Brandfinance Football 50 2013 New Opt

BRANDFINANCE FOOTBALL 50
THE ANNUAL REPORT ON THE WORLDS MOST VALUABLE FOOTBALL BRANDS | MAY 2013
Fussballs Coming Home

Bayern Becomes Footballs Most Valuable Brand
2 | BRANDFINANCE FOOTBALL 50 | MAY 2013
THE ANNUAL REPORT ON THE WORLDS MOST VALUABLE FOOTBALL BRANDS | MAY 2013
Fussballs Coming Home

Bayern Becomes Footballs Most Valuable Brand
Contents
3 Our Verdict 4 The BrandFinance Football 50 results 6 Winners & Losers 7 The Top 10: Profiles 14 Top 10 Historical Overview 15 Fussballs Coming Home: The Bundesliga vs The Premier League 16 Branding: What the Clubs Say 20 Glaze of Glory? Manchester United and The Glazers 21 Warrior Enters the Fight: Kit Supplier Competition Intensifies 22 Treasure Chests: The Growing Value of Shirt Sponsorship 24 Methodology: Brand Value 25 Methodology: Brand Strength 26 Our Services 28 About Brand Finance 29 Contacts 30 Appendix (Full results in GBP, USD & EUR)
The BrandFinance Football 50 is published by Brand Finance plc and is the only study to analyse and rank the top 50 most valuable football clubs by brand value.
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
MAY 2013 | BRANDFINANCE FOOTBALL 50 | 3
Our Verdict
Welcome to the BrandFinance Football 50 2013 report highlighting the worlds most valuable football brands.
This years edition of the BrandFinance Football 50 sees a new champion, FC Bayern Mnchen 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 its brand grow to $860m. Manchester United FC drops to second place, the departure of Sir Alex Ferguson leaving uncertainty over whether the Red Devils can continue their success without him. Its 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 clubs again see their brand value growth hampered by economic conditions. Despite this, Real Madrid CF is up 4% to $621m. FC Barcelona on the other hand has lost $8m in brand value and is now worth $572m. Juventus FC ($180m) and SSC Napoli ($101m) both continued their return to form at the expense of FC Internazionale Milano, which takes another dip after a poor season to $151m, while rivals AC Milan see a less dramatic fall in value to $263m. Milans teams are struggling with ageing 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 economies and passionate domestic fanbases. Galatasaray A is our highest ranking Turkish team valued at $116m, while SC Corinthians Paulista ($103m) takes the honour of highest ranking non-European club. Average brand value growth across the top 50 is a healthy 7%, outpacing the growth rates of most national 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 disappointing season. A failure to build on last years success, despite the highest wage bill in Europe, has seen Italian manager Roberto Mancini shown the door. On a more positive note however, the clubs pioneering plan to export the brand into the US market (partnering with the New York Yankees to form a new MLS franchise) opens up a whole host of new commercial and fan experiences. Beyond Europe, the top 50 contains 5 Brazilian clubs led by Corinthians in 19th place. Whilst revenues in the Brazilian game remain 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 which despite recent protests should provide an opportunity for the country to shine on a global platform. This year we saw a continued rise in the average price paid by sponsors to be associated with the top 50 clubs. Manchester Uniteds $559m, seven year agreement with Chevrolet set a new record. Qatar Airlines made its first major mark in sport sponsorship; its offer of $38m per year was enough to tempt Barcelona to let it become the clubs first corporate sponsor in 113 years. Meanwhile rival Gulf airline Emirates continued its longstanding affiliation with the game; it now sponsors four of the top 25 teams. This years table sees a more diverse portfolio of sectors taking represented on the shirts of the top 50 as more companies recognise the branding benefits the beautiful game can bring. 10 different brands now supply kits to the top 50 clubs in what is now a 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. These US brands have fuelled an upward trend in kit suppliers annual payments. With more brands entering the market, competition is forcing suppliers to pay a premium. The awareness that top tier football provides, combined with the return on investment available from replica sales, mean they are willing to make the investment. Arsenal, Manchester City and Lazio have all recently left long-term supplier relationships to secure more lucrative shirt deals. Both sponsors and suppliers must look carefully before taking the plunge however, ensuring they have carefully calculated the likely uplift in their own brand value from association with the Worlds most valuable football club brands. Outside the top 50 we have seen some other interesting branding trends with the most extreme being Cardiff City; the bluebirds have turned red and adopted the Welsh dragon in order to expand the clubs appeal in Asia.
BrandFinance Football 50
TOP 50 FOOTBALL BRANDS 1-25
Brand Value Rank 2013 Club Country 2013 (USD M) 2012 (USD M) change (%) Brand Rating
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 NEW NEW
FC Bayern Munich Manchester United FC Real Madrid CF FC Barcelona Chelsea FC Arsenal FC Liverpool FC Manchester City FC AC Milan Borussia Dortmund FC Schalke 04
Germany England Spain Spain England England England England Italy Germany Germany England Italy Netherlands Italy Germany Turkey France Brazil Italy France Turkey Germany France Germany
860 837 621 572 418 410 361 332 263 260 259 219 180 162 151 144 116 111 103 101 101 95 90 85 83
786 853 600 580 398 388 367 302 292 227 266 225 160 184 215 153 NEW 168 77 85 120 NEW 64 64 71
9% -2% 4% -1% 5% 6% -2% 10% -10% 15% -3% -3% 12% -12% -30% -6% NEW -34% 34% 20% -16% NEW 41% 34% 18%
AAA AAA+ AAA+ AAA AA AA+ AA AAAAAAA AAAA AAAAA AA+ AA A+ AAAA AAAAA+ AAA+ A+
Tottenham Hotspur FC Juventus FC AFC Ajax FC Internazionale Milano Hamburger SV Galatasaray A Olympique de Marseille SC Corinthians Paulista SSC Napoli Olympique Lyonnais Fenerbahe SK Bayer 04 Leverkusen Paris Saint-Germain FC VfB Stuttgart
BrandFinance Football 50
TOP 50 FOOTBALL BRANDS 26-50
Brand Value Rank 2013 Club Country 2013 (USD M) 2012 (USD M) change (%) Brand Rating
26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 NEW NEW NEW
Valencia CF VfL Wolfsburg AS Roma West Ham United FC Newcastle United FC Aston Villa FC SV Werder Bremen Everton FC Fulham FC Sunderland AFC Beikta JK Club Atltico de Madrid Santos Futebol Clube So Paulo FC PSV Eindhoven Stoke City FC SL Benfica Sevilla FC Celtic FC CR Flamengo SC Internacional West Bromwich Albion FC FC Girondins de Bordeaux ACF Fiorentina SS Lazio SpA
Spain Germany Italy England England England Germany England England England Turkey Spain Brazil Brazil Netherlands England Portugal Spain Scotland Brazil Brazil England France Italy Italy
83 82 82 82 81 80 79 78 75 72 71 67 65 62 61 59 56 56 55 55 55 54 53 52 52
68 66 85 70 86 87 68 79 65 66 NEW 50 38 58 74 55 NEW 49 64 46 51 NEW 76 46 46
22% 25% -3% 17% -6% -8% 17% 0% 16% 10% NEW 34% 70% 6% -18% 6% NEW 14% -13% 20% 8% NEW -30% 15% 12%
AAA AA A AA AAAAAAA+ A+ A+ AAAA A+ AAA+ A+ AA+ AAA+ A+ A A+ AAAA-
Winners and losers

Bayern Munich has clinched the title of 2013s most valuable football brand with this years 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%.
BRAND VALUE CHANGE (%)

Santos Futebol Clube Bayer 04 Leverkusen SC Corinthians Paulista Paris Saint-Germain FC Club Atltico de Madrid VfL Wolfsburg Valencia CF CR Flamengo SSC Napoli VfB Stuttgart -6% -8% -10% -12% -13% -16% -18% -30% -30% -34%
-50 -25
BRAND VALUE CHANGE (USDm)

