brand finance 2013

BRANDFINANCE FootBAll 50

The annual reporT on The world’s mosT valuable FooTball brands | maY 2013

Fussball’s Coming Home Bayern Becomes Football’s Most Valuable Brand

®

2 | brandFInanCe® FooTball 50 | MAY 2013

Contents

The BrandFinance® Football 50 is published by Brand Finance plc and is the only study to rank the top 50 most valuable Football clubs

Brand Finance plc3rd Floor, Finland House, 56 Haymarket, LondonSW1Y 4RN United KingdomTel: +44 (0) 207 389 9400Fax: +44 (0) 207 389 [email protected]

3 executive summary

4-5 The brandFinance® Football 50 final results

6 our verdict

7-15 a deeper look at the top 10

16-18 what the Clubs say; arsenal, spurs & Juve

19 Glaze of Glory: manchester united and The Glazers

20 bundesliga vs premier league

21 Football shirt brands: Cutting a Fine Figure

22 sponsorship: The Growing value of Football sponsorship

23 The strength of the brand: a brief look at KpI’s

24 methodology: how were the rankings Compiled?

25 about brand Finance & our services

26 Contact details

27 appendix

28-29 usd table

30-31 Gbp table

32-33 eur table

Contents

brandFInanCe® FooTball 50

MAY 2013 | brandFInanCe® FooTball 50 | 3

• FC Bayern München take the number one spot this year after a tremendous domestic and European season. On pitch success coupled with some of the strongest financials in sport sees their brand grow to $860m.

• Manchester United FC drop to second place, the departure of Sir Alex Ferguson leaving uncertainty over whether the Red Devils can continue to be successful without him. Their value falls marginally to $837m, but are still only one of two football brands deserving of an AAA+ brand rating, the strongest rating available.

• Spanish and Italian football again sees tough economic conditions hamper their growth. Despite this both Spanish giants have grown, Real Madrid CF up to $621m just ahead of FC Barcelona at $572m.

• Juventus FC ($180m) and SSC Napoli ($101m) both continued their return to form at the expense of FC Internazionale Milano who take another dip after a poor season to $151m, while rivals AC Milan see a less dramatic fall in value to $263m.

• Elsewhere Turkish and Brazilian brands made great strides thanks to their booming emerging economies and passionate domestic fanbases. Galatasaray AŞ are our highest ranking Turkish team valued at $116m, while SC Corinthians Paulista ($103m) take the honour of highest ranking non-European club.

• Average brand growth across the top 50 is a healthy 7%. Attendances have remained solid, with many top teams filling their stadiums week-in week-out coupled with long season ticket waiting lists.

• There are now 10 different kit suppliers to the top 50 clubs in this hotly contested and increasingly lucrative marketplace. Adidas lead the pack with 18 supplier contracts while Nike follows with 14 deals. Both however are feeling the pressure of new market entrants Warrior and Under Armour.

Welcome to The BrandFinance® Football 50 2013 report highlighting the world’s most valuable Football brands.

executive summary


brandFinance Football 50

Top 50 FooTball brands 1-25

rank 2013 Club Country

brand value

2013 usd mIllIons 2012 usd mIllIons change brand rating

1 FC bayern münchen

Germany 860 786 9% AAA

2 manchester united FC

England 837 853 -2% AAA+

3 real madrid CF

Spain 621 600 4% AAA+

4 FC barcelona

Spain 572 580 -1% AAA

5 Chelsea FC

England 418 398 5% AA

6 arsenal FC

England 410 388 6% AA+

7 liverpool FC

England 361 367 -2% AA

8 manchester City FC

England 332 302 10% AA-

9 aC milan

Italy 263 292 -10% AAA-

10 borussia dortmund

Germany 260 227 15% AA

11 FC schalke 04 Germany 259 266 -3% AA-

12 Tottenham hotspur FC


13 Juventus FC

Italy 180 160 12% AAA-

14 aFC ajax

Netherlands 162 184 -12% AA

15 FC Internazionale milano

Italy 151 215 -30% AA+

16 hamburger sv

Germany 144 153 -6% AA

17 NEw Galatasaray aŞ

Turkey 116 NEw NEw A+

18 olympique de marseille

France 111 168 -34% AA-

19 sC Corinthians paulista

Brazil 103 77 34% AA

20 ssC napoli

Italy 101 85 20% AA-

21 olympique lyonnais

France 101 120 -16% AA-

22 NEw Fenerbahçe sK


23 bayer 04 leverkusen

Germany 90 64 41% AA-

24 paris saint-Germain FC

France 85 64 34% A+

25 vfb stuttgart

Germany 83 71 18% A+


Top 50 FooTball brands 26-50

rank 2013 Club Country

brand value

2013 usd mIllIons 2012 usd mIllIons change brand rating

26 valencia CF

Spain 83 68 22% AA-

27 vfl wolfsburg

Germany 82 66 25% A

28 as roma

Italy 82 85 -3% AA

29 west ham united FC

England 82 70 17% A

30 newcastle united FC


31 aston villa FC

England 80 87 -8% AA-

32 sv werder bremen

Germany 79 68 17% AA-

33 everton FC

England 78 79 0% AA-

34 Fulham FC

England 75 65 16% A+

35 sunderland aFC

England 72 66 10% A+

36 NEw beşiktaş JK


37 Club atlético de madrid

Spain 67 50 34% AA-

38 NEw santos Futebol Clube

Brazil 65 38 70% AA

39 são paulo FC

Brazil 62 58 6% A+

40 psv eindhoven

Netherlands 61 74 -18% AA-

41 stoke City FC

England 59 55 6% A+

42 NEw sl benfica

Portugal 56 NEw NEw A+

43 sevilla FC

Spain 56 49 14% AA+

44 Celtic FC

Scotland 55 64 -13% AA-

45 Cr Flamengo

Brazil 55 46 20% A+

46 sC Internacional

Brazil 55 51 8% A+

47 west bromwich albion FC

England 54 NEw NEw A

48 FC Girondins de bordeaux

France 53 76 -30% A+

49 aCF Fiorentina

Italy 52 46 15% AA-

50 ss lazio spa

Italy 52 46 12% AA-

brandFinance Football 50


our verdict

Welcome to the BrandFinance® Football 50 2013 report highlighting the world’s most valuable Football brands.

• This year’s edition of the BrandFinance® Football 50 sees a new champion, FC Bayern München take the number one spot after a tremendous domestic and European season. On pitch success coupled with some of the strongest financials in sport sees their brand grow to $860m.

• Manchester United FC drop to second place, the departure of Sir Alex Ferguson leaving uncertainty over whether the Red Devils can continue their success without him. Their value falls marginally to $837m, but is still only one of two football brands deserving of an AAA+ brand rating, the strongest rating available.

• Spanish and Italian football again sees tough economic conditions hamper their growth. Despite this both Spanish giants have grown, Real Madrid CF up to $621m. They are just ahead of FC Barcelona at $572m.

• Juventus FC ($180m) and SSC Napoli ($101m) both continued their return to form at the expense of FC Internazionale Milano who take another dip after a poor season to $151m, while rivals AC Milan see a less dramatic fall in value to $263m.

• The Milan Contingent is struggling with aging stadia, falling attendances and crowd trouble. Serie A was the only league in Europe to see an average attendance fall for 2012/13 and is desperately in need of a rebrand if it wishes to reignite its global appeal to the levels experienced during the 90s.

