Top clubs' values up despite economy

Football is at least one business that hasn't been sidelined by the recession.

A new report by Forbes magazine finds that the world's top 25 clubs are now worth an average of $597 million, or eight per cent more than a year ago, before the financial crisis fully took hold. Five clubs are worth at least $1 billion.

"With its capitalistic bent, European football rewards the best-performing clubs with higher broadcasting revenue," the magazine said in a report this week.

"Leading the charge is the world's most valuable sports franchise: English Premier League champions Manchester United, worth $1.87 billion."

Indeed, Forbes reports United posted $160 million in operating income, with its stadium, Old Trafford, pulling in more than $200 million in ticket and concession revenue last season.

Spain's Real Madrid ranked as the second most valuable at $1.35 billion, followed by another English club, Arsenal at $1.2 billion, Germany's Bayern Munich at $1.11 billion, and England's Liverpool at $1 billion, according to Forbes.

By comparison, the most valuable Major League Baseball team is the New York Yankees, worth an estimated $1.3 billion as of last April, while the most valuable National Football League team is the Dallas Cowboys, valued at $1.6 billion last September, according to Forbes.

While the financial crisis has resulted in a big pullback in sponsorship of some sports, Europe's top football clubs have been protected by long-term deals they signed with marketers and broadcasters, Forbes said.

Top 20 in forbes list

1. Man. United; 2. Real Madrid; 3. Arsenal; 4. B. Munich; 5. Liverpool; 6. Milan; 7. Barcelona; 8. Chelsea; 9. Juventus; 10. Schalke; 11. Tottenham; 12. Lyon; 13. Roma; 14. Inter; 15. Hamburg; 16. B. Dortmund; 17. Man. City; 18. W. Bremen; 19. Newcastle; 20. Stuttgart.