I consider the following clubs giants of football: Man United, Arsenal, Liverpool, Barcelona, Real Madrid, Bayern, Juventus, Milan, Inter.
They all have these things in common in my opinion:
- They are considered household names in European competitions having enjoyed successes and having a long history in European competitions. If they do not compete in Europe for a season, then this big news.
- They have enjoyed a lot of domestic success in leagues with an international appeal.
- They have an enormous amount of fans from anywhere in the world.
- They have good amount of 'legends of the game' that play(ed) for them
- Any of these teams could face gigantic setbacks (bankrupcy, relegation,...), but you feel as though these clubs will always be able to overcome these setbacks because they are too big a brand not to overcome them.
- If one of these teams would go through an unsuccessful era on the field, you would consider them sleeping giants.
Milan and Inter may be going through a bad spell, but somehow I can see them getting it right again eventually which puts them right back in the mix.
Liverpool, even though they haven't won the league since 1990, have always been thereabouts at the top end of the league table.
Arsenal, despite not winning the league for 15 years are still winning cups and they are always sort of 'there' at the top end of the league table.
Can a club become a giant club in the way I define a giant club?
Yes. Chelsea may be close actually. They tick all of those boxes except for perhaps the 'what if they faced a gigantic setback'. Chelsea has grown internationally due to their success since the RA takeover. If he leaves, then it would be interesting to see what happens with Chelsea now. Have they grown their fanbase large enough? Is their brand so strong now that they will have rich billionaires or holdings in line to take over the club? The answer might be yes now and I would say that would put them in the mix. Another thing they would need to do to give themselves a better chance after RA is building a larger stadium.
City is not that at Chelsea's level yet as far as becoming a giant club is concerned because time has been shorter and I also think they are coming from further as far as fanbase is concerned. They often don't sell out their stadium and even though I'm sure they are gaining new fans rapidly due to their success, they are certainly not on the level of all of the above. But give it 10 years and they might be where Chelsea are now. If City's owners quit pouring unlimited resources in the club, then they probably haven't built themselves enough of a fanbase foundation globally to sustain themselves just yet.
PSG might never be considered a giant simply because the french league doesn't have the necessary appeal. They would need to build the brand of the Ligue 1 and not just their own brand to give themselves a chance of being considered a giant club. The City argument also works for them too.
Can a club fall away of being a giant club?
Yes. I think that a club like Ajax was once considered a giant club on the European stage. Historically they still are important, but the fact they play in a league that doesn't have international appeal which makes it impossible for them to compete financially with the other giants, has caused their downfall as giant on the international scene.
The Milan teams could risk losing their status as giant club over time, but this will probably have to go hand in hand with the Italian league losing their status. The Italian league has lost some of its status compared to the 90s and early 00s, but not enough yet for the Milan clubs to lose their status and appeal.