Real Madrid have once again emerged as the world’s highest-earning football club, while Liverpool overtook their Premier League rivals to become England’s top revenue generator.
According to Deloitte’s latest Money League report, the Spanish giants recorded close to €1.2 billion in revenue during the 2024/25 season, maintaining first place despite ending the campaign without a major trophy.
A key driver of their financial strength has been the ongoing transformation of the Santiago Bernabéu into a multi-purpose venue.
Deloitte noted that Madrid’s commercial income alone, which stood at €594 million, would be sufficient to rank the club inside the global top 10.
Barcelona climbed back to second place with revenues of €975 million, even though the club was forced to play the entire season away from Camp Nou due to renovation delays.
Bayern Munich followed in third position with €861 million, narrowly ahead of Paris Saint-Germain, whose earnings received a significant boost after lifting the Champions League trophy for the first time.
READ ALSO:
Premier League clubs dominated the remainder of the top 10, with Liverpool leading the English pack for the first time. The Reds posted revenues of €836 million, helped by the expansion of Anfield, a return to the Champions League, and winning the Premier League title.
In contrast, both Manchester City and Manchester United slipped down the rankings. City fell from second to sixth after an early Champions League exit and a third-place domestic finish following four consecutive league titles.
United dropped to eighth, behind Arsenal, after missing out on Champions League qualification and finishing 15th in the league.
Overall, the 20 highest-earning clubs in Europe reported combined revenues of €12.4 billion, representing an 11 per cent increase year on year.
Deloitte Sports Business Group lead partner Tim Bridge attributed the trend to clubs placing greater emphasis on commercial growth as domestic broadcast revenues level off.
He explained that clubs are increasingly maximising the value of their brands and stadiums, with features such as on-site hotels, restaurants, and breweries becoming standard as teams seek to generate income beyond matchdays.
The expanded 32-team Club World Cup also influenced the rankings, helping Bayern Munich return to the top three for the first time since the 2020/21 season.
Benfica placed 19th, becoming the first club outside Europe’s traditional “big five” leagues to enter the top 20 in four years.
On the women’s side, Arsenal topped the revenue chart for the first time after winning the Champions League. The Gunners generated €25.6 million, narrowly ahead of Chelsea and Barcelona.
