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Football502017The annual report on the most valuable football brandsJune 2017
Foreword.Contentsbeen integral to the league’s development.When looking to improve match-day revenue, the first andoften only recourse is to attempt to enlarge stadia. Theextra revenue from the Premier League has allowed manyof its teams to do just that with Liverpool, Tottenham andChelsea all in the process of increasing capacity at theirgrounds. This is without doubt a worthwhile endeavour,however it is not always possible, certainly in the short term.Focussing on the sorts of brand equity drivers that underpinthe strategies of traditional commercial and retailorganisations can be a much quicker and more efficientroute to take. Improving match-day experience within thestadium, optimising retail opportunities and engaging withfans can reap rewards.David Haigh, CEO, Brand FinanceWelcome to the 11th annual Brand Finance Football 50,the only study of its kind to analyse and rank footballclubs by the value of their brands, providing a deepunderstanding of the opportunities and challengesfacing the industry.It is becoming increasingly important for clubs, no matterwhat their size, to recognise the value of their brands.Enduring fan loyalty, ever-increasing income frombroadcasting rights and the deep pockets of owners canmean that brand is overlooked as an opportunity tomaximise revenue by some major clubs. However, with thevast sponsorship deals agreed over the past couple ofseasons such as Manchester United’s 52 million-a-yeardeal with Chevrolet, it is clear that harnessing your brand inthe correct way can be hugely beneficial in terms ofgenerating added revenue that can be invested into playingstaff or infrastructure.Brand can be leveraged for financial gain across all threeincome streams, not just commercial (which includessponsorship and merchandising). If we look at the‘broadcasting’ stream, the record-breaking Premier Leaguedeal for the right to show games from the next three seasonsreflects the strength of the Premier League brand. Thatstrength comes both from the shrewd management ofthose in charge of the league, but also from the individualclubs themselves, whose mythology and iconography have2.Brand Finance uary201720162015GlobalFebruary2016Huge investments are already being made in the design,launch, re-launch and ongoing promotion of footballbrands. As we have established, this makes sense.Unfortunately, most clubs fail to go beyond that, missinghuge opportunities to effectively make use of what are oftentheir most important assets.Understanding the value of brands is key. As with any asset,without knowing the precise, financial value, how can youknow if you are maximising your returns? If you arenegotiating sponsorship of your brand, how do you knowwhat is a fair fee? As a sponsor, how do you know whichorganisations are worth associating your brand with? Whenconsidering multiple sponsorships, how to you determinethe funds to allocate to each? How do you best determinereturn on investment? Even players should take note. Fewwill be as commercially successful as ‘brand Beckham’, butimage rights can be very lucrative and form a detailed partof contract negotiations. If you are intending to license yourpersonal brand, how can you know the correct tions6Executive Summary8Brand Finance Football 50 Full Results (USDm)14Brand Finance Football 50 Full Results (GBPm)15Brand Finance Football 50 Full Results (EURm)16Brand Finance Football 50 Full Results: Brand Strength Rank17Top Ten Profiles18Club Interview: Vfl Wolfsburg28Understanding China’s Football Fans32Sports Services34Sports Services Clients35Client Case Study: Femexfut36Local Insight: Laurence Newell, BF Mexico37General Services38Contact Details39Brand Finance has conducted hundreds of brand andbranded-business valuations to help answer thesequestions. We have worked with companies of all shapesand sizes, from blue-chip internationals such as Vodafoneand Shell, to football clubs and other sports franchises fromEurope and the wider world. Whether you’re an owner,marketer, director, sponsor, player or a fan, we hope youenjoy the Brand Finance Football 50 2016 and come awaywith a better understanding of why brands matter and whatthey can do for you.Brand Finance Football 50 June 20173.
