Milan are the European club to have most improved their Enterprise Value over the last year, according to a Football Benchmark report.
The annual study looks at the 32 most prominent clubs on the continent and evaluates their Enterprise Value, based on revenue, sponsorship deals and debt.
Real Madrid are back on top after a year as the most valuable club with an EV of 5 billion Euros, followed by Manchester City on €4.933m and Manchester United €4.861m.
Milan achieved the highest year-on-year growth for the third consecutive edition of the report, boosting their EV index by a massive 35.5 per cent.
Arsenal are next in line with an improvement of 35.1 per cent.
Milan second highest EV in Serie A
Atalanta dropped 18.9 per cent after missing out on UEFA competition in 2022-23, but ought to get a massive surge in the 2025 report after winning the Europa League and securing qualification back into the Champions League.
Napoli increased their EV index by 28.3 per cent following the Scudetto triumph, but have now failed to qualify for Europe at all, so are expected to dip back down again in 2025.
Juventus dropped by 5.1 per cent after their exclusion from Europe, but did win the Coppa Italia this season and qualified for the Champions League.
They nonetheless remain the highest valued Italian side in 12th overall, followed by Milan in 14th, Inter 15th, Napoli 17th, Roma 23rd, Atalanta 28th and Lazio 29th.
Serie A remains the third most valuable league on average, but the Premier League inevitably dominates with 44.2 per cent of the total EV for the 32 top clubs in Europe.