Real Madrid have once again been named the world’s highest earning football club. Deloitte confirmed the Spanish giants stayed top of its Money League report released on Thursday.
Madrid generated close to 1.2 billion euros in revenue during the 2024 to 25 season. They achieved the figure even without winning a major trophy.
Deloitte said the upgraded Santiago Bernabeu played a key role in the club’s growth. The stadium now hosts more events and brings income throughout the year. Madrid’s commercial revenue alone reached 594 million euros, which would be enough to put them in the top 10 by itself.
Barcelona moved back into second place with 975 million euros. They played the entire season away from Camp Nou due to redevelopment work, but still earned strongly.
Bayern Munich took third place with 861 million euros. They finished just ahead of Paris Saint Germain, who earned more after winning the Champions League for the first time.
Premier League clubs filled most of the top 10. Liverpool led the English teams for the first time after posting revenue of 836 million euros.
Liverpool’s income grew after Anfield’s expansion and their return to the Champions League. Winning the Premier League title also helped. Manchester City and Manchester United both dropped in the ranking.
City fell from second to sixth after an early Champions League exit. They also finished third in the Premier League after four straight league titles. United slipped to eighth after missing out on the Champions League and ending the season in 15th place. Arsenal finished above them.
Deloitte said the top 20 clubs in Europe recorded an 11 percent rise in total revenue. The combined figure reached 12.4 billion euros.
“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,” said Tim Bridge, lead partner in the Deloitte Sports Business Group.
“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 report also highlighted the effect of the first 32 team Club World Cup. It helped Bayern return to the top three for the first time since the 2020 to 21 season. Benfica finished 19th and became the first club outside the big five leagues to enter the top 20 in four years.
In women’s football, Arsenal topped the revenue list for the first time. They earned 25.6 million euros after winning the Champions League. They finished ahead of Chelsea and Barcelona.
