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Real Madrid overtake United in KPMG rankings

KPMG's fourth annual football valuation report ranks the 32 most prominent clubs in Europe according to their value: The European elite

'After three years of stability on the podium, this year brought some turbulence, with Real Madrid CF leapfrogging Manchester United FC at the top, and FC Barcelona slipping to the 4th spot, letting FC Bayern München take the 3rd position. Further changes among the top 10 include Tottenham Hotspur FC surpassing Juventus FC to reach the 9th position, and Arsenal FC dropping two spots to land in the 8th position, surpassed by Chelsea FC and Liverpool FC.'

Scottish treble winner Celtic are included in the list of 32 major clubs, the first team from the country to be so.

Andrea Sartori, KPMG's global head of sports and the report's author, said the overall value of the football industry had grown by 9% over the past year. 'The overall enterprise value of the top 32 clubs is driven primarily by an aggregate 5% increase in total operating revenues,' he said. 'On the other hand, staff costs continued to grow too, with the average staff costs-to-revenue ratio of the top clubs increasing by four percentage points, up to 63%.'

Mr Sartori added: 'At league level, the English Premier League has confirmed its absolute dominance, having nine clubs in the top 32 and accounting for 43% of the total aggregate value."

The other three English clubs to make the list outside of the top 10 were West Ham United, Leicester City and Everton. Elsewhere, Inter Milan (15th) leapt up five places to become the second most valuable club in Italy, thanks to a 41% increase in its enterprise value.

This year, 13 clubs were valued in excess of €1bn, one more than in 2018.

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