Forbes' Most Expensive Football Teams

No. 10: Schalke 04

Domestic league: German Bundesliga

Owner/majority shareholder: Veltins brewery

Current value: $510 million

A new German TV deal is boosting revenue. So is selling out Veltins Arena (the brewer is parent and naming-rights sponsor). The team is locked up with Gazprom on a shirt sponsorship deal that will reportedly pay as much as $180 million over five years. Quarterfinalists in Champions League in '08, Schalke 04 was out early in '09.

No. 9: Juventus

Domestic league: Italian Serie A

Owner/majority shareholder: Agnelli family

Current value: $600 million

Juventus was promoted back to Serie A last year following scandal and demotion. Eligible for Champions league this year, the team is building a new, mid-sized stadium; the naming rights are already sold.

No. 8: Chelsea

Domestic league: English Premiership

Owner/majority shareholder: Roman Abramovich

Current value: $800 million

Although the team was a runner-up both in Premiership and Champions leagues, home attendance at London's Stamford Bridge was down. More than $700 million in debt, team head Peter Kenyon's plan to turn profit will have to wait.

No. 7: Barcelona

Domestic league: Spanish Primera Liga

Owner/majority shareholder: club members

Current value: $960 million

The Champions league semifinalist is investing in Major League Soccer team in Miami to grow U.S. presence and investing $400 million to redevelop its old stadium.

No. 6: AC Milan

Domestic league: Italian Serie A

Owner/majority shareholder: Silvio Berlusconi

Current value: $990 million

The team shared a stadium with Inter Milan, and it will miss the '09 Champions league after a subpar 2008, despite borrowing David Beckham from Los Angeles Galaxy. Revenues are up on first year of new TV deal with Berlusconi's Mediaset

No. 5: Liverpool

Domestic league: English Premiership

Owner/majority shareholder: George Gillett/Thomas Hicks

Current value: $1.01 billion

The credit crunch forced owners to halt plans for new stadium last year. Hicks and Gillett have roughly three months to repay or refinance $600 million in debt with RBS/Wachovia. Owners could be forced to sell just one year after making the semifinals of the Champions league.

No. 4: Bayern Munich

Domestic league: German Bundesliga

Owner/majority shareholder: club members

Current value: $1.11 billion

The team missed the Champions league but made it to semifinals of Union of European Football Associations (UEFA) Cup. Bayern Munich has a debt-free balance sheet, and last year it bought a 50% stake in its stadium that it did not own, which will increase their revenue this season.

No. 3: Arsenal

Domestic league: English Premiership

Owner/majority shareholder: Alisher Usmanov

Current value: $1.2 billion

London club sold out new Emirates Stadium in its second year, despite increased ticket prices, and finished third in English Premier League (EPL). Naming rights pay an average of $18 million a year through 2021, which should help pay stadium debt. There are 50,000 fans on the waiting list for season tickets.

No. 2: Real Madrid

Domestic league: Spanish Primera Liga

Owner/majority shareholder: club members

Current value: $1.353 billion

Despite the loss of their jersey sponsor BenQ Mobile, these Spanish champs are in the second year of a $1.4 billion, seven-year TV deal. And recent stadium improvements mean more luxury suites and hospitality revenue this season

No. 1: Manchester United

Domestic league: English Premiership

Owner/majority shareholder: Glazer family

Current value: $1.87 billion

These European champs benefit from the first year of new Premiership TV deal. Owners could sell naming rights for the team's Old Trafford stadium to reduce their $1 billion debt.