Among Europe's 20 most valuable top divisions, Eliteserien has recorded the largest relative increase in squad market value over the past five years.
Norwegian football is enjoying a remarkable moment. For the first time since 1999, Norway has two clubs in the league phase of the UEFA Champions League, with both Viking and Bodø/Glimt securing their places. At the same time, Lillestrøm will compete in the Europa League, while Brann has qualified for the Conference League.
Four Norwegian clubs. Three European competitions. And a milestone that suggests Norwegian football is doing something right. But how much progress has actually been made?
To explore this, we analysed the five-year development of Europe's 20 most valuable top-tier leagues. Rather than comparing their total market values, which naturally favours the continent's biggest leagues, we focused on relative growth. The result was striking.
Norway leads in Europe
Among the 20 leagues included in the analysis, Eliteserien recorded the highest relative growth in squad market value between August 2021 and August 2026.
The combined value of the clubs currently competing in Eliteserien increased from approximately €115 million to €343 million. That represents growth of 198% in only five years. Türkiye ranks second, with growth of 143%, followed by Denmark at 106%, Serbia at 102% and Greece at 88%. Interestingly, none of Europe's five largest leagues makes the top five. The Premier League comes closest, ranking seventh with growth of 74%.
115 €m
340 €m
645 €m
1,570 €m
200 €m
410 €m
145 €m
300 €m
310 €m
585 €m
210 €m
380 €m
7,550 €m
13,140 €m
265 €m
435 €m
1,160 €m
1,780 €m
900 €m
1,250 €m
Udviklingen i markedsstørrelse er beregnet ud fra procentvis vækst i den samlede truppes markedsværdi fra august 2021 til august 2026 blandt klubber i Europas 20 mest værdifulde topdivisioner i dag (alle vurderet til €300m+).
Growth throughout the league
The development becomes even more interesting when looking at the individual Norwegian clubs. Every club currently competing in Eliteserien has increased in market value over the five-year period.
Viking has recorded the largest relative increase, growing from €8.45 million to €48.98 million, an increase of approximately 480%. Bodø/Glimt follows closely, rising from €13.50 million to €76.28 million, while Fredrikstad, HamKam and KFUM Oslo have also recorded considerable growth.
The progress is therefore not limited to one or two clubs enjoying exceptional European campaigns. It can be seen throughout the league, across clubs with different sporting histories, financial resources and starting points.
Bodø/Glimt+465%
+465%
Viking+480%
+480%
Molde+119%
+119%
Brann+227%
+227%
Rosenborg+62%
+62%
Sarpsborg+142%
+142%
Tromsø+144%
+144%
Vålerenga+104%
+104%
Fredrikstad+357%
+357%
Lillestrøm+83%
+83%
Sandefjord+125%
+125%
Kristiansund+107%
+107%
Aalesund+123%
+123%
HamKam+257%
+257%
KFUM+254%
+254%
Start+77%
+77%
Market value is, of course, only one indicator of development. It does not fully capture sporting quality, financial sustainability, infrastructure or organisational maturity. Nevertheless, the consistency of the results is difficult to ignore.
More than a temporary high
Norwegian football's progress cannot be attributed to one single factor. Stronger player development, better recruitment, improved club structures, investment in facilities and more professional long-term planning have all contributed.
Under the leadership of Jens Haugland, Norsk Toppfotball has also played an important role in creating an environment where Norwegian clubs can develop collectively, both in the top tier Eliteserien and OBOS-ligaen, Norway's second tier. The ambition has always been to bring Norway back to the European stage - something that clearly has been moving in the right direction.
"The European Journey deserves recognition. The clubs. The leaders. The players. The culture. The work that has been built over many years."
Jens Haugland · CEO, Norsk ToppfotballAt Fokus, we are proud to be a small part of this journey. Our role is to help clubs professionalise their day-to-day operations, connect recruitment with squad and financial planning, and build stronger foundations for long-term decision-making.
The latest European results are a reason to celebrate. But the five-year development tells an even more encouraging story: Norwegian football's current success does not appear to be an isolated peak. It is part of a much broader rise, and we look forward to supporting the clubs along their journeys.
