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

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 Contents

BRANDFINANCE® 3 Our Verdict FOOTBALL 50 4 The BrandFinance® Football 50 results The BrandFinance® Football 50 is 6 Winners & Losers published by Brand Finance plc 7 The Top 10: Profiles and is the only study to analyse and rank the top 50 most valuable 14 Top 10 Historical Overview football clubs by brand value. 15 Fussball’s Coming Home: The Bundesliga vs The 16 Branding: What the Clubs Say 20 Glaze of Glory? Manchester United and The Glazers Brand Finance plc 21 Warrior Enters the Fight: Kit Supplier 3rd Floor, Finland House, 56 Haymarket, Competition Intensifies SW1Y 4RN United Kingdom 22 Treasure Chests: The Growing Value of Tel: +44 (0) 207 389 9400 Shirt Sponsorship Fax: +44 (0) 207 389 9401 www.brandfinance.com 24 Methodology: Brand Value [email protected] 25 Methodology: Brand Strength 26 Our Services 28 About Brand Finance 29 Contacts

30 Appendix (Full results in GBP, USD & EUR)

MAY 2013 | BRANDFINANCE® FOOTBALL 50 | 3 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 more positive note however, the club’s pioneering plan to a new champion, FC Bayern München take the number one export the brand into the US market (partnering with the New spot after a tremendous domestic and European season. On York Yankees to form a new MLS franchise) opens up a whole pitch success coupled with some of the strongest financials in host of new commercial and fan experiences. sport sees its brand grow to $860m. • Beyond Europe, the top 50 contains 5 Brazilian clubs • Manchester United FC drops to second place, the departure led by Corinthians in 19th place. Whilst revenues in the of Sir leaving uncertainty over whether the Brazilian game remain well below European equivalents, the Red Devils can continue their success without him. Its value combination of the FIFA World Cup 2014 and 2016 Summer falls marginally to $837m, but is still only one of two football Olympic Games being held in Brazil is driving an influx of brands deserving of an AAA+ brand rating, the strongest investment into the sporting sector which despite recent rating available. protests should provide an opportunity for the country to shine on a global platform. • Spanish and Italian clubs again see their brand value growth hampered by economic conditions. Despite this, Real Madrid • This year we saw a continued rise in the average price paid by CF is up 4% to $621m. FC Barcelona on the other hand has sponsors to be associated with the top 50 clubs. Manchester lost $8m in brand value and is now worth $572m. United’s $559m, seven year agreement with Chevrolet set a new record. Qatar Airlines made its first major mark in sport • Juventus FC ($180m) and SSC Napoli ($101m) both sponsorship; its offer of $38m per year was enough to tempt continued their return to form at the expense of FC Barcelona to let it become the club’s first corporate sponsor Internazionale Milano, which takes another dip after a poor in 113 years. Meanwhile rival Gulf airline Emirates continued season to $151m, while rivals AC Milan see a less dramatic fall its longstanding affiliation with the game; it now sponsors in value to $263m. four of the top 25 teams. This year’s table sees a more diverse portfolio of sectors taking represented on the shirts of the top • Milan’s teams are struggling with ageing stadia, falling 50 as more companies recognise the branding benefits the attendances and crowd trouble. was the only league beautiful game can bring. 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 • 10 different brands now supply kits to the top 50 clubs in global appeal to the levels experienced during the 90s. what is now a hotly contested and increasingly technical marketplace. Adidas lead the pack with 18 supplier contracts • Elsewhere, Turkish and Brazilian brands made great strides while Nike follows with 14. Both however are feeling the thanks to their booming economies and passionate domestic pressure of new market entrants Warrior and Under fanbases. Galatasaray AŞ is our highest ranking Turkish team Armour. valued at $116m, while SC Corinthians Paulista ($103m) takes the honour of highest ranking non-European club. • These US brands have fuelled an upward trend in kit suppliers’ annual payments. With more brands entering the market, • Average brand value growth across the top 50 is a healthy competition is forcing suppliers to pay a premium. The 7%, outpacing the growth rates of most national economies. awareness that top tier football provides, combined with the This shows that top level sport is largely recession proof with return on investment available from replica sales, mean they almost all clubs reporting solid revenue increases. are willing to make the investment. Arsenal, Manchester City and Lazio have all recently left long-term supplier • Attendances have remained solid, with many top teams filling relationships to secure more lucrative shirt deals. Both their week-in week-out coupled with healthy season sponsors and suppliers must look carefully before taking the ticket waiting lists. Clubs are not resting on their laurels with plunge however, ensuring they have carefully calculated the all working hard to improve the match-day experience via new likely uplift in their own brand value from association with the technology and upgrades. World’s most valuable football club brands.

• Manchester City FC enjoyed a 10% jump in brand value to • Outside the top 50 we have seen some other interesting $332m despite a disappointing season. A failure to build on branding trends with the most extreme being Cardiff City; the last year’s success, despite the highest wage bill in Europe, ‘bluebirds’ have turned red and adopted the Welsh dragon in has seen Italian manager shown the door. On order to expand the club’s appeal in Asia. 4 | BRANDFINANCE® FOOTBALL 50 | MAY 2013 BrandFinance® Football 50

TOP 50 FOOTBALL BRANDS 1-25 Brand Value Rank 2013 Club Country 2013 (USD M) 2012 (USD M) change (%) Brand Rating

1 FC Bayern Munich 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 Germany 260 227 15% AA

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

12 Tottenham Hotspur FC England 219 225 -3% AA

13 Juventus FC Italy 180 160 12% AAA-

14 AFC Ajax 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 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 Turkey 95 NEW NEW A+

23 Germany 90 64 41% AA-

24 Paris Saint-Germain FC France 85 64 34% A+

25 VfB Stuttgart Germany 83 71 18% A+

MAY 2013 | BRANDFINANCE® FOOTBALL 50 | 5 BrandFinance® Football 50

TOP 50 FOOTBALL BRANDS 26-50 Brand Value

Rank 2013 Club Country 2013 (USD M) 2012 (USD M) 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 England 81 86 -6% AA

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 Turkey 71 NEW NEW A+

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 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-

6 | BRANDFINANCE® FOOTBALL 50 | MAY 2013 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). , Bordeaux and Olympique Marseilles have fared the worst, all recording brand value falls of over 30%.

BRAND VALUE CHANGE (%) BRAND VALUE CHANGE (USDm)

Santos Futebol Clube 70% FC Bayern Munich 68

Bayer 04 Leverkusen 41% Real Madrid CF 29

SC Corinthians Paulista 34% Borussia Dortmund 27

Paris Saint-Germain FC 34% Manchester City FC 27

Club Atlético de Madrid 34% Arsenal FC 24

VfL Wolfsburg 25% Chelsea FC 23

Valencia CF 22% SC Corinthians Paulista 19

CR Flamengo 20% Bayer 04 Leverkusen 19

SSC Napoli 20% Santos Futebol Clube 18

VfB Stuttgart 18% Juventus FC 17 Hamburger SV -6% Hamburger SV -2 Aston Villa FC -8% Aston Villa FC -3 Celtic FC -10% AC Milan -4 PSV Eindhoven -12% AFC Ajax -7 Olympique Lyonnais -13% Celtic FC -9 AFC Ajax -16% Olympique Lyonnais -10 AC Milan -18% PSV Eindhoven -12 FC Girondins de Bordeaux -30% FC Internazionale Milano -13 Olympique de Marseille -30% FC Girondins de Bordeaux -34 FC Internazionale Milano -34% Olympique de Marseille -37

-50 -25 0 25 50 75 100 -50 -25 0 25 50 75 100 Change in brand value () Change in brand value () MAY 2013 | BRANDFINANCE® FOOTBALL 50 | 7 The Top 10: Profiles

Worthy 01 FC Bayern Munich Germany 2013 USD 860 2012 USD 786 Change 9% Brand rating AAA 2012 rank: 2 BRAND VALUE CHANGE (USDm) winners 02 Manchester United FC England Over the next 6 pages are 2013 USD 837 2012 USD 853 Change -2% Brand rating AAA+ 2012 rank: 1 mini-profiles of the world’s 10 most valuable football brands, starting with this 03 year’s winner FC Bayern Real Madrid CF Spain München. 2013 USD 621 2012 USD 600 Change 4% Brand rating AAA+ 2012 rank: 3

04 FC Barcelona Spain 2013 USD 572 2012 USD 580 Change -1% Brand rating AAA 2012 rank: 4

05 Chelsea FC England 2013 USD 418 2012 USD 398 Change 5% Brand rating AA 2012 rank: 5

06 Arsenal FC England 2013 USD 410 2012 USD 388 Change 6% Brand rating AA+ 2012 rank: 6

07 Liverpool FC England 2013 USD 361 2012 USD 367 Change -2% Brand rating AA 2012 rank: 7

08 Manchester City FC England 2013 USD 332 2012 USD 302 Change 10% Brand rating AA- 2012 rank: 8

09 AC Milan Italy 2013 USD 263 2012 USD 292 Change -10% Brand rating AAA- 2012 rank: 9

10 Borussia Dortmund Germany 2013 USD 260 2012 USD 227 Change 15% Brand rating AA 2012 rank: 11 8 | BRANDFINANCE® FOOTBALL 50 | MAY 2013 The Top 10: Profiles01