70% 41% 34% 34% 34% 25% 22% 20% 20% 18% FC Bayern Munich Real Madrid CF Borussia Dortmund Manchester City FC Arsenal FC Chelsea FC SC Corinthians Paulista Bayer 04 Leverkusen Santos Futebol Clube Juventus FC -2 -3 -4 -7 Olympique Lyonnais -9 AFC Ajax -10 AC Milan -12 FC Girondins de Bordeaux -13 Olympique de Marseille -34 FC Internazionale Milano -37
75 100 -50 -25 0 25 50 Change in brand value () 75 100
68 29 27 27 24 23 19 19 18 17 Hamburger SV Aston Villa FC Celtic FC PSV Eindhoven
Hamburger SV Aston Villa FC AC Milan AFC Ajax Celtic FC Olympique Lyonnais PSV Eindhoven FC Internazionale Milano FC Girondins de Bordeaux Olympique de Marseille
0 25 50 Change in brand value ()
The Top 10: Profiles
Worthy winners
Over the next 6 pages are mini-profiles of the worlds 10 most valuable football brands, starting with this years winner FC Bayern Mnchen.
01
FC Bayern Munich
2013 USD 860
2012 USD 786
Germany
Change 9%
Brand rating AAA
2012 rank: 2
02
Manchester United FC
2013 USD 837
2012 USD 853
England
Change -2%
Brand rating AAA+ 2012 rank: 1
03
Real Madrid CF
2013 USD 621
2012 USD 600
Spain
Change 4%
Brand rating AAA+ 2012 rank: 3
04 05
FC Barcelona
2013 USD 572
2012 USD 580
Spain
Change -1%
Brand rating AAA
2012 rank: 4
Chelsea FC
2013 USD 418
2012 USD 398
England
Change 5%
Brand rating AA
2012 rank: 5
06 07
Arsenal FC
2013 USD 410
2012 USD 388
England
Change 6%
Brand rating AA+
2012 rank: 6
Liverpool FC
2013 USD 361
2012 USD 367
England
Change -2%
Brand rating AA
2012 rank: 7
08
Manchester City FC England

2013 USD 332 2012 USD 302
Change 10%
Brand rating AA-
2012 rank: 8
09 10
AC Milan
2013 USD 263
2012 USD 292
Italy
Change -10%
Brand rating AAA-
2012 rank: 9
Borussia Dortmund
2013 USD 260
2012 USD 227
Germany
Change 15%
Brand rating AA
2012 rank: 11
The Top 10: Profiles 01
1 FC Bayern Munich
BRAND VALUE
$860m AAA
+9%
BRAND RATING
ANNUAL VALUE
SHIRT SPONSOR
$40m $34m
KIT MANUFACTURER
ANNUAL VALUE
This year, Bayern Munich first mastered the Bundesliga. Then, on Saturday 25th May, the European title was secured. Now a global title can be added to the list; Bayern has toppled Manchester United to become the Worlds most valuable football club brand. Its $860m 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 games commercial powerhouse. Long standing (and ownership) ties with Audi, Adidas and Deutsche Telecom provide secure and visible revenue streams for the club to re-invest in one of the Worlds 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. Then on the European stage, 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 Bayerns commercial deals being performance-linked, we anticipate 2012/13 is likely to have produced a record year of turnover for the club, adding another year of profit to its impressive financial track record. Bayern has been able to leverage its position as the leading club in Europes largest economy, to swing commercial deals in its favour . Though German media deals are dwarfed by 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. It is also worth highlighting the financial stability of the club that sets it out from its European rivals. The club comfortably meets UEFAs 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. Bayerns cheapest season ticket costs 123 whilst at Arsenal, the cheapest is an astronomical 985. The clubs spectacular Allianz Arena is consistently full and it now has over 170,000 members, demonstrating its enduring popularity. As President Uli Hoeness famously said this year, We do not think the fans are like cows, which you milk. Thats the biggest difference between us and England. For Bayern to ensure it stays on top of the brand value league, it must devise a strategy to drive further revenue growth. To do this, it will need to transcend its domestic dominance and attract a global audience. The appointment of the highly rated Josep Pep Guardiola for the 2013/14 season is one of the clearest indications yet that there has been a step change in external perceptions of Germanys top tier. The Bundesliga can and in Brand Finances view will, truly challenge the Spanish and English leagues for dominance.
The Top 10: Profiles 02
2 Manchester United FC
With Sir Alex Ferguson announcing his retirement, Manchester United has suffered another blow as the club loses its status as the Worlds 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, leaves a question mark as the club enters a new era. Uniteds commercial success has been underpinned by its consistent onpitch performance, fans and investors alike will be waiting to see if David Moyes can deliver. The club operates a regional and sectoral approach to recruiting commercial partners and has continued to add to an already extensive list throughout 2012/13. To fuel this approach it has opened a commercial office in Hong Kong to be closer to its partners and prospects in the region. It has also mooted that the club is soon to open an office in its owners homeland, the USA, to tap into the Worlds largest economy. The magnitude of the recent Chevrolet deal is testament to the global brand that the club has built particularly under the Glazers 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 Glazers 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 Uniteds brand. It is also encouraging that the brand, the clubs current shirt sponsor, is keen to remain involved with the United 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. Its 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. This level of connectivity is still in its infancy and the challenge for the United will be to build brand value by monetising this channel.
BRAND VALUE
$837m AAA+
-2%
BRAND RATING
ANNUAL VALUE
SHIRT SPONSOR
$31m
KIT MANUFACTURER
ANNUAL VALUE
$38m
The Top 10: Profiles 03, 04
3 Real Madrid CF
BRAND VALUE
$621m AAA+
+4%
BRAND RATING
ANNUAL VALUE
SHIRT SPONSOR
$30m $39m
KIT MANUFACTURER
ANNUAL VALUE
The departure of the Special One, Jose Mourinho, caps the end of a disappointing season for Real Madrid, leaving it stuck in third place in the BrandFinance Football 50. Whilst the 2011/12 season saw Real generate the largest revenues in the game (513m), the clubs brand value has been constrained by Spains economic woes. 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 Real Madrids media income. The club has expressed an interest in increasing the match-day and commercial revenue streams to help continue its growth. Redevelopment plans are currently being tendered to transform the Bernabeu, with club President Florentino Perez stating, I want a stadium that doesnt 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, selling over 1.5 million replica shirts last season alone. For the 4th consecutive summer the team will complete a tour of the US, nurturing a strong following in both North and South America. Mourinho tested the Real Madrid blue book during his reign and has since departed to once again take up the reins at Chelsea. Real meanwhile, can ill afford another under-par season and the appointment of a successful new manger will be crucial to maintaining the clubs top three standing. The prospect of reclaiming the title of Worlds most valuable football brand, last held in 2010, seems a distant prospect for now.
4 FC Barcelona
BRAND VALUE
$572m AAA
-1%
BRAND RATING
ANUAL VALUE
SHIRT SPONSOR
$38m
KIT MANUFACTURER
ANNUAL VALUE
$46m
FC Barcelonas brand value remained stagnant this year as following the end of Pep Guardiolas trophy-filled golden era. The Catalans will be hoping the signing of the hugely marketable Brazilian superstar Neymar will follow in the footsteps of Maradona, Cruyff and Messi, who have made the club a multinational institution. It is a tantalising prospect for any football fan to see two of the Worlds most exciting talents, Messi and Neymar, playing together in the same team. Although Barca 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 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. The Nou Camp, Europes largest football stadium, has a capacity of 98,787, with average attendance figures ranging between 79,000 and 84,000. However, despite revenue growth 4.5% this year to almost 494m, Barcelona continues to lag behind Real Madrid and is the only one of the Big Four in the BrandFinance Football 50 never to have been named as footballs most valuable brand.
5 Chelsea FC
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 stadium capacity is weighing on the Chelseas ability to challenge the BrandFinance Football 50s 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.
BRAND VALUE
$418m AA
+5%
BRAND RATING
ANNUAL VALUE
SHIRT SPONSOR
$21m
KIT MANUFACTURER
ANNUAL VALUE
$15m
6 Arsenal FC
Whilst 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.
BRAND VALUE
$410m AA+
+6%
BRAND RATING
ANNUAL VALUE
SHIRT SPONSOR
$8m
KIT MANUFACTURER
ANNUAL VALUE
$20m
7 Liverpool FC
BRAND VALUE
$361m AA
-2%
BRAND RATING
ANNUAL VALUE
SHIRT SPONSOR
$31m
KIT MANUFACTURER
ANNUAL VALUE
$38m
Despite 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 clubs 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 Warriors 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. Liverpools tremendous heritage has not gone unnoticed by kit supplier Warrior. Drawing inspiration from Liverpools 1964/65 kit they have reintroduced the iconic yellow Liver Bird emblem last seen on the shirt in 1985 during the clubs golden era. Football clubs tend to move slowly when it comes to visual identity changes and it speaks positively of Liverpool and Warriors 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.
8 Manchester City FC
BRAND VALUE
$332m AA-
+10%
BRAND RATING
ANNUAL VALUE
SHIRT SPONSOR
$31m
KIT MANUFACTURER
ANNUAL VALUE
$40m
Winning 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 last years of Premier League title confirmation, shows the strong desire of the Abu Dhabi based owners to turn things around. With one of the largest wage bills in Europe, the club needs on pitch success to drive all three revenue streams and make Man City 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 made the pioneering move of acquiring the rights to Major League Soccers 20th expansion franchise. Whilst the deal has only just been announced and full details of NYCFC (to be launched in cooperation with the New York Yankees in 2015) are yet to emerge, it shows the commitment of the owners of Manchester City to take the brand global and become noisy neighbours both on and off the pitch.
9 AC Milan
AC Milan has suffered a bigger drop in brand value than any other team in the top 10. The club had a relatively disappointing domestic and European campaign this season. Similar to many of its Italian peers, the AC Milan is constrained by its ageing San Siro home, with 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 it 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.
BRAND VALUE
$263m AAA-
-10%
BRAND RATING
ANNUAL VALUE
SHIRT SPONSOR
$16m
KIT MANUFACTURER
ANNUAL VALUE
$13m
Domestic success in 2011/12 and this seasons Champions League final spot helped Dortmund enter the top 10 of the BrandFinance Football 50 for the first time. The clubs long-term marketing agreement with Sportfive provides the foundation for strong commercial performance, including recently extended deals with shirt sponsor Evonik Industries and stadium naming rights holder Signal Iduna. The brand is still very much contained based on domestic appeal, however Dortmund consistently fills its 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 2012/13 season. Whilst very much a domestically focused brand, the club has completed a black and yellow miracle in a 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 intensity to a global audience. Highly rated manager Jurgen Klopp will be key to maintaining this brand of football, but with more and more clubs seemingly afflicted by the unpredictable reshuffling of football management, Dortmund may struggle to hold onto a man who could be a very successful brand manager.
10 Borussia Dortmund
BRAND VALUE
$260m AA
+15%
BRAND RATING
ANNUAL VALUE
SHIRT SPONSOR
$20m
KIT MANUFACTURER
ANNUAL VALUE
$8m
Top 10 historical overview 2013

