2018 EDITION SOCCEREX FOOTBALL FINANCE 100 • SUMMARY 02

SUMMARY

01 INTRODUCTION P.0 3

02 EXECUTIVE SUMMARY P.0 4

03 METHODOLOGY P.0 6

04 FOOTBALL FINANCE 100 RANKINGS P.07

05 TOP 30 P.0 9

06 CONCLUSION P.4 0

07 AUTHORS & CONTRIBUTORS P.41 SOCCEREX FOOTBALL FINANCE 100 • INTRODUCTION 03

In China, football club owners’ net worth for the largest nine clubs in the country exceeds €75 01 INTRODUCTION billion, while in the US, the richest club owners have a net worth of more than €34 billion.

The economic influence of the club owner and his capitalisation is of course restricted by domestic Soccerex, the global leader for the business of football, is proud to bring to you the SOCCEREX regulations that limit the use of resources without control. For example, in the US, wage caps and FOOTBALL FINANCE 100 – a new study that looks at the economic power of football clubs transfer regulations prevent MLS club owners – many of whom are wealthy tycoons - from making from a different perspective, one more in tune with the modern reality in football. The report large investments that might create an uncompetitive environment. takes into account assets, net debt and the potential owners have to invest, something that has dramatically changed the competitive landscape built throughout the mid-20th Century and In Europe, UEFA created the Clubs Licensing System in 2004 and introduced its Financial Fair Play beginning of the 21st. (FFP) regulations in 2011. Today 1,500 European teams fall under this regulation. The European market, following its restructuring and increased professionalisation in the 1990s, did not have Over the past 15 years, international funding has reshaped the football industry, notably in recent rigid expenditure regulations or control of heavy losses. This really began with the introduction times with the emergence of significant Chinese investment in the game both domestically of FFP. and internationally. Set in this context, we felt that current club turnovers are not necessarily the most relevant indicators of financial power. For example, Chelsea’s actual strength, as was In the UK, with the ’s aggressive expansion over the past two decades, the demonstrated in the transfer market, would not have been visibly apparent following Roman presence of wealthy benefactors is an accepted part of the game. Their net worth in British Abramovich’s takeover in 2003. football now exceeds €88 billion. A portion of the success of English football can be attributed to the significant investments made by these billionaires. This has elevated a group of clubs Working with independent academics, we wanted to engineer a different approach, supported into major footballing economic powers. The UK model has been replicated in other markets as by innovative methodology, that evaluated the varied elements that constitute a clubs’ evidenced at Saint-Germain (PSG) and across Chinese football. financial muscle in a way that reflects contemporary trends. Our methodology focuses on the management of a club’s assets such as players, stadiums and training facilities as well as their European football, at its peak, has experienced broad expansion, but many of these new giants liquid assets. Crucially, we have also considered who owns the club, their contribution to date have accumulated heavy losses in the process, with their sustainability depending on their and the potential for future investment. Finally, the club’s net debt is factored in. owners’ soft loans or large corporate sponsorship funds linked to the owner’s family or other business interests. We believe that analysing assets, understanding the potential of the owner’s investment and deducting net debt provides a robust approach for evaluating a club in the current environment. With the application of FFP in 2011, the losses were reduced and more balanced financial In the methodology chapter this is explained in depth. We cover all the markets across the globe. structures were developed, but as has been witnessed in the most recent transfer window, clubs Clubs were analysed from all continents, and after applying the methodology it was possible – particularly those with wealthy owners - are still able to make game-changing investments. to identify a global ranking of clubs according to their financial strength, looking beyond the traditional “Big 5” European leagues. The Neymar transfer to PSG, a €222 million transaction, shows how strong and capitalized the new powers in football really are. Qatar Sports Investment, the group that controls PSG is part Given that football currently commands the attention of billionaires around the world, many of Qatar Investment Authority which has under is administration €440 billion in assets, enough in club shareholders are extremely rich. The Football Finance 100 identifies that between Europe, terms of capital, to be considered a country in itself! China, Mexico and the US, club owners have a total net worth of more than €450 billion. In comparison, the estimated net worth of Chelsea’s Roman Abramovich, once considered Among the 30 richest teams in the Soccerex study, few are not owned by billionaires. However, football’s biggest foreign investor is “just” is €9 billion. there are various club models in Europe, including those structured around PLCs, limited liability firms and, peculiar to Germany, a model that enables the club to retain control but also sell This new study attempts to throw some light on the current state of play in the football world shares to minority companies or also be 100% owned by a corporation.There is also the Spanish by looking at the big picture, analysing the entire business of the clubs, from return on assets model that allows some clubs to avoid becoming a company. The property is maintained “in to investment strength and levels of indebtedness. We think it provides a thought-provoking house” thanks to club membership schemes. They are an exception in the current landscape, but picture of the world’s most popular sport. We hope you enjoy it. this model can also involve the participation of heavily capitalised sports tycoons. SOCCEREX FOOTBALL FINANCE 100 • EXECUTIVE SUMMARY 04

02 EXECUTIVE SUMMARY INVESTORS AND MEMBERS

The Soccerex Football Finance 100 reveals that owners of the top 100 ranked clubs across the This Soccerex study underlines that the global football landscape has changed dramatically world have a combined net worth of just over € 475bn. In China, the net worth of the owners over the past two decades, largely due to increased investor interest - including the involvement of the nine largest clubs amounts to € 60bn, while in the US, the richest owners’ wealth totals of billionaires from Europe, Asia Pacific, the Middle East and the Americas - along with rising some € 26bn. The owners of the top 30 clubs, as defined by this report, have a net worth of over broadcasting fees. € 366bn.

Billionaire-owned clubs represent just one type of business model. Clubs like Real Madrid and TRENDS Barcelona are member-owned clubs, while in Germany the so-called 50+1 system works for clubs such as Bayern Munich. These clubs sit alongside others, such as VfL Wolfsburg and Bayer As well as making a select band of clubs extremely wealthy, the overall financial health of Leverkusen, that are effectively owned by corporates. football clubs at the top level of the sport has also improved, creating clubs that have become global brands and businesses. The English Premier League has been the most exposed to foreign ownership and only five of the 20 clubs are 100%-owned by English investors. Given that English clubs have benefitted However, as football has become more popular, transfer fees have spiralled, along with player more than most from the globalisation of the game, this is perhaps no surprise. salaries. The spending behaviour of certain clubs in this new environment has been the catalyst for regulatory change, notably in the form of UEFA’s Financial Fair Play, which has restricted outlays and, consequently, club losses. A TEAM GAME

At the same time, traditional football markets in Europe have been impacted by growing interest A number of reports rank football clubs by their revenues, but very few look at factors like debt in the sport from China, which has been vigorously backed by both the government and large levels, ownership involvement and potential and the value of assets. Hence, this Soccerex study Chinese corporates. This resulted in increased activity in transfer windows involving clubs from produces some eye-opening results for market watchers. the Chinese Super League. European clubs no longer get their own way in their own backyard. Among themselves, the investments made in clubs like Chelsea, City and Paris ›› UK clubs dominate the upper part of the rankings, providing four of the top 10 and eight Saint-Germain have created a group of new contenders that have challenged the status quo, of the top 30, more than any other nation. not just in their domestic markets, but also across Europe. Evidence of the shift in football ›› The remaining 22 comprises clubs from eight other countries; the US have the next power was seen in the recent transfer of Neymar from Barcelona to PSG. biggest contingent with five, Germany and Spain provide four clubs each, France and Italy three and China, Russia and the Ukraine one each. At present, the trend of football club acquisition shows little sign of easing up. Indeed investors from China have started eyeing opportunities among second tier clubs in England, while bodies ›› Manchester City, one of the most famous cases of significant foreign investment such as City Football Group have expanded their franchise by acquiring new clubs in various changing a club’s status and potential, top the rankings. Their owner’s high potential locations. Multi-club ownership is a trend that may continue unless regulatory measures make investment value is complimented by a strong peformance by the club across each of it difficult to achieve. the other verticals, showing how the owner’s investment has improved the club’s overall business. Meanwhile, the transfer market may now be entering a period of frantic activity and inflated fees following the Neymar transaction. Football, owing to its mass global appeal and financial ›› Arsenal’s 2nd place in the rankings, ahead of PSG, will surprise many and is certainly potential, looks set to remain an attractive proposition and major talking point for investors for a talking point in light of the criticism the club receives from some quarters for its some time. perceived lack of spending in the transfer market. Their ranking is a reflection of the club’s professionalism and a sound business model, which sees them around the top in four of the five key variables, while also having a relatively low level of net debt. This position of financial strength means Arsenal could invest significantly should the hierarchy at the club choose to change their business strategy. SOCCEREX FOOTBALL FINANCE 100 • EXECUTIVE SUMMARY 05

›› Leading Chinese club Guangzhou Evergrande features in the top 10 largely due to the immense wealth of it’s owners, Evergrande and Alibaba. In total, there are nine Chinese clubs in the top 100, more than France, Germany and Italy and the same number as Spain, showing the significant financial potential of the Chinese Super League.