1 FC Bayern Munich This year, Bayern Munich first mastered the Bundesliga. Then, on Saturday 25th May, the European title was secured. Now a global title can be added BRAND VALUE to the list; Bayern has toppled Manchester United to become the World’s most valuable football club brand. Its $860m value is driven by on-field $860m +9% success backed by off-field stability and scale. With a commercial revenues stream alone in excess of €200m, Bayern BRAND RATING Munich really is the game’s commercial powerhouse. Long standing (and ownership) ties with Audi, Adidas and Deutsche Telecom provide secure AAA and visible revenue streams for the club to re-invest in one of the World’s most talented and exciting squads. SHIRT SPONSOR ANNUAL VALUE Alongside its commercial clout, the 2012/13 season has been one of domestic domination. The domestic title was secured as early as April and $40m saw Bayern end with a massive 25 point margin over 2nd place Dortmund. Then on the European stage, the world watched them humiliate arguably KIT MANUFACTURER ANNUAL VALUE the greatest ever football team, Barcelona. Trophies bring inflows to all three revenues streams (match day, media and commercial) and with many $34m 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, adding another year of profit to its impressive financial track record. Bayern has been able to leverage its position as the leading club in Europe’s largest economy, to swing commercial deals in its favour . Though German media deals are dwarfed by 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. 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, demonstrating 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”. For Bayern to ensure it stays on top of the brand value league, it must devise a strategy to drive further revenue growth. To do this, it will need to transcend its domestic dominance and attract a global audience. The appointment of the highly rated Josep ‘Pep’ Guardiola for the 2013/14 season is one of the clearest indications yet that there has been a step change in external perceptions of Germany’s top tier. The Bundesliga can and in Brand Finance’s view will, truly challenge the Spanish and English leagues for dominance. MAY 2013 | BRANDFINANCE® FOOTBALL 50 | 9 The Top 10: Profiles02

2 Manchester United FC With Sir Alex Ferguson announcing his retirement, Manchester United has suffered 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 club’s ultimate BRAND VALUE ‘brand manager’, leaves a question mark as the club enters a new era. United’s commercial success has been underpinned by its consistent on- $837m -2% pitch performance, fans and investors alike will be waiting to see if can deliver. BRAND RATING The club operates a regional and sectoral approach to recruiting commercial partners and has continued to add to an already extensive list AAA+ throughout 2012/13. To fuel this approach it has opened a commercial office SHIRT SPONSOR ANNUAL VALUE in Hong Kong to be closer to its partners and prospects in the region. It has also mooted that the club is soon to open an office in its owners’ homeland, $31m the USA, to tap into the World’s largest economy. The magnitude of the recent Chevrolet deal is testament to the global KIT MANUFACTURER ANNUAL VALUE brand that the club has built particularly under the Glazers’ guidance. At over £50m per year, this is more than a five-fold increase on the £9m $38m annual shirt sponsorship deal in place with Vodafone when the Glazers 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 demonstrates the potency of United’s brand. It is also encouraging that the brand, the club’s current shirt sponsor, is keen to remain involved with the United 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. Its 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. This level of connectivity is still in its infancy and the challenge for the United will be to build brand value by monetising this channel. 10 | BRANDFINANCE® FOOTBALL 50 | MAY 2013 The Top 10: Profiles03, 04

3 Real Madrid CF The departure of the ‘Special One’, Jose Mourinho, caps the end of a disappointing season for Real Madrid, leaving it stuck in third place in the BrandFinance® Football 50. Whilst the 2011/12 season saw Real generate BRAND VALUE the largest revenues in the game (€513m), the club’s brand value has been constrained by Spain’s economic woes. The distribution of media rights $621m +4% in La Liga continues to be negotiated individually, although this is set to move to a collective basis shortly, which will squeeze Real Madrid’s media BRAND RATING income. The club has expressed an interest in increasing the match-day and commercial revenue streams to help continue its growth. AAA+ Redevelopment plans are currently being tendered to transform the Bernabeu, with club President Florentino Perez stating, “I want a stadium SHIRT SPONSOR ANNUAL VALUE 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 $30m revenue that can be generated every day of the week. KIT MANUFACTURER ANNUAL VALUE Away from the field, the club operates an expanding and very successful merchandising operation, selling over 1.5 million replica shirts last season $39m alone. For the 4th consecutive summer the team will complete a tour of the US, nurturing a strong following in both North and South America. Mourinho tested the Real Madrid ‘blue book’ during his reign and has since departed to once again take up the reins at Chelsea. Real meanwhile, can ill afford another under-par season and the appointment of a successful new manger will be crucial to maintaining the club’s top three standing. The prospect of reclaiming the title of World’s most valuable football brand, last held in 2010, seems a distant prospect for now.

4 FC Barcelona FC Barcelona’s brand value remained stagnant this year as following the end of ’s trophy-filled golden era. The Catalans will be hoping the signing of the hugely marketable Brazilian superstar will follow BRAND VALUE in the footsteps of Maradona, Cruyff and Messi, who have made the club a multinational institution. It is a tantalising prospect for any football fan $572m -1% to see two of the World’s most exciting talents, Messi and Neymar, playing together in the same team. BRAND RATING Although Barca won La Liga this season, that victory was overshadowed by a failure to reach the Champions League or Copa Del Rey final. The club AAA missed out on the rewards of additional trophies and so the players and coaching staff forfeited bonuses of €12m. Under the financial stewardship of SHIRT SPONSOR ANUAL VALUE 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 $38m as Audi, Coca Cola and Movistar in addition to kit and shirt sponsorship from Nike and the Qatar Foundation. Impressively they have managed KIT MANUFACTURER ANNUAL VALUE this without compromising their football on the pitch. All these elements combined resulted in FC Barcelona producing an historic €48m profit. $46m 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. However, despite revenue growth 4.5% this year to almost €494m, Barcelona continues to lag behind Real Madrid and is the only one of the ‘Big Four’ in the BrandFinance® Football 50 never to have been named as football’s most valuable brand. MAY 2013 | BRANDFINANCE® FOOTBALL 50 | 11 The Top 10: Profiles05, 06

5 Chelsea FC Chelsea 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 BRAND VALUE the manager count during the Abramovich reign now in double digits. This continued managerial merry-go-round along with its limited stadium $418m +5% capacity is weighing on the Chelsea’s ability to challenge the BrandFinance® Football 50’s ‘Big Four’. BRAND RATING Whilst the club has lacked consistency on the pitch, it has enjoyed great stability with its long standing commercial partners Adidas and Samsung. AA Alongside these global brands it has added Delta, , Audi and more recently Singha Beer, demonstrating the increasingly global appeal SHIRT SPONSOR ANNUAL VALUE of the Chelsea brand. The club also has in place an innovative branding partnership with F1 team Sauber, focusing on ways to enhance sporting $21m and business performance. This includes the exchange of knowledge in sport science, launching joint commercial initiatives, merchandising, KIT MANUFACTURER ANNUAL VALUE events, marketing and linked sponsorship opportunities. We expect to see more collaborations of this manner throughout football as different sports $15m recognise the synergies and commonalities that exist.

6 Arsenal FC Whilst 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 BRAND VALUE 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 $410m +6% sponsorship and naming rights has been agreed with Emirates Airlines through to 2019. The club now needs to feed its increased revenues into on BRAND RATING pitch talent to end its eight year trophy drought. The Emirates Stadium continues to sell out and be one of the highest AA+ 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 SHIRT SPONSOR ANNUAL VALUE 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 $8m stream. KIT MANUFACTURER ANNUAL VALUE 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 $20m over £1bn, it would take a brave investor to see where they could eke out a return. 12 | BRANDFINANCE® FOOTBALL 50 | MAY 2013 The Top 10: Profiles07, 08

7 Liverpool FC Despite 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 BRAND VALUE 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 $361m -2% 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 BRAND RATING roots. However, whilst the deal alone represents a 100% increase in value, it also opens the club up to greater branded merchandise opportunities AA previously contracted out in the Adidas deal. SHIRT SPONSOR ANNUAL VALUE Liverpool’s tremendous heritage has not gone unnoticed by kit supplier Warrior. Drawing inspiration from Liverpool’s 1964/65 kit they have $31m 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 KIT MANUFACTURER ANNUAL VALUE it comes to visual identity changes and it speaks positively of Liverpool and Warrior’s relationship that they recognise the opportunity and have the $38m 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 to tap into the great match-day yields available from such a rich heritage and loyal fans.

8 Manchester City FC Winning 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 last year’s of BRAND VALUE Premier League title confirmation, shows the strong desire of the Abu Dhabi based owners to turn things around. With one of the largest wage bills in $332m +10% Europe, the club needs on pitch success to drive all three revenue streams and make Man City a sustainable business operation; this will soon become BRAND RATING compulsory as Financial Fair Play kicks in. Whilst match-day and media revenues are largely dictated by on-field AA- activities, City has been frantically trying to catch up with its neighbours to boost commercial income, recently opening a commercial office in the ANNUAL VALUE SHIRT SPONSOR 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 $31m well as a new kit supplier partnership with Nike worth £12m per year being KIT MANUFACTURER ANNUAL VALUE rolled out for the 2013/14 season. Outside these traditional sponsorship avenues, the club has made the pioneering move of acquiring the rights to $40m ’s 20th expansion franchise. Whilst the deal has only just been announced and full details of ‘NYCFC’ (to be launched in cooperation with the New York Yankees in 2015) are yet to emerge, it shows the commitment of the owners of Manchester City to take the brand global and become ‘noisy neighbours’ both on and off the pitch. MAY 2013 | BRANDFINANCE® FOOTBALL 50 | 13 The Top 10: Profiles09, 10

9 AC Milan AC Milan has suffered a bigger drop in brand value than any other team in the top 10. The club had a relatively disappointing domestic and European campaign this season. Similar to many of its Italian peers, the AC Milan BRAND VALUE is constrained by its ageing home, with match-day revenues making up less than 15% of its €257m turnover. In 2010, the club bravely $263m -10% introduced a disciplined, tiered sponsorship structure, which saw it reduce its commercial partners in a drive to provide greater visibility, exclusivity BRAND RATING 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 AAA- implementing the ‘less is more approach’. However, for the club to climb the ranks, it needs to invest in its fixed SHIRT SPONSOR ANNUAL VALUE assets to improve its match-day offering. Unfortunately this may prove challenging as it does not own its own stadium, instead the Stadio Giuseppe $16m 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’ KIT MANUFACTURER ANNUAL VALUE book. They have reportedly already found a location for a new 60,000 seat stadium. $13m

10 Borussia Dortmund Domestic 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 provides the foundation for strong commercial performance, including BRAND VALUE recently extended deals with shirt sponsor Evonik Industries and stadium naming rights holder Signal Iduna. The brand is still very much contained $260m +15% based on domestic appeal, however Dortmund consistently fills its 79,000 seat stadium and the club broke a European record for season tickets for BRAND RATING the third year in a row, with more than 54,000 sold for the 2012/13 season. Whilst very much a domestically focused brand, the club has completed AA a “black and yellow” miracle in a turnaround of fortunes that has seen the club go from the verge of bankruptcy in 2005 to the Champions League SHIRT SPONSOR ANNUAL VALUE 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 intensity $20m to a global audience. Highly rated manager Jurgen Klopp will be key to KIT MANUFACTURER ANNUAL VALUE maintaining this brand of football, but with more and more clubs seemingly afflicted by the unpredictable reshuffling of football management, Dortmund may struggle to hold onto a man who could be a very successful $8m brand manager. 14 | BRANDFINANCE® FOOTBALL 50 | MAY 2013 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.