The diagram below charts the rise, fall and rise of the worlds 10 most valuable football brands over the past seven years. Bayern Munichs rapid rise and the emergence of Dortmund shows the growing significance of the Bundesliga.
1000
FC Bayern Munich Manchester United FC Real Madrid CF FC Barcelona Chelsea FC
800
Arsenal FC Liverpool FC Manchester City FC AC Milan Borussia Dortmund
600
Brand value ($m)
400
200
2007
2008
2009
2010
2011
2012
2013
AC Milan win Champions League
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 Madrid following 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
Fussballs Coming Home: The Bundesliga vs The Premier League

With UEFAs Financial Fair Play soon to curb the advantages given to clubs currently treated as billionaires playthings, profit generation is only set to become more important. Commercial success allows clubs to sustain on-pitch performance through the acquisition of better players, more experienced staff and capital expenditure on training facilities. In turn, victories on the field reinforce financial success by attracting richer sponsors, driving sales of merchendise and boosting demand for tickets. A club that is successful both as a business and as a sporting endeavour is a force to be reckoned with and the Bundesliga may have found the formula to achieve that perfect balance. 14 of the Bundlesligas 18 clubs were in the black in 2012, with an overall profit for the Bundesliga of 55m, based on total revenues of 2.1bn. Over the same period the English Premier League (EPL) made a staggering 245m loss despite generating 2.8bn of revenue. The Bundesliga has fostered its profitability 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 costing approximately 12. The low ticket prices are a matter of policy for German football and purposefully kept low, unlike in the EPL where free market supply and demand means prices are on average three time higher. These low ticket prices, coupled with large, modern stadia have allowed the German top division to attract the biggest crowds over a sustained period of any league in the world. Average attendances of 45,000 at Bundesliga games far outnumber the 34,000 attending EPL matches. However, despite the record attendances, the low prices are limiting match-day revenues, forcing German clubs to concentrate on leveraging their brand elsewhere. 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 Mnchen has the highest reported commercial revenues of any club in the world. Broadcasting is the only revenue stream where the Bundesliga serious lags behind its English counterpart and, unlike the slight hit to match-day revenue from cheap tickets, this is not by choice. The EPL derives a third of its viewers 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 last year. If trends continue, German club football will become better recognised on the global stage. The all German Champions League final and an internationally renowned, foreign coach, in the shape of Pep Guardiola, entering the league are early indicators of the step change in global perceptions to come. With this increasing recognition comes an opportunity to patch up poor broadcasting deals with foreign markets. Once this is fixed and incorporated into the financially responsible model of German football, the Bundesliga will truly be able to challenge the EPL on a level playing field.
Bundesliga Year formed Number of Clubs Revenue Data Total League Revenue, Financial Year 2011 (USD m) Average Club Revenue, Financial Year 2011 (USD m) European rank (based on total league revenue) Average spend on wages as % of revenue Player Data Total Player Transfer Value (USD m) Average squad value (USD m) Foreign player % Average age Football Performance Data Champions League Titles UEFA Country Coefficient 2012/13 European rank (based on UEFA coefficient) Attendance Data Average Ticket Price 2011/12 (USD) Average Attendance (2011/12) Total Attendance (2011/12) Largest Attendance (2011/12) European rank (based on UEFA coefficient) 29.81 45,116 13,805,462 80,521 1 12 79.328 3 2,468 137 49% 24.80 3,349 186 4 52% 1963 18
English Premier League 1992 20 6,022 301 1 68% 4,388 219 65% 27.00 7 82.677 2 43.15 34,600 13,148,133 75,387 2
10 years ago sponsors and partners were primarily concerned with buying visibility. Today sponsors are more concerned with gaining access to content and fans.
Francesco Calvo, Juventus FC Commercial Director
Branding: What the Clubs Say

