This thesis shows the business model of three of Europe’s most successful professional football clubs; namely, Manchester United, Real Madrid and A.C. Milan. By comparing their business models, the author presents a picture of revenues streams and profitability and just how top-flight European football teams use experience marketing to develop fan loyalty. More specifically, the thesis shows how association football is part of a wider entertainment industry that is capable of globalizing rapidly by building an international fan base. In this regard, the author shows how a classification of football fan consumers into temporary fans, local fans, devoted fans, fanatical fans, dysfunctional fans and “flanuers,” is used by management to turn a profit. Models are also presented of the various stages of a football club’s development, the stakeholders in the European football industry and the value chain of Europe’s major football clubs. The governing bodies of the sport are identified and analyzed. A short history of each football club also appears in the thesis.The hypothesis of the thesis is that Manchester United, Real Madrid and A.C. Milan have similar business models but have different markets to sell the product. In order to test the hypothesis, the author studies ownership formats, investor participation, club management, stadium leasing and ownership, training facilities, acquisition of players, player rosters, player trade, ticket sales, T.V., cable and radio rights, Internet access, merchandising sales and venues, licensing, sponsorships, spectator interest, attendance at games, league standings, championship cups attained, and accounting and financial data. By using previous academic work from the University of Navarra Business School, Harvard Business School, Stanford Business School, and the University of Wisconsin Business School, the thesis develops of football business model, so as to bench-mark Manchester United, Real Madrid and A.C. Milan. The author finds a convergence in their business  models. A comparison is than made to highlight similarities and differences. It is the author’s opinion that Manchester United is changing the nature of the industry in which it is part and are making new rules for business models in European football.A major finding of the thesis is that experience marketing has produced a package of fan-based activities around European football clubs that are increasingly becoming international brand names.Manchester United, Real Madrid and A.C. Milan have over 340 years of business experience and have changed football in terms of how to attract and maintain customers. While the three clubs offers similar products to the customer in widely different markets, management basically offers the same experience related to the good (football) to sell its product (entertainment). In this regard, the author shows why football fans sing and choreograph shows at matches, buy football paraphernalia to wear at stadium, form fan based communities, identify with their club’s players, coaches and management, attend home games and travel to distant stadiums, buy endorsed merchandise and products, and, generally buy into the entertainment package offered by three of the most successful football clubs in Europe. In so doing, the author shows the financial picture and revenues streams of each football club and notes the shifting patterns of profit in the industry. The author concludes byshowing where Manchester United, Real Madrid and A.C. Milan are going strategically as business firms and how hard the competition will find to keep up with these three football clubs. It is the opinion of the author that Manchester United is the leader in the European football industry.