• Real Madrid and Barcelona FC occupy the 1st and 3rd position, respectively, in the KPMG ranking of the 32 clubs with the highest business value in Europe, which also includes five other Spanish clubs

  • Only the United Kingdom exceeds Spain in terms of the aggregate economic value of its clubs


It is difficult to find a person on this planet who does not know Real Madrid or FC Barcelona. Two brands that, in addition to sports clubs, are pillars of Spain’s image abroad. In addition to being well known internationally, Madrid and Barça are two of the most economically powerful clubs in Europe and, consequently, in the world.

This is confirmed by the fifth annual club valuation report from the consultancy firm KPMG, Football’s Club Valuation: The European Elite 2020, which draws up a ranking of the 32 European football clubs with the highest business value (Enterprise Value or EV) in Europe.

In this ranking, Real Madrid CF maintains 1st place for the fifth consecutive year, while FC Barcelona regained its 3rd place, overtaking Bayern Munich. The team reaches an enterprise value of 3.5 billion euros, 8% more than the previous year, while the Blaugrana team reaches 3.2 billion, after a remarkable increase of 19.3% per year. On the podium they are joined by Manchester United FC, in second position.

Spain is also the second country with the highest number of clubs in the KPGM ranking: a total of 7, a figure exceeded only by the 9 clubs in the United Kingdom. Atlético de Madrid is the third Spanish team in this ranking, in 13th position, with a value of 1.2 billion euros (19.2% more than in 2019). It is followed by Valencia CV, in 25th place and 408 million; Sevilla FC, in 26th place and 372 million; Athletic Bilbao, in 29th place and 320 million; and Villarreal CF, which closes the ranking in 32nd place with a value of 301 million euros.

In total figures, Spain also ranks 2nd – again behind the UK – with an aggregate business value of 9.3 billion euros, which is 23.4% of the total economic value of all the clubs in the KPMG study.


Benzemá (Real Madrid) and Lenglet (Barcelona) during the “clásico” in December 2019. EFE/ Alejandro García


The main source of growth for the 32 clubs analysed as a whole was revenue, which has increased by 65% since 2016. Match day and commercial revenue grew by 22% and 39% respectively over the same period. These figures, however, as the report itself states, are 5 months old and will be significantly altered by the effects of the Covid-19 pandemic.

The KPMG report also refers to the popularity of clubs on social media, one of the pillars included in their model for calculating the business value of clubs. Based on the fan base and business opportunities on their Facebook, Instagram, Twitter and YouTube accounts, Real Madrid CF is again leading the ranking, with a total of 240 million followers in May 2020.

Similar figures to those of popular brands such as Nike, Adidas and Puma combined. Madrid is also the club that has increased its number of supporters the most since 2016: with around 100 million more followers.


Trust and respect, values of Spanish football and sport


The weight of professional football in the Spanish economy is unquestionable. According to the ‘The economic, fiscal and social impact of professional football in Spain in 2018’ report, by the PwC consultancy firm for LaLiga, the professional football industry generated 15.7 billion euros in economic activity in Spain and created around 185,000 jobs during the 2016-2017 season, contributing 1.37% to GDP. In addition to being a tourist attraction for visitors and fans that come to our country.

It is a sector that looks to the future and inspires unity and positive values. A great example of this is the approval, in mid-May 2020, of the ‘Code of Conduct for Exemplary and Transparent Sports Management’, signed by the Consejo Superior de Deportes (CSD), LaLiga and the Real Federación Española de Fútbol (RFEF). Applicable to all sports, its objective is to create a code of conduct that promotes collaboration and constructive dialogue, based on honesty, amicable conflict resolution and mutual respect between all the different players in the Spanish sports world.

In addition to projecting values such as trust, integrity, dialogue, respect, morals and transparency as an essential part of Spanish sport, so that its directors and managers become references for society, as athletes are already proving to be.