Insights - Football Benchmark

Football Clubs' Valuation: The European Elite 2025

Welcome to the 10th edition of Football Benchmark’s Football Clubs’ Valuation: The European Elite, where we evaluate and rank the 32 most prominent football clubs in Europe by their enterprise value (EV). This milestone edition not only features record-breaking valuations, but also offers reflections on the evolving dynamics of the football industry over the past decade.

Different paths, same destination: Paris Saint-Germain FC v. FC Internazionale Milano

As Paris Saint-Germain FC and FC Internazionale Milano meet in the 2025 UEFA Champions League Final, their confrontation is as much a tale of financial contrasts as it is a clash of elite footballing philosophies. Under the lights of Munich, the stage is set not just for a sporting spectacle, but for a deeper contest between two clubs shaped by distinct operating strategies, revenue models, and risk appetites—each having reached the pinnacle of European football by different routes. The following analysis explores the key contrasts while also placing the spotlight on future trajectories within a football industry in constant evolution.

Multi-Club Ownership in Spain: a diverse and strategic landscape

Following our recent analysis of the evolution of multi-club ownership (MCO) in Portugal, attention now turns to Spain, an increasingly attractive market for investors. Unlike Portugal, where MCO-affiliated clubs frequently operate as feeder teams, the Spanish MCO ecosystem is significantly more diverse. It features lead and feeder clubs, horizontally structured networks without clear hierarchies, and hybrid models characterised by shared ownership but limited operational integration.

Multi-Club Ownership: Executive Program

Football Benchmark is proud to announce the launch of the Multi-Club Ownership Executive Program, an in-person masterclass taking place in Milan on 25–26 June 2025.

Reserve Teams: Talent accelerators or institutional afterthoughts?

Reserve teams sit at the intersection of youth development and professional football — but their role across Europe remains anything but uniform. In this article, we unpack how reserve teams are used across UEFA member associations, with a special focus on Spain’s embedded model and contrasting approaches in Germany, Italy, France, and England. Real Sociedad, Athletic Club, FC Barcelona, and Real Madrid show how B teams can serve as fast-track platforms, not long-term holding areas, when aligned with strong academy systems. The key takeaway: reserve teams are not a universal solution. Their value depends on context: regulatory, financial, and cultural.

Attendances in Women’s Football: Strategic Drivers and Outlook

As women’s club football continues to gain ground across Europe, stadium attendances are on the rise. With major media revenues still developing, matchday income is becoming a vital pillar in the sport’s commercial model. In this article, we break down the key drivers behind attendance growth in the top four UEFA women’s leagues — from the pull of marquee matchups to the impact of smarter fixture scheduling. The piece explores both the growing momentum and the structural challenges still facing the women’s game. The key question: how do we convert one-off spikes into consistent, season-long engagement?

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