The $3 billion race for your jersey: inside sport’s most lucrative battleground
Shirt sponsorships are no longer just about visibility – they’re emotional investments in culture, community and global storytelling.
In modern soccer, many of the biggest battles take place far from the pitch. They’re fought in marketing offices and, most visibly, on the sleeves and chests of jerseys, where brands compete fiercely to be seen alongside the crests of the most powerful clubs in the world.
The European ‘football’ shirt has become a commercial goldmine, now one of the main sources of revenue for Europe’s elite clubs. While fans might balk at paying more than $100 for an official kit, the real financial windfall lies in sponsorship deals and the contracts with the brands that manufacture them. These often billion-dollar agreements are as strategically important as signing a star striker.
Jaime Fortuño, an expert in sports sponsorship and co-founder of MBP Coaches’ School, spoke to AS to explain how these partnerships work. “Top clubs are unique global platforms,” he says. But companies are no longer looking solely for publicity. “It’s not just about visibility anymore – it’s about emotional association. The return is now measured in brand positioning, market penetration and the intangible value of being part of football’s global culture.”
Manchester City sets a new bar
In recent weeks, Manchester City has once again put itself at the center of football’s financial map, signing a historic 10-year deal with Puma worth £1 billion (around $1.3 billion). This contract not only deepens the club’s ties with the German brand but also raises the value of City’s shirt to a record-breaking $230 million per season.
That figure includes $81 million from main sponsor Etihad Airways and another $23 million from cryptocurrency platform OKX for the sleeve. The inflation of these numbers raises an ever-present question: are we heading toward market saturation?
Not at all, says Fortuño. “What we’re seeing is a transformation of sponsorship into long-term strategic alliances. It’s not just inflation – it’s a shift in the model. Puma is betting on City as the flagship of a new narrative: modern, competitive, and represented by the City Football Group.”
Real Madrid is still the king
Despite City’s surge,Real Madrid still wears the crown. The Spanish club leads the global ranking with a shirt valued at $285 million per year. Its most lucrative deal is with Adidas, which has dressed the team since 1998 and pays $132 million annually.
Fly Emirates, on the shirt since 2013 and a club partner since 2011, adds another $77 million a year. The airline also sponsors Arsenal, but that deal is about $22 million less per season. Why the difference?
“The value of a sponsorship depends on global reach, club history, fan engagement and increasingly, the club’s ability to create multiplatform content,” says Fortuño. “Real Madrid isn’t just a football club with millions of fans – it’s a consolidated global brand.”
Madrid’s regular presence in the latter stages of the Champions League is also crucial. “That constant exposure multiplies visibility. Arsenal, while strong, doesn’t carry the same international competitive weight – and that directly impacts the numbers.”
The latest addition to Madrid’s shirt is HP, which pays $77 million per season for a sleeve spot once considered secondary. It’s a striking figure that underscores the club’s immense commercial pull.
“Sponsorships aren’t just about being visible during a match anymore,” Fortuño explains. “HP’s deal shows how brands now aim to integrate into a club’s story – from tech innovation to sustainability. In the digital age, ‘secondary’ spaces have become premium real estate thanks to content and storytelling.”
Madrid offers constant exposure in the final stages of the Champions League, which multiplies visibility.
Jaime Fortuño, sports marketing expert
City, United and Barça, after the whites
With Puma now paying top dollar, City climbs to second place globally with $230 million per year from its three sponsors. Close behind is Manchester United, whose shirt is worth up to $219 million per season.
United’s renewed deal with Adidas, signed in 2023, brings in $115 million per year – a 20% increase from the previous agreement. Snapdragon, owned by Qualcomm, is the main sponsor through 2029 for $77 million, while DXC Technology adds another $22–27 million annually through its sleeve deal. That puts United’s total between $217 and $219 million, on par with FC Barcelona.