• Elsewhere, Turkish and Brazilian brands made great strides thanks to their booming emerging economies and passionate domestic fanbases. Galatasaray AŞ are our highest ranking Turkish team valued at $116m, while SC Corinthians Paulista ($103m) take the honour of highest ranking non-European club.

• Average brand growth across the top 50 is a healthy 7% outpacing their domestic economies. This shows that top level sport is largely recession proof with almost all clubs reporting solid revenue increases.

• Attendances have remained solid, with many top teams filling their stadiums week-in week-out coupled with healthy season ticket waiting lists. Clubs are not resting on their laurels with all working hard to improve the match-day experience via new technology and upgrades.

• Manchester City FC enjoyed a 10% jump in brand value to $332m despite a disappointingly trophy less season. A failure to build on last season’s success despite the highest wage bill

in Europe has seen Italian manager Roberto Mancini shown the door. The club’s recent pioneering announcement to stretch the brand into another market teaming up with the New York Yankees to form a new MLS franchise opens up a new dimension of commercial and fan experiences for the club.

• Beyond Europe, the top 50 contains 5 Brazilian clubs headed up by Corinthians in 19th place. Whilst revenues in the Brazilian game remains well below European equivalents, the combination of the FIFA World Cup 2014 and 2016 Summer Olympic Games being held in Brazil is driving an influx of investment into the sporting sector and will provide opportunity for the country to shine on a global platform.

• On the front of the shirts, this year we saw a continued rise in the average price paid by sponsors to be associated with top 50 clubs. Manchester United’s deal with Chevrolet set a new record when it announced the $559m 7 year agreement. Emirates continued their deep affiliation with the game and now sponsor 4 of the top 25 teams. Qatar Airlines burst into the sports sponsorship arena and its offer of $38m per year was enough to lure Barcelona to breaks its 103 year tradition of not having a corporate brand on its shirt. This year’s table sees a more diverse portfolio of sectors taking up shirts sponsors as more companies recognise the branding benefits the beautiful game can bring.

• Providing the kits to the top 50 now sees 10 separate providers in this hotly contested and increasingly technical marketplace. Adidas lead the pack with 18 supplier contracts while Nike follows with 14. Both however are feeling the pressure of new market entrants Warrior and Under Armour.

• The two significant US brands in Warrior and Under Armour have fuelled an upward trend in annual payments that suppliers are willing to be aligned with such an irresistible platform. For supplier brands, the awareness that top tier football provides combined with the return on investment available from replica sales makes kit supplying an attractive investment. We have recently seen Arsenal, Manchester City and Lazio leave long-term supplier relationships to enter more lucrative shirt deals. Combined with this competitive landscape is the continued sophistication of the jersey, optimised by the fact that Lyon “the City of Light” will have a “glow in the dark” feature on its new third kit.

• Outside the top 50 we have seen some other interesting branding trends with the most extreme being Cardiff City where we saw the “bluebirds” go red to expand the clubs appeal in “international markets”.


The Top 10: profiles

Worthy winnersOver the next 6 pagesare mini-profiles of the world’s 10 most valuable football brands, starting with this year’s winner FC Bayern München.

01 FC bayern münchen Germany2013 USD 860 2012 USD 786 Change 9% Brand rating aaa 2012 rank: 2

02 manchester united FC england2013 USD 837 2012 USD 853 Change -2% Brand rating aaa+ 2012 rank: 1

03 real madrid CF spain2013 USD 621 2012 USD 600 Change 4% Brand rating aaa+ 2012 rank: 3

04 FC barcelona spain2013 USD 572 2012 USD 580 Change -1% Brand rating aaa 2012 rank: 4

05 Chelsea FC england2013 USD 418 2012 USD 398 Change 5% Brand rating aa 2012 rank: 5

06 arsenal FC england2013 USD 410 2012 USD 388 Change 6% Brand rating aa+ 2012 rank: 6

07 liverpool FC england2013 USD 361 2012 USD 367 Change -2% Brand rating aa 2012 rank: 7

08 manchester City FC england2013 USD 332 2012 USD 302 Change 10% Brand rating aa- 2012 rank: 8

09 aC milan Italy2013 USD 263 2012 USD 292 Change -10% Brand rating aaa- 2012 rank: 9

10 borussia dortmund Germany2013 USD 260 2012 USD 227 Change 15% Brand rating aa 2012 rank: 11


The Top 10: Profiles 01

1 FC bayern münchenThis year, Bayern Munich first mastered the Bundesliga. Then, on Saturday 25th, the European title was secured. Now a global title can be added to the list; Bayern has toppled Manchester United to become the World’s most valuable football club brand. Its $860 value is driven by on-field success backed by off-field stability and scale.

With a commercial revenues stream alone in excess of €200m, Bayern Munich really is the game’s commercial powerhouse. Long standing (and ownership) ties with Audi, Adidas, Deutsche Telecom and Adidas provide contracted and visible revenue streams for the club to invest into one of the World’s most talented and exciting squads.

Alongside its commercial clout, the 2012/13 season has been one of domestic domination. The domestic title was secured as early as April and saw Bayern end with a massive 25 point margin over 2nd place Dortmund. The free-flowing football was further visible on the European stage where the world watched them humiliate arguably the greatest ever football team, Barcelona. Trophies bring inflows to all three revenues streams (match day, media and commercial) and with many of Bayern’s commercial deals being performance-linked, we anticipate 2012/13 is likely to have produced a record year of turnover for the club and help add another year of profit to its impressive financial track record.

With Bayern being the leading club in Europe’s largest economy, they have been able to leverage commercial deals to maximise this position. Though German media deals are dwarfed those of some other European clubs, the fact that most German football is televised on free to air channels domestically, helps feed greater commercial appetite for sponsorship deals.

It is also worth highlighting the financial stability of the club that sets it out from its European rivals. The club comfortably meets UEFA’s financial fair play criteria and will see little discomfort as this is fully rolled out. Its track record of running a profitable operation and the doubling of turnover since 2007 is testament to the quality of the commercial team behind the scenes. Whilst much of its financial prudence is driven by strict Bundesliga guidance, the club is working proof that silverware and profit are not mutually exclusive in the beautiful game.

More impressive still is that Bayern top the brand value table whilst charging fans a fraction of Premier League clubs for equivalent matches. Bayern’s cheapest season ticket costs €123 whilst at Arsenal, the cheapest is an astronomical £985. The club’s spectacular Allianz Arena is consistently full and it now has over 170,000 members showing the its enduring popularity. As President Uli Hoeness famously said this year, “We do not think the fans are like cows, which you milk. That’s the biggest difference between us and England”.

The next challenge for Bayern to ensure it stays on top of the brand value league is to devise a strategy to drive further revenue growth. To do this, it will need to see if it can transcend its domestic dominance and attract a global audience. With highly rated Josep “Pep” Guardiola joining the club for the 2013/14 season, it is one of the clearest indicators yet that there has been a step change in outside perceptions of the Bundesliga. It can and in Brand Finance’s view will, truly challenge the Spanish and English leagues for European dominance.

brand value$860m +9%brand raTInGAAA shIrT sponsor annual value

$40mKIT manuFaCTurer annual value

$34m


The Top 10: Profiles 02

2 manchester united FCWith Sir Alex Ferguson announcing his retirement, Manchester United suffers another blow as the club loses its status as the World’s most valuable football brand. The Red Devils have delivered another successful year both on and off the field, however the departure of the clubs ultimate “brand manager”,Sir Alex Ferguson, leaves a question mark as the club enters a new era. United’s commercial success has been underpinned by its consistent on-pitch performance, fans and investors alike will be waiting to see if David Moyes can deliver.

