Value of big football clubs on rise. - According to the 2009 annual listing by US magazine Forbes, the average value of each of Europe's 25 richest football clubs has risen by 8% to $597 million. This figure was reached on the basis of accounts from season 2007-2008 which ended in June and which saw an overall increase of 25% in operational results, but do not take account of the financial crisis. The crisis is not, however, expected to affect the figures, with lucrative long-term TV contracts and sponsorship deals shielding teams from the effects of the recession. Forbes again notes that the trend is to value clubs at 2.4 times their turnover Real Madrid and Bayern Munich). In closer detail, Manchester United heads the list with a value of $1.87 billion, ahead of Real Madrid ($1.35 billion) and Arsenal ($1.2 billion). (I.L.)