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BRANDFINANCE football 50

®

The annual report on the world’s most valuable FOOTBALL brands | MAY 2013

Fussball’s Coming Home
Bayern Becomes Football’s Most Valuable Brand

2 | BRANDFINANCE® football 50 | MAY 2013

Contents

Contents
BRANDFINANCE® football 50
The BrandFinance® Football 50 is published by Brand Finance plc and is the only study to rank the top 50 most valuable Football clubs

Brand Finance plc 3rd Floor, Finland House, 56 Haymarket, London SW1Y 4RN United Kingdom Tel: +44 (0) 207 389 9400 Fax: +44 (0) 207 389 9401 www.brandfinance.com enquiries@brandfinance.com

3 Executive Summary 4-5  The BrandFinance® Football 50 final results 6 Our Verdict 7-15 A Deeper Look at the top 10 16-18 What the Clubs Say; Arsenal, Spurs & Juve 19  Glaze of Glory: Manchester United and The Glazers 20 Bundesliga vs Premier League 21  Football Shirt Brands: Cutting a Fine Figure 22  Sponsorship: The Growing Value of Football Sponsorship 23  The Strength of the Brand: A Brief Look at KPI’s 24  Methodology: How Were the Rankings Compiled? 25 About Brand Finance & Our Services 26 Contact details 27 Appendix 28-29 USD table 30-31 GBP table 32-33 EUR table

MAY 2013 | BRANDFINANCE® Football 50 | 3

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

4 | BRANDFINANCE® football 50 | MAY 2013 BrandFinance Football 50 TOP 50 FOOTBALL BRANDS 1-25 Brand Value Rank 2013 1 Club FC Bayern München Manchester United FC Real Madrid CF FC Barcelona Chelsea FC Country Germany 2013 USD MILLIONS 860 2012 USD MILLIONS 786 change 9% Brand Rating AAA 2 England 837 853 -2% AAA+ 3 Spain 621 600 4% AAA+ 4 Spain 572 580 -1% AAA 5 England 418 398 5% AA 6 Arsenal FC England 410 388 6% AA+ 7 Liverpool FC Manchester City FC AC Milan Borussia Dortmund England 361 367 -2% AA 8 England 332 302 10% AA- 9 Italy 263 292 -10% AAA- 10 Germany 260 227 15% AA 11 FC Schalke 04 Tottenham Hotspur FC Juventus FC AFC Ajax FC Internazionale Milano Hamburger SV Galatasaray AŞ Olympique de Marseille SC Corinthians Paulista SSC Napoli Olympique Lyonnais Fenerbahçe SK Bayer 04 Leverkusen Paris Saint-Germain FC VfB Stuttgart Germany 259 266 -3% AA- 12 England 219 225 -3% AA 13 Italy 180 160 12% AAA- 14 Netherlands 162 184 -12% AA 15 Italy 151 215 -30% AA+ 16 Germany 144 153 -6% AA 17 New Turkey 116 NEW NEW A+ 18 France 111 168 -34% AA- 19   Brazil 103 77 34% AA 20 Italy 101 85 20% AA- 21 France 101 120 -16% AA- 22 New Turkey 95 NEW NEW A+ 23 Germany 90 64 41% AA- 24 France 85 64 34% A+ 25 Germany 83 71 18% A+ .

MAY 2013 | BRANDFINANCE® Football 50 | 5 BrandFinance Football 50 TOP 50 FOOTBALL BRANDS 26-50 Brand Value Rank 2013 26 Club 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 Beşiktaş JK Club Atlético de Madrid Santos Futebol Clube São Paulo FC Country Spain 2013 USD MILLIONS 83 2012 USD MILLIONS 68 change 22% Brand Rating AA- 27 Germany 82 66 25% A 28 Italy 82 85 -3% AA 29 England 82 70 17% A 30 England 81 86 -6% AA 31 England 80 87 -8% AA- 32 Germany 79 68 17% AA- 33 England 78 79 0% AA- 34 England 75 65 16% A+ 35 England 72 66 10% A+ 36 New Turkey 71 NEW NEW A+ 37 Spain 67 50 34% AA- 38 New Brazil 65 38 70% AA 39   Brazil 62 58 6% A+ 40 PSV Eindhoven Stoke City FC SL Benfica Sevilla FC Celtic FC CR Flamengo Netherlands 61 74 -18% AA- 41 England 59 55 6% A+ 42 New Portugal 56 NEW NEW A+ 43 Spain 56 49 14% AA+ 44 Scotland 55 64 -13% AA- 45     Brazil 55 46 20% A+ 46 SC Internacional Brazil 55 51 8% A+ 47 West Bromwich Albion FC FC Girondins de Bordeaux ACF Fiorentina SS Lazio SpA England 54 NEW NEW A 48 France 53 76 -30% A+ 49 Italy 52 46 15% AA- 50 Italy 52 46 12% AA- .

• Spanish and Italian football again sees tough economic conditions hamper their growth. We have recently seen Arsenal. 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. This year’s table sees a more diverse portfolio of sectors taking up shirts sponsors as more companies recognise the branding benefits the beautiful game can bring. • The Milan Contingent is struggling with aging stadia. while rivals AC Milan see a less dramatic fall in value to $263m.6 | BRANDFINANCE® football 50 | MAY 2013 Our Verdict Welcome to the BrandFinance® Football 50 2013 report highlighting the world’s most valuable Football brands. Manchester United’s deal with Chevrolet set a new record when it announced the $559m 7 year agreement. the strongest rating available. . Combined with this competitive landscape is the continued sophistication of the jersey. • The two significant US brands in Warrior and Under Armour have fuelled an upward trend in annual payments that suppliers are willing to be aligned with such an irresistible platform. On pitch success coupled with some of the strongest financials in sport sees their brand grow to $860m. Whilst revenues in the Brazilian game remains well below European equivalents. Their value falls marginally to $837m. while SC Corinthians Paulista ($103m) take the honour of highest ranking nonEuropean club. • On the front of the shirts. Both however are feeling the pressure of new market entrants Warrior and Under Armour. This shows that top level sport is largely recession proof with almost all clubs reporting solid revenue increases. • Outside the top 50 we have seen some other interesting branding trends with the most extreme being Cardiff City where we saw the “bluebirds” go red to expand the clubs appeal in “international markets”. Qatar Airlines burst into the sports sponsorship arena and its offer of $38m per year was enough to lure Barcelona to breaks its 103 year tradition of not having a corporate brand on its shirt. Galatasaray AŞ are our highest ranking Turkish team valued at $116m. falling attendances and crowd trouble. • Providing the kits to the top 50 now sees 10 separate providers in this hotly contested and increasingly technical marketplace. For supplier brands. They are just ahead of FC Barcelona at $572m. • Manchester United FC drop to second place. with many top teams filling their stadiums week-in week-out coupled with healthy season ticket waiting lists. FC Bayern München take the number one spot after a tremendous domestic and European season. the awareness that top tier football provides combined with the return on investment available from replica sales makes kit supplying an attractive investment. Emirates continued their deep affiliation with the game and now sponsor 4 of the top 25 teams. • Average brand growth across the top 50 is a healthy 7% outpacing their domestic economies. • This year’s edition of the BrandFinance® Football 50 sees a new champion. A failure to build on last season’s success despite the highest wage bill in Europe has seen Italian manager Roberto Mancini shown the door. Clubs are not resting on their laurels with all working hard to improve the match-day experience via new technology and upgrades. The club’s recent pioneering announcement to stretch the brand into another market teaming up with the New York Yankees to form a new MLS franchise opens up a new dimension of commercial and fan experiences for the club. optimised by the fact that Lyon “the City of Light” will have a “glow in the dark” feature on its new third kit. • Elsewhere. the departure of Sir Alex Ferguson leaving uncertainty over whether the Red Devils can continue their success without him. Adidas lead the pack with 18 supplier contracts while Nike follows with 14. Manchester City and Lazio leave long-term supplier relationships to enter more lucrative shirt deals. but is still only one of two football brands deserving of an AAA+ brand rating. • Attendances have remained solid. Despite this both Spanish giants have grown. this year we saw a continued rise in the average price paid by sponsors to be associated with top 50 clubs. • Juventus FC ($180m) and SSC Napoli ($101m) both continued their return to form at the expense of FC Internazionale Milano who take another dip after a poor season to $151m. the top 50 contains 5 Brazilian clubs headed up by Corinthians in 19th place. • Manchester City FC enjoyed a 10% jump in brand value to $332m despite a disappointingly trophy less season. Turkish and Brazilian brands made great strides thanks to their booming emerging economies and passionate domestic fanbases. • Beyond Europe. Real Madrid CF up to $621m. the combination of the FIFA World Cup 2014 and 2016 Summer Olympic Games being held in Brazil is driving an influx of investment into the sporting sector and will provide opportunity for the country to shine on a global platform.

