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Study: Real Madrid remain soccer’s most valuable club

Spanish soccer giants increase their valuation by 19% YoY to US$6.07bn.

1 June 2023 Josh Sim

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Spanish titans Real Madrid have topped Forbes’ latest list of the most valuable soccer teams in the world with a valuation of US$6.07 billion.


  • Real increase their valuation by 19 per cent year-over-year (YoY)
  • Manchester United rank second on the list with a US$6 billion valuation, up 30 per cent
  • Newly-crowned Spanish champions Barcelona are third with a valuation of US$5.51 billion, ahead of Liverpool who are worth US$5.29 billion
  • Premier League champions Manchester City round off the top five with a valuation of US$4.99 billion
  • Of the 30 clubs on the list, City had the highest revenue with US$815 million and the highest operating income with US$175 million
  • Newcastle United increased their value by 51 per cent YoY, which was the most on the list
  • The 30 most valuable soccer teams are worth an average of US$2.17 billion


This is the seventh time Real have topped Forbes’ annual list, with the outlet valuing the club at US$5.1 billion last year. Their valuation is still some way off that of the National Football League’s (NFL) Dallas Cowboys, which Forbes most recently valued at US$8 billion.

According to the US business outlet, the increase in values across the board was largely due to the higher enterprise multiples (enterprise value divided by revenue) that buyers are paying for clubs.

Coming next:

More investment in Europe’s top soccer clubs could increase their valuations further, with Paris Saint-Germain’s owners reportedly interested in parting with a minority stake and Manchester United currently in the process of being sold by the Glazer family.

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