The club continues to operate a regional and sectoral approach to recruiting commercial partners and throughout 2012-13 has continued to add new partners. To fuel this approach it has opened a commercial office in Hong Kong to be closer to the expanding number of existing and potential commercial partners in the region. It has also mooted that the club is soon to open an office in its owner homeland, the USA, to tap into the World’s largest economy.

The magnitude of the recent Chevrolet deal is testament to the global brand that the club has built particularly under the Glaziers’ guidance. At over £50m per year, this is more than a five-fold increase on the £9m annual shirt sponsorship deal in place with Vodafone when the Glaziers arrived in 2005. Alongside the traditional front of shirt sponsor, the club has also installed a significant training ground naming rights deal with Aon worth £160m over eight years. The fact the club can demand a greater value on naming its training ground than many can generate from naming rights on its main stadium demonstrates the potency of United’s brand. It is also encouraging that the club current shirt sponsor, Aon, is keen to remain involved with the club in another dimension and would suggest a positive Return on investment (ROI) is being generated.

Whilst the club has published questionable statistics about its global fanbase (claiming 659m people worldwide support the club), there is no denying that Manchester United has global awareness and stature that many of its peers are vying to replicate. At last count it has no less than 40 commercial partners set around a structured sponsorship matrix based on specific sectors and territories. Whilst many top clubs are condensing their partnerships along the “less is more” path,United is following a “more is more” strategy and believe the brand has the strength to be further stretched.

Manchester United has always been at the forefront of setting brand trends in the game, from innovative new commercial deals, to its successful TV channel and far flung tours across the globe. The club is once again setting the mark through an impressive social media strategy to connect with its ever expanding global fanbase. The club’s partnership with multiple telecom providers affords it access to followers in over 40 countries and its website, now available in seven languages, receives over 60 million page views per month. Whilst this connectivity is still in its infancy, the challenge for the brand will be how to monetise this channel.

brand value$837m -2%brand raTInGAAA+ shIrT sponsor annual value


$38m


The Top 10: Profiles 03, 04

3 real madrid CFThe departure of the “Special One” Jose Mourinho caps the end of a disappointing season for Real Madrid, leaving them stuck in third place in the BrandFinance® Football 50. Whilst its 2011/12 season generated the largest revenues in the game (€513m), the clubs brand value has been dampened by the economic woes of the Spanish economy. The distribution of media rights in La Liga continues to be negotiated individually, although this is set to move to a collective basis shortly, which will squeeze Madrid’s media income. The club has expressed an interest in increasing the match-day and commercial buckets to help continue its growth.

Redevelopment plans are currently being tendered to transform the Bernabéu, with club President Florentino Pérez stating, “I want a stadium that doesn’t look like a stadium and is profitable”. The drive will be to not only provide an improved match-day experience but create sources of revenue that can be generated every day of the week.

Away from the field, the club operates an expanding (and very successful) merchandising operation – the club sold over 1.5 million replica shirts last season alone. For the 4th consecutive summer the team will complete a tour of the US, the club is nurturing a strong following in both North and South America. Mourinho tested the Real Madrid “blue book” during his reign, the club can ill afford another unsuccessful season and the appointment of a new manger could be crucial to maintaining the clubs top three standing, let alone to reclaim the title of World’s most valuable football brand.

brand value$621m +4%brand raTInGAAA+ shIrT sponsor annual value


$39m

4 FC barcelonaFC Barcelona’s brand value remained stagnant this year as concern grows that Pep Guardiola’s trophy filled golden era is drawing to a close. The Catalans will be hoping the signing of the hugely marketable Brazilian superstar Neymar will continue the traditions of Maradona, Cruyff and Messi that made the club a multinational institution. It is a tantalising prospect for anyone to see two of the world’s most exciting talents, Messi and Neymar, playing together in the same team.

The Nou Camp, Europe’s largest football stadium, has a capacity of 98,787, with average attendance figures ranging between 79,000 and 84,000. The star studded Barça squad playing attractive football has allowed these attendance figures to steadily rise and there is no reason this will not continue. Such profitable infrastructure has allowed FC Barcelona to grow revenues by 4.5% this year to almost €494m, cementing its position of 4th in the BrandFinance® Football 50.

Although Barça won La Liga this season, that victory was overshadowed by a failure to reach the Champions League or Copa Del Rey final. The club missed out on the rewards of additional trophies this season and so the players and coaching staff forfeited bonuses of €12m. Under the financial stewardship of Javier Faus and Sandro Rosell, FC Barcelona have been able to embark on a successful strategy of cutting costs and securing long term partners such as Audi, Coca Cola and Movistar in addition to kit and shirt sponsorship from Nike and the Qatar Foundation. Impressively they have managed this without compromising their football on the pitch. All these elements combined resulted in FC Barcelona producing an “historic” €48m profit.

brand value$572m -1%brand raTInGAAA shIrT sponsor anual value


$46m



5 Chelsea FCChelsea has enjoyed a 5% jump in brand value following Champions League and, more recently, Europa League success, which boosted all three revenue streams. High staff turnover has continued however, with the manager count during the Abramovich reign now in double digits. This continued managerial merry-go-round along with its limited stadia capacity is weighing on the Chelsea’s ability to challenge the Brand Finance Football 50’s ‘Big Four’.

Whilst the club has lacked consistency on the pitch, it has enjoyed great stability with its long standing commercial partners Adidas and Samsung. Alongside these global brands it has added Delta, Gazprom Audi and more recently Singha Beer, demonstrating the increasingly global appeal of the Chelsea brand. The club also has in place an innovative branding partnership with F1 team Sauber, focusing on ways to enhance sporting and business performance. This includes the exchange of knowledge in sport science, launching joint commercial initiatives, merchandising, events, marketing and linked sponsorship opportunities. We expect to see more collaborations of this manner throughout football as different sports recognise the synergies and commonalities that exist.

brand value$418m +5%brand raTInGAA shIrT sponsor annual value


$15m

6 arsenal FCWhilst Arsenal endured another trophy-less year, off the pitch its fortunes have been more impressive. The club has been criticised in recent years for its poor commercial revenues relative to its peers. However, earlier this month it announced a record breaking kit deal with Puma. Reported to be worth £30m a year, the deal was enough to see the Gunners end a 20 year alliance with Nike. In addition, significantly increased extension of shirt sponsorship and naming rights has been agreed with Emirates Airlines through to 2019. The club now needs to feed its increased revenues into on pitch talent to end its eight year trophy drought.

The Emirates Stadium continues to sell out and be one of the highest yielding stadia in the world; once again the stadium will host a number of events during the summer football break that will bring in ancillary revenues and act as a touch-point for the brand to new consumers. Arsenal is unique in that match-day revenues continue to be its largest income stream.

Speculation is still rife about a potential takeover approach for the club, either from one of its current wealthy shareholders or an external consortium. With its listed shares at an all-time high, valuing the club at just over £1bn, it would take a brave investor to see where they could eke out a return.

brand value$410m +6%brand raTInGAA+ shIrT sponsor annual value


$20m



7 liverpool FCDespite a very slight brand value fall after another disappointing year on the field, Liverpool is backed by an increasingly solid commercial team and experienced US owners. With a brand new shirt supplier, the 2012-13 season saw the first evidence of the club’s impressive deal with new market entrant Warrior. This deal saw Liverpool move away from a 22 year relationship with Adidas and take a gamble on Warrior’s first foray into the ultra competitive football apparel market and away from its lacrosse and hockey roots. However, whilst the deal alone represents a 100% increase in value, it also opens the club up to greater branded merchandise opportunities previously contracted out in the Adidas deal.

