The Brand Finance Index of the Most Valuable European Football Club Brands, published in September 2010, ranks Real Madrid, Manchester United, and Barcelona as the top three most valuable clubs in Europe. These clubs have a combined brand value of over £1 billion, achieved through a combination of on-pitch success and off-pitch marketing expertise. All three clubs have dedicated teams working on managing, building, extending, and protecting the club's brand. The report highlights the importance of strategic alignment of the club to the fan in attracting fans and developing a relationship to bring about greater commercial returns. Italian clubs have struggled to break into the top five due to the inability of clubs to fill aging grounds and the lack of success in exporting Serie A outside of its home nation. Italian clubs need to focus on building their local markets, ensuring full stadiums, and more lucrative commercial deals to better balance their revenue streams away from reliance on individually negotiated deals.
