Forbes' list of the most valuable football clubs

Rank	Team	Country	Value In millions	Debt as % of value[2]	% change on year	Revenue ($M)
1	Manchester United	England	4,123	18	12	737
2	Real Madrid	Spain	4,088	2	14	735
3	Barcelona	Spain	4,064	1	12	706
4	Bayern Munich	Germany	3,063	0	13	640
5	Manchester City	England	2,474	0	19	575
6	Arsenal	England	2,238	12	16	531
7	Chelsea	England	2,000	0	12	466
8	Liverpool	England	1,944	5	30	462
9	Juventus	Italy	1,472	6	17	442
10	Tottenham Hotspur	England	1,237	19	17	387
11	Paris Saint-Germain	France	917	0	16	529
12	Borussia Dortmund	Germany	901	0	12	362
13	Atlético Madrid	Spain	848	3	16	297
14	West Ham United	England	754	8	19	232
15	Schalke 04	Germany	707	11	12	251
16	Roma	Italy	618	44	9	191
17	A.C. Milan	Italy	612	101	-24	213
18	Inter Milan	Italy	606	58	13	285
19	Leicester City	England	500	0	21	295
20	Napoli	Italy	471	0	24	219

Historical rankings

2017 rankings

As of 1 June 2017^[3]

Rank	Team	Country	Value In millions	Debt as % of value[4]	% change on year	Revenue ($M)
1	Manchester United	England	3,690	6	11	850
2	Barcelona	Spain	3,635	6	2	688
3	Real Madrid	Spain	3,580	3	-2	688
4	Bayern Munich	Germany	2,713	0	1	657
5	Manchester City	England	2,083	5	8	650
6	Arsenal	England	1,932	16	-4	572
7	Chelsea	England	1,845	0	11	583
8	Liverpool	England	1,492	7	-4	523
9	Juventus	Italy	1,258	7	-3	379
10	Tottenham Hotspur	England	1,058	17	4	377
11	Paris Saint-Germain	France	841	0	3	578
12	Borussia Dortmund	Germany	808	0	-3	315
13	A.C. Milan	Italy	802	73	-3	238
14	Atlético Madrid	Spain	732	9	16	234
15	West Ham United	England	634	11	17	213
16	Schalke 04	Germany	629	7	-4	249
17	Roma	Italy	569	3	-2	242
18	Inter Milan	Italy	537	37	-4	199
19	Leicester City	England	413	0	-	191
20	Napoli	Italy	379	0	-4	158

2016 rankings

As of 1 May 2016^[5]

Rank	Team	Country	Value ($M)[6]	Debt as % of value[4]	% change on year	Revenue ($M)
1	Real Madrid	Spain	3,645	3	12	694
2	Barcelona	Spain	3,549	2	12	675
3	Manchester United	England	3,317	20	7	625
4	Bayern Munich	Germany	2,678	0	14	570
5	Arsenal	England	2,017	17	54	524
6	Manchester City	England	1,921	0	40	558
7	Chelsea	England	1,661	0	21	505
8	Liverpool	England	1,548	5	58	471
9	Juventus	Italy	1,299	4	55	390
10	Tottenham Hotspur	England	1,017	2	69	310
11	Borussia Dortmund	Germany	836	0	19	338
12	A.C. Milan	Italy	825	32	6	240
13	Paris Saint-Germain	France	814	0	28	578
14	Schalke 04	Germany	655	21	15	264
15	Atlético Madrid	Spain	633	22	45	225
16	Inter Milan	Italy	559	43	27	198
17	West Ham United	England	542	6	76	194
18	Roma	Italy	508	36	N/A	217
19	Napoli	Italy	396	0	12	151
20	Newcastle United	England	383	0	10	104

2015 rankings

As of 6 May 2015^[7]

Rank	Team	Country	Value ($M)[6]	Debt as % of value[8]	% change on year	Revenue ($M)
1	Real Madrid	Spain	3,260	4	-5	746
2	Barcelona	Spain	3,160	3	-1	657
3	Manchester United	England	3,100	20	10	703
4	Bayern Munich	Germany	2,350	0	27	661
5	Manchester City	England	1,380	0	60	562
6	Chelsea	England	1,370	0	58	526
7	Arsenal	England	1,310	30	-2	487
8	Liverpool	England	982	10	39	415
9	Juventus	Italy	837	9	-2	379
10	A.C. Milan	Italy	775	44	-9	339
11	Borussia Dortmund	Germany	700	6	17	355
12	Paris Saint-Germain	France	634	0	53	643
13	Tottenham Hotspur	England	600	9	17	293
14	Schalke 04	Germany	572	0	-1	290
15	Inter Milan	Italy	439	56	-9	222
16	Atlético Madrid	Spain	436	53	33	231
17	Napoli	Italy	353	0	19	224
18	Newcastle United	England	349	0	N/A	210
19	West Ham United	England	309	12	N/A	186
20	Galatasaray	Turkey	294	17	-15	220

2014 rankings

As of 15 July 2014^[9]

