Football Benchmark: Milan lead Europe in club value increase – the data

By Oliver Fisher -

AC Milan’s growth off the field continues, as they are the European club with the fastest growth recorded in the last year.

Today’s edition of Il Sole 24 Ore (via presents ‘The European Elite 2023’ – Football Benchmark’s annual report on the health of European football which ranks the 32 most valuable football clubs in Europe.

There has been a change at the top of the rankings after four years of domination, as Manchester City have overtaken Real Madrid to become the European football club with the greatest business value.

No club in Europe has grown like Milan over the past 12 months. The Football Benchmark study writes that ‘AC Milan are the club that has had the greatest increase in value in the last 12 months’, underlining the continuation of the work started by Elliott Management after the dark situation they inherited.

The club with the highest enterprise value in Italy is still Juventus with €1.794bn, even if they have lost their position in the top 10, then after are Inter in 14th with €1.258bn in value.

The other Italians in the ranking are Napoli (17th with €706m), Atalanta (23rd with €576m), Roma (25th with €555m) and Lazio (31st with €429m).

The method used by Football Benchmark to calculate enterprise value is as follows: the value of the capital held by the shareholders (equity) plus the financial debts, minus the cash.

In this way it is possible to determine how much a company is worth regardless of the structure of the capital used to finance the activity.

The algorithm used for the analysis takes into account five factors: profitability, popularity, sporting potential (based on the value of the squad), TV rights and ownership of the stadium.

Tags AC Milan


    1. Saint Jerry was so sad that Milan didn’t won anything besides a scudetto that he decided to leave his Wall Street ludicrous business to save the club.

      Or he didn’t even know that Milan won many UCL and just saw an opportunity to get a historic brand with increasing value to finally resell later for profits? Hard to say, really.

      1. Increasing the value is a bad thing? Increasing value means more valuable players and usually that translates into better players. I’d rather go this route than Inter’s “let’s take a few hundred million debts and see if we can find a rabbit that sh*ts gold bars to pay them back”.

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