Real Madrid Tops Forbes Club Valuations for a Fourth Straight Year

Forbes has again ranked Real Madrid as the world’s most valuable soccer club, with an estimated value of $6.75 billion, up 2% from 2024. The Spanish club has now led the list four years in a row and for the ninth time in the last 12 editions. During the 2023-24 season, Real Madrid became the first soccer team to generate more than $1 billion in annual revenue, recording $1.13 billion. Only one team in any other sport, the NFL’s Dallas Cowboys, has crossed that threshold, reaching $1.2 billion in 2023.

Manchester United ranks second at $6.6 billion, with Barcelona third at $5.65 billion. In revenue terms, Manchester City is the closest European soccer club to Real Madrid after reporting $901 million for the same season. Across the top 30, Forbes estimates a combined value above $72 billion, and an average of $2.4 billion per club, a 5% increase on last year’s record average of $2.26 billion.

The list includes 12 Premier League clubs, eight Major League Soccer franchises, four Serie A sides, three La Liga teams, two Bundesliga clubs and one from Ligue 1. Juventus is the highest-ranked Italian club, ahead of AC Milan, Inter and Roma. The data highlights both the Premier League’s financial breadth and the rising multiples attached to North American soccer franchises.

Inside the Valuation Gap: Europe’s 5.1x Multiple vs MLS and US Leagues

Real Madrid’s $1 billion revenue threshold

The Spanish club’s 2023-24 revenue was boosted by its Champions League victory, which Forbes says delivered about $154 million in prize money. Continental success, major commercial partnerships and the renovated Santiago Bernabéu all support the valuation lead. The club completed a $1.9 billion stadium project that is expected to materially increase matchday income, including ticketing.

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Why Manchester United remains close in value

Manchester United’s second-place valuation at $6.6 billion reflects brand strength and an international fan base built during the 1990s and 2000s, not recent on-field results. The club dropped to 16th in the Premier League in the latest season but reached a final in 2025, and its commercial appeal continues to support a valuation close to Real Madrid’s despite weaker domestic performance.

The valuation multiple gap: Europe vs MLS

Forbes data shows European soccer clubs trade at an average multiple of about 5.1 times revenue, compared with 9 times for NFL teams and 11.7 for NBA franchises. MLS clubs are valued at roughly 9.3 times revenue, suggesting investors assign North American leagues stronger growth prospects. That explains why LA Galaxy, valued at $1 billion, is worth $100 million more than Aston Villa despite generating less than a third of the Premier League club’s revenue: $95 million against $343 million.

European football’s structural constraints

European valuations face specific pressures: high debt, restrictive ownership rules, stagnant or falling television rights and bureaucracy around infrastructure projects. Unlike North American leagues, there is no salary cap, clubs face relegation, and fan opposition to ticket price increases can force pricing reversals. In December, supporters of Liverpool, Everton, Manchester United and Manchester City protested against increases, and Liverpool and City subsequently announced a price freeze for the following season.

What Investors and Club Executives Can Read From the Multiples

  • Investors weighing a European soccer asset can benchmark against a 5.1x revenue multiple, while MLS franchises are being valued near 9.3x revenue and NFL teams at 9x — a spread that directly explains the LA Galaxy/Aston Villa valuation gap.
  • Club finance teams should treat continental prize money as a key line item: Real Madrid banked about $154 million from its 2023-24 Champions League title, Atalanta earned roughly $38 million for the 2024 Europa League, and the next Champions League final is worth another $28 million.
  • Ticket price strategy carries a supporter-risk premium: December protests by fans of Liverpool, Everton, Manchester United and Manchester City preceded price freezes at Liverpool and City, showing that matchday revenue growth can be reversed quickly.