Brand Finance Football 50 2022 Preview

Football
50
2022
The annual report on the most valuable and strongest football brands
May 2022
Contents.
Foreword 3
David Haigh, Chairman & CEO, Brand Finance
Executive Summary 5
Brand Value & Brand Strength Analysis 6
Brand Value Ranking 16
Brand Spotlights 21
Paris Saint-Germain 22
Interview with Marc Armstrong, Chief Partnerships Officer,
Paris Saint-Germain
Juventus FC 25
Feature
LaLiga 27
Interview with Javier Tebas, President, LaLiga
beIN 30
Interview with Richard Verow, Chief Sports Officer,
beIN Media Group
Deep Dive Analysis 33

Methodology 50
Sport Services 61
© 2022 All rights reserved. Brand Finance Plc.
Brand Finance Football 50 2022 brandirectory.com/football 2

Foreword.
What is the purpose of a strong brand: to attract customers, to build loyalty, to
motivate staff? All true, but for a commercial brand at least, the first answer must
always be ‘to make money’.
Huge investments are made in the design, launch, and ongoing promotion of
brands. Given their potential financial value, this makes sense. Unfortunately, most
organisations fail to go beyond that, missing huge opportunities to effectively make
use of what are often their most important assets. Monitoring of brand performance
should be the next step, but is often sporadic. Where it does take place, it
frequently lacks financial rigour and is heavily reliant on qualitative measures, poorly
understood by non-marketers.
David Haigh As a result, marketing teams struggle to communicate the value of their work and
Chairman & CEO, boards then underestimate the significance of their brands to the business. Sceptical
Brand Finance finance teams, unconvinced by what they perceive as marketing mumbo jumbo,
may fail to agree necessary investments. What marketing spend there is, can end up
poorly directed as marketers are left to operate with insufficient financial guidance
or accountability. The end result can be a slow but steady downward spiral of poor
communication, wasted resources, and a negative impact on the bottom line.
Brand Finance bridges the gap between marketing and finance. Our teams have
experience across a wide range of disciplines from market research and visual
identity, to tax and accounting. We understand the importance of design, advertising,
and marketing, but we also believe that the ultimate and overriding purpose of
brands is to make money. That is why we connect brands to the bottom line.
By valuing brands, we provide a mutually intelligible language for marketing and

finance teams. Marketers then have the ability to communicate the significance of
what they do, and boards can use the information to chart a course that maximises
profits. Without knowing the precise, financial value of an asset, how can you know
if you are maximising your returns? If you are intending to license a brand, how can
you know you are getting a fair price? If you are intending to sell, how do you know
what the right time is? How do you decide which brands to discontinue, whether
to rebrand and how to arrange your brand architecture? Brand Finance has
conducted thousands of brand and branded business valuations to help answer
these questions.
Professional sports and football in particular fosters some of the most recognizable
brands globally. Top clubs such as Real Madrid, Man Utd, Bayern Munich and
others boast brand strength similar to that of Coca Cola and Google which truly
puts their caliber into perspective. Many of these top clubs earn sizeable sums
through broadcasting, commercial and matchday income with a significant chunk
of commercial income being derived from corporate sponsorship, a market which
continues to grow each year. With such significant money on the table and the rise
of new opportunities across the industry, the necessity for a clear understanding
of all aspects of football finance is crucial to the success of all stakeholders in the
industry. We trust you will find the insights generated in this report informative and
useful in your endeavours, and we look forward to continuing the conversation with
you in the future.

Real Madrid wins
global brand
value double:
strongest AND
most valuable
brand in football.
+ Real Madrid CF becomes world’s strongest
football brand, replacing FC Bayern Munich, and
retains title as world’s most valuable football brand
for fourth year
+ Manchester City FC overtake FC Barcelona to

become brand value runner-up, reporting highest
revenue in world football
+ In Italy, Juventus leads resurgent brands as

AC Milan grows fastest in world with first league title
in 11 years
+ Flamengo enter the ranking at 49th as only non-

European team in top 50
+ Manchester United FC fall to lowest-ever rank at

5th, behind rivals Liverpool FC
+ Tottenham Hotspur FC is now solidly within top

10 clubs globally
+ Atalanta and Real Betis both grow strongly as

team performance improves
Executive
Summary.
Brand Value &
Brand Strength Analysis.
Real Madrid CF (brand value up 19% to €1.5 billion) Real Madrid are now clearly the
has achieved a rare double by retaining its title as the
world’s most valuable football club brand for the fourth
dominant brand in the global
consecutive year and winning the additional title of football business. For four
strongest football brand in the world for the first time.
Real Madrid has added the pair of titles to its well-
years, they have been the most
stocked title cabinet following a season where the team valuable brand thanks largely to
have won the Spanish league, LaLiga, and reached the their business success off-the-
final of the European Champions League.
field. However, their continued
Real Madrid’s 19% increase in brand value this year was success on-the-field has
driven by a combination of improved brand strength
and a positive revenue trajectory. This is a strong delivered them the brand
and promising reversal from the 10% slump in brand double, and they are now also
value last year, which was depressed by COVID-19
uncertainties and weaker fan sentiment due to the then- the world’s strongest football
floundering plan for a European Super League. brand. Even opponents
In addition to calculating brand value, Brand Finance recognise, respect and admire
also determines the relative strength of brands the reputation of Real Madrid.
through a balanced scorecard of metrics evaluating
marketing investment, stakeholder equity, and business Hugo Hensley
performance. Head of Sports Services, Brand Finance

Brand Value & Brand Strength Analysis.
Top 10 Most Valuable Football Brands © Brand Finance Plc 2022
1 01 🇪🇸 2 2 4 🇬🇧 3 1 2 🇪🇸 4 2 6 🇬🇧 5 1 3 🇬🇧
¤1.5bn ¤1.3bn ¤1.3bn ¤1.3bn ¤1.3bn
+19% +19% +5% +31% +11%
6 1 5 🇩🇪 7 07 🇫🇷 8 29 🇬🇧 9 1 8 🇬🇧 10 🇬🇧 0 10
¤1.1bn ¤1.0bn ¤0.9bn ¤0.9bn ¤0.8bn

+4% +16% +21% +11% +18%
Compliant with ISO 20671, Brand Finance’s assessment Valencia (+22%), Athletic de Bilbao (+20%) and
of stakeholder equity incorporates original market Real Madrid (+20%).
research data from football fans in UK, Spain, Germany,
Italy, France, USA, China and Brazil. Real Madrid earned The 8 LaLiga clubs included among the most valuable
a Brand Strength Index (BSI) score of 94.0 out of 100 have collectively increased their value by 18%
and a corresponding brand rating of AAA+, making it compared to 2021. LaLiga juggernauts Real Madrid
one of the elite brands in the world, across all sectors of (1st) and Barcelona (3rd) are once again in the top 3
the global economy. most valuable brands this year with the next highest
ranking club Atletico Madrid improving by one rank to
The Spanish champions were the most likely club to 12th. All three clubs have once again qualified for next
be rated ‘the best club in the world’ in Band Finance’s seasons Champions League and will be looking forward
independent global research, reflecting that the club’s to playing a full season with revitalised attendance as
long-standing success has made success a core covid restrictions are set to be removed.
attribute of their brand image. Although the brand’s
value has not yet recovered to its pre-pandemic peak in Although coming 2nd in LaLiga and remaining the 3rd
2019 of €1.6 billion, the brand has strong opportunities most valuable football club brand, Barcelona will no
to grow alongside international broadcasting and doubt be eager to close the gap on their rivals Real
sponsorship opportunities. Madrid who finished 13 points clear and have once
again outperformed them in the Champions League.
Spanish clubs grow in brand value Brand Finance football research revealed that Real
Madrid ranked 1st across seven markets for being rated
All Spanish club brands are growing in brand as the best club in the world. The club also ranked 1st
value. The most, Real Betis (+33%) followed by for being seen as highly ambitious - Barcelona ranked
Atlético de Madrid (+30%), Villarreal CF (24%), 4th and 6th respectively.

Real Betis saw their highest finish (5th) in LaLiga since value up 5% to just under €1.3 billion) for the first time since
the 04/05 campaign when they ranked 4th securing 2015. This puts the Northern English powerhouse club
them a spot in the Europa league which will offer a in the runner-up position, an achievement correlated with
welcome boost to next year’s revenue generation. recording the highest revenue in world football in 2021.
Manchester City’s high revenue can be credited to their
Brand Finance research revealed that the club continued on-field performance in the 2022 campaign –
performed very well with perceptions of the owner’s winning the English Premier League and reaching the 2021
care about the club, appreciating their fans and playing European Champions League Final and 2022 semi-final.
with an exciting and entertaining style.
Brand Finance’s 2022 football fan research shows
that the Manchester City brand has grown in both
It is time for Spanish clubs to perceptions and following, scoring highly in metrics
such as ‘the club is ambitious’ and ‘the club has a
make the right decisions and global following’.
unite towards a common goal.
Barcelona’s brand saw modest growth of 5% in 2022,
Teresa de Lemus to €1.3bn, a relative stagnation compared to the close
Managing Director, Brand Finance Spain: competitors, and a divergence from close competition
with El Classico rivals Real Madrid for the top spot
in the past two years. Brand Strength is in the top
Manchester City overtake AAA+ rating, but weaker revenue forecasts than pre-
Barcelona to become brand value pandemic have left brand value behind the 2019 peak.
runner-up, reporting highest The club somewhat controversially sold the naming
revenue in world football rights to the famous Camp Nou stadium to Spotify in
a wide ranging partnership, which management will
Manchester City FC (brand value up 19% to just over hope is the beginning of an upward turn for club’s
€1.3 billion) have pulled ahead of FC Barcelona (brand commercial prospects.

Brand Value Change 2021-2022 (%) © Brand Finance Plc 2022
76%
59%
52% 51% 49% 46%
39%
33% 32% 31%
-5% -5% -4% -3%

-12% -12% -10%
-17%
-21%
-32%
In Italy, Juventus leads resurgent

brands as AC Milan grows fastest in
world with first league title in 11 years
Juventus FC (brand value up 25% to €705 million) has
retained its position as the most valuable and strongest
football brand in Italy, while AC Milan (brand value up
76% to €269 million) achieving the fastest growth in both
areas. The two Italian football brands are amongst the
fastest growing football brands in the world and lead
a cohort of extremely strong results for Italian football
brands in the Brand Finance Football 50 2022 rankings.
The Turin-based Juventus continues to be the most

valuable football brand in Italy, closely correlated with its
record of winning the most league and Coppa Italia titles.
The extreme brand strength has been built upon a period
of sustained on-field success.
These results support global research which found that

Juventus is one of the most loved clubs in the world with
strong performance in all areas.