Commercial and on-pitch are intertwined, so in order to remain competitive football clubs must understand the significance and value of the brands they control. We spoke to Juventus Commercial Director Francesco Calvo, Tottenhams Head of Marketing Emma Taylor and a spokesperson from Arsenal on how they monitor, leverage, protect and plan to extend their brands.
How many people do you have working in your marketing/ brand team? Do you have more than one office? Juventus: We have no specific marketing team but rather a Do you benchmark your brand value in any way? Juventus: We feel it would be too subjective to do it
commercial team of nine people, covering a range of areas from merchandise to marketing the stadium to the brand. 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. Tottenham: There are eight members of the marketing team, including two digital specialists. The team are all based at the stadium.
ourselves; we rely on information from Brand Finance and the market. Tottenham: Yes. Our main benchmarks 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, volume of engaged fans across all our channels globally and the level of reach and increase in transacting supporters.
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.
Arsenal Football Club
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 role as Guardians of the brand. Tottenham: Yes. The Club has a comprehensive set of guidelines that set out our brand proposition, values and tone of voice and outline a clear narrative of what our brand stands for. Our brands 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. Arsenal: 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. Its about thinking about others, getting the detail right and going above and beyond expectations.
Do you have a documented set of brand guidelines/values? Juventus: In 2006/07 we changed the logo; we are continually
future we will be looking to local partners in Japan, China, India, Australia, Indonesia and the 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. Tottenham: 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. Arsenal: As a genuinely 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.
What do you view as key territories for further brand growth? Juventus: The focus has always been Italy, however we
Do you have a unified return on investment (ROI) metric that you use with all commercial partners/sponsors? Juventus: 10 years ago sponsors and partners were primarily
can now look to engage new markets in new ways. In the
concerned with buying visibility. Today sponsors are more concerned with gaining access to content and fans. Tottenham: Yes, in that we commission independent analysis
What we do off the pitch is also important in determining our brand values and gaining new supporters, so on and off-pitch activities are mutually supportive.
Emma Taylor, Tottenham Hotspur FC Head of Marketing
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, brand valuation data and measures to put values on each element of the partnership, for example; 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 cant opportunities.
How do you balance the dual role of fans as both customers from whom you must make money and supporters/brand ambassadors? Juventus: 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. Tottenham: Our aim is to bring all our fans closer to the club, to 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 is direct transactions or value for our partners or broadcasters. Arsenal: 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 thats 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 have when compared to the effect of on-pitch success? Tottenham: What we do off the pitch is also important in
stand out amongst the crowd and provide additional sources of pride and recognition.
determining our brand values and gaining new supporters, so 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. Arsenal: 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 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
be a Juventus after them, the club is more important than any one player. Tottenham: 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. Arsenal: The players are undoubtedly the clubs primary asset and we work hard to ensure that they, like the rest of the clubs 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 clubs own initiatives.
Players are obviously crucial to your image, how do you manage the risks that they may personally damage the clubs brand? Juventus: There was a Juventus before them and there will
Glaze of Glory? Manchester United and the Glazers

Love them or loathe them, it is hard to dispute the impressive numbers generated under the Glazers guidance at Old Trafford. Since taking over the club in 2005, revenues have doubled, buoyed primarily by the ever increasing number and value of commercial deals. Following a successful IPO in New York in 2012, the clubs shares are currently trading at an all-time high, valuing the business at almost 2bn 2005 Market Cap Brand Value Brand Rating Annual Revenue $1,398m $293m AA $294m 2013 $2,888m $837m AAA+ $486m
Even before acquiring Manchester United in May 2005 the Glazers knew that it was not just a business, not just a football club, but a brand. They set out with a clear strategy to invest and have achieved exponential returns on this investment, based on their extensive US sporting experience. The Glazers have set about extracting the unrealised commercial potential they saw within the club; in an eight year period, turnover has doubled, with commercial revenues rising an impressive 66%. The club had devised a clear territorial and sector-based approach to acquiring commercial partners, leading to commercial relationships with over 40 partners worldwide. Whilst this strategy would dilute weaker brands, Manchester United is rightly confident it has the global awareness and brand strength to purse such strategy. Credit needs to go the commercial team behind the brand, who are consistently inventing new partnership opportunities and striving to achieve the best deal for the club; they recently took the bold move to back out of a revolutionary training kit deal with DHL as they felt the could command a greater return on the opportunity. The brand and its strategy featured heavily in last years IPO prospectus and the club is very proactive 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 desire 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 attest to the Glazers financial success.
Revenue split
$150m $159m $122m $86m $86m $178m
Matchday Shirt sponsor
Media
Commercial
(deal signed 2013, shirt sponsor from 2014)
Annual shirt sponsor value Kit supplier Commercial Partners Domestic Titles European Cups / CL Wins Ground capacity
$16m
$68m
10 15 2 67,540
40+ 20 3 75,811
Sources: Company accounts, press reports, Brand Finance league table, bloomberg
Warrior Enters the Fight: Kit Supplier Competition Intensifies

18
Partnerships with clubs in the BrandFinance Football 50
15
we are not the sort of brand to keep our head down, we are here to shake up the world of football
Richard Wright, Warrior
Kit Supplier
Away from the club brands, an equally exciting branding battle is taking place between the kit suppliers. This years BrandFinance Football 50 sees an unprecedented 10 different apparel providers dressing the Worlds top teams. Adidas leads the pack, supplying kit to 18 of the top 50 clubs, including this years 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 Liverpools 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, Warriors 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 150m, a record breaking 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.
Treasure Chests: The Growing Value of Shirt 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; shirts are worn by both players and fans and televised to a global audience of 4.7 billion making them prime real estate for sponsors. Bayern Munich, generate $37million per year from its deal with Deutsche Telekom.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 to date. In recent years even Catalonian giants Barcelona have chosen to emblazon their traditionally plain shirt with a lucrative sponsorship deal. The Qatar Foundation reportedly agreed to pay 30 million a year to become the clubs first kit sponsor in its 113 year history. The top 10 most valuable brands in this years 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 partnerships with 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 represents the gold standard in this regard; its new deal with Chevrolet signals the car manufacturers desire to drive its appeal up
in the European market by using the well developed United brand. At the same time the Glazers are attempting to grow the United brand in the US, as shown by the Uniteds annual stateside tours, so the partnership with an iconic American brand is likely to boost both United brand as well as its balance sheet. 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 that believe they share the same ideals that make a football club successful; the pursuit of perfection, hard work and passion. Aspirational brands from the aviation and the automotive industries, as well as some of the Worlds 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 become a major source of football sponsorship. 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. Sponsorship in football is not without its risks however, with on-pitch success by no means guaranteed. 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. Wolverhampton Wanderers sponsor Sporting Bet must be bitterly disappointed following the clubs relegation in consecutive seasons. Unexpected success is the flip-side of
this, with the potential for sponsors to reap rewards for far in excess of a relatively modest deal. 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 years EPL as well as a first major trophy, the Capital One Cup, in February this year. 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. 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 poses a difficult dilemma for Liverpools head sponsor Standard Chartered. The Uruguayans 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 propensity to grab headlines for what we might euphemistically call unsportsmanlike behaviour is no doubt causing headache at Standard Chartered. Sponsorship revenues are a key component of any clubs income and 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 viable businesses creates an opportunity for traditionally smaller teams who, with shrewd a commercial operation, will be able to break this cycle through innovation and value for money.
Brand Finance Services
Brand Finance sponsorship services

Advising, implementing and measuring sponsorship What opportunities are available and how feasible are they?
Selecting the right partner Market research Competitor research Budget setting Stakeholder mapping Sponsorship objective Fundraising Business case modelling Brand audit Brand due diligence
Opportunity Analysis
How strongly do our brand values align with those of our current or potential sponsored organisation?
Brand Alignment
Brand Finance is highly experienced in the technical issues surrounding sponsorship agreements.
Royalty rate setting Structure of charges Length of agreement Termination conditions Transfer pricing Tax structuring Naming rights
Negotiation Strategy
Did the sponsorship achieve the objectives set?
Evaluation
What was the impact on both business performance and the value of the brand?
ROI Sponsorship objectives
4 5
ROI Sponsorship objectives
Brand & Business uplift
Brand Finance Services
Brand Finance services for rights holders

