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

[email protected]

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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


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+


5/34


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


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:


8/34

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


$38m


10/34


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


$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


$46m


11/34


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


$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


$20m


12/34

|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


$38m

brand value

$332m +brand raTInGAA-shIrT sponsor annual value


$40m


13/34


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


$13m

brand value

$260m +brand raTInGAAshIrT sponsor annual value


$8m


14/34


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


15/34

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


16/34

| 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


17/34


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.


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.



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


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


18/34

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.


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.



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 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


19/34

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)


20/34


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.


21/34

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.


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


22/34


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.


23/34

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%


b tgt


24/34


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

[email protected]

Matt HannaganSports Valuation Analyst

+44 207 389 [email protected]

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.


25/34


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


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

[email protected]

Edgar Baum,North America

[email protected]

Xander Bird,Australia

[email protected]

Samir Dixit,Singapore

[email protected]

Gilson Nunes,Brazil

[email protected]

Joao Pinto GoncalvesPortugal

[email protected]

Hany Mway,Middle East

[email protected]

Muhterem IlgunerTurkey

[email protected]

Unni KrishnanIndia

[email protected]

Marc CloostermanNetherlands

[email protected]

FurTher InTernaTIonal ConTaCTs

Cty Ctct ei

Russia Alexander Eremenko [email protected]

South Arica Oliver Schmitz [email protected]

Sri L anka Ruchi G unewardene [email protected]

South Korea Min Jae Son [email protected]

For urther inormation on Brand Finances services,please contact your local representative:

For all other countries, please contact:E. [email protected]. +44 0207 389 9400www.brandfnance.comwww.brandirectory.comwww.brandfnanceorums.com

Dave ChattawayHead o Sports Valuation, [email protected]


27/34


aix

8-9 usd t

- Gbp t

- eur t

Contents


28/34

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%


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%


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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