Top 10 Most Valuable Football Enterprises © Brand Finance Plc 2022
1 01 🇩🇪 2 02 🇪🇸 3 03 🇬🇧 4 2 6 🇬🇧 5 1 4 🇬🇧
€4.7bn €3.6bn €3.6bn €3.4bn €3.4bn
+31% +1% +8% +20% +12%
6 1 5 🇫🇷 7 07 🇪🇸 8 08 🇬🇧 9 2 11 🇮🇹 10 🇬🇧 0 10
€3.4bn €3.0bn €2.7bn €2.3bn €1.7bn

+15% +7% +10% +33% -2%
Juventus was rated particularly highly for stadium for first time at €95 million) is a new entrant to the Football
quality, perception of club quality, fair play, sponsorships, 50 ranking in 50th position, bringing the total Italian
attractiveness for partners & broadcasters, and average representation to 7 brands in the global top 50.
crowd attendance.
Flamengo enter the ranking at 49th as
As the fastest growing football brand in the world, AC Milan only non-European team in top 50
have made steps to regain former glory, achieving the
fastest growth in both brand value and brand strength. The Brazilian club Flamengo (brand value €96 million)
club’s Brand Strength Index increased by 6.8 points to 77.2 enter the ranking at 49th, as the sole representative from
out of 100, earning a rating of AA+. In doing so, AC Milan outside Europe in the 50 most valuable, and alongside
improved its brand valuation ranking by 12 places, up from Celtic FC (brand value up 19% to €113 million),
29th to 17th, as it passed several closely ranked clubs. AFC Ajax (brand value up 3% to €182 million) and
SL Benfica (brand value down 12% to €101 million) as
AC Milan’s brand value is still 16% below their pre- the only 4 clubs from outside of the ‘big 5’ leagues.
pandemic 2019 brand value high of €321m, but the club
will hope that this time it can maintain the brand value, The Flamengo brand is worth over twice the brand of
having endured significant brand value variance since the next most valuable Brazilian Club, Palmeiras (brand
featuring at 7th in Brand Finance’s first ranking in 2010. value €42 million).
In addition to Juventus and Milan, every Italian football Flamengo fly up the rankings in terms of BSI standing in at
brand in the Football 50 ranking achieved strong brand 15th with a BSI of 78 and an AA+ brand rating. Brazilian clubs
value growth, including FC Internazionale Milano in general have performed very strongly in the Brand Finance
(brand value up 30% to €495 million), SSC Napoli (brand 2022 football fan research, with fans associating them
value up 32% to €182 million), AS Roma (brand value both with strong footballing metrics (such as star players,
up 49% to €181 million), and Atalanta (brand value up challenging for trophies, well managed) and important brand
52% to €123 million). Further, ACF Fiorentina (valued image attributes (reputation, sustainable, innovative).

Top 10 Strongest Football Brands © Brand Finance Plc 2022
1 2 2 🇪🇸 2 2 4 🇬🇧 3 03 🇪🇸 4 2 5 🇬🇧 5 1 1 🇩🇪
94.0 +2.7 92.9 +3.9 92.1 +1.0 92.0 +3.3 88.6 -3.3
AAA+ AAA+ AAA+ AAA+ AAA
6 2 7 🇬🇧 7 2 11 🇮🇹 8 2 12 🇬🇧 9 1 6 🇬🇧 10 🇬🇧 1 9
87.7 +1.6 86.1 +2.4 85.9 +2.8 84.7 -1.6 83.1 -1.7
AAA AAA AAA AAA AAA-
63% of Flamengo fans believe the team has a lot of star players
and 33% of Flamengo fans say their favourite player plays for
the club; Flamengo scores higher on either metric than any
other team globally. An association with star players is not just
an entertaining draw for the fans and an important criteria for
sponsors, it is a key attribute for the business as high value
transfers to wealthy European clubs have become an integral
part of the commercial model for many of Brazil’s top teams.
German clubs stalled but Frankfurt

sees success
Bayern Munich achieved brand value growth of 5%, to
€1.1bn, on the back of a 10th consecutive Bundesliga title –
however the story isn’t so sunny for Germany’s other clubs
as the total value represented by Bundesliga clubs fell 5% in
2022. This was primarily due to a drop in the perceptions of
the league, which is a contributing factor in the strength of
each club’s brand. Only 18% of fans see the Bundesliga as
highly competitive, compared to 60% for England’s Premier
League and Brazil’s Serie A, and 50% for Spain’s LaLiga.
One club breaking this trend is Eintracht Frankfurt (brand

value up 8% to €191m) which rose 3 ranks to an all time
high of 22nd place following a Europa League win against
Rangers in Seville.

The brand value growth comes from a combination

of a Brand Strength Index increase and more positive
revenue forecasts - Champions League football next year
is expected to deliver a boost to matchday, broadcasting
and commercial revenues.
Manchester United fall to lowest-ever

rank at 5th, behind rivals Liverpool
Manchester United FC (brand value up 11% to just
under €1.3 billion) as the team earned their lowest-ever
Premier League points total; this growth is not enough
to keep the club ahead of Northern English rivals
Manchester City and Liverpool FC (brand value up
31% to €1.3 billion) leading to a drop to 5th in the Football
50 rankings. The brand has previously never placed
lower than 3rd.
Despite failing to qualify for the European Champions’

League group stages as well as a long run of poor
form on-field Manchester United are still able to record
growth in both brand value and brand strength,
reverting a three year decline in value. Following the
announcement of the European Super League last year,
United was one of the six English Premier League clubs
who lost brand value as a result. This year’s brand
valuation shows that United has substantially recovered
its previous brand strength, and still remains strong
among international audiences.
Brand Value by Country © Brand Finance Plc 2022
Brand
Value % of Number of
Country (EUR bn) total Brands
United
● Kingdom
8.6 43.8% 18
● Spain 4.1 21.2% 8
● Germany 3.1 15.8% 11
● Italy 2.1 10.5% 7
● France 1.3 6.8% 3
● Netherlands 0.2 0.9% 1
● Portugal 0.1 0.5% 1
● Brazil 0.1 0.5% 1

Total 19.6 100.0% 50

Brand Value Over Time ¤m (2012-2022) © Brand Finance Plc 2022

2,000
1,500
1,000
500
0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Liverpool ranks second in brand strength globally with a both brand strength and revenue. Spurs are now more
score of 92.9, securing a AAA+ brand rating, increasing by frequently qualifying for the European Champions
3.9 points this year - more than any other club in the Top League group stage boosting broadcasting income and
10. This is partially due to the clear and positive reversal enabling the club to charge a premium for partnerships.
from ownership following the ESL fiasco, but also strong The construction of the Tottenham Hotspur stadium has
performances in both the league and cups – Liverpool boosted matchday revenue, however management have
have played in every game possible in 2021/22 as the team not yet achieved the goal of finding a lucrative stadium
claimed England’s two domestic cups and have reached naming sponsor – this may be more likely now that NFL
the Champions League final for the 3rd time in 5 years. The International Series games have returned to the ground,
club is also most likely to be seen as innovative and holding bringing with them a large new audience.
a good reputation in English football.
Tottenham Hotspur is now solidly

within top 10 clubs globally
Tottenham Hotspur FC (brand value up 21% to €873
million) achieved an all-time high in brand valuation and
were ranking as the 8th most valuable brand globally,
above fellow London clubs Chelsea FC (brand value
up 11% to €855 million) and Arsenal FC (brand value
up 18% to €793 million). Tottenham finished above both
Arsenal and Manchester United this season, securing
their spot in the 2022/23 Champions’ League group
stages, which has become increasingly important to
all stakeholders for the top clubs – players, sponsors,
owners and broadcasters are all strongly influenced by
presence in Europe’s top international competition.
Since first featuring in the Top 10 most valuable football

brands in 2015, Spurs have steadily been growing

Average Brand Strength by League within Top 50 © Brand Finance Plc 2022
80
70
60
50
40 78
77 74
73 73 71 70
67
30 63
20
10
No. of clubs 8 17 11 3 7 1 1 1 1
Atalanta and Real Betis both grow

strongly as team performance
improves
Real Betis (brand value up 33%) are one of the fastest
growing brands following a successful domestic season,
winning their first silverware in 17 years with a Copa Del
Rey triumph and narrowly missing out on Champions
League Qualification. The club is well perceived by fans
– it is the Spanish club most highly rated as a positive
force in the local community – and these attributes have
pushed BSI up 5 points to 75.6, an AA+ rating.
Atalanta (brand value up 52% to €123 million) achieved

very strong brand value growth in connection with
reaching the quarter final of the 2022 Europa League
competition and have been able to leverage their on-field
success to achieve greater commercial revenue.

0
400
800
1,200
1,600
Real Madrid CF
Manchester City FC
FC Barcelona
Liverpool FC
Manchester United FC
FC Bayern Munich
Paris Saint-Germain
Tottenham Hotspur FC
Chelsea FC
Brand Finance Football 50 2022

Arsenal FC
Juventus FC
Club Atlético de Madrid
Borussia Dortmund
FC Internazionale Milano
West Ham United FC
La Liga
Leicester City
AC Milan
RasenBallsport Leipzig
Everton FC
Brand Value by Clubs/Leagues (€m)
Wolverhampton Wanderers FC
FC Schalke 04
Newcastle United FC
Bayer 04 Leverkusen
Serie A
Leeds United
Premier League
Aston Villa FC
SSC Napoli
AFC Ajax
AS Roma
Other
Sevilla FC
VfL Wolfsburg
Brighton & Hove Albion FC
Bundesliga
Eintracht Frankfurt
Borussia Mönchengladbach
Valencia CF
Olympique Lyonnais
Crystal Palace
Ligue 1
Olympique De Marseille
Southampton FC
Athletic de Bilbao
Villarreal CF
1899 Hoffenheim
Atalanta
Real Betis
Celtic FC
1.FC Köln
SV Werder Bremen
Burnley
SL Benfica
Flamengo
ACF Fiorentina
brandirectory.com/football 15
Brand Value Ranking (¤m).
EURm
Top 50 most valuable football clubs
2022 Brand 2021 2022 2021
2022 2021 Brand Value Brand Brand Brand
Rank Rank Brand Country Value Change Value Rating Rating
1 1 0 Real Madrid CF Spain € 1,525 +19.5% € 1,276 AAA+ AAA+
2 4 2 Manchester City FC United Kingdom € 1,327 +18.7% € 1,118 AAA AAA
3 2 1 FC Barcelona Spain € 1,325 +4.6% € 1,266 AAA+ AAA+
4 6 2 Liverpool FC United Kingdom € 1,272 +30.7% € 973 AAA+ AAA
5 3 1 Manchester United FC United Kingdom € 1,250 +10.6% € 1,130 AAA+ AAA
6 5 1 FC Bayern Munich Germany € 1,109 +3.8% € 1,068 AAA AAA+
7 7 0 Paris Saint-Germain France € 1,027 +15.7% € 887 AAA- AAA
8 9 2 Tottenham Hotspur FC United Kingdom € 873 +20.7% € 723 AAA- AAA
9 8 1 Chelsea FC United Kingdom € 855 +11.1% € 769 AAA AAA
10 10 0 Arsenal FC United Kingdom € 793 +17.5% € 675 AAA AAA-
11 11 0 Juventus FC Italy
12 13 2 Club Atlético de Madrid Spain
13 12 1 Borussia Dortmund Germany
14 14 0 FC Internazionale Milano Italy
15 18 2 West Ham United FC United Kingdom
16 17 2 Leicester City United Kingdom
17 29 2 AC Milan Italy
18 16 1 RasenBallsport Leipzig Germany
19 15 1 Everton FC United Kingdom
20 31 2 Wolverhampton Wanderers FC United Kingdom
21 20 1 FC Schalke 04 Germany
22 22 0 Eintracht Frankfurt United Kingdom
23 26 2 Newcastle United FC Germany
24 40 2 Bayer 04 Leverkusen United Kingdom
25 30 2 Leeds United United Kingdom
26 32 2 Aston Villa FC Italy
27 24 1 SSC Napoli Netherlands
28 39 2 AFC Ajax Italy
29 23 1 AS Roma Spain
30 19 1 Sevilla FC Germany
31 42 2 VfL Wolfsburg United Kingdom
32 25 1 Brighton & Hove Albion FC Germany
33 21 1 Borussia Mönchengladbach Germany
34 34 0 Valencia CF Spain
35 27 1 Olympique Lyonnais France
36 28 1 Crystal Palace United Kingdom
37 46 2 Olympique De Marseille France
38 35 1 Southampton FC United Kingdom
39 43 2 Athletic de Bilbao Spain
40 44 2 Villarreal CF Spain
41 36 1 1899 Hoffenheim Germany
42 - 3 Atalanta Italy
43 - 3 Real Betis Spain
44 48 2 Celtic FC United Kingdom
45 45 0 1.FC Köln Germany
46 47 2 SV Werder Bremen Germany
47 37 1 Burnley United Kingdom
48 41 1 SL Benfica Portugal
49 - 3 Flamengo Brazil
50 - 3 ACF Fiorentina Italy

