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Brandfinance Football Brands 2012
Brandfinance Football Brands 2012
May 2012
Executive Summary
Welcome to The BrandFinance Football Brands 2012 report highlighting the worlds most valuable Football brands. Manchester United remains the worlds most valuable football club brand valued at US $853 million despite a season without any trophies. Chelseas dramatic European success allowed it to hold onto 5th place, however a poor league campaign has hindered it. Despite this, in 2012 their brand value has increased by 27% to US $398 million. FC Bayern Mnchen is the big winner this year with a brand value of US $786 million, leveraging its strong brand domestically to generate the largest commercial revenues in world football. The Euro Crisis has wreaked havoc on Spanish and Italian football with the majority of their teams slipping down our rankings. 2010s Most Valuable Football Brand, Real Madrid, has dropped down to 3rd place at US $600 million, just ahead of Catalan rivals Barcelona with a brand value of US $580 million.
Brands are the most valuable intangible assets in business today. They drive demand, motivate staff, secure business partners and reassure financial markets. Leading edge organisations recognise the need to understand brand equity and brand value when making strategic decisions
Contents
Executive Summary ......................................... 02 Top 20 Most Valuable Football Brands .... 04 Brand Story ......................................................... 06 How the leagues compare ............................ 08 Top teams from around the world .............. 10 How were the rankings compiled? ............. 18 About Brand Finance ............................. 20 Our Services ......................................... 21 Our Sport Specific Services ................... 23 Contact Details ...................................... 25 Appendix: Full club result listings for the BrandFinance Football Brands 2012 ..... 28 Full league listings for the European Football League Brand Values 2012 ........................................................................ 34
01 02
2011 RANK: 1
MANCHESTER UNITED
2011 RANK: 4
11
2011 RANK: 15
BORUSSIA DORTMUND
2011 RANK: 14
FC BAYERN MNCHEN
2011 RANK: 2
12 13 14
AFC AJAX
TOTTENHAM HOTSPUR FC
2011 RANK: 8
03 04 05 06 07 08 09
AC MILAN
REAL MADRID CF
2011 RANK: 3
FC INTERNAZIONALE MILANO
2011 RANK: 23
FC BARCELONA
2011 RANK: 5
CHELSEA FC
2011 RANK: 6
15 16 17 18 19 20
2011 RANK: 17
OLYMPIQUE DE MARSEILLE
2011 RANK: 10
ARSENAL FC
2011 RANK: 9
JUVENTUS FC
2011 RANK: 13
LIVERPOOL FC
2011 RANK: 11
HAMBURGER SV
2011 RANK: 16
MANCHESTER CITY FC
2011 RANK: 7
OLYMPIQUE LYONNAIS
2011 RANK: 25
ASTON VILLA FC
2011 RANK: NEW
10
5
2011 RANK: 12
86 US $M 115% RATING: BB
FC SCHALKE 04
NEWCASTLE UNITED FC
Despite being Champions of Europe, Chelsea is only 5th in the Brand Finance Football Brands 2012 with a brand value of US $398m, keeping the club just ahead of London rivals Arsenal, but a gulf away from Barcelona in 4th position. Our analysis shows that the current Stamford Bridge stadium is severely limiting Chelseas growth potential and ability to challenge its European peers. Stamford Bridges 41,837 capacity ranks only 30th in current European club stadia. Despite regularly selling out with the highest general admission prices in Europe the club still lacks the fixed assets to compete. With only 5,000 corporate hospitality tickets available Chelsea cannot fully tap into the higher corporate hospitality yields that its rivals enjoy. Meanwhile, in comparison Arsenals Emirates Stadium has 24,000 hospitality tickets available and Manchester Uniteds Old Trafford has 33,000. Chelsea FC has stated that current proposals to redevelop Stamford Bridge into a 55,000 or 60,000 seat stadium does not stack up financially with the current site, logistics and transport links. As a result of this the club has recently expressed an interest in Battersea Power Station. This site would allow additional seating capacity, an improved match-day
experience, increased corporate hospitality yields, stadium naming rights options, state of the art digital advertising opportunities and additional revenue streams. Chelsea needs this revenue boost more than others to ensure it fulfils the FIFA financial fair play rules being phased in over the next few years. Outside of the stadium, Chelseas commercial strategy is very much following in the footsteps of Manchester United, with a brand focused on local community based initiatives mixed with global marketing of the brand itself. The club has set up international football schools, retail outlets and used its partnerships with sponsors to create awareness in their home territories. There are now 15 million Chelsea fans in South Korea as a result of its longterm sponsorship deal with Samsung. The club has also recently signed new commercial contracts with Audi and Bank Negara and we expect this portfolio to expand on the back of its Champions League title. One unique area where Chelsea has excelled above its European peers is in digital marketing. The club has been a leader in rolling out social media initiatives and adapting to new digital technology. Its new partnership with the Sauber F1 team is a good example of the club looking at new platforms to extend the reach of their brand to new audiences.
