Is Chelsea worth $5.3bn?

So Jim Ratcliffe just bid $5.3bn for Chelsea.

If that’s what Chelsea ends up being worth, based on the club’s global fan base that’s about $15 per ‘fan’ (GWI shows 333m people with at least some interest in Chelsea across 47 of the main global markets).

But what is a fan?

‘Only’ 96m of those people support Chelsea as their main club, 155m as a secondary club, and 81m just have “an interest” which could mean anything.

Ratcliffe is a very smart guy and – even though he says he’s not in this to make a profit and has the money to back that up – he presumably sees a lot of potential to extract value from that global interest in a way that most big clubs have so far struggled to achieve.

Based on that $15 per fan calculation, Barcelona would be worth $6.8bn, Real Madrid $6.7bn and Liverpool $6.4bn.

Recent form notwithstanding, Man Utd should be at around $5.6bn but their current market cap is only $2.25bn, although their share price did take a bit of a jump today.

Interesting times.

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