AcknowledgementsBrand Finance is the world’s leading independentbrand valuation and strategy consultancy. BrandFinance was set up in 1996 with the aim of ‘bridging thegap between marketing and finance’. For over 20 years,we have helped companies and organisations of alltypes (including clubs, sponsors, leagues andgoverning bodies) to connect their brands to the bottomline.We pride ourselves on four key strengths: Brand Finance calculates the values of thebrands in its league tables using the ‘RoyaltyRelief approach’. This approach involvesestimating the likely future sales that areattributable to a brand and calculating a royaltyrate that would be charged for the use of thebrand, i.e. what the owner would have to pay forthe use of the brand—assuming it were notalready owned.The steps in this process are as follows:IndependenceTechnical CredibilityTransparencyExpertiseBrand Finance puts thousands of the world’s biggestbrands to the test every year, evaluating which are themost powerful and most valuable. The Football 50 isjust one of many annual reports produced by BrandFinance.For more information, please visit our website:brandfinance.comContributorsBrand Finance:External:Andy MooreChloe WetherallClementine RibletDavid HaighDeclan AhernFinn DowleyHugo HensleyJoslyn PannuKonrad JagodzinskiLaurence NewellMaria TemporalRichard HaighRobert HaighThomas Röttgermann(Managing Director,Vfl Wolfsburg)Adrian Taylor (designer)4.MethodologyBrand Finance Football 50 June 20171 Calculate brand strength on a scale of 0 to 100: theBSI captures the ability of clubs to drum up popularinterest and then convert interest into support andcustom. The BSI covers three broad topics of: brandinvestment, equity in the form of emotional connectionharboured by a brand, and bottom line commercialperformance.2 As brand has differing effects on each source ofincome, we then split revenues down into threestreams: match-day, broadcasting and commercial,Brand strengthindex(BSI)BrandinvestmentBrand‘Royalty rate’StrongbrandBrandequityBrandperformanceBrand strengthexpressed as a BSIscore out of 100 and aletter grade on a scaleof AAA to D.which will each have their own respective royalty rateapplicable to them. The royalty rates are derived bylooking at comparable agreements and through inhouse analysis.3 Calculate royalty rate. The brand strength score isapplied to the royalty rate range to arrive at a royaltyrate. For example, if the royalty rate range in a brand’ssector is 0-5% and a brand has a brand strength scoreof 80 out of 100, then an appropriate royalty rate forthe use of this brand in the given sector will be 4%.4 Determine brand specific revenues estimating aproportion of parent company revenues attributable toa specific brand.5 Determine forecast brand specific revenues using afunction of historic revenues, equity analyst forecastsand economic growth rates.6 Apply the royalty rate to the forecast revenues toderive brand revenues.7 Brand revenues are discounted post tax to a netpresent value, equal to the brand value.Brand revenuesBrand valueMatch-dayCommercialWeak brandBSI score applied to anappropriate sectorroyalty rate range.BroadcastingRoyalty rate applied tohistoric and forecastrevenues to derivebrand values.Post-tax brandrevenues arediscounted to a netpresent value (NPV)which equals thebrand value.Brand Finance Football 50 June 20175.
ootballGroupEffect of a Brand on StakeholdersDefinitions Enterprise Value – the value of theentire enterprise, made up ofmultiple branded businesses e.g.City Football Group ownsManchester City FC, MelbourneCity FC .g. Branded Business Value – theManchester value of a single branded businessCity FCoperating under the subject brandDirectorsBrandInfluencerse.g. Media Brand Contribution– The totalE.g.Manchester economic benefit derived by aCity FCbusiness from its brandTechnicalStaffAll OtherEmployeesTradeChannelsE.g. Brand Value – the value of theManchester trade marks (and relatingCity FCmarketing IP and ‘goodwill’attached to it) within the brandedbusinessStrategicAllies &SuppliersInvestorsDebtprovidersBrandBrand ContributionBrand StrengthBrand ValueIn the very broadest sense, a brand is the focusfor all the expectations and opinions held bycustomers, staff and other stakeholders about anorganisation and its products and services.However, when looking at brands as businessassets that can be bought, sold and licensed, amore technical definition is required.The brand values contained in