AC Milan’s rise towards being one of the most valuable football teams in the world once again continues, as they are inside the top 15 according to one study.

According to the business source Forbes (via MilanNews), Milan are in 14th place among all football clubs in terms of valuation with a value of €1.2bn and an increase of 115% in one year. Having Elliott Management as owners allowed the Rossoneri to return to a very strong financial position while the team on the field won the league for the first time in 11 years.

The magazine writes that the journey Milan have been on over the last two and a half years is an example of how ‘tarnished brands can be quickly transformed into gems’ and even though Elliot have ‘invested hundreds of millions of capital in AC Milan’ they have virtually eliminated debts and have lowered spending on the squad in relation to revenue while fortunes have improved on the pitch.

Real Madrid are worth €5.1bn and are top, Barcelona are second at €5.1bn followed by Manchester Utd (€4.6bn), Liverpool (€4.45bn), Bayern Munich (€4.275bn); Manchester City (€4.25bn) and PSG (€3.2bn). The first Italian club are Juventus at €2.45bn, while Inter are behind Milan with a value of €1bn.