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8/22/2019 Clubes Mais Valiosos Do Mundo
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The annual reporT on The worlds mosT valuable FooTball brands | maY
Fussballs Coming HomeBayern Becomes FootballsMost Valuable Brand
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| brandFInanCeFooTball | MAY 2013
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The BrandFinance Football 50
is published by Brand Finance
plc and is the only study to rankthe top 50 most valuable Football
clubs
Brand Finance plc
3rd Floor, Finland House,
56 Haymarket, London
SW1Y 4RN United Kingdom
Tel: +44 (0) 207 389 9400
Fax: +44 (0) 207 389 9401
www.brandnance.com
enquiries@brandnance.com
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Contents
brandFInanCeFooTball
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MAY 2013 | brandFInanCeFooTball |
FC Bayern Mnchen take the number one spot this year ater atremendous domestic and European season. On pitch successcoupled with some o the stronest nancials in sport sees theirbrand row to $860m.
Manchester United FC drop to second place, the departure o SirAlex Feruson leavin uncertainty over whether the Red Devils cancontinue to be successul without him. Their value alls marinally to$837m, but are still only one o two ootball brands deservin o anAAA+ brand ratin, the stronest ratin available.
Spanish and Italian ootball aain sees touh economic conditionshamper their rowth. Despite this both Spanish iants have rown,Real Madrid CF up to $621m just ahead o FC Barcelona at $572m.
Juventus FC ($180m) and SSC Napoli ($101m) both continued their
return to orm at the expense oFC Internazionale Milano who takeanother dip ater a poor season to $151m, while rivals AC Milan see aless dramatic all in value to $263m.
Elsewhere Turkish and Brazilian brands made reat strides thanksto their boomin emerin economies and passionate domesticanbases. Galatasaray A are our hihest rankin Turkish teamvalued at $116m, while SC Corinthians Paulista ($103m) take thehonour o hihest rankin nonEuropean club.
Averae brand rowth across the top 50 is a healthy 7%. Attendances
have remained solid, with many top teams llin their stadiumsweekin weekout coupled with lon season ticket waitin lists.
There are now 10 dierent kit suppliers to the top 50 clubs in thishotly contested and increasinly lucrative marketplace. Adidaslead the pack with 18 supplier contracts while Nike ollows with 14deals. Both however are eelin the pressure o new market entrantsWarrior and Under Armour.
Welcome to The BrandFinance Football 502013 report highlighting the worlds mostvaluable Football brands.
excti y
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|brandFInanCeFooTball | MAY 2013
bFic Ft
Top 50 FooTball brands 1-25
rk 2013 C Cty
b v
2013 usd mIllIons 2012 usd mIllIons cg b rtig
1 FC by mc Germany 860 786 9% AAA
2 mct uit FC England 837 853 -2% AAA+
3 r mi CF Spain 621 600 4% AAA+
4 FC bc Spain 572 580 -1% AAA
5 C FC England 418 398 5% AA
6 a FC England 410 388 6% AA+
7 li FC England 361 367 -2% AA
8 mct City FC
England 332 302 10% AA-
9 aC mi
Italy 263 292 -10% AAA-
10 bi dt Germany 260 227 15% AA
11 FC sck 04 Germany 259 266 -3% AA-
12 Ttt ht FC
England 219 225 -3% AA
13 Jt FC
Italy 180 160 12% AAA-
14 aFC ajx Netherlands 162 184 -12% AA
15 FC Itzi mi
Italy 151 215 -30% AA+
16 hg sv
Germany 144 153 -6% AA
17 NEw Gty a
Turkey 116 NEw NEw A+
18 oyiq mi
France 111 168 -34% AA-
19 sC Citi pit
Brazil 103 77 34% AA
20 ssC ni Italy 101 85 20% AA-
21 oyiq lyi France 101 120 -16% AA-
22 NEw F sK
Turkey 95 NEw NEw A+
23 by 04 lk Germany 90 64 41% AA-
24 pi sit-Gi FC France 85 64 34% A+
25 vb stttgt Germany 83 71 18% A+
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MAY 2013 | brandFInanCeFooTball |
Top 50 FooTball brands 26-50
rk 2013 C Cty
b v
2013 usd mIllIons 2012 usd mIllIons cg b rtig
26 vci CF
Spain 83 68 22% AA-
27 vl wg Germany 82 66 25% A
28 as r
Italy 82 85 -3% AA
29 wt h uit FC England 82 70 17% A
30 nct uit FC England 81 86 -6% AA
31 at vi FC
England 80 87 -8% AA-
32 sv w b
Germany 79 68 17% AA-
33 et FC England 78 79 0% AA-
34 F FC
England 75 65 16% A+
35 s aFC
England 72 66 10% A+
36NEw
bikt JK
Turkey 71 NEw NEw A+
37 C attic mi Spain 67 50 34% AA-
38 NEw st Ft C Brazil 65 38 70% AA
39 s p FC
Brazil 62 58 6% A+
40 psv ei
Netherlands 61 74 -18% AA-
41 stk City FC
England 59 55 6% A+
42 NEw sl bc
Portugal 56 NEw NEw A+
43 si FC Spain 56 49 14% AA+
44 Ctic FC
Scotland 55 64 -13% AA-
45 Cr Fg
Brazil 55 46 20% A+
46 sC Itci
Brazil 55 51 8% A+
47 wt bic ai FC
England 54 NEw NEw A
48 FC Gii bx
France 53 76 -30% A+
49 aCF Fiti Italy 52 46 15% AA-
50 ss lzi sa Italy 52 46 12% AA-
bFic Ft
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| brandFInanCeFooTball |MAY 2013
o vict
Welcome to the BrandFinance Football 50 2013 reporthighlighting the worlds most valuable Football brands.
This years edition o the BrandFinance Football 50 seesa new champion, FC Bayern Mnchen take the number onespot ater a tremendous domestic and European season. On
pitch success coupled with some o the stronest nancials in
sport sees their brand row to $860m.
Manchester United FC drop to second place, the departureo Sir Alex Feruson leavin uncertainty over whether the Red
Devils can continue their success without him. Their valuealls marinally to $837m, but is still only one o two ootballbrands deservin o an AAA+brand ratin, the stronestratin available.
Spanish and Italian ootball aain sees touh economic
conditions hamper their rowth. Despite this both Spanish
iants have rown, Real Madrid CF up to $621m. They arejust ahead oFC Barcelona at $572m.
Juventus FC ($180m) and SSC Napoli ($101m)bothcontinued their return to orm at the expense oFC
Internazionale Milano who take another dip ater a poorseason to $151m, while rivals AC Milan see a less dramatic allin value to $263m.
The Milan Continent is strulin with ain stadia, allin
attendances and crowd trouble. Serie A was the only leaue
in Europe to see an averae attendance all or 2012/13 and
is desperately in need o a rebrand i it wishes to reinite its
lobal appeal to the levels experienced durin the 90s.
Elsewhere, Turkish and Brazilian brands made reat strides
thanks to their boomin emerin economies and passionate
domestic anbases. Galatasaray A are our hihest rankin
Turkish team valued at $116m,while SC CorinthiansPaulista ($103m) take the honour o hihest rankin nonEuropean club.
Averae brand rowth across the top 50 is a healthy 7%
outpacin their domestic economies. This shows that top level
sport is larely recession proo with almost all clubs reportin
solid revenue increases.
Attendances have remained solid, with many top teams llin
their stadiums weekin weekout coupled with healthy season
ticket waitin lists. Clubs are not restin on their laurels with
all workin hard to improve the matchday experience via newtechnology and uprades.
Manchester City FC enjoyed a 10% jump in brand value to$332m despite a disappointinly trophy less season. A ailureto build on last seasons success despite the hihest wae bill
in Europe has seen Italian manaer Roberto Mancini shown
the door. The clubs recent pioneerin announcement to
stretch the brand into another market teamin up with the
New York Yankees to orm a new MLS ranchise opens upa new dimension o commercial and an experiences or the
club.
Beyond Europe, the top 50 contains 5 Brazilian clubs headed
up by Corinthians in 19th place. Whilst revenues in theBrazilian ame remains well below European equivalents,
the combination o the FIFA World Cup 2014 and 2016Summer Olympic Games bein held in Brazil is drivin aninux o investment into the sportin sector and will provide
opportunity or the country to shine on a lobal platorm.
On the ront o the shirts, this year we saw a continued rise in
the averae price paid by sponsors to be associated with top
50 clubs. Manchester Uniteds deal with Chevrolet set anew record when it announced the $559m 7 year areement.Emirates continued their deep aliation with the ame and
now sponsor 4 o the top 25 teams. Qatar Airlines burst intothe sports sponsorship arena and its oer o$38m per yearwas enouh to lure Barcelona to breaks its 103 year traditiono not havin a corporate brand on its shirt. This years table
sees a more diverse portolio o sectors takin up shirts
sponsors as more companies reconise the brandin benets
the beautiul ame can brin.
Providin the kits to the top 50 now sees 10 separate providers
in this hotly contested and increasinly technical marketplace.
Adidas lead the pack with 18 supplier contracts while Nikeollows with 14. Both however are eelin the pressure o new
market entrants Warrior and Under Armour.
