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A study written by Angel Barajas a lecturer in economics from the Universidad de Navarra, estimated the value of Spanish clubs if they were to launch on the Spanish Stock Exchange (Bolsa de Madrid). The report is based on factors such as population, match attendances, player quality, results, income and investments and claims that Primera Liga club Real Madrid would have the highest value at €488 million, followed by Barcelona at €404 million. The other club valuations are: Valencia € 301m, Atletico Madrid € 234, Deportivo la Coruna € 175m, Athletico Bilbao € 151m, Celta Vigo € 122m, and Real Mallorca € 94m.
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