1000 FC Bayern Munich Manchester United FC Real Madrid CF FC Barcelona Chelsea FC 800 Arsenal FC Liverpool FC Manchester City FC AC Milan Borussia Dortmund 600 Brand value ($m) value Brand 400

200

0 2007 2008 2009 2010 2011 2012 2013 AC Milan win AC Milan finish Manchester Christiano The Euro Manchester Sir Alex Champions 5th in Serie A United win the Ronaldo crisis begins to City win the Ferguson retires League Champions finishes first take its toll on Premier League Manchester League season at Real Spanish and Bayern City purchased Madrid following Italian clubs Munich win the by Abu Dhabi £80m transfer Champions United Group from United League MAY 2013 | BRANDFINANCE® FOOTBALL 50 | 15 Fussball’s Coming Home: The Bundesliga vs The Premier League

With UEFA’s Financial Fair Play soon clubs to concentrate on leveraging revenue to its clubs. By comparison the to curb the advantages given to clubs their brand elsewhere. German Bundesliga only generated €519m last currently treated as billionaires’ clubs historically have formed close year. playthings, profit generation is only set relationships with local businesses and If trends continue, German club to become more important. Commercial as the German economy has grown these football will become better recognised success allows clubs to sustain on-pitch businesses have become huge global on the global stage. The all German performance through the acquisition of corporations, better able to support Champions League final and an better players, more experienced staff their sponsored team. Bayern München internationally renowned, foreign coach, and capital expenditure on training has the highest reported commercial in the shape of Pep Guardiola, entering facilities. In turn, victories on the field revenues of any club in the world. the league are early indicators of the reinforce financial success by attracting Broadcasting is the only revenue step change in global perceptions to richer sponsors, driving sales of stream where the Bundesliga serious come. With this increasing recognition merchendise and boosting demand for lags behind its English counterpart and, comes an opportunity to patch up poor tickets. A club that is successful both as unlike the slight hit to match-day revenue broadcasting deals with foreign markets. a business and as a sporting endeavour from cheap tickets, this is not by choice. Once this is fixed and incorporated is a force to be reckoned with and the The EPL derives a third of its viewers into the financially responsible model Bundesliga may have found the formula from Asia and a quarter from Africa and of German football, the Bundesliga will to achieve that perfect balance. the Middle East, allowing the league to truly be able to challenge the EPL on a 14 of the Bundlesliga’s 18 clubs were in distribute over €1.3bn in broadcasting level playing field. the black in 2012, with an overall profit for the Bundesliga of €55m, based on total revenues of €2.1bn. Over the same period the English Premier League (EPL) made a staggering €245m loss despite generating €2.8bn of revenue. The Bundesliga English Premier League Bundesliga has fostered its profitability Year formed 1963 1992 through strict cost control; only 38% of Number of Clubs 18 20 total income goes to players and coaches Revenue Data whereas in the EPL the figure is far Total League Revenue, Financial Year 2011 (USD m) 3,349 6,022 greater at 64%. Average Club Revenue, Financial Year 2011 (USD m) 186 301 Ticket prices in the Bundesliga are European rank (based on total league revenue) 4 1 low, with the cheapest average ticket Average spend on wages as % of revenue 52% 68% costing approximately €12. The low Player Data ticket prices are a matter of policy for Total Player Transfer Value (USD m) 2,468 4,388 German football and purposefully kept Average squad value (USD m) 137 219 low, unlike in the EPL where free market Foreign player % 49% 65% supply and demand means prices are Average age 24.80 27.00 on average three time higher. These low Football Performance Data ticket prices, coupled with large, modern Champions League Titles 12 7 stadia have allowed the German top UEFA Country Coefficient 2012/13 79.328 82.677 division to attract the biggest crowds over European rank (based on UEFA coefficient) 3 2 a sustained period of any league in the Attendance Data’ world. Average attendances of 45,000 Average Ticket Price 2011/12 (USD) 29.81 43.15 at Bundesliga games far outnumber the 34,000 attending EPL matches. Average Attendance (2011/12) 45,116 34,600 However, despite the record Total Attendance (2011/12) 13,805,462 13,148,133 attendances, the low prices are limiting Largest Attendance (2011/12) 80,521 75,387 match-day revenues, forcing German European rank (based on UEFA coefficient) 1 2 16 | BRANDFINANCE® FOOTBALL 50 | MAY 2013

10 years ago sponsors and partners were‘ primarily concerned with buying visibility. Today sponsors are more concerned with gaining access to content and fans. Francesco Calvo, Juventus FC Commercial Director’

Branding: What the Clubs Say

Commercial and on-pitch are intertwined, so in order to remain competitive football clubs must understand the significance and value of the brands they control. We spoke to Juventus’ Commercial Director Francesco Calvo, Tottenham’s Head of Marketing Emma Taylor and a spokesperson from Arsenal on how they monitor, leverage, protect and plan to extend their brands.

How many people do you have working in your marketing/ Do you benchmark your brand value in any way? brand team? Do you have more than one office? Juventus: We feel it would be too subjective to do it Juventus: We have no specific marketing team but rather a ourselves; we rely on information from Brand Finance and commercial team of nine people, covering a range of areas the market. from merchandise to marketing the stadium to the brand. At Tottenham: Yes. Our main benchmarks are based Juventus we do all our marketing activities in house, unlike around tangible indicators of brand value, i.e. growth in most other Italian clubs. We feel this gives us greater control commercial revenues, merchandising and licensing, fan and a better connection with our fans. base development, global TV audiences for our matches, Tottenham: There are eight members of the marketing team, estimated size of our fan base in key territories, volume of including two digital specialists. The team are all based at the engaged fans across all our channels globally and the level of stadium. reach and increase in transacting supporters. MAY 2013 | BRANDFINANCE® FOOTBALL 50 | 17

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’. Arsenal Football Club ’

Do you have a documented set of brand guidelines/values? future we will be looking to local partners in Japan, China, Juventus: In 2006/07 we changed the logo; we are continually India, Australia, Indonesia and the USA. This summer we trying to adapt the brand to keep it modern. In terms of will be competing in the Guinness International Champions intellectual property it is Nike who is reliant on us to protect Cup in the USA along with Milan and Inter. This allows us to the IP through our role as ‘Guardians of the brand’. promote the Serie A league together as opposed to one club Tottenham: Yes. The Club has a comprehensive set of going to China, one club going to Australia and the message guidelines that set out our brand proposition, values and being lost. We work with Serie A to improve the image of tone of voice and outline a clear narrative of what our brand the league overall. In my opinion the Italian league remains stands for. Our brand’s visual identity has comprehensive an entertaining league due to the number of top sides that guidelines around the use of our badge as well as how we compete. The German Bundesliga and the Spanish La Liga achieve a cohesive brand look and feel across every club touch are dominated by two teams whereas in Serie A you have point. This is combined with a clear brand protection strategy Juventus, Inter, Milan, Roma, Lazio and Napoli who all that ensures our marks and IP are protected and where any compete for top honours. potential infringements are carefully monitored. Tottenham: Our primary focus outside the domestic market is Arsenal: Arsenal Football Club is synonymous with history, the USA and Asia. We have seen significant growth in the USA tradition and success. We believe that the Club exists to make following our 2012 Tour. Our supporters’ club network has our fans proud wherever they are in the world and however grown by around 40% in the last season. they choose to follow us. Everyone that works for the Club Arsenal: As a genuinely global club with millions of fans all understands that we will fulfil our goal of making fans proud over the world, we have a major focus in a number of different by being together, always moving forward and doing things overseas territories, with our most notable growth currently ‘The Arsenal Way’. This final element is a key ingredient of across Africa and Asia. who we are. It’s about thinking about others, getting the detail right and going above and beyond expectations. Do you have a unified return on investment (ROI) metric that you use with all commercial partners/sponsors? What do you view as key territories for further brand Juventus: 10 years ago sponsors and partners were primarily growth? concerned with buying visibility. Today sponsors are more Juventus: The focus has always been Italy, however we concerned with gaining access to content and fans. can now look to engage new markets in new ways. In the Tottenham: Yes, in that we commission independent analysis 18 | BRANDFINANCE® FOOTBALL 50 | MAY 2013

What we do off the pitch‘ is also important in determining our brand values and gaining new supporters, so on and off-pitch activities are mutually supportive. Emma Taylor, Tottenham Hotspur’ FC Head of Marketing

from trusted industry sources in order to put a valuation desired level of involvement and ultimately aim to nurture on both the tangible and intangible elements of a partner’s a one-to-one relationship with each and every Spurs fan. package of rights. We use current market media, brand The growth in social media and digital channels allow us to valuation data and measures to put values on each element extend our reach and open up new opportunities to attract of the partnership, for example; media, hospitality and new fans and inspire advocacy from existing fans. If we ticketing, event and facility usage, corporate real estate, achieve this, the ability to monetise support is a seamless merchandise etc. In addition we use accepted industry outcome of engagement whether it is direct transactions or methodologies to quantify the brand value to a partner value for our partners or broadcasters. through brand awareness and benefit of association impact, Arsenal: We know that as a club we have an avid following brand stand out and rarity value, promotional rights and all over the world and while the vast majority will never ‘money can’t’ opportunities. make it to an actual Premier League game, our challenge is to engage with their passion for Arsenal and make all How do you balance the dual role of fans as both supporters feel a part of the club wherever they are. customers from whom you must make money and The primary objective is to have as many supporters as supporters/brand ambassadors? possible regularly engaging with the club across a number Juventus: The 1st priority is that the team wins. We work of different platforms, whether that’s directly through fan to develop a close relationship with the fans and hope that events and activities tied in to our Tour, or through digital continued on the pitch success will deliver financial rewards media. Once you have established a conversation with those in the future. fans and understand their interests in more detail (something Tottenham: Our aim is to bring all our fans closer to the we are developing extensively through investment in our club, to provide a sense of belonging and make them feel Customer Relationship Management (CRM) system), it is part of the club. First and foremost it is about creating ways easier for the club to interact on an individual basis and for fans to engage and interact with the club whatever their develop potential commercial revenue streams. MAY 2013 | BRANDFINANCE® FOOTBALL 50 | 19