Brand Value Ranking ($m).
USDm
2022 Brand 2021 2022 2021
1 1 0 Real Madrid CF Spain $1,768 +18.0% $1,499 AAA+ AAA+
2 4 2 Manchester City FC United Kingdom $1,539 +17.2% $1,313 AAA AAA
3 2 1 FC Barcelona Spain $1,536 +3.3% $1,487 AAA+ AAA+
4 6 2 Liverpool FC United Kingdom $1,475 +29.0% $1,143 AAA+ AAA
5 3 1 Manchester United FC United Kingdom $1,450 +9.3% $1,327 AAA+ AAA
6 5 1 FC Bayern Munich Germany $1,286 +2.5% $1,255 AAA AAA+
7 7 0 Paris Saint-Germain France $1,191 +14.3% $1,042 AAA- AAA
8 9 2 Tottenham Hotspur FC United Kingdom $1,012 +19.2% $849 AAA- AAA
9 8 1 Chelsea FC United Kingdom $991 +9.7% $904 AAA AAA
10 10 0 Arsenal FC United Kingdom $919 +16.1% $792 AAA AAA-

Brand Value Ranking (£m).
GBPm
2022 Brand 2021 2022 2021
1 1 0 Real Madrid CF Spain £1,293 +12.3% £1,152 AAA+ AAA+
2 4 2 Manchester City FC United Kingdom £1,126 +11.6% £1,009 AAA AAA
3 2 1 FC Barcelona Spain £1,124 -1.7% £1,143 AAA+ AAA+
4 6 2 Liverpool FC United Kingdom £1,079 +22.8% £878 AAA+ AAA
5 3 1 Manchester United FC United Kingdom £1,060 +4.0% £1,020 AAA+ AAA
6 5 1 FC Bayern Munich Germany £940 -2.4% £964 AAA AAA+
7 7 0 Paris Saint-Germain France £871 +8.7% £801 AAA- AAA
8 9 2 Tottenham Hotspur FC United Kingdom £740 +13.4% £653 AAA- AAA
9 8 1 Chelsea FC United Kingdom £725 +4.4% £694 AAA AAA
10 10 0 Arsenal FC United Kingdom £672 +10.4% £609 AAA AAA-

Brand Strength Index Ranking.
Top 50 strongest football clubs
2022 Brand Brand 2021 Brand 2022 2021
2022 2021 Strength Index Strength Strength Index Brand Brand
Rank Rank Brand Country (BSI) Score Change (BSI) Score Rating Rating
1 2 2 Real Madrid CF Spain 94.0 +2.7 91.3 AAA+ AAA+
2 4 2 Liverpool FC United Kingdom 92.9 +3.9 89.0 AAA+ AAA
3 3 0 FC Barcelona Spain 92.1 +1.0 91.1 AAA+ AAA+
4 5 2 Manchester United FC United Kingdom 92.0 +3.3 88.7 AAA+ AAA
5 1 1 FC Bayern Munich Germany 88.6 -3.3 91.9 AAA AAA+
6 7 2 Manchester City FC United Kingdom 87.7 +1.6 86.2 AAA AAA
7 11 2 Juventus FC Italy 86.1 +2.4 83.6 AAA AAA-
8 12 2 Arsenal FC United Kingdom 85.9 +2.8 83.1 AAA AAA-
9 6 1 Chelsea FC United Kingdom 84.7 -1.6 86.2 AAA AAA
10 9 1 Tottenham Hotspur FC United Kingdom 83.1 -1.7 84.9 AAA- AAA
11 8 1 Paris Saint-Germain France
15 3 Flamengo Brazil
17 3 Real Betis Spain
19 20 2 Sevilla FC Spain
23 37 2 AS Roma Italy
24 15 1 AFC Ajax Netherlands
25 33 2 Eintracht Frankfurt Germany
26 28 2 Newcastle United FC United Kingdom
28 30 2 SSC Napoli Italy
31 32 2 Aston Villa FC United Kingdom
41 35 1 Bayer 04 Leverkusen Germany
42 36 1 Brighton & Hove Albion FC United Kingdom
45 41 1 VfL Wolfsburg Germany

Brand Enterprise Value Ranking.
EURm
Top 50 most valuable football enterprises
2022 Brand Enterprise 2021 Brand
2022 2021 Enterprise Value Enterprise
Rank Rank Brand Country Value Change Value
1 1 0 FC Bayern Munich Germany €4,736 +31.3% €3,606
2 2 0 Real Madrid CF Spain €3,593 +0.6% €3,571
3 3 0 Liverpool FC United Kingdom €3,592 +8.5% €3,311
4 6 2 Manchester City FC United Kingdom €3,442 +19.7% €2,877
5 4 1 Manchester United FC United Kingdom €3,428 +12.1% €3,057
6 5 1 Paris Saint-Germain France €3,365 +14.6% €2,936
7 7 0 FC Barcelona Spain €3,032 +7.2% €2,829
8 8 0 Chelsea FC United Kingdom €2,660 +10.1% €2,416
9 11 2 Juventus FC Italy €2,294 +33.3% €1,721
10 10 0 Arsenal FC United Kingdom €1,746 -2.4% €1,788
11 9 1 Tottenham Hotspur FC United Kingdom
19 36 2 Aston Villa FC United Kingdom
23 39 2 Sevilla FC Spain
26 22 1 VfL Wolfsburg Germany
27 35 2 SSC Napoli Italy
30 25 1 Bayer 04 Leverkusen Germany
31 23 1 Newcastle United FC United Kingdom
33 40 2 Eintracht Frankfurt Germany
34 55 2 AS Roma Italy
35 37 2 Brighton & Hove Albion FC United Kingdom
47 52 2 AFC Ajax Netherlands

Brand
Spotlights.
Paris Saint-Germain. 🇫🇷 p
Rank Brand Value
7 0 €1.0bn +16%
Rank Brand Strength
11 1 82.3 -2.9

Brand Spotlight: PSG.
In the last ten years, Paris Saint-Germain has become one of the most powerful clubs
in Europe. Having become a regular in the final stages of the Champions League, the
club reached the final for the first time ever in 2020. In one decade, its directors have
developed a club whose aim is to shine in all domains.
Since Paris Saint-Germain was acquired by Qatar Sports Investment, the club has
continuously grown its revenue in order to provide its football team with the resources
it needs to fulfil its ambitions. In order to do this, Paris Saint-Germain has rolled out a
bold and creative strategy, which ties in with the values of the club’s home city, Paris.
Becoming the benchmark football lifestyle brand

A veritable trailblazer, Paris Saint-Germain always has a surprise up its sleeve and has
Marc Armstrong made a name for itself as the benchmark lifestyle brand in the world of football. The
Chief Partnerships Officer, club caused a sensation thanks to its innovative collaborations with fashion designers
Paris Saint-Germain such as Christelle Kocher or Manish Arora, icons from the world of music such as
the Rolling Stones or Prince, and avant-garde designers such as 3.Paradis, Bape,
Commune de Paris, and more.
Its master stroke was undeniably the exclusive collaboration with global lifestyle
brand Jordan, as part of the long-term Nike partnership, which marked the first
collaboration between two key brands from football and basketball. The famous
“Jumpman” logo is featured on selected shirts every year, as well as on many clothing
items and accessories. Paris Saint-Germain’s lifestyle collections sit at the crossroads
between sport and fashion, with a pioneering spirit that enables the brand to conquer
new audiences worldwide.

Brand Spotlight: PSG.
PSG as a global brand Innovating for the future

This trend went hand-in-hand with the development Today, young people wear Paris Saint-Germain-branded
of merchandising and the internationalisation of clothes in all corners of the globe, which shows that,
the Paris Saint-Germain brand. The level of income more than ever, it is the club for the new generation. It
generated by the sale of products is now almost six boasts more than 160 million followers on social media,
times higher than prior to the change in ownership. making it one of the most popular sports clubs online. It
In the meantime, the club has expanded across all is particularly popular on the social networks favoured
continents, developing an unparalleled distribution by young people. On Instagram, Paris Saint-Germain
network with stores in North America (Los Angeles is the French company with the highest number of
and New York), Asia (Tokyo, Seoul, etc.) and the followers (over 59.1 million). It is also the football club
Middle East (Doha), adding to its stores in Paris and that has generated the most views on Tik-Tok (more
the surrounding area. than 1.97 billion). These figures reward the club’s
ambition to constantly innovate, renew its codes and
With its strong and unique brand identity, Paris Saint- offer its fans a comprehensive experience.
Germain has been able to boost the value of its brand
and welcome new premium and international partners. The club’s popular and economic successes contribute
During the last sponsorship drive, which began with to a shared mission: to be in a position to invest in
the signing of ALL as the club’s shirt sponsor and the ambitious sporting policies for the long term. In 2023,
renewal of the long-term agreement with Nike, Paris the Rouge & Bleu’s teams will take up residence in
Saint-Germain’s shirt was deemed one of the highest- a cutting-edge training centre, befitting the club’s
value sports shirts in the world. astonishing development.

