I think it's more 'how large is this brand's reach' and less a valuation of the club.Pretty sure we have more cash on hand than what the club is worth according to these idiots, wouldnt read into it much
There's some accounting for brand awareness / conversion ratios - otherwise Sydney would be #1, but it's still heavily weighted towards brand familiarity and local market, i.e. population.
This stuff doesn't really work for AFL clubs which are mostly geographically constrained, but Collingwood is obviously a stronger brand than WCE.
West Coast would be worth a lot more than Sydney if say a private equity mob wanted to buy the club but not as much as Collingwood regardless of cash flows.