How much impact can off-pitch activities have when stand out amongst the crowd and provide additional sources compared to the effect of on-pitch success? of pride and recognition. Tottenham: What we do off the pitch is also important in determining our brand values and gaining new supporters, Players are obviously crucial to your image, how do you so on and off-pitch activities are mutually supportive. By manage the risks that they may personally damage the way of example, we are at the forefront of charitable efforts club’s brand? and CSR through our Tottenham Hotspur Foundation, which Juventus: There was a Juventus before them and there will is dedicated to utilising the power of football to engage be a Juventus after them, the club is more important than any young people and create life changing opportunities. The one player. Foundation runs a vast number of programmes which are Tottenham: The players have a duty to represent the Club fully supported by the players and coaching staff, who in the best way at all times and all are made aware of this attend events on a weekly basis. This has earned the club responsibility. We constantly liaise with the players regarding a reputation for being responsible, caring and inspiring. new trends and the best ways to communicate. Our global coaching programmes also take the ‘Tottenham Arsenal: The players are undoubtedly the club’s primary style’ of play to grass roots football at schools and colleges. asset and we work hard to ensure that they, like the rest of the Everything we do is guided by our core principles. club’s staff, adhere to our vision and values both on and off Arsenal: In our opinion, the two need to work in tandem to the pitch. The growth in digital and social media means that drive real fan engagement and brand value. We know that many players now interact directly with supporters, and while supporter pride is driven primarily by success on the pitch this presents its challenges, we are able, through consistent and this means winning trophies. At Arsenal, we are also engagement and comprehensive media training, to provide proud that our style of play, our focus on developing youth the players with clear parameters, whilst using their individual talent, our magnificent stadium, our broader contribution in appeal and profile to enhance and support the club’s own the community and our self-financing approach helps us to initiatives. 20 | BRANDFINANCE® FOOTBALL 50 | MAY 2013

Glaze of Glory? Manchester United and the Glazers

Love them or loathe them, it is hard to dispute the impressive numbers generated under the Glazers’ guidance at Old Trafford. Since taking over the club in 2005, revenues have doubled, buoyed primarily by the ever increasing number and value of commercial deals. Following a successful IPO in New York in 2012, the club’s shares are currently trading at an all-time high, valuing the business at almost £2bn

2005 2013 Even before acquiring Manchester United in May 2005 the Glazers knew that it was not just a business, not just a football Market Cap $1,398m $2,888m club, but a brand. They set out with a clear strategy to invest and have achieved Brand Value $293m $837m exponential returns on this investment, based on their extensive US sporting Brand Rating AA AAA+ experience. The Glazers have set about extracting the unrealised commercial Annual Revenue $294m $486m potential they saw within the club; in an eight year period, turnover has doubled, with commercial revenues rising an impressive 66%. The club had devised a clear territorial and sector-based approach to acquiring commercial partners, leading to commercial relationships with over 40 Revenue split partners worldwide. Whilst this strategy would dilute weaker brands, Manchester United is rightly confident it has the global awareness and brand strength to $159m $178m $86m $86m $150m $122m purse such strategy. Credit needs to go Matchday Media Commercial the commercial team behind the brand, who are consistently inventing new partnership opportunities and striving to achieve the best deal for the club; they Shirt sponsor recently took the bold move to back out of (deal signed 2013, shirt sponsor from 2014) a ‘revolutionary’ training kit deal with DHL as they felt the could command a greater Annual shirt sponsor value $16m $68m return on the opportunity. The brand and its strategy featured Kit supplier heavily in last year’s IPO prospectus and the club is very proactive in seeking out Commercial Partners 10 40+ new partners. It has recently setup a commercial office in Hong Kong to service Domestic Titles 15 20 its Asian partners and has been open about its desire to setup a similar office in European Cups / CL Wins 2 3 America. The Glazers remain close lipped about Ground capacity 67,540 75,811 their exit strategy, but with shares currently trading at an all time high, valuing the club at close to $3bn, the figures attest to the Sources: Company accounts, press reports, Brand Finance league table, bloomberg Glazers’ financial success. MAY 2013 | BRANDFINANCE® FOOTBALL 50 | 21

Warrior Enters the Fight: Kit Supplier Competition Intensifies 18

15 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 ’

4 4 2 2 2 1 1 1 Partnerships with clubs in the BrandFinance® Football 50 Football Partnerships with clubs in the BrandFinance®

Kit Supplier Away from the club brands, an equally a 12 month period, speaking with all the average retail price of a team shirt across exciting branding battle is taking place major kits suppliers before settling on the the top 50 is now over US$75. between the kit suppliers. This year’s value and exclusivity that the Warrior deal Puma, which has tended to focus on BrandFinance® Football 50 sees an would provide. Richard Wright, Warrior’s lower tier teams, has re-entered the top unprecedented 10 different apparel head of football, said “we are not the sort 10, announcing that it will supply kits providers dressing the World’s top of brand to keep our head down, we are to Arsenal. The five-year, £170million teams. Adidas leads the pack, supplying here to shake up the world of football”. deal ends the Gunners’ 20 year alliance kit to 18 of the top 50 clubs, including They were certainly not afraid to spend to with Nike. Puma owner PPR is currently this year’s winners, Bayern Munich. The achieve it; the deal was worth a reported in the process of completing a drastic Germans are hotly pursued by Nike, £150m, a record breaking sum. reorganisation of the company to reverse which hold contracts with 14 of the top Under Armour is another US brand just its financial woes and has recently exited 50 teams. The long-term dominance beginning to capture UK market share, Rugby kit sponsorship citing the greater of Nike and Adidas however is being using its deal with Tottenham Hotspur as opportunities offered by football. threatened by a raft of smaller brands a market entry tool to tap into the football We do not expect too many further vying to gain market share. market and continue its rapid revenue entrants into this busy marketplace, Warrior sports entered the market in rise. The company is particularly well however we do expect to see clubs 2012 with a deal to supply Liverpool’s kits known for its pioneering research and leverage the competitive landscape in new over a 6 year period. Warrior, owned by technological innovations and is at the kit supplier negotiations and anticipate New Balance, is better known in the US forefront of the current trend for football that longer and even more valuable market for providing lacrosse and hockey shirts to be treated on a par with boots as deals will be struck by the games’ biggest apparel. Liverpool brokered the deal over serious pieces of technical apparel. The brands. 22 | BRANDFINANCE® FOOTBALL 50 | MAY 2013

Treasure Chests: The Growing Value of Shirt Sponsorship

Sponsorship is a huge investment opportunity for corporate giants Barcelona have chosen to emblazon their traditionally brands seeking to expand their global reach and raise plain shirt with a lucrative sponsorship deal. The Qatar awareness amongst new customers in new markets. In Foundation reportedly agreed to pay €30 million a year to World football, the value of these sponsorships has grown become the club’s first kit sponsor in its 113 year history. The dramatically in recent years, with some of the top clubs top 10 most valuable brands in this year’s report generate now generating more than $70m per year from shirt & kit an impressive $266m from their shirt sponsorship alone, sponsorship alone. This should not be surprising; shirts not taking into account the raft of secondary deals and kit are worn by both players and fans and televised to a global partnerships. audience of 4.7 billion making them prime real estate for Corporate brands seeking a platform for building, sponsors. strengthening and maintaining their brand image see Bayern Munich, generate $37million per year from its deal partnerships with football brands as the ideal vehicle. Brands with Deutsche Telekom.The 2014/15 English Premier League seeking to develop in new markets will look to clubs with the (EPL) season will see Manchester United begin a $79 million strength to raise awareness. Manchester United represents per year shirt sponsorship deal with Chevrolet, making it the the gold standard in this regard; its new deal with Chevrolet largest deal of its kind to date. In recent years even Catalonian signals the car manufacturer’s desire to drive its appeal up MAY 2013 | BRANDFINANCE® FOOTBALL 50 | 23

in the European market by using the well developed United this, with the potential for sponsors to reap rewards for far in brand. At the same time the Glazers are attempting to grow excess of a relatively modest deal. Swansea City sponsors 32 the United brand in the US, as shown by the United’s annual RED will no doubt have been extremely happy with the club’s stateside tours, so the partnership with an iconic American promotion from the Championship, the securing of a 9th brand is likely to boost both United brand as well as its balance place finish in this year’s EPL as well as a first major trophy, sheet. the Capital One Cup, in February this year. This uncertainty Clearly sponsors must also fit with their target audience and is however reflected in the size of deal a club can command, brands must have synergy with viewers and supporters alike. those that can guarantee European football consistently will A look at the top sponsorship deals in world football shows attract the best sponsors for the best money. huge investment from brands that believe they share the same Sponsors must not forget that through their partnerships ideals that make a football club successful; the pursuit of with the club as an entity they are also associating themselves perfection, hard work and passion. with the individual stars. Footballers as individuals are Aspirational brands from the aviation and the automotive notoriously difficult to control at the best of times, for example industries, as well as some of the World’s most valuable Luis Suarez poses a difficult dilemma for Liverpool’s head banking and telecoms brands can be found on the shirts of sponsor Standard Chartered. The Uruguayan’s silky skills are the most successful clubs. Away from the top global brands, vital to the success of the Merseyside club on the pitch which betting has become a major source of football sponsorship. can in turn become off-pitch brand success, but his propensity The synergy between these areas is clear with TV, mobile, to grab headlines for what we might euphemistically call online and pitch-side advertising invested in heavily by betting unsportsmanlike behaviour is no doubt causing headache at businesses such as Bet 365, Bet Fred and 32 Red amongst Standard Chartered. others. Shirt sponsorship by betting brands in the Football 50 Sponsorship revenues are a key component of any club’s is now worth US$47 million per annum. income and are often driven by on-pitch success. The problem Sponsorship in football is not without its risks however, with faced by many clubs is that in order become successful on on-pitch success by no means guaranteed. Corporate sponsors the pitch they must first attract the big sponsors to fund can risk aligning their brand with a sinking ship or paying the best players and staff. Many clubs have found this leap tens of millions of dollars only to have their sponsored club difficult, leaving an imbalance in football where the smaller miss out on vital UEFA Champions League qualification and clubs cannot challenge the big boys on or off the pitch. The the awareness that comes with global television broadcasting. increasing emphasis on running clubs as viable businesses Wolverhampton Wanderers’ sponsor Sporting Bet must creates an opportunity for traditionally smaller teams who, be bitterly disappointed following the club’s relegation in with shrewd a commercial operation, will be able to break this consecutive seasons. Unexpected success is the flip-side of cycle through innovation and value for money. 24 | BRANDFINANCE® FOOTBALL 50 | MAY 2013 Brand Finance Services Brand Finance sponsorship services