MAY 2013 | BRANDFINANCE® Football 50 | 7 The Top 10: Profiles Worthy winners Over the next 6 pagesare mini-profiles of the world’s 10 most valuable football brands. starting with this year’s winner FC Bayern München. 01 FC Bayern München 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 domestic title was secured as early as April and saw Bayern end with a massive 25 point margin over 2nd place Dortmund.000 members showing the its enduring popularity. it is one of the clearest indicators yet that there has been a step change in outside perceptions of the Bundesliga. we anticipate 2012/13 is likely to have produced a record year of turnover for the club and help add another year of profit to its impressive financial track record. which you milk. With highly rated Josep “Pep” Guardiola joining the club for the 2013/14 season. . the fact that most German football is televised on free to air channels domestically. the club is working proof that silverware and profit are not mutually exclusive in the beautiful game. It is also worth highlighting the financial stability of the club that sets it out from its European rivals. media and commercial) and with many of Bayern’s commercial deals being performance-linked. With Bayern being the leading club in Europe’s largest economy. on Saturday 25th. Bayern Munich really is the game’s commercial powerhouse. Alongside its commercial clout. Whilst much of its financial prudence is driven by strict Bundesliga guidance. Its $860 value is driven by on-field success backed by off-field stability and scale. To do this. the 2012/13 season has been one of domestic domination.8 | BRANDFINANCE® football 50 | MAY 2013 The Top 10: Profiles 01 1 FC Bayern München 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. Though German media deals are dwarfed those of some other European clubs. Deutsche Telecom and Adidas provide contracted and visible revenue streams for the club to invest into one of the World’s most talented and exciting squads. the cheapest is an astronomical £985. The next challenge for Bayern to ensure it stays on top of the brand value league is to devise a strategy to drive further revenue growth. As President Uli Hoeness famously said this year. Adidas. they have been able to leverage commercial deals to maximise this position. The free-flowing football was further visible on the European stage where the world watched them humiliate arguably the greatest ever football team. “We do not think the fans are like cows. Then. Trophies bring inflows to all three revenues streams (match day. Long standing (and ownership) ties with Audi. helps feed greater commercial appetite for sponsorship deals. With a commercial revenues stream alone in excess of €200m. The club’s spectacular Allianz Arena is consistently full and it now has over 170. That’s the biggest difference between us and England”. 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. Bayern has toppled Manchester United to become the World’s most valuable football club brand. Now a global title can be added to the list. Barcelona. The club comfortably meets UEFA’s financial fair play criteria and will see little discomfort as this is fully rolled out. it will need to see if it can transcend its domestic dominance and attract a global audience. More impressive still is that Bayern top the brand value table whilst charging fans a fraction of Premier League clubs for equivalent matches. Bayern’s cheapest season ticket costs €123 whilst at Arsenal. the European title was secured. It can and in Brand Finance’s view will. truly challenge the Spanish and English leagues for European dominance.

to tap into the World’s largest economy. there is no denying that Manchester United has global awareness and stature that many of its peers are vying to replicate. Whilst the club has published questionable statistics about its global fanbase (claiming 659m people worldwide support the club).United is following a “more is more” strategy and believe the brand has the strength to be further stretched. fans and investors alike will be waiting to see if David Moyes can deliver. The club’s partnership with multiple telecom providers affords it access to followers in over 40 countries and its website. At last count it has no less than 40 commercial partners set around a structured sponsorship matrix based on specific sectors and territories. The magnitude of the recent Chevrolet deal is testament to the global brand that the club has built particularly under the Glaziers’ guidance. the challenge for the brand will be how to monetise this channel. BRAND VALUE $837m AAA+ -2% BRAND RATING ANNUAL VALUE SHIRT SPONSOR $31m KIT MANUFACTURER ANNUAL VALUE $38m . the club has also installed a significant training ground naming rights deal with Aon worth £160m over eight years. The club continues to operate a regional and sectoral approach to recruiting commercial partners and throughout 2012-13 has continued to add new partners. To fuel this approach it has opened a commercial office in Hong Kong to be closer to the expanding number of existing and potential commercial partners in the region. It has also mooted that the club is soon to open an office in its owner homeland.Sir Alex Ferguson. At over £50m per year. to its successful TV channel and far flung tours across the globe. Whilst this connectivity is still in its infancy. Whilst many top clubs are condensing their partnerships along the “less is more” path. The fact the club can demand a greater value on naming its training ground than many can generate from naming rights on its main stadium demonstrates the potency of United’s brand. The club is once again setting the mark through an impressive social media strategy to connect with its ever expanding global fanbase. receives over 60 million page views per month. this is more than a five-fold increase on the £9m annual shirt sponsorship deal in place with Vodafone when the Glaziers arrived in 2005. is keen to remain involved with the club in another dimension and would suggest a positive Return on investment (ROI) is being generated. from innovative new commercial deals. however the departure of the clubs ultimate “brand manager”. now available in seven languages. It is also encouraging that the club current shirt sponsor. The Red Devils have delivered another successful year both on and off the field.MAY 2013 | BRANDFINANCE® Football 50 | 9 The Top 10: Profiles 02 2 Manchester United FC With Sir Alex Ferguson announcing his retirement. Manchester United has always been at the forefront of setting brand trends in the game. Aon. United’s commercial success has been underpinned by its consistent on-pitch performance. the USA. leaves a question mark as the club enters a new era. Alongside the traditional front of shirt sponsor. Manchester United suffers another blow as the club loses its status as the World’s most valuable football brand.

It is a tantalising prospect for anyone to see two of the world’s most exciting talents. “I want a stadium that doesn’t look like a stadium and is profitable”. has a capacity of 98. Coca Cola and Movistar in addition to kit and shirt sponsorship from Nike and the Qatar Foundation. cementing its position of 4th in the BrandFinance® Football 50. Away from the field. 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. which will squeeze Madrid’s media income. although this is set to move to a collective basis shortly. the club can ill afford another unsuccessful season and the appointment of a new manger could be crucial to maintaining the clubs top three standing. Europe’s largest football stadium. Such profitable infrastructure has allowed FC Barcelona to grow revenues by 4. . playing together in the same team. Cruyff and Messi that made the club a multinational institution. the clubs brand value has been dampened by the economic woes of the Spanish economy. that victory was overshadowed by a failure to reach the Champions League or Copa Del Rey final. The distribution of media rights in La Liga continues to be negotiated individually. with club President Florentino Pérez stating. All these elements combined resulted in FC Barcelona producing an “historic” €48m profit. For the 4th consecutive summer the team will complete a tour of the US. Although Barça won La Liga this season. Redevelopment plans are currently being tendered to transform the Bernabéu.5 million replica shirts last season alone. The club missed out on the rewards of additional trophies this season and so the players and coaching staff forfeited bonuses of €12m. let alone to reclaim the title of World’s most valuable football brand. leaving them stuck in third place in the BrandFinance® Football 50.787. Impressively they have managed this without compromising their football on the pitch. Mourinho tested the Real Madrid “blue book” during his reign. the club operates an expanding (and very successful) merchandising operation – the club sold over 1.5% this year to almost €494m. The Catalans will be hoping the signing of the hugely marketable Brazilian superstar Neymar will continue the traditions of Maradona. Under the financial stewardship of Javier Faus and Sandro Rosell.000. 4 FC Barcelona BRAND VALUE $572m AAA -1% BRAND RATING ANUAL VALUE SHIRT SPONSOR $38m KIT MANUFACTURER ANNUAL VALUE $46m FC Barcelona’s brand value remained stagnant this year as concern grows that Pep Guardiola’s trophy filled golden era is drawing to a close. The Nou Camp. The star studded Barça squad playing attractive football has allowed these attendance figures to steadily rise and there is no reason this will not continue.10 | BRANDFINANCE® football 50 | MAY 2013 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. Messi and Neymar. the club is nurturing a strong following in both North and South America.000 and 84. Whilst its 2011/12 season generated the largest revenues in the game (€513m). The club has expressed an interest in increasing the matchday and commercial buckets to help continue its growth. with average attendance figures ranging between 79. FC Barcelona have been able to embark on a successful strategy of cutting costs and securing long term partners such as Audi.

