Real Madrid stayed top of football’s rich list as Liverpool outstripped their English rivals for the first time, according to Deloitte’s Money League study yesterday.
Spanish giants Madrid generated nearly $2.4 billion in revenue in the 2024/25 season, despite failing to win a major trophy.
The refurbishment of the club’sSantiago Bernabeu stadium into a multi-purpose venue continues to pay rich dividends – Madrid’s $1.18b of commercial revenues alone would be enough for a place in the top 10.
Barcelona climbed back into second place in Deloitte’s table $1.94b despite delays forcing them to play the whole season away from the Camp Nou, which is still being redeveloped.
Bayern Munch were third on the list, valued at $1.72b, marginally ahead of Paris Saint-Germain, whose income was boosted by winning the Champions League for the first time.
Pep Guardiola’s City fell from second to sixth after an early exit from the Champions League and a third-placed Premier League finish, following four consecutive titles.
United dropped behind Arsenal to eighth after missing out on the Champions League and finishing 15th in the Premier League.
Together, the 20 top-earning clubs in Europe reported an 11% increase in revenues to $24.77b.
“It is no coincidence that the clubs in the top half of the ranking are those with the ability to focus on commercial revenue development, particularly as domestic broadcast rights plateau,” Tim Bridge, lead partner in the Deloitte Sports Business Group, said.
Mohamed Salah's Liverpool were the biggest earners in English football. Photo / Photosport
“There is a pivotal shift in some club business models with an increased focus on maximising the impact of their brand and their stadium assets.
“The presence of on-site breweries, hotels and restaurants is now commonplace and illustrates a strategic move to diversify income and create year-round entertainment destinations.”
The first 32-team Club World Cup had an impact, helping lift Bayern into the top three for the first time since 2020/21, while Benfica, in 19th spot on the 20-team list, are the first entrant outside the traditional “big five” leagues of England, Spain, Germany, Italy and France in four years.
Arsenal were the highest-earning women’s team for the first time after winning the Champions League.
The Gunners, with revenues of 51.14b,, edged out London rivals Chelsea and Barcelona.
