Subject. Limitations of classical approaches and specialized methods of estimating the value of football clubs. Objectives. To identify and systematize the limitations of classical approaches and specialized methods of estimating the value of football clubs, as well as to assess the discrepancy between the results obtained by specialized methods. Methods. At the first stage, the analysis of academic literature and industry sources was carried out. At the second stage, a comparative analysis of the cost estimates published by the analytical platforms Forbes, Football Benchmark and Sportico for 2025 was carried out. Using the example of Manchester United, Borussia Dortmund and Juventus football clubs, available specialized methods (Markham, Solntsev and Kinnaird Valuation Model models) were tested using data from annual reports, Transfermarkt and other open sources. The results are compared with the estimates of the analytical platforms. Results. Classical approaches have limitations that make them largely inapplicable without significant modification. Specialized techniques also exhibit significant methodological shortcomings and produce varying results. The average deviation between the estimates of Forbes, Football Benchmark and Sportico was 22%, and the maximum was 48%. The spread of estimates between the Markham, Solntsev, and Kinnaird Valuation Models ranges from 32 to 220%. There are also discrepancies between the estimates obtained using specialized models and the estimates of the analytical platforms Forbes, Football Benchmark, and Sportico. Conclusions. Each of the existing methods of estimating the value of football clubs has significant limitations. Specialized techniques only partially take into account industry specifics and retain their own shortcomings. The results of the study confirm the need for further improvement of the methodology for estimating the value of football clubs. The findings can be applied by analysts and investors when conducting a cost analysis of football clubs for a more informed choice and interpretation of the evaluation results.
Keywords: football finance, valuation, football club, valuation methods
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