Reviewing, managing and improving business performance for sports brands Are we extracting the maximum value from all three revenue streams?
ROI Market research Competitor research
Revenue Analysis
What are the various options open to us when attempting to raise funds? How can we implement these options?
Naming rights Financing Licensing Royalty rate setting
Fundraising
Which strategy will provide the greatest return from the budget allocated?
Business case modelling Brand audit Brand due diligence Selecting the right partner Budget setting Stakeholder mapping
Brand Strategy
Brand Finance is highly experienced in the technical issues surrounding sponsorship and stadium naming rights agreements.
Negotiation Strategy
4 5
Royalty rate setting Structure of charges Length of agreement Termination conditions Balance of power analysis Documented evidence Negotiation support Naming rights Pre & post business valuation Pre & post brand valuation Brand Value tracking
What was the impact on both business performance and the value of the brand?
Brand & Business Valuation
Methodology
Brand Value
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 relicensing them from a hypothetical third party. What is a brand value? How does the Royalty Relief approach work? Brand Ratings:
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.
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 randeta 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 brands future earnings, therefore putting future benefits in todays 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.
How do we measure its value?
These are calculated using Brand Finances 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.
We use the Royalty Relief method. This approach assumes the company doesnt 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.
Brand ratings definitions

AAA+ Extremely strong AA Very strong A Strong BBB-B Average CCC-C Weak DDD-D Failing
Valuation date
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 arms length transaction. 3. It can be performed on the basis of publicly available financial information
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
Methodology
Brand Strength
Brand ratings are calculated using Brand Finances 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.
BRAND STRENGTH INDEX
BSI Rank 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Club BV Brand 2013 Rating Founded League USD Titles 621 837 572 860 180 263 151 410 56 81 103 361 82 65 418 219 260 162 144 61 AAA+ AAA+ AAA AAA AAAAAAAA+ AA+ AA+ AA AA AA AA AA AA AA AA AA AA AA1902 1878 1899 1900 1897 1899 1908 1886 1905 1892 1910 1858 1927 1912 1905 1882 1909 1900 1887 1913 31 20 22 23 29 18 18 13 1 4 5 18 3 8 4 2 8 31 6 21 Key Performance Indicators Squad CL UEFA 5y Value Titles coefficient USD 9 3 4 4 2 7 3 0 0 0 1 5 0 3 1 0 1 4 1 1 137 131 158 145 71 94 106 114 55 32 0 79 53 0 136 70 62 65 56 65 798 562 806 578 433 281 274 380 110 155 94 327 145 79.5 517 357 342 123 141 88 Stadium Santiago Bernabu Old Trafford Camp Nou Allianz-Arena Juventus Stadium Giuseppe Meazza Giuseppe Meazza Emirates Stadium Ramn Snchez Pizjuan St. James Park Estdio do Pacaembu Anfield Road Olimpico di Roma Estdio Urbano Caldeira Stamford Bridge White Hart Lane Signal Iduna Park Amsterdam ArenA Imtech Arena Philips Stadion Size 80,354 Utilsation 91% Manager (12/13 season) Jos Mourinho Sir Alex Ferguson Tito Vilanova Jupp Heynckes Antonio Conte Massimiliano Allegri Managerial Assessment Manager Career Win %
Extremely Strong 67% Extremely Strong 63% Good Very Strong Good Good 70% 52% 50% 49% 52%
75,957 99% 99,354 80% 69,901 99% 41,000 80,065 93% 58%
80,065 75% 60,355 99%
Andrea Stramaccioni Satisfactory Arsne Wenger Unai Emery Alan Pardew Tite Brendan Rodgers Aurelio Andreazzoli Muricy Ramalho Rafael Bentez Andr Villas-Boas Jrgen Klopp Frank de Boer Thorsten Fink Dick Advocaat
Extremely Strong 56% Satisfactory Satisfactory Good Satisfactory Satisfactory 46% 40% 48% 42% 53%
45,500 79% 52,387 91% 40,199 63%
45,522 93% 72,698 42% 16,798 48% 41,841 99% 36,257 81,264 52,960 99% 97% 89%
Extremely Strong 47% Strong Good Strong Strong Good Very Strong 54% 59% 48% 63% 55% 55%
57,274 95% 35,500 94%
Below is a sample of the Key Performance Indicators we look at when accessing the strength of a football brand. Star players 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 dont have the fundamental product the players to win and be successful on-pitch then it is all for naught.
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 detre for any club.
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.
Brand Finance
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.
A global brand strategy consultancy helping clients to measure, manage and maximise the value of their brands and branded businesses. Brand Finance connects brands to business performance and help clients to solve their strategic brand challenges using robust financial analysis. Our unique range of skills has been put to work on a wide range of projects including; brand and branded business valuation, patent and other intangible asset valuation, brand equity and brand strength drivers analysis, brand architecture & portfolio management, investor relations & IPOs, brand tracking and brand scorecards for some of the worlds strongest and most valuable brands. The Brand Finance network of 20 international offices gives us the breadth of expertise and local knowledge required to work with clients on every continent. Since it was founded in 1996, Brand Finance has performed thousands of branded business, brand and intangible asset valuations worth trillions of dollars. 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, Helsinki, Hong Kong, Istanbul, Lisbon, Madrid, Moscow, New York, Paris, Sao Paulo, Seoul, Sydney, Singapore, and Toronto.
Brand Finances services support a variety of business needs:
Technical valuations for accounting, tax and legal purposes Valuations in support of commercial transactions (acquisitions, divestitures, licensing and joint ventures) involving different forms of intellectual property Valuations as part of a wider mandate
Contacts
The Team
David Haigh CEO d.haigh@brandfinance.com
Edgar Baum MD, North America e.baum@brandfinance.com
Xander Bird, MD, Australia x.bird@bradfinance.com
Samir Dixit MD, Singapore s.dixit@brandfinance.com
Gilson Nunes MD, Brazil g.nunes@brandfinance.com
Joao Pinto Goncalves Hany Mwafy MD, Portugal MD, Middle East j.pintogoncalves@brandfinance.com h.mwafy@brandfinance.com
Muhterem Ilguner MD, Turkey m.ilguner@brandfinance.com
Unni Krishnan MD, India u.krishnan@brandfinance.com
Dave Chattaway Head of Sports Valuation, UK d.chattaway@brandfinance.com
Marc Cloosterman MD, Netherlands m.cloosterman@brandfinance.com
BUSINESS ENQUIRIES For further information on Brand Finances services, please contact your local representative. Further international contacts; Alexander Eremenko (Russia) a.eremenko@brandfinance.com Oliver Schmitz (South Africa) o.schmitz@brandfinance.com Min Jae Son (South Korea) minjaeson@metabranding.com Ruchi Genewardene (Sri Lanka) s.gunewardene@brandfinance.com For enquires from territories not mentioned above, please contact Richard Yoxon (UK Managing Director) r.yoxon@brandfinance.com.
MEDIA ENQUIRIES Robert Haigh, Communications Manager Tel: +44 (0)207 389 9400 Mobile: +44 (0)776 2211 267 Email: r.haigh@brandfinance.com METHODOLOGY ENQUIRIES Dave Chattaway, Head of Sports Brand Valuation Tel: +44 (0)207 389 9400 Email: d.chattaway@brandfinance.com Matt Hannagan, Sports Valuation Analyst Tel: +44 (0)207 389 9400 Email: m.hannagan@brandfinance.com GENERAL ENQUIRIES For any other enquiries, please email us at enquiries@brandfinance.com, call +44 (0)207 389 9400 or visit our websites; www.brandfinance.com, www.brandirectory.com and www.brandfinanceforum.com.
THE BRANDFINANCE FOOTBALL 50 1-25

