Sponsorship value is surely driven by the level of exposure a club is going to get/getting and also driven by the particular market you are getting exposure in being attractive to those who are looking to sponsor you. Hard core fan base numbers less important. The rag survey on "fan numbers" was in essence a count of people who pay a passing interest in watching PL football and would be exposed to the products they are advertising. Its a far less attractive pitch if your selling that when your out of the CL , shite and your big star signings are Donny Van de Beek , Victor Lindelof and the midget from fantasy Ireland.