Country
ENG GER ESP ITA FRA TUR NED RUS UKR SUI DEN BEL NOR POR ROU SCO SRB AUT POL SWE
League Name
Barclays Premier League Fuball-Bundesliga BBVA Liga Serie A TIM Ligue 1 Orange Spor Toto Sper Lig Eredivisie SOGAZ Russian Football Championship Ukrainian Premier League Axpo Super League The Danish Superliga Jupiler Pro League Tippeligaen Liga ZON Sagres Liga I Bergenbier Clydesdale Bank Premier League Jelen SuperLiga sterreichische Fuball-Bundesliga T-Mobile Ekstraklasa Allsvenskan
Brand Value
4,170 3,038 1,531 1,122 849 431 422 376 291 201 155 150 108 108 102 96 77 70 54 50
BrandRating
AAA AA+ AA A BBB B+ BBB B+ B+ BBB+ BBB+ BB+ CCC BBBCCC B BBin US$ millions
This upward self-perpetuating spiral of success has allowed English teams to dominate the world of football
Broadcasting is King
This year we ranked each European football league by the aggregated total of each clubs brand value. Unsurprisingly the Barclays Premier League comes out top, with the most global appeal of any sports league in the world. The German Fuball-Bundesliga comes in at a comfortable 2nd, well above the Spanish La Liga and Italian Serie A, which may come as a shock to some. What our analysis reveals is that the most valuable leagues have strength in the depth, not just in one or two big teams. 2012 was a stellar season for the English Premier League with huge broadcasting deals centrally negotiated by the Barclays Premier League and distributed fairly amongst the clubs has bred a fiercely competitive and exciting league. This gives the leagues broadcasting contract negotiators a brilliant product to sell around the world. In turn this provides more revenue for the English clubs allowing them to continue to put on a great show to sell at a higher price at the next round of negotiations. Furthermore, as well as being easier to find, this encourages sponsors to pay high fees safe in the knowledge that they can reach a global audience. This upward self-perpetuating spiral of success has allowed English teams to dominate the world of football and owes itself to a bold decision made 20 years ago. The Premier Leagues decision to assign broadcasting rights to BSkyB in 1992 was a big risk as at that time pay television was an untested idea in the United Kingdom. However, a combination of great coverage from Sky, the quality of football and the English fans insatiable appetite for football saw the value of the Premier Leagues TV rights soar. Now watched in 212 territories by an audience of 643 million the Premier League was able to distribute almost GBP 1 billion to English clubs last year. This single decision gave the Premier League a huge first mover advantage. Germany was not far behind and their relatively early adoption is evident as the Bundesliga owns the second most valuable brand in football, FC Bayern Mnchen. The Bundesligas success also owes a lot to tight financial regulation meaning clubs must be run like a business ensuring stability. A competitive league with the highest average attendances in Europe is a stark contrast to the Spanish BBVA Liga. In Spain broadcasting rights are negotiated individually on a per team basis, meaning both Barcelona and Real Madrid generate massive revenues. Great for them, but it leaves little for the rest of Spain. With others in the BBVA Liga unable to compete financially there is little hope for them to compete on the pitch. This has damaged the BBVA Liga product as a whole making it less marketable to foreign audiences. On the one hand Spain has two great teams full of massive stars, on the other it is a hugely distorted duopoly where only two clubs have any chance of winning the title.
$17bn
Total Value of European Football
643m
Global
1 5 6 7 8
Club
Chelsea FC Arsenal FC Liverpool FC Manchester City FC
2011 Change
661 314 301 250 170 29% 27% 29% 47% 77%
Rating
AAA+ AAAAAABBB+
EV*
2,903 1,836 1,931 1,502 1,607
BV/EV
29% 22% 20% 24% 19%
Manchester United FC
The power of the Barclays Premier League is shown by the English teams dominating our rankings. Half of the top ten spots are occupied by English clubs, including the number one spot, which Manchester United has held onto despite not winning any trophies this year. The Red Devils have used their international appeal and vast accumulated brand equity to keep the club on top. Following their
heroic Champions League victory Chelsea is the second most valuable English brand. All the teams have enjoyed brand value growth with the greatest rate seen at Manchester City. The huge investment in the club has only just begun to yield trophies, including this years Barclays Premier League title. But the club has some way to go before it can challenge Uniteds brand dominance.