›› Chelsea, the other big European club often associated with heavy owner investment, are 9th, however it should be noted that their ranking is affected by the listing of the owner’s investment as a loan, albeit one without interest or timescale, which gives them the largest net debt of all clubs in the top 100. We have made a weighted adjustment for this in the ranking but if the bulk of their “debt” to Abramovich was recorded as sponsorship or something similar, as it is with other clubs, then Chelsea would move up to 5th in the rankings.

›› Spanish powerhouses Real Madrid and Barcelona, who invariably feature at the head of most reports on football finance, “languish” in 6th and 13th respectively, with their rankings impacted by their member ownership structures and the lack of potential owner investment. Although, as we point out, should Real Madrid be capitalised via the stock markets, their overall financial power, would make them worth more than any tycoon’s club.

›› Unsurprisingly, the European clubs in the top 20 are the clubs that have dominated the top leagues in Europe – PSG (France), Bayern Munich (Germany), Real Madrid and Barcelona (Spain) and Juventus (Italy). In most cases, their wealth exceeds their main domestic competitors by some distance, suggesting their reign at the top should be sustained.

›› The United States is the joint second most represented country in the top 30, ahead of the likes of Germany and Spain, largely due to solid business models, high value of assets (e.g. stadiums) and strong investors.

›› Despite the rich football heritage of the region, notable absentees from the top 30 are South American clubs, where national economic inistability is reflected in their financial position. However Brazil is strongly represented in the lower half of the rankings with 12 clubs featuring between 50 and 100.

Our report demonstrates that heritage counts for little in the new corporatisation of global football. Hence, football institutions with rich tradition such as AC Milan, Benfica and Ajax, all of whom have won countless trophies on both the domestic and international stages, can now considered to have less financial strength than clubs like Leicester City, Zenit St Petersburg and RB Leipzig, as well as a number of US and Chinese clubs. Football, as ever, remains a curious game for many people. SOCCEREX FOOTBALL FINANCE 100 • METHODOLOGY 06

03 METHODOLOGY Many clubs feature at high positions in the Soccerex Football Finance 100 because, in addition to a capitalised ownership, they have excellent asset management, which impacted deeply the final score. For example, clubs that have extremely valuable players in their squad have a greater capacity to generate revenue from intangible assets. The ability to make a return on This study has been carried out for Soccerex by specialists in sports financial valuations. their investment in players is a key business tool for many clubs.

The idea was to bring a new model to evaluate the financial strength of football clubs around The management of fixed assets and cash in bank are fundamental for the most efficient the world, using a bespoke methodology, in line with the current reality of the market. and productive management of an entire business. The actual transformation of assets into revenue depends on many factors (some unpredictable). Many clubs have turned into economic This financial evaluation individually analyses the construction of the assets of each club, its powerhouses precisely because they have been able to increase the return of investment to economic power for future investments and its net debts. their shareholders, thanks to asset growth.

The analysis is based on balance sheets and annual reports published by the clubs, as well The owner’s net worth was considered as an important factor for the evaluation of the teams’ as other renowned sources of information such as UEFA, Financial Times, Bloomberg, Yahoo financial strength. In situations where a club does not have one owner or ownership group – Finance, Forbes, Transfermarkt and Hoovers. For this edition, the financial year analysed was e.g. members’ clubs such as Real Madrid and Barcelona - they are attributed a value of “zero” 2015-16. in for that variable.

The methodology is constructed on five variables that go towards making up the final calculation Also, some tycoons have multiple clubs, in different countries. In these instances, in our of each team: methodology the potential investment is divided by the different clubs owned by the investor. The values ​​were stipulated according to the degree of effective investment made in each club. A) Playing Assets Net debt is the final variable and its deduction is important to finish the valuation, according to B) Fixed Assets (i.e. team’s stadiums, training centres and other properties) the actual financial situation of each club. In cases where no reliable information could be found to provide a figure for a clubs net debt or their owner’s estimated net worth, we have listed it as NA and for the purposes of the calculation zeroed the value. C) Cash in the bank

Clubs that do not have moguls as owners have had their calculations restricted to valuing their D) Owner Potential Investment* assets and deducting debts. Some of them showed strength in their asset management and they are featured in the survey. E) Net Debt

Our aim with this report is to evaluate and rank the financial potential of each club. So we developed a methodology we have called the Football Finance Index (FFI) that looks at the performance of clubs in each of the five key variables identified, weighted against that variable’s percentage of the accumulative total, and its relative liquidity, thereby giving an FFI score for each variable that can be used to calculate the overall FFI Score for each club as follows:

SOCCEREX FFI SCORE FOR A CLUB *Owner Potential Investment is a Soccerex index created to define the potential to be invested in a football club by the owner or ownership group. For the purposes of the report, a starting percentage was used based on research and evaluation A FFI Score + B FFI Score + C FFI Score** + D FFI Score** – E FFI Score of the owner investment to date, with further weighting applied based on analysis of macro & microeconomic factors such as ownership structure, national league restrictions and other regulations such as financial fair play.

**In the cases of Cash in Bank and Owner Potential Investment, greater weighting was applied to their FFI score due their greater liquidity and therefore greater impact on a club’s immediate financial strength. SOCCEREX FOOTBALL FINANCE 100 • FOOTBALL FINANCE 100 RANKINGS 07

(€ MILLIONS)

F F I P L A Y E R S F I X E D CASH IN OWNER POTENTIAL N E T 04 FOOTBALL FINANCE 100 # CLUB COUNTRY SCORE VALUE ASSETS BANK INVESTMENT DEBT

(€ MILLIONS) 26 NAPOLI ITA 0.814 380 9 3 19 66

F F I P L A Y E R S F I X E D CASH IN OWNER POTENTIAL N E T # CLUB COUNTRY 27 EVERTON UK 0.775 296 12 0 70 60 SCORE VALUE ASSETS BANK INVESTMENT DEBT

MANCHESTER NEW ENGLAND 01 UK 4.883 637 534 75 788 15 28 USA 0.739 15 170 0 123 0 CITY REVOLUTION

02 ARSENAL UK 4.559 592 766 300 287 8 29 VALENCIA SPA 0.690 162 264 5 63 290

03 PSG FRA 4.128 485 83 107 1,050 186 30 INTER MILAN ITA 0.665 319 12 4 140 306 GUANGZHOU 04 CHI 3.423 46 120 (NA) 1,120 (NA) HEBEI CHINA EVERGRANDE 31 CHI 0.649 27 25 0 196 0 FORTUNE TOTTENHAM 05 UK 2.591 463 386 231 168 240 HOTSPUR 32 SOUTHAMPTON UK 0.627 239 4 28 53 84

06 REAL MADRID SPA 2.579 771 323 211 0 263 33 STOKE CITY UK 0.610 157 1 17 123 79 MANCHESTER 07 UK 2.314 524 347 307 133 536 UNITED 34 AC MILAN ITA 0.581 364 20 2 39 250 08 JUVENTUS ITA 2.260 470 161 33 403 209 WEST HAM 35 UK 0.577 196 63 37 16 90 09 CHELSEA UK 2.093 624 201 0 315 400 UNITED