Despite its financial and institutional instability, Barça has managed to maintain one of the most valuable shirts in global football. The club renewed its deal with Nike in November 2024, a contract they called “historic”, which now pays $132 million per season. Spotify, the main sponsor since 2022, contributes another $77 million.
It was an ambitious move by the music platform, coming at a time when the club was struggling on and off the pitch. But for Fortuño, it was a smart, strategic play.
Spotify understood that Barça, even in crisis, remains one of the most influential clubs in the world.
Jaime Fortuño, sports marketing expert
“Sporting results matter, but reputation and audience connection are becoming more important. Spotify knew that even in crisis, Barça remains one of the most influential clubs in the world, with a massive and engaged fanbase. Their identity – values, youth academy, style of play – resonates globally. In this data-driven, digital age, it’s about community and emotional positioning, not just on-field success.”
Completing Barça’s sponsorship triangle is Ambilight TV, which joined in 2023. Its five-year deal starts at $8.8 million per season and grows to $15.4 million by 2028, with two optional seasons left to the next board. That brings Barça’s annual total to around $219 million – cementing its status among the elite.
PSG and Bayern cash in
Paris Saint-Germain is now the fifth most valuable shirt in football. Its deal with Nike – valid through 2031 – brings in $99 million a year, with another $77 million from Qatar Airways. Sleeve sponsor QNB adds about $11 million, pushing the total to $187 million.
Germany’s top earner is Bayern Munich, whose long-standing partnership with Adidas earns the club $66 million annually until 2030. Its front-of-shirt deal with Deutsche Telekom, renewed until 2032, is worth $71 million per year. Allianz, primarily associated with stadium naming rights, contributes another $13 million. In total, Bayern earns over $150 million per season – a picture of commercial consistency.
The power of the Premier League
The Premier League not only dominates on the field – it leads commercially, too. Its global reach, booming TV rights and growing influence in Asia and the Americas make it a sponsorship juggernaut. Unsurprisingly, five of the ten most valuable shirts belong to Premier League clubs.
“Logos on shirts are just the beginning,” Fortuño stresses. “Brands want integration into content ecosystems, access to digital communities and tailored experiences. The shirt is now a gateway into a world of storytelling, emotion and hyperconnected audiences.”
Seventh on the list is Arsenal, which signed a new deal with Adidas in 2018, worth $73 million per season through 2030. Fly Emirates, a partner since 2006, adds $63 million, and also lends its name to the club’s stadium. Visit Rwanda completes the trio, with a sleeve deal worth over $12 million a year. Combined, Arsenal pulls in nearly $150 million annually.
In eighth is Liverpool, whose main sponsor Standard Chartered renewed through 2027 for $66 million a season – rising to $79 million from 2025. Nike, its current kit manufacturer at $39 million a year, will be replaced by Adidas in the upcoming season at more than $77 million.
Expedia, the sleeve sponsor, pays around $11 million per season. All in, Liverpool is expected to reach $115 million next year.
Ninth is Borussia Dortmund, earning between $113 million and $120 million a season. Its long-term deal with Puma – worth up to $439 million over nine years – pays $41–48 million annually. Evonik contributes $22 million for Champions League visibility, while 1&1 handles Bundesliga appearances for $44 million. Logistics firm GLS chips in with $5.5 million.
Fortuño highlights Puma’s growing role in football. “These numbers reflect a more sophisticated approach. Puma is gaining ground by telling fresh, urban, relevant stories. That agility allows them to compete with giants like Nike and Adidas.”
Tottenham completes the top ten, with $88 million per year. Nike has been with Spurs since 2017 and will remain through 2033, at $39 million per season. Insurer AIA, the main sponsor until 2027, pays $50 million annually.
Far from slowing down, the football sponsorship market shows no signs of stalling. If anything, it’s evolving into a more sophisticated, emotional, and deeply integrated space. As Fortuño puts it: “It’s no longer enough to be on the chest – you have to be part of the story.”
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