Advising, implementing and measuring sponsorship

What opportunities are • Selecting the right partner available and how feasible are • Market research • Competitor research they? • Budget setting • Stakeholder mapping 1 • Sponsorship objective Opportunity Analysis • Fundraising • Business case modelling

How strongly do our brand • Brand audit values align with those of • Brand due diligence our current or potential 2 sponsored organisation? Brand Alignment

Brand Finance is highly • Royalty rate setting experienced in the technical • Structure of charges • Length of agreement issues surrounding • Termination conditions sponsorship agreements. • Transfer pricing 3 • Tax structuring Negotiation Strategy • Naming rights

Did the sponsorship achieve • ROI the objectives set? • Sponsorship objectives 4 Evaluation

What was the impact on both • ROI business performance and the • Sponsorship objectives value of the brand? 5 Brand & Business uplift MAY 2013 | BRANDFINANCE® FOOTBALL 50 | 25 Brand Finance Services Brand Finance services for rights holders

Reviewing, managing and improving business performance for sports brands

Are we extracting the • ROI maximum value from all three • Market research • Competitor research revenue streams? 1 Revenue Analysis

What are the various options • Naming rights open to us when attempting • Financing • Licensing to raise funds? How can we • Royalty rate setting 2 implement these options? Fundraising

Which strategy will provide • Business case modelling the greatest return from the • Brand audit • Brand due diligence budget allocated? • Selecting the right partner • Budget setting 3 • Stakeholder mapping Brand Strategy

Brand Finance is highly • Royalty rate setting experienced in the technical • Structure of charges • Length of agreement issues surrounding • Termination conditions sponsorship and stadium • Balance of power analysis 4 naming rights agreements. • Documented evidence Negotiation Strategy • Negotiation support • Naming rights

What was the impact on both • Pre & post business valuation business performance and the • Pre & post brand valuation • Brand Value tracking 5 value of the brand? Brand & Business Valuation 26 | BRANDFINANCE® FOOTBALL 50 | MAY 2013 Methodology Brand Value

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.

What is a brand value? How does the Royalty Relief Brand Ratings: We define the brand as the trademark approach work? These are calculated using Brand and associated intellectual property. Determine forecast revenues - Finance’s Brand Strength Index analysis, Football clubs are made up of a mixture referencing historic trends market which benchmarks the strength, risk and of fixed tangible assets (stadium, training growth estimates, competitive forces, future potential of a brand relative to ground) and disclosed intangible assets analyst projections and company its competitors on a scale ranging from (purchased players) with brand value, forecasts. AAA+ to D. It is conceptually similar to a internally developed players & goodwill credit rating. The data used to calculate making up the difference to provide the 1. Assess the Brand Strength – we use the ratings comes from various sources combined clubs value. our BrandBeta® Index which in the including Bloomberg, annual reports and case of football clubs scores domestic Brand Finance research. How do we measure its value? and European honours, club heritage, We use the Royalty Relief method. This revenue scale and split, attendances Brand ratings definitions approach assumes the company doesn’t and global reach amongst others to AAA+ Extremely strong own their brand and must license it from benchmark the brands against each AA Very strong a theoretical third party. The method other. A Strong determines how much it would cost to do BBB-B Average this. It is called the Royalty Relief method 2. Establish a Royalty Rate – we review CCC-C Weak because when a business owns their comparable licensing agreements as DDD-D Failing brand they are ‘relieved’ from paying a well as analysing margins and value ‘royalty’ rate for its use. drivers to establish a royalty rate range Valuation date for the sector and revenue stream. The All brand values in the report are as Royalty Relief Approach βrandβeta® is then applied to find the at 29th May 2013 and displayed in US$ The Royalty Relief method is used for correct royalty rate for each brand within millions. For any further information, three main reasons: the range. please contact:

1. It is the most recognised by technical 3. Determine the Discount Rate – this Dave Chattaway authorities’ worldwide and favoured allows us to calculate the net present Head of Sports Brand Valuation accounting, tax and legal users because value (NPV) of the brand’s future +44 207 389 9400 it calculates brand values by reference to earnings, therefore putting future [email protected] comparably third-party transactions. benefits in today’s terms. Matt Hannagan 2. The method ties back to the 4. Brand Valuation Calculation – steps 1-3 Sports Valuation Analyst commercial reality of brands and their are then brought together to determine +44 207 389 9400 ability to command a premium in an the NPV of post-tax royalties, which is [email protected] arm’s length transaction. the brand value.

3. It can be performed on the basis of publicly available financial information MAY 2013 | BRANDFINANCE® FOOTBALL 50 | 27 Methodology Brand Strength

Brand ratings’ 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.

BRAND STRENGTH INDEX Key Performance Indicators BV BSI Brand Squad Manager Club 2013 League CL UEFA 5y Manager Managerial Rank Rating Founded Value Stadium Size Utilsation Career USD Titles Titles coefficient (12/13 season) Assessment USD Win % 1 621 AAA+ 1902 31 9 137 798 Santiago Bernabéu 80,354 91% José Mourinho Extremely Strong 67%

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

3 572 AAA 1899 22 4 158 806 Camp Nou 99,354 80% Tito Vilanova Good 70%

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

5 180 AAA- 1897 29 2 71 433 41,000 93% Good 50%

6 263 AAA- 1899 18 7 94 281 80,065 58% Massimiliano Allegri Good 49%

7 151 AA+ 1908 18 3 106 274 Giuseppe Meazza 80,065 75% Satisfactory 52%

8 410 AA+ 1886 13 0 114 380 Emirates Stadium 60,355 99% Arsène Wenger Extremely Strong 56%

9 56 AA+ 1905 1 0 55 110 Ramón Sánchez Pizjuan 45,500 79% Satisfactory 46%

10 81 AA 1892 4 0 32 155 St. James Park 52,387 91% Alan Pardew Satisfactory 40%

11 103 AA 1910 5 1 0 94 Estádio do Pacaembu 40,199 63% Good 48%

12 361 AA 1858 18 5 79 327 Anfield Road 45,522 93% Satisfactory 42%

13 82 AA 1927 3 0 53 145 Olimpico di Roma 72,698 42% Satisfactory 53%

14 65 AA 1912 8 3 0 79.5 Estádio 16,798 48% Muricy Ramalho Extremely Strong 47%

15 418 AA 1905 4 1 136 517 Stamford Bridge 41,841 99% Rafael Benítez Strong 54%

16 219 AA 1882 2 0 70 357 36,257 99% André Villas-Boas Good 59%

17 260 AA 1909 8 1 62 342 Signal Iduna Park 81,264 97% Jürgen Klopp Strong 48%

18 162 AA 1900 31 4 65 123 ArenA 52,960 89% Strong 63%

19 144 AA 1887 6 1 56 141 Imtech Arena 57,274 95% Thorsten Fink Good 55%

20 61 AA- 1913 21 1 65 88 Stadion 35,500 94% Dick Advocaat Very Strong 55%

Below is a sample of the Key Performance • Heritage • Stadia Indicators we look at when accessing the History is something you cannot buy. A vital revenue generator and brand strength of a football brand. The oldest clubs tend to have the most “touch point”, stadia are where the clubs successful histories and a loyal fan base “product” is showcased. Creating an • Star players stretching back generations that will stick enjoyable experience for fans is a must to Star players win matches and sell with the club through thick and thin. make them part with their hard earned merchandise – they can be the key money as well as being large enough to fit component of strengthening the brand. A • Trophies all their fans in, easily accessible and well club can have the heritage, the staff and Ultimately history only remembers maintained. the stadium, but if they don’t have the winners, the runner-up is rarely given a fundamental product – the players – to shout. Fans and sponsors alike want to be • Manager win and be successful on-pitch then it is associated with these winners. Every fan, The single most important person at any all for naught. player, manager and owner talks in terms club and the single hardest job. Without of trophies, they are the raison d’etre for their successful stewardship no club can any club. rise to the top of our rankings. 28 | BRANDFINANCE® FOOTBALL 50 | MAY 2013 Brand Finance About Brand Finance

Brand 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.