NEWCASTLE 36 UK 0.563 134 88 2 91 120 10 BAYERN MUNICH GER 2.086 603 225 101 0 0 UNITED

ZENIT 11 RUS 1.756 130 120 (NA) 508 120 37 ORLANDO CITY USA 0.563 23 217 0 14 0 ST.PETERSBURG

12 RB LEIPZIG GER 1.689 182 110 0 384 0 38 JIANGSU SUNING CHI 0.562 42 40 0 140 0

13 BARCELONA SPA 1.626 780 143 27 0 315 39 ATHLETIC BILBAO SPA 0.561 172 26 47 0 0

14 LA GALAXY USA 1.593 26 239 0 371 0 40 AMÉRICA MEX 0.558 48 120 (NA) 70 0 ATLETICO 15 SPA 1.391 534 141 20 149 370 MADRID 41 DYNAMO KIEV UKR 0.547 87 10 (NA) 123 0 16 LIVERPOOL UK 1.370 459 171 11 75 163

42 TORONTO FC USA 0.545 31 214 0 4 0 BORUSSIA 17 GER 1.331 409 188 39 0 55 DORTMUND DEPORTIVO 43 MEX 0.532 31 160 0 42 0 OLYMPIQUE GUADALAJARA 18 FRA 1.210 150 421 37 35 159 LYONNAIS H O U S T O N 44 USA 0.518 12 203 0 18 0 19 MONACO FRA 1.140 265 6 18 263 148 DYNAMO

PORTLAND 45 USA 0.516 26 184 0 21 0 20 LEICESTER CITY UK 1.119 210 72 41 151 14 TIMBERS

B A Y E R 21 GER 1.002 229 90 0 112 0 46 AJAX NED 0.515 115 33 70 0 0 LEVERKUSEN

SHAKHTAR 22 UKR 0.993 108 180 (NA) 133 (NA) 47 MONTERREY MEX 0.501 66 100 (NA) 51 0 DONETSK

NEW YORK RED 23 USA 0.955 19 159 0 207 0 48 SCHALKE 04 GER 0.486 185 125 4 0 137 BULLS

S E A T T L E SPARTAK 24 USA 0.860 19 266 0 87 0 49 RUS 0.478 95 0 (NA) 126 50 SOUNDERS MOSCOW

SPORTING 25 NEW YORK CITY USA 0.844 18 237 0 105 0 50 POR 0.469 196 165 3 0 222 LISBON SOCCEREX FOOTBALL FINANCE 100 • FOOTBALL FINANCE 100 RANKINGS 08

(€ MILLIONS) (€ MILLIONS)

F F I P L A Y E R S F I X E D CASH IN OWNER POTENTIAL N E T F F I P L A Y E R S F I X E D CASH IN OWNER POTENTIAL N E T # CLUB COUNTRY # CLUB COUNTRY SCORE VALUE ASSETS BANK INVESTMENT DEBT SCORE VALUE ASSETS BANK INVESTMENT DEBT

51 ROMA ITA 0.464 305 8 2 30 208 76 BOCA JUNIORS ARG 0.191 69 30 2 0 21

SHANDONG 52 PORTO POR 0.446 206 140 13 0 234 77 CHI 0.191 27 40 (NA) 16 (NA) LUNENG TAISHAN

SHANGHAI 53 SEVILLA SPA 0.446 199 10 31 0 65 78 GREENLAND CHI 0.191 26 30 (NA) 25 (NA) SHENHUA SPORTING 54 USA 0.426 14 181 0 0 0 KANSAS CITY 79 RIVER PLATE ARG 0.189 78 32 0 0 35

55 CRYSTAL PALACE UK 0.411 167 12 11 25 52 80 FEYENOORD NED 0.185 87 2 9 0 23

56 SHANGHAI SIPG CHI 0.400 58 50 (NA) 60 (NA) 81 PACHUCA MEX 0.177 41 40 (NA) 0 0 S A N J O S E 57 USA 0.393 16 164 0 0 0 EARTHQUAKES CHONGQING 82 CHI 0.165 8 20 (NA) 39 (NA) DANGDAI LIFAN 58 USA 0.389 15 95 0 54 0 RAPIDS TIANJIN 83 CHI 0.151 44 20 (NA) 4 (NA) QUANJIAN 59 CHICAGO FIRE USA 0.387 21 156 0 0 0 84 SÃO PAULO BRA 0.151 64 78 2 0 112

60 SWANSEA CITY UK 0.370 148 26 27 0 57 85 CRUZEIRO BRA 0.126 65 63 1 0 106

61 ATLÉTICO-PR BRA 0.361 33 182 2 0 77 86 TOLUCA MEX 0.125 43 14 (NA) 0 0

62 LAZIO ITA 0.360 201 41 4 3 127 87 PALMEIRAS BRA 0.118 65 58 7 0 115

63 INTERNACIONAL BRA 0.343 43 175 0 0 91 88 GRANADA SPA 0.117 18 7 3 35 28

64 BENFICA POR 0.333 175 169 30 0 339 89 SUNDERLAND UK 0.111 78 20 36 39 208

65 BOURNEMOUTH UK 0.331 126 12 45 4 71 90 BRIGHTON UK 0.099 59 2 3 50 122

66 GIRONA SPA 0.325 18 1 2 105 7 91 ASTON VILLA UK 0.092 107 13 0 39 187

67 TIJUANA MEX 0.322 44 29 (NA) 60 0 92 FLUMINENSE BRA 0.089 36 102 1 0 146

68 PUMAS MEX 0.299 37 100 0 0 0 93 INDEPENDIENTE ARG 0.079 38 15 0 0 25

OLYMPIQUE 69 FRA 0.295 136 21 14 35 123 MARSEILLE 94 FLAMENGO BRA 0.062 68 46 4 0 134

70 T I G R E S MEX 0.293 69 30 (NA) 28 0 95 GRÊMIO BRA 0.061 57 49 0 0 116

71 CORINTHIANS BRA 0.286 45 169 0 0 124 96 ATLÉTICO-MG BRA 0.054 67 59 1 0 151

72 BEIJING GUOAN CHI 0.224 23 70 (NA) 8 (NA) 97 BESIKTAS TUR 0.015 100 2 2 0 146

73 BURNLEY UK 0.221 82 19 8 3 20 98 SANTOS BRA -0.015 49 14 0 0 104

74 MALAGA SPA 0.209 69 5 2 35 35 99 FENERBAHÇE TUR -0.060 85 4 2 0 176

75 CRUZ AZUL MEX 0.201 46 35 (NA) 9 0 100 CSKA MOSCOW RUS -0.065 78 0 0 35 224 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 26.7% 09

05 TOP 30 MANCHESTER CITY ARSENAL TOTTENHAM HOTSPUR MANCHESTER UNITED The Soccerex Football Finance 100 CHELSEA LIVERPOOL demonstrates the financial power LEICESTER CITY of football clubs across different EVERTON continents. The top 30 in the report features clubs from Europe, China and North America. Despite the fervor 16.7% created by the game in countries like Brazil and Argentina, there is no USA presence from Latin America. LA GALAXY SEATTLE SOUNDERS 30 TOP 30 CLUBS BY NUMBERS NEW YORK CITY NEW ENGLAND REVOLUTION

COMBINED PLAYERS VALUE €9.7BN 10% COMBINED FIXED ASSETS AND CASH IN BANK FRANCE € 7.7BN PSG COMBINED OWNERS OLYMPIQUE LYONNAIS NET WORTH MONACO €366BN