Main Sponsors 52% 63% 67% 70% 54% 56% 42% 55% 47,726 97% 80,065 58% 81,264 97% 61,482 100% 36,257 99% 41,000 52% Amsterdam ArenA 274 1 0 9 1910 1926 1899 Adidas Adidas Nike Puma 1907 1904 1970 1893 5 2 7 18 0 3 5 1 1 0 0 0 0 0 0 141 190 147 94 289 143 198 190 403 122 Giuseppe Meazza Imtech Arena Trk Telekom Arena Stade Vlodrome Estdio do Pacaembu San Paolo Stade de Gerland kr Saraolu Stadyumu BayArena Parc des Princes Mercedes-Benz Arena 52,960 89% 80,065 75% 57,274 95% 52,695 64% 60,031 85% 40,199 63% 60,240 76% 43,051 81% 50,530 78% 30,210 95% 48,712 60% 55,896 70% 49% 48% 56% 59% 50% Juventus Stadium 63% 123 52% 3 55% 48% 19 41% 1899 48% 41% 54% Adidas 49% 67% 58% 45% Mercedes-Benz Bank Kit Supplier Founded League CL Squad Stadium Titles Titles Value* 1900 1878 1902 1899 1905 1886 1858 1880 1899 1909 1904 2 29 31 18 6 4 2 433 0 357 7 0 220 Veltins-Arena White Hart Lane 8 1 342 SIGNAL IDUNA Park 18 7 281 Giuseppe Meazza 2 0 578 Etihad Stadium 18 5 327 Anfield Road 13 0 380 Emirates Stadium 60,355 99% 45,522 93% 4 1 517 Stamford Bridge 41,841 99% 22 4 806 Camp Nou 99,354 80% 31 9 798 Santiago Bernabu 80,354 91% 20 3 562 Old Trafford 75,957 99% 23 4 578 Allianz-Arena 69,901 99% Size Utilsation Manager Win %
2013 2012 Club rank rank 9% -2% 4% -1% 5% 6% -2% 10% -10% 15% -3% -3% 12% -12% -30% -6% NEW -34% 34% 20% -16% NEW 41% 34% 18% A+ A+ Emirates AASunPower A+ Turk Telekom AAHyundai Motors AAMSC Cruises Macron AA Caixa Nike AAInter Sport Adidas A+ Turk Telekom Nike 1905 AA Emirates Adidas 1887 AA+ Pirelli Nike 1908 AA AEGON Adidas 1900 AAAFiat-Jeep Nike 1897 AA Autonomy Under Armour 1882 AAGazprom Adidas AA Evonik Puma AAAEmirates Airlines Adidas AAEtihad Airways Umbro AA Standard Chartered Warrior AA+ Emirates Nike AA Samsung Adidas AAA Qatar Foundation Nike AAA+ bwin Adidas AAA+ Aon Nike AAA Deutsche Telekom Adidas
Country
2013 USD
2012 change Brand USD Rating
FC Bayern Munich
Germany
860
786
England
837
853
Real Madrid CF
Spain
621
600
FC Barcelona
Spain
572
580
Chelsea FC
England
418
398
Arsenal FC
England
410
388
Liverpool FC
England
361
367
Manchester City FC
England
332
302
AC Milan
Italy
263
292
10
11
Borussia Dortmund
Germany
260
227
11
10
FC Schalke 04
Germany
259
266
12
12
Tottenham Hotspur FC
England
219
225
13
16
Juventus FC
Italy
180
160
14
14
AFC Ajax
Netherlands 162
184
15
13
FC Internazionale Milano
Italy
151
215
16
17
Hamburger SV
Germany
144
153
17
NEW
Galatasaray A
Turkey
116
NEW
The BrandFinance Football 50 USD
18
15
Olympique de Marseille
France
111
168
19
24
SC Corinthians Paulista
Brazil
103
77
20
22
SSC Napoli
Italy
101
85
21
18
Olympique Lyonnais
France
101
120
22
NEW
Fenerbahe SK
Turkey
95
NEW
23
36
Bayer 04 Leverkusen
Germany
90
64
24
38
Paris Saint-Germain FC
France
85
64
25
28
VfB Stuttgart
Germany
83
71

Main Sponsors 52% 41% 53% 37% 40% 46% 48% 42% 40,394 89% 25,700 97% 49,000 82% 32,145 82% 54,581 73% 16,798 48% Estdio do Morumbi 134 0 2 1 1888 1895 1909 adidas Puma Joma Macron 1878 1881 1926 1900 44 6 3 0 6 2 2 0 1 1 2 0 0 0 0 128 243 167 90 44 62 121 93 213 175 Philips Stadion Britannia Stadium Estdio da Luz Ramn Snchez Pizjuan Celtic Park Estdio Jornalista Mrio Filho Estdio Beira-Rio The Hawthorns 67,428 37% 35,500 94% 27,598 97% 65,647 58% 45,500 79% 60,832 81% 78,838 20% 56,000 16% 26,484 95% Stade Jacques-Chaban-Delmas 34,327 73% Artemio Franchi Olimpico di Roma 47,282 50% 72,698 38% 44% 55% 35% 49% 47% Estdio Urbano Caldeira 45% 94 55% 1 37% 60% 32 46% 1905 69% 43% 67% Nike 37% 39% 43% 55% Kit Supplier Founded League CL Squad Stadium Titles Titles Value* 1919 1945 1927 1895 1892 1874 1899 1878 1879 1879 1903 1903 1912 1935 1913 1863 1904 0 21 6 3 8 3 121 9 0 319 13 0 125 6 0 160 Stadium Of Light Fi-Yapi Inn Stadi Vicente Caldern 1 0 107 Craven Cottage 9 0 182 Goodison Park 4 0 114 Weserstadion 7 1 144 Villa Park 42,788 86% 42,358 88% 4 0 236 St. James Park 52,387 91% 0 0 127 Upton Park 35,016 95% 3 0 220 Olimpico di Roma 72,698 42% 1 0 126 Volkswagen Arena 30,000 96% 6 0 213 Mestalla 55,000 73% Size Utilsation Manager Win %
2013 2012 Club rank rank 22% 25% -3% 17% -6% -8% 17% 0% 16% 10% NEW 34% 70% 6% -18% 6% NEW 14% -13% 20% 8% NEW -30% 15% 12% AAAAMazda A+ Kia A Zoopla A+ Banrisul A+ Caixa Economica Federal Adidas AATennents Nike AA+ Umbro A+ Portugal Telecom adidas A+ Bet365 Adidas AAPhilips Nike A+ Semp Toshiba Penalty AA Philco Nike AAAzerbaijan Nike A+ Toyota Adidas A+ Invest in Africa Adidas A+ FxPro Kappa AAChang Nike AAWiesenhof Nike AAGenting Casinos Macron AA Virgin Money Puma A Sbobet Macron AA WIND Kappa A VW adidas AAJinko Solar Joma
Country
2013 USD
2012 change Brand USD Rating
26
31
Valencia CF
Spain
83
68
27
32
VfL Wolfsburg
Germany
82
66
28
21
AS Roma
Italy
82
85
29
29
West Ham United FC
England
82
70
30
20
Newcastle United FC
England
81
86
31
19
Aston Villa FC
England
80
87
32
30
SV Werder Bremen
Germany
79
68
33
23
Everton FC
England
78
79
34
34
Fulham FC
England
75
65
35
33
Sunderland AFC
England
72
66
36
NEW
Beikta JK
Turkey
71
NEW
37
45
Club Atltico de Madrid
Spain
67
50
38
NEW
Santos Futebol Clube
Brazil
65
38
39
39
So Paulo FC
Brazil
62
58
40
26
PSV Eindhoven
Netherlands 61
74
41
42
Stoke City FC
England
59
55
42
NEW
SL Benfica
Portugal
56
NEW
43
46
Sevilla FC
Spain
56
49
44
37
Celtic FC
Scotland
55
64
45
47
CR Flamengo
Brazil
55
46
46
44
SC Internacional
Brazil
55
51
47
West Bromwich Albion FC
England
54
NEW
48
25
FC Girondins de Bordeaux France
53
76
49
49
ACF Fiorentina
Italy
52
46
The BrandFinance Football 50 USD
50
48
SS Lazio SpA
Italy
52
46