Juventus FC. 🇮🇹 p
Rank Brand Value
11 0 €0.7bn +25%
Rank Brand Strength
7 2 86.1 +2.4

Juventus: Amongst the
Top Growing Football Clubs.
Juventus has retained its title as the Strongest Italian The strengthening of the Juventus brand is due to both
Football Club Brand and therefore a club with the the improvement in performance in some key areas and
greatest ability to influence the choices and opinions of to the optimisation of other indicators that contribute to
the fans, and a brand of greater financial value, with a the competitive analysis prepared by Brand Finance,
weight equal to about 30% of all enterprise value. based on the marketing and business data available
in the last two weeks. In fact, following some market
The strength of the Juventus brand, classified as AAA in research conducted in April by Brand Finance, conducted
the Brand Finance Football 50 2022, is a result of both amongst a representative sample of fans in the main
the improvement of turnover prospects at the beginning European countries, the USA, China and Brazil, Juventus
of 2022 and the reduction of the cost of capital, which is one of the most loved clubs and with the greatest
indicates a reduction in the risk of investments in the number of fans. Furthermore, Juventus performed very
club. These factors together with the improvement in well in certain aspects, for example in stadium quality,
long-term growth has led Brand Finance to estimate the perception of club quality, fair play, sponsorships,
value of the Juventus trademark at €705 million. attractiveness for partners and broadcasters, and average
attendance of fans in the stadium.
Thanks to the significant increase of €140 million year
on year, equal to a growth of 25%, Juventus is one of
the five clubs whose brand has grown the most in the As for Ferrari and Real Madrid,
football world. Furthermore, this year the Juventus brand
has recovered and exceeded its pre-covid value by
the strong performance of
4.4%. Following the strong growth, Juventus is ranked Juventus indicates that the
as 11th in the Brand Finance Football 50 2022 and has
significantly reduced the gap with Arsenal, ranked as
brand of the Turin club is
10th, which has also grown more than the average of the increasingly attractive and
50 clubs, but with a brand value increase of 18%. influential for fans and
The other Italian clubs ranked in the Brand Finance sponsors, thus favouring
Football 50 2022 are; Inter in 14th place, with an extremely business performance
strong AAA- brand rating; AC Milan in 17th place with a very
strong AA + brand rating which; Napoli in 27th place with regardless of sporting results.
a very strong AA- brand rating; Roma with an AA rating in
29th place; and finally, Atalanta and Fiorentina also enter Massimo Pizzo
the rankings this year, in 42nd and 50th place respectively. Managing Director, Brand Finance Italy

LaLiga. 🇪🇸 p

Interview with Javier Tebas.
What are the implications of the agreement with CVC for the LaLiga club brands?
The agreement will allocate 70% of the capital to improve the infrastructure of the
clubs. What percentage is calculated to grow the brand strategies?
The involvement of LaLiga clubs in the agreement with CVC is total. LaLiga Impulso
is a project that was created to help them improve their infrastructure, to digitalise,
to internationalise... and this means that the brand of the clubs will expand nationally
and internationally. In short, the LaLiga Impulso project will serve to strengthen the
brands of the clubs and, therefore, of LaLiga.
The Spanish league had its glory years with stars such as Cristiano Ronaldo
and Messi. Beyond the impact it has had on Real Madrid and Barcelona, how
does it affect LaLiga not to have this level of international stars?
Javier Tebas
LaLiga is much more than the players who play in it. Of course, we are delighted that
President,
great stars of national and international football play here, but the LaLiga brand and
LaLiga
the clubs' brand is above that of the players.
The best brand guardians have to be the top executives. Clarity,

transparency and courage in your statements characterise you. How does
the LaLiga brand capitalise on the value of the Javier Tebas brand?
For me, the important thing is to take the LaLiga brand and that of the 42 clubs that
are part of it as far as possible. Javier Tebas works in favour of LaLiga and with this
objective in mind.
LaLiga is always looking to grow and close the gap with the Premier League.
How do you capitalise on the value of brands to achieve this?
We try to highlight, especially on an international level, the virtues of our clubs. Especially
when they play in European competitions and achieve milestones such as those
achieved this season by Villarreal CF or Real Madrid. These are moments of great
visibility in which all areas row to continue maximising these brands at a global level: with
interviews with international media, events with partners in other territories, etc.

Interview with Javier Tebas.
What is LaLiga doing for women's football? marketing and communication do you consider
Despite not being the official organiser of the key to accompany and promote the development
competition, in October 2015 we created a Women's of the football sector in the short-medium term?
Football department to promote and support it. We At LaLiga, we try to promote aspects of marketing
put all our communication windows at the service and communication that are far removed from strict
of women's football to try to contribute to increasing competition. We are the industry of emotions and
its visibility; we have collaboration and knowledge entertainment and as such we are immersed in many
exchange agreements with various federations and other projects in addition to the competition that are key to
women's leagues around the world such as the growing the image of LaLiga and the championship itself.
Damallsvenskan in Sweden, the NWSL in Nigeria and We promote innovation and technology, training inside and
the Nadeshiko League in Japan, among others. We outside the clubs, the world of entertainment (as we do
also organise training for women's football clubs and with the Oh my Gol! concert or with the opening of LaLiga
we have three players in the LaLiga Ambassadors TwentyNine's sports),... in short, we use tools to amplify the
programme, Vero Boquete, Aintzane Encimas and world of competition and football and provide it with much
Anair Lomba, among other projects. more content, to make it grow beyond the playing fields.
How do you see the health of the clubs in terms

of brand value?
We are working to boost the brand value of the clubs,
aware of the strength they have inside and outside
Spain. In fact, it is one of the pillars of work within the
LaLiga Impulso project. We are supporting the different
clubs and SADs to help them get more value out of
their brands.
The Spanish league is the league that has lost the

least in economic terms, but what about in terms of
brand value? What steps need to be taken to make
it the most valuable league in the world?
Being the league that has lost the least in economic
terms has also revalued us in terms of brand. We have
come out of the pandemic stronger in terms of brand,
making it possible for the competition to be completed
in the 2019/20 and 2020/21 seasons.
How does the relationship with the presidents of

Real Madrid and Barça affect the value and image
of LaLiga? How does it affect them?
The value of LaLiga is the value of its clubs and both
Real Madrid and FC Barcelona are great clubs that
contribute to spreading the image of LaLiga at an
international level. Our mission in LaLiga is to promote
all clubs equally, and that is what is important, to
promote the competition globally beyond players or
club presidents.
Communication and marketing have become

indispensable elements for many sectors during
the last few years marked by the pandemic and
other international tensions. What aspects of

beIN. 🇶🇦 p

Interview with Richard Verow.
beIN has an international following, how important is women’s sport to what
the channel aims to achieve?
Sport is at the heart of what beIN do, and women’s sport is a key component of
that. It’s important to us that our broadcast offering represents all our viewers –
both male and female.
The mission behind beINSPIRED is to elevate the profile of under-represented

sports, athletes, and talent globally, and to recognise the value that all sports - and
women’s sport in particular - play in the international sports eco-system.
beIN SPORTS has the largest women’s sports portfolio of any broadcaster and earlier
this year – on International Women’s Day – announced that the UEFA Women’s
Richard Verow
Champions League would be broadcast free-to-air via linear beIN channels via
Chief Sports Officer,
YouTube and social media. Additionally, beIN SPORTS broadcast the Women’s FA
beIN Media Group
Cup Final earlier this month and will broadcast UEFA Euro 2022 in MENA this summer.
With the reach of beIN SPORTS and the properties that you have, how do
you communicate with your audiences authentically?
beIN SPORTS is one of the largest broadcasters in the world, a reach that goes
beyond 41 territories across 5 continents with broadcasts in multiple languages –
from Arabic, English, French, Spanish, Turkish, Bahasa and Thai to name a few.
Our viewers get the best international content tailored for them, we know content is
never a ‘one size fits all', we want our viewers to have the best experience in a way
that suits them. This is how you get close to the audiences, build a brand connection
as well as staying at the forefront of the sports community.

Interview with Richard Verow.
beIN SPORTS is one of the biggest investors in sports region before building an unrivalled international
content globally – from the FIFA World Cup, UEFA footprint and will now broadcast a ‘home’ World Cup.
European Championships to multiple club tournaments,
leagues, tennis Grand Slams, athletics, swimming and US The Middle East has a unique love and thirst for
Sports – if it’s a big event you can be sure to find it with us. football, we will take the first ever World Cup in the
region to our local viewers – this is a huge honour for
beIN MEDIA GROUP as an organisation is so diverse, us. Remember, five teams from the AFC have qualified
from the best in multi-language entertainment content with the possibility of a sixth via the intercontinental
from around the world in Turkey, Asia and MENA to playoff so the interest levels rise even higher. The World
being the majority investor in the MIRAMAX film group, Cup will help beIN SPORTS kick on as a business –
bringing the best Hollywood blockbusters to the big with increased interest in our unrivalled domestic and
screen and beyond. international sport offering in the MENA region.
Also, earlier this year we launched ‘TOD’, our new We have every reason to believe that this will be the
subscription video on demand OTT proposition in most-watched World Cup ever with two-thirds of the
the MENA region. This brand-new platform provides global audience able to watch the drama unfold in
access to more than 10,000 hours of premium Arabic, prime time. Meanwhile, in the MENA region, the 2018
Turkish, international, blockbuster, and children’s edition of the tournament was seen by 537 million
entertainment content, along with a range of new viewers, +66.2% on the 2014 World Cup in Brazil. The
originals and beIN Sports’ leading rights portfolio. beIN growth in MENA played a key part in the 2.2% global
aims to continuously up the bar in world-class sports growth in viewers for 2018.
and entertainment content.
We also believe that TV viewing is higher in the winter
Building up to the World Cup in Qatar – can this (Northern Hemisphere) months, and so we expect to
be a springboard for beIN? see some natural increases in viewings just because
We are immensely proud to be showcasing one of the it is being held in November/ December. Additionally,
biggest events in the world to 25 countries in MENA and fewer people will be away on holiday at that time,
France. This tournament is a major source of excitement which will give a boost to the viewing. I strongly believe
for us. beIN originated in Qatar, grew up in the MENA this will be the best World Cup on and off the pitch!

Deep Dive
Analysis.
Football Fan Research.
UK France
1000 Respondents 1000 Respondents
Spain Germany
Italy
1000 Respondents
USA China
Brazil
1000 Respondents
For the 2022 iteration of the Most Valuable Football Brands In an uncertain economic
Report, Brand Finance conducted market research among environment, it is more
football fans in eight key markets. This included the five
major markets of football’s European heartland (France, important than ever to
Germany, Italy, Spain, UK), together with Brazil, where understand the commercial
football is embedded in the country’s culture and heritage.
Finally, two key emerging/maturing football markets were
benefit of any marketing
polled – China and USA. Any football club with aspirations investment, and a sponsorship
to build a global fanbase will need to connect with fans in is often the largest single
many, if not all, of these eight markets.
marketing expense many
Brand Finance conducted an online survey businesses make. Our research
among 1,000-1,500 football fans, demographically
representative of the population, in each market.
and methodology assess
monetary returns on
Our research assesses fans’ perceptions of major football sponsorship activity for both
leagues, competitions and clubs, and their level of
engagement and enthusiasm towards them. For the 2022 rights holders and commercial
report the research covered over 30 major club competitions partners in a manner that is
and their participating clubs, with particular emphasis on the understood both in the
clubs and leagues with the largest global fanbases.
marketing department and in the
The research provides insight into how football is boardroom.
consumed, how this varies across markets and
demographic segments, and the different means that Declan Ahern
fans employ in following their favourite clubs. Valuation Director, Brand Finance

We identify the leagues and clubs that engage and excite crowd more easily. Furthermore, clubs and sponsors need
fans the most, and the attributes which drive the greatest to decide whether a multinational partnership generates the
fan appeal. We also assess which sponsorships are most best returns, or a larger portfolio of national partnerships is
salient among fans, and which sponsorships deliver the more suitable. Potential sponsors must base their decisions
greatest returns for their business. on an independent assessment of how clubs and leagues
are perceived and not gut feel alone – it is after all a
These insights enable clubs and leagues to assess commercial decision. Similarly, clubs and leagues hoping
the underlying strength and appeal of their brand and to attract sponsors are increasingly aware of the need to
‘product’ to corporate stakeholders. Of course, on-field present a business case for partnership and investment
performance has a significant impact on this area, but based on data and evidence that brand owners require
– as with brands in any walk of life, a strong brand and before they commit their marketing dollars.
fanbase ensures that the club’s support and commercial
performance has a degree of resilience that cushions Football conquers all
the impact of a potentially disappointing season on the
pitch. A prime example of this is Manchester United, Across the 8 markets we surveyed, football is the most
whom despite a decade of disappointing results, still popular sport in 6. In China it ranks 2nd behind basketball,
earn some of the highest revenues in Europe whilst also and in the US, it ranks 5th behind well-loved domestic
boasting one of the largest worldwide fan-bases. sports such as American Football, Basketball and Baseball.
For potential sponsors of leagues and clubs, our research While Europe is footballs most mature market, China is
is used to assess the value of partnering with both global catching up fast. In fact, only basketball (54%) ranks higher in
giants (are the biggest clubs as popular as their sponsor terms of popularity. In contrast, football in the USA could be
pitches suggest?) but also smaller leagues and clubs said to be catching up at a more modest pace. According to
heading in the right direction, where individual sponsors our research (and in terms of actual attendance) football has
can target a specific audience and stand out from the overtaken the NHL among the ‘big 4’ sports in the USA.
Football Popularity by Market © Brand Finance Plc 2022
80%
60%
40%
20%
0%
UK FR DE IT ES USA CN BR
Favourite Sport Follow