NET DEBT €4.3BN 3.3% CHINA

TOP 30 CLUBS BY COUNTRY GUANGZHOU EVERGRANDE

COUNTRY CLUBS %

UK 8 26.7% 3.3%

USA 5 16.7% RUSSIA

GER 4 13.3% ZENIT ST.PETERSBURG SPA 4 13.3%

FRA 3 10.0% 13.3% 13.3% 10% ITA 3 10.0% SPAIN GERMANY ITALY CHI 1 3.3% 3.3% REAL MADRID BAYERN MUNICH RUS 1 3.3% UKRAINE JUVENTUS BARCELONA RB LEIPZIG NAPOLI ATLETICO MADRID BORUSSIA DORTMUND UKR 1 3.3% SHAKHTAR DONETSK INTER MILAN VALENCIA BAYER LEVERKUSEN SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €637M FFI SCORE 4.883 # 01 FIXED ASSETS €534M MANCHESTER CASH IN THE BANK CITY FC €75M

NAME NET DEBT MANCHESTER CITY LIMITED €15M

CITY MANCHESTER, UNITED KINGDOM AVERAGE ATTENDANCE

FOUNDED 47,000 16 APRIL 1894

AQUISITION DATE EST. OWNER/S NET WORTH SINCE 2008 €30BN†

Manchester City top the inaugural OWNERSHIP Soccerex Football Finance 100 rankings (100% - CITY FOOTBALL GROUP) thanks largely to the heavy investment made by its owner Mansour bin Zayed Al Nahyan, from Abu Dhabi. The club possesses one of the most valuable squads in world football, and has invested heavily in fixed assets - the

Etihad Campus, which includes the 87% club’s stadium and training ground. In ABU DHABI UNITED GROUP addition, the club has a multibillionaire owner who has invested more than € 650 million since buying the club. In addition to the owner’s investment, the Premier League’s recent expansion, fuelled by massive broadcast deals, has also contributed to Manchester City’s financial strength. 13% CHINA MEDIA CAPITAL

† NET WORTH OF ABU DHABI UNITED GROUP OWNER SHEIKH MANSOUR BIN ZAYED AL NAHYAN. 10 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €592M FFI SCORE 4.559 # 02 FIXED ASSETS €766M ARSENAL FC CASH IN THE BANK €300M

NAME ARSENAL HOLDINGS PLC NET DEBT CITY €8M , UNITED KINGDOM

FOUNDED AVERAGE ATTENDANCE 1 DECEMBER 1886 60,079

AQUISITION DATE SINCE 2007 EST. OWNER/S NET WORTH €8.1BN † Arsenal is in second place with a strong performance across all the verticals evaluated. Since moving from OWNERSHIP Highbury to their current home at the Emirates Stadium, the London-based club has seen a giant leap in its assets, transforming the former stadium into a real estate complex. In addition, it has high levels of cash resources, low debt 67% and a very valuable team. To complete their valuation, the club’s two owners have a huge net worth, providing considerable potential to invest if necessary.

3% MINORITY SHAREHOLDERS

30% ALISHER USMANOV

† FIGURE EQUATES TO 67% OF KROENKE’S ESTIMATED NET WORTH PLUS 30% OF ALISHER USMANOV ESTIMATED NET WORTH, IN ACCORDANCE WITH THE PERCENTAGE OF THE CLUB THEY OWN. 11 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €485M FFI SCORE 4.128 # 03 FIXED ASSETS €83M PARIS SAINT- CASH IN THE BANK GERMAIN FC €107M

NAME NET DEBT PARIS SAINT-GERMAIN €186M FOOTBALL CLUB

CITY AVERAGE ATTENDANCE PARIS, FRANCE 43,238

FOUNDED 12 AUGUST 1970 EST. OWNER/S NET WORTH AQUISITION DATE €30BN SINCE 2011

Paris Saint-Germain (PSG) is the most OWNERSHIP recent member of the group of teams bought by multibillionaires. In 2011, the club was purchased by Qatar Sports Investments (QSI), a fund linked to the Emir, with the group’s chairman, Nasser Al-Klelaifi assuming control of the club. The Parisian team has become a power in French football and on the European scene. The assets include a valuable team and, most notably, the wealth of its owner. PSG can be considered as 100% highly dependent on the fortune of its QSI owner. Only Chinese teams depend as much on their owners.

12 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €46M FFI SCORE 3.423 # 04 FIXED ASSETS €120M GUANGZHOU CASH IN THE BANK EVERGRANDE (NA) TAOBAO FC

NET DEBT (NA) NAME GUANGZHOU EVERGRANDE TAOBAO FOOTBALL CLUB AVERAGE ATTENDANCE

CITY 44,700 GUANGZHOU, CHINA

FOUNDED EST. OWNER/S NET WORTH JUNE 1954 €32BN†

AQUISITION DATE SINCE 2010 AND 2014 OWNERSHIP

Guangzhou Evergrande is the first Asian and highest-placed non-European club in our ranking. The most valuable 56.1% EVERGRANDE GROUP Chinese club has a high asset value, (XU JIAYIN) with its team being the second most valuable in the Chinese Super league – Guangzhou’s squad is the 68th most valuable in the world. Their position in the top five is down to the club’s 6.09% MINORITY SHAREHOLDERS owners very high investment potential, which is the most telling strength in this study. Guangzhou have won the AFC Champions League twice and has been 37.81% ALIBABA GROUP one of the fastest-growing clubs since (JACK MA) the Chinese Super League’s expansion got underway. Prior to Evergrande Group’s acquisition, the club was a medium-sized force in the country.

† FIGURE EQUATES TO 56.1% OF EVERGRANDE GROUP CHAIRMAN XU JIAYING’S ESTIMATED NET WORTH PLUS 37.81% OF ALIBABA GROUP EXECUTIVE CHAIRMAN JACK MA’S ESTIMATED NET WORTH. 13 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €463M FFI SCORE 2.591 # 05 FIXED ASSETS €386M TOTTENHAM CASH IN THE BANK HOTSPUR FC €231M

NAME NET DEBT TOTTENHAM HOTSPUR LIMITED €240M

CITY LONDON, UNITED KINGDOM AVERAGE ATTENDANCE

FOUNDED 31,000* 5 SEPTEMBER 1882

AQUISITION DATE EST. OWNER/S NET WORTH SINCE 2001 €4.8BN†

Tottenham Hotspur is another London OWNERSHIP club very well positioned in our ranking. This outstanding placing is due to prudent investment in its fixed assets and healthy levels of cash in bank. Another important element has been increased investment in wages and transfer fees, which has been driving 85.55% ENIC GROUP Spurs forward over the last two years (JOE LEWIS AND in the Premier League, in addition to DANIEL LEVY) the very high investment potential of its owners. The club is 100% controlled by English investors, something increasingly rare in the Premier League. The trend for 2018 is set to continue with the completion of the works at the new White Hart Lane stadium, which will have a capacity of 61,000. 14.45% MINORITY SHAREHOLDERS

* (70,000 AT WEMBLEY)

† ESTIMATED NET WORTH OF ENIC GROUP OWNERS JOE LEWIS AND DANIEL LEVY. 14 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €771M FFI SCORE 2.579 # 06 FIXED ASSETS €323M REAL MADRID CASH IN THE BANK CF €211M

NAME NET DEBT REAL MADRID CLUB DE FÚTBOL €263M

CITY MADRID, SPAIN AVERAGE ATTENDANCE

FOUNDED 73,000 6 MARCH 1902

EST. OWNER/S NET WORTH

Real Madrid is the first club in the 0 ranking not owned by a tycoon. The club’s legal structure does not permit this. The ownership belongs to club OWNERSHIP members, many of whom are also season tickets holders. Since the so-called “Galactico” era in the early 2000’s, Real has invested heavily in players and hence its current squad is extremely valuable. Its financial strength is also built on high asset values due to the stadium and training ground and cash in hand, all of which contributed to the club’s ranking. In this study, if Real was 100% capitalised, for example via the stock CLUB’S MEMBERS (NON-PROFIT exchange, it would undoubtedly be ORGANIZATION) worth more than any club owned by a magnate.

