The race to the glory of UEFA Champions League 25/26 is nearing the finish line with the final four teams taking their places in semi-finals, each with their own ambition. We are sure to some very exciting contest in the next few weeks as Bayern Munich takes on PSG in one semi-final while Atlético de Madrid battle Arsenal in the other for a place in the final to be played in the iconic Puskas Arena in Budapest, Hungary.
Of the four:
- Only Bayern have the distinction of wining six European Cup/UEFA Champions League titles, winning their sixth title in the 2020 final as part of the Treble. Having won the Bundesliga in 25/26, they would certainly like to repeat the feat with Champions League as well as German Cup.
- For PSG, it would certainly be a goal to repeat their 24/25 performance where they lifted the UEFA Champions League for the first time in their history.
- For Atlético and Arsenal, both have the growing hunger to lift the coveted trophy for the first time ever.
The stage is set and battle lines drawn. While we leave the footballing strategy to the individual teams, we look at the business side of these clubs in this blog.
Prize Money Earned So Far
For the 2025/26 campaign, the second season of the new expanded format, UEFA increased the total payable prize money to €2.467 billion ($2.88bn / £2.13bn) from €2.437 billion ($2.84bn / £2.1bn) in 2024/25. The distribution weightage of revenue is calculated through three components:
- Participation – 27.5%
- Performance – 37.5%
- Value pillar – 35%
The guaranteed participation fee share for each of the 36 participating club is €18.62bn, which is a very significant share of revenue especially in case of clubs outside of the ‘big five’ leagues.
As per an approximate calculation, about €2.36bn would have been distributed by UEFA as prize money till the semi-finals. Of the 36 participating teams, seven of them have earned more than €100mn including all the four semi-finalists. Putting calculations together including wins/draws in the run-to semis, the four teams would have secured the following amount as prize money:
- Bayern Munich: €126mn
- Arsenal: €122mn
- PSG: €120mn
- Atlético de Madrid: €107mn
Comparison: Revenue
All the four semi-finalist clubs have historically been amongst the highest revenue generating clubs in European football. In 24/25, the combined total revenue generated by them is about €3bn. Bayern and PSG are largely driven by high income share from commercial stream whereas for Arsenal and Atlético Madrid, it is broadcast income.
Wages to revenue ratio, a key financial health indicator, is well under the recommended 70% mark in 24/25. However, PSG had a higher ratio in the previous seasons.
Sponsorship
The sponsorship periphery is shaped very interestingly especially when it comes to the main sponsor:
- Three out of the four teams have main sponsors originating out of the key Middle Eastern states –
- Atlético Madrid – Riyadh Air from Saudi Arabia;
- Arsenal – Emirates from UAE;
- Paris Saint-Germain – Qatar Airways from Qatar;
- Further, all the three main sponsors from these Middle Eastern states are airlines while the fourth, Bayern Munich’s shirt sponsor being telecommunications industry in the form of Deutsch Telekom.
In the kit space, the fight for visibility is evenly poised between Nike, who represents Atlético de Madrid and PSG, and Adidas who is signed with Bayern Munich and Arsenal.
Squad Market Value
Overview of squad market value of each clubs is somewhat similar to their revenue positions. While Arsenal and PSG squad value is in excess of €1bn each as per Transfermarkt, Bayern’s squad value is almost touching that mark. Atlético Madrid’s squad market value is significantly lower, almost half of the values of the rest of the semi-finalists:
- Arsenal: €1.23bn
- Paris Saint-Germain: €1.21bn
- Bayern Munich: €969mn
- Atlético de Madrid: €587mn
Ownership
The spectrum of ownership for each of the clubs is varied and different from each other. Here’s the broad outline:
- Atlético de Madrid: The club is majority owned by a US-based private equity firm, Apollo Sports Capital (ASC). In a recent development, ASC purchased 55% in Atlético de Madrid giving them the majority stake in a club at a reported value of €2.5bn. Further, it is also a part of the multi-club ownership (MCO) network with Ares Management (a part owner) is associated with several other football clubs.
- Paris Saint-Germain: Since 2011, PSG has been majority owned by Qatar Sports Investments (QSI) a part of the sovereign wealth fund. It is therefore a state-backed club with minority ownership from Arctos Partners, a US-based PE fund and is also part of the MCO network.
- Bayern Munich: The club is owned 75% by fans, 8.3% by Adidas, 8.3% by Audi, and 8.3% by Allianz. Bayern is also a part of Red & Gold Football Partnership, which is founded along with the Major League Soccer (MLS) club, LAFC. Technically, it becomes a part of the MCO network.
- Arsenal: The club, on the hand, is 100% owned by Arsenal Holdings plc, which is further owned by Stan Kroenke, operates as an unlisted public limited company. Stan Kroenke owned Kroenke Sports & Entertainment also owns MLS franchise Colorado Rapids making Arsenal part of the MCO network too.
In Conclusion
The semi-final fixtures fixed in the couple of weeks, make up for a series of exciting contests with almost all of the footballing world waiting for the grand finale.
We can only say – may the best team win!