Which of these sports do you follow? (not interested, follow, favourite)

Favourite Leagues/Competitions (%) © Brand Finance Plc 2022
● Premier League (England) 18%
● La Liga (Spain) 17%
● Bundesliga (Germany) 16%
● Serie A (Italy) 14%
● Serie A (Brazil) 10%
● Ligue 1 (France) 8%
● Championship (England) 2%
● Premiership (Scotland) 2%
● Copa Libertadores (South America) 2%
● Other 11%
Which of these sports do you follow? (not interested, follow, favourite)
Drivers of League Favouritism (% of Importance) © Brand Finance Plc 2022
Rank League Has World Class Has World Class Has Passionate Has Strong
(Favourite Clubs/Teams Players Fans National Heritage/
League) Tradition
1 Premier League 55.6% 61.8% 57.4% 43.1%
(England)
2 La Liga (Spain) 47.4% 53.2% 46.5% 36.6%
3 Bundesliga 38.2% 44.1% 38.9% 29.1%

(Germany)
4 Serie A (Italy) 35.2% 38.4% 41.4% 32.9%
5 Serie A (Brazil) 16.4% 19.0% 25.2% 20.9%
6 Ligue 1 (France) 28.0% 38.9% 32.3% 22.0%
7 Championship 23.6% 26.6% 37.2% 27.2%

(England)
8 Premiership 8.1% 8.3% 18.0% 13.6%

(Scotland)
9 Copa Libertadores 20.0% 20.5% 25.7% 19.1%

(South America)

Percentage of Male vs Female Football Fans by Country © Brand Finance Plc 2022
0% 20% 40% 60% 80% 100%
UK
51% 49%
FR 52% 48%
DE 53% 47%
IT 56% 44%
ES 61% 39%
USA 50% 50%
CN 62% 38%
BR 58% 42%
Male Female
Exposure through football ahead of LaLiga and the Bundesliga respectively,

with the English Championship being the only 2nd tier
Football’s attraction to sponsors and other commercial league within the top 10 most popular.
partners is the sheer breadth of its appeal. Although fans
tend to be a little younger than the general population profile Looking at some of the key drivers as to why certain
in each country, the skew is not pronounced. Moreover, Leagues appeal to fans more than others allows one
the appeal of the sport to women is also a strong selling to better understand the features of the ‘product’ they
point – a high % of fans are female, and the gender balance are sharing with the world. Both the Serie A (Brazil)
is generally better than other major sports. This is further and Premiership (Scotland) underperform on the
evidence of the opportunities for clubs and sponsors within four primary drivers of favouritism suggesting that
the woman’s game where potential return on investment their fans are drawn to those respective leagues for
may be incredibly high due to market being relatively under different characteristics.
leveraged when compared to the men’s game.
The Premier League’s performance on these
Who attracts the most attention? – measures suggests why it is the most popular
which leagues are most popular league amongst both fans and sponsors alike,
although securing deals of association in the market
Among football fans in the 8 countries surveyed, the with the Premier League or one of its clubs does not
Premier League was the most popular league, slightly come cheaply.

Fan Engagement - Activities Done in the Past Month © Brand Finance Plc 2022
Shift to digital engagement continues

Broadcast TV continues to drive engagement alongside
social media – it remains the #1 way for fans to
follow live football despite digital channels disrupting
the sporting and entertainment industry worldwide.
However, increasing numbers of fans are streaming
games online, and the dominance of broadcast is
gradually diminishing globally.
Close to 40% of respondents have also claimed to

have watched documentaries or behind the scenes
programmes presenting a new potential revenue stream
for clubs and league as well as the significant indirect
impact that can be enjoyed through increased viewership
and engagement. A great example outside of football is
‘Drive to Survive’ – the Formula 1 series on Netflix which
has reportedly seen viewership of the sport increase by
approximately 50% a year since its inception in 2019.
On the betting front, close to one third of fans have played

the game of chance in the last month which explains the
prominence of gambling sponsors in football – the question
around the ethics of this remains a hot topic of debate with
many clubs calling for gambling sponsors to be banned.

Club Front of Shirt Sponsor Average recall Average recall Cost (EURm)
(21/22 season) (domestic) (non-domestic per % of
markets) domestic recall
26% 16% 1.8
33% 18% 2.0
25% 19% 1.7
34% 19% 2.0
34% 19% 0.3
28% 8% *
39% 6% 0.4
Non-domestic markets include remaining 7 markets in the study

*Sponsor value not reported

Sponsorship recall as a means of different forms of sponsorship in football. The below

measuring effectiveness example looks at three Bayern Munich sponsors of
which front of shirt and stadium recall is significantly
Sponsorship can pay off even if fans are not overtly higher. Whilst the sleeve sponsor is considerably newer,
aware of sponsorship activity. Nevertheless, a large Brand Finance data suggests that sleeve recall across
draw of sponsorship in football is the brand exposure it clubs is typically much lower and hence would expect
can provide and naturally brand owners would hope to to be a much cheaper sponsorship option in most
see high levels of coverage and recall among fans. cases. That said, many brands still pay six figures to
appear on the sleeve of the world’s largest clubs.
Examining a large club in each of the respective researched
markets suggests a range of 25%-39% for front of shirt When using recall to assess ROI, AC Milan and
sponsorship recall within the club’s domestic market. Flamengo are getting the best return within their
The range for recall within non-domestic markets is more domestic markets whilst PSG and Real Madrid are
spurious, in which the five European clubs who regularly the most expensive – of course this merely scratches
participate in European competitions are naturally higher. the service of measuring sponsorship and there are
various other KPIs to accurately measure return on
Sponsorship managers may also want to understand sponsorship investment. (See section: Precision and
the different levels of brand exposure they get from structure in Sponsorship Evaluation)
Bayern Munich Sponsor Recall
Type:
Front of shirt Sleeve Stadium
Sponsor:
Recall:
25% 5% 18%
For more information on our football research, please contact [email protected]

Precision and structure
in Sponsorship Evaluation –
Best Practice.
Why is tracking corporate
sponsorship a critical management
practice?
Brand Finance defines sponsorship as “the financial,
or similar support, of any individual, company, team,
activity, or event which is used primarily to achieve
specific business goals through association with
the rights holder. For a brand, these goals typically
include building awareness and equity through positive
association”
Whilst sponsorship is by no means limited to

sporting ventures, the sports sponsorship market
alone was estimated to exceed to €55bn in 2021
and is expected to grow considerably over the next
5-years reaching approximately €100bn by 2027. With
many corporates investing six-figures annually, the
importance of rigorously managing and evaluating
these sponsorships is simply a must. Yet, despite
increased levels of sponsorship investment, one in
four practitioners has no confidence at all in measuring
business return from sponsorships whilst less than 10%
said they were very confident. (Source: WARC)
To help instil confidence, and provide clear and concise

structure to sponsorship tracking, Brand Finance has
created a robust framework which links sponsorship
activities to brand and business performance and
identifies how sponsorship activities effect customer
perception, acquisition and loyalty – and critically it
assesses both non-financial and financial performance
to provide a 360-degree view.
Setting up a sponsorship
evaluation framework
Step one is to identify the core brand objectives and
whether sponsorship can help achieve those objectives.
Typically, this is done through mapping these objectives
to brand equity measures so that performance can be
tracked over time. For example, if brand awareness
is the objective, putting your brand name on the shirt
of a club like Real Madrid or Liverpool would certainly
contribute to this result (but at what cost?).
Secondly, it’s important to have a base-line evaluation

taken prior to key sponsorship activations so that there
is a clear benchmark from which future performance
and tracking can be measured.

Precision and structure in Sponsorship Evaluation – Best Practice.
Market research among the appropriate stakeholders

can be used to assess successful activations and
highlight where activation strategy can be adjusted to
achieve the desired results. Through this, organisations
can provide feedback to their brand partners to:
+ Exhibit the impact of the brand partnership on fan

perceptions of the partner
+ Understand how sponsorship exposure affects

different audiences
+ Measure past activations and assist in planning and

strategy for future activations
+ Compare to the market and understand what works

and what doesn’t
The below example examines the difference in brand

consideration for Emirates, a brand that has been and
remains associated with some of the biggest clubs in
football. The results from our research exhibits higher
levels of consideration in 28/29 markets for the
airline among football fans than non-football fans.
This analysis also allows brand owners and sponsorship

managers to see the difference across other key brand
perceptions or attributes which are often identified as
key drivers of customer acquisition and loyalty.
Emirates Consideration by Market & Football Following © Brand Finance Plc 2022

The below example exhibits more favourable results in front of the shirt of a top-division team covered in our
each attribute for a corporate brand which sits on the research.
Brand Image Perceptions: Sponsorship Impact © Brand Finance Plc 2022
More trustworthy than others
50
Actively involved in 40 Charges fair prices for the

your community benefits you get
30
20
10
Products and
Are excellent at
services offer
what they do
good value for money
Easy to deal with Recognises and rewards loyalty
Aware of sponsors Not aware
Sponsorship uplift and return on + Are we getting good value for money?
investment A valuation-based approach to sponsorship evaluation
provides a practical, logical, and commercially driven
The next level of sponsorship analysis is to determine basis for assessment. Through an approach that
the financial return and uplift to business metrics establishes linkages between changes in brand equity,
resulting from the investment, and to be able to express stakeholder behaviour and ultimately business and
this in a way that allows a brand team to communicate brand value, it provides a solid platform of insight to
the partnership benefits to the CFO, CEO and Board. inform future sponsorship decision making.
This requires determining the bottom-line effect, and
asking the questions that would be asked if investing in There are typically two sides to this
a new factory or machinery asset: analysis:
+ How does this investment pay back over the short 1. Return on historic sponsorship
and long term? The return on historic sponsorship is calculated by
determining whether the sponsorship has had a
significant effect on consumer perceptions of the
+ Has this investment increased the value of the
business for the shareholders? brand.

