The coronavirus pandemic has wiped £680million off the valuation of the world's top 50 clubs, according to new research.
Brand Finance claim that, for the first time in six years, the world's biggest football clubs have seen their valuation shrink due to the Covid-19 pandemic.
While Real Madrid and Barcelona continue as the two biggest brands in football, Premier League clubs make up six of the top 10 and all but recently relegated Norwich rank inside the top 50.
However, while the Premier League is well represented, some of its clubs are shrinking.
As Arsenal face up to a fourth straight season without Champions League revenue next term, the club's brand value has shrunk by 19 per cent. West Ham have been hit to the tune of 18% and Watford to 21%.
The annual report has detailed how, with all 501 of the final games in Europe's top five leagues being played behind closed doors, cumulative valuation shrunk by €751m (3.7%), while football's financial model at lower levels has been exposed thanks to the pandemic.
"Top-level football has been confronted with the largest existential threat since the Second World War," said Richard Haigh, managing director of Brand Finance.
"Loss of income, coupled with health concerns about mass gatherings, have raised question marks about the future of the industry and the financial resilience of clubs across all levels.
"The full damage of the Covid-19 crisis has yet to unfold and it is not inconceivable there will be casualties in the form of club bankruptcies and changes in ownership."
