….Madrid extends financial dominance despite trophy drought
Real Madrid have retained their position at the top of football's rich list, while Liverpool have emerged as the highest-earning English club for the first time, according to Deloitte's latest Football Money League report.
The Spanish giants generated revenue of almost $2.4 billion (€1.16bn) during the 2024/25 season despite failing to win a major trophy. The ongoing transformation of the Santiago Bernabéu into a multi-purpose venue continues to deliver strong financial returns, with Madrid's $1.18 billion in commercial revenues alone enough to secure a top-10 ranking.
Barcelona move into second place as Bayern and PSG move into the top four
Despite playing the entire season away from Camp Nou due to ongoing redevelopment, Barcelona returned to second place with revenues of $1.94 billion.
Bayern Munich is third with $1.72 billion, just ahead of Paris Saint-Germain, whose revenues were boosted by winning the UEFA Champions League for the first time.
Liverpool overtakes Man United as England's financial standard-bearer
Manchester United dropped to its lowest ever position in the Deloitte Money League, eighth, as Liverpool overtook their domestic rivals to become England's top-earning club.
United, who topped the money league ten times between 1996 and 2017, suffered a sharp decline in broadcast income following their absence from the Champions League in 2024/25. Broadcast revenue fell from €258m to €206m, with further pressure expected to come due to lower matchday income this season.
The impact on United's revenue was deeper due to fewer matches.
United's lack of exposure to European football and early exit from domestic cup competitions means they will host only 20 competitive matches at Old Trafford in the 2025/26 season, further limiting revenue streams.
Deloitte: The modern revenue race goes beyond match days
Tim Bridges, Deloitte's sports business group leader, said the race for modern revenue now extends far beyond match days.
“Clubs with the biggest brands have the opportunity to engage fans 365 days a year, match days and non-match days,” Bridge said. “Manchester United is still arguably the biggest global football brand, but it needs suitable facilities to fully maximize that potential.”
He said that while United was once the benchmark for commercial and matchday revenue, they now lag behind clubs such as Real Madrid and Barcelona, which have moved quickly into stadium redevelopment and diversification strategies.
English clubs miss top four for the first time
United are fourth among English clubs behind Liverpool, Manchester City and Arsenal, while Liverpool are fifth overall following their return to the Champions League and a seven per cent increase in commercial revenue, mainly driven by non-match day events at Anfield.
Notably, this is the first time that no English club has finished in the top four of the money league, with Real Madrid, Barcelona, Bayern Munich and PSG all benefiting from good performances in the expanded Champions League and expanded FIFA Club World Cup.
Club World Cup broadcast boost
Deloitte reported that participation in the Club World Cup increased broadcast revenues by an average of 17 percent for the ten clubs involved.
Outlook: Diversification key to staying on top
Looking ahead, Premier League clubs are expected to perform more strongly in the 2027 Money League, reflecting the league's new broadcast deal that runs until 2029. However, Bridge stressed that continued success would depend on balancing on-field performance with off-field diversification.
“The clubs that generate the most revenue are now broader than football alone,” he said. “Maintaining both sporting success and business innovation is the key to staying on top.”
Manchester City are sixth, their lowest ranking since the Covid-19-affected 2019/20 season, underlining the increasingly competitive nature of football's financial elite.