With its listed shares at an all-time high. with the manager count during the Abramovich reign now in double digits. This includes the exchange of knowledge in sport science. which boosted all three revenue streams. 06 5 Chelsea FC Chelsea has enjoyed a 5% jump in brand value following Champions League and. The club now needs to feed its increased revenues into on pitch talent to end its eight year trophy drought.MAY 2013 | BRANDFINANCE® Football 50 | 11 The Top 10: Profiles 05. The club has been criticised in recent years for its poor commercial revenues relative to its peers. it would take a brave investor to see where they could eke out a return. more recently. We expect to see more collaborations of this manner throughout football as different sports recognise the synergies and commonalities that exist. Reported to be worth £30m a year. Speculation is still rife about a potential takeover approach for the club. However. 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. earlier this month it announced a record breaking kit deal with Puma. Gazprom Audi and more recently Singha Beer. High staff turnover has continued however. significantly increased extension of shirt sponsorship and naming rights has been agreed with Emirates Airlines through to 2019. Arsenal is unique in that match-day revenues continue to be its largest income stream. 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. In addition. Alongside these global brands it has added Delta. demonstrating the increasingly global appeal of the Chelsea brand. The club also has in place an innovative branding partnership with F1 team Sauber. merchandising. BRAND VALUE $410m AA+ +6% BRAND RATING ANNUAL VALUE SHIRT SPONSOR $8m KIT MANUFACTURER ANNUAL VALUE $20m . events. marketing and linked sponsorship opportunities. valuing the club at just over £1bn. focusing on ways to enhance sporting and business performance. it has enjoyed great stability with its long standing commercial partners Adidas and Samsung. This continued managerial merry-go-round along with its limited stadia capacity is weighing on the Chelsea’s ability to challenge the Brand Finance Football 50’s ‘Big Four’. launching joint commercial initiatives. The Emirates Stadium continues to sell out and be one of the highest yielding stadia in the world. the deal was enough to see the Gunners end a 20 year alliance with Nike. Europa League success. Whilst the club has lacked consistency on the pitch. off the pitch its fortunes have been more impressive. either from one of its current wealthy shareholders or an external consortium.

This deal saw Liverpool move away from a 22 year relationship with Adidas and take a gamble on Warrior’s first foray into the ultra competitive football apparel market and away from its lacrosse and hockey roots. recently opening a commercial office in the centre of London. With one of the largest wage bills in Europe the club needs on pitch success to drive all three revenue streams to make a sustainable business operation – this will soon become compulsory as Financial Fair Play kicks in. the club has taken the pioneering move in acquiring the rights to Major League Soccer’s 20th expansion franchise from 2015 in a partnership with baseball team the New York Yankees. Whilst match-day and media revenues are largely dictated by on-field activities. Outside these traditional sponsorship avenues. 08 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. the 2012-13 season saw the first evidence of the club’s impressive deal with new market entrant Warrior.12 | BRANDFINANCE® football 50 | MAY 2013 The Top 10: Profiles 07. 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. The fact it happened on the anniversary of winning the Premier League title shows the strong desire of the Abu Dhabi based owners. Liverpool must return to the European stage to drive all three revenues streams. Long term. . it also opens the club up to greater branded merchandise opportunities previously contracted out in the Adidas deal. losing in the final of the FA cup to underdogs Wigan and a disappointing Champions League outing led to the sacking of Roberto Mancini. as well as a new kit supplier partnership with Nike worth £12m per year being rolled out for the 2013/14 season. City has been frantically trying to catch up with its neighbours to boost commercial income. Despite the shrewd business and marketing minds now steering the club. whilst the deal alone represents a 100% increase in value. it shows the commitment of the club to take the brand global and compete with their neighbours both on and off the pitch. 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. With a brand new shirt supplier. lucrative deals are currently in place with Etihad for naming rights and shirt sponsorship. Football clubs tend to move slowly when it comes to visual identity changes and it speaks positively of Liverpool and Warrior’s relationship that they recognise the opportunity and have the conviction to make such a change. Whilst the deal has only just been announced and full details of ‘NYCFC’ are yet to emerge. However. Drawing inspiration from Liverpool’s 1964/65 kit they have reintroduced the iconic yellow Liver Bird emblem last seen on the shirt in 1985 during the club’s golden era. Liverpool’s tremendous heritage has not gone unnoticed by kit supplier Warrior. akin to their red rivals.

the club is constrained by its aging San Siro home with its match-day revenues making up less than 15% of its €257m turnover. exclusivity and value for a more select number of sponsors.000 seat stadium and the club broke a European record for season tickets for the third year in a row. In 2010. Highly rated manager Jürgen Klopp will be key to maintaining this brand of football. the challenge is now for the club to try and spread this intensively to a global audience. with more than 54. The club brand is still very much contained to domestic appeal. BRAND VALUE $260m AA +15% BRAND RATING ANNUAL VALUE SHIRT SPONSOR $20m KIT MANUFACTURER ANNUAL VALUE $8m . but with more and more clubs seemingly afflicted by the increasingly unpredictable reshuffling of football management. which saw it reduce its commercial partners in a drive to provide greater visibility. However. Whilst very much a domestically focused brand. Unfortunately this may prove challenging as the club does not own its own stadium. the club has completed a “black and yellow” miracle in its turnaround of fortunes that has seen the club go from the verge of bankruptcy in 2005 to the Champions League final. The club had a relatively disappointing domestic and European campaign this season. The strategy appears to be working as the club has seen commercial revenues grow significantly since implementing the “less is more approach”. however it consistently fills it 79. which includes recently extended deals with shirt sponsor Evonik Industries and stadium naming rights holder Signal Iduna. 10 9 AC Milan AC Milan has suffered a bigger drop in brand value than any other in the top 10.MAY 2013 | BRANDFINANCE® Football 50 | 13 The Top 10: Profiles 09. instead the Stadio Giuseppe Meazza is owned by the City of Milan.000 sold for the 2012/3 season. tiered sponsorship structure. for the club to climb the ranks. Similar to many of its Italian peers. They have reportedly already found a location for a new 60. BRAND VALUE $263m AAA- -10% BRAND RATING ANNUAL VALUE SHIRT SPONSOR $16m KIT MANUFACTURER ANNUAL VALUE $13m 10 Borussia Dortmund Domestic success in 2011/12 and this season’s Champions League final spot helped Dortmund enter the top 10 of the BrandFinance® Football 50 for the first time. The club’s long-term marketing agreement with Sportfive provides the platform for strong commercial performance.000-seat Stadium. the club bravely introduced a disciplined. it needs to invest in its fixed assets to improve its match-day offering. taking a leaf out of Juventus’ book. The Dortmund identity is based on ‘intensity’ and is reflected in how they play. the Dortmund club may struggle to hold onto what could be a very successful brand manager. Co-tenants FC Internazionale Milano seem to be the most proactive in this area.