15 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €524M FFI SCORE 2.314 # 07 FIXED ASSETS €347M MANCHESTER CASH IN THE BANK UNITED FC €307M

NAME NET DEBT MANCHESTER UNITED PLC €536M

CITY MANCHESTER, UNITED KINGDOM AVERAGE ATTENDANCE

FOUNDED 75,200 1 JANUARY 1868

AQUISITION DATE EST. OWNER/S NET WORTH 2003-2005 €3.8BN†

Manchester United represents OWNERSHIP the epitome of global football commercialisation. Historically, United had been a pioneer in monetizing commercial strengths, always maintaining the financial balance of its operation while running low levels of debt. However with Malcom Glazer’s total acquisition of the club in 2015, 92.25% debts multiplied and affected its JOEL & AVRAM GLAZER value – and ultimately, its position in this ranking. Its current strength is in its valuable team and the high value of fixed and cash assets as well as the enormous wealth potential of its owners. George Soros’s investment as a minority shareholder is another relevant capitalisation factor.

7.85% GEORGE SOROS

† ESTIMATED NET WORTH OF THE GLAZER FAMILY. GEORGE SOROS’ STAKE IN THE CLUB WAS DEEMED TOO SMALL TO BE INCLUDED. 16 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €470M FFI SCORE 2.260 # 08 FIXED ASSETS €161M JUVENTUS FC CASH IN THE BANK €33M NAME JUVENTUS FOOTBALL CLUB SPA NET DEBT CITY €209M TURIN, ITALY

FOUNDED AVERAGE ATTENDANCE 1 NOVEMBER 1897 39,500

AQUISITION DATE BEGINS 1923 EST. OWNER/S NET WORTH €11.5BN † Juventus is another prominent European football club that symbolized the pace of market development in the OWNERSHIP early 2000s. A pioneer in raising capital via the financial markets, the club was the first to offer shares on the stock exchange. Juventus is run by one of the richest families in Italy, but suffered 64% greatly from the punishments received AGNELLI FAMILY for management misconduct in 2006. (FIAT GROUP) Current chairman Andrea Agnelli has been very assertive and focused in his decisions. In addition to a competitive team, Juve also owns its own stadium, which has helped strengthen its assets and create market differentiation in Italy. Although the club has very wealthy owners, its high level of debt has impacted its position in this ranking. 36% MINORITY SHAREHOLDERS

† ESTIMATED NET WORTH OF THE AGNELLI FAMILY. 17 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €624M FFI SCORE 2.093 # 09 FIXED ASSETS €201M CHELSEA FC CASH IN THE BANK €0 NAME CHELSEA FOOTBALL CLUB LIMITED NET DEBT CITY €800M LONDON, UNITED KINGDOM

FOUNDED AVERAGE ATTENDANCE 10 MARCH 1905 41,500

AQUISITION DATE JUNE 2003 EST. OWNER/S NET WORTH €9BN Bought in 2003 by Russian magnate Roman Abramovich, Chelsea FC is arguably the club that kick-started OWNERSHIP the wave of prominent acquisitions by overseas billionaires in English football. Within less than 10 years, the London- based club, which until the mid-1990s regularly featured in the middle of the table in the English League, suddenly became a powerhouse and went on to win a number of major trophies, both nationally and internationally. More than € 1.2 billion have been invested in the 100% club since its acquisition by Abramovich. ROMAN ABRAMOVICH Chelsea have won titles and invested in (MILLHOUSE CAPITAL) their squad, but have also accumulated heavy losses. The club also has a very high amount of net debt even though the bulk of it is owed without conditions to Abramovich. The playing squad is the 4th most valuable football team in the world. Another factor that is very relevant is the club’s fixed assets, and especially the wealth of its owner who has never spared efforts to inject resources into Chelsea. 18 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €603M FFI SCORE 2.086 # 10 FIXED ASSETS €220M FC BAYERN CASH IN THE BANK MUNICH €101M

NAME NET DEBT FC BAYERN AG €0

CITY MUNICH, GERMANY AVERAGE ATTENDANCE

FOUNDED 75,000 FEBRUARY 1900

EST. OWNER/S NET WORTH

Bayern Munich is another giant of world 0 football who can compete with teams controlled by tycoons and deliver excellent results, both domestically OWNERSHIP and internationally. The club has an extremely valuable team and high asset values. The lack of net debt is also a significant competitive differentiator. The club has large German companies as minority shareholders, a characteristic of German corporate behavior.

75% CLUB’S MEMBERS

8.33% ADIDAS

8.33% AUDI

8.33% ALLIANZ 19 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €130M FFI SCORE 1.756 # 11 FIXED ASSETS €120M FC ZENIT ST. CASH IN THE BANK PETERSBURG (NA)

NAME NET DEBT ZENIT ST. PETERSBURG €120M

CITY ST.PETERSBURG, RUSSIA AVERAGE ATTENDANCE

FOUNDED 16,771* 30 MAY 1925

AQUISITION DATE EST. OWNER/S NET WORTH DECEMBER 2005 €145BN†

Zenit St. Petersburg is one of the oldest OWNERSHIP clubs in Russia and represents the city of St. Petersburg, formerly Leningrad. The club has experienced good and bad times, being Soviet champion and later Russian, but has also suffered relegated to the second division. It is currently the best-performing Russian team and since 2005 has been owned 100% by oil and gas giant Gazprom. The GAZPROM club reached its peak in 2007-08 when they won the UEFA Cup, the current Europa League. With Russia’s winning the right to host the 2018 FIFA World Cup, the club built a new stadium with a construction cost of almost € 1 billion. This heavy investment will surely take Zenit to a new level, as both their revenues and assets will grow.

* KRESTOVSKY STADIUM (21,500 CAPACITY)

† WHEN LOOKING AT THE OWNER POTENTIAL INVESTMENT VALUE, THE PERCENTAGE OF OWNER’S WORTH WAS DECREASED TO ACCOUNT FOR GAZPROM BEING A CORPORATION RATHER THAN AN INDIVIDUAL OR GROUP OF INDIVIDUALS. 20 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €182M FFI SCORE 1.689 # 12 FIXED ASSETS €110M RB LEIPZIG CASH IN THE BANK (NA) NAME RASENBALLSPORT LEIPZIG NET DEBT CITY (NA) LEIPZIG, GERMANY

FOUNDED AVERAGE ATTENDANCE 19 MAY 2009 41,400

AQUISITION DATE 19 MAY 2009 EST. OWNER/S NET WORTH €16.9BN† Germany’s RB Leipzig is one of the clubs owned by Dietrich Mateschitz, founder of the Red Bull brand, which invests OWNERSHIP diversely across different sports and activities such as adventure sports and F1. The rise of this club - which started in the fifth division and last season reached second place in the - is a genuine, if controversial, success story. Leipzig is currently the most valuable club among the company´s football holdings and an emerging 100% RED BULL force on the European football scene. (DIETRICH MATESCHITZ) The playing squad is its main strength, currently the 29th most valuable in the world. The potential investment of its owner is the second most significant factor in the club’s final value.

† ESTIMATED NET WORTH OF RED BULL OWNER DIETRICH MATESCHITZ 21 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €780M FFI SCORE 1.626 # 13 FIXED ASSETS €143M FC BARCELONA CASH IN THE BANK €27M NAME FUTBOL CLUB BARCELONA NET DEBT CITY €315M BARCELONA, SPAIN

FOUNDED AVERAGE ATTENDANCE 29 NOVEMBER 1899 77,4 0 0

Barcelona is another club owned by its EST. OWNER/S NET WORTH members – many of them being season 0 ticket holders. After undergoing a restructuring of its management in 2003, the club has enjoyed the best sporting achievements of its history. OWNERSHIP The Catalan club has one of the most valuable football squads, its greatest strength. The inferior value of its assets, compared to its rivals, and the value of its debt prevented a better ranking.