Spain
BBVA Liga Country
1 2 3 4 5
Global
3 4 31 45 46
Club
Real Madrid CF FC Barcelona Valencia CF
2011 Change
643 629 80 88 NEW -7% -8% -16% -43% NEW
Rating
AAA+ AAA+ BBB BBB BBB-
EV*
3,013 2,995 731 643 498
BV/EV
20% 19% 9% 8% 10%
In common with Italy, the poor state of the Spanish economy has had a damaging effect on the brand values of Spanish clubs. La Liga, Spains top division, is a duopoly controlled by Real Madrid and Barcelona. The results of the Brand Finance Football Brands 2012 bear this out, with Barca and Real having brand values nearly ten times that of the next most valuable Spanish club, Valencia. All
Spanish teams have seen their brand values fall, with Real sliding from its position at the top of the global rankings two years ago to 3rd in 2012. As the Spanish economy suffers, foreign fans become ever more important and the clubs must do everything they can to exploit their brands internationally.
10
Global
2 10 11 17 28
Club
FC Bayern Mnchen FC Schalke 04 Borussia Dortmund Hamburger SV VfB Stuttgart
2011 Change
493 135 125 134 81 59% 97% 81% 14% -13%
Rating
AAA BBB+ A BBB BB
EV*
2,042 924 845 627 324
BV/EV
38% 29% 27% 24% 22%
The most valuable German football club brand by a huge margin is Bayern Mnchen, with a brand value of US$786m. Bayern is second only to Manchester United in the global table, having overtaken Barcelona and Real Madrid. Bayerns success lies in its shrewd commercial management and careful cultivation of their domestic market. Although the
team missed out on European success after a nail-biting Champions League final, Bayern will be back in the competition in 2012, benefitting from TV revenues and posing a credible title threat.
Italy
Serie A TIM Country
1 2 3 4 5
Global
9 13 16 21 22
Club
AC Milan
2011 Change
273 263 184 101 70 7% -18% -13% -16% 22%
Rating
AA+ AA+ BBB+ BBBBBB-
EV*
1,209 1,093 980 528 514
BV/EV
24% 20% 16% 16% 16%
2012 has not been a successful year for Italian clubs in terms of brand value. Seria As position as the premier source of world class football is under threat as the Italian clubs that dazzled in the 1990s and were among the first clubs to exploit Asian markets are failing to match recent success stories from Spain, Germany and England. Undoubtedly a poor economy is scaring away
investors and revenues, but not all of Italys woes can be blamed on the Euro Crisis. Italian stadia, generally not owned by the clubs, have been poorly maintained, discouraging spectators. Juventus has taken a lead role in tackling this problem moving into their own 41,000 seater stadium. Coupled with winning Serie A this year, Juventus should be Italys big brand movers next year.
11
Global
15 18 25 38 58
Club
Olympique de Marseille Olympique Lyonnais
2011 Change
119 121 77 NEW NEW 41% -1% -2% NEW NEW
Rating
A+ BBB BB+ BB BB
EV*
626 592 653 460 504
BV/EV
27% 20% 12% 14% 7%
Ligue 1 clubs finances are managed by the DNCG ensuring clubs are run responsibly and at a benefit to French football. This has ensured great stability domestically but has hindered French clubs from challenging for the very biggest honours in Europe. They are not able to match the spending power of the big four footballing nations (England, Spain, Germany and Italy), so have difficulty securing the top players needed for European success. With UEFAs Financial Fair Play rules on the horizon
this perceived weakness could soon become their saving grace allowing French teams to fight for European silverware on a level playing field. The other major issue facing French clubs is increasing attendances. If clubs cannot convince supporters to buy tickets then irrespective of Financial Fair Play rules, French teams will always be at a disadvantage.
If clubs cannot convince supporters to buy tickets... French teams will always be at a disadvantage
12
Global
24 39 44 47 55
Club
SC Corinthians Paulista So Paulo FC SC Internacional CR Flamengo Santos FC
Rating
AAA AAA AAA AAA AA-
EV*
503 570 537 289 386
BV/EV
15% 10% 9% 16% 10%
The revenues of Brazilian clubs pale in comparison to those of Europe, which has meant that Brazilian stars have left for the higher-paying clubs of the northern hemisphere. This boot drain has harmed the marketability and branding potential of Brazils top division, restricting revenue. This has started to change in recent years as with Brazils increasing
wealth, the league becomes more exciting and key players like Neymar have resisted the urge to cross the Atlantic. With Brazils economy booming and the World Cup in 2014, we should expect to see the league benefit from improved infrastructure and global exposure.