our league tablesare those of the potentially transferable brandasset only, but for marketers and managersalike. An assessment of overall brandcontribution to a business provides powerfulinsights to help optimise performance.Brand Strength is the part of our analysis mostdirectly and easily influenced by on pitchperformance, publicity and brand management.In order to determine the strength of a brand wehave developed the Brand Strength Index (BSI).We analyse performance in three key areas;investment, brand equity and finally the impactof those on business performance. Metricsincluded within these categories include,stadium capacity, squad size and value, socialmedia presence, on pitch performance, fansatisfaction, fair-play rating, stadium utilizationand revenue. Following this analysis, each brandis assigned a BSI score out of 100, which is fedinto the brand value calculation. Based on thescore, each brand in the league table is assigneda rating between AAA and D in a format similarto a credit rating.Brand value is calculated using the ‘RoyaltyRelief’ approach. For each brand a royalty rateis set. This is based on the % of revenues thatwould have to be paid for the use of the brand ifit were owned by a third party. The stronger thebrand, the higher the proportion of a business’srevenues are likely to attributable to the brandrather than other business assets. Therefore ingeneral, the higher the brand strength is, thehigher the royalty rate will be. The royalty rate isapplied to historic and forecast revenues, thendiscounted back to a net present value todetermine brand value. The application ofrevenues explains how brand value and strengthcan diverge. It is possible for a club to have avery strong brand but one of mediocre value ifrevenues are low. Implementing the right brandand commercial strategy is the way to leveragebrand for financial gain, improving brand value.Brand Finance helped to craft the internationallyrecognised standard on Brand Valuation, ISO10668. That defines a brand as “a marketingrelated intangible asset including, but not limitedto, names, terms, signs, symbols, logos anddesigns, or a combination of these, intended toidentify goods, services or entities, or acombination of these, creating distinctive imagesand associations in the minds of stakeholders,thereby generating economic benefits/value”.6.Brand Finance Football 50 June 2017Brand Contribution represents the overall upliftin shareholder value that the business derivesfrom owning the brand rather than operating ageneric brand.Brands affect a variety of stakeholders, not justcustomers, but also fans, players, technical staff,strategic partners, regulators, investors andmore, having a significant impact on financialvalue beyond what can be bought or sold in atransaction.Brand Finance Football 50 June 20177.
Executive SummaryFootball50The 10 Most Powerful BrandsThe 10 Most Valuable BrandsThese are the most powerful Football brands, whose ratingis based on Brand Finance’s Brand Strength Index (BSI).These are the most valuable Football brands.Rank 2017: 1Rank 2016: 2Brand Strength Rating:AAA Rank 2017: 2Rank 2016: 1Brand Strength Rating:AAA Rank 2017: 3Rank 2016: 3Brand Strength Rating:AAA Rank 2017: 4Rank 2016: 4Brand Strength Rating:AAA Rank 2017: 5Rank 2016: 6Brand Strength Rating:AAA Real Madrid’s superb season that saw victory inboth La Liga and the Champions League, seesLos Blancos eclipse rivals Barcelona to becomethe world’s most powerful football club brand.The brand power of both clubs was alreadyformidable and unmatched by any other clubworldwide. The fierce rivalry of El Clásico, theirdominance on the European stage and footballingstyles, that are as beautiful as they are effective,served to create brands that are unmatched byGerman, French, English or Italian rivals. Barçahas always remained just fractionally ahead ofReal however, until now. Real’s brand strengthscore is up from 94.6 in 2016 to 96.1, edgingahead of Barcelona on 95.4, secured afterwresting La Liga title from Barça and claiming arecord 12th Champions League victory.However, whilst Real can bask in the glory of itsunparalleled reputation, it could be doing a lotmore to capitalise on its on-pitch success.8.Brand Finance Football 50 June 2017Despite being football’s most powerful brand, interms of brand value, it still trails ManchesterUnited by a considerable margin. United, despitefinishing a disappointing 6th in the PremierLeague, is the most