Liverpool’s tremendous heritage has not gone unnoticed by kit supplier Warrior. Drawing inspiration from Liverpool’s 1964/65 kit they have reintroduced the iconic yellow Liver Bird emblem last seen on the shirt in 1985 during the club’s golden era. Football clubs tend to move slowly when it comes to visual identity changes and it speaks positively of Liverpool and Warrior’s relationship that they recognise the opportunity and have the conviction to make such a change.

Despite the shrewd business and marketing minds now steering the club, Liverpool must return to the European stage to drive all three revenues streams, and equally push on with the development of Anfield to tap into the great match-day yields available from such a rich heritage and loyal fans.

8 manchester City FCWinning no major trophies, losing in the final of the FA cup to underdogs Wigan and a disappointing Champions League outing led to the sacking of Roberto Mancini. The fact it happened on the anniversary of winning the Premier League title shows the strong desire of the Abu Dhabi based owners. With one of the largest wage bills in Europe the club needs on pitch success to drive all three revenue streams to make a sustainable business operation – this will soon become compulsory as Financial Fair Play kicks in.

Whilst match-day and media revenues are largely dictated by on-field activities, City has been frantically trying to catch up with its neighbours to boost commercial income, recently opening a commercial office in the centre of London, akin to their red rivals. Long term, lucrative deals are currently in place with Etihad for naming rights and shirt sponsorship, as well as a new kit supplier partnership with Nike worth £12m per year being rolled out for the 2013/14 season. Outside these traditional sponsorship avenues, the club has taken the pioneering move in acquiring the rights to Major League Soccer’s 20th expansion franchise from 2015 in a partnership with baseball team the New York Yankees. Whilst the deal has only just been announced and full details of ‘NYCFC’ are yet to emerge, it shows the commitment of the club to take the brand global and compete with their neighbours both on and off the pitch.

brand value$361m -2%brand raTInGAA shIrT sponsor annual value


$38m

brand value$332m +10%brand raTInGAA- shIrT sponsor annual value


$40m



9 aC milanAC Milan has suffered a bigger drop in brand value than any other in the top 10. The club had a relatively disappointing domestic and European campaign this season. Similar to many of its Italian peers, the club is constrained by its aging San Siro home with its match-day revenues making up less than 15% of its €257m turnover. In 2010, the club bravely introduced a disciplined, tiered sponsorship structure, which saw it reduce its commercial partners in a drive to provide greater visibility, exclusivity and value for a more select number of sponsors. The strategy appears to be working as the club has seen commercial revenues grow significantly since implementing the “less is more approach”.

However, for the club to climb the ranks, it needs to invest in its fixed assets to improve its match-day offering. Unfortunately this may prove challenging as the club does not own its own stadium, instead the Stadio Giuseppe Meazza is owned by the City of Milan. Co-tenants FC Internazionale Milano seem to be the most proactive in this area, taking a leaf out of Juventus’ book. They have reportedly already found a location for a new 60,000-seat Stadium.

10 borussia dortmundDomestic success in 2011/12 and this season’s Champions League final spot helped Dortmund enter the top 10 of the BrandFinance® Football 50 for the first time. The club’s long-term marketing agreement with Sportfive provides the platform for strong commercial performance, which includes recently extended deals with shirt sponsor Evonik Industries and stadium naming rights holder Signal Iduna. The club brand is still very much contained to domestic appeal, however it consistently fills it 79,000 seat stadium and the club broke a European record for season tickets for the third year in a row, with more than 54,000 sold for the 2012/3 season.

Whilst very much a domestically focused brand, the club has completed a “black and yellow” miracle in its turnaround of fortunes that has seen the club go from the verge of bankruptcy in 2005 to the Champions League final. The Dortmund identity is based on ‘intensity’ and is reflected in how they play, the challenge is now for the club to try and spread this intensively to a global audience. Highly rated manager Jürgen Klopp will be key to maintaining this brand of football, but with more and more clubs seemingly afflicted by the increasingly unpredictable reshuffling of football management, the Dortmund club may struggle to hold onto what could be a very successful brand manager.

brand value$263m -10%brand raTInGAAA- shIrT sponsor annual value


$13m

brand value$260m +15%brand raTInGAA shIrT sponsor annual value


$8m


Top 10 historical overview 2013

The diagram below charts the rise, fall and rise of the world’s 10 most valuable football brands over the past seven years. Bayern Munich’s rapid rise and the emergence of Dortmund shows the growing significance of the Bundesliga.

0

200

400

600

800

1000 FC Bayern München

Manchester United FC

Real Madrid CF

FC Barcelona

Chelsea FC

Arsenal FC

Liverpool FC

Manchester City FC

AC Milan

Borussia Dortmund

Bra

nd v

alue

($m

)

2007 2008 2009 2010 2011 2012 2013

AC Milan finish 5th in Serie A, Manchester City purchased by Abu Dhabi United Group

Manchester United win the Champions League

Christiano Ronaldo finishes first season at Real Madrid following £80m transfer from United

The Euro crisis begins to take its toll on Spanish and Italian clubs

Manchester City win the Premier League

Sir Alex Ferguson retires, Bayern Munich win the Champions League

AC Milan win Champions League


winners and losers

Bayern Munich has clinched the title of 2013’s most valuable football brand with this year’s biggest gain in brand value ($68 million). Inter Milan, Bordeaux and Olympique Marseilles have fared the worst, all recording brand value falls of over 30%.

-50 -25 0 25 50 75 100

Olympique de Marseille

FC Girondins de Bordeaux

FC Internazionale Milano

PSV Eindhoven

Olympique Lyonnais

Celtic FC

AFC Ajax

AC Milan

Aston Villa FC

Hamburger SV

VfB Stuttgart

SSC Napoli

CR Flamengo

Valencia CF

VfL Wolfsburg

Club Atlético de Madrid

Paris Saint-Germain FC

SC Corinthians Paulista

Bayer 04 Leverkusen

Santos Futebol Clube

Change in brand value ()

70%

41%

34%

34%

34%

25%

22%

20%

20%

18%

-6%

-8%

-10%

-12%

-13%

-16%

-18%

-30%

-30%

-34%

brand value ChanGe (USDm)brand value ChanGe (%)

-50 -25 0 25 50 75 100

FC Internazionale Milano

Olympique de Marseille

FC Girondins de Bordeaux

AC Milan

AFC Ajax

Olympique Lyonnais

PSV Eindhoven

Celtic FC

Aston Villa FC

Hamburger SV

Juventus FC

Santos Futebol Clube

Bayer 04 Leverkusen

SC Corinthians Paulista

Chelsea FC

Arsenal FC

Manchester City FC

Borussia Dortmund

Real Madrid CF

FC Bayern München

Change in brand value ()

68

29

27

27

24

23

19

19

18

17

-2

-3

-4

-7

-9

-10

-12

-13

-34

-37


what the clubs say

arsenalDo you have documented set of brand guidelines/values?Arsenal Football Club is synonymous with history, tradition and success. We believe that the Club exists to make our fans proud wherever they are in the world and however they choose to follow us.