14 | BRANDFINANCE® football 50 | MAY 2013 Top 10 historical overview 2013 The diagram below charts the rise. 1000 FC Bayern München 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 0 2007 2008 2009 2010 2011 2012 2013 AC Milan win Champions League AC Milan finish 5th in Serie A. Bayern Munich’s rapid rise and the emergence of Dortmund shows the growing significance of the Bundesliga. fall and rise of the world’s 10 most valuable football brands over the past seven years. Bayern Munich win the Champions League . 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.

Bordeaux and Olympique Marseilles have fared the worst.MAY 2013 | BRANDFINANCE® Football 50 | 15 Winners and losers Bayern Munich has clinched the title of 2013’s most valuable football brand with this year’s biggest gain in brand value ($68 million). BRAND VALUE CHANGE (%) Santos Futebol Clube Bayer 04 Leverkusen SC Corinthians Paulista Paris Saint-Germain FC Club Atlético 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 München 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 () . Inter Milan. all recording brand value falls of over 30%.

like the rest of the Club’s staff. We know that supporter pride is driven primarily by success on the pitch and this means winning trophies. Everyone that works for the Club understands that we will fulfil our goal of making fans proud by being together. tours etc) have when compared to the effect of on-pitch success? What do you view as key territories for further brand growth? In our opinion. to provide the players with clear parameters whilst using their individual appeal and profile to enhance and support the Club’s own initiatives. The players are undoubtedly the Club’s primary asset and we work hard to ensure that they. The growth in digital and social media means that many players now interact directly with supporters. As a genuine global Club with millions of fans all over the world. advertising & marketing. it is easier for the Club to interact on an individual basis and develop potential commercial revenue streams. How much impact can off-pitch activities (charitable efforts. Players are obviously key to your image. how do you manage the risks that they may personally damage the club’s brand? How do you balance the dual role of fans as both customers from whom you must make money and supporters/brand ambassadors? We know that as a Club we have an avid following all over the world and while the vast majority will never make it to an actual Premier League game. our focus on developing youth talent. we are also proud that are our style of play. At Arsenal. tradition and success. whether that’s directly through fan events and activities tied in to our Tour. This final element is a key ingredient of who we are. we have a major focus in a number of different overseas territories. The primary objective is to have as many supporters as possible regularly engaging with the Club across a number of different platforms. the two need to work in tandem to drive real fan engagement and brand value. with our most notable growth currently across Africa and Asia. and while this presents its challenges.16 | BRANDFINANCE® football 50 | MAY 2013 What the clubs say Arsenal Do you have documented set of brand guidelines/values? Arsenal Football Club is synonymous with history. It’s about thinking about others. adhere to our vision and values both on and off the pitch. our broader contribution in the community and our self-financing approach helps us to stand out amongst the crowd and provide additional sources of pride and recognition. 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). or through digital media. through consistent engagement and comprehensive media training. our magnificent stadium. A Club Spokesperson . we are able. always moving forward and doing things ‘The Arsenal Way’. our challenge is to engage with their passion for Arsenal and make all supporters feel a part of the Club wherever they are. getting the detail right and going above and beyond expectations. We believe that the Club exists to make our fans proud wherever they are in the world and however they choose to follow us.

we feel it would be too subjective to do it ourselves we rely on information from Brand Finance and the market. Francesco Calvo. How do you balance the dual role of fans as both customers from whom you must make money and supporters/brand ambassadors? The 1st priority is that the team wins. Do you have a unified return on investment (ROI) metric that you use with all commercial partners/sponsors? 10 years ago sponsors and partners were primarily concerned with buying visibility. We work with Serie A to improve the image of the league overall. unlike most other Italian clubs. Today sponsors are more concerned with gaining access to content and fans. we feel this gives us greater control and a better connection with our fans. China. the club is more important than any one player. This summer we will be competing in the Guinness International Champions Cup in the USA along with Milan and Inter. Indonesia and USA. Australia. We are already beginning to see increased participation and engagement of the fans. Inter. The process of moving to a new stadium took 16 years. Players are obviously key to your image. Do you benchmark/record your brand value in any way? No. In my opinion the Italian league remains an entertaining league due to the number of top sides that compete. Commercial Director .MAY 2013 | BRANDFINANCE® Football 50 | 17 What the clubs say Juventus FC How many people do you have working in your marketing/ brand team? Do you have more than one office? We have no specific marketing team but rather a commercial team covering a range of areas from merchandise to marketing the stadium and the brand made up of 9 people. What impact has the new stadium had on your brand? What do you view as key territories for further brand growth? The focus has always been Italy however we can now look to engage new markets in new ways. Milan. we are continually trying to adapt the brand to keep it modern. Roma. Lazio and Napoli who all compete for top honours. At Juventus we do all our marketing activities in house. In the future we will be looking to local partners in Japan. The German Bundesliga and the Spanish La Liga are dominated by two teams whereas in Serie A you have Juventus. India. 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. Do you have a documented set of brand guidelines/values? In 2006/07 we changed the logo. In terms of intellectual property it is Nike who is reliant on us to protect the IP through our ‘Guardian of the brand”. 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. how do you manage the risks that they may personally damage the clubs brand? There was a Juventus before them and there will be a Juventus after them.

we are at the forefront of charitable efforts and CSR through our Tottenham Hotspur Foundation. Everything we do is guided by our core principles. caring and inspiring. Do you have documented set of brand guidelines/values? Yes. the ability to monetise support is a seamless outcome of engagement whether it’s direct transactions or value for our partners or broadcasters. volumes of engaged fans across all our channels globally and level of reach and increase in transacting supporters. Our main bench marks are based around tangible indicators of brand value i. Our brand’s visual identity has comprehensive guidelines around the use of our badge as well as how we achieve a cohesive brand look and feel across every Club touch point. merchandise etc. This has earned the Club a reputation for being responsible.provide a sense of belonging and make them feel part of the Club. Yes in that we commission independent analysis from trusted industry sources in order to put a valuation on both the tangible and intangible elements of a partners package of rights. merchandising and licensing. estimated size of our fan base in key territories.e. Our aim is to bring all our fans closer to the Club . Players are obviously key to your image. 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. The Club has a comprehensive set of guidelines that set out our brand proposition. How much impact can off-pitch activities have when compared to the effect of on-pitch success? What do you view as key territories for further brand growth? Our primary focus outside the domestic market is the USA and Asia.18 | BRANDFINANCE® football 50 | MAY 2013 What the clubs say Tottenham Hotspur FC How many people do you have working in your marketing/ brand team? Do you have more than one office There are eight members of the marketing team including two digital specialists. growth in commercial revenues. who attend events on a weekly basis. corporate real estate. The Foundation runs a vast number of programmes which are fully supported by the players and coaching staff. promotional rights and money can’t opportunities. We use current market media and branding valuation data and measures to put values on each element of the partnership e. If we achieve this. By way of example. We constantly liaise with the players regarding new trends and the best ways to communicate. How do you balance the dual role of fans as both customers from whom you must make money and supporters/brand ambassadors? Do you benchmark / record your brand value in any way? Yes. values and tone of voice and outlines a clear narrative of what our brand stands for. Do you have a unified return on investment (ROI) metric that you use with all commercial partners/sponsors? What we do off the pitch is also important in determining our brand values and gaining new supporters and both on and off pitch activities are mutually supportive. Our supporters Club network has grown by around 40% in the last season.g. Our global coaching programmes also take the ‘Tottenham style’ of play to grass roots football at schools and colleges. fan base development – global TV audiences for our matches. 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. The team are all based at the stadium. hospitality and ticketing. which is dedicated to utilising the power of football to engage young people and create life changing opportunities. event and facility usage. Emma Taylor. Head of Marketing . We have seen significant growth in the USA following our 2012 Tour. 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. 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. media. how to you manage the risks that they may personally damage the club’s brand? The players have a duty to represent the Club in the best way at all times and all are made aware of this responsibility.