valuable brand in football,worth US 1.733 billion to Real’s US 1.419 billion.United’s success is partly the result of an enduringhalo effect from the good times under AlexFerguson. However, the most crucial ingredienthas been the club’s commercial nous and abilityto convert its success into lucrative deals acrossdozens of industry sectors and national territories.In contrast, while Real has blockbuster dealssuch as its reported billion euro agreement withAdidas, it has not leveraged its brand equity tothe same extent.Real could perform significantly better in growthmarkets outside Europe too. In some, such asthe Middle East, Real is popular, yet BrandFinance research (more information on page 32)Rank 2017: 6Rank 2016: 7Brand Strength Rating:AAARank 2017: 7Rank 2016: 5Brand Strength Rating:AAARank 2017: 8Rank 2016: 9Brand Strength Rating:AAARank 2017: 9Rank 2016: 8Brand Strength Rating:AAARank 2017: 10Rank 2016: 11Brand Strength Rating:AAA-BSI Score1BSI Score2BSI Score3BSI Score4BSI Score5BSI Score696.195.492.191.490.588.4BSI Score7BSI Score888.387.9BSI Score84.8BSI Score82.7910Rank 2017: 1 2016: 1BV 2017: USD 1733m 48%BV 2016: USD 1170mRank 2017: 2 2016: 2BV 2017: USD 1419m 24%BV 2016: USD 1148mRank 2017: 3 2016: 3BV 2017: USD 1418m 43%BV 2016: USD 993mRank 2017: 4 2016: 8BV 2017: USD 1248m 61%BV 2016: USD 776mRank 2017: 5 2016: 5BV 2017: USD 1222m 41%BV 2016: USD 867mRank 2017: 6 2016: 4BV 2017: USD 1021m 13%BV 2016: USD 905mRank 2017: 7 2016: 7BV 2017: USD 1011m 28%BV 2016: USD 792mBrand Rating: AAARank 2017: 8 2016: 6BV 2017: USD 941m 10%BV 2016: USD 858mRank 2017: 9 2016: 9BV 2017: USD 908m 21%BV 2016: USD 748mRank 2017: 10 2016: 10BV 2017: USD 696m 58%BV 2016: USD 441mBrand Finance Football 50 June 20179.
Executive SummaryBrand Value Over Time2000Tottenham Hotspur FC1750Liverpool FCBrand Value (USDm)15001250Arsenal FC1000Paris Saint-Germain750Manchester City FC500FC Bayern Munich250Chelsea FC020092010201120122013into the vast and therefore critical Chinese marketdemonstrates that Real has a lot of work to do; itlags not just United but also Bayern Munich inpopularity.2014201520162017FC Barcelonamanager Antonio Conte. Commercially, ChelseaBrands – BV Change (USDm)stand to gain significantly through a reported 900million, 15 year deal with Nike as well as fromaManchesterFC563RealMadrid CFUnitedManchesterUnited FCnear 50% increase to the capacity of StamfordBridge. Tottenham is also expanding its home; theChelsea FC472Chelsea FCReal must now pay as careful attention to its off- new White Hart Lane has been innovativelyManchester United FC425pitch strategy as it does to its on-pitch performance. designed and will offer 61,000 spectators the FC BarcelonaFC BarcelonaNewfound status as the world’s most powerful opportunity to see Spurs on home turf. Tottenham’sFC Bayern MunichFC Bayern Munich355brand ought to provide the club with powerful brand value is up 58% on last year and Chelsea’sammunition in ongoing discussions with Emirates 61% to US 1.248 billion.Real Madrid CF Real Madrid CF271to renegotiate the shirt sponsorship; Real must notmiss the opportunity.All Premier League teams continue to benefit TottenhamfromHotspurTottenhamFC255Hotspur FCthe vast revenues brought in by the latestPremier League clubs continue to lead the world broadcasting rights deal with Sky and BT. TheParis Saint-Germain219Paris Saint-Germainwhen it comes to commercialising their brands; relatively equitable split is particularly helpful to205six of the top ten most valuable football brands are smaller clubs and helps to explain how a club such Juventus FCJuventus FCEnglish. Title rivals Chelsea and Tottenham have as Bournemouth (which joined the Premier League160Liverpool FCrecorded some of the biggest gains this year after just two years ago and comes from a town of just Liverpool FCsuccessful seasons that saw Chelsea regain its 180,000 inhabitants) controls a more valuableBorussia Dortmund148Borussia Dortmundstatus as England’s best under dynamic new brand than much longer established European10. Brand Finance Football 50 June 2017Brands – BV Change (%)563Newcastle United FCNewcastle United FC472Juventus FCJuventus FC425Chelsea FCChelsea FC355WatfordWatford92%72%61%60%271Olympique LyonnaisOlympique Lyonnais58%255Tottenham HotspurTottenhamFCHotspur FC58%219VfB StuttgartVfB Stuttgart56%205Valencia CFValencia CF54%160SSC NapoliSSC Napoli51%Manchester UnitedManchesterFCUnited FC48%148Brand Finance Football 50 June 201711.