100% CLUB’S MEMBERS (NON-PROFIT ORGANIZATION)

22 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €26M FFI SCORE 1.593 # 14 FIXED ASSETS €239M LA GALAXY CASH IN THE BANK (NA) NAME GALAXY NET DEBT CITY (NA) LOS ANGELES, USA

FOUNDED AVERAGE ATTENDANCE 1994 22,700

AQUISITION DATE 1994 EST. OWNER/S NET WORTH €10.6BN† LA Galaxy’s history is very much aligned with ’s own trajectory. Owned by Anschutz OWNERSHIP Entertainment Group AEG), its founder Philip Anschutz was the biggest investor and advocate for the soccer league to develop. The club was the first to make a profit in the league, in 2003, and has the highest revenue, especially since they started playing at the Stub Hub Center (formerly known as Home Depot Center). With the move to 100% AEG the new stadium the club has increased (PHILIP ANSCHUTZ) its average audience and doubled its revenues with sponsors and other streams on match days. The squad is only 88th in market value in the world. Its greatest strength is clearly the wealth of its owner and assets.

† ESTIMATED NET WORTH OF AEG OWNER PHILIP ANSCHUTZ. 23 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €534M FFI SCORE 1.391 # 15 FIXED ASSETS €141M AT L E T I C O CASH IN THE BANK MADRID €20M

NAME NET DEBT CLUB ATLÉTICO DE MADRID SAD €370M

CITY MADRID, SPAIN AVERAGE ATTENDANCE

FOUNDED 44,700 26 APRIL 1903

AQUISITION DATE EST. OWNER/S NET WORTH SINCE 1992 AND 2015 €4.3BN†

At l é t i c o d e M a d r i d, a l o n g -t i m e l ea d e r i n OWNERSHIP Spanish football, has grown significantly in recent years, winning titles and reaching two UEFA Champions League finals. In 2015, the club attracted one of the richest businessmen in 52% MIGUEL ÁNGEL GIL MARIN China as an investor. Atlético recently moved to a new stadium, the Wanda Metropolitano, which should help the future development of its businesses. The greatest strength is in its playing squad, currently the world’s 7th most valuable, and the sizeable potential 20% ENRIQUE CEREZO involvement of its new investor. The weak point is a very high level of debt. If Atlético had less debt, it would be 20% much better ranked than 15th. DALIAN WANDA GROUP (WANG JIANLIN)

8% MINORITY SHAREHOLDERS

† FIGURE EQUATES TO 20% OF WANG JIANLIN’S ESTIMATED NET WORTH. 24 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €459M FFI SCORE 1.370 # 16 FIXED ASSETS €171M LIVERPOOL FC CASH IN THE BANK €11M NAME THE LIVERPOOL FOOTBALL CLUB AND ATHLETIC GROUNDS LIMITED NET DEBT €163M CITY LIVERPOOL, UNITED KINGDOM

AVERAGE ATTENDANCE FOUNDED 15 MARCH 1892 53,000

AQUISITION DATE OCTOBER 2010 EST. OWNER/S NET WORTH €2.1BN †

Liverpool has a rich history that includes five European Cup / Champions League OWNERSHIP triumphs, the most recent coming in 2005. However, in recent years, the club has struggled to keep pace with its rivals in England and Europe. The sale to its current owner in 2010 brought fresh hope, but Fenway Sports Group is understood to have less “investment potential” than some of its rivals. Currently, LFC has the 12 th most valuable squad in world football 100% FENWAY SPORTS GROUP and depends a lot on this value for its (JOHN W. HENRY) final score. The rest of their assets and net debt place the club in 16th place in the Soccerex ranking. The sole owner of the Liverpool Football Club and Athletic Grounds Limited is Fenway Sports Group (legally organised as NESV I, LLC), which is managed by John Henry and Tom Werner.

† ESTIMATED NET WORTH OF FENWAY SPORTS GROUP OWNER, JOHN W. HENRY. 25 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €409M FFI SCORE 1.331 # 17 FIXED ASSETS €188M B O R U S S I A CASH IN THE BANK DORTMUND €39M

NAME NET DEBT BORUSSIA DORTMUND €55M GMBH & CO. KGAA

CITY AVERAGE ATTENDANCE DORTMUND, GERMANY 79,650

FOUNDED 19 DECEMBER 1909 EST. OWNER/S NET WORTH 0 Borussia Dortmund is a traditional German club and was a pioneer in Germany in raising capital via the OWNERSHIP stock market in 2000. The company 14.78% experienced a deep restructuring in EVONIK INDUSTRIES AG its management which was decisive for its current success. In 2005, Dortmund 9.01% BERND GESKE suffered a heavy financial crisis and its 5.53% debts exceeded € 180 million. The club BORUSSIA DORTMUND th 5.43% currently has a valuable squad, 13 by SIGNAL IDUNA market value, good asset values and 5% PUMA carefully managed levels of net debt. The club is also the best supported in world football in terms of average home attendances.

60.25% FREE FLOAT

26 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €150M FFI SCORE 1.210 # 18 FIXED ASSETS €421M O LY M P I Q U E CASH IN THE BANK LYONNAIS €37M

NAME NET DEBT OLYMPIQUE LYONNAIS (OL GROUPE) €159M

CITY LYON, FRANCE AVERAGE ATTENDANCE

FOUNDED 40,300 3 AUGUST 1950

AQUISITION DATE EST. OWNER/S NET WORTH SINCE 1999 €1BN†

After its complete restructuring in OWNERSHIP 1999, Olympique Lyonnais became the leading power in French football. 27.88% The club raised capital on the stock JEAN-MICHEL AULAS exchange and became deeply capitalised. The global financial crisis in 2008-09 affected its business like most clubs operating on the stock market. OL 23.81% Groupe currently has a broader investor JÉRÔME SEYDOUX base, including Jérôme Seydoux and Chinese fund IDG capital partners. In January 2016, the club inaugurated its 20% new stadium, resulting in a substantial IDG CAPITAL PARTNERS increase in assets. The Lyon squad is ranked 35th by value in the world. 0.07% BOARD OF MEMBERS

28.24% FREE FLOAT

† FIGURE BASED TO 23.81% OF SEYDOUX FAMILY ESTIMATED NET WORTH IN ACCORDANCE WITH THE PERCENTAGE OF THE CLUB THEY OWN. 27 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €265M FFI SCORE 1.140 # 19 FIXED ASSETS €6M AS MONACO CASH IN THE BANK €18M NAME ASSOCIATION SPORTIVE DE MONACO FOOTBALL CLUB NET DEBT €148M CITY PRINCIPALITY OF MONACO

AVERAGE ATTENDANCE FOUNDED 3 AUGUST 1950 9,038

AQUISITION DATE DECEMBER 2011 EST. OWNER/S NET WORTH € 7.5BN †

AS Monaco is another club that has enjoyed considerable growth thanks OWNERSHIP to the backing of an extremely wealthy owner. Since 2011 the club has received significant investment and has become an emerging force in European football, reaching the UEFA Champions League 66.7% semi-final in 2016-17. One factor that EKATERINA RYBOLOVLEVA draws much attention is the value of TRUST the club’s players. Monaco generates a lot of money from transfer of players to Europe’s richest clubs and has become a benchmark in youth academy development. One of the variables that most impacted the final value is its squad, the 18th most valuable team in the world – as well as the investment 33.3% potential of its owner. HOUSE OF GRIMALDI

† ESTIMATED NET WORTH OF AS MONACO PRESIDENT, DMITRY RYBOLOVLEV 28 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €210M FFI SCORE 1.119 # 20 FIXED ASSETS €72M LEICESTER CASH IN THE BANK CITY FC €41M

NAME NET DEBT LEICESTER CITY FOOTBALL CLUB €14M LIMITED

CITY AVERAGE ATTENDANCE LEICESTER, UNITED KINGDOM 31,900

FOUNDED 1884 EST. OWNER/S NET WORTH AQUISITION DATE €4.3BN† AUGUST 2010

OWNERSHIP Leicester City was a little-known club in world football until the 2015-16 season, when they won the Premier League title, outperforming the more fancied names in England and their considerably higher budgets. Reaching the quarter- finals of the Champions League in

2016-17 was also a milestone in the 100% club’s history. Leicester City is owned KING POWER by a Thai tycoon, which creates a big INTERNATIONAL GROUP (VICHAI differential in competing in the market. SRIVADDHANAPRABHA) The squad is the 22th most valuable in the global market, but its low debts and high value of its owner’s equity give the club a prominent position in the ranking.

