Despite turbulent seasons on the pitch, Real Madrid and Manchester United have topped Forbes’ latest annual list of the most valuable football clubs in the world.

Spanish giants Real Madrid top the list, being the second team from any sport to cross a billion dollars in revenue, securing its spot at the top of a list of 30 clubs worth a total of $72 billion

Madrid remains the world’s most valuable football team, now worth $6.75 billion, a two percent rise from 2024. But while Los Blancos topped the financial charts, their 2024/25 season on the pitch was far from smooth. 

Injuries, especially in defence, took a toll, and they ended the campaign without a single trophy. They lost to Barcelona in both the Copa del Rey and Spanish Super Cup finals and were knocked out of the Champions League quarterfinals by Arsenal.

The Reds follow as the world’s second most valuable football club with a value of $ 6.6 billion, despite recent struggles on the pitch and financial challenges.

According to Forbes, United’s value went up by 1% despite finishing eighth in the Premier League in 2023/24 and missing out on Champions League football. 

They did lift the FA Cup that season, but things went downhill in the 2024/25 as they dropped to 15th having their worst ever campaign in the league and lost the Europa League final to Spurs. As a result, the Red Devils won’t be playing in Europe next season.

United are still facing serious financial pressure, with debts of £1billion and losses of £113.2million recorded in the 2023/24 season. Since taking charge of football operations, minority owner Sir Jim Ratcliffe has introduced cost-cutting measures, including letting go of around 250 staff last summer saving the club an estimated £8–£10 million. Reports suggest another 200 job cuts this summer.

Even with all the off-pitch issues, the club is thinking long-term. Back in March, United announced plans to build a new £2 billion stadium on the current Old Trafford site, a project that could boost their commercial strength in the future.

Elsewhere on the list, Barcelona come in third, with Liverpool right behind them valued at $5.4billion and pulling in $773million in revenue. Manchester City recorded the second-highest revenue at $901 million but still sit fifth in overall value at $5.3billion, which is a 4% rise from last year.

Forbes’ valuations factor in both equity and net debt, using past transactions and the future outlook of each league. Revenue and operating income numbers are based on the 2023-24 season. 

The values cover stadium-related earnings but don’t include the land itself. Debt includes long-term loans, like those tied to stadium financing. The data is gathered from club reports, executives, investors, credit agencies, and sports bankers.

Top 30 most valuable clubs in the world

1.Real Madrid

•Owner: Member-owned (Socios)

•League: La Liga (Spain)

•Valuation: $6.75 billion (+2%)

•Revenue: $1.129 billion

2. Manchester United

•Owner: Glazer family (majority), Sir Jim Ratcliffe (minority)

•League: Premier League (England)

•Valuation: $6.6 billion (+1%)

•Revenue: $834 million

3.Barcelona

•Owner: Member-owned (Socios)

•League: La Liga (Spain)

•Valuation: $5.65 billion (-2%)

•Revenue: $840 million

4.Liverpool

•Owner: Fenway Sports Group

•League: Premier League (England)

•Valuation: $5.37 billion (+6%)

•Revenue: $773 million

5. Manchester City

•Owner: City Football Group (Sheikh Mansour)

•League: Premier League (England)

•Valuation: $5.3 billion (+4%)

•Revenue: $901 million

6. Bayern Munich

•Owner: Member-owned (75%) + Adidas & others

•League: Bundesliga (Germany)

•Valuation: $5 billion (+2%)

•Revenue: $781 million

7. Paris Saint-Germain

•Owner: Qatar Sports Investments

•League: Ligue 1 (France)

•Valuation: $4.4 billion (+6%)

•Revenue: $754 million

8. Tottenham Hotspur

•Owner: ENIC Group (Joe Lewis & Daniel Levy)

•League: Premier League (England)

•Valuation: $3.2 billion (+11%)

•Revenue: $665 million

9. Chelsea

•Owner: Todd Boehly consortium

•League: Premier League (England)

•Valuation: $3.13 billion (+2%)

•Revenue: $620 million

10. Arsenal

•Owner: Kroenke Sports & Entertainment

•League: Premier League (England)

•Valuation: $2.6 billion (+9%)

•Revenue: $560 million

11. Juventus

•Owner: Exor N.V. (Agnelli family)

•League: Serie A (Italy)

•Valuation: $2.05 billion (+7%)

•Revenue: $459 million

12. Borussia Dortmund

•Owner: Publicly traded (51% owned by members)

•League: Bundesliga (Germany)

• Valuation: $1.98 billion (+8%)

•Revenue: $441 million

13. Atlético Madrid

•Owner: Miguel Ángel Gil Marín (majority)

•League: La Liga (Spain)

•Valuation: $1.6 billion (+5%)

•Revenue: $382 million

14. AC Milan

•Owner: RedBird Capital Partners

•League: Serie A (Italy)

•Valuation: $1.43 billion (+9%)

•Revenue: $405 million

15. Los Angeles FC

•Owner: Larry Berg, Magic Johnson, and others

•League: MLS (USA)

•Valuation: $1.2 billion (+18%)

•Revenue: $140 million

16. West Ham United

•Owner: David Sullivan & David Gold (majority)

•League: Premier League (England)

•Valuation: $1.1 billion (+13%)

•Revenue: $289 million

17. Inter Miami

•Owner: David Beckham & Jorge Mas

•League: MLS (USA)

•Valuation: $1.03 billion (+36%)

•Revenue: $118 million

18. Inter Milan

•Owner: Suning Holdings Group

•League : Serie A (Italy)

•Valuation : $1 billion (+6%)

•Revenue : $398 million

19. LA Galaxy

•Owner: Philip Anschutz (AEG)

•League: MLS (USA)

•Valuation: $950 million (+4%)

•Revenue: $95 million

20. Atlanta United

•Owner: Arthur Blank

•League: MLS (USA)

•Valuation: $900 million (+8%)

•Revenue: $95 million

21. New York City FC

•Owner: City Football Group

•League: MLS (USA)

•Valuation : $850 million (+7%)

•Revenue : $70 million

22.Aston Villa

•Owner: NSWE Group (Nassef Sawiris & Wes Edens)

•League: Premier League (England)

•Valuation: $800 million (+10%)

•Revenue: $257 million

23.Newcastle United

•Owner: Public Investment Fund (Saudi Arabia)

•League: Premier League (England)

•Valuation: $795 million (+19%)

•Revenue: $303 million

24.Fulham FC

•Owner: Shahid Khan

•League: Premier League (England)

•Valuation: $790 million (+15%)

•Revenue: $221 million

25.Seattle Sounders

•Owner: Adrian Hanauer & others

•League: MLS (USA)

•Valuation: $785 million (+6%)

•Revenue: $75 million

26. Crystal Palace

•Owner: Steve Parish (majority)

•League: Premier League (England)

•Valuation: $780 million (+13%)

•Revenue: $218 million

27. D.C. United

•Owner: Josh Harris & Jason Levien

•League: MLS (USA)

•Valuation: $775 million (+5%)

•Revenue: $85 million

28. Austin FC

•Owner: Anthony Precourt

•League: MLS (USA)

•Valuation: $750 million (+10%)

•Revenue: $87 million

29. Brighton & Hove Albion

•Owner: Tony Bloom

•League: Premier League (England)

•Valuation: $730 million (+14%)

•Revenue: $247 million

30. Toronto FC

•Owner: Maple Leaf Sports & Entertainment

•League: MLS (Canada)

•Valuation: $725 million (+5%)

•Revenue: $69 million