Executive Summarytop tier clubs such as Olympique Lyonnais, InterMilan, and AS Roma. The costs of missing out onPremier League status are clear too. Anotherseason in the Championship for Aston Villa andrelegation for Sunderland see both drop out of thisyear’s list.organisations can all help to improve willingnessto purchase, whether that is merchandise, matchday tickets, or subscriptions to broadcasters ofSerie A matches. Juve is somewhat constrained inits ability to strike marquee deals by the durationof its existing partnerships with Adidas and Fiat.Nonetheless, Italy’s most valuable football clubSunderland’s loss has been Newcastle’s gain. The could do better.Magpies’ promotion will see revenues return andrestore international exposure to the Tyneside Bayern Munich has stayed level in 5th. Theclub. As a result, brand value is up 92% to US 247 Bundesliga title has increasingly come to seemmillion, making Newcastle this year’s fastest Bayern’s by right. The club is so dominant locallygrowing brand.that glory can really only come from the internationalstage, so a failure to reach the Champions LeagueJuventus’ Serie A win and full Champions League semi-finals could mean 2017 is interpreted as arun helped improve brand strength by three points, rather mediocre season. Though this year’s onputting the Italian club in the top 5 for brand pitch performance might possibly be seen asstrength. Brand value has improved significantly underwhelming, Bayern is making great strides offtoo, growing 72% since 2016. However, like Real the pitch to enhance the value of its brand. TheMadrid, Juventus has not adequately leveraged club is trying to make up for financial differencesthe strength of its brand for commercial purposes. with European rivals by investing in China. Its newForeign tours, marketing investment, strategic Shanghai office is the first of any European footballpartnerships with brands and even non-commercial club to open in mainland China. The club has alsoTotal Brand Value by Country 2017KEYLeague CountrySpain18.3%England & Wales45.7%Germany20.3%12. Brand Finance Football 50 June 2017Brand Value(USD billion)ProportionEngland & 7.6%Italy1.46.6%Others0.31.5%Total20.4100%Top: Bayern launches its Shanghai office. Below: Zenit and Nike’s ‘Reign Supreme’ campaignlaunched two football schools in Qingdao and through enhanced match-day revenue. TheShenzhen this year, which has increased the stadium will be a key venue for next year’s FIFAbrand’s familiarity among young players, as has World Cup.its intensive investment in social media. Bayern’shard work is paying off. Brand Finance’s research At present, the Russian Premier League createsshows that the club has a very strong presence in limited interest outside the CIS, however as billionsChina, while the Bundesliga (generally less widely of fans focus their attention on the country, 2018broadcast than La Liga or even Serie A) is China’s could be the perfect opportunity for Russia’s clubsmost watched foreign competition after the Premier to strengthen their brands and build a following inLeague.Asia in particular. There are risks too though.Hooliganism was once known as the EnglishZenit St Petersburg is Russia’s only entry in the Disease but is now more closely associated withtop 50. Its 168 million commercial revenues (led Russia, which is also seen as a laggard on issuesby headline sponsor Gazprom) are the primary such as racism and homophobia in sport. Russiandriver of brand value, putting it significantly ahead clubs must be mindful of the fragility of this onceof the two major Moscow clubs CSKA and Spartak. in-a-generation opportunity, and plan carefully toThe soon to open Krestovsky Stadium should help improve awareness, win fans and secureZenit pull further ahead of the pack; its 68,000 commercial opportunities.capacity is more than 50% larger than any otherclub arena, allowing Zenit to leverage its brandBrand Finance Football 50 June 2017 13.