Everyone that works for the Club understands that we will fulfil our goal of making fans proud by being together, always moving forward and doing things ‘The Arsenal Way’. This final element is a key ingredient of who we are. It’s about thinking about others, getting the detail right and going above and beyond expectations.

What do you view as key territories for further brand growth?As a genuine global Club with millions of fans all over the world, we have a major focus in a number of different overseas territories, with our most notable growth currently across Africa and Asia.

How do you balance the dual role of fans as both customers from whom you must make money and supporters/brand ambassadors?We know that as a Club we have an avid following all over the world and while the vast majority will never make it to an actual Premier League game, our challenge is to engage with their passion for Arsenal and make all supporters feel a part of the Club wherever they are.

The primary objective is to have as many supporters as possible regularly engaging with the Club across a number of different platforms, whether that’s directly through fan events and activities tied in to our Tour, or through digital media. Once you have established a conversation with those fans and understand their interests in more detail (something we are developing extensively through investment in our Customer Relationship Management (CRM) system), it is easier for the Club to interact on an individual basis and develop potential commercial revenue streams.

How much impact can off-pitch activities (charitable efforts, advertising & marketing, tours etc) have when compared to the effect of on-pitch success?In our opinion, the two need to work in tandem to drive real fan engagement and brand value. We know that supporter pride is driven primarily by success on the pitch and this means winning trophies. At Arsenal, we are also proud that are our style of play, our focus on developing youth talent, our magnificent stadium, our broader contribution in the community and our self-financing approach helps us to stand out amongst the crowd and provide additional sources of pride and recognition.

Players are obviously key to your image, how do you manage the risks that they may personally damage the club’s brand?The players are undoubtedly the Club’s primary asset and we work hard to ensure that they, like the rest of the Club’s staff, adhere to our vision and values both on and off the pitch.

The growth in digital and social media means that many players now interact directly with supporters, and while this presents its challenges, we are able, through consistent engagement and comprehensive media training, to provide the players with clear parameters whilst using their individual appeal and profile to enhance and support the Club’s own initiatives.

A Club Spokesperson


what the clubs say

Juventus FCHow many people do you have working in your marketing/brand team? Do you have more than one office?We have no specific marketing team but rather a commercial team covering a range of areas from merchandise to marketing the stadium and the brand made up of 9 people. At Juventus we do all our marketing activities in house, unlike most other Italian clubs, we feel this gives us greater control and a better connection with our fans.

Do you benchmark/record your brand value in any way?No, we feel it would be too subjective to do it ourselves we rely on information from Brand Finance and the market.

Do you have a documented set of brand guidelines/values?In 2006/07 we changed the logo, we are continually trying to adapt the brand to keep it modern. In terms of intellectual property it is Nike who is reliant on us to protect the IP through our ‘Guardian of the brand”.

What do you view as key territories for further brand growth?The focus has always been Italy however we can now look to engage new markets in new ways. In the future we will be looking to local partners in Japan, China, India, Australia, Indonesia and USA. This summer we will be competing in the Guinness International Champions Cup in the USA along with Milan and Inter. This allows us to promote the Serie A league together as opposed to one club going to China one club going to Australia and the message being lost. We work with Serie A to improve the image of the league overall. In my opinion the Italian league remains an entertaining league due to the number of top sides that compete. The German Bundesliga and the Spanish La Liga are dominated by two teams whereas in Serie A you have Juventus, Inter, Milan, Roma, Lazio and Napoli who all compete for top honours.

Do you have a unified return on investment (ROI) metric that you use with all commercial partners/sponsors?10 years ago sponsors and partners were primarily concerned with buying visibility. Today sponsors are more concerned with gaining access to content and fans.

How do you balance the dual role of fans as both customers from whom you must make money and supporters/brand ambassadors?The 1st priority is that the team wins. We work to develop a close relationship with the fans and hope that continued on the pitch success will deliver financial rewards in the future.

Players are obviously key to your image, how do you manage the risks that they may personally damage the clubs brand?There was a Juventus before them and there will be a Juventus after them, the club is more important than any one player.

What impact has the new stadium had on your brand?The process of moving to a new stadium took 16 years. We are already beginning to see increased participation and engagement of the fans.

Francesco Calvo, Commercial Director


what the clubs say

Tottenham hotspur FCHow many people do you have working in your marketing/brand team? Do you have more than one officeThere are eight members of the marketing team including two digital specialists. The team are all based at the stadium.

Do you benchmark / record your brand value in any way?Yes. Our main bench marks are based around tangible indicators of brand value i.e. growth in commercial revenues, merchandising and licensing, fan base development – global TV audiences for our matches, estimated size of our fan base in key territories, volumes of engaged fans across all our channels globally and level of reach and increase in transacting supporters.

Do you have documented set of brand guidelines/values?Yes. The Club has a comprehensive set of guidelines that set out our brand proposition, values and tone of voice and outlines a clear narrative of what our brand stands for. Our brand’s visual identity has comprehensive guidelines around the use of our badge as well as how we achieve a cohesive brand look and feel across every Club touch point. This is combined with a clear brand protection strategy that ensures our marks and IP are protected and where any potential infringements are carefully monitored.

What do you view as key territories for further brand growth?Our primary focus outside the domestic market is the USA and Asia. We have seen significant growth in the USA following our 2012 Tour. Our supporters Club network has grown by around 40% in the last season.

Do you have a unified return on investment (ROI) metric that you use with all commercial partners/sponsors?Yes in that we commission independent analysis from trusted industry sources in order to put a valuation on both the tangible and intangible elements of a partners package of rights. We use current market media and branding valuation data and measures to put values on each element of the partnership e.g. media, hospitality and ticketing, event and facility usage, corporate real estate, merchandise etc. In addition we use accepted industry methodologies to quantify the brand value to a partner through brand awareness and benefit of association impact, brand stand out and rarity value, promotional rights and money can’t opportunities.

How do you balance the dual role of fans as both customers from whom you must make money and supporters/brand ambassadors?Our aim is to bring all our fans closer to the Club - provide a sense of belonging and make them feel part of the Club. First and foremost it is about creating ways for fans to engage and interact with the Club whatever their desired level of involvement and ultimately aim to nurture a one-to-one relationship with each and every Spurs fan. The growth in social media and digital channels allow us to extend our reach and open up new opportunities to attract new fans and inspire advocacy from existing fans. If we achieve this, the ability to monetise support is a seamless outcome of engagement whether it’s direct transactions or value for our partners or broadcasters.

How much impact can off-pitch activities have when compared to the effect of on-pitch success?What we do off the pitch is also important in determining our brand values and gaining new supporters and both on and off pitch activities are mutually supportive. By way of example, we are at the forefront of charitable efforts and CSR through our Tottenham Hotspur Foundation, which is dedicated to utilising the power of football to engage young people and create life changing opportunities. The Foundation runs a vast number of programmes which are fully supported by the players and coaching staff, who attend events on a weekly basis. This has earned the Club a reputation for being responsible, caring and inspiring. Our global coaching programmes also take the ‘Tottenham style’ of play to grass roots football at schools and colleges. Everything we do is guided by our core principles. Players are obviously key to your image, how to you manage the risks that they may personally damage the club’s brand?The players have a duty to represent the Club in the best way at all times and all are made aware of this responsibility. We constantly liaise with the players regarding new trends and the best ways to communicate.