2013 2012 Club rank rank 14% 2% 8% 2% 9% 10% 2% 14% -6% 19% 1% 1% 17% -8% -27% -3% A+ -32% 40% 24% -12% A+ 46% 39% 22% A+ A+ Emirates AASunPower Turk Telekom AAHyundai Motors AAMSC Cruises Macron AA Caixa Nike AAInter Sport Adidas Turk Telekom Nike 1905 AA Emirates Adidas 1887 AA+ Pirelli Nike 1908 AA AEGON Adidas 1900 AAAFiat-Jeep Nike 1897 AA Autonomy Under Armour 1882 AAGazprom Adidas AA Evonik Puma AAAEmirates Airlines Adidas AAEtihad Airways Umbro AA Standard Chartered Warrior AA+ Emirates Nike AA Samsung Adidas AAA Qatar Foundation Nike AAA+ bwin Adidas AAA+ Aon Nike AAA Deutsche Telekom Adidas
Country
2013 GBP
2012 change Brand GBP Rating
FC Bayern Munich
Germany
566
498
England
551
540
Real Madrid CF
Spain
409
380
FC Barcelona
Spain
376
368
Chelsea FC
England
275
252
Arsenal FC
England
270
246
Liverpool FC
England
237
233
Manchester City FC
England
218
191
AC Milan
Italy
173
185
10
11
Borussia Dortmund
Germany
171
144
11
10
FC Schalke 04
Germany
170
168
12
12
England
144
142
13
16
Juventus FC
Italy
118
101
14
14
AFC Ajax
Netherlands 107
117
15
13
Italy
99
136
16
17
Hamburger SV
Germany
95
97
17
NEW
Galatasaray A
Turkey
76
NEW
The BrandFinance Football 50 GBP
18
15
France
73
106
19
24
Brazil
68
48
20
22
SSC Napoli
Italy
67
54
21
18
Olympique Lyonnais
France
66
76
22
NEW
Fenerbahe SK
Turkey
63
NEW
23
36
Bayer 04 Leverkusen
Germany
59
41
24
38
France
56
40
25
28
VfB Stuttgart
Germany
55
45

Main Sponsors 52% 41% 53% 37% 40% 46% 48% 42% 40,394 89% 25,700 97% 49,000 82% 32,145 82% 54,581 73% 16,798 48% Estdio do Morumbi 88 0 2 1 1888 1895 1909 adidas Puma Joma Macron 1878 1881 1926 1900 44 6 3 0 6 2 2 0 1 1 2 0 0 0 0 84 160 110 59 29 40.5 79.5 61.5 140 115 Philips Stadion Britannia Stadium Estdio da Luz Ramn Snchez Pizjuan Celtic Park Estdio Jornalista Mrio Filho Estdio Beira-Rio The Hawthorns 67,428 37% 35,500 94% 27,598 97% 65,647 58% 45,500 79% 60,832 81% 78,838 20% 56,000 16% 26,484 95% Stade Jacques-Chaban-Delmas 34,327 73% Artemio Franchi Olimpico di Roma 47,282 50% 72,698 38% 44% 55% 35% 49% 47% Estdio Urbano Caldeira 45% 62 55% 1 37% 60% 32 46% 1905 69% 43% 67% Nike 37% 39% 43% 55% Kit Supplier Founded League CL Squad Stadium Titles Titles Value* 1919 1945 1927 1895 1892 1874 1899 1878 1879 1879 1903 1903 1912 1935 1913 1863 1904 0 21 6 3 8 3 79.5 9 0 210 13 0 82.5 6 0 105 Stadium Of Light Fi-Yapi Inn Stadi Vicente Caldern 1 0 70.5 Craven Cottage 9 0 120 Goodison Park 4 0 75 Weserstadion 7 1 95 Villa Park 42,788 86% 42,358 88% 4 0 155 St. James Park 52,387 91% 0 0 83.5 Upton Park 35,016 95% 3 0 145 Olimpico di Roma 72,698 42% 1 0 83 Volkswagen Arena 30,000 96% 6 0 140 Mestalla 55,000 73% Size Utilsation Manager Win %
2013 2012 Club rank rank 27% 30% 1% 21% -2% -5% 22% 4% 21% 14% A+ 39% 76% 10% -14% 10% A+ 19% -10% 24% 12% A -27% 19% 17% AAAAMazda A+ Kia Zoopla A+ Banrisul A+ Caixa Economica Federal Adidas AATennents Nike AA+ Umbro Portugal Telecom adidas A+ Bet365 Adidas AAPhilips Nike A+ Semp Toshiba Penalty AA Philco Nike AAAzerbaijan Nike Toyota Adidas A+ Invest in Africa Adidas A+ FxPro Kappa AAChang Nike AAWiesenhof Nike AAGenting Casinos Macron AA Virgin Money Puma A Sbobet Macron AA WIND Kappa A VW adidas AAJinko Solar Joma
Country
2013 GBP
2012 change Brand GBP Rating
26
31
Valencia CF
Spain
54
43
27
32
VfL Wolfsburg
Germany
54
42
28
21
AS Roma
Italy
54
54
29
29
West Ham United FC
England
54
44
30
20
Newcastle United FC
England
53
54
31
19
Aston Villa FC
England
53
55
32
30
SV Werder Bremen
Germany
52
43
33
23
Everton FC
England
52
50
34
34
Fulham FC
England
50
41
35
33
Sunderland AFC
England
48
42
36
NEW
Beikta JK
Turkey
47
NEW
37
45
Spain
44
32
38
NEW
Brazil
43
24
39
39
So Paulo FC
Brazil
41
37
40
26
PSV Eindhoven
Netherlands 40
47
41
42
Stoke City FC
England
39
35
42
NEW
SL Benfica
Portugal
37
NEW
43
46
Sevilla FC
Spain
37
31
44
37
Celtic FC
Scotland
36
40
45
47
CR Flamengo
Brazil
36
29
46
44
SC Internacional
Brazil
36
32
47
England
36
NEW
48
25
35
48
49
49
ACF Fiorentina
Italy
34
29
The BrandFinance Football 50 GBP
50
48
SS Lazio SpA
Italy
34
29

2013 2012 Club rank rank 8% -3% 2% -3% 4% 5% -3% 9% -11% 13% -4% -4% 11% -13% -31% -7% NEW -35% 33% 18% -17% NEW 39% 33% 16% A+ A+ Emirates AASunPower A+ Turk Telekom AAHyundai Motors AAMSC Cruises Macron AA Caixa Nike AAInter Sport Adidas A+ Turk Telekom Nike 1905 AA Emirates Adidas 1887 AA+ Pirelli Nike 1908 AA AEGON Adidas 1900 AAAFiat-Jeep Nike 1897 AA Autonomy Under Armour 1882 AAGazprom Adidas AA Evonik Puma AAAEmirates Airlines Adidas AAEtihad Airways Umbro AA Standard Chartered Warrior AA+ Emirates Nike AA Samsung Adidas AAA Qatar Foundation Nike AAA+ bwin Adidas AAA+ Aon Nike AAA Deutsche Telekom Adidas
Country
2013 2012 change Brand Euro Euro Rating
FC Bayern Munich
Germany
668
617
England
650
670
Real Madrid CF
Spain
482
471
FC Barcelona
Spain
444
456
Chelsea FC
England
325
312
Arsenal FC
England
319
305
Liverpool FC
England
280
288
Manchester City FC
England
257
237
AC Milan
Italy
204
229
10
11
Borussia Dortmund
Germany
202
178
11
10
FC Schalke 04
Germany
201
209
12
12
England
170
177
13
16
Juventus FC
Italy
140
126
14
14
AFC Ajax
Netherlands 126
145
15
13
Italy
117
169
16
17
Hamburger SV
Germany
112
121
17
NEW
Galatasaray A
Turkey
90
NEW
The BrandFinance Football 50 Euro
18
15
France
86
132
19
24
Brazil
80
60
20
22
SSC Napoli
Italy
78
66
21
18
Olympique Lyonnais
France
78
94
22
NEW
Fenerbahe SK
Turkey
74
NEW
23
36
Bayer 04 Leverkusen
Germany
70
50
24
38
France
66
50
25
28
VfB Stuttgart
Germany
64
55