Argentina
ThePrimera Divisin Country
1 2 3 4 5
Global
65 77 103 151 153
Club
Boca Juniors CA River Plate CA Vlez Srsfield Racing Club San Lorenzo de Almagro
Rating
AAA AAA AAA AA+ A+
EV*
252 239 193 160 130
BV/EV
12% 9% 8% 5% 6%
Argentina lacks the revenues to make a big impact on the rankings of the Brand Finance Football Brands 2012 report, despite the rich history and quality of the league. Much like Brazil, there is a boot drain of top Argentine players to richer European sides that continues to damage the marketability of the Primera Division. Argentina needs to hold onto
more of its stars and increase commercialisation though there is a limited prospect of this in the immediate future.
13
Global
40 50 53 90 94
Club
Seattle Sounders FC Los Angeles Galaxy New York Red Bulls Philadelphia Union Real Salt Lake
Rating
AAAABBB+ BBB A
EV*
176 150 135 69 56
BV/EV
33% 31% 29% 27% 32%
Global
76 78 126
Club
Vancouver Whitecaps FC Toronto FC Impact de Montral
Rating
BB BB BB
EV*
61 58 36
BV/EV
36% 36% 32%
Seattle Sounders is the top US soccer club brand. The Brand Finance Football Brands 2012 puts the club at 40th in the world with a brand value of US $58m. Also making the top 50 is MLS cup winning LA Galaxy, with a brand value of US $46m. Following the full international release, including clubs that fall outside the global top 50, the US top 5 is completed by the NY Red Bulls (whose brand value is US $40m), Philadelphia Union (US $19m) and Real Salt Lake (US $18.12m), all of which make the global top 100. Other MLS teams featured in the study are Canadas Vancouver Whitecaps, Toronto FC and Impact de Montreal. The Whitecaps are Canadas most valuable football club brand with a value of US $22m, putting them 76th in the world. Despite soccer being the most played sport in North
America, MLS still lacks in popularity by comparison to the US staples of NFL, MLB, NBA and NHL. Nevertheless, the MLS profile has been raised significantly with the league-funded acquisitions of European stars David Beckham and Thierry Henry. With revenues capped to promote competition, big rivalries and consequently big games to draw media attention have failed to materialise. With spending tightly controlled, young American stars such as Clint Dempsey move to the Premier League to make their name, while the MLS is still seen to an extent as somewhere for fading stars to ease into retirement.
14
Global
56 68 91 99 106
Club
CD Guadalajara Club Amrica Cruz Azul Tigres de la UANL CF Pachuca
Rating
AA+ AA AAA AAA A+
EV*
203 157 118 112 125
BV/EV
19% 16% 16% 15% 12%
CD Guadalajara is Mexicos top football club brand. The Brand Finance Football Brands 2012 values the clubs brand at US $38m ranking it 56th in the world. Though they did not feature in the top 50, the release of the report in full shows that three other Mexican clubs are among the worlds 100 most
valuable. Mexicos 2nd most value football brand is Club America (brand value US $25m), 3rd is Cruz Azul (US $19m), 4th is Tigres de la UANL (US $17m) while CF Pachuca is 5th with a brand value of US $14m.
MLS is still seen as somewhere for fading stars to ease into retirement
15
Global
62 74 93 100 105
Club
FC Seoul Suwon Samsung Bluewings Pohang Steelers Jeonbuk Hyundai Motors Ulsan Hyundai FC
Rating
AA+ AA A+ AAAA-
EV*
92 81 219 335 61
BV/EV
33% 28% 8% 5% 24%
Huge investment in stadia for the 2002 World Cup and South Koreas excellent run in the competition saw a massive surge in interest in football across the country. However after the initial euphoria wore off and the national team failed to maintain their World Cup momentum the domestic football market began to wane. Poor attendances and
domestic teams that cannot match the quality of top European clubs have turned off fans, reducing their appetite for the K-league. The clubs are pushing their brand hard but face an uphill struggle against fans that would rather watch the English Premier League on TV.