Brand Finance Football 50Full Results (USDm)Brand Finance - Football 50Full Results (GBPm)Top 50 most valuable football brands 1 - 50.Top 50 most valuable football brands 1 - 50.Rank Rank2017 3725343228New3542New3643New46New503848New40Brand nameManchester United FCReal Madrid CFFC BarcelonaChelsea FCFC Bayern MunichManchester City FCParis Saint-GermainArsenal FCLiverpool FCTottenham Hotspur FCBorussia DortmundJuventus FCEverton FCFC Schalke 04Bayer 04 LeverkusenClub Atlético de MadridWest Ham United FCAC MilanSouthampton FCLeicester CityVfL WolfsburgNewcastle United FCStoke City FCSwansea CityWest Bromwich AlbionBournemouth FCOlympique LyonnaisFC Internazionale MilanoBorussia Mönchengladbach1899 HoffenheimAS RomaSSC NapoliCrystal PalaceAS MonacoOlympique De MarseilleHamburger SV1.FC KölnHertha BSC BerlinSV Werder BremenFC Zenit St PetersburgAthletic de BilbaoVillarreal CFBurnleyVfB StuttgartRasenBallsport LeipzigWatfordAFC AjaxValencia CFEintracht FrankfurtSevilla FC14. Brand Finance Football 50 June 2017CountryUnited KingdomSpainSpainUnited KingdomGermanyUnited KingdomFranceUnited KingdomUnited KingdomUnited KingdomGermanyItalyUnited KingdomGermanyGermanySpainUnited KingdomItalyUnited KingdomUnited KingdomGermanyUnited KingdomUnited KingdomUnited KingdomUnited KingdomUnited KingdomFranceItalyGermanyGermanyItalyItalyUnited siaSpainSpainUnited KingdomGermanyGermanyUnited KingdomHollandSpainGermanySpainBrand Value Brand BrandBrand Value%(USDm)rating rating(USDm)change20162017 24%54%911169321%115AAA AAA AAA AAAAAA AAAAAAAAAAAAAA AAAAAA AAAA AAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAA AA AAAAAAAAAAAAAAAAAAAAAAAAAAA AA AAAAAAAAA AAA AAA AAAAAA AAAAAAAAAAAAAA AAAAAAAA AA AAAA AAAAAAAAAAAAAAAA AAAAAA AAAA AA A AAAAAAAAAAAAAAAAA AA AAAARank Rank2017 3725343228New3542New3643New46New503848New40Brand nameManchester United FCReal Madrid CFFC BarcelonaChelsea FCFC Bayern MunichManchester City FCParis Saint-GermainArsenal FCLiverpool FCTottenham Hotspur FCBorussia DortmundJuventus FCEverton FCFC Schalke 04Bayer 04 LeverkusenClub Atlético de MadridWest Ham United FCAC MilanSouthampton FCLeicester CityVfL WolfsburgNewcastle United FCStoke City FCSwansea CityWest Bromwich AlbionBournemouth FCOlympique LyonnaisFC Internazionale MilanoBorussia Mönchengladbach1899 HoffenheimAS RomaSSC NapoliCrystal PalaceAS MonacoOlympique De MarseilleHamburger SV1.FC KölnHertha BSC BerlinSV Werder BremenFC Zenit St PetersburgAthletic de BilbaoVillarreal CFBurnleyVfB StuttgartRasenBallsport LeipzigWatfordAFC AjaxValencia CFEintracht FrankfurtSevilla FCCountryUnited KingdomSpainSpainUnited KingdomGermanyUnited KingdomFranceUnited KingdomUnited KingdomUnited KingdomGermanyItalyUnited KingdomGermanyGermanySpainUnited KingdomItalyUnited KingdomUnited KingdomGermanyUnited KingdomUnited KingdomUnited KingdomUnited KingdomUnited KingdomFranceItalyGermanyGermanyItalyItalyUnited siaSpainSpainUnited KingdomGermanyGermanyUnited KingdomHollandSpainGermanySpainBrand Value Brand BrandBrand Value%(GBPm)rating rating(GBPm)change20162017 0%78AAA AAA AAA AAAAAA AAAAAAAAAAAAAA AAAAAA AAAA AAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAA AA AAAAAAAAAAAAAAAAAAAAAAAAAAA AA AAAAAAAAA AAA AAA AAAAAA AAAAAAAAAAAAAA AAAAAAAA AA AAAA AAAAAAAAAAAAAAAA AAAAAA AAAA AA A AAAAAAAAAAAAAAAAA AA AAAABrand Finance Football 50 June 2017 15.