† ESTIMATED NET WORTH OF LEICESTER CITY CHAIRMAN, VICHAI SRIVADDHANAPRABHA. 29 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €229M FFI SCORE 1.002 # 21 FIXED ASSETS €90M B AY E R CASH IN THE BANK LEVERKUSEN (NA)

NAME NET DEBT BAYER 04 LEVERKUSEN (NA) FUSSBALL GMBH

CITY AVERAGE ATTENDANCE LEVERKUSEN, GERMANY 28,245

FOUNDED 1 JULY 1904 EST. OWNER/S NET WORTH €31.9M Bayer Leverkusen is one of the most traditional clubs in the Bundesliga (albeit without ever winning it), and one OWNERSHIP of few owned by a corporation. The backing of pharmaceutical giant Bayer AG pushes the club to 21st place of our ranking, which means that in theory, the club has the necessary financial backing to revive its glory days (end of 1990’s and beginning of 2000’s), when the club was runner up in the Bundesliga and even played a UEFA Champions League final, against Real Madrid in 2002. However, it is important 100% BAYER AG to point out that clubs ran, de facto, by corporations tend to have a much more conservative approachwhen it comes to signing players.

30 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €108M FFI SCORE 0.993 # 22 FIXED ASSETS €180M FC SHAKHTAR CASH IN THE BANK DONETSK (NA)

NAME NET DEBT FUTBOLNIY KLUB SHAKHTAR (NA)

CITY DONETSK, UKRAINE AVERAGE ATTENDANCE

FOUNDED 8,000* 1936

AQUISITION DATE EST. OWNER/S NET WORTH SINCE 1996 €3.8BN†

Shakhtar Donetsk is another good OWNERSHIP example of a club that has grown considerably since being acquired by a tycoon. The owner is the richest man in Ukraine and, under his control, the trophies have multiplied. All the national trophies won by the club came after the 1996 arrival of Rinat Akhmetov. The 10 100% league titles have been won since 2000. RINAT AKHMETOV In 1999, Mr Akhmetov built the club’s (SYSTEM CAPITAL MANAGEMENT) modern stadium, on par with the best in the world at that time. But the conflict between Ukraine and Russia over the peninsula of directly impacted the club - the stadium was damaged by military attacks in August 2014 and the club was forced to play outside Donetsk. Its ranking is a result of the wealth of its owner, its fixed assets and the value of its squad of players, the 42nd most valuable in the world. * AVERAGE ATTENDANCE FELL DRASTICALLY, DUE TO THE IMPOSSIBILITY OF PLAYING ON ITS OWN GROUND. AT DONBASS ARENA, IN DONETSK, THE AVERAGE HAS SURPASSED 30,000 PER MATCH.

† ESTIMATED NET WORTH OF SHAKHTAR DONETSK PRESIDENT, RINAT AKHMETOV 31 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €637M FFI SCORE 0.955 # 23 FIXED ASSETS €534M NEW YORK CASH IN THE BANK RED BULLS €75M

NAME NET DEBT NEW YORK RED BULLS €15M

CITY NEW YORK, USA AVERAGE ATTENDANCE

FOUNDED 47,000 1994

AQUISITION DATE EST. OWNER/S NET WORTH 9 MARCH 2006 €16.9BN†

The New York Red Bulls were the first OWNERSHIP major football club acquired by the Austrian energy drink conglomerate, Red Bull GmbH, as part of Dietrich Mateschitz’s strategy to diversify the company’s investment into mainstream sports. The company had previously enjoyed success with the ownership of a Formula 1 team, and decided to acquire the control of various football clubs in 100% different countries – an approach later RED BULL adopted by the City Football Group, (DIETRICH MATESCHITZ) which created the Red Bulls rivals, New York City FC. Although MLS rules (such as salary cap and the home grown player rule) may deter owners from spending too much on player signings, the owner’s wealthy pockets have allowed the club to sign important “designated players” throughout the years (such as the French international Thierry Henry) and, more importantly, to make a massive investment in infrastructure, with the construction of the Red Bull Arena, in 2010. † ESTIMATED NET WORTH OF RED BULL OWNER DIETRICH MATESCHITZ 32 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €19M FFI SCORE 0.860 # 24 FIXED ASSETS €266M S E AT T L E CASH IN THE BANK SOUNDERS FC (NA)

NAME NET DEBT SEATTLE SOUNDERS FC (NA)

CITY SEATTLE, USA AVERAGE ATTENDANCE

FOUNDED 42,800 1994

AQUISITION DATE EST. OWNER/S NET WORTH SINCE 2002 €2.4BN†

A solid business model underpins OWNERSHIP Seattle Sounders, the latest club to bear a name that dates back decades in North American soccer. Although the MLS generates values ​​somewhat lower than other leagues, the financial strength of the Seattle team is notable. Sounders are one of the most valuable clubs in the Americas thanks to the 100% strength of its assets as well as the ADRIAN HANAUER, JOE enormous investment potential of ROTH, PAUL ALLEN, DREW its owners. Despite some peculiar CAREY regulations by the MLS, such as the league’s salary cap, clubs are allowed to circumvent that cap with the hiring of a number of “designated players” under the so-called “Beckham rule”. That means that, in theory, the club still has an enormous potential to invest in assets, including players. The Sounders’ strengths are in the high value of the Century Link Field stadium and owner wealth. † FIGURE EQUATES TO 15% OF PAUL ALLEN’S ESTIMATED NET WORTH IN ACCORDANCE WITH THE PERCENTAGE OF THE CLUB HE OWNS. 33 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €18M FFI SCORE 0.844 # 25 FIXED ASSETS €237M NEW YORK CASH IN THE BANK CITY FC (NA)

NAME NET DEBT NEW YORK CITY FOOTBALL CLUB (NA)

CITY NEW YORK, USA AVERAGE ATTENDANCE

FOUNDED 27,196 21 MAY 2013

AQUISITION DATE EST. OWNER/S NET WORTH 21 MAY 2013 €30BN†

New York City FC, along with Orlando OWNERSHIP City, joined MLS in 2015. The arrival of the club made a huge impact in the league and it has already become one of its most valuable. The club is part of the City Football Group (which also owns Manchester City FC) and enjoys the support of the group that 80% manages the baseball club NY Yankees, CITY FOOTBALL GROUP the most valuable franchise in the US. The strength of the New York club is its assets and especially the potential investment of its owners. The squad value is rated only 98th in the world.

20% YANKEE GLOBAL ENTERPRISES

† NET WORTH OF ABU DHABI UNITED GROUP OWNER SHEIKH MANSOUR BIN ZAYED AL NAHYAN. 34 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €380M FFI SCORE 0.814 # 26 FIXED ASSETS €9M NAPOLI FC CASH IN THE BANK €3M NAME SOCIETÀ SPORTIVA CALCIO NAPOLI NET DEBT CITY €66M NAPLES, ITALY

FOUNDED AVERAGE ATTENDANCE 1 AUGUST 1926 39,099

AQUISITION DATE AUGUST 2004 EST. OWNER/S NET WORTH €550M Napoli is a passionately supported club that went through serious financial problems and after passing through OWNERSHIP different owners was bought by filmmaker Aurelio De Laurentiis. He put the Neapolitan club back among the Italian football elite through good results on the field. Napoli is the second Italian club in the Soccerex ranking, and the value of its squad is the main driver in placing the club among the Top 30. The squad is the 14th most valuable in the world and the second most valuable 100% among Italian teams. AURELIO DE LAURENTIIS (FILMAURO)

35 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €296M FFI SCORE 0.775 # 27 FIXED ASSETS €12M EVERTON FC CASH IN THE BANK €0 NAME EVERTON FOOTBALL CLUB LIMITED NET DEBT CITY €60M LIVERPOOL, UNITED KINGDOM