The two sinicant US brands in Warrior and Under Armourhave uelled an upward trend in annual payments that
suppliers are willin to be alined with such an irresistible
platorm. For supplier brands, the awareness that top tier
ootball provides combined with the return on investment
available rom replica sales makes kit supplyin an attractive
investment. We have recently seen Arsenal, ManchesterCity and Lazio leave lonterm supplier relationships to entermore lucrative shirt deals. Combined with this competitive
landscape is the continued sophistication o the jersey,
optimised by the act that Lyon the City o Liht will have a
low in the dark eature on its new third kit.
Outside the top 50 we have seen some other interestin
brandin trends with the most extreme beinCardi Citywhere we saw the bluebirds o red to expand the clubs
appeal in international markets.
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MAY 2013 | brandFInanCeFooTball | 7
T T : p
WorthywinnersOver the next 6 pagesaremini-proles o the worlds10 most valuable ootball
brands, starting with thisyears winner FC BayernMnchen.
FC by mc Gy2013 USD 8 2012 USD 78 Change 9 Brand rating aaa 2012 rank:
mct uit FC eg2013 USD 87 2012 USD 8 Change - Brand rating aaa+ 2012 rank:
r mi CF si2013 USD 2012 USD Change Brand rating aaa+ 2012 rank:
FC bc si2013 USD 7 2012 USD 8 Change - Brand rating aaa 2012 rank:
C FC eg2013 USD 8 2012 USD 98 Change Brand rating aa 2012 rank:
a FC eg2013 USD 2012 USD 88 Change Brand rating aa+ 2012 rank:
7li FC eg
2013 USD 2012 USD 7 Change - Brand rating aa 2012 rank: 7
8mct City FC eg2013 USD 2012 USD Change Brand rating aa- 2012 rank: 8
9aC mi Ity2013 USD 2012 USD 9 Change - Brand rating aaa- 2012 rank: 9
bi dt Gy2013 USD 2012 USD 7 Change Brand rating aa 2012 rank:
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8 |brandFInanCeFooTball | MAY 2013
The Top 10: Profles
FC by mcThis year, Bayern Munich rst mastered the Bundeslia. Then, on Saturday25th, the European title was secured. Now a lobal title can be added to
the list; Bayern has toppled Manchester United to become the Worlds most
valuable ootball club brand. Its $860 value is driven by oneld success
backed by oeld stability and scale.
With a commercial revenues stream alone in excess o 200m, Bayern
Munich really is the ames commercial powerhouse. Lon standin (and
ownership) ties with Audi, Adidas, Deutsche Telecom and Adidas provide
contracted and visible revenue streams or the club to invest into one o the
Worlds most talented and excitin squads.
Alonside its commercial clout, the 2012/13 season has been one o
domestic domination. The domestic title was secured as early as April andsaw Bayern end with a massive 25 point marin over 2nd place Dortmund.
The reeowin ootball was urther visible on the European stae where
the world watched them humiliate aruably the reatest ever ootball team,
Barcelona. Trophies brin inows to all three revenues streams (match
day, media and commercial) and with many o Bayerns commercial deals
bein perormancelinked, we anticipate 2012/13 is likely to have produced
a record year o turnover or the club and help add another year o prot to
its impressive nancial track record.
With Bayern bein the leadin club in Europes larest economy, they
have been able to leverae commercial deals to maximise this position.
Thouh German media deals are dwared those o some other European
clubs, the act that most German ootball is televised on ree to air channelsdomestically, helps eed reater commercial appetite or sponsorship deals.
It is also worth hihlihtin the nancial stability o the club that sets it
out rom its European rivals. The club comortably meets UEFAs nancial
air play criteria and will see little discomort as this is ully rolled out. Its
track record o runnin a protable operation and the doublin o turnover
since 2007 is testament to the quality o the commercial team behind the
scenes. Whilst much o its nancial prudence is driven by strict Bundeslia
uidance, the club is workin proo that silverware and prot are not
mutually exclusive in the beautiul ame.
More impressive still is that Bayern top the brand value table whilst
charin ans a raction o Premier Leaue clubs or equivalent matches.
Bayerns cheapest season ticket costs 123 whilst at Arsenal, the cheapest is
an astronomical 985. The clubs spectacular Allianz Arena is consistentlyull and it now has over 170,000 members showin the its endurin
popularity. As President Uli Hoeness amously said this year, We do not
think the ans are like cows, which you milk. Thats the biest dierence
between us and Enland.
The next challene or Bayern to ensure it stays on top o the brand value
leaue is to devise a strategy to drive urther revenue rowth. To do this,
it will need to see i it can transcend its domestic dominance and attract a
lobal audience. With hihly rated Josep Pep Guardiola joinin the club
or the 2013/14 season, it is one o the clearest indicators yet that there has
been a step chane in outside perceptions o the Bundeslia. It can and in
Brand Finances view will, truly challene the Spanish and Enlish leaues
or European dominance.
brand value
$860m +9brand raTInG
AAAshIrT sponsor annual value
$40mKIT manuFaCTurer annual value
$34m
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MAY 2013 |brandFInanCeFooTball | 9
The Top 10: Profles
mct uit FCWith Sir Alex Feruson announcin his retirement, Manchester Unitedsuers another blow as the club loses its status as the Worlds most valuable
ootball brand. The Red Devils have delivered another successul year both
on and o the eld, however the departure o the clubs ultimate brand
manaer,Sir Alex Feruson, leaves a question mark as the club enters
a new era. Uniteds commercial success has been underpinned by its
consistent onpitch perormance, ans and investors alike will be waitin to
see i David Moyes can deliver.
The club continues to operate a reional and sectoral approach to
recruitin commercial partners and throuhout 2012-13 has continued
to add new partners. To uel this approach it has opened a commercial
oce in Hon Kon to be closer to the expandin number o existin andpotential commercial partners in the reion. It has also mooted that the
club is soon to open an oce in its owner homeland, the USA, to tap into
the Worlds larest economy.
The manitude o the recent Chevrolet deal is testament to the lobal
brand that the club has built particularly under the Glaziers uidance.
At over 50m per year, this is more than a veold increase on the 9m
annual shirt sponsorship deal in place with Vodaone when the Glaziers
arrived in 2005. Alonside the traditional ront o shirt sponsor, the club
has also installed a sinicant trainin round namin rihts deal with Aon
worth 160m over eiht years. The act the club can demand a reater value
on namin its trainin round than many can enerate rom namin rihts
on its main stadium demonstrates the potency o Uniteds brand. It is alsoencourain that the club current shirt sponsor, Aon, is keen to remain
involved with the club in another dimension and would suest a positive
Return on investment (ROI) is bein enerated.
Whilst the club has published questionable statistics about its lobal
anbase (claimin 659m people worldwide support the club), there is no
denyin that Manchester United has lobal awareness and stature that
many o its peers are vyin to replicate. At last count it has no less than 40
commercial partners set around a structured sponsorship matrix based
on specic sectors and territories. Whilst many top clubs are condensin
their partnerships alon the less is more path,United is ollowin a more
is more strategy and believe the brand has the strenth to be urther
stretched.
Manchester United has always been at the oreront o settin brandtrends in the ame, rom innovative new commercial deals, to its successul
TV channel and ar un tours across the lobe. The club is once aain
settin the mark throuh an impressive social media strategy to connect
with its ever expandin lobal anbase. The clubs partnership with multiple
telecom providers aords it access to ollowers in over 40 countries and its
website, now available in seven lanuaes, receives over 60 million pae
views per month. Whilst this connectivity is still in its inancy, the challene
or the brand will be how to monetise this channel.
brand value
$837m -brand raTInG
AAA+shIrT sponsor annual value
$31mKIT manuFaCTurer annual value
$38m
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| brandFInanCeFooTball | MAY 2013
The Top 10: Profles ,
r mi CFThe departure o the Special One Jose Mourinho caps the end o adisappointin season or Real Madrid, leavin them stuck in third place
in the BrandFinance Football 50. Whilst its 2011/12 season enerated
the larest revenues in the ame (513m), the clubs brand value has been
dampened by the economic woes o the Spanish economy. The distribution
o media rihts in La Lia continues to be neotiated individually, althouh
this is set to move to a collective basis shortly, which will squeeze Madrids
media income. The club has expressed an interest in increasin the match
day and commercial buckets to help continue its rowth.
Redevelopment plans are currently bein tendered to transorm the
Bernabu, with club President Florentino Prez statin, I want a stadium
that doesnt look like a stadium and is protable. The drive will be to notonly provide an improved matchday experience but create sources o
revenue that can be enerated every day o the week.
Away rom the eld, the club operates an expandin (and very successul)
merchandisin operation the club sold over 1.5 million replica shirts last
season alone. For the 4th consecutive summer the team will complete a
tour o the US, the club is nurturin a stron ollowin in both North and
South America. Mourinho tested the Real Madrid blue book durin
his rein, the club can ill aord another unsuccessul season and the
appointment o a new maner could be crucial to maintainin the clubs
top three standin, let alone to reclaim the title o Worlds most valuable
ootball brand.
brand value
$621m +brand raTInG
AAA+shIrT sponsor annual value
$30mKIT manuFaCTurer annual value
$39m
FC bcFC Barcelonas brand value remained stanant this year as concern rows
that Pep Guardiolas trophy lled olden era is drawin to a close. The
Catalans will be hopin the sinin o the huely marketable Brazilian
superstar Neymar will continue the traditions o Maradona, Cruy and
Messi that made the club a multinational institution. It is a tantalisin
prospect or anyone to see two o the worlds most excitin talents, Messi
and Neymar, playin toether in the same team.
