Real Madrid have retained their position at the top of global football’s rich list, while Liverpool emerged as the highest-earning English club for the first time, according to Deloitte’s latest Money League report released on Thursday.
The Spanish giants generated close to 1.2 billion euros in revenue during the 2024/25 season, despite failing to secure a major trophy. A key driver of this financial strength remains the transformation of the Santiago Bernabeu into a world-class, multi-purpose venue. Madrid’s 594 million euros in commercial income alone would have been sufficient to earn a place in the league’s top 10.
Barcelona climbed back to second place with revenues of 975 million euros, even though they were forced to play the entire season away from Camp Nou due to ongoing redevelopment works.
German champions Bayern Munich ranked third with 861 million euros, narrowly ahead of Paris Saint-Germain, whose earnings received a major boost after winning the UEFA Champions League for the first time.
Premier League clubs dominated the remainder of the top 10, with Liverpool leading the English contingent. The Reds posted revenues of 836 million euros, aided by the expansion of Anfield, a return to the Champions League, and their Premier League title triumph.
In contrast, both Manchester clubs slipped down the rankings. Manchester City fell from second to sixth following an early Champions League exit and a third-place league finish after four straight domestic titles. Manchester United dropped to eighth, behind Arsenal, after missing out on Champions League qualification and finishing 15th in the Premier League.
Overall, Europe’s 20 highest-earning clubs recorded an 11 percent rise in combined revenues, reaching 12.4 billion euros.
Deloitte Sports Business Group lead partner Tim Bridge said clubs at the top of the rankings are increasingly focused on commercial growth as domestic broadcast revenues level off.
“There is a clear shift in club business models, with greater emphasis on maximising brand power and stadium assets,” Bridge said. “Facilities such as on-site hotels, restaurants and breweries are now common, reflecting a move towards year-round entertainment destinations.”
The expanded 32-team Club World Cup also influenced the rankings, helping Bayern return to the top three for the first time since the 2020/21 season. Benfica, placed 19th, became the first club outside Europe’s traditional “big five” leagues to feature in the top 20 in four years.
In women’s football, Arsenal topped the revenue chart for the first time after winning the Champions League. The Gunners posted 25.6 million euros in revenue, edging past Chelsea and Barcelona.
Real Madrid Top Deloitte Money League Again as Liverpool Lead English Clubs
