Real Madrid have become the first football club to generate more than 1bn euros in annual revenue, according to analysis by Deloitte.
The Spanish club retain top spot in Deloitte’s Money League study with revenue of 1.05bn euros (£883m) from a 2023-24 season in which they won La Liga and the Champions League.
Manchester City are again second with revenue of £708m.
They won an unprecedented fourth consecutive Premier League title and the Club World Cup and European Super Cup last season.
Paris St-Germain (£681m), Manchester United (£651m) and Bayern Munich (£646m) complete the top five.
Aston Villa enter the top 20 after competing in Europe last season for the first time since 2011.
Nine Premier League clubs are in the top 20, with Arsenal, Liverpool, Tottenham, Chelsea, Newcastle and West Ham retaining their places.
Lyon are the only other new club, with Napoli and Eintracht Frankfurt dropping out.
A further five Premier League clubs are in the top 30, with Brighton 21st after competing in the Europa League for the first time in their history.
Crystal Palace, Everton, Fulham and Wolves are ranked 26th to 29th.
Revenues for the top 20 clubs rose by 6% to a record £9.47bn.
Matchday revenue was the fastest growing revenue stream, rising by 11% to £1.77bn, helped by an increase in stadium capacity, ticket prices and premium hospitality.
Real benefited most from an increase in matchday revenues, generating £210m – double last year’s figure – after renovation of their Bernabeu Stadium.
Barcelona dropped from fourth to sixth after a £53m fall in matchday revenue, with games played at a smaller stadium while the Nou Camp is redeveloped.
Commercial revenue remained the largest revenue source in the Money League, rising 10% to £4.14bn and accounting for 44% of total revenue, helped by the hosting of non-football live events such as concerts.
“Money League clubs continue to break records with ongoing growth in commercial and matchday revenues,” said Tim Bridge, lead partner in the Deloitte sports business group.
Total broadcast revenue remained at £3.64bn because each of the big five leagues – the Premier League, Spain’s La Liga, German Bundesliga, France’s Ligue 1 and Italy’s Serie A – are in the same domestic broadcast cycle.
*Figures converted from euros may differ from previously reported figures because of a change in currency exchange rates
Which clubs make the most money in the world?
Deloitte Money League 2025
| Rank (last year) | Club | Matchday | Broadcast | Commercial | Total (€m) |
|---|---|---|---|---|---|
| 1 (1) | Real Madrid | 248,000 | 316,000 | 482,000 | 1,046,000 |
| 2 (2) | Man City | 88,000 | 343,000 | 407,000 | 838,000 |
| 3 (3) | Paris Saint-Germain | 170,000 | 245,000 | 391,000 | 806,000 |
| 4 (5) | Man United | 152,000 | 258,000 | 360,000 | 771,000 |
| 5 (6) | Bayern Munich | 131,000 | 213,000 | 421,000 | 765,000 |
| 6 (4) | Barcelona | 103,000 | 236,000 | 421,000 | 760,000 |
| 7 (10) | Arsenal | 153,000 | 305,000 | 258,000 | 717,000 |
| 8 (7) | Liverpool | 132,000 | 240,000 | 343,000 | 715,000 |
| 9 (8) | Tottenham | 123,000 | 195,000 | 297,000 | 615,000 |
| 10 (9) | Chelsea | 93,000 | 190,000 | 262,000 | 546,000 |
| 11 (12) | Borussia Dortmund | 93,000 | 206,000 | 215,000 | 514,000 |
| 12 (15) | Atletico de Madrid | 74,000 | 218,000 | 117,000 | 410,000 |
| 13 (13) | AC Milan | 87,000 | 161,000 | 150,000 | 398,000 |
| 14 (14) | Internazionale | 81,000 | 198,000 | 112,000 | 391,000 |
| 15 (17) | Newcastle | 68,000 | 215,000 | 90,000 | 372,000 |
| 16 (11) | Juventus | 55,000 | 100,000 | 201,000 | 356,000 |
| 17 (18) | West Ham | 52,000 | 195,000 | 76,000 | 322,000 |
| 18 (n/a) | Aston Villa | 53,000 | 215,000 | 43,000 | 310,000 |
| 19 (20) | Marseille | 68,000 | 117,000 | 102,000 | 287,000 |
| 20 (n/a) | Lyon | 34,000 | 95,000 | 135,000 | 264,000 |
Source: Opta
‘The women’s game is growing rapidly’
Image source: Getty Images
Image caption: Barcelona won four trophies last season, including the Women’s Champions League
Deloitte’s analysis of 15 of the leading revenue-generating women’s clubs showed total revenue of more than 100m euros for the first time, rising by 35% to £98m.
Barcelona remain top for the third successive year, with revenue climbing 26% to £15.1m.
Arsenal move from fifth to second with £15.1m overall, including a 64% increase in matchday revenue to £4.3m, helped by hosting six Women’s Super League (WSL) games at Emirates Stadium.
Chelsea are third (£11.3m), Manchester United fourth (£9m) and Real Madrid fifth (£8.9m), with eight WSL clubs in the top 15.
Commercial revenue is the largest revenue source, accounting for 66% of revenue among the top 15 clubs, with broadcast and matchday revenues both 17%.
Matchday revenue was helped by a rise in attendance, pushing WSL and Women’s Championship cumulative attendance above one million for the first time.
With the exception of Spain’s Liga F, leagues in each of the big five European football markets have a title sponsor.
“It is clear that the women’s game is growing rapidly across metrics including and beyond revenue,” said Jennifer Haskel, knowledge and insight lead in Deloitte’s sports business group.
“While women’s clubs have traditionally been compared to, or expected to mirror, the structure and business of men’s clubs, we are seeing a fundamental shift in the recognition of opportunity that stems from embracing key differences.”