Japan
The J. League Division 1 Country
1 2 3 4 5
Global
51 54 57 66 70
Club
Nagoya Grampus Kashima Antlers Urawa Red Diamonds Gamba Osaka FC Tokyo
Rating
AA+ AABBB+ AABBB
EV*
169 170 172 134 120
BV/EV
27% 23% 22% 21% 19%
All of Japans top five most valuable football club brands make the top 100 of Brand Finances latest report on Football club brand values. Nagoya Grampus is Japans most valuable football club brand, with a brand value of US $45m, making the team the worlds 51st most valuable football club brand.
Kashima Antlers are 2nd in Japan (brand value US $40m), followed by Urawa Red Diamonds (US $38m), Gamba Osaka (US $28m) and FC Tokyo which is 5th in Japan and 70th in the world with a brand value of US $23m.
16
Global
35 69 97 118 121
Club
Guangzhou Evergrande FC Beijing Guoan FC Shandong Luneng Taishan FC Jiangsu Sainty FC Liaoning Whowin FC
Rating
AA AAA+ AAA
EV*
205.97 81.63 56.68 47.98 45.29
BV/EV
12% 9% 8% 5% 6%
The league probably catching the most headlines at the moment is the concisely named Wanda Plaza Chinese Football Association Super League. Players such as Nicolas Anelka have significantly raised the leagues profile in recent years. With Champions League hero Didier Drogba rumoured to be on his way to China and Chinese businesses
starting to take notice of sponsorship opportunities the league looks set for a bright future. The real challenge for clubs will be to convert their investments to revenues and monetize their brands in an emerging economy rife with counterfeiting.
Middle East
The Middle East Country
1 2 3 4 5
Global
80 86 101 114 124
Club
Al Hilal FC Ittihad FC Al Ain FC Hapoel Tel Aviv FC Al Nassr FC
Rating
B+ BB B+ BB+ B+
EV*
57.02 72.71 42.77 62.50 32.79
BV/EV
12% 9% 8% 5% 6%
Al Hilal is the Middle Easts top football club brand, with a brand value of US $21m. No Middle Eastern clubs made the top 50 of the Brand Finance Football Brands 2012 but the release of the full, international results show that Al Hilal and Ittihad make the top 100, placing 80th and 86th in the world.
Al Ain FC is 101st with a brand value of US $15m and Al Nassr is 124th at US $12m. Hapoel Tel Aviv is Israels most valuable football club brand at US $8m, ranking 4th in the Middle East and 114th worldwide.
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We use the Royalty Relief method. This approach assumes the company doesnt own their brand and must license it from a theoretical third party. The method determines how much it would cost to do this. It is called the Royalty Relief method because when a business owns their brand they are relieved from paying a royalty rate for its use.
3 2 1
Rev Forecast
Discount Rate
RR
tax
4. Brand Valuation Calculation steps 1-3 are then brought together to determine the NPV of post-tax royalties, which is the brand value.
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Brand Ratings:
These are calculated using Brand Finances Brand Strength Index analysis, which benchmarks the strength, risk and future potential of a brand relative to its competitors on a scale ranging from AAA+ to D. It is conceptually similar to a credit rating. The data used to calculate the ratings comes from various sources including Bloomberg, annual reports and Brand Finance research.
Valuation Date
All brand values in the report are as at 21st May 2012 and displayed in US$ 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: www.brandfinance.com
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www.brandfinance.com
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Our Services
At Brand Finance, we are entirely focused on quantifying and leveraging intangible asset value. Our services compliment and support each other, resulting in robust valuation methodologies, which are underpinned by an in-depth understanding of revenue drivers and licensing practice.
Valuation
We perform valuations for financial reporting, tax planning, M&A activities, joint ventures, IPOs and other transactions. We work closely with auditors, tax authorities and lawyers.
Analytics
Our analytical services help clients to better understand the drivers of business and brand value. Understanding how value is created, where it is created and the relationship between brand value and business value is a vital input to strategic decision making.
Strategy
We give marketers the framework to make effective economic decisions. Our value-based marketing service enables companies to focus on the best opportunities, allocate budgets to activities that have the most impact, measure the results and articulate the return on brand investment.
Transactions
We help private equity companies, venture capitalists and branded businesses to identify and assess the value opportunities through brand and market due diligence and brand licensing.
Brand equity drivers Brand strength analysis Brand risk analysis (randeta) Brand scorecards Marketing mix modelling Marketing ROI
Brand strategy Brand architecture Brand extension Budget setting and allocation Brand value added (BVA)
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Brand Valuation
Tax purposes Marketing analysis Annual tracking Brand scorecards
Licensing strategies
Brand protection and enforcement Brand extention TM protection and registration
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Disclaimer
Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions produced in this study are based only on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. No independent verification or audit of such materials was undertaken. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate.