The Nou Camp, Europes larest ootball stadium, has a capacity o98,787, with averae attendance ures ranin between 79,000 and
84,000. The star studded Bara squad playin attractive ootball has
allowed these attendance ures to steadily rise and there is no reason this
will not continue. Such protable inrastructure has allowed FC Barcelona
to row revenues by 4.5% this year to almost 494m, cementin its position
o 4th in the BrandFinance Football 50.
Althouh Bara won La Lia this season, that victory was overshadowed
by a ailure to reach the Champions Leaue or Copa Del Rey nal. The club
missed out on the rewards o additional trophies this season and so the
players and coachin sta oreited bonuses o 12m. Under the nancial
stewardship o Javier Faus and Sandro Rosell, FC Barcelona have been able
to embark on a successul strategy o cuttin costs and securin lon termpartners such as Audi, Coca Cola and Movistar in addition to kit and shirt
sponsorship rom Nike and the Qatar Foundation. Impressively they have
manaed this without compromisin their ootball on the pitch. All these
elements combined resulted in FC Barcelona producin an historic 48m
prot.
brand value
$572m -brand raTInGAAAshIrT sponsor anual value
$38mKIT manuFaCTurer annual value
$46m
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MAY 2013 | brandFInanCeFooTball |
The Top 10: Profles ,
C FCChelsea has enjoyed a 5% jump in brand value ollowin ChampionsLeaue and, more recently, Europa Leaue success, which boosted all
three revenue streams. Hih sta turnover has continued however, with
the manaer count durin the Abramovich rein now in double diits. This
continued manaerial merryoround alon with its limited stadia capacity
is weihin on the Chelseas ability to challene the Brand Finance Football
50s Bi Four.
Whilst the club has lacked consistency on the pitch, it has enjoyed reat
stability with its lon standin commercial partners Adidas and Samsun.
Alonside these lobal brands it has added Delta, Gazprom Audi and
more recently Sinha Beer, demonstratin the increasinly lobal appeal
o the Chelsea brand. The club also has in place an innovative brandinpartnership with F1 team Sauber, ocusin on ways to enhance sportin
and business perormance. This includes the exchane o knowlede in
sport science, launchin joint commercial initiatives, merchandisin,
events, marketin and linked sponsorship opportunities. We expect to see
more collaborations o this manner throuhout ootball as dierent sports
reconise the syneries and commonalities that exist.
brand value
$418m +brand raTInG
AAshIrT sponsor annual value
$21mKIT manuFaCTurer annual value
$15m
a FCWhilst Arsenal endured another trophyless year, o the pitch its ortunes
have been more impressive. The club has been criticised in recent years
or its poor commercial revenues relative to its peers. However, earlier this
month it announced a record breakin kit deal with Puma. Reported to be
worth 30m a year, the deal was enouh to see the Gunners end a 20 year
alliance with Nike. In addition, sinicantly increased extension o shirt
sponsorship and namin rihts has been areed with Emirates Airlines
throuh to 2019. The club now needs to eed its increased revenues into onpitch talent to end its eiht year trophy drouht.
The Emirates Stadium continues to sell out and be one o the hihest
yieldin stadia in the world; once aain the stadium will host a number
o events durin the summer ootball break that will brin in ancillary
revenues and act as a touchpoint or the brand to new consumers. Arsenal
is unique in that matchday revenues continue to be its larest income
stream.
Speculation is still rie about a potential takeover approach or the
club, either rom one o its current wealthy shareholders or an external
consortium. With its listed shares at an alltime hih, valuin the club at just
over 1bn, it would take a brave investor to see where they could eke out a
return.
brand value
$410m +brand raTInGAA+shIrT sponsor annual value
$8mKIT manuFaCTurer annual value
$20m
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|brandFInanCeFooTball | MAY 2013
The Top 10: Profles 7, 8
7li FCDespite a very sliht brand value all ater another disappointin year onthe eld, Liverpool is backed by an increasinly solid commercial team and
experienced US owners. With a brand new shirt supplier, the 2012-13 season
saw the rst evidence o the clubs impressive deal with new market entrant
Warrior. This deal saw Liverpool move away rom a 22 year relationship
with Adidas and take a amble on Warriors rst oray into the ultra
competitive ootball apparel market and away rom its lacrosse and hockey
roots. However, whilst the deal alone represents a 100% increase in value,
it also opens the club up to reater branded merchandise opportunities
previously contracted out in the Adidas deal.
Liverpools tremendous heritae has not one unnoticed by kit supplier
Warrior. Drawin inspiration rom Liverpools 1964/65 kit they havereintroduced the iconic yellow Liver Bird emblem last seen on the shirt in
1985 durin the clubs olden era. Football clubs tend to move slowly when
it comes to visual identity chanes and it speaks positively o Liverpool and
Warriors relationship that they reconise the opportunity and have the
conviction to make such a chane.
Despite the shrewd business and marketin minds now steerin the club,
Liverpool must return to the European stae to drive all three revenues
streams, and equally push on with the development o Aneld to tap into
the reat matchday yields available rom such a rich heritae and loyal
ans.
8mct City FCWinnin no major trophies, losin in the nal o the FA cup to underdos
Wian and a disappointin Champions Leaue outin led to the sackin o
Roberto Mancini. The act it happened on the anniversary o winnin the
Premier Leaue title shows the stron desire o the Abu Dhabi based owners.
With one o the larest wae bills in Europe the club needs on pitch success
to drive all three revenue streams to make a sustainable business operation
this will soon become compulsory as Financial Fair Play kicks in.
Whilst matchday and media revenues are larely dictated by oneldactivities, City has been rantically tryin to catch up with its neihbours
to boost commercial income, recently openin a commercial oce in the
centre o London, akin to their red rivals. Lon term, lucrative deals are
currently in place with Etihad or namin rihts and shirt sponsorship, as
well as a new kit supplier partnership with Nike worth 12m per year bein
rolled out or the 2013/14 season. Outside these traditional sponsorship
avenues, the club has taken the pioneerin move in acquirin the rihts to
Major Leaue Soccers 20th expansion ranchise rom 2015 in a partnership
with baseball team the New York Yankees. Whilst the deal has only just
been announced and ull details o NYCFC are yet to emere, it shows the
commitment o the club to take the brand lobal and compete with their
neihbours both on and o the pitch.
brand value
$361m -brand raTInG
AAshIrT sponsor annual value
$31mKIT manuFaCTurer annual value
$38m
brand value
$332m +brand raTInGAA-shIrT sponsor annual value
$31mKIT manuFaCTurer annual value
$40m
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MAY 2013 | brandFInanCeFooTball |
The Top 10: Profles 9,
9aC miAC Milan has suered a bier drop in brand value than any other in thetop 10. The club had a relatively disappointin domestic and European
campain this season. Similar to many o its Italian peers, the club is
constrained by its ain San Siro home with its matchday revenues
makin up less than 15% o its 257m turnover. In 2010, the club bravely
introduced a disciplined, tiered sponsorship structure, which saw it reduce
its commercial partners in a drive to provide reater visibility, exclusivity
and value or a more select number o sponsors. The strategy appears to be
workin as the club has seen commercial revenues row sinicantly since
implementin the less is more approach.
However, or the club to climb the ranks, it needs to invest in its xed
assets to improve its matchday oerin. Unortunately this may provechallenin as the club does not own its own stadium, instead the
Stadio Giuseppe Meazza is owned by the City o Milan. Cotenants FC
Internazionale Milano seem to be the most proactive in this area, takin a
lea out o Juventus book. They have reportedly already ound a location
or a new 60,000seat Stadium.
bi dtDomestic success in 2011/12 and this seasons Champions Leaue nal spot
helped Dortmund enter the top 10 o the BrandFinance Football 50 or
the rst time. The clubs lonterm marketin areement with Sportve
provides the platorm or stron commercial perormance, which includes
recently extended deals with shirt sponsor Evonik Industries and stadium
namin rihts holder Sinal Iduna. The club brand is still very much
contained to domestic appeal, however it consistently lls it 79,000 seat
stadium and the club broke a European record or season tickets or thethird year in a row, with more than 54,000 sold or the 2012/3 season.
Whilst very much a domestically ocused brand, the club has completed
a black and yellow miracle in its turnaround o ortunes that has seen
the club o rom the vere o bankruptcy in 2005 to the Champions Leaue
nal. The Dortmund identity is based on intensity and is reected in
how they play, the challene is now or the club to try and spread this
intensively to a lobal audience. Hihly rated manaer Jren Klopp will
be key to maintainin this brand o ootball, but with more and more clubs
seeminly aficted by the increasinly unpredictable reshufin o ootball
manaement, the Dortmund club may strule to hold onto what could be
a very successul brand manaer.
brand value
$263m -brand raTInG
AAA-shIrT sponsor annual value
$16mKIT manuFaCTurer annual value
$13m
brand value
$260m +brand raTInGAAshIrT sponsor annual value
$20mKIT manuFaCTurer annual value
$8m
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| brandFInanCeFooTball | MAY 2013
Top 10 itic i
The diagram below charts the rise, all and rise o the worlds 10 most valuable ootballbrands over the past seven years. Bayern Munichs rapid rise and the emergence oDortmund shows the growing signicance o the Bundesliga.
