Manchester United named world’s second most valuable soccer club; 8 MLS teams in top 30

Manchester United has been named as the world’s second most valuable club — despite their ongoing struggles on the field — behind Real Madrid, while eight Major League Soccer (MLS) teams make the global top 30 list.

In figures compiled by Forbes, United are valued at $6.6billion (£4.9bn, €5.82bn) with Madrid topping the global list for a fourth successive year at $6.75bn (£5.01bn, €5.95bn).

The figures are based on club accounts for 2023-24, when United finished eighth in the Premier League — their lowest league finish since 1990 — and missed out on Champions League qualification, although they did win that season’s FA Cup. The club finished 2024-25 in 15th and without a trophy, but did reach the Europa League final.

The data outlines how Madrid became the first soccer club to surpass $1bn (£740million, €880m) in annual revenue with $1.13bn (£840m, €1bn) for 2023-24; the NFL’s Dallas Cowboys are the only other sports club to have surpassed Madrid’s figure.

Madrid’s figures were boosted by winning the 2023-24 Champions League, which bolstered their accounts with $154m in prize money.

Barcelona ($5.65bn), Liverpool ($5.4bn) and Manchester City ($5.3bn) complete the top five.

England’s Premier League is the most represented division in the top 30 with 12 teams, with Arsenal, Tottenham Hotspur and Chelsea all ranking in the top 10.

Elsewhere in Europe, there are four clubs from Italy’s Serie A, three from Spain’s La Liga, two from the German Bundesliga and Paris Saint-Germain as the sole representative from France’s Ligue 1.

Los Angeles FC ($1.25bn) are the highest-ranked MLS club at 15th, with Inter Miami, LA Galaxy, Atlanta United, New York City FC, Austin FC, Seattle Sounders and D.C. United all in the top 30.

The Forbes football rich list is similar to the Sportico model of club valuation, which also monitors and calculates the total values of football clubs. In May 2024, Sportico named United as the world’s most valuable club at at $6.2b ahead of Real Madrid ($6.06bn).

Earlier this month, Forbes published its annual report on the income of the world’s wealthiest athletes with soccer player Cristiano Ronaldo named the highest-paid sportsperson on the planet for the third successive year.

Ronaldo, currently of Al Nassr in Saudi Arabia, is estimated to have brought in $275m (£207m) during the 12-month period under assessment.

The 40-year-old Portuguese forward finished ahead of Golden State Warriors’ Steph Curry ($156m) and heavyweight boxer Tyson Fury ($146m). Lionel Messi, star of Argentina and Inter Miami, was fifth on the list with earnings of $135m, narrowly behind Dallas Cowboys’ quarterback Dak Prescott.

The world’s 30 most valuable soccer clubs 

1. Real Madrid, $6.75bn
2. Manchester United, $6.6bn
3. Barcelona, $5.65bn
4. Liverpool, $5.4bn
5. Manchester City, $5.3bn
6. Bayern Munich, $5.1bn
7. Paris Saint-Germain, $4.6bn
8. Arsenal, $3.4bn
9. Tottenham Hotspur, $3.3bn
10. Chelsea, $3.25bn
11. Juventus, $2.15bn
12. Borussia Dortmund, $2.05bn
13. Atletico Madrid, $1.7bn
14. Milan, $1.5bn
15. LAFC, $1.25bn
16. Inter Miami, $1.2bn
17. Inter, $1.15bn
18. West Ham United, $1.125bn
19. Newcastle United, $1.1bn
20. LA Galaxy, $1bn
21. Atlanta United, $975m
22. Aston Villa, $900m
23. New York City FC, $875m
24. Brighton & Hove Albion, $860m
25. Fulham, $850m
26. Austin FC, $825m
27. Roma, $810m
28. Seattle Sounders, $800m
29. Crystal Palace, $790m
30. D.C. United, $785m

All figures compiled by Forbes.

How are the valuations calculated?

Forbes calculate valuations based on revenue streams and figures published by club accounts. Forbes describe these as “enterprise values (equity plus net debt) based on historical transactions and the future economics of each league and each team”.

The figures are taken from accounts for the relevant period (2023-24 for European clubs, February 2025 for MLS sides) and rounded to the nearest $1m.

The team valuation is broken down into four categories: matchday, broadcast, commercial and club brand.

Broadcast is comprised of distributions from domestic league, cups and European competitions.

Commercial revenue is based on a team’s value derived from sponsorships, merchandising and revenue from other commercial operations.

Matchday revenue is derived from gate receipts and corporate hospitality revenue.

Forbes say that alongside published accounts, their data is drawn from “team executives, soccer team investors, credit rating agency reports and sports bankers, as well as the annual Deloitte Football Money League report and the soccer finance reporter known as Swiss Ramble”.

Why are MLS clubs so valuable?

Revenues in MLS are low, clubs rarely turn a profit and they are unable to tap into UEFA’s money on offer in European competition. So why do its clubs feature so prominently on the list?

Forbes highlight that European leagues have their own unique challenges, which either are not applicable to MLS sides or less relevant. Forbes say European valuations may be impacted by factors such as “significant debt, restrictive ownership requirements, underwhelming rises (or even declines) in media rights fees, and bureaucratic red tape that makes stadium improvements difficult.”

The absence of relegation from MLS also adds stability to MLS valuations and increases the floor of income levels, while Forbes say that the presence of a salary cap can “keep spending in check”.

The league’s valuation has also been boosted by a 10-year broadcast deal with Apple, and a series of high-profile player arrivals including Lionel Messi at Inter Miami that has boosted its global profile, while the U.S. will also be among the host nations for the 2026 World Cup.

(Top photo: Carl Recine/Getty Images)

Source: https://www.nytimes.com/athletic/6394581/2025/05/31/manchester-united-value-forbes-list-real-madrid/

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