Emma Taylor, Head of Marketing


manchester united and The Glazers

Glaze of Glory?Love them or loathe them its hard to dispute the impressive numbers generated under the Glazers guidance at Old Trafford. Since taking over the club. in 2005 the Club has seen revenues double bouyed primalry by the every increasing number and value of commercial deals. Following a succesful IPO in New York in 2012 the clubs shares are currently trading at an all-time high valuing the business at almost £2bn

2005 2013

Market Cap $1,398M $2,888M

Brand Value $293M $837M

Brand Rating AA AAA+

Annual Revenue $294M $486M

Revenue split

Matchday Media Commercial

Shirt sponsor(deal signed 2013, shirt sponsor from 2014)

Annual shirt sponsor value S16m $68m

Kit supplier

Commercial Partners 10 40+

Domestic Titles 15 20

European Cup / CL 2 3

Ground capacity 67,540 75,811

Sources: Company accounts, press reports, Brand Finance league table, bloomberg

Since acquiring Manchester United in May 2005 the Glazers have set about extracting the “unrealised” commercial potential they saw within the club, relative to their US sporting experience. In an 8 year period, the club has seenoverall revenues almost double with the commercial stream providing the main impetus. Driving this commercial gain is the fact that the club truly recognise thebrand asset that they own and have setabout a clear strategy to invest and getexponential returns on this investment.

The club had devised a clear territorial and sector approach to commercial partners, which sees it with commercial relationships with over 40 partners serving many territories. Whilst this strategy could dilute weaker brands, Manchester United is confident they have the global awareness and brand strength to pursue such a strategy. Credit needs to go the commercial team behind the brand, who are consistently inventing new partnership opportunities, the club recently took the bold move to back out of a “revolutionary” training kit deal with DHL as they felt they could command a greater return on the opportunity.

The brand and its strategy featured heavily in last year’s IPO prospectus and the club is very pro-active in seeking out new partners. It has recently setup a commercial office in Hong Kong to service its Asian partners and has been open about its desires to setup a similar office in America.

The Glazers remain close lipped about their exit strategy, but with shares currently trading at an all time high valuing the club at close to $3bn, the figures demonstrate what a great job the Glazers have overseen.

$122

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$86(

m)

$86(

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$150

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$159

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$178

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Football leagues

Bundesliga vs Premier LeagueFootball is a business and with UEFA’s Financial Fair Play looking to curb the advantages given to club’s treated as billionaire playthings the profit generating potential of clubs is only set to become more important. Commercial success allows clubs to sustainably create on-pitch success through the acquisition of better players, hiring of better staff and capital expenditure on better training facilities. In turn, on-pitch success helps drive commercial success by attracting better sponsors, selling more merchande and enabling higher ticket prices. A club that is both successful as a business and as a sporting endeavour is a force to be reckoned with and the Bundesliga may have found the perfect balance.

14 of the Bundlesliga’s clubs made a profit in 2012, with an overall profit for the Bundesliga of €55m, the EPL made a staggering €245m loss over the same period despite the EPL generating €2.8bn of revenue compared to the German club’s €2.1bn. The Bundesliga has managed this profit through strict cost control; only 38% of total income goes to players and coaches whereas in the EPL the figure is far greater at 64%.

Ticket prices in the Bundesliga are low with the cheapest average ticket at about €12, EPL average ticket prices are three times higher. The low ticket prices are a matter of policy for German football and kept purposely low, unlike in the EPL where free market supply and demand sets prices high. These low ticket prices coupled with large modern stadiums has allowed the German top division to attract the biggest average attendances in the world, averaging 45,000 spectators per match compared to the second place EPL with 34,000.

But despite the record attendances the low prices are limiting match-day revenues, this has forced the German

Bundesliga English Premier League

Formed 1963 1992

Clubs 18 20

Average ticket price 2011/12 (in USD) 29.81 43.15

Total Revenue FY2011 3,349 6,022

Estimated club average revenue FY2011 ($m) 186 301

Rank in Europe 4 1

Average spend on wages as % of revenue 52% 68%

Club Revenue Compound Annual Growth Rate 2006-10 8.3% 13.1%

GDP Compound Annual Growth Rate over same period 0.6% -0.3%

Total Transfer Value of League ($m) 2,468 4,388

Average squad value ($m) 137 219

Foreign player % 49% 65%

Average age 24.80 27.00

Champions League Titles 12 7

UEFA Country coefficients 2012/13 79.328 82.677

Rank in Europe 3 2

Average Attendance (2011/12) 45,116 34,600

Total Attendance (2011/12) 13,805,462 13,148,133

Largest Attendance (2011/12) 80,521 75,387

Rank in Europe 1 2

clubs to concentrate on leveraging their brand elsewhere; the commercial space. German clubs historically have formed close relationships with local businesses and as the German economy has grown these businesses have become huge global corporations better able to support their sponsored team. Bayern München has the highest reported commercial revenues of any club in the world.

Broadcasting is the only area the Bundesliga lacks in comparison to their English counterparts and unlike cheap tickets this is not by choice. The EPL derives a third of its views from Asia and a quarter from Africa and the Middle East allowing the league to distribute

over €1.3bn in broadcasting revenue to its clubs. By comparison the Bundesliga only generated €519m.

If trends continue German club football will become better recognised on the global stage, the all-German UCL final as well as big-name foreign coach Pep Guardiola entering the league are early indicators of the step change in global perceptions to come. With this recognition comes an opportunity to patch up poor broadcasting deals with foreign markets. Not until this is fixed and incorporated into the financially responsible model of German football will the Bundesliga truly be able to challenge the EPL on a level playing field.

Away from the club brands, an equally exciting branding battle is taking place between the kit suppliers. This year’s BrandFinance® Football 50 sees an unprecedented 10 different apparel providers dressing the World’s top teams. Adidas leads the pack, supplying kit to 18 of the top 50 clubs, including this year’s winners, Bayern Munich. The Germans are hotly pursued by Nike, which hold contracts with 14 of the top 50 teams. The long-term dominance of Nike and Adidas however is being threatened by a raft of smaller brands vying to gain market share.

Warrior sports entered the market in 2012 with a deal to supply Liverpool’s kits over a 6 year period. Warrior, owned by New Balance, is better known in the US market for providing lacrosse and hockey apparel. Liverpool brokered the deal over

a 12 month period, speaking with all the major kits suppliers before settling on the value and exclusivity that the Warrior deal would provide. Richard Wright, Warrior’s head of football, said “we are not the sort of brand to keep our head down, we are here to shake up the world of football”. They were certainly not afraid to spend to achieve it; the deal was worth a reported £300m, a record braking sum.

Under Armour is another US brand just beginning to capture UK market share, using its deal with Tottenham Hotspur as a market entry tool to tap into the football market and continue its rapid revenue rise. The company is particularly well known for its pioneering research and technological innovations and is at the forefront of the current trend for football shirts to be treated on a par with boots as serious pieces of technical apparel. The

average retail price of a team shirt across the top 50 is now over US$75.

Puma, which has tended to focus on lower tier teams, has re-entered the top 10, announcing that it will supply kits to Arsenal. The five-year, £170million deal ends the Gunners’ 20 year alliance with Nike. Puma owner PPR is currently in the process of completing a drastic reorganisation of the company to reverse its financial woes and has recently exited Rugby kit sponsorship citing the greater opportunities offered by football.

We do not expect too many further entrants into this busy marketplace, however we do expect to see clubs leverage the competitive landscape in new kit supplier negotiations and anticipate that longer and even more valuable deals will be struck by the games’ biggest brands.


