Chelsea remain London’s most valuable club and the seventh in the world but Roman Abramovich has seen the enterprise value of the West London club fall by £298m in the past 12 months, according to KPMG’s annual report.
The Blues sit one place behind Manchester City, who they face in the the Champions League final on Saturday night, and are fourth among English clubs.
Their value has fallen by 15%, to £1.69bn, due to the pandemic but none of the 32 sides in the report escaped the impact.
The report said: “The 9% annual decrease in operating revenues represented the main reason of the Blues’ EV worsening of 15% compared to the previous edition.
“However, the London club managed to improve their profitability, thanks to cost reduction and the €162m (£140m) profit on players’ disposals, mainly associated with the sale of Eden Hazard and Alvaro Morata to Real Madrid CF and Atletico de Madrid, respectively.”
1 Real Madrid -16% (compared to last year) Value: £2.62bn
2 Barcelona -10% Value: £2.58bn
3 Manchester United -20% Value: £2.39bn
4 Bayern Munich -9% Value: £2.36bn
5 Liverpool -14% Value: £2.059bn
6 Manchester City -17% Value: £1.95bn
7 Chelsea -15% Value: £1.69bn
8 Paris Saint-Germain -8% Value: £1.58bn
9 Tottenham Hotspur -17% Value: £1.54bn
10 Juventus -15% Value: £1.33bn
11 Arsenal -22% Value: £1.3bn
18 Everton -15% Value: £410m
20 Leicester City -24% Value: £382m
Tottenham Hotspur sit ninth but are trending upwards since 2016, while Arsenal’s sharp decline has seen them drop put of the top ten for the first time to 11th.
Eight Premier League sides feature in the top 20, with the London trio joined by Liverpool, both Manchester clubs, Everton and Leicester City. West Ham United are one of three clubs to have fallen out of the 32-club ranking having been included last season.
Real Madrid and Barcelona remain the top two clubs, while Manchester United are the most valuable English club.
None of the 29 clubs with existing data survived a decrease, with the report stressing the impact of the pandemic.
“The aggregate Enterprise Value of the 32 most prominent European football clubs has dropped by 15% year on year (-£5.26bn), down to €33.6bn (£29bn), a value slightly higher than the 2018 level,” KPMG said.
“Broadcasting and matchday income were impacted to the greatest extent by the pandemic, whereas commercial revenues slightly increased, mainly thanks to agreements signed before the start of the health crisis.
“The impact of the pandemic is apparent in clubs’ profitability as well: only seven of the top 32 clubs reported a net profit, while there were 20 profitable clubs in this elite a year before.
“Despite the latest 15% EV drop mainly caused by Covid-19, the 32 clubs increased their aggregate EV by 27% from 2016 until now.”