It has recently setup a commercial office in Hong Kong to service its Asian partners and has been open about its desires to setup a similar office in America. The Glazers remain close lipped about their exit strategy. In an 8 year period. which sees it with commercial relationships with over 40 partners serving many territories. relative to their US sporting experience. Driving this commercial gain is the fact that the club truly recognise the brand asset that they own and have set about a clear strategy to invest and get exponential returns on this investment. the club has seen overall revenues almost double with the commercial stream providing the main impetus. Whilst this strategy could dilute weaker brands. in 2005 the Club has seen revenues double bouyed primalry by the every increasing number and value of commercial deals. The brand and its strategy featured heavily in last year’s IPO prospectus and the club is very pro-active in seeking out new partners. Credit needs to go the commercial team behind the brand.540 40+ 20 3 75. bloomberg . The club had devised a clear territorial and sector approach to commercial partners. who are consistently inventing new partnership opportunities. Manchester United is confident they have the global awareness and brand strength to pursue such a strategy.MAY 2013 | BRANDFINANCE® Football 50 | 19 Manchester United and The Glazers Glaze of Glory? Love them or loathe them its hard to dispute the impressive numbers generated under the Glazers guidance at Old Trafford. the club recently took the bold move to back out of a “revolutionary” training kit deal with DHL as they felt they could command a greater return on the opportunity. the figures demonstrate what a great job the Glazers have overseen. Since taking over the club.398M $293M AA $294M 2013 $2. Revenue split $150(m) $159(m) $122(m) $86(m) $86(m) $178(m) Matchday Shirt sponsor Media Commercial (deal signed 2013. but with shares currently trading at an all time high valuing the club at close to $3bn. Following a succesful IPO in New York in 2012 the clubs shares are currently trading at an all-time high valuing the business at almost £2bn 2005 Market Cap Brand Value Brand Rating Annual Revenue $1. shirt sponsor from 2014) Annual shirt sponsor value Kit supplier Commercial Partners Domestic Titles European Cup / CL Ground capacity S16m $68m 10 15 2 67. Brand Finance league table.811 Sources: Company accounts.888M $837M AAA+ $486M Since acquiring Manchester United in May 2005 the Glazers have set about extracting the “unrealised” commercial potential they saw within the club. press reports.

328 3 45.000. only 38% of total income goes to players and coaches whereas in the EPL the figure is far greater at 64%.133 75.468 137 49% 24. The EPL derives a third of its views from Asia and a quarter from Africa and the Middle East allowing the league to distribute over €1.022 301 1 68% 13. These low ticket prices coupled with large modern stadiums has allowed the German top division to attract the biggest average attendances in the world. By comparison the Bundesliga only generated €519m.80 12 79. selling more merchande and enabling higher ticket prices.3bn in broadcasting revenue to its clubs.387 2 .6% 2. A club that is both successful as a business and as a sporting endeavour is a force to be reckoned with and the Bundesliga may have found the perfect balance.148. the commercial space.677 2 34. With this recognition comes an opportunity to patch up poor broadcasting deals with foreign markets. EPL average ticket prices are three times higher. Not until this is fixed and incorporated into the financially responsible model of German football will the Bundesliga truly be able to challenge the EPL on a level playing field. this has forced the German clubs to concentrate on leveraging their brand elsewhere.521 1 English Premier League 1992 20 43. But despite the record attendances the low prices are limiting match-day revenues. 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. Commercial success allows clubs to sustainably create on-pitch success through the acquisition of better players.3% 0. with an overall profit for the Bundesliga of €55m. averaging 45.3% 4. hiring of better staff and capital expenditure on better training facilities. In turn. the all-German UCL final as well as big-name foreign coach Pep Guardiola entering the league are early indicators of the step change in global perceptions to come.8bn of revenue compared to the German club’s €2. Broadcasting is the only area the Bundesliga lacks in comparison to their English counterparts and unlike cheap tickets this is not by choice. If trends continue German club football will become better recognised on the global stage.81 3.388 219 65% 27.1% -0.15 6. the EPL made a staggering €245m loss over the same period despite the EPL generating €2. The low ticket prices are a matter of policy for German football and kept purposely low. The Bundesliga has managed this profit through strict cost control. 14 of the Bundlesliga’s clubs made a profit in 2012. unlike in the EPL where free market supply and demand sets prices high.116 13. Bundesliga Formed Clubs Average ticket price 2011/12 (in USD) Total Revenue FY2011 Estimated club average revenue FY2011 ($m) Rank in Europe Average spend on wages as % of revenue Club Revenue Compound Annual Growth Rate 2006-10 GDP Compound Annual Growth Rate over same period Total Transfer Value of League ($m) Average squad value ($m) Foreign player % Average age Champions League Titles UEFA Country coefficients 2012/13 Rank in Europe Average Attendance (2011/12) Total Attendance (2011/12) Largest Attendance (2011/12) Rank in Europe 1963 18 29.349 186 4 52% 8.805. onpitch success helps drive commercial success by attracting better sponsors. Bayern München has the highest reported commercial revenues of any club in the world.1bn.00 7 82.462 80.600 13. Ticket prices in the Bundesliga are low with the cheapest average ticket at about €12.000 spectators per match compared to the second place EPL with 34.20 | BRANDFINANCE® football 50 | MAY 2013 Football leagues Bundesliga vs Premier League Football is a business and with UEFA’s Financial Fair Play looking to curb the advantages given to club’s treated as billionaire playthings the profit generating potential of clubs is only set to become more important.

an equally exciting branding battle is taking place between the kit suppliers. Warrior’s head of football. Bayern Munich. announcing that it will supply kits to Arsenal. the deal was worth a reported £300m. This year’s BrandFinance® Football 50 sees an unprecedented 10 different apparel providers dressing the World’s top teams. Under Armour is another US brand just beginning to capture UK market share. Warrior ‘ ’ 1 4 4 2 2 2 1 1 Kit Supplier Away from the club brands. 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 Germans are hotly pursued by Nike. Adidas leads the pack. 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. . using its deal with Tottenham Hotspur as a market entry tool to tap into the football market and continue its rapid revenue rise. Liverpool brokered the deal over a 12 month period. £170million deal ends the Gunners’ 20 year alliance with Nike. Warrior sports entered the market in 2012 with a deal to supply Liverpool’s kits over a 6 year period. Puma. We do not expect too many further entrants into this busy marketplace. The five-year. said “we are not the sort of brand to keep our head down.MAY 2013 | BRANDFINANCE® Football 50 | 21 Football shirt brands Cutting a Fine Figure £300m to be precise Number of Partnerships with clubs in the BrandFinance® Football 50 18 15 we are not the sort of brand to keep our head down. 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. speaking with all the major kits suppliers before settling on the value and exclusivity that the Warrior deal would provide. is better known in the US market for providing lacrosse and hockey apparel. owned by New Balance. supplying kit to 18 of the top 50 clubs. we are here to shake up the world of football Richard Wright. The average retail price of a team shirt across the top 50 is now over US$75. which has tended to focus on lower tier teams. we are here to shake up the world of football”. The long-term dominance of Nike and Adidas however is being threatened by a raft of smaller brands vying to gain market share. Warrior. including this year’s winners. They were certainly not afraid to spend to achieve it. Richard Wright. a record braking sum. which hold contracts with 14 of the top 50 teams. has re-entered the top 10.

