Real Madrid continues to lead the way as the most valuable club in the world, ahead of City and United.
The Football Benchmark 2025 report confirms Real Madrid’s dominance in business value, revenue, and profits, while Real Sociedad makes a strong entrance and Betis makes their debut.
Real Madrid hasn’t had its best year on the pitch, but it also continues to dominate in the offices. When it’s referred to as the biggest club in the world, it’s not just a question of history or track record. The numbers also speak for themselves. The prestigious annual Football Benchmark report ranks Real Madrid as the most valuable club on the planet for the second consecutive year , with a business valuation of €6.278 billion. No one comes close. Not even the mighty Manchester City (2nd) and Manchester United (3rd) , which for the first time surpassed €5 billion in valuation, but are still more than €1.1 billion behind the leader.
Despite the economic turbulence of European football, in a decade marked by the pandemic, inflation, and profound changes in the football industry, Madrid has doubled its value since 2016 (+116%) and also leads the way in operating revenue (€1.065 billion).It is the only club that has maintained positive accumulated net profits over the last ten years , an exception in a League—and a European ecosystem—marked by structural losses.
” Real Madrid have maintained their status as the world’s most valuable football club and made history by becoming the first to surpass a €6 billion valuation . Their success in LaLiga and the UEFA Champions League during the 2023/24 season was matched off the pitch, with the refurbished Santiago Bernabéu nearly doubling matchday revenue ,” explains Antonio Di Cianni, Director of Football Finance & Strategy at Football Benchmark. Matchday revenue soared to €251 million .
Barça and Atleti: big numbers, big risks
Just behind these three teams, albeit at a distance, is Barcelona , which occupies fourth place in the world rankings, with a business value of €4.459 billion . “Barcelona has climbed to fourth place, driven in part by a significant reduction in personnel costs,” argues Di Cianni.
However, the Catalan club is paying the price for its riskier management in the transfer market. It has grown by 62% since 2016 , but the report’s data reveals a worrying trend: its staff costs (€558 million) are second only to those of Real Madrid, and, unlike its eternal rival, it has accumulated losses since 2015 exceeding €200 million , with a net negative balance of over €500 million in the transfer market.
Atlético Madrid is another of the Spanish players featured in the report. Its growth in value is even greater than that of Real Madrid: +217% since 2016 , reaching a valuation of €1.873 billion , consolidating its position as the third-largest player in the country.
However, the red-and-white club has also posted a negative net result over the last decade and remains a net buyer in the transfer market, with more spending than income since 2014/15.
Real Sociedad, the example to follow
The report’s positive surprise comes from San Sebastián. In a landscape dominated by the big clubs, Real Sociedad is emerging as the breakout club and establishing itself as a model of sustainability. With year-on-year growth of 35% , it has reached an enterprise value of €529 million and climbed four places in the global ranking.
Not only that: it is the only club along with Madrid to have a positive cumulative net result since 2014/15 and, in addition, it leads the positive balance in transfers , with a surplus of 66 million in that same period.
These figures confirm the effectiveness of the Txuri-Urdin model: youth academy, sustainability, sporting intelligence, and prudent financial management. A club that competes with dignity in Europe without losing sight of its financial situation. A mirror to look into.
Sevilla and Betis: opposite trajectories
Sevilla , for its part, has seen the biggest drop among the Spanish clubs analyzed. The Andalusian club has dropped nine places compared to the previous year and has seen its value fall by 19% , largely due to its financial deterioration. Although it maintains a nearly balanced balance in signings , its cumulative net income is now approaching a loss of €100 million .
In contrast, Real Betis is making its debut in the Top 32 of European football. Its entry into this exclusive group reflects a clear institutional consolidation , reaching a value of 472 million . Like Real Madrid, its strategy has been prudent and effective : it signs few, but well; it keeps its expenses under control, and its transfer balance is positive.
For Di Cianni, “it’s encouraging to see clubs like Real Betis enter the rankings and Real Sociedad achieve a 35% growth in value, the second-highest growth in our ranking. These are clear signs that value and ambition are not limited to Spain’s traditional giants.”
LaLiga: concentration, inequality and dependence
The data makes it clear that LaLiga is a two-speed league . While Real Madrid, Barça, and Atleti maintain astronomical revenue and expenditure figures—with staff budgets exceeding 350 million euros—the other clubs analyzed (Real Sociedad, Betis, Sevilla) do not exceed 200 million euros in personnel costs or operating income.
In terms of revenue, Real Madrid once again leads the way, generating over €1.065 billion in 2023/24, ahead of Barça (€759 million) and Atlético de Madrid (€442 million). The other Spanish clubs do not exceed the €200 million threshold, revealing a growing gap in the distribution of resources within the league itself.
And Europe? English dominance and Italian absence
At a global level, the report provides striking data. No Italian club now appears in the top 10 by business value , with Juventus falling to 15th place after accumulated losses of nearly €1 billion. Inter and Roma also appear among the worst balance sheets.
Meanwhile, the Premier League continues to assert its financial might , placing six clubs in the Top 10. Aston Villa is the club with the most year-on-year growth (+42%) . The difference is such that the average value of English clubs exceeds €3 billion, double that of 2016. Germany and France follow suit, but with less financial muscle.
Beyond the giants, Arsenal (7th) and Milan (13th) stand out with their growth of 29% and 30% respectively. The English club has climbed three places thanks to a significant increase in commercial revenue , while the Rossoneri have become the most valuable Italian club, overtaking Juventus and Inter
Between buyers and sellers: two worlds
The report also highlights two increasingly extreme business models. Manchester United, PSG, and City lead the way in net transfer spending , with the Old Trafford club recording over €1 billion in net transfer losses since 2016. At the other extreme are Benfica, Ajax, Atalanta, and Porto, who are not only surviving but growing as net sellers thanks to efficient academies and profitable scouting policies. Real Sociedad also appears in that group .
Football as a financial asset
Since 2016, the aggregate value of Europe’s top 32 clubs has soared by 146% , far outperforming stock market indices such as the STOXX Europe 50. But this boom has its nuances: overall profitability remains in the red , although improving, and sustainability is now a central issue on boardroom tables.
The new Champions League format and the expanded Club World Cup promise an extra boost in revenue. But they also threaten to clog the calendar and fuel tensions between clubs, leagues, and federations. The financial battle is far from over.
In this context , Real Madrid’s dominance takes on even more significance . Not only does it lead a global ranking dominated by English clubs, but it does so as the only club that combines sporting success, financial strength, and a balanced market strategy. In an era where numbers matter as much as goals, Spanish football finds its best ambassador in Real Madrid. And perhaps in Real Sociedad, the most replicable example.