Football shirt brands

Cutting a Fine Figure - £300m to be precise

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‘we are not the sort of brand to keep our head down, we are here to shake up the world of football’richard wright, warrior


sponsorship

The Growing Value of Football SponsorshipSponsorship is a huge investment opportunity for corporate brands seeking to expand their global reach and raise awareness amongst new customers in new markets. In world football the value of these sponsorships has grown dramatically in recent years with some of the top clubs now generating more than $70m per year from shirt & kit sponsorship alone. This should not be surprising with shirts worn by individual players and loyal fans televised to a global audience of 4.7 billion, shirts are prime real estate for sponsors.

The 2014/15 English Premier League (EPL) season will see Manchester United begin a $79 million per year shirt sponsorship deal with Chevrolet, making it the largest deal of its kind. Bayern Munich, UEFA Champions League finalists two years running, generates $37million per year from a deal with Deutsche Telekom. In recent years even Catalonian giants Barcelona have chosen to emblazon their traditionally plain shirt with a lucrative sponsorship deal. The Qatar Foundation is reportedly paying €30 million a year to be the club’s first ever kit sponsor in its 113 year history.

The top 10 most valuable brands in this year’s report generate an impressive $266m from their shirt sponsorship alone, not taking into account the raft of secondary deals and kit partnerships.

Corporate brands seeking a platform for building, strengthening and maintaining their brand image see football brands as the ideal vehicle. Brands seeking to develop in new markets will look to clubs with the strength to raise awareness. Manchester United are gold standard in this regard, their new deal with Chevrolet signals the car manufactures desire to drive its appeal up in the European market by using the well developed United brand as a vehicle. Conversely, United itself is

attempting to grow their brand in the US with the Glazer’s pioneering large tour events across the Atlantic.

Clearly sponsors must also fit with their target audience and brands must have synergy with viewers and supporters alike. A look at the top sponsorship deals in world football shows huge investment from brands which believe they share the same ideals that make a football club successful: the pursuit of perfection, hard work & passion.

Aspirational brands such as cars and airlines as well as some of the world’s most valuable banking and telecoms brands can be found on the shirts of the most successful clubs. Away from the top global brands, betting has continued to be a major sponsor of football. The synergy between these areas is clear with TV, mobile, online and pitch side advertising invested in heavily by betting businesses such as Bet 365, Bet Fred and 32 Red amongst others. Shirt sponsorship by betting brands in the Football 50 is now worth US$47 million per annum. It is no coincidence that the majority of adverts at half time are betting adverts.

Sponsorship in football is not without its risks however with on-pitch success by no means a guarantee. Corporate sponsors can risk aligning their brand with a sinking ship or paying tens of millions of dollars only to have their sponsored club miss out on vital UEFA Champions League qualification and the awareness that comes with global television broadcasting.

Sponsors must not forget that through their partnerships with the club as an entity they are also associating themselves with the individual stars. Footballers as individuals are notoriously difficult to control at the best of times, for example Luis Suarez provides a difficult dilemma for Liverpool’s head sponsor Standard Chartered. The Uruguayan’s

silky skills are vital to the success of the Merseyside club on the pitch which can in turn become off pitch brand success, but his consistent negative antics are no doubt straining heavily on Standard Chartered’s own brand ideals.

Unexpected success is the flip-side of this with the potential to reap rewards for sponsors well beyond a relatively modest sponsorship deal as in the case of Swansea City. Sponsors 32 RED will no doubt have been extremely happy with the clubs promotion from the Championship, the securing of a 9th place finish in this year’s EPL as well as a first major trophy, lifting the Capital One Cup in February this year. The reverse of this has been experienced by Wolverhampton Wanderers sponsor Sporting Bet following the club’s relegation in consecutive seasons. This uncertainty is however reflected in the size of deal a club can command, those that can guarantee European football consistently will attract the best sponsors for the best money.

Sponsorship revenues are a key component of any clubs income and these sponsorships are often driven by on-pitch success. The problem faced by many clubs is that in order become successful on the pitch they must first attract the big sponsors to fund the best players and staff. Many clubs have found this leap difficult, leaving an imbalance in football where the smaller clubs cannot challenge the big boys on or off the pitch. The increasing emphasis on running clubs as a viable business creates an opportunity for traditionally smaller clubs who, with shrewd commercial teams, will be able to break this cycle through innovation and value for money.

Below is a sample of the Key Performance Indicators we look at when accessing the strength of a football brand.

• HeritageHistory is something you cannot buy. The oldest clubs tend to have the most successful histories and a loyal fan base stretching back generations that will stick with the club through thick and thin.

• TrophiesUltimately history only remembers winners, the runner-up is rarely given a shout. Fans and sponsors alike want to be

associated with these winners. Every fan, player, manager and owner talks in terms of trophies, they are the raison d’etre for any club.

• Star playersStar players win matches and sell merchandise – they can be the key component of strengthening the brand. A club can have the heritage, the staff and the stadium, but if they don’t have the fundamental product – the players – to win and be successful on-pitch then it is all for naught.

• StadiaA vital revenue generator and brand “touch point”, stadia are where the clubs “product” is showcased. Creating an enjoyable experience for fans is a must to make them part with their hard earned money as well as being large enough to fit all their fans in, easily accessible and well maintained.

• ManagerThe single most important person at any club and the single hardest job. Without their successful stewardship no club can rise to the top of our rankings.

The Strength of the BrandThese are calculated using Brand Finance’s Brand Strength Index analysis, which benchmarks the strength, risk and future potential of a brand relative to its competitors on a scale ranging from AAA+ to D. It is conceptually similar to a credit rating. The data used to calculate the ratings comes from various sources including Bloomberg, annual reports, websites such as transfermrkt.co.uk and Brand Finance original research.

sTrap

Club 2013usd

brandrating

Key performance Indicators

Founded league Titles

Cl Titles

ueFa 5y coefficient

squad value usd

stadium size utilsation manager (12/13 season)

managerial assessment

manager Career win %

1 860 AAA 1900 23 4 145 578 Allianz-Arena 69,901 99% Jupp Heynckes Very Strong 52%

2 837 AAA+ 1878 20 3 131 562 Old Trafford 75,957 99% Sir Alex Ferguson Extremely Strong 63%

3 621 AAA+ 1902 31 9 137 798 Santiago Bernabéu 80,354 91% José Mourinho Extremely Strong 67%

4 572 AAA 1899 22 4 158 806 Camp Nou 99,354 80% Tito Vilanova Good 70%

5 418 AA 1905 4 1 136 517 Stamford Bridge 41,841 99% Rafael Benítez Strong 54%

6 410 AA+ 1886 13 0 114 380 Emirates Stadium 60,355 99% Arsène wenger Extremely Strong 56%

7 361 AA 1858 18 5 79 327 Anfield Road 45,522 93% Brendan Rodgers Satisfactory 42%

8 332 AA- 1880 2 0 71 578 Etihad Stadium 47,726 97% Roberto Mancini Extremely Strong 55%

9 263 AAA- 1899 18 7 94 281 Giuseppe Meazza 80,065 58% Massimiliano Allegri Good 49%

10 260 AA 1909 8 1 62 342 Signal Iduna Park 81,264 97% Jürgen Klopp Strong 48%

11 259 AA- 1904 7 0 85 220 Veltins-Arena 61,482 100% Jens Keller Satisfactory 56%