A global brand strategy consultancy The Brand Finance network of 20 to deliver value-based marketing helping clients to measure, manage international offices gives us the breadth strategy and tracking, thereby bridging and maximise the value of their brands of expertise and local knowledge the gap between marketing and finance. and branded businesses. required to work with clients on every Our clients include international brand Brand Finance connects brands continent. owners, tax authorities, IP lawyers to business performance and help Since it was founded in 1996, Brand and investment banks. Our work is clients to solve their strategic brand Finance has performed thousands of frequently peer-reviewed by the big challenges using robust financial branded business, brand and intangible four audit practices and our reports analysis. asset valuations worth trillions of dollars. have also been accepted by various Our unique range of skills has been regulatory bodies, including the UK put to work on a wide range of projects Brand Finance’s services Takeover Panel. including; brand and branded business support a variety of business valuation, patent and other intangible needs: Brand Finance is headquartered asset valuation, brand equity and • Technical valuations for accounting, in London and has a network of brand strength drivers analysis, brand tax and legal purposes international offices in Amsterdam, architecture & portfolio management, • Valuations in support of commercial Bangalore, Barcelona, Cape Town, investor relations & IPOs, brand transactions (acquisitions, divestitures, Colombo, Dubai, Helsinki, Hong Kong, tracking and brand scorecards for licensing and joint ventures) involving Istanbul, , Madrid, Moscow, New some of the world’s strongest and most different forms of intellectual property York, Paris, Sao Paulo, Seoul, Sydney, valuable brands. • Valuations as part of a wider mandate Singapore, and Toronto. MAY 2013 | BRANDFINANCE® FOOTBALL 50 | 29 Contacts The Team

David Haigh CEO [email protected]

Edgar Baum Xander Bird, Samir Dixit Gilson Nunes MD, North America MD, Australia MD, Singapore MD, Brazil [email protected] [email protected] [email protected] [email protected]

Joao Pinto Goncalves Hany Mwafy Muhterem Ilguner Unni Krishnan MD, Portugal MD, Middle East MD, Turkey MD, India [email protected] [email protected] [email protected] [email protected]

Dave Chattaway Marc Cloosterman Head of Sports Valuation, UK MD, Netherlands [email protected] [email protected]