Rank	Team	Country	Value ($M)[6]	% change on year	Revenue ($M)
1	Real Madrid	Spain	3,440	4	675
2	Barcelona	Spain	3,200	23	627
3	Manchester United	England	2,810	-11	551
4	Bayern Munich	Germany	1,850	41	561
5	Arsenal	England	1,331	0	370
6	Chelsea	England	868	-4	394
7	Manchester City	England	863	25	411
8	A.C. Milan	Italy	856	-9	343
9	Juventus	Italy	850	22	354
10	Liverpool	England	704	8	313
11	Borussia Dortmund	Germany	599	31	333
12	Schalke 04	Germany	580	16	258
13	Tottenham Hotspur	England	514	-1	224
14	Inter Milan	Italy	483	20	219
15	Paris Saint-Germain	France	415	N/A	518
16	Galatasaray	Turkey	347	N/A	204
17	Atlético Madrid	Spain	328	33	156
18	Hamburg	Germany	326	9	176
19	Roma	Italy	307	19	162
20	Napoli	Italy	296	-10	156

2013 rankings

As of 17 April 2013^[10]

Rank	Team	Country	Value ($M)[6]	% change on year	Revenue ($M)
1	Real Madrid	Spain	3,300	76	650
2	Manchester United	England	3,165	61	502
3	Barcelona	Spain	2,600	99	613
4	Arsenal	England	1,326	3	368
5	Bayern Munich	Germany	1,309	6	468
6	A.C. Milan	Italy	945	-4	326
7	Chelsea	England	901	18	409
8	Juventus	Italy	694	17	248
9	Manchester City	England	689	56	362
10	Liverpool	England	651	5	296
11	Tottenham Hotspur	England	520	-8	226
12	Schalke 04	Germany	498	-15	221
13	Borussia Dortmund	Germany	436	11	240
14	Inter Milan	Italy	401	-18	236
15	Lyon	France	368	-4	167
16	Corinthians	Brazil	358	-	119
17	Napoli	Italy	330	17	188
18	Hamburg	Germany	300	-15	154
19	Marseille	France	285	-18	167
20	Newcastle United	England	263	9	146

2012 rankings

As of 19 April 2012^[11]

Rank	Team	Country	Value ($M)[6]	% change on year	Revenue ($M)
1	Manchester United	England	1,965	5	532
2	Real Madrid	Spain	1,877	34	695
3	Barcelona	Spain	1,307	34	653
4	Arsenal	England	1,292	8	364
5	Bayern Munich	Germany	1,235	12	466
6	A.C. Milan	Italy	989	18	341
7	Chelsea	England	761	16	362
8	Liverpool	England	619	12	295
9	Juventus	Italy	591	-6	223
10	Schalke 04	Germany	587	56	293
11	Tottenham Hotspur	England	564	37	262
12	Inter Milan	Italy	490	11	307
13	Manchester City	England	443	52	246
14	Borussia Dortmund	Germany	394	52	197
15	Lyon	France	385	8	193
16	Hamburg	Germany	355	4	187
17	Roma	Italy	354	38	208
18	Marseille	France	349	26	218
19	Valencia	Spain	288	-	186
20	Napoli	Italy	283	-	167

2011 rankings

As of 20 April 2011^[12]

Rank	Team	Country	Value ($M)[6]	% change on year	Revenue ($M)
1	Manchester United	England	1,864	1	428
2	Real Madrid	Spain	1,400	10	537
3	Arsenal	England	1,200	1	336
4	Bayern Munich	Germany	1,100	6	396
5	Barcelona	Spain	975	-2	488
6	A.C. Milan	Italy	838	5	289
7	Chelsea	England	658	2	313
8	Juventus	Italy	628	-4	251
9	Liverpool	England	552	-33	276
10	Inter Milan	Italy	441	7	275
11	Tottenham Hotspur	England	412	11	179
12	Schalke	Germany	377	-2	171
13	Lyon	France	358	8	179
14	Hamburg	Germany	340	3	179
15	Manchester City	England	291	13	153
16	Stuttgart	Germany	281	0	141
17	Werder Bremen	Germany	279	2	147
18	Marseille	France	277	6	173
19	Atlético Madrid	Spain	275	6	153
20	Borussia Dortmund	Germany	260	-1	124

2010 rankings

As of April 2010^[13][14]

Rank	Team	Country	Value ($M)[6]	Debt as % of value[15]	% change on year	Revenue ($M)	Operating income ($m)[16]
1	Manchester United	England	1,835	46	-2	459	150
2	Real Madrid	Spain	1,323	54	-2	563	130
3	Arsenal	England	1,181	41	-2	369	102
4	Barcelona	Spain	1,000	58	4	513	113
5	Bayern Munich	Germany	990	14	-11	406	61
6	Liverpool	England	822	47	-19	304	37
7	A.C. Milan	Italy	800	0	-19	276	41
8	Juventus	Italy	656	3	9	285	57
9	Chelsea	England	646	8	-19	340	-73
10	Inter Milan	Italy	413	0	12	276	-14
11	Schalke	Germany	384	50	-25	175	-7
12	Tottenham Hotspur	England	372	29	-16	186	35
13	Lyon	France	333	10	-21	196	5
14	Hamburg	Germany	329	0	0	206	41
15	Roma	Italy	308	0	-19	205	25
16	Werder Bremen	Germany	274	0	-6	161	24
17	Marseille	France	262	0	9	187	19
18	Borussia Dortmund	Germany	261	32	-20	145	8
19	Manchester City	England	258	0	-17	143	-56
20	Newcastle United	England	198	8	-30	142	-49