Brand Finance - Football 50Full Results (EURm)Brand Finance Football 50Full Results - Brand Strength RankTop 50 most valuable football brands 1 - 50.Top 50 most powerful football brands 1 - 50.Rank Rank2017 3725343228New3542New3643New46New503848New40Brand nameManchester United FCReal Madrid CFFC BarcelonaChelsea FCFC Bayern MunichManchester City FCParis Saint-GermainArsenal FCLiverpool FCTottenham Hotspur FCBorussia DortmundJuventus FCEverton FCFC Schalke 04Bayer 04 LeverkusenClub Atlético de MadridWest Ham United FCAC MilanSouthampton FCLeicester CityVfL WolfsburgNewcastle United FCStoke City FCSwansea CityWest Bromwich AlbionBournemouth FCOlympique LyonnaisFC Internazionale MilanoBorussia Mönchengladbach1899 HoffenheimAS RomaSSC NapoliCrystal PalaceAS MonacoOlympique De MarseilleHamburger SV1.FC KölnHertha BSC BerlinSV Werder BremenFC Zenit St PetersburgAthletic de BilbaoVillarreal CFBurnleyVfB StuttgartRasenBallsport LeipzigWatfordAFC AjaxValencia CFEintracht FrankfurtSevilla FC16. Brand Finance Football 50 June 2017CountryUnited KingdomSpainSpainUnited KingdomGermanyUnited KingdomFranceUnited KingdomUnited KingdomUnited KingdomGermanyItalyUnited KingdomGermanyGermanySpainUnited KingdomItalyUnited KingdomUnited KingdomGermanyUnited KingdomUnited KingdomUnited KingdomUnited KingdomUnited KingdomFranceItalyGermanyGermanyItalyItalyUnited siaSpainSpainUnited KingdomGermanyGermanyUnited KingdomHollandSpainGermanySpainBrand Value Brand BrandBrand Value%(EURm)rating rating(EURm)change20162017 50%831078618%106AAA AAA AAA AAAAAA AAAAAAAAAAAAAA AAAAAA AAAA AAAAAAAAAAAAAAAAAAAAAAAAA AAAAAAAAAAA AA AAAAAAAAAAAAAAAAAAAAAAAAAAA AA AAAAAAAAA AAA AAA AAAAAA AAAAAAAAAAAAAA AAAAAAAA AA AAAA AAAAAAAAAAAAAAAA AAAAAA AAAA AA A AAAAAAAAAAAAAAAAA AA AAAARank Rank2017 2629363433393238NewNewNewNewNewNew4142New43Brand nameReal Madrid CFFC BarcelonaFC Bayern MunichManchester United FCJuventus FCLiverpool FCArsenal FCChelsea FCManchester City FCParis Saint-GermainAC MilanBorussia DortmundClub Atlético de MadridFC Internazionale MilanoTottenham Hotspur FCAS RomaAFC AjaxSSC NapoliFC Schalke 04Everton FCNewcastle United FCSevilla FCBayer 04 LeverkusenOlympique LyonnaisOlympique De MarseilleAS MonacoVfB StuttgartVfL WolfsburgWest Ham United FCHamburger SVSouthampton FCSV Werder BremenLeicester CityValencia CFBorussia MönchengladbachVillarreal CFHertha BSC BerlinAthletic de BilbaoStoke City FCWest Bromwich Albion1.FC KölnFC Zenit St Petersburg1899 HoffenheimEintracht FrankfurtRasenBallsport LeipzigBurnleyCrystal PalaceSwansea CityBournemouth FCWatfordCountrySpainSpainGermanyUnited KingdomItalyUnited KingdomUnited KingdomUnited Kingd
Enterprise' E.g. City Football Group E.g. Manchester City FC E.g. Manchester City FC 'Brand Value' 'Branded Business' 'Branded Enterprise' 'Brand' Contribution' E.g. Manchester City FC Brand In the very broadest sense, a brand is the focus for all the expectations and opinions held by customers, staff and other stakeholders .