The BrandFinance Football Brands 2012 brand valuations follow IVSC guidance but will only comply with ISO 10668 Monetary Brand Valuation Standard when accompanied by detailed Legal and Behavioural analysis. The conclusions expressed are the opinions of Brand Finance and are not intended to be warranties or guarantees that a particular value or projection can be achieved in any transaction. The opinions expressed in the report are not to be construed as providing investment advice. Brand Finance does not intend the report to be relied upon for technical reasons and excludes all liability to any organisation.
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Contact details
Brand Finance plc is the worlds leading independent brand valuation and strategy consultancy, helping companies to manage their brands more intelligently for improved business results.
For further enquiries relating to this report, please contact: For further information on BrandFinances services and valuation experience, please contact your local representative:
Name of Contact Australia Brazil Canada Croatia Dubai East Africa France Germany Holland Hong Kong India Korea Portugal Tim Heberden Gilson Nunes Edgar Baum Borut Zemljic Gautam Sen Gupta Jawad Jaffer Richard Yoxon Mirjam Erhardt Marc Cloosterman Rupert Purser Unni Krishnan Matt Hannagan Joo Baluarte Alexander Eremenko Samir Dixit Oliver Schmitz Pedro Tavares Ruchi Gunewardene Richard Yoxon Muhterem lgner Richard Yoxon Elise Neils William E Barker Email address t.heberden@brandfinance.com g.nunes@brandfinance.com e.baum@brandfinance.com b.zemljic@brandfinance.com g.sen-gupta@brandfinance.com info@brandfinance.co.ke r.yoxon@brandfinance.com m.erhardt@brandfinance.com m.cloosterman@brandfinance.com r.purser@brandfinance.com u.krishnan@brandfinance.com m.hannagan@brandfinance.com j.baluarte@brandfinance.com a.eremenko@brandfinance.com s.dixit@brandfinance.com o.schmitz@brandfinance.com p.tavares@brandfinance.com r.gunewardene@brandfinance.com r.yoxon@brandfinance.com m.ilguner@brandfinance.com r.yoxon@brandfinance.com e.neils@brandfinance.com w.barker@brandfinance.com
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For all other countries, please email: enquiries@brandfinance.com +44 (0)207 389 9400
www.brandfinance.com
Brand Finance plc 2012
www.brandirectory.com
www.brandfinanceforums.com
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Appendix
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Appendix 1
in US$ millions Rank 2012 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 26 27 28 29 30 2011 1 4 2 3 5 6 9 11 7 12 15 14 8 23 17 10 13 16 25 NEW 18 24 27 NEW 22 NEW NEW 20 NEW 26 Club Manchester United FC FC Bayern Mnchen Real Madrid CF FC Barcelona Chelsea FC Arsenal FC Liverpool FC Manchester City FC AC Milan FC Schalke 04 Borussia Dortmund Tottenham Hotspur FC FC Internazionale Milano AFC Ajax Olympique de Marseille Juventus FC Hamburger SV Olympique Lyonnais Aston Villa FC Newcastle United FC AS Roma SSC Napoli Everton FC SC Corinthians Paulista FC Girondins de Bordeaux PSV Eindhoven FC Basel 1893 VfB Stuttgart West Ham United FC SV Werder Bremen League Barclays Premier League Fuball-Bundesliga BBVA Liga BBVA Liga Barclays Premier League Barclays Premier League Barclays Premier League Barclays Premier League Serie A TIM Fuball-Bundesliga Fuball-Bundesliga Barclays Premier League Serie A TIM Eredivisie Ligue 1 Orange Serie A TIM Fuball-Bundesliga Ligue 1 Orange Barclays Premier League Barclays Premier League Serie A TIM