Real Madrid remains the richest club in the world, the first to surpass $6 billion
Real Madrid is the most valuable club in the world and the first to exceed a valuation of $6 billion according to the annual Football Benchmark report.
According to the 2025 Football Benchmark report, the Spanish giants have secured the top position for the second consecutive year, surpassing Manchester City and Manchester United.
Notably, Real Madrid has become the first club to exceed a valuation of $6 billion, reaching approximately $6.85 billion—a 23% increase from the previous year. This achievement places them well ahead of Manchester City ($5.57 billion, +3%) and Manchester United ($5.52 billion, +4%).
The report highlights that Real Madrid has also become the first club to generate over $1.09 billion in operating revenue. A significant contributor to this growth is the renovated Santiago Bernabéu Stadium, which nearly doubled match day revenue to $273.8 million. Consequently, Real Madrid has widened its enterprise value lead over competitors by more than $1.2 billion.
Since the inaugural edition of the report a decade ago, both Real Madrid and Manchester City have increased their enterprise values by approximately $3.27 billion. Real Madrid’s valuation now surpasses the average franchise values in both the NFL ($6.47 billion) and the NBA ($5.02 billion).
FC Barcelona has climbed two positions to fourth place, with an enterprise value of approximately $4.87 billion, marking an 8% increase. The top ten is rounded out by:
Bayern Munich: $4.67 billion
Liverpool: $4.59 billion
Arsenal: $4.37 billion
Paris Saint-Germain: $4.10 billion
Tottenham Hotspur: $3.99 billion
Chelsea: $3.29 billion
Atlético de Madrid ranks 12th, with a valuation of approximately $2.04 billion, reflecting a 12% increase and a rise of one position.
Other notable movements
Real Sociedad has surged to 28th place with a valuation of $576.9 million, a 35% increase.
Sevilla has dropped nine places to 29th, with a valuation of $569.8 million, a 19% decrease.
Real Betis enters the rankings at 32nd, valued at $514.9 million, alongside new entrants PSV Eindhoven ($538.6 million) and Fiorentina ($552.6 million).
Ajax experienced the largest decline, falling 22% to $585.1 million.
Aston Villa achieved the highest annual growth, increasing 42% to $981.4 million, surpassing Real Sociedad’s growth rate.
Italian clubs: Milan and Inter overtake Juventus
In Italy, AC Milan and Inter Milan have surpassed Juventus in enterprise value. Five years ago, Juventus’s valuation exceeded the combined worth of the two Milan clubs.
AC Milan: $1.97 billion (+26%)
Inter Milan: $1.87 billion (+20%)
Juventus: $1.80 billion (-3%)
These valuations place Milan and Inter in 13th and 14th positions, respectively, relegating Juventus to 15th.
Napoli has entered the elite group of clubs valued over $1 billion, ranking 17th with a valuation of $1.20 billion—a 21% increase. Since 2022, the club’s brand valuation has grown by 50%, despite operating with only 70 employees, compared to AS Roma’s 500. Roma holds the 21st position with a valuation of $725.7 million, a 10% improvement.
Andrea Sartori, CEO of Football Benchmark, commented: “In the tenth edition of the Valuation Report, we focus on how European football has evolved over a decade marked by growth, disruption, and resilience. The industry has undergone a profound transformation, shaped by regulatory reforms, digitalisation, the emergence of new competition, and unprecedented commercial expansion.
Elite clubs are more valuable and internationally recognised than ever before, yet financial sustainability remains the key challenge. As football consolidates its status as a global investment asset class, this report not only reflects the current state of the game but also offers insight into the forces that will shape its future.”