0
200
400
600
800
1000 FC Bayern Mnchen
Manchester United FC
Real Madrid CF
FC Barcelona
Chelsea FCArsenal FC
Liverpool FC
Manchester City FC
AC Milan
Borussia Dortmund
Brandvalue($m)
2007 2008 2009 2010 2011 2012 2013
AC Milan fnish
5th in Serie A,
Manchester
City purchased
by Abu Dhabi
United Group
Manchester
United win the
Champions
League
Christiano
Ronaldo
fnishes frst
season at Real
Madrid ollowing
80m transer
rom United
The Euro
crisis begins to
take its toll on
Spanish and
Italian clubs
Manchester
City win the
Premier League
Sir Alex
Ferguson
retires, Bayern
Munich win the
Champions
League
AC Milan win
Champions
League
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MAY 2013 |brandFInanCeFooTball |
wi
Bayern Munich has clinched the title o 2013s most valuable ootball brand with this yearsbiggest gain in brand value ($68 million). Inter Milan, Bordeaux and Olympique Marseilleshave ared the worst, all recording brand value alls o over 30%.
-50 -25 0 25 50 75 100
Olympique de Marseille
FC Girondins de Bordeaux
FC Internazionale Milano
PSV Eindhoven
Olympique Lyonnais
Celtic FC
AFC Ajax
AC Milan
Aston Villa FC
Hamburger SV
VfB Stuttgart
SSC Napoli
CR Flamengo
Valencia CF
VfL Wolfsburg
Club Atltico de Madrid
Paris Saint-Germain FC
SC Corinthians Paulista
Bayer 04 Leverkusen
Santos Futebol Clube
Change in brand value ()
70%
41%
34%
34%
34%
25%
22%
20%
20%
18%
-6%
-8%
-10%
-12%
-13%
-16%
-18%
-30%
-30%
-34%
brand value ChanGe (USDm)brand value ChanGe (%)
-50 -25 0 25 50 75 100
FC Internazionale Milano
Olympique de Marseille
FC Girondins de Bordeaux
AC Milan
AFC Ajax
Olympique Lyonnais
PSV Eindhoven
Celtic FC
Aston Villa FC
Hamburger SV
Juventus FC
Santos Futebol Clube
Bayer 04 Leverkusen
SC Corinthians Paulista
Chelsea FC
Arsenal FC
Manchester City FC
Borussia Dortmund
Real Madrid CF
FC Bayern Mnchen
Change in brand value ()
68
29
27
27
24
23
19
19
18
17
-2
-3
-4
-7
-9
-10
-12
-13
-34
-37
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| brandFInanCe FooTball | MAY 2013
wt t c y
aDo you have documented set o brand guidelines/values?
Arsenal Football Club is synonymous with history, tradition
and success. We believe that the Club exists to make our
ans proud wherever they are in the world and however they
choose to ollow us.
Everyone that works or the Club understands that we will
ull our oal o makin ans proud by bein toether, always
movin orward and doin thins The Arsenal Way. This nal
element is a key inredient o who we are. Its about thinkin
about others, ettin the detail riht and oin above and
beyond expectations.
What do you view as key territories or urther brand growth?
As a enuine lobal Club with millions o ans all over the
world, we have a major ocus in a number o dierent overseas
territories, with our most notable rowth currently across
Arica and Asia.
How do you balance the dual role o ans as both customers
rom whom you must make money and supporters/brand
ambassadors?
We know that as a Club we have an avid ollowin all over the
world and while the vast majority will never make it to anactual Premier Leaue ame, our challene is to enae with
their passion or Arsenal and make all supporters eel a part o
the Club wherever they are.
The primary objective is to have as many supporters as
possible reularly enain with the Club across a number o
dierent platorms, whether thats directly throuh an events
and activities tied in to our Tour, or throuh diital media.
Once you have established a conversation with those ans and
understand their interests in more detail (somethin we are
developin extensively throuh investment in our Customer
Relationship Manaement (CRM) system), it is easier or the
Club to interact on an individual basis and develop potential
commercial revenue streams.
How much impact can o-pitch activities (charitable eorts,
advertising & marketing, tours etc) have when compared to
the eect o on-pitch success?
In our opinion, the two need to work in tandem to drive real
an enaement and brand value. We know that supporter
pride is driven primarily by success on the pitch and this
means winnin trophies. At Arsenal, we are also proud that
are our style o play, our ocus on developin youth talent,
our manicent stadium, our broader contribution in the
community and our selnancin approach helps us to stand
out amonst the crowd and provide additional sources o prideand reconition.
Players are obviously key to your image, how do you manage
the risks that they may personally damage the clubs brand?
The players are undoubtedly the Clubs primary asset and we
work hard to ensure that they, like the rest o the Clubs sta,
adhere to our vision and values both on and o the pitch.
The rowth in diital and social media means that many
players now interact directly with supporters, and while
this presents its challenes, we are able, throuh consistent
enaement and comprehensive media trainin, to provide
the players with clear parameters whilst usin their individualappeal and prole to enhance and support the Clubs own
initiatives.
A Club Spokesperson
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MAY 2013 | brandFInanCeFooTball | 7
wt t c y
Jt FCHow many people do you have working in your marketing/
brand team? Do you have more than one ofce?
We have no specic marketin team but rather a commercial
team coverin a rane o areas rom merchandise to marketin
the stadium and the brand made up o 9 people. At Juventus
we do all our marketin activities in house, unlike most other
Italian clubs, we eel this ives us reater control and a better
connection with our ans.
Do you benchmark/record your brand value in any way?
No, we eel it would be too subjective to do it ourselves we relyon inormation rom Brand Finance and the market.
Do you have a documented set o brand guidelines/values?
In 2006/07 we chaned the loo, we are continually tryin to
adapt the brand to keep it modern. In terms o intellectual
property it is Nike who is reliant on us to protect the IP
throuh our Guardian o the brand.
What do you view as key territories or urther brand growth?
The ocus has always been Italy however we can now look
to enae new markets in new ways. In the uture we will be
lookin to local partners in Japan, China, India, Australia,Indonesia and USA. This summer we will be competin in the
Guinness International Champions Cup in the USA alon with
Milan and Inter. This allows us to promote the Serie A leaue
toether as opposed to one club oin to China one club oin
to Australia and the messae bein lost. We work with Serie
A to improve the imae o the leaue overall. In my opinion
the Italian leaue remains an entertainin leaue due to the
number o top sides that compete. The German Bundeslia
and the Spanish La Lia are dominated by two teams whereas
in Serie A you have Juventus, Inter, Milan, Roma, Lazio and
Napoli who all compete or top honours.
Do you have a unied return on investment (ROI) metric that
you use with all commercial partners/sponsors?
10 years ao sponsors and partners were primarily concerned
with buyin visibility. Today sponsors are more concerned
with ainin access to content and ans.
How do you balance the dual role o ans as both customers
rom whom you must make money and supporters/brand
ambassadors?
The 1st priority is that the team wins. We work to develop a
close relationship with the ans and hope that continued onthe pitch success will deliver nancial rewards in the uture.
Players are obviously key to your image, how do you manage
the risks that they may personally damage the clubs brand?
There was a Juventus beore them and there will be a Juventus
ater them, the club is more important than any one player.
What impact has the new stadium had on your brand?
The process o movin to a new stadium took 16 years. We
are already beinnin to see increased participation and
enaement o the ans.
Francesco Calvo, Commercial Director
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8 | brandFInanCeFooTball | MAY 2013
wt t c y
Ttt ht FCHow many people do you have working in your marketing/
brand team? Do you have more than one ofce
There are eiht members o the marketin team includin two
diital specialists. The team are all based at the stadium.
Do you benchmark / record your brand value in any way?
Yes. Our main bench marks are based around tanible
indicators o brand value i.e. rowth in commercial revenues,
merchandisin and licensin, an base development lobal
TV audiences or our matches, estimated size o our an
base in key territories, volumes o enaed ans across allour channels lobally and level o reach and increase in
transactin supporters.
Do you have documented set o brand guidelines/values?
Yes. The Club has a comprehensive set o uidelines that
set out our brand proposition, values and tone o voice and
outlines a clear narrative o what our brand stands or. Our
brands visual identity has comprehensive uidelines around
the use o our bade as well as how we achieve a cohesive
brand look and eel across every Club touch point. This is
combined with a clear brand protection strategy that ensures
our marks and IP are protected and where any potentialinrinements are careully monitored.
What do you view as key territories or urther brand growth?
Our primary ocus outside the domestic market is the USA and
Asia. We have seen sinicant rowth in the USA ollowin our
2012 Tour. Our supporters Club network has rown by around
40% in the last season.
Do you have a unied return on investment (ROI) metric that
you use with all commercial partners/sponsors?
Yes in that we commission independent analysis rom trusted
industry sources in order to put a valuation on both the
tanible and intanible elements o a partners packae orihts. We use current market media and brandin valuation
data and measures to put values on each element o the
partnership e.. media, hospitality and ticketin, event and
acility usae, corporate real estate, merchandise etc. In
addition we use accepted industry methodoloies to quantiy
the brand value to a partner throuh brand awareness and
benet o association impact, brand stand out and rarity value,
promotional rihts and money cant opportunities.
