The BrandFinance Football Brands 2012 report highlights the world's most valuable football club brands. Manchester United remains the most valuable brand at US $853 million, despite a trophyless season. Chelsea's brand value increased by 27% to US $398 million, while FC Bayern München is the big winner with a brand value of US $786 million, generating the largest commercial revenues in world football. The Euro Crisis has affected Spanish and Italian football, with most teams slipping in rankings. Real Madrid, last year's most valuable brand, dropped to third place at US $600 million, just ahead of Barcelona with a brand value of US $580 million.