Serie A TIM Barclays Premier League Campeonato Brasileiro de Clubes da Srie A Ligue 1 Orange Eredivisie Axpo Super League Fuball-Bundesliga Npower Championship Fuball-Bundesliga BBVA Liga Fuball-Bundesliga Brand Value 12 853 786 600 580 398 388 367 302 292 266 227 225 215 184 168 160 153 120 87 86 85 85 79 77 76 74 72 71 70 68 11 661 493 643 629 314 301 250 170 273 135 125 127 263 74 119 184 134 121 69 40 101 70 61 NEW 77 46 NEW 81 NEW 68 %** 29% 59% -7% -8% 27% 29% 47% 77% 7% 97% 81% 77% -18% 150% 41% -13% 14% -1% 27% 115% -16% 22% 28% NEW -2% 62% NEW -13% NEW 0% Brand Rating AAA+ AAA AAA+ AAA+ AAAAAABBB+ AA+ BBB+ A BBB AA+ A+ A+ BBB+ BBB BBB BBBBB BBBBBBBB+ AAA BB+ BBB+ BBB BB BBBB EV* 2,903 2,042 3,013 2,995 1,836 1,931 1,502 1,607 1,209 924 845 1,249 1,093 390 626 980 627 592 796 905 528 514 787 503 653 393 198 324 614 327 BV/ EV 29% 38% 20% 19% 22% 20% 24% 19% 24% 29% 27% 18% 20% 47% 27% 16% 24% 20% 11% 9% 16% 16% 10% 15% 12% 19% 36% 22% 11% 21%
31 32
21 NEW
68 66
80 NEW
-16% NEW
BBB BB-
731 327
9% 20%
63 64
NEW NEW
31 30
NEW NEW
NEW NEW
AA+ BBB-
213 227
14% 13%
in US$ millions Rank 2012 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 2011 NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW Club Boca Juniors Gamba Osaka Cruzeiro EC Club Amrica Beijing Guoan FC FC Tokyo Yokohama F. Marinos FC Shakhtar Donetsk AZ Alkmaar Suwon Samsung Kawasaki Frontale Vancouver Whitecaps FC CA River Plate Toronto FC Atltico Mineiro Al Hilal FC Sanfrecce Hiroshima Udinese Calcio Shimizu S Pulse Fluminense FC Villarreal CF Ittihad FC Club Brugge KV Jbilo Iwata Kashiwa Reysol Philadelphia Union Cruz Azul Omiya Ardija Pohang Steelers Real Salt Lake League ThePrimera Divisin The J. League Division 1 Campeonato Brasileiro de Clubes da Srie A Primera Divisin Wanda Plaza Chinese Football Association The J. League Division 1 The J. League Division 1 Ukrainian Premier League Eredivisie K-League The J. League Division 1 Amway Canadian Championship ThePrimera Divisin Amway Canadian Championship Campeonato Brasileiro de Clubes da Srie A Saudi Arabia The J. League Division 1 Serie A TIM The J. League Division 1 Campeonato Brasileiro de Clubes da Srie A BBVA Liga Saudi Arabia Jupiler Pro League The J. League Division 1 The J. League Division 1 Major League Soccer Primera Divisin The J. League Division 1 K-League Major League Soccer Major League Soccer SOGAZ Russian Football Championship Brand Value 12 29 28 25 25 23 23 23 23 23 22 22 22 22 21 21 21 21 20 20 20 20 20 20 20 19 19 19 18 18 18 11 NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW %** NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW Brand Rating AAA AAAAAA AABBB BBB+ BBB BBAA BBB+ BB AAA BB A+ B+ A+ B+ BBB AAA BBBB BBBBBB+ A BBB AAA BBBA+ A EV* 252 134 201 157 82 120 612 385 126 81 115 61 239 58 186 57 86 218 106 194 387 73 125 102 93 69 118 86 219 56 BV/ EV 12% 21% 13% 16% 29% 19% 4% 6% 18% 28% 19% 36% 9% 36% 11% 36% 24% 9% 19% 10% 5% 27% 16% 19% 20% 27% 16% 21% 8% 32%
95 96
NEW NEW
18 17
NEW NEW
NEW NEW
A BB
59 201
30% 9%
127 128
NEW NEW
11 11
NEW NEW
NEW NEW
A+ BBB
100 44
11% 25%