Main Sponsors 52% 41% 53% 37% 40% 46% 48% 42% 40,394 89% 25,700 97% 49,000 82% 32,145 82% 54,581 73% 16,798 48% Estdio do Morumbi 104 0 2 1 1888 1895 1909 adidas Puma Joma Macron 1878 1881 1926 1900 44 6 3 0 6 2 2 0 1 1 2 0 0 0 0 99 189 130 70 34 48 94 73 165 136 Philips Stadion Britannia Stadium Estdio da Luz Ramn Snchez Pizjuan Celtic Park Estdio Jornalista Mrio Filho Estdio Beira-Rio The Hawthorns 67,428 37% 35,500 94% 27,598 97% 65,647 58% 45,500 79% 60,832 81% 78,838 20% 56,000 16% 26,484 95% Stade Jacques-Chaban-Delmas 34,327 73% Artemio Franchi Olimpico di Roma 47,282 50% 72,698 38% 44% 55% 35% 49% 47% Estdio Urbano Caldeira 45% 73 55% 1 37% 60% 32 46% 1905 69% 43% 67% Nike 37% 39% 43% 55% Kit Supplier Founded League CL Squad Stadium Titles Titles Value* 1919 1945 1927 1895 1892 1874 1899 1878 1879 1879 1903 1903 1912 1935 1913 1863 1904 0 21 6 3 8 3 94 9 0 248 13 0 97 6 0 124 Stadium Of Light Fi-Yapi Inn Stadi Vicente Caldern 1 0 83 Craven Cottage 9 0 142 Goodison Park 4 0 89 Weserstadion 7 1 112 Villa Park 42,788 86% 42,358 88% 4 0 183 St. James Park 52,387 91% 0 0 99 Upton Park 35,016 95% 3 0 171 Olimpico di Roma 72,698 42% 1 0 98 Volkswagen Arena 30,000 96% 6 0 165 Mestalla 55,000 73% Size Utilsation Manager Win %
2013 2012 Club rank rank 21% 24% -4% 15% -7% -9% 16% -1% 15% 9% NEW 32% 68% 5% -18% 5% NEW 13% -14% 18% 7% NEW -31% 13% 11% AAAAMazda A+ Kia A Zoopla A+ Banrisul A+ Caixa Economica Federal Adidas AATennents Nike AA+ Umbro A+ Portugal Telecom adidas A+ Bet365 Adidas AAPhilips Nike A+ Semp Toshiba Penalty AA Philco Nike AAAzerbaijan Nike A+ Toyota Adidas A+ Invest in Africa Adidas A+ FxPro Kappa AAChang Nike AAWiesenhof Nike AAGenting Casinos Macron AA Virgin Money Puma A Sbobet Macron AA WIND Kappa A VW adidas AAJinko Solar Joma
Country
2013 2012 change Brand Euro Euro Rating
26
31
Valencia CF
Spain
64
53
27
32
VfL Wolfsburg
Germany
64
52
28
21
AS Roma
Italy
64
66
29
29
West Ham United FC
England
63
55
30
20
Newcastle United FC
England
63
67
31
19
Aston Villa FC
England
62
69
32
30
SV Werder Bremen
Germany
62
53
33
23
Everton FC
England
61
62
34
34
Fulham FC
England
58
51
35
33
Sunderland AFC
England
56
52
36
NEW
Beikta JK
Turkey
55
NEW
37
45
Spain
52
39
38
NEW
Brazil
50
30
39
39
So Paulo FC
Brazil
48
46
40
26
PSV Eindhoven
Netherlands 47
58
41
42
Stoke City FC
England
46
43
42
NEW
SL Benfica
Portugal
44
NEW
43
46
Sevilla FC
Spain
43
38
44
37
Celtic FC
Scotland
43
50
45
47
CR Flamengo
Brazil
43
36
46
44
SC Internacional
Brazil
42
40
47
England
42
NEW
48
25
41
60
49
49
ACF Fiorentina
Italy
41
36
The BrandFinance Football 50 Euro
50
48
SS Lazio SpA
Italy
40
36
T: +44 (0) 207 389 9400 E: enquiries@brandfinance.com
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BRANDFINANCE FOOTBALL 50

Fussballs Coming Home

2 | BRANDFINANCE FOOTBALL 50 | MAY 2013

Fussballs Coming Home

MAY 2013 | BRANDFINANCE FOOTBALL 50 | 3

4 | BRANDFINANCE FOOTBALL 50 | MAY 2013

MAY 2013 | BRANDFINANCE FOOTBALL 50 | 5

26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 NEW NEW NEW

68 66 85 70 86 87 68 79 65 66 NEW 50 38 58 74 55 NEW 49 64 46 51 NEW 76 46 46

AAA AA A AA AAAAAAA+ A+ A+ AAAA A+ AAA+ A+ AA+ AAA+ A+ A A+ AAAA-

6 | BRANDFINANCE FOOTBALL 50 | MAY 2013

Winners and losers

BRAND VALUE CHANGE (%)

BRAND VALUE CHANGE (USDm)

68 29 27 27 24 23 19 19 18 17 Hamburger SV Aston Villa FC Celtic FC PSV Eindhoven

MAY 2013 | BRANDFINANCE FOOTBALL 50 | 7

The Top 10: Profiles

2012 USD 786

Brand rating AAA

2012 USD 853

Brand rating AAA+ 2012 rank: 1

2012 USD 600

Brand rating AAA+ 2012 rank: 3

2012 USD 580

Brand rating AAA

2012 USD 398

2012 USD 388

Brand rating AA+

2012 USD 367

Manchester City FC England

Brand rating AA-

2012 USD 292

Brand rating AAA-

2012 USD 227

8 | BRANDFINANCE FOOTBALL 50 | MAY 2013

The Top 10: Profiles 01

MAY 2013 | BRANDFINANCE FOOTBALL 50 | 9

The Top 10: Profiles 02

10 | BRANDFINANCE FOOTBALL 50 | MAY 2013

The Top 10: Profiles 03, 04

MAY 2013 | BRANDFINANCE FOOTBALL 50 | 11

The Top 10: Profiles 05, 06

12 | BRANDFINANCE FOOTBALL 50 | MAY 2013

The Top 10: Profiles 07, 08

MAY 2013 | BRANDFINANCE FOOTBALL 50 | 13

The Top 10: Profiles 09, 10

14 | BRANDFINANCE FOOTBALL 50 | MAY 2013

Top 10 historical overview 2013

FC Bayern Munich Manchester United FC Real Madrid CF FC Barcelona Chelsea FC

Arsenal FC Liverpool FC Manchester City FC AC Milan Borussia Dortmund

AC Milan win Champions League

Manchester United win the Champions League

Manchester City win the Premier League

MAY 2013 | BRANDFINANCE FOOTBALL 50 | 15

Fussballs Coming Home: The Bundesliga vs The Premier League

16 | BRANDFINANCE FOOTBALL 50 | MAY 2013

Branding: What the Clubs Say

MAY 2013 | BRANDFINANCE FOOTBALL 50 | 17

can now look to engage new markets in new ways. In the

18 | BRANDFINANCE FOOTBALL 50 | MAY 2013

MAY 2013 | BRANDFINANCE FOOTBALL 50 | 19

20 | BRANDFINANCE FOOTBALL 50 | MAY 2013

Glaze of Glory? Manchester United and the Glazers

Matchday Shirt sponsor