How do you balance the dual role o ans as both customers
rom whom you must make money and supporters/brand
ambassadors?
Our aim is to brin all our ans closer to the Club provide
a sense o belonin and make them eel part o the Club.
First and oremost it is about creatin ways or ans to enae
and interact with the Club whatever their desired level o
involvement and ultimately aim to nurture a onetoone
relationship with each and every Spurs an. The rowth in
social media and diital channels allow us to extend our
reach and open up new opportunities to attract new ansand inspire advocacy rom existin ans. I we achieve this,
the ability to monetise support is a seamless outcome o
enaement whether its direct transactions or value or our
partners or broadcasters.
How much impact can o-pitch activities have when
compared to the eect o on-pitch success?
What we do o the pitch is also important in determinin our
brand values and ainin new supporters and both on and o
pitch activities are mutually supportive. By way o example, we
are at the oreront o charitable eorts and CSR throuh our
Tottenham Hotspur Foundation, which is dedicated to utilisinthe power o ootball to enae youn people and create lie
chanin opportunities. The Foundation runs a vast number
o prorammes which are ully supported by the players and
coachin sta, who attend events on a weekly basis. This has
earned the Club a reputation or bein responsible, carin
and inspirin. Our lobal coachin prorammes also take the
Tottenham style o play to rass roots ootball at schools and
collees. Everythin we do is uided by our core principles.
Players are obviously key to your image, how to you manage
the risks that they may personally damage the clubs brand?
The players have a duty to represent the Club in the best way
at all times and all are made aware o this responsibility. Weconstantly liaise with the players reardin new trends and the
best ways to communicate.
Emma Taylor, Head o Marketing
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MAY 2013 | brandFInanCe FooTball | 9
mct uit T Gz
Glaze of Glory?Love them or loathe them its hard to dispute the impressive numbers generated under
the Glazers guidance at Old Traford. Since taking over the club. in 2005 the Club hasseen revenues double bouyed primalry by the every increasing number and value ocommercial deals. Following a succesul IPO in New York in 2012 the clubs shares arecurrently trading at an all-time high valuing the business at almost 2bn
2005 2013
Market Cap M M
Brand Value M M
Brand Rating AA AAA
Annual Revenue M M
Revenue split
Matchday Media Commercial
Shirt sponsor
(deal signed shirt sponsor rom )
Annual shirt sponsor value Sm m
Kit supplier
Commercial Partners
Domestic Titles
European Cup / CL
Ground capacity
Sources: Company accounts press reports Brand Finance league table bloomberg
Since acquirin Manchester United inMay 2005 the Glazers have set about
extractin the unrealised commercial
potential they saw within the club,
relative to their US sportin experience.
In an 8 year period, the club has seen
overall revenues almost double with the
commercial stream providin the main
impetus. Drivin this commercial ain is
the act that the club truly reconise the
brand asset that they own and have set
about a clear strategy to invest and et
exponential returns on this investment.The club had devised a clear territorial
and sector approach to commercial
partners, which sees it with commercial
relationships with over 40 partners
servin many territories. Whilst this
strategy could dilute weaker brands,
Manchester United is condent they have
the lobal awareness and brand strenth
to pursue such a strategy. Credit needs
to o the commercial team behind the
brand, who are consistently inventin
new partnership opportunities, the club
recently took the bold move to back outo a revolutionary trainin kit deal with
DHL as they elt they could command a
reater return on the opportunity.
The brand and its strategy eatured
heavily in last years IPO prospectus and
the club is very proactive in seekin
out new partners. It has recently setup
a commercial oce in Hon Kon to
service its Asian partners and has been
open about its desires to setup a similar
oce in America.
The Glazers remain close lippedabout their exit strategy, but with shares
currently tradin at an all time hih
valuin the club at close to $3bn, the
ures demonstrate what a reat job the
Glazers have overseen.
$(m)
$(m)
$(m)
$(m)
$(m)
$(m)
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| brandFInanCeFooTball | MAY 2013
Ft g
Bundesliga vsPremier LeagueFootball is a business and with UEFAs
Financial Fair Play lookin to curb
the advantaes iven to clubs treated
as billionaire playthins the prot
eneratin potential o clubs is only setto become more important. Commercial
success allows clubs to sustainably
create onpitch success throuh the
acquisition o better players, hirin o
better sta and capital expenditure on
better trainin acilities. In turn, on
pitch success helps drive commercial
success by attractin better sponsors,
sellin more merchande and enablin
hiher ticket prices. A club that is
both successul as a business and as
a sportin endeavour is a orce to bereckoned with and the Bundeslia may
have ound the perect balance.
14 o the Bundleslias clubs made
a prot in 2012, with an overall prot
or the Bundeslia o 55m, the EPL
made a staerin 245m loss over the
same period despite the EPL eneratin
2.8bn o revenue compared to the
German clubs 2.1bn. The Bundeslia
has manaed this prot throuh strict
cost control; only 38% o total income
oes to players and coaches whereas in
the EPL the ure is ar reater at 64%.Ticket prices in the Bundeslia are
low with the cheapest averae ticket
at about 12, EPL averae ticket prices
are three times hiher. The low ticket
prices are a matter o policy or German
ootball and kept purposely low, unlike
in the EPL where ree market supply
and demand sets prices hih. These low
ticket prices coupled with lare modern
stadiums has allowed the German top
division to attract the biest averae
attendances in the world, averain45,000 spectators per match compared
to the second place EPL with 34,000.
But despite the record attendances
the low prices are limitin matchday
revenues, this has orced the German
Bundesliga English Premier League
Formed 1963 1992
Clubs 18 20
Average ticket price 2011/12 (in USD) 29.81 43.15
Total Revenue FY2011 3,349 6,022
Estimated club average revenue FY2011 ($m) 186 301
Rank in Europe 4 1
Average spend on ages as % o revenue 52% 68%
Club Revenue Compound Annual Groth Rate 2006-10 8.3% 13.1%
GDP Compound Annual Groth Rate over same period 0.6% -0.3%
Total Transer Value o League ($m) 2,468 4,388
Average squad value ($m) 137 219
Foreign player % 49% 65%
Average age 24.80 27.00
Champions League Titles 12 7
UEFA Country coecients 2012/13 79.328 82.677
Rank in Europe 3 2
Average Attendance (2011/12) 45,116 34,600
Total Attendance (2011/12) 13,805,462 13,148,133
Largest Attendance (2011/12) 80,521 75,387
Rank in Europe 1 2
clubs to concentrate on leverain their
brand elsewhere; the commercial space.
German clubs historically have ormed
close relationships with local businesses
and as the German economy has rownthese businesses have become hue
lobal corporations better able to
support their sponsored team. Bayern
Mnchen has the hihest reported
commercial revenues o any club in the
world.
Broadcastin is the only area the
Bundeslia lacks in comparison to their
Enlish counterparts and unlike cheap
tickets this is not by choice. The EPL
derives a third o its views rom Asia and
a quarter rom Arica and the MiddleEast allowin the leaue to distribute
over 1.3bn in broadcastin revenue to
its clubs. By comparison the Bundeslia
only enerated 519m.
I trends continue German club
ootball will become better reconisedon the lobal stae, the allGerman UCL
nal as well as biname orein coach
Pep Guardiola enterin the leaue are
early indicators o the step chane in
lobal perceptions to come. With this
reconition comes an opportunity to
patch up poor broadcastin deals with
orein markets. Not until this is xed
and incorporated into the nancially
responsible model o German ootball
will the Bundeslia truly be able to
challene the EPL on a level playineld.
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Away rom the club brands, an equally
excitin brandin battle is takin place
between the kit suppliers. This years
BrandFinance Football 50 sees anunprecedented 10 dierent apparel
providers dressin the Worlds top
teams. Adidas leads the pack, supplyin
kit to 18 o the top 50 clubs, includin
this years winners, Bayern Munich. The
Germans are hotly pursued by Nike,
which hold contracts with 14 o the top
50 teams. The lonterm dominance
o Nike and Adidas however is bein
threatened by a rat o smaller brands
vyin to ain market share.
Warrior sports entered the market in2012 with a deal to supply Liverpools kits
over a 6 year period. Warrior, owned by
New Balance, is better known in the US
market or providin lacrosse and hockey
apparel. Liverpool brokered the deal over
a 12 month period, speakin with all the
major kits suppliers beore settlin on the
value and exclusivity that the Warrior deal
would provide. Richard Wriht, Warriorshead o ootball, said we are not the sort
o brand to keep our head down, we are
here to shake up the world o ootball.
They were certainly not araid to spend to
achieve it; the deal was worth a reported
300m, a record brakin sum.
Under Armour is another US brand just
beinnin to capture UK market share,
usin its deal with Tottenham Hotspur as
a market entry tool to tap into the ootball
market and continue its rapid revenue
rise. The company is particularly wellknown or its pioneerin research and
technoloical innovations and is at the
oreront o the current trend or ootball
shirts to be treated on a par with boots as
serious pieces o technical apparel. The
averae retail price o a team shirt across
the top 50 is now over US$75.
