For a club that has won more La Liga and Champions League titles than any other team on the planet, the past two seasons have been disappointments for Real Madrid, which finished behind archrival Barcelona in the Spanish league standings in back-to-back years and crashed out of European competition in the quarterfinals each time. Yet for all of the hand-wringing among the team’s exacting fans, business has never been better for Los Blancos.
During the 2024-25 season, Real Madrid posted $1.27 billion in revenue, up 12% from its mark the year prior, already a record for a soccer club. In fact, the new figure just edges the Dallas Cowboys’ $1.23 billion from the 2024 NFL season for the highest revenue total for a sports team ever measured by Forbes (without adjusting for inflation).
So even with Real Madrid sitting out Saturday’s Champions League final—where Arsenal and Paris Saint-Germain will battle for an extra $29 million in prize money—Los Blancos are the world’s most valuable soccer team for the fifth year in a row, and the tenth time in the past 13 editions of Forbes’ annual ranking. Real Madrid is now valued at $9.5 billion—a $2 billion lead on No. 2 Barça, which last season became the only other soccer club ever to have surpassed $1 billion in revenue (excluding player trading).
Despite the Spanish dominance at the top, La Liga has only one additional club represented among the 30 most valuable soccer teams, leaving it behind England’s Premier League (11), the United States’ Major League Soccer (seven) and Italy’s Serie A (four) in its representation in the valuation ranking. Germany’s Bundesliga also has three clubs among the top 30, and France’s Ligue 1 and Portugal’s Primeira Liga each have one to fill out the list.
On average, the 30 teams are worth $2.9 billion, a 21% increase from 2025’s record $2.4 billion.
One notable omission from the ranking is Serie A club Napoli, which recently fielded an unsolicited offer of around $2.3 billion from sports-focused private equity firm Underdog Global Partners, according to a report from the Athletic citing unnamed sources. (In an email to investors reviewed by Forbes, Underdog did not explicitly deny making the bid but said, “Anything you read in the press should be taken for what it is at this stage—pure speculation.”)
Such a price—at roughly 11.7 times Napoli’s $197 million in 2024-25 revenue, excluding player trading—would be an extreme outlier in European soccer. For instance, the sale of La Liga’s Atlético de Madrid to Apollo Sports Capital, which closed in March and was priced at roughly $2.95 billion at the current exchange rate, including debt, came at about six times the team’s revenue the previous season. In the Premier League, meanwhile, Forbes values five top teams between 6.0 and 8.3 times trailing-year revenue and most other clubs below 4x. At a multiple between 3x and 4x, in line with marquee Italian clubs like Inter Milan and AS Roma, Napoli would be worth less than $800 million.
The math works quite differently in MLS, where the average multiple is 8.9x, and in other major North American sports leagues, including the NBA (12.9x), the NFL (10.7x), the NHL (8.9x) and even MLB (7x). The gap is a result of numerous challenges that make European soccer clubs less enticing to investors, starting with the promotion-relegation model. In England, for example, the three teams that are demoted from the Premier League to the second-tier Championship each year see their annual revenue decline by tens of millions of dollars—a threat that looms over even well-established clubs like Tottenham Hotspur, which narrowly avoided relegation this season.
European leagues have also been confronted with a more tepid market for media rights than many of their American counterparts and must grapple with a less commercialized sporting culture more broadly. Liverpool, for instance, is dialing back planned ticket price increases in the face of fan protests after charging an average of $99 in 2025—more than most of its European rivals but less than half the comparable figure for top NFL franchises. In addition, European soccer lacks a salary cap, and the arms race for the most talented players has traditionally made the sport a fairly unprofitable enterprise.
Those factors, among others, help explain why Real Madrid lags well behind the $13 billion valuation of the NFL’s Cowboys even though it has the edge in revenue.
Still, the Atlético sale, along with some transactions involving lower-profile teams outside the 30 most valuable soccer clubs, shows that investors’ interest may be growing. Just last year, Forbes valued Atlético at 3.8 times revenue, and the average multiple of the European clubs in the top 30 was 5.1x, compared with 5.6x this year.
Stoking the enthusiasm, teams that finish high in their domestic league’s standings gain access to increasingly lucrative continental tournaments such as the Champions League, which is reportedly poised for a 20% increase in its media rights fees for the cycle that begins in 2027, and a wave of new and renovated stadiums should help revenue continue to grow at the local level. Real Madrid and England’s Everton are among the clubs that have recently unveiled significant venue upgrades, and projects are expected to be completed over the next few years at Barcelona, Manchester United and AS Roma and in Milan, where AC Milan and Inter Milan are collaborating to replace the historic San Siro.
However, the biggest driver of valuations right now is the influx of American investors desperate to break into sports ownership. This season, more than half of the clubs in the Premier League were majority-owned by Americans or U.S.-based firms, and Americans or Canadians controlled nine of Serie A’s 20 teams, as well as three clubs in La Liga after Apollo’s purchase of Atlético. U.S. investors have also begun to buy up teams in lower divisions and in other countries, such as Mexico, where Atlanta-based Innovatio Capital acquired Liga MX’s Querétaro in July and New York’s General Atlantic took a 49% stake in Club América in December.
“There are just so many Americans with cash who like sports, and the American market is kind of closed off to a lot of these owners,” one European soccer insider says. “If you’re an American millionaire from North Carolina, you’re probably priced out of your local USL club, and you’re definitely priced out of an MLS club—that is like cash billionaires now.
“But if you can buy an English football club—maybe even though they’re all the way down the system—at one times revenue, when a USL club is probably trading at anywhere from seven to 15 times revenue, that’s probably a no-brainer.”