22 | BRANDFINANCE® football 50 | MAY 2013 Sponsorship The Growing Value of Football Sponsorship Sponsorship is a huge investment opportunity for corporate brands seeking to expand their global reach and raise awareness amongst new customers in new markets. online and pitch side advertising invested in heavily by betting businesses such as Bet 365. mobile. making it the largest deal of its kind. strengthening and maintaining their brand image see football brands as the ideal vehicle. The increasing emphasis on running clubs as a viable business creates an opportunity for traditionally smaller clubs who. Conversely. Unexpected success is the flip-side of this with the potential to reap rewards for sponsors well beyond a relatively modest sponsorship deal as in the case of Swansea City. those that can guarantee European football consistently will attract the best sponsors for the best money. Bet Fred and 32 Red amongst others. Brands seeking to develop in new markets will look to clubs with the strength to raise awareness. Clearly sponsors must also fit with their target audience and brands must have synergy with viewers and supporters alike. 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. The 2014/15 English Premier League (EPL) season will see Manchester United begin a $79 million per year shirt sponsorship deal with Chevrolet. Sponsors 32 RED will no doubt have been extremely happy with the clubs promotion from the Championship. Manchester United are gold standard in this regard. Sponsors must not forget that through their partnerships with the club as an entity they are also associating themselves with the individual stars. Aspirational brands such as cars and airlines as well as some of the world’s most valuable banking and telecoms brands can be found on the shirts of the most successful clubs. Sponsorship revenues are a key component of any clubs income and these sponsorships are often driven by on-pitch success. will be able to break this cycle through innovation and value for money. The top 10 most valuable brands in this year’s report generate an impressive $266m from their shirt sponsorship alone. A look at the top sponsorship deals in world football shows huge investment from brands which believe they share the same ideals that make a football club successful: the pursuit of perfection. United itself is attempting to grow their brand in the US with the Glazer’s pioneering large tour events across the Atlantic. The Uruguayan’s silky skills are vital to the success of the Merseyside club on the pitch which can in turn become off pitch brand success. Shirt sponsorship by betting brands in the Football 50 is now worth US$47 million per annum. Footballers as individuals are notoriously difficult to control at the best of times. It is no coincidence that the majority of adverts at half time are betting adverts. Many clubs have found this leap difficult. The Qatar Foundation is reportedly paying €30 million a year to be the club’s first ever kit sponsor in its 113 year history. with shrewd commercial teams. but his consistent negative antics are no doubt straining heavily on Standard Chartered’s own brand ideals. This uncertainty is however reflected in the size of deal a club can command. lifting the Capital One Cup in February this year. their new deal with Chevrolet signals the car manufactures desire to drive its appeal up in the European market by using the well developed United brand as a vehicle. Away from the top global brands. . leaving an imbalance in football where the smaller clubs cannot challenge the big boys on or off the pitch. The reverse of this has been experienced by Wolverhampton Wanderers sponsor Sporting Bet following the club’s relegation in consecutive seasons. Corporate brands seeking a platform for building. the securing of a 9th place finish in this year’s EPL as well as a first major trophy. not taking into account the raft of secondary deals and kit partnerships.7 billion. In recent years even Catalonian giants Barcelona have chosen to emblazon their traditionally plain shirt with a lucrative sponsorship deal. UEFA Champions League finalists two years running. This should not be surprising with shirts worn by individual players and loyal fans televised to a global audience of 4. hard work & passion. generates $37million per year from a deal with Deutsche Telekom. for example Luis Suarez provides a difficult dilemma for Liverpool’s head sponsor Standard Chartered. 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. Bayern Munich. shirts are prime real estate for sponsors. betting has continued to be a major sponsor of football. 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. Sponsorship in football is not without its risks however with on-pitch success by no means a guarantee. The synergy between these areas is clear with TV.

the staff and the stadium. . player. 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. they are the raison d’etre for any club. but if they don’t have the fundamental product – the players – to win and be successful on-pitch then it is all for naught.MAY 2013 | BRANDFINANCE® Football 50 | 23 Brand strength The Strength of the Brand These are calculated using Brand Finance’s Brand Strength Index analysis. annual reports. • Trophies Ultimately history only remembers winners. stadia are where the clubs “product” is showcased. Without their successful stewardship no club can rise to the top of our rankings.co.354 99. the runner-up is rarely given a shout.957 80.240 Below is a sample of the Key Performance Indicators we look at when accessing the strength of a football brand.257 41.065 81. which benchmarks the strength. Every fan. • Heritage History is something you cannot buy.354 41. easily accessible and well maintained.199 San Paolo 60. • Manager The single most important person at any club and the single hardest job.355 45.031 Utilsation 99% 99% 91% 80% 99% 99% 93% 97% 58% 97% 100% 99% 93% 89% 75% 95% 64% 85% 63% 76% Manager (12/13 season) Jupp Heynckes Sir Alex Ferguson José Mourinho Tito Vilanova Rafael Benítez Arsène Wenger Brendan Rodgers Roberto Mancini Massimiliano Allegri Jürgen Klopp Jens Keller André Villas-Boas Antonio Conte Frank de Boer Managerial Assessment Very Strong Manager Career Win % 52% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Extremely Strong 63% Extremely Strong 67% Good Strong 70% 54% Extremely Strong 56% Satisfactory 42% Extremely Strong 55% Good Strong Satisfactory Good Good Strong 49% 48% 56% 59% 50% 63% 52% 55% 48% 41% 48% 41% Andrea Stramaccioni Satisfactory Thorsten Fink Fatih Terim Elie Baup Tite Walter Mazzarri Good Strong Satisfactory Good Satisfactory Estádio do Pacaembu 40. It is conceptually similar to a credit rating. • Star players Star players win matches and sell merchandise – they can be the key component of strengthening the brand.960 80. Fans and sponsors alike want to be associated with these winners. manager and owner talks in terms of trophies.065 57. websites such as transfermrkt.482 36.264 61.726 80.841 60.901 75.000 52. The data used to calculate the ratings comes from various sources including Bloomberg. risk and future potential of a brand relative to its competitors on a scale ranging from AAA+ to D. 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. • Stadia A vital revenue generator and brand “touch point”.uk and Brand Finance original research.522 47.695 60. strap Key Performance Indicators Club 2013 Brand USD Rating Founded League CL Titles Titles 860 837 621 572 418 410 361 332 263 260 259 219 180 162 151 144 116 111 103 101 AAA AAA+ AAA+ AAA AA AA+ AA AAAAAAA AAAA AAAAA AA+ AA A+ AAAA AA1900 1878 1902 1899 1905 1886 1858 1880 1899 1909 1904 1882 1897 1900 1908 1887 1905 1899 1910 1926 23 20 31 22 4 13 18 2 18 8 7 2 29 31 18 6 19 9 5 2 4 3 9 4 1 0 5 0 7 1 0 0 2 4 3 1 0 1 1 0 Squad UEFA 5y Value Stadium coefficient USD 145 131 137 158 136 114 79 71 94 62 85 70 71 65 106 56 54 79 0 47 578 562 798 806 517 380 327 578 281 342 220 357 433 123 274 141 190 147 94 289 Allianz-Arena Old Trafford Santiago Bernabéu Camp Nou Stamford Bridge Emirates Stadium Anfield Road Etihad Stadium Giuseppe Meazza Signal Iduna Park Veltins-Arena White Hart Lane Juventus Stadium Amsterdam ArenA Giuseppe Meazza Imtech Arena Türk Telekom Arena Stade Vélodrome Size 69. A club can have the heritage.274 52.