Puma, which has tended to ocus on
lower tier teams, has reentered the top10, announcin that it will supply kits
to Arsenal. The veyear, 170million
deal ends the Gunners 20 year alliance
with Nike. Puma owner PPR is currently
in the process o completin a drastic
reoranisation o the company to reverse
its nancial woes and has recently exited
Ruby kit sponsorship citin the reater
opportunities oered by ootball.
We do not expect too many urther
entrants into this busy marketplace,
however we do expect to see clubsleverae the competitive landscape in new
kit supplier neotiations and anticipate
that loner and even more valuable
deals will be struck by the ames biest
brands.
MAY 2013 | brandFInanCeFooTball |
Ft it
Cutting a Fine Figure -300m to be precise
Kit Supplier
NumberofPartnershipswithclubsintheBrandFinance
Football50 8
we are not the sort of brand tokeep our head down, we are hereto shake up the world of footballric wigt, wi
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| brandFInanCeFooTball | MAY 2013
si
The Growing Value ofFootball SponsorshipSponsorship is a hue investment
opportunity or corporate brands seekin
to expand their lobal reach and raise
awareness amonst new customers
in new markets. In world ootball thevalue o these sponsorships has rown
dramatically in recent years with some
o the top clubs now eneratin more
than $70m per year rom shirt & kit
sponsorship alone. This should not be
surprisin with shirts worn by individual
players and loyal ans televised to a lobal
audience o 4.7 billion, shirts are prime
real estate or sponsors.
The 2014/15 Enlish Premier Leaue
(EPL) season will see Manchester
United bein a $79 million per yearshirt sponsorship deal with Chevrolet,
makin it the larest deal o its kind.
Bayern Munich, UEFA Champions Leaue
nalists two years runnin, enerates
$37million per year rom a deal with
Deutsche Telekom. In recent years even
Catalonian iants Barcelona have chosen
to emblazon their traditionally plain shirt
with a lucrative sponsorship deal. The
Qatar Foundation is reportedly payin
30 million a year to be the clubs rst
ever kit sponsor in its 113 year history.
The top 10 most valuable brands inthis years report enerate an impressive
$266m rom their shirt sponsorship
alone, not takin into account the rat o
secondary deals and kit partnerships.
Corporate brands seekin a platorm
or buildin, strenthenin and
maintainin their brand imae see
ootball brands as the ideal vehicle.
Brands seekin to develop in new
markets will look to clubs with the
strenth to raise awareness. Manchester
United are old standard in this reard,their new deal with Chevrolet sinals
the car manuactures desire to drive its
appeal up in the European market by
usin the well developed United brand
as a vehicle. Conversely, United itsel is
attemptin to row their brand in the US
with the Glazers pioneerin lare tour
events across the Atlantic.
Clearly sponsors must also t with their
taret audience and brands must havesynergy with viewers and supporters
alike. A look at the top sponsorship deals
in world ootball shows hue investment
rom brands which believe they share
the same ideals that make a ootball club
successul: the pursuit o perection, hard
work & passion.
Aspirational brands such as cars and
airlines as well as some o the worlds
most valuable bankin and telecoms
brands can be ound on the shirts o the
most successul clubs. Away rom thetop lobal brands, bettin has continued
to be a major sponsor o ootball. The
synergy between these areas is clear
with TV, mobile, online and pitch side
advertisin invested in heavily by bettin
businesses such as Bet 365, Bet Fred and
32 Red amonst others. Shirt sponsorship
by bettin brands in the Football 50 is
now worth US$47 million per annum.
It is no coincidence that the majority o
adverts at hal time are bettin adverts.
Sponsorship in ootball is not without
its risks however with onpitch successby no means a uarantee. Corporate
sponsors can risk alinin their brand
with a sinkin ship or payin tens o
millions o dollars only to have their
sponsored club miss out on vital UEFA
Champions Leaue qualication and
the awareness that comes with lobal
television broadcastin.
Sponsors must not oret that throuh
their partnerships with the club as
an entity they are also associatin
themselves with the individual stars.Footballers as individuals are notoriously
dicult to control at the best o times, or
example Luis Suarez provides a dicult
dilemma or Liverpools head sponsor
Standard Chartered. The Uruuayans
silky skills are vital to the success o the
Merseyside club on the pitch which can
in turn become o pitch brand success,
but his consistent neative antics are
no doubt strainin heavily on StandardChartereds own brand ideals.
Unexpected success is the ipside o
this with the potential to reap rewards
or sponsors well beyond a relatively
modest sponsorship deal as in the case
o Swansea City. Sponsors 32 RED will
no doubt have been extremely happy
with the clubs promotion rom the
Championship, the securin o a 9th
place nish in this years EPL as well as
a rst major trophy, litin the Capital
One Cup in February this year. The
reverse o this has been experienced
by Wolverhampton Wanderers sponsor
Sportin Bet ollowin the clubs
releation in consecutive seasons. This
uncertainty is however reected in the
size o deal a club can command, those
that can uarantee European ootball
consistently will attract the best sponsors
or the best money.
Sponsorship revenues are a key
component o any clubs income and
these sponsorships are oten driven by
onpitch success. The problem acedby many clubs is that in order become
successul on the pitch they must rst
attract the bi sponsors to und the best
players and sta. Many clubs have ound
this leap dicult, leavin an imbalance
in ootball where the smaller clubs
cannot challene the bi boys on or o
the pitch. The increasin emphasis on
runnin clubs as a viable business creates
an opportunity or traditionally smaller
clubs who, with shrewd commercial
teams, will be able to break this cyclethrouh innovation and value or money.
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Below is a sample o the Key Perormance
Indicators we look at when accessin the
strenth o a ootball brand.
Heritage
History is somethin you cannot buy.
The oldest clubs tend to have the most
successul histories and a loyal an base
stretchin back enerations that will stick
with the club throuh thick and thin.
Trophies
Ultimately history only remembers
winners, the runnerup is rarely iven a
shout. Fans and sponsors alike want to be
associated with these winners. Every an,
player, manaer and owner talks in terms
o trophies, they are the raison detre or
any club.
Star players
Star players win matches and sell
merchandise they can be the key
component o strenthenin the brand. A
club can have the heritae, the sta andthe stadium, but i they dont have the
undamental product the players to
win and be successul onpitch then it is
all or nauht.
Stadia
A vital revenue enerator and brand
touch point, stadia are where the clubs
product is showcased. Creatin an
enjoyable experience or ans is a must to
make them part with their hard earned
money as well as bein lare enouh to t
all their ans in, easily accessible and well
maintained.
Manager
The sinle most important person at any
club and the sinle hardest job. Without
their successul stewardship no club can
rise to the top o our rankins.
The Strength of the BrandThese are calculated using Brand Finances Brand Strength Index analysis, which
benchmarks the strength, risk and uture potential o a brand relative to its competitors ona scale ranging rom AAA+ to D. It is conceptually similar to a credit rating. The data used
to calculate the ratings comes rom various sources including Bloomberg, annual reports,websites such as transermrkt.co.uk and Brand Finance original research.
sTrap
C2013usd
brtig
Ky pc Iict
FlgTit
ClTit
ueFa 5ycfcit
sqvusd
sti siz utitimg(12/13 )
mgiat
mgCwi %
1 860 AAA 1900 23 4 145 578 Allianz-Arena 69,901 99% Jupp Heynckes Very Strong 52%
2 837 AAA+ 1878 20 3 131 562 Old Traord 75,957 99% Sir Alex Ferguson Extremely Strong 63%
3 621 AAA+ 1902 31 9 137 798 Santiago Bernabu 80,354 91% Jos Mourinho Extremely Strong 67%
4 572 AAA 1899 22 4 158 806 Camp Nou 99,354 80% Tito Vilanova Good 70%
5 418 AA 1905 4 1 136 517 Stamord Bridge 41,841 99% Raael Bentez Strong 54%
6 410 AA+ 1886 13 0 114 380 Emirates Stadium 60,355 99% Arsne wenger Extremely Strong 56%
7 361 AA 1858 18 5 79 327 Anfeld Road 45,522 93% Brendan Rodgers Satisactory 42%
8 332 AA- 1880 2 0 71 578 Etihad Stadium 47,726 97% Roberto Mancini Extremely Strong 55%
9 263 AAA- 1899 18 7 94 281 Giuseppe Meazza 80,065 58% Massimiliano Allegri Good 49%
10 260 AA 1909 8 1 62 342 Signal Iduna Park 81,264 97% Jrgen Klopp Strong 48%
11 259 AA- 1904 7 0 85 220 Veltins-Arena 61,482 100% Jens Keller Satisactory 56%
12 219 AA 1882 2 0 70 357 white Hart Lane 36,257 99% Andr Villas-Boas Good 59%
13 180 AAA- 1897 29 2 71 433 Juventus Stadium 41,000 93% Antonio Conte Good 50%
14 162 AA 1900 31 4 65 123 Amsterdam ArenA 52,960 89% Frank de Boer Strong 63%
15 151 AA+ 1908 18 3 106 274 Giuseppe Meazza 80,065 75% Andrea Stramaccioni Satisactory 52%
16 144 AA 1887 6 1 56 141 Imtech Arena 57,274 95% Thorsten Fink Good 55%
17 116 A+ 1905 19 0 54 190 Trk Telekom Arena 52,695 64% Fatih Terim Strong 48%
18 111 AA- 1899 9 1 79 147 Stade Vlodrome 60,031 85% Elie Baup Satisactory 41%
19 103 AA 1910 5 1 0 94 Estdio do Pacaembu 40,199 63% Tite Good 48%
20 101 AA- 1926 2 0 47 289 San Paolo 60,240 76% walter Mazzarri Satisactory 41%
MAY 2013 | brandFInanCeFooTball |
b tgt
8/22/2019 Clubes Mais Valiosos Do Mundo
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| brandFInanCeFooTball | MAY 2013
mtgy
wt i ?We dene the brand as the trademark
and associated intellectual property.