#1. $9.5 billion
League: Spanish La Liga | One-Year Change: 41% | Revenue: $1.265 billion | Owners: Club members
#2. $7.5 billion
League: Spanish La Liga | One-Year Change: 33% | Revenue: $1.063 billion | Owners: Club members
#3. $7.2 billion
League: English Premier League | One-Year Change: 9% | Revenue: $865 million | Owners: Glazer family, Jim Ratcliffe
#4. $6.2 billion
League: English Premier League | One-Year Change: 15% | Revenue: $911 million | Owners: John Henry, Tom Werner
#5. $5.8 billion
League: French Ligue 1 | One-Year Change: 26% | Revenue: $912 million | Owner: Qatar Sports Investments
#6. $5.7 billion
League: German Bundesliga | One-Year Change: 12% | Revenue: $938 million | Owners: Club members
#7. $5.5 billion
League: English Premier League | One-Year Change: 4% | Revenue: $900 million | Owner: Sheikh Mansour bin Zayed Al Nahyan
#8. $5.4 billion
League: English Premier League | One-Year Change: 59% | Revenue: $895 million | Owner: Stanley Kroenke
#9. $4.2 billion
League: English Premier League | One-Year Change: 29% | Revenue: $637 million | Owners: Todd Boehly, Clearlake Capital
#10. $3 billion
League: English Premier League | One-Year Change: -9% | Revenue: $733 million | Owners: Joseph Lewis Family Trust, Daniel Levy
#11. $2.95 billion
League: Spanish La Liga | One-Year Change: 74% | Revenue: $488 million | Owners: Apollo Sports Capital, Idan Ofer, Ares Management
#12. $2.4 billion
League: Italian Serie A | One-Year Change: 12% | Revenue: $458 million | Owner: Agnelli family
#13. $2.2 billion
League: German Bundesliga | One-Year Change: 7% | Revenue: $579 million | Owners: Bernd Geske, Evonik Industries
#14. $1.85 billion
League: Italian Serie A | One-Year Change: 23% | Revenue: $447 million | Owner: RedBird Capital Partners
#15. $1.8 billion
League: Italian Serie A | One-Year Change: 57% | Revenue: $586 million | Owner: Oaktree Capital Management
#16. $1.4 billion
League: English Premier League | One-Year Change: 56% | Revenue: $490 million | Owners: Wes Edens, Nassef Sawiris
#17. $1.35 billion
League: MLS | One-Year Change: 13% | Revenue: $200 million | Owners: Jorge Mas, Jose Mas, David Beckham
#18. $1.32 billion
League: MLS | One-Year Change: 6% | Revenue: $167 million | Owners: Bennett Rosenthal, Brandon Beck, Larry Berg, Peter Guber
#19. $1.25 billion
League: English Premier League | One-Year Change: 14% | Revenue: $435 million | Owners: Saudi Arabia Public Investment Fund
#20. $1.08 billion
League: MLS | One-Year Change: 8% | Revenue: $106 million | Owner: Philip Anschutz
#21. $1.02 billion
League: MLS | One-Year Change: 17% | Revenue: $90 million | Owner: City Football Group (Sheikh Mansour)
#22. $1 billion
League: MLS | One-Year Change: 3% | Revenue: $105 million | Owner: Arthur Blank
#23. $960 million
League: Portuguese Primeira Liga | One-Year Change: N/A | Revenue: $252 million | Owners: Club members
#24. $940 million
League: Italian Serie A | One-Year Change: 16% | Revenue: $242 million | Owner: Friedkin Group
#25. $930 million
League: English Premier League | One-Year Change: N/A | Revenue: $255 million | Owner: Friedkin Group
#26. $920 million
League: English Premier League | One-Year Change: 8% | Revenue: $253 million | Owner: Shahid Khan
#27. $910 million
League: English Premier League | One-Year Change: 6% | Revenue: $295 million | Owner: Tony Bloom
#28. $880 million
League: German Bundesliga | One-Year Change: N/A | Revenue: $323 million | Owners: Club members
#29. $860 million
League: MLS | One-Year Change: 8% | Revenue: $100 million | Owner: Adrian Hanauer
#30. $855 million
League: MLS | One-Year Change: 4% | Revenue: $94 million | Owners: Anthony Precourt, Eddie Margain
METHODOLOGY
Forbes’ global soccer team valuations are enterprise values (equity plus net debt) based on historical transactions and the future economics of each league and each team. For teams based in Europe, estimates of revenue and operating income (earnings before interest, taxes, depreciation and amortization) reflect the 2024-25 season and are rounded to the nearest $1 million. For U.S. clubs, figures reflect the 2025 regular season and are taken from Forbes’ annual MLS team valuations, published in February.
The team values reflect the economics of each team’s stadium but do not include the value of the stadium real estate itself. Equity stakes in other sports-related assets and mixed-use real estate projects are also excluded.
Forbes excludes player trading and disposals of player registrations from its operating income and revenue tabulations. For MLS clubs, playoff games and shared distributions from the league are also omitted.
Debt is measured in terms of interest-bearing borrowings due in more than one year (including stadium debt). Because enterprise value is a capital-structure-neutral metric, it allows Forbes to compare teams with different debt and equity structures.
Where necessary, revenue and operating income numbers are converted to U.S. dollars based on the average exchange rate during the season (€1 = $1.09, £1 = $1.29, £1 = €1.19).
No one-year valuation changes are listed for Benfica, Everton or VfB Stuttgart, which were not included in Forbes’ 2025 ranking of the 30 most valuable soccer teams.
The information used to compile Forbes’ valuations came from teams’ annual reports and documents, team executives, soccer team investors, credit rating agency reports and sports bankers, as well as the annual Deloitte Football Money League report and the soccer finance reporter known as Swiss Ramble.