in US$ millions Rank 2012 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 2011 NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW Club Tianjin Teda FC Kyoto Sanga FC JEF United Ichihara Chiba Getafe CF Club Atlas Chunnam Dragons Sadd SC Melbourne Victory FC EC Juventude New England Revolution Shanghai Shenhua FC FC Dynamo Kyiv Olympiacos FC Colo Colo Orlando Pirates FC Orlando City SC Kaizer Chiefs FC San Jose Earthquakes Sydney FC FC Bunyodkor League Wanda Plaza Chinese Football Association The J. League Division 1 The J. League Division 1 BBVA Liga Primera Divisin K-League The Qatar Stars League Hyundai A-League Campeonato Brasileiro de Clubes da Srie A Major League Soccer Wanda Plaza Chinese Football Association Ukrainian Premier League Superleague Greece Campeonato Nacional Petrobras South Africa Major League Soccer South Africa Major League Soccer Hyundai A-League Uzbekistan Professional Football League Brand Value 12 11 11 11 10 10 10 10 10 10 10 10 9.2 8.9 8.8 8.8 8.7 8.7 8.6 8.3 8.2 8.2 8.1 8.0 8.0 7.6 7.6 7.5 7.2 7.1 7.0 11 NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW %** NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW NEW Brand Rating BBB+ BB+ BB+ B+ A BBB+ BB BBBB+ BB+ BBB BBBBBBBB BB BBB BB BBBBBBBA A AA+ BBB A+ A+ BBBBBBBBBB EV* 42 55 56 129 72 40 32 28 112 38 43 177 237 34 55 29 52 34 24 36 65 105 160 33 130 71 21 25 25 45 BV/ EV 26% 19% 19% 8% 14% 25% 31% 35% 9% 25% 22% 5% 4% 26% 16% 31% 17% 25% 35% 23% 12% 8% 5% 24% 6% 11% 35% 28% 28% 15%
Club Universidad Nacional Primera Divisin Deportivo Toluca FC Racing Club Changchun Yatai FC San Lorenzo de Almagro CA Independiente Adelaide United FC Qingdao Jonoon FC Henan Construction FC Maccabi Tel Aviv FC Primera Divisin ThePrimera Divisin Wanda Plaza Chinese Football Association ThePrimera Divisin ThePrimera Divisin Hyundai A-League Wanda Plaza Chinese Football Association Wanda Plaza Chinese Football Association Israel Superleague Greece Primera Divisin
159 160
NEW NEW
6.9 6.8
NEW NEW
NEW NEW
BBBA+
170 71
4% 10%
Kingfisher East Bengal FC I-League Associao Portuguesa Campeonato Brasileiro de Clubes da Srie A
33
Appendix 2
in US$ millions
Country
ENG GER ESP ITA FRA TUR NED RUS UKR SUI DEN BEL NOR POR ROU SCO SRB AUT POL SWE GRE KAZ MDA ISR CYP HUN BLR CZE CRO BUL SVK ISL
League Name
Barclays Premier League Fuball-Bundesliga BBVA Liga Serie A TIM Ligue 1 Orange Spor Toto Sper Lig Eredivisie SOGAZ Russian Football Championship Ukrainian Premier League Axpo Super League The Danish Superliga Jupiler Pro League Tippeligaen Liga ZON Sagres Liga I Bergenbier Clydesdale Bank Premier League Jelen SuperLiga sterreichische Fuball-Bundesliga T-Mobile Ekstraklasa Allsvenskan Superleague Greece Kazakhstan Premier League DIVIZIA NAIONAL Ligat Winner Laiki Bank League OTP Bank Liga Vysheyshaya Liga 1. Gambrinus liga MAXtv Prva Liga Victoria A Football Group Corgo Liga Pepsi-deildin
Brand Value
4,170 3,038 1,531 1,122 849 431 422 376 291 201 155 150 108 108 102 96 77 70 54 50 44 39 36 32 27 19 18 18 10 9 9 8.2
BrandRating
AAA AA+ AA A BBB B+ BBB B+ B+ BBB+ BBB+ BB+ CCC BBBCCC B BBB CC C BBBCC CC CCC CCC CC CC B
34
Country
FIN AZE BIH SVN IRL NIR MKD MNE LIE LUX FRO LVA WAL GEO MLT LTU AND ARM ALB EST SMR
League Name
Veikkausliiga Unibank Premyer Liqas Premier League of Bosnia and Herzegovina Slovenian PrvaLiga Airtricity Premier League Carling Premiership First Macedonian Football League First League of Montenegro Axpo Super League Luxembourg National Division Effodeildin VIRSLIGA Corbett Sports Welsh Premier Football League Umaglesi Liga BOV Premier League General Financing A Lyga Lliga andorrana de futbol Armenian Premier League Kategoria Superiore Meistriliiga Campionato Sammarinese di Calcio
Brand Value
6.4 5.8 5.7 4.6 4.5 4.4 3.3 3.2 3.1 2.6 1.9 1.6 1.4 1.3 0.8 0.7 0.6 0.6 0.6 0.4 -
BrandRating
CC CC CC CC CC CC C CC CC CC B C C CC CCC C CC C CC C C
35
www.brandfinance.com
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