please contact: Dave Chattaway Head of Sports Brand Valuation +44 207 389 9400 D. tax and legal users because it calculates brand values by reference to comparably third-party transactions. 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.24 | BRANDFINANCE® football 50 | MAY 2013 Methodology How were the rankings compiled? The Brand Finance Index of ‘The Brand Finance® Football Brands 2013’ was compiled using. 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.com Matt Hannagan Sports Valuation Analyst +44 207 389 9400 M.com . Brand value was derived using a ‘relief from royalty’ method that values brands according to the cost of re-licensing them from a hypothetical third party. Determine forecast revenues referencing historic trends market growth estimates. analyst projections and company forecasts.com Or visit: www. therefore putting future benefits in today’s terms. How do we measure its value? These are calculated using Brand Finance’s Brand Strength Index analysis. For any further information. attendances and global reach amongst others to benchmark the brands against each other. 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. 3. 2. 4. 1. 2. It is conceptually similar to a credit rating. We use the Royalty Relief method. annual reports and Brand Finance research. risk and future potential of a brand relative to its competitors on a scale ranging from AAA+ to D. Brand Valuation Calculation – steps 1-3 are then brought together to determine the NPV of post-tax royalties. competitive forces. It is the most recognised by technical authorities’ worldwide and favoured accounting. This approach assumes the company doesn’t own their brand and must license it from a theoretical third party. Football clubs are made up of a mixture of fixed tangible assets (stadium. The data used to calculate the ratings comes from various sources including Bloomberg. club heritage. market growth and company financials. The βrandβeta® is then applied to find the correct royalty rate for each brand within the range. where available. which benchmarks the strength.Hannagan@brandfinance. 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. 3. Bloomberg. Determine the Discount Rate – this allows us to calculate the net present value (NPV) of the brand’s future earnings. 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. The method ties back to the commercial reality of brands and their ability to command a premium in an arm’s length transaction. internally developed players & goodwill making up the difference to provide the combined clubs value. Our main sources of publicly available data were the Deloitte Football Money League Report. Assess the Brand Strength – we use our BrandBeta® Index which in the case of football clubs scores domestic and European honours. The method determines how much it would cost to do this.brandfinance. individual football club Annual Reports and press releases. publicly available information regarding market share. revenue scale and split. which is the brand value.Chattaway@brandfinance. training ground) and disclosed intangible assets (purchased players) with brand value.

thereby bridging the gap between marketing and finance. IP lawyers and investment banks. Geneva. Helsinki. Istanbul. We apply all of our core service offerings to the sports industry ensuring you get the most out of your partnership and brand assets. tax authorities. Brand Finance is headquartered in London and has a network of international offices in Amsterdam. Madrid. 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.MAY 2013 | BRANDFINANCE® Football 50 | 25 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. Cape Town.com Brand Finance’s services support a variety of business needs: • Technical valuations for accounting. Valuation Sponsor Analytics Strategy Transactions • How much should you pay? • Structure of payments • Competitor research • Brand value tracking • Business case modelling • Sponsorship impact on drivers of demand • Return on investment • Sponsorship objectives/KPI • Commission of market research • Proof of ROI • Quantification of sponsorship benefits • Database management • Brand Audit • Brand “Fit” analysis • Stakeholder mapping • Brand Licensing • Budget setting / allocation • Brand due diligence • Negotiation strategy • Brand licensing Rights Holder • Valuation of rights • Structure of charges • Competitor research • Market review & Expectations • Brand Audit • What to license • How to license it • Selecting the right partners • Building a more appealing brand to license • Brand extension / diversification • Tax efficient brand structuring • Transfer Pricing • Fundraising . www. brand and intangible asset valuations worth trillions of dollars. Moscow.brandfinance. Our Services At Brand Finance we have worked with world leaders in the sports industry helping them to build and understand their brand. tax and legal purposes • Valuations in support of commercial transactions (acquisitions. Our clients include international brand owners. Our services are tailored separately towards the sponsor and the rights holder. Dubai. Lisbon. Singapore. Since it was founded in 1996. Toronto and Zagreb. Hong Kong. Bangalore. New York. Brand Finance has performed thousands of branded business. Colombo. divestitures. Sydney. licensing and joint ventures) involving different forms of intellectual property • Valuations as part of a wider mandate to deliver value-based marketing strategy and tracking. Barcelona. Paris. Sao Paulo.

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

MAY 2013 | BRANDFINANCE® Football 50 | 27 Appendix Contents 28-29 USD table 30-31 GBP table 31-32 EUR table .

522 93% 4 1 517 Stamford Bridge 41.TOP 50 FOOTBALL BRANDS 1-25 Main Sponsors 52% 63% 67% 70% 54% 56% 42% 55% 47.210 95% 48.896 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 60.240 76% 43.355 99% 45.065 58% 81.274 95% 52.199 63% 60.257 99% 41.264 97% 61.354 80% 31 9 798 Santiago Bernabéu 80.031 85% 40.695 64% 60.841 99% 22 4 806 Camp Nou 99.726 97% 80.960 89% 80.065 75% 57.000 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 Türk Telekom Arena Stade Vélodrome Estádio do Pacaembu San Paolo Stade de Gerland Şükrü Saraçoğlu Stadyumu BayArena Parc des Princes Mercedes-Benz Arena 52.354 91% 20 3 562 Old Trafford 75.901 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 1 2 FC Bayern München Germany 860 786 2 1 Manchester United FC England 837 853 3 3 Real Madrid CF Spain 621 600 4 4 FC Barcelona Spain 572 580 5 5 Chelsea FC England 418 398 6 6 Arsenal FC England 410 388 7 7 Liverpool FC England 361 367 28 | BRANDFINANCE® football 50 | MAY 2013 8 8 Manchester City FC England 332 302 9 9 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 Top 50 Football Brands USD 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 AŞ Turkey 116 NEW 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 Fenerbahçe 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 .530 78% 30.712 60% 55.051 81% 50.482 100% 36.957 99% 23 4 578 Allianz-Arena 69.

598 97% 65.358 88% 4 0 236 St.698 42% 1 0 126 Volkswagen Arena 30.016 95% 3 0 220 Olimpico di Roma 72.500 79% 60.798 48% Estádio 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 Estádio da Luz Ramón Sánchez Pizjuan Celtic Park Estádio Jornalista Mário Filho Estádio Beira-Rio The Hawthorns 67.282 50% 72.647 58% 45.428 37% 35.484 95% Stade Jacques-Chaban-Delmas 34.500 94% 27.788 86% 42.698 38% 44% 55% 35% 49% 47% Estádio 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 Inönü Stadi Vicente Calderón 1 0 107 Craven Cottage 9 0 182 Goodison Park 4 0 114 Weserstadion 7 1 144 Villa Park 42.000 82% 32.TOP 50 FOOTBALL BRANDS 26-50 Main Sponsors 52% 41% 53% 37% 40% 46% 48% 42% 40.838 20% 56.832 81% 78.000 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 AATennent’s 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 Beşiktaş JK Turkey 71 NEW 37 45 Club Atlético de Madrid Spain 67 50 38 NEW Santos Futebol Clube Brazil 65 38 39 39 São 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 0 West Bromwich Albion FC England 54 NEW 48 25 FC Girondins de Bordeaux France 53 76 49 49 ACF Fiorentina Italy 52 46 MAY 2013 | BRANDFINANCE® Football 50 | 29 Top 50 Football Brands USD 50 48 SS Lazio SpA Italy 52 46 .145 82% 54.700 97% 49.387 91% 0 0 127 Upton Park 35.581 73% 16.000 16% 26.000 96% 6 0 213 Mestalla 55.327 73% Artemio Franchi Olimpico di Roma 47. James Park 52.394 89% 25.