Football clubs are made up o a mixture
o xed tanible assets (stadium, trainin
round) and disclosed intanible assets
(purchased players) with brand value,
internally developed players & oodwill
makin up the dierence to provide thecombined clubs value.
h it ?We use the Royalty Relie method. This
approach assumes the company doesnt
own their brand and must license it rom
a theoretical third party. The method
determines how much it would cost to do
this. It is called the Royalty Relie method
because when a business owns their
brand they are relieved rom payin a
royalty rate or its use.
ryty ri acThe Royalty Relie method is used or
three main reasons:
1. It is the most reconised by technical
authorities worldwide and avoured
accountin, tax and leal users because
it calculates brand values by reerence to
comparably thirdparty transactions.
2. The method ties back to the
commercial reality o brands and theirability to command a premium in an
arms lenth transaction.
3. It can be perormed on the basis o
publicly available nancial inormation
h t ryty ric k?Determine orecast revenues
reerencin historic trends market
rowth estimates, competitive orces,
analyst projections and company
orecasts.
1. Assess the Brand Strenth we useour BrandBeta Index which in the
case o ootball clubs scores domestic
and European honours, club heritae,
revenue scale and split, attendances
and lobal reach amonst others to
benchmark the brands aainst each
other.
2. Establish a Royalty Rate we review
comparable licensin areements as
well as analysin marins and value
drivers to establish a royalty rate rane
or the sector and revenue stream. Therandeta is then applied to nd the
correct royalty rate or each brand within
the rane.
3. Determine the Discount Rate this
allows us to calculate the net present
value (NPV) o the brands uture
earnins, thereore puttin uture
benets in todays terms.
4. Brand Valuation Calculation steps 1-3
are then brouht toether to determinethe NPV o posttax royalties, which is
the brand value.
b rtig:These are calculated usin Brand
Finances Brand Strenth Index analysis,
which benchmarks the strenth, risk and
uture potential o a brand relative to
its competitors on a scale ranin rom
AAA+ to D. It is conceptually similar to a
credit ratin. The data used to calculate
the ratins comes rom various sourcesincludin Bloomber, annual reports and
Brand Finance research.
b tig itiAAA+ Extremely strong
AA Very strong
A Strong
BBB-B Average
CCC-C weak
DDD-D Failing
vti t
All brand values in the report are asat 29th May 2013 and displayed in US$
millions. For any urther inormation,
please contact:
Dave ChattawayHead o Sports Brand Valuation
+44 207 389 9400
D.Chattaway@brandnance.com
Matt HannaganSports Valuation Analyst
+44 207 389 9400M.Hannaan@brandnance.com
Or visit:
www.brandnance.com
How were therankings compiled?The Brand Finance Index o The Brand Finance Football Brands 2013 was compiled using,
where available, publicly available inormation regarding market share, market growthand company nancials. Our main sources o publicly available data were the DeloitteFootball Money League Report, Bloomberg, individual ootball club Annual Reports and
press releases. Brand value was derived using a relie rom royalty method that valuesbrands according to the cost o re-licensing them rom a hypothetical third party.
8/22/2019 Clubes Mais Valiosos Do Mundo
25/34
MAY 2013 | brandFInanCeFooTball |
b Fic
Since it was ounded in 1996, Brand
Finance has perormed thousands o
branded business, brand and intanible
asset valuations worth trillions o dollars.
b Fic ict ity i: Technical valuations for accounting,
tax and leal purposes
Valuations in support of commercial
transactions (acquisitions, divestitures,
AboutBrand FinanceBrand Finance is an independent global business ocused on advising strongly brandedorganisations on how to maximize value through the efective management o their brandsand intangible assets.
licensin and joint ventures) involvin
dierent orms o intellectual property
Valuations as part of a wider mandate
to deliver valuebased marketin strategy
and trackin, thereby bridin the ap
between marketin and nance. Our
clients include international brand
owners, tax authorities, IP lawyers and
investment banks. Our work is requently
peerreviewed by the bi our audit
practices and our reports have also been
accepted by various reulatory bodies,
includin the UK Takeover Panel. Brand
Finance is headquartered in London
and has a network o international
oces in Amsterdam, Banalore,
Barcelona, Cape Town, Colombo,
Dubai, Geneva, Helsinki, Hon Kon,
Istanbul, Lisbon, Madrid, Moscow,
New York, Paris, Sao Paulo, Sydney,
Sinapore, Toronto and Zareb.
www.brandfnance.com
Valuation
How much should you pay?
Structure of payments
Competitor research
Brand value tracking
Analytics
Business case modelling
Sponsorship impact on drivers
o demand
Return on investment
Sponsorship objectives/KPI
Commission o market research
Strategy
Brand Audit
Brand Fit analysis
Stakeholder mapping
Brand Licensing
Budget setting / allocation
Transactions
Brand due diligence
Negotiation stratey
Brand licensing
Our ServicesAt Brand Finance we have worked with world leaders in the sports industry helping themto build and understand their brand. We apply all o our core service oferings to the sportsindustry ensuring you get the most out o your partnership and brand assets. Our servicesare tailored separately towards the sponsor and the rights holder.
Valuation of rights
Structure of charges
Competitor research
Market review & Expectations
Proof of ROI
Quantication of sponsorship
benets
Database management
Brand Audit
What to license
How to license it
Selecting the right partners Building a more appealing
brand to license
Brand extension /
diversication
Tax ecient brand
structurin
Transfer Pricing
Fundraising
RightsH
older
Sponsor
8/22/2019 Clubes Mais Valiosos Do Mundo
26/34
ConTaCT deTaIls
Brand Finance is the leading brand valuation and strategy frm, helping companies to
measure, manage and maximise the value o their brands or improved business results.
For urther enquiries relating to this report, please contact:
David HaighCEO, UK
david.haigh@brandfnance.com
Edgar Baum,North America
e.baum@brandfnance.com
Xander Bird,Australia
x.bird@bradfnance.com
Samir Dixit,Singapore
s.dixit@brandfnance.com
Gilson Nunes,Brazil
g.nunes@brandfnance.com
Joao Pinto GoncalvesPortugal
j.pintogoncalves@brandfnance.com
Hany Mway,Middle East
h.mway@brandfnance.com
Muhterem IlgunerTurkey
m.ilguner@brandfnance.com
Unni KrishnanIndia
u.krishnan@brandfnance.com
Marc CloostermanNetherlands
m.cloosterman@brandfnance.com
FurTher InTernaTIonal ConTaCTs
Cty Ctct ei
Russia Alexander Eremenko a.eremenko@brandfnance.com
South Arica Oliver Schmitz o.schmitz@brandfnance.com
Sri L anka Ruchi G unewardene r.gunewardene@brandfnance.com