The perception changes are then used to estimate

what the future customer numbers and costs would
look like if the sponsorship had never taken place, all
else being equal.
This can then be used to adjust the business valuation

model of the partner to see how much more valuable
the business is, having conducted the activities. This
difference is the return on investment.
2. Future return on sponsorship renewal

Forecast customer numbers and revenue growth can
be applied to a valuation model to reflect heightened
consideration and perceptions associated with the
sponsorship continuing.
Sponsorship ROI - Partner Business Value © Brand Finance Plc 2022
Renew?
Sponsorship
Pre Begins
Sponsorship
Past 2009 Renewal Decision Future
Continue Sponsorship Stop Sponsorship Never Sponsorship

vision of a brand - How the sponsorship will

The difference in business value with and without the
improve important brand attributes.
sponsorship shows the future return on investment of
renewing the sponsorship contract.
+ Value potential analysis – Quantifying the financial
Building an appealing prospectus benefit possible from partnership – how will this
impact revenue and business value?
For rights owners, packaging these key benefits
derived from sponsorship into a prospectus offers a In summary, without appropriate methodologies for
highly impactful toolkit which can be used to: sponsorship evaluation and valuation, properties
are undersold by clubs, leagues and competitions,
+ Inform and impress existing sponsors and brands are unable to appreciate the full suite of
benefits that are possible from an engagement. Brand
Finance has developed methodologies to express
+ Justify past and future investment
the return on sponsorship investment in a way that
makes sense to both brand and financial audiences.
+ Attract new sponsors.
To achieve this, Brand Finance focusses on the two key

areas:
+ Brand Evaluation – Communicating the unique

attributes and brand strengths that complement the
A sponsorship manager’s checklist:

Does your organisation have a sponsorship evaluation system that provides a comprehensive measure of brand
health and business impact? Speak to us today to find out more: [email protected]

Brazil 10.
Top 10 Most Valuable Brazilian Football Brands (R$) © Brand Finance Plc 2022
1 🇧🇷 2 🇧🇷 3 🇧🇷 4 🇧🇷 5 🇧🇷
R$614m R$271m R$232m R$186m R$147m
6 🇧🇷 7 🇧🇷 8 🇧🇷 9 🇧🇷 10 🇧🇷
R$143m R$133m R$126m R$109m R$108m
The popularity of Football in Brazil Behind Palmeiras, Gremio is in 3rd place with a brand
value of R$232m – there is the potential for strong
Football is undeniably linked to Brazil – in Brand growth if revenues can further recover following their
Finance’s study of the Soft Power of nations, other relegation into 2nd tier of Brazilian football – only 4 years
countries rank Brazil 2nd as “Leaders of Sport”, behind after winning the Copa Libertadores.
the US. Brand Finance’s Global Brand Equity Monitor
research showed 75% of Brazilians follow football, Corinthians are 2nd strongest brand in Brazil with
second behind only Vietnam. The Brasileiro Serie A is a BSI of 73 behind 1st place Flamengo with 78.
the top league in Brand Finance’s football research for Corinthians are perceived as the 2nd most innovative
having ‘A strong national heritage and tradition’. brand in Brazil and the 5th globally. Innovative projects
such as launching of their virtual stadium platform
The Brasileiro Serie A is a hugely popular league with and increasing fan engagement earns the club the
83% of Brazilian football fans claiming to follow the association with innovation from 32% of Brazilians. The
league, and Corinthians, Flamengo and Palmeiras rank strength of the Corinthian brand helps them secure 5th
1st, 2nd, and 3rd in the metric “the teams play with exciting place in the Brand Value rankings
& entertaining style” ahead of both Real Madrid and
Liverpool (4th & 5th). S.C Internacional rank 7th overall in the Brazil brand rankings
with a brand value of R$133m and 5th overall in terms of
The Brazil Top 10 unpacked BSI with a score of 66. The strength of the Internacional
brand derives from ranking 1st globally for the metric “good
Flamengo stand levels ahead of their fellow Serie A reputation” and “a positive force in the local community”.
competitor’s ranking 1st in Brand Strength Index (78)
and Brand Value (R$614m). Flamengo Brand Value Atletico Mineiro's recent investment into the club through
is more than double 2nd place Palmeiras with a Brand their new stadium plans as well as bringing in star Brazilian
Value of R$271m. Flamengo club perceptions rank high players from Europe seem to be paying dividends as the
amongst global and domestic competitors ranking 2nd place 8th in the Brazil top 10 rankings. Ranking 3rd in Brazil
in the perception the club “has passionate fans”. and 10th globally for the metric “my favourite player plays
for the club” with popular players such as Hulk, Diego
Costa and Diego Godin likely having a large influence.

Brazil 10.
Mineiro BSI will likely climb after they move into their
new stadium ‘Arena MRV’ which is due to be completed
in 2022 as currently Mineiro are below average in this
fan perception. Despite the poor performance, fans
recognise the long term investments of their owners
ranking 2nd in the metric “The team is well run &
managed off the pitch” behind Flamengo.
Brazil is a country driven by

sport, especially football, it is a
gigantic industry that moves
approximately R$6 billion every
year (analysis of the revenue of
the twenty biggest national
teams), and this number is
higher if we consider all teams
from all national series and
divisions. We know that it is
necessary to professionalize
and treat football club brands
as a strategic asset, and that is
what our research does, it
shows the attributes of each
team and measures its value so
that sports brands can be
managed in the same way as
big brands corporations. More
and more football teams have
shown themselves to be closer
to companies and this type of
study is essential.
Eduardo Chaves
Managing Director, Brand Finance Brazil

City Brands as Part
of Football Club Brands.
Football brands are not just entertainment brands. They are also local brands or
country brands. And as such, they are part of an industry that contributes greatly to
the countries' GDP and sense of meaning.
The link between the city brand and the club brand is highly relevant and a powerful
marketing tool. Both have the capacity to attract tourism, to give international visibility,
and to impact one on the other. According to Brand Finance’s latest Soft Power study, the
perception of entertainment or sports in a country or city weighs on the mind of the citizen
and in their overall perception of that country or city. The perceptions of a country's qualities
contribute to a nation’s Soft Power Index, which reflects the ability of the place to influence
the behaviours of stakeholders in a positive way – this can be in terms of investment, trade,
qualified employees and greater tourism. In short, better political and economic outcomes.
Teresa de Lemus
Director Gerente,
‘Entertainment and sports’ is one of the 10 pillars that make up the Soft Power index
Brand Finance España
of a country. Brand Finance, thanks to the study carried out worldwide on more than
100,000 respondents, can identify which parameters influence the perception of a
place brand. This data is of special relevance in football, whose brands arise from the
town where they were born.
Nowadays, football teams have many more tools to develop their brands like the
style of play, the communication style or the sponsors they take on. But in a certain
way, the city brand is core and constant in this compendium of elements and that
can be used as a brand tool of the clubs.
Looking at two of the most valuable football brands, we see two great historical
ambassadors of the Spain brand and the city brand. Both Real Madrid and FC Barcelona
have been a bright window into Spanish culture for millions of followers around the world.
The former began its international journey in the 1920s. The latter, even earlier, won its first
international title in the "Pyrenees Cup" before 1913. Both clubs have not only carried the

City Brands as Part of Football Club Brands.
Spanish brand wherever they played, but also they put on

the map the cities that saw them born.
The relationship between the city brand and the

Football team brand is clear, but not all teams take
advantage of this component of their brands, nor do
all cities take advantage of the brands of their Football
teams.
Having clear synergies, common attributes could be

identified, those that contribute most to the brand and
are used almost as a natural sponsorship. The analysis
would therefore lead us to 3 points:
+ The ability of the football club to take advantage of

the correct attributes of its city brand, as is the
example of Betis FC
+ The ability of the football club to take advantage of

the Spain brand in its internationalization plan,
identifying how Spain is perceived in the target
market and thus taking advantage of shared brand
attributes to reach more fans
+ The ability of a city brand to promote its football

teams:how could the city of Malaga, for example,
which is gaining so much strength in its city brand,
be able to provide with its city brand a greater
following of the Malaga Football Club, that could
get the team greater sponsorships with which to
make transfers and reach the first division
In short, to be a valuable football brand, it will be

necessary to identify well which attributes of the brand
must be activated and whoever shares those attributes
can thus be identified, being, the city brand, a tool
available to everyone to be able to succeed.

Methodology.
Definitions.
Brand Value
+ Enterprise Value
The value of the entire enterprise, made
up of multiple branded businesses.
[City Football Group]
Enterpr Where a company has a purely mono-
ise
Val branded architecture, the ‘enterprise value’
ue
is the same as ‘branded business value’.
Brand + Branded Business Value

ed B
us The value of a single branded business
ine operating under the subject brand.
ss
V
Bran [MCFC] A brand should be viewed in the context
dC
al
on of the business in which it operates.

ue
tri Brand Finance always conducts a branded

b business valuation as part of any brand
ut
valuation. We evaluate the full brand value

io
chain in order to understand the links

n
between marketing investment, brand-

tracking data, and stakeholder behaviour.
+ Brand Contribution
Brand The overall uplift in shareholder value
Value that the business derives from owning
the brand rather than operating
[MCFC]
a generic brand.
The brand values contained in our league

tables are those of the potentially
transferable brand assets only, making
‘brand contribution’ a wider concept.
An assessment of overall ‘brand contribution’
to a business provides additional insights
to help optimise performance.
+ Brand Value
The value of the trade mark
and associated marketing IP within
the branded business.
[MCFC]
Brand Finance helped to craft the
internationally recognised standard on
Brand Valuation – ISO 10668. It defines
brand as a marketing-related intangible
asset including, but not limited to, names,
terms, signs, symbols, logos, and designs,
intended to identify goods, services
or entities, creating distinctive images
and associations in the minds of stakeholders,
thereby generating economic benefits.

Definitions.
Effect of a Brand on Stakeholders
FANS
POTENTIAL
PLAYERS
CUSTOMERS
EXISTING
DIRECTORS
CUSTOMERS
BRAND
BROADCASTING TECHNICAL
& MEDIA STAFF
MERCHANDISING ALL OTHER

CHANNELS EMPLOYEES
SPONSORSHIP DEBT
PARTNERS PROVIDERS
INVESTORS
impact of those on Business Performance. Metrics

Brand Strength within these categories include: stadium capacity,
squad size and value, social media presence, on
Brand strength is the part of our analysis most pitch performance, fan satisfaction, fair-play rating,
directly and easily influenced by on pitch stadium utilisation and revenue. Following this
performance, publicity, and brand management. analysis, each brand is assigned a BSI score out of
In order to determine the strength of a brand we 100, which is fed into the brand value calculation.
have developed the Brand Strength Index (BSI). We Based on the score, each brand in the ranking is
analyse performance in three key areas: Marketing assigned a rating between AAA+ and D in a format
Investment, Stakeholder Equity, and finally the similar to a credit rating.

