An independent brand valuation consultancy firm called Brand Finance compared all sports teams in the world, and came up with a ranking of whose trademark and associated intellectual property is worth the most.

http://www.brandfinance.com/images/upload/brand_finance_sporting_brands_2012.pdf

The only team to come out ahead of Bayern ($785M) was Manchester United, with a brand value of $852M. Real Madrid and Barcelona make up the rest of the top 4, with values of $599M and $580M, respectively.

What was surprising to me was that 4 "real" football clubs easily outdistanced popular teams like the Dallas Cowboys (5th place, $510M) and the New York Yankees (10th, $397M).

I guess it's just another indication of how well run FC Bayern really is (and probably the importance of marketing in the Asian-Pacific region).