Real Madrid maintains its position as the world's most valuable football club, according to the 2025 Football Benchmark report. For the second consecutive year, the Spanish giants have secured the top spot, surpassing Manchester City and Manchester United.

Significantly, Real Madrid is the first club to exceed a valuation of $6 billion, reaching approximately $6.85 billion—a 23% increase from the previous year. This places them ahead of Manchester City ($5.57 billion, up 3%) and Manchester United ($5.52 billion, up 4%).

The report notes that Real Madrid has also become the first club to generate over $1.09 billion in operating revenue. A key factor in this growth is the renovated Santiago Bernabéu Stadium, which nearly doubled matchday revenue to $273.8 million. As a result, Real Madrid has extended its enterprise value lead over competitors by more than $1.2 billion.

Since the report's inaugural edition a decade ago, both Real Madrid and Manchester City have increased their enterprise values by about $3.27 billion. Real Madrid's valuation now surpasses the average franchise values in the NFL ($6.47 billion) and the NBA ($5.02 billion).

FC Barcelona and other top European clubs

FC Barcelona has risen two spots to fourth place, with an enterprise value of approximately $4.87 billion, reflecting an 8% increase. The top ten is completed by:

Bayern Munich: $4.67 billion

Liverpool: $4.59 billion

Arsenal: $4.37 billion

Paris Saint-Germain: $4.10 billion

Tottenham Hotspur: $3.99 billion

Chelsea: $3.29 billion

Atlético de Madrid ranks 12th, with a valuation of approximately $2.04 billion, showing a 12% increase and a rise of one position.

Other notable movements

Real Sociedad has climbed to 28th place with a valuation of $576.9 million, a 35% increase.

Sevilla has dropped nine places to 29th, with a valuation of $569.8 million, a 19% decrease.

Real Betis enters the rankings at 32nd, valued at $514.9 million, along with new entrants PSV Eindhoven ($538.6 million) and Fiorentina ($552.6 million).

Ajax saw the largest decline, falling 22% to $585.1 million.

Aston Villa recorded the highest annual growth, rising 42% to $981.4 million, outpacing Real Sociedad’s growth rate.

Italian clubs: Milan and Inter surpass Juventus

In Italy, AC Milan and Inter Milan have overtaken Juventus in enterprise value. Five years ago, Juventus’s valuation exceeded the combined worth of the two Milan clubs.

AC Milan: $1.97 billion (+26%)

Inter Milan: $1.87 billion (+20%)

Juventus: $1.80 billion (-3%)

These valuations position Milan and Inter in 13th and 14th places, respectively, dropping Juventus to 15th.

Napoli’s impressive rise

Napoli has joined the elite group of clubs valued over $1 billion, ranking 17th with a valuation of $1.20 billion—a 21% increase. Since 2022, the club’s brand valuation has grown by 50%, despite operating with only 70 employees, compared to AS Roma’s 500. Roma holds the 21st position with a valuation of $725.7 million, a 10% improvement.

Andrea Sartori, CEO of Football Benchmark, commented: "In the tenth edition of the Valuation Report, we examine how European football has evolved over a decade of growth, disruption, and resilience. The industry has transformed profoundly, influenced by regulatory reforms, digitalization, new competitions, and significant commercial expansion."