BUSINESS ENQUIRIES MEDIA ENQUIRIES For further information on Brand Finance’s services, please contact your Robert Haigh, Communications Manager local representative. Tel: +44 (0)207 389 9400 Mobile: +44 (0)776 2211 267 Further international contacts; Email: [email protected] Alexander Eremenko (Russia) [email protected] METHODOLOGY ENQUIRIES Oliver Schmitz (South Africa) [email protected] Dave Chattaway, Head of Sports Brand Valuation Min Jae Son (South Korea) [email protected] Tel: +44 (0)207 389 9400 Email: [email protected] Ruchi Genewardene (Sri Lanka) [email protected] Matt Hannagan, Sports Valuation Analyst Tel: +44 (0)207 389 9400 Email: [email protected] For enquires from territories not mentioned above, please contact GENERAL ENQUIRIES Richard Yoxon (UK Managing Director) [email protected]. For any other enquiries, please email us at [email protected], call +44 (0)207 389 9400 or visit our websites; www.brandfinance.com, www.brandirectory.com and www.brandfinanceforum.com. 30 | BRANDFINANCE® FOOTBALL 50 | MAY 2013 The BrandFinance® Football 50 USD 41% 48% 41% 48% 55% 52% 63% 50% 59% 56% 48% 49% 55% 42% 56% 54% 70% 67% 45% 63% 58% 52% 67% Manager Win % 49% 54% 76% 63% 85% 64% 95% 75% 89% 52% 99% 100% 97% 58% 97% 93% 99% 99% 80% 91% 70% 99% 60% 99% 95% Utilsation 78% 81% 60,240 40,199 60,031 52,695 57,274 80,065 52,960 41,000 36,257 61,482 81,264 80,065 47,726 45,522 60,355 41,841 99,354 80,354 55,896 75,957 48,712 69,901 30,210 Size 50,530 43,051 San Paolo Estádio do Pacaembu Estádio Stade Vélodrome Stade Türk Telekom Arena Telekom Türk Imtech Arena Imtech Giuseppe Meazza Amsterdam ArenA Amsterdam Juventus Stadium Juventus White HartWhite Lane Veltins-Arena SIGNAL IDUNA Park Giuseppe Meazza Etihad Stadium Etihad Anfield Road Anfield Emirates Stadium Emirates Stamford Bridge Stamford Camp Nou Santiago BernabéuSantiago Mercedes-Benz Arena Old Trafford Parc Allianz-Arena BayArena Stadium Şükrü Saraçoğlu Stadyumu Saraçoğlu Şükrü Stade de Gerland Stade 289 94 147 190 141 274 123 433 357 220 342 281 578 327 380 517 806 798 122 562 403 578 190 Squad Squad Value* 198 143 0 1 1 0 1 3 4 2 0 0 1 7 0 5 0 1 4 9 0 3 0 4 0 CL Titles 0 0 2 5 9 19 6 18 31 29 2 7 8 18 2 18 13 4 22 31 5 20 3 23 0 League Titles 18 7 1926 1910 1899 1905 1887 1908 1900 1897 1882 1904 1909 1899 1880 1858 1886 1905 1899 1902 1893 1878 1970 1900 1904 Founded 1907 1899 Adidas Macron Nike Adidas Nike Adidas Nike Adidas Nike Under Armour Adidas Puma Adidas Umbro Warrior Nike Adidas Nike Adidas Puma Nike Nike Adidas Adidas Kit Supplier Adidas Hyundai Motors MSC Cruises Caixa Inter SportInter Turk Telekom Turk Emirates Pirelli AEGON Fiat-Jeep Autonomy Gazprom Evonik Emirates Airlines Emirates Etihad Airways Etihad Standard Chartered Standard Emirates Samsung Qatar Foundation Qatar bwin Mercedes-Benz Bank Aon Emirates Deutsche Telekom SunPower Main Sponsors Turk Telekom Turk AA- AA- AA AA- A+ AA AA+ AA AAA- AA AA- AA AAA- AA- AA AA+ AA AAA AAA+ A+ AAA+ A+ AAA AA- Brand Rating A+ -16% 20% 34% -34% NEW -6% -30% -12% 12% -3% -3% 15% -10% 10% -2% 6% 5% -1% 4% 18% -2% 34% 9% 41% change NEW 120 85 77 168 NEW 153 215 184 160 225 266 227 292 302 367 388 398 580 600 71 853 64 786 64 2012 USD NEW 101 101 103 111 116 144 151 162 180 219 259 260 263 332 361 410 418 572 621 83 837 85 860 90 2013 USD 95 France Italy Brazil France Turkey Germany Italy Netherlands Italy England Germany Germany Italy England England England England Spain Spain Germany England France Germany Germany Country Turkey Olympique Lyonnais SSC Napoli SC Corinthians Paulista Olympique de Marseille Galatasaray AŞ Galatasaray Hamburger SV Hamburger FC Internazionale Milano Internazionale FC AFC Ajax AFC Juventus FC Juventus Tottenham Hotspur FC Tottenham FC Schalke 04 Schalke FC Borussia Dortmund AC Milan AC Manchester City FC Manchester Liverpool FC Liverpool Arsenal FC Arsenal Chelsea FC FC Barcelona FC Real Madrid CF Madrid Real VfB Stuttgart Manchester United FC United Manchester Paris Saint-Germain FC Saint-Germain Paris FC Bayern Munich Bayern FC Bayer 04 Leverkusen Bayer Club Fenerbahçe SK Fenerbahçe 18 22 24 15 NEW 17 13 14 16 12 10 11 9 8 7 6 5 4 3 28 1 38 2 36 2012 rank NEW 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 25 2 24 1 23 THE BRANDFINANCE® FOOTBALL 50 1-25 THE BRANDFINANCE® FOOTBALL 2013 rank 22 MAY 2013 | BRANDFINANCE® FOOTBALL 50 | 31 The BrandFinance® Football 50 USD 43% 69% 60% 46% 37% 55% 45% 47% 49% 35% 55% 44% 42% 48% 46% 40% 37% 53% 43% 55% 41% 39% 52% 37% Manager Win % 67% 20% 81% 58% 79% 97% 94% 37% 48% 73% 82% 82% 97% 89% 88% 86% 91% 95% 42% 50% 38% 96% 73% 73% 95% Utilsation 16% 78,838 60,832 65,647 45,500 27,598 35,500 67,428 16,798 54,581 32,145 49,000 25,700 40,394 42,358 42,788 52,387 35,016 72,698 47,282 72,698 30,000 34,327 55,000 26,484 Size 56,000 Estádio Jornalista Mário Filho Jornalista Mário Estádio Celtic Park Estádio da Luz Estádio Pizjuan Ramón Sánchez Britannia Stadium Estádio do Morumbi Estádio Estádio Urbano Caldeira Estádio Vicente Calderón Vicente Fi-Yapi Inönü Stadi Fi-Yapi Stadium OfStadium Light Craven Goodison Park Weserstadion Villa Park St. Park James Upton Park Upton Olimpico di Roma Olimpico di Roma Volkswagen Arena Volkswagen Stade Jacques-Chaban-DelmasStade Mestalla The Hawthorns Stadium Estádio Beira-Rio Estádio 44 90 243 167 128 134 94 121 319 125 160 107 182 114 144 236 127 220 213 175 126 93 213 121 Squad Squad Value* 62 1 1 2 0 0 1 3 3 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 CL Titles 2 3 6 44 32 1 0 21 6 8 9 13 6 1 9 4 7 4 0 3 2 2 1 6 6 0 League Titles 1909 1895 1888 1904 1905 1863 1913 1935 1912 1903 1903 1879 1879 1878 1899 1874 1892 1895 1927 1926 1900 1945 1881 1919 1878 Founded Nike Adidas Nike adidas Umbro Adidas Nike Penalty Nike Nike Adidas Adidas Kappa Nike Nike Macron Puma Macron Kappa Joma Macron adidas Puma Joma adidas Kit Supplier Banrisul Caixa Economica Federal Economica Caixa Tennent’s Portugal Telecom Portugal Bet365 Philips Semp Toshiba Azerbaijan Toyota Invest in Africa Invest FxPro Chang Wiesenhof Genting Casinos Virgin Money Virgin Sbobet WIND Mazda VW Kia Jinko Solar Jinko Zoopla Main Sponsors A+ A+ AA+ AA- A+ A+ AA- A+ AA AA- A+ A+ A+ AA- AA- AA- AA A AA- AA AA- A A+ AA- A Brand Rating 8% 20% 14% -13% NEW 6% -18% 6% 70% 34% NEW 10% 16% 0% 17% -8% -6% 17% 12% -3% 15% 25% -30% 22% NEW change 51 46 49 64 NEW 55 74 58 38 50 NEW 66 65 79 68 87 86 70 46 85 46 66 76 68 NEW 2012 USD 55 55 56 55 56 59 61 62 65 67 71 72 75 78 79 80 81 82 52 82 52 82 53 83 54 2013 USD Brazil Brazil Spain Scotland Portugal England Netherlands Brazil Brazil Spain Turkey England England England Germany England England England Italy Italy Italy Germany France Spain England Country SC Internacional CR Flamengo Sevilla FC Sevilla Celtic FC SL Benfica Stoke City FC Stoke PSV Eindhoven PSV FC Paulo São Santos Futebol Clube Futebol Santos Club Atlético de Madrid Club Atlético Beşiktaş JK Sunderland AFC Sunderland Fulham FC Fulham Everton FC Everton SV Werder Bremen Werder SV Aston Villa FC Aston Newcastle United FC United Newcastle West Ham United FC United Ham West SS Lazio SpA AS Roma AS ACF Fiorentina ACF VfL Wolfsburg FC Girondins de Bordeaux Girondins FC Valencia CF Valencia West Bromwich Albion FC Bromwich West Club 44 47 46 37 NEW 42 26 39 NEW 45 NEW 33 34 23 30 19 20 29 48 21 49 32 25 31 0 2012 rank 46 45 43 44 42 41 40 39 38 37 36 35 34 33 32 31 30 29 50 28 49 27 48 26 47 THE BRANDFINANCE® FOOTBALL 50 26-50 THE BRANDFINANCE® FOOTBALL 2013 rank 32 | BRANDFINANCE® FOOTBALL 50 | MAY 2013 The BrandFinance® Football 50 GBP 41% 48% 41% 55% 48% 52% 63% 50% 59% 56% 48% 49% 55% 42% 56% 54% 70% 67% 63% 45% 52% 58% Manager Win % 67% 54% 49% 76% 63% 85% 95% 64% 75% 89% 52% 99% 100% 97% 58% 97% 93% 99% 99% 80% 91% 99% 70% 99% 60% Utilsation 95% 81% 78% 60,240 40,199 60,031 57,274 52,695 80,065 52,960 41,000 36,257 61,482 81,264 80,065 47,726 45,522 60,355 41,841 99,354 80,354 75,957 55,896 69,901 48,712 Size 30,210 43,051 50,530 San Paolo Estádio do Pacaembu Estádio Stade Vélodrome Stade Imtech Arena Imtech Arena Telekom Türk Giuseppe Meazza Amsterdam ArenA Amsterdam Juventus Stadium Juventus White HartWhite Lane Veltins-Arena SIGNAL IDUNA Park Giuseppe Meazza Etihad Stadium Etihad Anfield Road Anfield Emirates Stadium Emirates Stamford Bridge Stamford Camp Nou Santiago BernabéuSantiago Old Trafford Mercedes-Benz Arena Allianz-Arena Parc des Princes Parc Stadium BayArena Stade de Gerland Stade Stadyumu Saraçoğlu Şükrü 190 62 97 93 125 180 81 285 235 145 225 185 380 215 250 340 530 525 370 80 380 265 Squad Squad Value* 125 94 130 0 1 1 1 0 3 4 2 0 0 1 7 0 5 0 1 4 9 3 0 4 0 CL Titles 0 0 0 2 5 9 6 19 18 31 29 2 7 8 18 2 18 13 4 22 31 20 5 23 3 League Titles 0 7 18 1899 1926 1910 1899 1887 1905 1908 1900 1897 1882 1904 1909 1899 1880 1858 1886 1905 1899 1902 1878 1893 1900 1970 Founded 1904 1907 Adidas Macron Nike Adidas Adidas Nike Nike Adidas Nike Under Armour Adidas Puma Adidas Umbro Warrior Nike Adidas Nike Adidas Nike Puma Adidas Nike Kit Supplier Adidas Adidas Hyundai Motors MSC Cruises Caixa Inter SportInter Emirates Turk Telekom Turk Pirelli AEGON Fiat-Jeep Autonomy Gazprom Evonik Emirates Airlines Emirates Etihad Airways Etihad Standard Chartered Standard Emirates Samsung Qatar Foundation Qatar bwin Aon Mercedes-Benz Bank Deutsche Telekom Emirates Main Sponsors SunPower Turk Telekom Turk AA- AA- AA AA- AA A+ AA+ AA AAA- AA AA- AA AAA- AA- AA AA+ AA AAA AAA+ AAA+ A+ AAA A+ Brand Rating AA- A+ -12% 24% 40% -32% -3% -27% -8% 17% 1% 1% 19% -6% 14% 2% 10% 9% 2% 8% 2% 22% 14% 39% change 46% 76 54 48 NEW 106 97 136 117 101 142 168 144 185 191 233 246 252 368 380 540 45 498 40 2012 GBP NEW 41 66 67 68 76 73 95 99 107 118 144 170 171 173 218 237 270 275 376 409 551 55 566 56 2013 GBP 63 59 France Italy Brazil Turkey France Germany Italy Netherlands Italy England Germany Germany Italy England England England England Spain Spain England Germany Germany France Country Turkey Germany Olympique Lyonnais SSC Napoli SC Corinthians Paulista Galatasaray AŞ Galatasaray Olympique de Marseille Hamburger SV Hamburger FC Internazionale Milano Internazionale FC AFC Ajax AFC Juventus FC Juventus Tottenham Hotspur FC Tottenham FC Schalke 04 Schalke FC Borussia Dortmund AC Milan AC Manchester City FC