South Korea Min Jae Son minjaeson@metabranding.com
For urther inormation on Brand Finances services,please contact your local representative:
For all other countries, please contact:E. enquiries@brandfnance.comT. +44 0207 389 9400www.brandfnance.comwww.brandirectory.comwww.brandfnanceorums.com
Dave ChattawayHead o Sports Valuation, UKd.chattaway@brandfnance.com
8/22/2019 Clubes Mais Valiosos Do Mundo
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MAY 2013 | brandFInanCeFooTball | 7
aix
8-9 usd t
- Gbp t
- eur t
Contents
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8 | brandFInanCeFooTball |MAY 2013
Top 50 Football Brands USD
Top50FooTb
allbrands1-25
2013
k
2012
k
C
Cty
2013
USD
2012
USD
change
b
Rating
mis
Kitsie
Fe
lege
Tite
Cl
Tite
sq
ve*
st
i
size
utitim
ge
w
i%
1
2
FCBayernMnchen
Germany
860
786
9%
AAA
DeutscheTelekom
Adidas
1900
23
4
578
Allianz-Arena
69,9
01
99%
5
2%
2
1
Manch
esterUnitedFC
England
837
853
-2%
AAA+
Aon
Nike
1878
20
3
562
OldT
raord
75,9
57
99%
6
3%
3
3
RealM
adridCF
Spain
621
600
4%
AAA+
bin
Adidas
1902
31
9
798
SantiagoBernabu
80,3
54
91%
6
7%
4
4
FCBarcelona
Spain
572
580
-1%
AAA
QatarFoundation
Nike
1899
22
4
806
Cam
pNou
99,3
54
80%
7
0%
5
5
ChelseaFC
England
418
398
5%
AA
Samsung
Adidas
1905
4
1
517
Stam
ordBridge
41,8
41
99%
5
4%
6
6
ArsenalFC
England
410
388
6%
AA+
Emirates
Nike
1886
13
0
380
EmiratesStadium
60,3
55
99%
5
6%
7
7
Liverp
oolFC
England
361
367
-2%
AA
StandardChartered
warrior
1858
18
5
327
Anfe
ldRoad
45,5
22
93%
4
2%
8
8
Manch
esterCityFC
England
332
302
10%
AA-
EtihadAirays
Umbro
1880
2
0
578
Etiha
dStadium
47,7
26
97%
5
5%
9
9
ACMilan
Italy
263
292
-10%
AAA-
EmiratesAirlines
Adidas
1899
18
7
281
GiuseppeMeazza
80,0
65
58%
4
9%
10
11
BorussiaDortmund
Germany
260
227
15%
AA
Evonik
Puma
1909
8
1
342
SIGN
ALIDUNAPark
81,2
64
97%
4
8%
11
10
FCSchalke04
Germany
259
266
-3%
AA-
Gazprom
Adidas
1904
7
0
220
Veltins-Arena
61,4
82
100%
5
6%
12
12
Totten
hamHotspurFC
England
219
225
-3%
AA
Autonomy
UnderArmour1882
2
0
357
whiteHartLane
36,2
57
99%
5
9%
13
16
JuventusFC
Italy
180
160
12%
AAA-
Fiat-Jeep
Nike
1897
29
2
433
Juve
ntusStadium
41,0
00
52%
5
0%
14
14
AFCA
jax
Netherlands
162
184
-12%
AA
AEGON
Adidas
1900
31
4
123
AmsterdamArenA
52,9
60
89%
6
3%
15
13
FCInternazionaleMilano
Italy
151
215
-30%
AA+
Pirelli
Nike
1908
18
3
274
GiuseppeMeazza
80,0
65
75%
5
2%
16
17
HamburgerSV
Germany
144
153
-6%
AA
Emirates
Adidas
1887
6
1
141
ImtechArena
57,2
74
95%
5
5%
17
NEw
Galata
sarayA
Turkey
116
NEw
NEw
A+
TurkTelekom
Nike
1905
19
0
190
Trk
TelekomArena
52,6
95
64%
4
8%
18
15
Olymp
iquedeMarseille
France
111
168
-34%
AA-
InterSport
Adidas
1899
9
1
147
StadeVlodrome
60,0
31
85%
4
1%
19
24
SCCo
rinthiansPaulista
Brazil
103
77
34%
AA
Caixa
Nike
1910
5
1
94
EstdiodoPacaembu
40,1
99
63%
4
8%
20
22
SSCN
apoli
Italy
101
85
20%
AA-
MSCCruises
Macron
1926
2
0
289
SanPaolo
60,2
40
76%
4
1%
21
18
Olymp
iqueLyonnais
France
101
120
-16%
AA-
HyundaiMotors
Adidas
1899
7
0
143
StadedeGerland
43,0
51
81%
5
4%
22
NEw
FenerbaheSK
Turkey
95
NEw
NEw
A+
TurkTelekom
Adidas
1907
18
0
198
krSaraoluStadyumu
50,5
30
78%
4
9%
23
36
Bayer
04Leverkusen
Germany
90
64
41%
AA-
SunPoer
Adidas
1904
0
0
190
BayA
rena
30,2
10
95%
6
7%
24
38
ParisS
aint-GermainFC
France
85
64
34%
A+
Emirates
Nike
1970
3
0
403
Parc
desPrinces
48,7
12
60%
5
8%
25
28
VBStuttgart
Germany
83
71
18%
A+
Mercedes-BenzBank
Puma
1893
5
0
122
Merc
edes-BenzArena
55,8
96
70%
4
5%
8/22/2019 Clubes Mais Valiosos Do Mundo
29/34
MAY 2013 |brandFInanCeFooTball | 9
Top 50 Football Brands USD
Top50FooTb
allbrands26-50
2013
k
2012
k
C
Cty
2013
USD
2012
USD
change
b
Rating
mis
Kitsie
Fe
lege
Tite
Cl
Tite
sq
ve*
st
i
size
utitim
ge
w
i%
26
31
Valenc
iaCF
Spain
83
68
22%
AA-
JinkoSolar
Joma
1919
6
0
213
Mest
alla
55,0
00
73%
5
2%
27
32
VLwolsburg
Germany
82
66
25%
A
Vw
adidas
1945
1
0
126
VolksagenArena
30,0
00
96%
4
1%
28
21
ASRo
ma
Italy
82
85
-3%
AA
wIND
Kappa
1927
3
0
220
OlimpicodiRoma
72,6
98
42%
5
3%
29
29
westH
amUnitedFC
England
82
70
17%
A
Sbobet
Macron
1895
0
0
127
Upto
nPark
35,0
16
95%
3
7%
30
20
NecastleUnitedFC
England
81
86
-6%
AA
VirginMoney
Puma
1892
4
0
236
StJamesPark
52,3
87
91%
4
0%
31
19
Aston
VillaFC
England
80
87
-8%
AA-
GentingCasinos
Macron
1874
7
1
144
VillaPark
42,7
88
86%
4
6%
32
30
SVwe
rderBremen
Germany
79
68
17%
AA-
wiesenho
Nike
1899
4
0
114
weserstadion
42,3
58
88%
4
8%
33
23
Everto
nFC
England
78
79
0%
AA-
Chang
Nike
1878
9
0
182
GoodisonPark
40,3
94
89%
4
2%
34
34
Fulham
FC
England
75
65
16%
A+
FxPro
Kappa
1879
1
0
107
Crav
enCottage
25,7
00
97%
4
4%
35
33
Sunde
rlandAFC
England
72
66
10%
A+
InvestinArica
Adidas
1879
6
0
160
StadiumOLight
49,0
00
82%
5
5%
36
NEw
Beikt
aJK
Turkey
71
NEw
NEw
A+
Toyota
Adidas
1903
13
0
125
Fi-Ya
piInnStadi
32,1
45
82%
3
5%
37
45
ClubA
tlticodeMadrid
Spain
67
50
34%
AA-
Azerbaijan
Nike
1903
9
0
319
VicenteCaldern
54,5
81
73%
4
9%
38
NEw
SantosFutebolClube
Brazil
65
38
70%
AA
Philco
Nike
1912
8
3
121
EstdioUrbanoCaldeira
16,7
98
48%
4
7%
39
39
SoPauloFC
Brazil
62
58
6%
A+
SempToshiba
Penalty
1935
6
3
94
EstdiodoMorumbi
67,4
28
37%
4
5%
40
26
PSVE
indhoven
Netherlands
61
74
-18%
AA-
Philips
Nike
1913
21
1
134
Philip
sStadion
35,5
00
94%
5
5%
41
42
Stoke
CityFC
England
59
55
6%
A+
Bet365
Adidas
1863
0
0
128
Brita
nniaStadium
27,5
98
97%
3
7%
42
NEw
SLBenfca
Portugal
56
NEw
NEw
A+
PortugalTelecom
adidas
1904
32
2
243
EstdiodaLuz
65,6
47
58%
6
0%
43
46
Sevilla
FC
Spain
56
49
14%
AA+
Umbro
1905
1
0
167
RamnSnchezPizjuan
45,5
00
79%
4
6%
44
37
Celtic
FC
Scotland
55
64
-13%
AA-
Tennents
Nike
1888
44
1
90
CelticPark
60,8
32
81%
6
9%
45
47
CRFla
mengo
Brazil
55
46
20%
A+
CaixaEconomicaFederal
Adidas
1895
6
1
44
EstdioJornalistaMrioFilho
78,8
38
20%
4
3%
46
44
SCInternacional
Brazil
55
51
8%
A+
Banrisul
Nike
1909
3
2
62
EstdioBeira-Rio
56,0
00
16%
6
7%
47
0
westB
romichAlbionFC
England
54
NEw
NEw
A
Zoopla
adidas
1878
0
0
121
TheHathorns
26,4
84
95%
3
7%
48
25
FCGir
ondinsdeBordeaux
France
53
76
-30%
A+
Kia
Puma
1881
6
0
93
StadeJacques-Chaban-Delmas
34,3
27
73%
3
9%
49
49
ACFF
iorentina
Italy
52
46
15%
AA-
Mazda
Joma
1926
2
0
213
ArtemioFranchi
47,2
82
50%
4
3%
50
48
SSLazioSpA
Italy
52
46
12%
AA-
Macron
1900
2
0
175
OlimpicodiRoma
72,6
98
38%
5
5%
8/22/2019 Clubes Mais Valiosos Do Mundo
30/34
| brandFInanCeFooTball |MAY 2013
Top 50 Football Brands GBP
Top50FooTb
allbrands1-25
2013
k
2012
k
C
Cty
2013
GBP
2012
GBP
change
b
Rating
mis
Kits
ie
Fe
lege
Tite
Cl
Tite
sq
ve*
st
i
size
utiti
mge
wi%
1
2
FCBayernMnchen
Germany
566
498
14%
AAA
DeutscheTelekom
Adidas
1900
23
4
380
Allianz-Arena
69,9
01
99%
5
2%
2
1
Manch
esterUnitedFC
England
551
540
2%
AAA+
Aon
Nike
1878
20
3
370
OldT
raord
75,9
57
99%
6
3%
3
3
RealM
adridCF
Spain
409
380
8%
AAA+
bin
Adidas
1902
31
9
525
Sant
iagoBernabu
80,3
54
91%
6
7%
4
4
FCBarcelona
Spain
376
368
2%
AAA
QatarFou
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