéu Stadium, which almost doubled the revenues of competition day to $ 273.8 million. Consequently, Real Madrid has broadened its lead for business value about competitors with more than $ 1.2 billion.
Since the inaugural edition of the report ten years ago, both Real Madrid and Manchester City have increased their business values by around $ 3.27 billion. The appreciation of Real Madrid now exceeds the average franchise values in both the NFL ($ 6.47 billion) and the NBA ($ 5.02 billion).
Barcelona and other top European clubs
FC Barcelona has climbed two positions to fourth place, with a business value of around $ 4.87 billion, which marks an increase of 8%. The top ten is completed by:
Atlético de Madrid is in 12th place, with a rating of around $ 2.04 billion, which reflects an increase of 12% and an increase in one position.
Other remarkable movements
Italian clubs: Milan and Inter catch on Juventus
In Italy, AC Milan and Inter Milan Juventus exceeded in business value. Five years ago, the appreciation of Juventus exceeded the combined value of the two Milan clubs.
Milan and Inter place these ratings in the 13th and 14th positions respectively, where Juventus is banned to the 15th.
Napoli's remarkable turnout
Napoli has arrived the elite group of clubs with a value of more than $ 1 billion and is in 17th place with a rating of $ 1.20 billion – an increase of 21%. Since 2022, the brand valuation of the club has grown by 50%, even though they work with only 70 employees, compared to AS Roma's 500. Roma holds the 21st position with a rating of $ 725.7 million, an improvement of 10%.
Andrea Sartori, CEO of Football Benchmark, commented: “In the tenth edition of the Valuation Report, we focus on how European football has evolved over a decade marked by growth, disruption, and resilience. The industry has undergone a profound transformation, shaped by regulatory reforms, digitalisation, the Emergence of New Competitions, and Unprecedented Commercial Expansion.
Elite clubs are more valuable and internationally recognized than ever before, but financial sustainability remains the most important challenge. Since football consolidates its status as a worldwide class investment asset, this report not only reflects the current state of the game, but also provides insight into the forces that will form the future. “