031 85% 40.051 81% 50.726 97% 80.522 93% 4 1 340 Stamford Bridge 41.695 64% 60.210 95% 48.712 60% 55.000 52% Amsterdam ArenA 180 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 93 125 97 62 190 94 130 125 265 80 Giuseppe Meazza Imtech Arena Türk Telekom Arena Stade Vélodrome Estádio do Pacaembu San Paolo Stade de Gerland Şükrü Saraçoğlu Stadyumu BayArena Parc des Princes Mercedes-Benz Arena 52.957 99% 23 4 380 Allianz-Arena 69.355 99% 45.841 99% 22 4 530 Camp Nou 99.065 58% 81.240 76% 43.TOP 50 FOOTBALL BRANDS 1-25 Main Sponsors 52% 63% 67% 70% 54% 56% 42% 55% 47.482 100% 36.274 95% 52.264 97% 61.896 70% 49% 48% 56% 59% 50% Juventus Stadium 63% 81 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 2 285 0 235 7 0 145 Veltins-Arena White Hart Lane 8 1 225 SIGNAL IDUNA Park 18 7 185 Giuseppe Meazza 2 0 380 Etihad Stadium 18 5 215 Anfield Road 13 0 250 Emirates Stadium 60.065 75% 57.960 89% 80.530 78% 30.354 91% 20 3 370 Old Trafford 75.901 99% Size Utilsation Manager Win % 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 1 2 FC Bayern München Germany 566 498 2 1 Manchester United FC England 551 540 3 3 Real Madrid CF Spain 409 380 4 4 FC Barcelona Spain 376 368 5 5 Chelsea FC England 275 252 6 6 Arsenal FC England 270 246 7 7 Liverpool FC England 237 233 30 | BRANDFINANCE® football 50 | MAY 2013 8 8 Manchester City FC England 218 191 9 9 AC Milan Italy 173 185 10 11 Borussia Dortmund Germany 171 144 11 10 FC Schalke 04 Germany 170 168 12 12 Tottenham Hotspur FC England 144 142 13 16 Juventus FC Italy 118 101 Top 50 Football Brands GBP 14 14 AFC Ajax Netherlands 107 117 15 13 FC Internazionale Milano Italy 99 136 16 17 Hamburger SV Germany 95 97 17 NEW Galatasaray AŞ Turkey 76 NEW 18 15 Olympique de Marseille France 73 106 19 24 SC Corinthians Paulista  Brazil 68 48 20 22 SSC Napoli Italy 67 54 21 18 Olympique Lyonnais France 66 76 22 NEW Fenerbahçe SK Turkey 63 NEW 23 36 Bayer 04 Leverkusen Germany 59 41 24 38 Paris Saint-Germain FC France 56 40 25 28 VfB Stuttgart Germany 55 45 .199 63% 60.257 99% 41.354 80% 31 9 525 Santiago Bernabéu 80.

484 95% Stade Jacques-Chaban-Delmas 34.394 89% 25.358 88% 4 0 155 St.5 61.500 94% 27.5 79.838 20% 56.500 79% 60.428 37% 35.5 Upton Park 35.000 16% 26.647 58% 45.5 140 115 Philips Stadion Britannia Stadium Estádio da Luz Ramón Sánchez Pizjuan Celtic Park Estádio Jornalista Mário Filho Estádio Beira-Rio The Hawthorns 67.832 81% 78.788 86% 42.282 50% 72.TOP 50 FOOTBALL BRANDS 26-50 Main Sponsors 52% 41% 53% 37% 40% 46% 48% 42% 40.327 73% Artemio Franchi Olimpico di Roma 47.5 6 0 105 Stadium Of Light Fi-Yapi Inönü Stadi Vicente Calderón 1 0 70.387 91% 0 0 83.698 42% 1 0 83 Volkswagen Arena 30.000 82% 32.000 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 AATennent’s 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 Beşiktaş JK Turkey 47 NEW 37 45 Club Atlético de Madrid Spain 44 32 38 NEW Santos Futebol Clube Brazil 43 24 39 39 São 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 0 West Bromwich Albion FC England 36 NEW 48 25 FC Girondins de Bordeaux France 35 48 49 49 ACF Fiorentina Italy 34 29 MAY 2013 | BRANDFINANCE® Football 50 | 31 Top 50 Football Brands GBP 50 48 SS Lazio SpA Italy 34 29 .000 96% 6 0 140 Mestalla 55.798 48% Estádio 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 40.700 97% 49. James Park 52.698 38% 44% 55% 35% 49% 47% Estádio 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 79.016 95% 3 0 145 Olimpico di Roma 72.145 82% 54.5 9 0 210 13 0 82.598 97% 65.5 Craven Cottage 9 0 120 Goodison Park 4 0 75 Weserstadion 7 1 95 Villa Park 42.581 73% 16.

TOP 50 FOOTBALL BRANDS 1-25 Main Sponsors 52% 63% 67% 70% 54% 56% 42% 55% 47.199 63% 60.257 99% 41.695 64% 60.000 52% Amsterdam ArenA 212 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 0 110 148 114 73 224 111 153 148 313 94 Giuseppe Meazza Imtech Arena Türk Telekom Arena Stade Vélodrome Estádio do Pacaembu San Paolo Stade de Gerland Şükrü Saraçoğlu Stadyumu BayArena Parc des Princes Mercedes-Benz Arena 52.901 99% Size Utilsation Manager Win % 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 1 2 FC Bayern München Germany 668 617 2 1 Manchester United FC England 650 670 3 3 Real Madrid CF Spain 482 471 4 4 FC Barcelona Spain 444 456 5 5 Chelsea FC England 325 312 6 6 Arsenal FC England 319 305 7 7 Liverpool FC England 280 288 32 | BRANDFINANCE® football 50 | MAY 2013 8 8 Manchester City FC England 257 237 9 9 AC Milan Italy 204 229 10 11 Borussia Dortmund Germany 202 178 11 10 FC Schalke 04 Germany 201 209 12 12 Tottenham Hotspur FC England 170 177 13 16 Juventus FC Italy 140 126 Top 50 Football Brands Euro 14 14 AFC Ajax Netherlands 126 145 15 13 FC Internazionale Milano Italy 117 169 16 17 Hamburger SV Germany 112 121 17 NEW Galatasaray AŞ Turkey 90 NEW 18 15 Olympique de Marseille France 86 132 19 24 SC Corinthians Paulista  Brazil 80 60 20 22 SSC Napoli Italy 78 66 21 18 Olympique Lyonnais France 78 94 22 NEW Fenerbahçe SK Turkey 74 NEW 23 36 Bayer 04 Leverkusen Germany 70 50 24 38 Paris Saint-Germain FC France 66 50 25 28 VfB Stuttgart Germany 64 55 .355 99% 45.210 95% 48.726 97% 80.482 100% 36.264 97% 61.051 81% 50.031 85% 40.354 91% 20 3 437 Old Trafford 75.240 76% 43.712 60% 55.896 70% 49% 48% 56% 59% 50% Juventus Stadium 63% 96 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 2 336 0 277 7 0 171 Veltins-Arena White Hart Lane 8 1 266 SIGNAL IDUNA Park 18 7 218 Giuseppe Meazza 2 0 448 Etihad Stadium 18 5 254 Anfield Road 13 0 295 Emirates Stadium 60.274 95% 52.957 99% 23 4 448 Allianz-Arena 69.841 99% 22 4 625 Camp Nou 99.960 89% 80.065 58% 81.065 75% 57.522 93% 4 1 401 Stamford Bridge 41.354 80% 31 9 620 Santiago Bernabéu 80.530 78% 30.

394 89% 25.598 97% 65.000 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 AATennent’s 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 Beşiktaş JK Turkey 55 NEW 37 45 Club Atlético de Madrid Spain 52 39 38 NEW Santos Futebol Clube Brazil 50 30 39 39 São 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 0 West Bromwich Albion FC England 42 NEW 48 25 FC Girondins de Bordeaux France 41 60 49 49 ACF Fiorentina Italy 41 36 MAY 2013 | BRANDFINANCE® Football 50 | 33 Top 50 Football Brands Euro 50 48 SS Lazio SpA Italy 40 36 .500 79% 60. James Park 52.000 82% 32.TOP 50 FOOTBALL BRANDS 26-50 Main Sponsors 52% 41% 53% 37% 40% 46% 48% 42% 40.145 82% 54.282 50% 72.698 42% 1 0 98 Volkswagen Arena 30.500 94% 27.327 73% Artemio Franchi Olimpico di Roma 47.647 58% 45.798 48% Estádio 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 Estádio da Luz Ramón Sánchez Pizjuan Celtic Park Estádio Jornalista Mário Filho Estádio Beira-Rio The Hawthorns 67.581 73% 16.788 86% 42.698 38% 44% 55% 35% 49% 47% Estádio 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 Inönü Stadi Vicente Calderón 1 0 83 Craven Cottage 9 0 142 Goodison Park 4 0 89 Weserstadion 7 1 112 Villa Park 42.000 16% 26.832 81% 78.700 97% 49.428 37% 35.358 88% 4 0 183 St.000 96% 6 0 165 Mestalla 55.484 95% Stade Jacques-Chaban-Delmas 34.387 91% 0 0 99 Upton Park 35.838 20% 56.016 95% 3 0 171 Olimpico di Roma 72.

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