12 219 AA 1882 2 0 70 357 white Hart Lane 36,257 99% André Villas-Boas Good 59%

13 180 AAA- 1897 29 2 71 433 Juventus Stadium 41,000 93% Antonio Conte Good 50%

14 162 AA 1900 31 4 65 123 Amsterdam ArenA 52,960 89% Frank de Boer Strong 63%

15 151 AA+ 1908 18 3 106 274 Giuseppe Meazza 80,065 75% Andrea Stramaccioni Satisfactory 52%

16 144 AA 1887 6 1 56 141 Imtech Arena 57,274 95% Thorsten Fink Good 55%

17 116 A+ 1905 19 0 54 190 Türk Telekom Arena 52,695 64% Fatih Terim Strong 48%

18 111 AA- 1899 9 1 79 147 Stade Vélodrome 60,031 85% Elie Baup Satisfactory 41%

19 103 AA 1910 5 1 0 94 Estádio do Pacaembu 40,199 63% Tite Good 48%

20 101 AA- 1926 2 0 47 289 San Paolo 60,240 76% walter Mazzarri Satisfactory 41%


brand strength


methodology

what is a brand value?We define the brand as the trademark and associated intellectual property. Football clubs are made up of a mixture of fixed tangible assets (stadium, training ground) and disclosed intangible assets (purchased players) with brand value, internally developed players & goodwill making up the difference to provide the combined clubs value.

how do we measure its value?We use the Royalty Relief method. This approach assumes the company doesn’t own their brand and must license it from a theoretical third party. The method determines how much it would cost to do this. It is called the Royalty Relief method because when a business owns their brand they are ‘relieved’ from paying a ‘royalty’ rate for its use.

royalty relief approachThe Royalty Relief method is used for three main reasons:

1. It is the most recognised by technical authorities’ worldwide and favoured accounting, tax and legal users because it calculates brand values by reference to comparably third-party transactions.

2. The method ties back to the commercial reality of brands and their ability to command a premium in an arm’s length transaction.

3. It can be performed on the basis of publicly available financial information

how does the royalty relief approach work?Determine forecast revenues - referencing historic trends market growth estimates, competitive forces, analyst projections and company forecasts.

1. Assess the Brand Strength – we use our BrandBeta® Index which in the case of football clubs scores domestic and European honours, club heritage, revenue scale and split, attendances and global reach amongst others to benchmark the brands against each other.

2. Establish a Royalty Rate – we review comparable licensing agreements as well as analysing margins and value drivers to establish a royalty rate range for the sector and revenue stream. The βrandβeta® is then applied to find the correct royalty rate for each brand within the range.

3. Determine the Discount Rate – this allows us to calculate the net present value (NPV) of the brand’s future earnings, therefore putting future benefits in today’s terms.

4. Brand Valuation Calculation – steps 1-3 are then brought together to determine the NPV of post-tax royalties, which is the brand value.

brand ratings:These are calculated using Brand Finance’s Brand Strength Index analysis, which benchmarks the strength, risk and future potential of a brand relative to its competitors on a scale ranging from AAA+ to D. It is conceptually similar to a credit rating. The data used to calculate the ratings comes from various sources including Bloomberg, annual reports and Brand Finance research.

brand ratings definitionsAAA+ Extremely strongAA Very strongA StrongBBB-B AverageCCC-C weakDDD-D Failing

valuation dateAll brand values in the report are as at 29th May 2013 and displayed in US$ millions. For any further information, please contact:

Dave ChattawayHead of Sports Brand Valuation+44 207 389 [email protected]

Matt HannaganSports Valuation Analyst+44 207 389 [email protected]

Or visit:www.brandfinance.com

How were the rankings compiled?The Brand Finance Index of ‘The Brand Finance® Football Brands 2013’ was compiled using, where available, publicly available information regarding market share, market growth and company financials. Our main sources of publicly available data were the Deloitte Football Money League Report, Bloomberg, individual football club Annual Reports and press releases. Brand value was derived using a ‘relief from royalty’ method that values brands according to the cost of re-licensing them from a hypothetical third party.


brand Finance

Since it was founded in 1996, Brand Finance has performed thousands of branded business, brand and intangible asset valuations worth trillions of dollars.

brand Finance’s services support a variety of business needs:• Technical valuations for accounting, tax and legal purposes• Valuations in support of commercial transactions (acquisitions, divestitures,

About Brand FinanceBrand Finance is an independent global business focused on advising strongly branded organisations on how to maximize value through the effective management of their brands and intangible assets.

licensing and joint ventures) involving different forms of intellectual property• Valuations as part of a wider mandate to deliver value-based marketing strategy and tracking, thereby bridging the gap between marketing and finance. Our clients include international brand owners, tax authorities, IP lawyers and investment banks. Our work is frequently peer-reviewed by the big four audit practices and our reports have also been accepted by various regulatory bodies,

including the UK Takeover Panel. Brand Finance is headquartered in London and has a network of international offices in Amsterdam, Bangalore, Barcelona, Cape Town, Colombo, Dubai, Geneva, Helsinki, Hong Kong, Istanbul, Lisbon, Madrid, Moscow, New York, Paris, Sao Paulo, Sydney, Singapore, Toronto and Zagreb.

www.brandfinance.com

Valuation• How much should you pay?• Structure of payments• Competitor research• Brand value tracking

Analytics• Business case modelling• Sponsorship impact on drivers

of demand• Return on investment• Sponsorship objectives/KPI• Commission of market research

Strategy• Brand Audit• Brand “Fit” analysis• Stakeholder mapping• Brand Licensing• Budget setting / allocation

Transactions• Brand due diligence• Negotiation strategy• Brand licensing

Our ServicesAt Brand Finance we have worked with world leaders in the sports industry helping them to build and understand their brand. We apply all of our core service offerings to the sports industry ensuring you get the most out of your partnership and brand assets. Our services are tailored separately towards the sponsor and the rights holder.

• Valuation of rights• Structure of charges• Competitor research• Market review & Expectations

• Proof of ROI• Quantification of sponsorship

benefits• Database management

• Brand Audit• What to license• How to license it• Selecting the right partners• Building a more appealing

brand to license• Brand extension /

diversification

• Tax efficient brand structuring

• Transfer Pricing• Fundraising

Rig

hts

Hol

der

Spon

sor

ConTaCT deTaIlsBrand Finance is the leading brand valuation and strategy firm, helping companies to measure, manage and maximise the value of their brands for improved business results.

For further enquiries relating to this report, please contact:

David HaighCEO, UK

[email protected]

Edgar Baum, North America

[email protected]

Xander Bird, Australia

[email protected]

Samir Dixit, Singapore

[email protected]

Gilson Nunes,Brazil

[email protected]

Joao Pinto Goncalves Portugal

[email protected]

Hany Mwafy,Middle East

[email protected]

Muhterem Ilguner Turkey

[email protected]

Unni KrishnanIndia

[email protected]

Marc Cloosterman Netherlands

[email protected]

FurTher InTernaTIonal ConTaCTs

Country Contact email address

Russia Alexander Eremenko [email protected]

South Africa Oliver Schmitz [email protected]

Sri Lanka Ruchi Gunewardene [email protected]

South Korea Min Jae Son [email protected]

For further information on Brand Finance’s services, please contact your local representative:

For all other countries, please contact:E. [email protected]. +44 (0)207 389 9400www.brandfinance.comwww.brandirectory.comwww.brandfinanceforums.com

Dave Chattaway Head of Sports Valuation, UK [email protected]


appendix

28-29 usd table

30-31 Gbp table

31-32 eur table

Contents


Top 50 Football Brands USD

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