Manchester Liverpool FC Liverpool Arsenal FC Arsenal Chelsea FC FC Barcelona FC Real Madrid CF Madrid Real Manchester United FC United Manchester VfB Stuttgart FC Bayern Munich Bayern FC Paris Saint-Germain FC Saint-Germain Paris Club Fenerbahçe SK Fenerbahçe 04 Leverkusen Bayer 18 22 24 NEW 15 17 13 14 16 12 10 11 9 8 7 6 5 4 3 1 28 2 38 2012 rank NEW 36 21 20 19 17 18 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 25 1 24 THE BRANDFINANCE® FOOTBALL 50 1-25 THE BRANDFINANCE® FOOTBALL 2013 rank 22 23 MAY 2013 | BRANDFINANCE® FOOTBALL 50 | 33 The BrandFinance® Football 50 GBP 43% 69% 37% 60% 46% 55% 45% 47% 49% 55% 35% 44% 42% 48% 46% 40% 37% 53% 41% 52% 43% 55% Manager Win % 39% 67% 37% 20% 81% 97% 58% 79% 94% 37% 48% 73% 82% 82% 97% 89% 88% 86% 91% 95% 42% 96% 73% 50% 38% Utilsation 73% 16% 95% 78,838 60,832 27,598 65,647 45,500 35,500 67,428 16,798 54,581 49,000 32,145 25,700 40,394 42,358 42,788 52,387 35,016 72,698 30,000 55,000 47,282 72,698 Size 34,327 56,000 26,484 Estádio Jornalista Mário Filho Jornalista Mário Estádio Celtic Park Britannia Stadium da Luz Estádio Pizjuan Ramón Sánchez Philips Stadion Estádio do Morumbi Estádio Estádio Urbano Caldeira Estádio Vicente Calderón Vicente Stadium OfStadium Light Inönü Stadi Fi-Yapi Craven Cottage Craven Goodison Park Weserstadion Villa Park St. Park James Upton Park Upton Olimpico di Roma Volkswagen Arena Volkswagen Mestalla Artemio Franchi Olimpico di Roma Stadium Stade Jacques-Chaban-DelmasStade Estádio Beira-Rio Estádio The Hawthorns 29 59 84 160 110 88 62 79.5 210 105 82.5 70.5 120 75 95 155 83.5 145 83 140 140 115 Squad Squad Value* 61.5 40.5 79.5 2 1 1 0 2 0 1 3 3 0 0 0 0 0 0 1 0 0 0 0 0 0 0 CL Titles 0 0 3 6 44 0 32 1 21 6 8 9 6 13 1 9 4 7 4 0 3 1 6 2 2 League Titles 6 0 1909 1895 1888 1863 1904 1905 1913 1935 1912 1903 1879 1903 1879 1878 1899 1874 1892 1895 1927 1945 1919 1926 1900 Founded 1881 1878 Nike Adidas Nike Adidas adidas Umbro Nike Penalty Nike Nike Adidas Adidas Kappa Nike Nike Macron Puma Macron Kappa adidas Joma Joma Macron Kit Supplier Puma adidas Banrisul Caixa Economica Federal Economica Caixa Tennent’s Bet365 Portugal Telecom Portugal Philips Semp Toshiba Philco Azerbaijan Invest in Africa Invest Toyota FxPro Chang Wiesenhof Genting Casinos Virgin Money Virgin Sbobet WIND VW Jinko Solar Jinko Mazda Main Sponsors Kia Zoopla A+ A+ AA+ AA- A+ A+ AA- A+ AA AA- A+ A+ A+ AA- AA- AA- AA A AA A AA- AA- AA- Brand Rating A+ A 12% 24% 19% -10% 10% -14% 10% 76% 39% 14% 21% 4% 22% -5% -2% 21% 1% 30% 17% 27% 19% change -27% 32 29 NEW 31 40 35 47 37 24 NEW 32 42 41 50 43 55 54 44 54 42 29 43 29 2012 GBP NEW 48 36 36 37 37 36 39 40 41 43 47 44 48 50 52 52 53 53 54 54 54 34 54 34 2013 GBP 36 35 Brazil Brazil Portugal Spain Scotland England Netherlands Brazil Brazil Turkey Spain England England England Germany England England England Italy Germany Italy Spain Italy Country England France SC Internacional CR Flamengo SL Benfica FC Sevilla Celtic FC Stoke City FC Stoke PSV Eindhoven PSV FC Paulo São Santos Futebol Clube Futebol Santos Beşiktaş JK de Madrid Club Atlético Sunderland AFC Sunderland Fulham FC Fulham Everton FC Everton SV Werder Bremen Werder SV Aston Villa FC Aston Newcastle United FC United Newcastle West Ham United FC United Ham West AS Roma AS VfL Wolfsburg SS Lazio SpA Valencia CF Valencia ACF Fiorentina ACF Club West Bromwich Albion FC Bromwich West de Bordeaux Girondins FC 44 47 NEW 46 37 42 26 39 NEW NEW 45 33 34 23 30 19 20 29 21 32 48 31 49 2012 rank 0 25 46 45 42 43 44 41 40 39 38 36 37 35 34 33 32 31 30 29 28 27 50 26 49 THE BRANDFINANCE® FOOTBALL 50 26-50 THE BRANDFINANCE® FOOTBALL 2013 rank 47 48 34 | BRANDFINANCE® FOOTBALL 50 | MAY 2013 The BrandFinance® Football 50 Euro 41% 48% 41% 48% 55% 52% 63% 50% 59% 56% 48% 49% 55% 42% 56% 54% 70% 67% 63% 45% 52% 58% Manager Win % 67% 49% 54% 76% 63% 85% 64% 95% 75% 89% 52% 99% 100% 97% 58% 97% 93% 99% 99% 80% 91% 99% 70% 99% 60% Utilsation 95% 78% 81% 60,240 40,199 60,031 52,695 57,274 80,065 52,960 41,000 36,257 61,482 81,264 80,065 47,726 45,522 60,355 41,841 99,354 80,354 75,957 55,896 69,901 48,712 Size 30,210 50,530 43,051 San Paolo Estádio do Pacaembu Estádio Stade Vélodrome Stade Türk Telekom Arena Telekom Türk Imtech Arena Imtech Giuseppe Meazza Amsterdam ArenA Amsterdam Juventus Stadium Juventus White HartWhite Lane Veltins-Arena SIGNAL IDUNA Park Giuseppe Meazza Etihad Stadium Etihad Anfield Road Anfield Emirates Stadium Emirates Stamford Bridge Stamford Camp Nou Santiago BernabéuSantiago Old Trafford Mercedes-Benz Arena Allianz-Arena Parc des Princes Parc Stadium BayArena Şükrü Saraçoğlu Stadyumu Saraçoğlu Şükrü Stade de Gerland Stade 224 73 114 148 110 212 96 336 277 171 266 218 448 254 295 401 625 620 437 94 448 313 Squad Squad Value* 148 153 111 0 1 1 0 1 3 4 2 0 0 1 7 0 5 0 1 4 9 3 0 4 0 CL Titles 0 0 0 2 5 9 19 6 18 31 29 2 7 8 18 2 18 13 4 22 31 20 5 23 3 League Titles 0 18 7 1926 1910 1899 1905 1887 1908 1900 1897 1882 1904 1909 1899 1880 1858 1886 1905 1899 1902 1878 1893 1900 1970 Founded 1904 1907 1899 Adidas Macron Nike Adidas Nike Adidas Nike Adidas Nike Under Armour Adidas Puma Adidas Umbro Warrior Nike Adidas Nike Adidas Nike Puma Adidas Nike Kit Supplier Adidas Adidas Hyundai Motors MSC Cruises Caixa Inter SportInter Turk Telekom Turk Emirates Pirelli AEGON Fiat-Jeep Autonomy Gazprom Evonik Emirates Airlines Emirates Etihad Airways Etihad Standard Chartered Standard Emirates Samsung Qatar Foundation Qatar bwin Aon Mercedes-Benz Bank Deutsche Telekom Emirates Main Sponsors SunPower Turk Telekom Turk AA- AA- AA AA- A+ AA AA+ AA AAA- AA AA- AA AAA- AA- AA AA+ AA AAA AAA+ AAA+ A+ AAA A+ Brand Rating AA- A+ -17% 18% 33% -35% NEW -7% -31% -13% 11% -4% -4% 13% -11% 9% -3% 5% 4% -3% 2% -3% 16% 8% 33% change 39% NEW 94 66 60 132 NEW 121 169 145 126 177 209 178 229 237 288 305 312 456 471 670 55 617 50 2012 Euro 50 NEW 78 78 80 86 90 112 117 126 140 170 201 202 204 257 280 319 325 444 482 650 64 668 66 2013 Euro 70 74 France Italy Brazil France Turkey Germany Italy Netherlands Italy England Germany Germany Italy England England England England Spain Spain England Germany Germany France Country Germany Turkey Olympique Lyonnais SSC Napoli SC Corinthians Paulista Olympique de Marseille Galatasaray AŞ Galatasaray Hamburger SV Hamburger FC Internazionale Milano Internazionale FC AFC Ajax AFC Juventus FC Juventus Tottenham Hotspur FC Tottenham FC Schalke 04 Schalke FC Borussia Dortmund AC Milan AC Manchester City FC Manchester Liverpool FC Liverpool Arsenal FC Arsenal Chelsea FC FC Barcelona FC Real Madrid CF Madrid Real Manchester United FC United Manchester VfB Stuttgart FC Bayern Munich Bayern FC Paris Saint-Germain FC Saint-Germain Paris Club Bayer 04 Leverkusen Bayer Fenerbahçe SK Fenerbahçe 18 22 24 15 NEW 17 13 14 16 12 10 11 9 8 7 6 5 4 3 1 28 2 38 2012 rank 36 NEW 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 25 1 24 THE BRANDFINANCE® FOOTBALL 50 1-25 THE BRANDFINANCE® FOOTBALL 2013 rank 23 22 MAY 2013 | BRANDFINANCE® FOOTBALL 50 | 35 The BrandFinance® Football 50 Euro 43% 69% 60% 46% 37% 55% 45% 47% 49% 35% 55% 44% 42% 48% 46% 40% 37% 53% 41% 43% 55% 52% 39% Manager Win % 37% 67% 20% 81% 58% 79% 97% 94% 37% 48% 73% 82% 82% 97% 89% 88% 86% 91% 95% 42% 96% 50% 38% 73% 73% Utilsation 95% 16% 78,838 60,832 65,647 45,500 27,598 35,500 67,428 16,798 54,581 32,145 49,000 25,700 40,394 42,358 42,788 52,387 35,016 72,698 30,000 47,282 72,698 55,000 34,327 Size 26,484 56,000 Estádio Jornalista Mário Filho Jornalista Mário Estádio Celtic Park Estádio da Luz Estádio Pizjuan Ramón Sánchez Britannia Stadium Philips Stadion Estádio do Morumbi Estádio Estádio Urbano Caldeira Estádio Vicente Calderón Vicente Fi-Yapi Inönü Stadi Fi-Yapi Stadium OfStadium Light Craven Cottage Craven Goodison Park Weserstadion Villa Park St. Park James Upton Park Upton Olimpico di Roma Volkswagen Arena Volkswagen Artemio Franchi Olimpico di Roma Mestalla Stade Jacques-Chaban-DelmasStade Stadium The Hawthorns Estádio Beira-Rio Estádio 34 70 189 130 99 104 73 94 248 97 124 83 142 89 112 183 99 171 98 165 136 165 73 Squad Squad Value* 94 48 1 1 2 0 0 1 3 3 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 CL Titles 0 2 6 44 32 1 0 21 6 8 9 13 6 1 9 4 7 4 0 3 1 2 2 6 6 League Titles 0 3 1909 1895 1888 1904 1905 1863 1913 1935 1912 1903 1903 1879 1879 1878 1899 1874 1892 1895 1927 1945 1926 1900 1919 1881 Founded 1878 Nike Adidas Nike adidas Umbro Adidas Nike Penalty Nike Nike Adidas Adidas Kappa Nike Nike Macron Puma Macron Kappa adidas Joma Macron Joma Puma Kit Supplier adidas Banrisul Caixa Economica Federal Economica Caixa Tennent’s Portugal Telecom Portugal Bet365 Philips Semp Toshiba Philco Azerbaijan Toyota Invest in Africa Invest FxPro Chang Wiesenhof Genting Casinos Virgin Money Virgin Sbobet WIND VW Mazda Jinko Solar Jinko Kia Main Sponsors Zoopla A+ A+ AA+ AA- A+ A+ AA- A+ AA AA- A+ A+ A+ AA- AA- AA- AA A AA AA- A AA- AA- A+ Brand Rating A 7% 18% 13% -14% NEW 5% -18% 5% 68% 32% NEW 9% 15% -1% 16% -9% -7% 15% -4% 11% 24% 13% 21% -31% change NEW 40 36 38 50 NEW 43 58 46 30 39 NEW 52 51 62 53 69 67 55 66 36 52 36 53 60 2012 Euro NEW 42 43 43 43 44 46 47 48 50 52 55 56 58 61 62 62 63 63 64 40 64 41 64 41 2013 Euro 42 Brazil Brazil Spain Scotland Portugal England Netherlands Brazil Brazil Spain Turkey England England England Germany England England England Italy Italy Germany Italy Spain France Country England SC Internacional CR Flamengo Sevilla FC Sevilla Celtic FC SL Benfica Stoke City FC Stoke PSV Eindhoven PSV FC Paulo São Santos Futebol Clube Futebol Santos Club Atlético de Madrid Club Atlético Beşiktaş JK Sunderland AFC Sunderland Fulham FC Fulham Everton FC Everton SV Werder Bremen Werder SV Aston Villa FC Aston Newcastle United FC United Newcastle West Ham United FC United Ham West AS Roma AS SS Lazio SpA VfL Wolfsburg ACF Fiorentina ACF Valencia CF Valencia FC Girondins de Bordeaux Girondins FC Club West Bromwich Albion FC Bromwich West 44 47 46 37 NEW 42 26 39 NEW 45 NEW 33 34 23 30 19 20 29 21 48 32 49 31 25 2012 rank 0 46 45 43 44 42 41 40 39 38 37 36 35 34 33 32 31 30 29 28 50 27 49 26 48 THE BRANDFINANCE® FOOTBALL 50 26-50 THE BRANDFINANCE® FOOTBALL 2013 rank 47 T: +44 (0) 207 389 9400 E: [email protected] www.brandfinance.com