FOUNDED AVERAGE ATTENDANCE 1878 39,310

AQUISITION DATE FEBRUARY 2016 EST. OWNER/S NET WORTH €2BN† Everton, based in Liverpool, had most of its shares acquired by the English tycoon of Iranian origin Farhad Moshiri OWNERSHIP in 2016. The club’s current majority shareholder was once a shareholder at Arsenal, mainly due to the involvement of Alisher Usmanov. Moshiri sold his 49.9% stake to Usmanov and subsequently FARHAD MOSHIRI acquired Everton shares. The financial impetus of Moshiri’s arrival should enable the club to grow in the coming years. Much of the formation of its final value comes from its playing assets. 12.2% th Everton has the 18 most valuable BILL KENWRIGHT squad in the world. 8.9% JON WOODS

29% MINORITY SHAREHOLDERS

† ESTIMATED NET WORTH OF FARHAD MOSHIRI. 36 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €15M FFI SCORE 0.739 # 28 FIXED ASSETS €170M NEW ENGLAND CASH IN THE BANK REVOLUTION (NA) NAME NEW ENGLAND REVOLUTION NET DEBT CITY (NA) FOXBOROUGH, MA, USA

FOUNDED AVERAGE ATTENDANCE 6 JUNE 1995 20,180

The New England Revolution is one of EST. OWNER/S NET WORTH the founders of the MLS and one of the most long-standing franchises in €3.5M soccer. The club is owned by billionaire Robert Kraft and family. They also own one of America’s most successful OWNERSHIP sporting club, NFL’s New England Patriots, who also play in the Gillette Stadium. The Revs, as there are known, have alternated strong seasons with weaker ones. Backed by the Kraft’s financial power, the club has reached the finals of the MLS Cup five times without ever winning it. Despite its enormous potential, the club has so far failed to cause a major impact in terms 100% of signing big names as designated ROBERT K. KRAFT players.

37 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €162M FFI SCORE 0.690 # 29 FIXED ASSETS €263M VALENCIA CF CASH IN THE BANK €5M

NAME VALENCIA CLUB DE FÚTBOL, SAD NET DEBT CITY €290M VALENCIA, SPAIN

FOUNDED AVERAGE ATTENDANCE 18 MARCH 1919 41,500

AQUISITION DATE AUGUST 2014 EST. OWNER/S NET WORTH €1.8BN† Valencia CF is one of the most successful clubs in Spanish football, with six titles, seven Spanish OWNERSHIP Cups and reached two consecutive UEFA Champions League finals at the turn of the century. The club is thought to have the third largest number of supporters in Spain. The Singaporean billionaire Peter Lim acquired the 70.4% majority of the club (70.4%) in 2014. PETER LIM His personal financial power is a major contributor to Valencia’s inclusion in the top 30 of the Soccerex ranking. Valencia’s relatively high debt, however, prevents the “murciélagos” (the bats) to feature higher in the list.

29.6% MINORITY SHAREHOLDERS

† ESTIMATED NET WORTH OF PETER LIM. 38 SOCCEREX FOOTBALL FINANCE 100 • TOP 30 P L A Y E R S €637M FFI SCORE 0.665 # 30 FIXED ASSETS €534M INTER MILAN CASH IN THE BANK €75M

NAME NET DEBT FOOTBALL CLUB INTERNAZIONALE €15M MILANO S.P.A.

CITY AVERAGE ATTENDANCE MILAN, ITALY 47,000

FOUNDED 9 MARCH 1908 EST. OWNER/S NET WORTH AQUISITION DATE €4BN† 28 JUNE 2016 BY SUNING GROUP

OWNERSHIP Inter Milan is one of the most successful clubs in Italy and Europe, having won the national league, , 18 times and the UEFA Champions League three times. After 20 years under the ownership Massimo Moratti, a majority of the club 68.55% SUNING COMMERCE was bought in 2013 by the Indonesian GROUP consortium International Sports Capital, (ZHANG JINDONG) led by Erick Thohir. In 2016, he sold the majority of the shares to the Suning Commerce Group, a holding owned by the Chinese Zhang Jindong, who also acquired the shares that were still with Moratti. Suning’s investment has brought the club a renewed power to invest and thus brings Inter into our top 30. A 31.05% INTERNATIONAL SPORTS relatively large net debt, plus the lack of CAPITAL valuable fixed assets (the club does not own its own stadium) prevent the club to 0.37% PIRELLI be featured higher in the list. 0.03% MINORITY SHAREHOLDERS

† ESTIMATED NET WORTH OF SUNNING COMMERCE GROUP FOUNDER, ZHANG JINDONG. 39 SOCCEREX FOOTBALL FINANCE 100 • CONCLUSION 40

06 CONCLUSION

Football is a game of surprises and sometimes a tale of the unexpected as our report clearly shows. Ask anyone which club has the strongest financial position and they will most likely respond by telling you that Real Madrid, Barcelona or Manchester United are the most resourced clubs on the planet.

But there’s more than one way to determine who actually has the greatest financial potential and it is equally important to consider the factors that are shaping modern football’s global reality. By looking at a club’s assets, cash reserves and net debt and factoring in their owners potential for investment, we have presented a new global hierarchy, one which recognises the challenge of football’s emerging powerhouses to the established elite.

The dominance of UK clubs at the top of the rankings should come as no surprise with the influx of wealthy owners and coffers that have been swollen by vast broadcasting deals. That the upper echelons should also be shared with clubs from eight other nations highlights just how global the game has become.

This report shows that football’s pecking order can be redrawn by investment that can transform a club from a perpetual underachiever to a global powerhouse in the space of a few years. Football has, effectively, become an asset class to be placed in a portfolio alongside bonds, real estate and equities. Which means the shift from also-ran to trophy-winning behemoth can be achieved in a relatively small timeframe. But, like everything else in life these days, the footballing hierarchy can change quickly, so in 12 months’ time, the Soccerex Football Finance 100 could look very different indeed. SOCCEREX FOOTBALL FINANCE 100 • AUTHORS & CONTRIBUTORS 41

07 AUTHORS & CONTRIBUTORS AMIR SOMOGGI Amir Somoggi is a sports marketing and management consultant with over 16 years’ experience in the sports industry. He is a Linkedin Influencer, public speaker, guest lecturer, author of This report was prepared for Soccerex by independent sports business expert, Amir Somoggi hundreds of reports, surveys and articles in the field of sports, and columnist for Lance! - Brazil’s in partnership with JF Sports Consulting, with additional editorial support provided by Neil most prominent sports paper. He specialises in consultancy to clubs, sponsors, agencies and Jensen of Isherwood Editorial. investors and has extensive experience in sport marketing projects, sponsorship, branding, football clubs´ “globalisation” projects, financial viability and business planning.

SOCCEREX NEIL JENSEN, ISHERWOOD EDITORIAL Soccerex is the global leader for the business of football with over two decades of experience in connecting the industry’s key industry stakeholders and promoting the growth of the game Neil Jensen is an experienced business and football writer and columnist specialising in worldwide. European football, financial technology, travel and investment banking. He worked in the City of London for one of Europe’s leading financial institutions as editorial director before taking Working closely with regional governments, football federations, major leagues and clubs, career retirement to concentrate on freelance writing through his UK-based agency, Isherwood Soccerex have delivered over 40 events in 16 different cities around the world, uniting more Editorial. He is a former football club director and the editor of the award-winning website than 50, 000 business and football figures to further their different commercial and sporting Game of the People (www.gameofthepeople.com). objectives.

In addition, Soccerex provide industry news and insight in the form of daily industry news bulletins and bespoke market insight such as the Soccerex 20 Under 21 Report and the Soccerex Football Finance 100.

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JF SPORTS CONSULTING

JF Sports Consulting supports companies that strive to develop business within the sports marketplace, primarily covering areas such as strategy, market intelligence and business development. With close contact and access to most International Sports Federations, the company services a vast array of clients, from sports marketing agencies, to IFs, academic institutions, technology start-ups, other sports bodies and service providers in Europe, Americas and Asia.

JF Sports Consulting is headed by Joao Frigerio, a sports business professional with an established career in the industry. He is a confirmed strategic problem-solver with extensive experience in creating solutions and developing innovative plans to drive business objectives for clients across multi-sectors. SOCCEREX FOOTBALL FINANCE 100 • 2018 EDITION

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