AC Milan and Inter have overtaken Juventus for the first time in at least a decade in terms of the value of the club, a study has revealed.
La Gazzetta dello Sport (seen below) relay the finding of the latest edition of ‘Football clubs’ valuation: The European Elite’, Football Benchmark’s annual study on the corporate valuations of teams from around the world.
A fitting title would be ‘The Overtaking’ because, for the first time in the decade of monitoring, Milan and Inter have gone above Juventus. The Rossoneri are worth €1.808bn (+26% compared to 2024), the Nerazzurri €1.715bn (+20%), the Bianconeri €1.651bn (-3%).
The three big teams in Serie A are now all gathered in a range between €1.65bn and €1.8bn. Only five years ago, the situation was profoundly different.
The previous
In 2020, Juve were worth – in terms of enterprise value – €1.73bn, more than Inter (€983m) and Milan (€526m) put together. It was a whole other world. The Old Lady incorporated the benefits of a winning cycle and, with the arrival of Ronaldo, had expectations of global grandeur.
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The Milanese sides, on the other hand, were licking their wounds from the decline of their previous ownerships. In recent years, things, on and off the pitch, have changed a lot. Milan and Inter have returned to excel in Italy and to frequent the noble garden of the Champions League.
Juve meanwhile have entered an economic and sporting crisis, from which it is struggling to emerge. “The Bianconeri club has undoubtedly lost a competitive advantage that it had acquired up until the beginning of Covid,” explains Andrea Sartori, CEO and founder of Football Benchmark.
Top ten and trend
Real Madrid lead the 2025 rankings, thanks to the new Bernabeu, exceeding the €6bn mark for the first time (€6.278bn), leaving Manchester City (€5.104bn) and United (€5.051bn) behind. There are no Italian clubs in the top ten (the last time was in 2022, with Juve), but there are eight in the top 32.
Napoli are growing significantly, entering the exclusive circle of clubs worth at least one billion: €1.097bn to be precise. Then there is Roma at €665m, Atalanta at €573m, Lazio at €559m and the new entry Fiorentina at €507m.
Between 2016 and 2025, the aggregate of the top 32 companies’ values grew by 146%, from €26.3bn to €64.7bn. In the same period, the Stoxx Europe 50 stock market index rose by only 47%. This confirms the expansion phase of the football industry.
la gazzetta dello sport 29 may
Looking at the ten-year trend of individual teams, among those that have grown the most are Inter (+330%) and Milan (+232%), behind Tottenham (+357% since 2016) and PSG (+346%). But the absolute values relegate Serie A sides to the back rows.
Sartori added: “Serie A continues to suffer a delay from the European elite. We pay for the stagnation of TV revenues and the almost total absence of owned stadiums. Interest in Italian football, however, remains high.
“The entry ticket to buy a team with a recognised brand is still relatively low compared to the Premier League, and in addition there is greater balance in the race to access the cups.”
Looking to the future, Sartori makes a prediction: “In 2026, Inter will become the first Italian in terms of enterprise value, thanks to the revenues from the Champions League and the Club World Cup.”