Brand Valuation Methodology.
Definition of Brand 1 Brand Impact
e review what brands already pay in royalty
W
Brand is defined as a marketing-related intangible agreements. This is augmented by an analysis
asset including, but not limited to, names, terms, of how brands impact profitability in the sector
signs, symbols, logos, and designs, intended versus generic brands.
to identify goods, services, or entities, creating
distinctive images and associations in the minds This results in a range of possible royalties that
of stakeholders, thereby generating economic could be charged in the sector for brands (for
benefits. example a range of 0% to 2% of revenue)
Brand Value
Brand value refers to the present value of Brand Strength 2
earnings specifically related to brand reputation. We adjust the rate higher or lower for brands by
Organisations own and control these earnings by analysing Brand Strength. We analyse brand
owning trademark rights. strength by looking at three core pillars: “Inputs”
which are activities supporting the future strength
All brand valuation methodologies are essentially of the brand; “Equity” which are real current
trying to identify this, although the approach and perceptions sourced from our market research and
assumptions differ. As a result published brand other data partners; “Output” which are brand-related
performance measures such as market share.
values can be different.
Each brand is assigned a Brand Strength Index
These differences are similar to the way equity
(BSI) score out of 100, which feeds into the brand
analysts provide business valuations that are different value calculation. Based on the score, each brand
to one another. The only way you find out the “real” is assigned a corresponding Brand Rating up to
value is by looking at what people really pay. AAA+ in a format similar to a credit rating.
As a result, Brand Finance always incorporates

a review of what users of brands actually pay for
the use of brands in the form of brand royalty 3 Brand Impact × Brand Strength
agreements, which are found in more or less every
sector in the world. The BSI score is applied to the royalty range to
arrive at a royalty rate. For example, if the royalty
range in a sector is 0-5% and a brand has a BSI
This is sometimes known as the “Royalty Relief”
score of 80 out of 100, then an appropriate royalty
methodology and is by far the most widely used
rate for the use of this brand in the given sector
approach for brand valuations since it is grounded will be 4%.
in reality.
It is the basis for a public rankings but we always

augment it with a real understanding of people’s Forecast Brand Value Calculation 4
perceptions and their effects on demand – from
We determine brand-specific revenues as a
our database of market research on over 3000
proportion of parent company revenues attributable
brands in over 30 markets.
to the brand in question and forecast those
revenues by analysing historic revenues, equity
Disclaimer analyst forecasts, and economic growth rates.
Brand Finance has produced this study with an independent and unbiased analysis. The
values derived and opinions produced in this study are based only on publicly available
information and certain assumptions that Brand Finance used where such data was deficient
or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the
We then apply the royalty rate to the forecast revenues
publicly available information relied upon is subsequently found to be inaccurate. The to derive brand revenues and apply the relevant
opinions and financial analysis expressed in the report are not to be construed as providing
investment or business advice. Brand Finance does not intend the report to be relied upon for
valuation assumptions to arrive at a discounted, post-
any reason and excludes all liability to any body, government or organisation. tax present value which equals the brand value.

Club Revenue Streams
and Forecasting.
Matchday Revenue
Focuses on the club’s ability to generate
revenue from matchdays, which includes tickets,
hospitality sales, and other associated sales.
Matchday revenue is further influenced by
stadium size, utilisation, and average attendance.
Commercial Revenue
This stream of revenue is made up of kit, shirt, and
other relevant sponsorship deals, merchandising,
and any other relevant commercial operations.
Sponsorship values and merchandise sales are

strongly related to club performance, heritage,
and global following.
Broadcasting Revenue
Broadcasting revenue is dependent on the
broadcasting rights associated with participation
in respective domestic leagues, knockout
competitions, and regional competitions.
Further to participation, broadcasting revenues

are positively influenced by strong performances
on the pitch.

Enterprise
Value Methodology.
Brand Finance professionals have utilised a relative Relative valuation is more reflective of market
valuation approach in order to approximate the perceptions within the football industry than a
Enterprise Values of the most valuable football club traditional discounted cash flow. In an industry where
brands in the world. the Brand, and thus perceptions of consumers play
such a large role, it is important to capture this
Why use Enterprise Value? changing sentiment.
The Enterprise Value is a measure of the worth of the Methodology

company’s core business, to all investors, regardless
of how that company is financed. This is particularly Brand Finance creates a league specific revenue
relevant in the football industry where clubs are multiple based on data from sixteen publicly listed
financed in a range of different ways. football clubs across various European leagues.
Once a base revenue multiple is established within
What is Relative Valuation? the league, this is adjusted based on 7 relevant
factors that influence a clubs Enterprise Value; The
Relative (or market) valuation involves identifying a perception of the league in which the club plays,
set of comparable market values for a football club, whether or not the club owns its stadium, the market
converting these market values into standardised value of the squad, the strength of the clubs brand,
values known as multiples, and adjusting these whether or not the club has a global fanbase, the
multiples for any perceived differences between the heritage and history of the club, and finally the clubs
club you are valuing and the comparable set. operating margins.

Enterprise Value Methodology.
1. League Perceptions
The perception of the league in which a team plays has a large influence
on the value of the club. Brand Finance has conducted research across
European and emerging footballing markets to ascertain the perceptions of
these markets on each of the leagues that feature within the annual football
valuation study.
2. Stadium Ownership
In many cases the stadium in which a club plays is the most valuable
asset for any football club. Naturally, by owning that asset the football club
becomes more valuable. Ownership of the stadium further allows the clubs
to directly benefit from revenue generated at the ground whether that be in
the form of matchday tickets, or concessionary items.
3. Squad Value
Players registrations (contracts) are another significant asset for a football
club. The modern game has seen many different business models emerge
and has resulted in teams generating revenue through the acquisition and
disposal of high-profile players.
4. Brand Strength
The value of a football club is a directly related to the strength of its Brand.
As football clubs extend beyond their local municipalities, into far reaching
countries, searching for additional revenue and profits, it is the strength of
their brand that attracts supporters, commercial sponsors, and ultimately
differentiates one club from another.
5. Global Reach – Fanbase

Football clubs are global brands and businesses, with fanbases around the
globe. Brand Finance research in emerging football markets such as America,
India and China give insight into the global reach of football clubs in the
modern era. The global reach of these football clubs can be leveraged for
higher commercial revenue from global sponsors, and higher broadcasting
revenue from a worldwide fanbase hungry to follow their favourite team.
6. Club Heritage
Sponsors are not only interested in tapping into the global reach of football
clubs but are also conscious of being associated with a club with rich heritage,
and a successful history behind its name. Therefore, fans perceptions of the
club’s heritage in both home and overseas markets has been accounted for.
7. Operating Margin
Clubs are first and foremost businesses. The objective of any business is to
generate returns for their respective owners. With the advent of rules such a
financial fair play, clubs can no longer rely solely on ownership investment
to cover the increasing costs of players wages, technical staff and other
expenditures in the modern game.

Global Brand
Equity Monitor
Original market research on over 5,000 brands
36 countries and 29 sectors covered
Over 100,000 respondents surveyed annually
We are now in our 6th consecutive year conducting the study
Visit brandirectory.com/consumer-research
or email enquiries@brandﬁnance.com
[email protected]
Global Brand Equity Monitor.
Original market research in 36 countries and across more than 29 sectors
with approximately 100,000 consumers rating over 5,000 brands.
Apparel
Automobiles
Luxury Automobiles
Banks
Cosmetics & Personal Care
Food
Tier 1
Insurance
Oil & Gas
Restaurants
Retail & E-Commerce
Telecoms
Utilities
Airlines
Brand KPIs and Diagnostics
Luxury Apparel
1. Brand Funnel
Appliances
Awareness
Beers Have heard of your brand
Luxury Cosmetics Familiarity

Know something about your brand
General Retail
Consideration
Healthcare Services Would consider buying/using your brand
Hotels
2. Brand Usage
Tier 2
Household Products
3. Quality
Logistics
4. Reputation
Media
5. Loyalty
Pharma
6. Closeness
Real Estate
7. Recommendation (NPS)
Soft Drinks 8. Word of Mouth
Spirits & Wine 9. Brand Imagery
Technology 10. Advertising Awareness
Tyres 11. Brand Momentum

Highlights from the
Global Brand Equity Monitor.
Brand Finance’s proprietary market research Selected Rankings for Amazon – All
provides a robust assessment of brand health on Non-Luxury Brands
key equity measures, allowing comparison both
🇨🇦
within and across product and service categories. Great value for Excellent
Benchmarking against brands outside your sector money website/apps
is especially helpful in assessing the real strength
🇮🇹
of brand – not just the ‘best of a bad bunch’ in a 5 5
category where brands are generally weaker.
What makes a brand great?
🇲🇽
1 1
Amazon is undoubtedly one of the world’s strongest

brands, one of just a handful achieving the highest
🇬🇧
8 1
AAA+ rating. It has an extremely strong brand funnel,
with near-universal familiarity, and consideration, and
while its reputation score is not best-in-class, it is 6 1
stronger than many of its critics might think.
© Brand Finance Plc 2022
Every strong brand has its own winning formula,
🇮🇳
and our research highlights Amazon’s particular
advantages. Top of that list is the outstanding value
which shoppers believe Amazon delivers. Amazon
ranks on this measure in big markets such as Brazil,
USA, UK, and is #1 among retailers in many more.
Value has always been a big driver of consumer
behaviour, but Amazon also delivers a slick shopping
experience (“excellent website/apps”), and this
powerful combination is irresistible for many
consumers, even those who question Amazon’s 43% Care about the wider
values and broader corporate reputation. community (Rank #1)
Does brand purpose deliver? 88% Consideration Conversion
Argument rages among CMOs and marketing
🇸🇪
gurus over this issue. The jury is out – our data
suggests that being seen to “care about the wider
community” does correlate somewhat with higher
Consideration levels, and is an asset particularly for
local favourites such as Jio (India) or Bunnings
(Australia). But brands like McDonald's and Nike
(as well as Amazon) are liked and desired despite
somewhat moderate reputations on sustainability
and values.
8% Care about the wider
Who's the coolest cat? community (Rank #86)
92% Consideration Conversion
In categories like apparel, tech and automotive,
sustainability can make you cool, but it’s not the
only way. Porsche wins relatively few plaudits for
sustainability, but its übercoolness is very apparent.

Highlights from the Global Brand Equity Monitor.
Similarly in the apparel category (especially footwear),

the correlation between coolness and sustainability is
not especially high.
Meanwhile in France, the epitome of chic, the 2nd-

highest highest scorer among non-luxury brands is….
Burger King.
Get your brand talked-about

Cool brands get talked about, and word-of-mouth
(WOM) is another key asset some brands possess. It
has proven impact on brand growth, hence WOM’s
inclusion in our Brand Strength Index model.
In an absolute sense, big brands get talked about a lot

more than small ones – their sheer mass presence and
relevance ensures that. But deeper analysis reveals
a number of challenger brands who look set to profit
from above-expectation WOM levels and positive
consumer sentiment. Keep an eye on Tim Horton’s in
Spain, Peros Garment Factory (Canada), SAIC in,
yes, the USA and iinet in Singapore.
Top-ranked brands for being “Cool” (Among Category Users) © Brand Finance Plc 2022
🇨🇳
1st 2nd 3rd
🇫🇷
🇬🇧
🇺🇸
Sport
Services.
Sponsorship Services.
Addressing the following questions provides practical commercial insight and
negotiation support for decisions around the future arrangements of a partnership.
What impact is the partnership having on long-term

brand building metrics (awareness, brand equity)?
Is the partnership a good fit for our commercial

objectives?
What impact is the partnership having on short-term

business performance?
What is the ROI dollar value from the sponsorship

investment annually and over the term of the deal?
Is it money well spent
Is the organisation paying too much?
Should the partnership be renewed, and if so

at what fee?
How does the partnership ROI compare to other

similar sports partnerships?
Advertising equivalency and traditional research interpretation fail to adequately address these key questions,
missing the strength and relevance of different partnership opportunities.

Sponsorship Services.
Strong sponsorship strategy starts with Brand Finance’s services to sponsors are
the business’ goals and uses a quantitative designed to address each of these key
approach to select, assess, negotiate, aspects of sponsorship strategy.
operate and measure partnerships.
1. Map business strategy

& brand positioning
6. Ongoing tracking of 2. Identify potential

impact & effectiveness partnerships
3. Benchmark
5. Design activations Opportunities – reach,
strategy strength, price
4. Model potential Return

on Investment

League & Club Services.
Brand Finance offers a wide range of Sports Services which can be tailored to meet specific needs and outcomes.
Some are developed directly from this report’s analysis, and some are bespoke to each scenario.
1
Football Fan Research
4
Brand Strategy &
Design and manage bespoke
Positioning
research or review existing football fan
Help develop brand strategy to drive
research programmes.
growth and achieve business goals.
Positioning of the League within the
Access to existing Brand Finance
context of the market it operates in.
annual football research
2
Brand Evaluation
5
Brand & Business
Understanding what drives Brand
Valuation
Strength and highlighting how this
Brand and Business valuation services
can be improved is key to secure
for M&A / Sale and Fundraising
a successful long-term commercial
purposes
future
3 6
Partnership Tracking
Competitor/Peer
Benchmarking Continuous research to track
the reach and effectiveness of
How is your brand/league performing sponsorship activities. This is an
against its peers/competitors in your invaluable service to partners, and
respective markets? a must have to professionalise the
partnership offering.

