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Areview of thetop European Football Club Foreword Marketing directors often struggle to explain the value of the brands under theircontrol in terms the CEO and investors want to hear.While measures of brandawareness, preference and market share are useful, up to a point, they are really It's notoriously difficult to ask for alarger share of the company's working capitalwithout being able to articulate your argument in financial terms. So, the challengefacing us is that if tangible assets like stadiums and equipment can be assessed, Doing so enables brands to be managed in a more financially robust way viatraditional cost: benefit analyses, for example. This approach suddenly makes long-term investment decisions about future promotional expenditure, and the host of This report attempts to kindle awareness for this type of approach by using publiclyavailable information to value European football club brands.We hope that thereport not only provides a snapshot of the healthiest European football brands, but Wehopeyouenjoythisyears'reportandwelcomeany(feedback@brandfinance.com) David HaighGroup CEO, Brand Finance Most Valuable European Football The table on the following page represents Brand Finance’s calculation of the 20most valuable European football club brands of 2008 (based on 2007 figures). This is the fourth year that Brand Finance has produced a list of the most valuableEuropean football club brands.As with last year’s ranking, Brand Finance has usedthe ‘royalty relief’ approach to perform the valuation. This is an intuitively simpleapproach that assumes a company does not own its own brand and calculates how We used the ‘royalty relief’ methodology for two reasons –firstly, it is the valuationmethodology that is favoured by accounting and tax authorities and the courtsbecauseit calculates brand values by reference to documented,third-partytransactions and secondly, because it can be performed on the basis of publicly It should be noted that when Brand Finance conducts a full valuation as part of aclient project we are able to access timely internal sources of financial and marketdata.This enables a much more detailed analysis of brand value by segment, Most Valuable European Football Club Brands (all figures are in £millions) The Top Five 1. Real Madrid Real Madrid remain at the top of the table as the most valuable European footballbrand with a value of £271m. They have continued to increase the growth of brandvalue this year to 7% up on the previous year, due to the continual investment in toptierplayers and increased revenues through considerable commercial and Real president Ramon Calderon supported Cappello’s removal, saying: ‘‘we mustalways search for excellence…. we’ve made an important step with the title, we'velaid the foundations but we need to find another more enthusiastic way of playing," 2. Manchester United Manchester United remain in second place for 2008 despite good growth in all threerevenue streams of match days, commercial and broadcast. Commercial revenuessawsignificant growth partly due to the lucrative sponsorship deal with AIG.Completing the Quadrant developments at Old Trafford also means the stadium A successful season in the Premiership was somewhat soured by a tame semi-finalexit in the Champion’s League at the hands of AC Milan. However the earlier 7-0trouncing of AS Roma in the Quarter-Finals helpedto restore MUFC’s image as a 3. Barcelona Despite the loss of the UEFA Champions League crown, and the La Liga title2006/2007 Barcelona still rose to number three in the latest brand rankings.The Barcelona grew to a record number of members totalling 156,366 in June 2007. Thissupports the continual growth the club has seen profits through strong match day andbroadcasting revenues. However Barcelona continue to under-utilise the power they 4. Arsenal Arsenal breaks into the top five for the first time on the back of record revenues2006/2007, increased brand strength and popularity. Arsenal sneaked into fourth place in the Premiership ensuring Champions Leagueentry and increased commercial and broadcasting revenues. Arsenal recorded a turnover of £200.8m and operating profit of £51.2m for the2006/2007 season. Whilst seeing steady growth in commercial and broadcastingrevenues Arsenal’s significant boost to income was through the increased match day Arsenal has a large and generally loyal fan base, which ensures that match dayrevenues are maximised through sell-out crowds. 5. Chelsea Chelsea raised two places from last years league table to make the top five for the2006/2007 season pushing Liverpool to sixth. Chelsea’s jump above Liverpool to thefifth place can largely be attributed to their £74.5 million matchday revenue nearly Chelsea improved on last seasons performance in the UEFA Champions League andreached the last four, this provided them with increased centrally generated revenuesinboth sponsorship and broadcasting.At home Chelsea came seco