League & Club Services.
7
Sponsorship &
Activation Strategy
Use sponsorship tracking to drive
strategy and future relationships with
the rights holder, and the activations
used to maximise their partnership
effectiveness.
8
Sponsorship Return on
Investment
Are existing sponsors seeing a good
return on investment?
Sponsorship opportunity analysis &

Comparable Deal Benchmarking
9
Sponsorship Prospectus
A strong sponsorship prospectus can
elevate a leagues offering above that
of the competition and professionalise
the commercial strategy

About Brand Finance.
Brand Finance is the world's leading brand
valuation consultancy.
We bridge the gap between marketing and finance

Brand Finance was set up in 1996 with the aim of 'bridging
the gap between marketing and finance'. For 25 years, we
have helped companies and organisations of all types to
connect their brands to the bottom line.
We quantify the financial value of brands

We put 5,000 of the world’s biggest brands to the test
every year. Ranking brands across all sectors and
countries, we publish nearly 100 reports annually.
We offer a unique combination of expertise

Our teams have experience across a wide range of
disciplines from marketing and market research, to
brand strategy and visual identity, to tax and accounting.
We pride ourselves on technical credibility

Brand Finance is a chartered accountancy firm regulated
by the Institute of Chartered Accountants in England and
Wales, and the first brand valuation consultancy to join
the International Valuation Standards Council.
Our experts helped craft the internationally recognised

standards on Brand Valuation – ISO 10668 and Brand
Evaluation – ISO 20671. Our methodology has been
certified by global independent auditors – Austrian
Standards – as compliant with both, and received
the official approval of the Marketing Accountability
Standards Board.
Get in Touch.
For business enquiries, please contact:
Richard Haigh linkedin.com/company/brand-finance
Managing Director
[email protected]
For media enquiries, please contact: twitter.com/brandfinance

Michael Josem
Associate Communications Director
[email protected]
facebook.com/brandfinance
For all other enquiries:
[email protected]
+44 207 389 9400 youtube.com/brandfinance
www.brandfinance.com

Request your own
Brand Value Report
A Brand Value Report provides a
complete breakdown of the assumptions,
data sources, and calculations used
to arrive at your brand’s value.
Each report includes expert

recommendations for growing brand
value to drive performance and offers
a cost-effective way to gaining a better
understanding of your position against peers. Insight
Visit brandirectory.com/request-a-valuation
Strategy
or email enquiries@brandﬁnance.com
Benchmarking
nefits
Brand Valuation
Summary Brand
e
Strength Tracking
B
Royalty Rates
Con
Education
te Cost of
Capital Analysis
nt
Communication
s
Customer
Research Findings
Understanding
[email protected] Competitor
Benchmarking
Consulting Services.
Make branding decisions using hard data
+ Brand Audits
Brand Research + Primary Research
What gets measured + Syndicated Studies
+ Brand Scorecards
Brand evaluations are essential for + Brand Drivers & Conjoint Analysis
understanding the strength of your + Soft Power
brand against your competitors.
Brand Strength is a key indicator of
future brand value growth whether + Are we building our brands’ strength effectively?
identifying the drivers of value or + How do I track and develop my brand equity?
avoiding the areas of weakness, + How strong are my competitors’ brands?
+ Are there any holes in my existing brand tracker?
measuring your brand is the only
+ What do different stakeholders think of my brand?
way to manage it effectively.
+ Brand Impact Analysis

Brand Valuation + Tax & Transfer Pricing
Make your brand's business + Litigation Support
case + M&A Due Diligence
+ Fair Value Exercises
Brand valuations are used for a + Investor Reporting
variety of purposes, including tax,
finance, and marketing. Being the + How much is my brand worth?
interpreter between the language of + How much should I invest in marketing?
marketers and finance teams they + How much damage does brand misuse cause?
provide structure for both to work + Am I tax compliant with the latest transfer pricing?
+ How do I unlock value in a brand acquisition?
together to maximise returns.
+ Brand Positioning
+ Brand Architecture
+ Franchising & Licensing
Brand Strategy + Brand Transition
Make branding decisions + Marketing Mix Modelling
with your eyes wide open + Sponsorship Strategy
Once you understand the value of

your brand, you can use it as tool +Which
brand positioning do customers value most?
to understand the business impacts +What
are our best brand extension opportunities
of strategic branding decisions in in other categories and markets?
terms of real financial returns. +Am
I licensing my brand effectively?
+Have
I fully optimised my brand portfolio?
+Am
I carrying dead weight?
+Should
I transfer my brand immediately?
+Is
a Masterbrand strategy the right choice for my business?

Brand Evaluation Services.
How are brands perceived
in my category?
Brand Finance tracks brand fame and perceptions
across 30 markets in 10 consumer categories. Clear,
insightful signals of brand performance, with data
mining options for those who want to dig deeper – all at
an accessible price.
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or coverage of a more
specialised sector?
Our bespoke brand scorecards help with market
planning and can be designed to track multiple brands
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segments and against budgets. Our 30-country
database of brand KPIs enables us to benchmark
performance appropriately.
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architecture or strategy in place?
Research is conducted in addition to strategic
analysis to provide a robust understanding
of the current positioning. The effectiveness
of alternative architectures is tested
through drivers analysis, to determine which option(s)
will stimulate the most favourable customer behaviour
and financial results.
How can I improve return

on marketing investment?
Using sophisticated analytics, we have a proven track
record of developing comprehensive brand scorecard
and brand investment frameworks to improve return on
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Does my brand get talked about?
Social interactions have a proven commercial impact
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buzz and sentiment, by combining traditional survey
measures with best-in-class social listening.

Our Sports Services Team.
Hugo Hensley Declan Ahern Gordon Morris

Head of Sports Services Valuation Director Insights Director
Benedict Baigrie Jonathan Ong Douglas Woolfenden

Associate Senior Consultant Analyst
Contacts
For business enquiries, please contact: linkedin.com/company/brand-finance
Hugo Hensley
Head of Sports Services
[email protected] twitter.com/brandfinance
Richard Haigh
Managing Director facebook.com/brandfinance
[email protected]
For media enquiries, please contact:

Michael Josem
Associate Communications Director
[email protected]
For all other enquiries, please contact:

[email protected]
+44 (0)207 389 9400
For more information, please visit our website:


Brand Finance Network.
For further information on our services and valuation experience, please contact your local representative:
Market Contact Email

Africa Jeremy Sampson [email protected]
Asia Pacific Alex Haigh [email protected]
Australia Mark Crowe [email protected]
Brazil Eduardo Chaves [email protected]
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China Scott Chen [email protected]
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France Bertrand Chovet [email protected]
Germany/Austria/Switzerland Ulf-Brun Drechsel [email protected]
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Sweden Anna Brolin [email protected]
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UK Richard Haigh [email protected]
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Vietnam Lai Tien Manh [email protected]

With strategic planning and creative thinking, we develop communications plans to create dialogue
with stakeholders that drives brand value.
Our approach is integrated, employing tailored solutions for our clients across PR and marketing
activations, to deliver strategic campaigns, helping us to establish and sustain strong client
relationships. We also have a specific focus on geographic branding, including supporting nation
brands and brands with a geographical indication (GI).
Brand Dialogue Limited is a member of the Brand Finance Plc Group
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The Brand Finance Institute is the educational division of Brand Finance, offering expert training on
brand evaluation, management and strategy.
Our in-house training and workshops, online learning offer and webinars will help you answer key
strategic questions about your brand for different levels of seniority and development needs:
• How can I grow brand value?
• How can I build a business case to show the return on my marketing investment?
• How can I set up my marketing budget using brand research and analytics?
For more information, contact [email protected] or visit brandfinanceinstitute.com
Brand Finance Institute is a member of the Brand Finance plc group of companies
Contact us.
The World’s Leading Brand Valuation Consultancy
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What is the purpose of the report?

What is the purpose of the report?

What sectors are analyzed in the report?

What sectors are analyzed in the report?

Football

Deep Dive Analysis 33

© 2022 All rights reserved. Brand Finance Plc.

Brand Finance Football 50 2022 brandirectory.com/football 2

By valuing brands, we provide a mutually intelligible language for marketing and

Brand Finance Football 50 2022 brandirectory.com/football 3

+ Manchester City FC overtake FC Barcelona to

+ In Italy, Juventus leads resurgent brands as

+ Flamengo enter the ranking at 49th as only non-

+ Manchester United FC fall to lowest-ever rank at

+ Tottenham Hotspur FC is now solidly within top

+ Atalanta and Real Betis both grow strongly as

Brand Finance Football 50 2022 brandirectory.com/football 6

Top 10 Most Valuable Football Brands © Brand Finance Plc 2022

¤1.1bn ¤1.0bn ¤0.9bn ¤0.9bn ¤0.8bn

Brand Finance Football 50 2022 brandirectory.com/football 7

Brand Finance Football 50 2022 brandirectory.com/football 8

Brand Value Change 2021-2022 (%) © Brand Finance Plc 2022

-5% -5% -4% -3%

In Italy, Juventus leads resurgent

The Turin-based Juventus continues to be the most

These results support global research which found that

Brand Finance Football 50 2022 brandirectory.com/football 9

Top 10 Most Valuable Football Enterprises © Brand Finance Plc 2022

€3.4bn €3.0bn €2.7bn €2.3bn €1.7bn

Brand Finance Football 50 2022 brandirectory.com/football 10

Top 10 Strongest Football Brands © Brand Finance Plc 2022

German clubs stalled but Frankfurt

One club breaking this trend is Eintracht Frankfurt (brand

Brand Finance Football 50 2022 brandirectory.com/football 11

The brand value growth comes from a combination

Manchester United fall to lowest-ever

Despite failing to qualify for the European Champions’

Brand Value by Country © Brand Finance Plc 2022

● Spain 4.1 21.2% 8

● Germany 3.1 15.8% 11

● Italy 2.1 10.5% 7

● France 1.3 6.8% 3

● Netherlands 0.2 0.9% 1

● Portugal 0.1 0.5% 1

● Brazil 0.1 0.5% 1

Brand Finance Football 50 2022 brandirectory.com/football 12

Brand Value Over Time ¤m (2012-2022) © Brand Finance Plc 2022

Tottenham Hotspur is now solidly

Since first featuring in the Top 10 most valuable football

Brand Finance Football 50 2022 brandirectory.com/football 13

Atalanta and Real Betis both grow

Atalanta (brand value up 52% to €123 million) achieved

Brand Finance Football 50 2022 brandirectory.com/football 14

Brand Finance Football 50 2022

Brand Finance Football 50 2022 brandirectory.com/football 16

Brand Finance Football 50 2022 brandirectory.com/football 17

Brand Finance Football 50 2022 brandirectory.com/football 18

Brand Finance Football 50 2022 brandirectory.com/football 19

Brand Finance Football 50 2022 brandirectory.com/football 20