Real Madrid remained at the summit of football’s financial elite, while Liverpool surpassed their domestic rivals for the first time, according to Deloitte’s annual Money League published on Thursday.
The Spanish giants generated almost €1.2 billion ($1.4 billion) in revenue during the 2024/25 season despite failing to win a major trophy. The continued transformation of the Santiago Bernabeu into a multi-purpose venue has proved hugely lucrative, with Madrid’s €594 million in commercial income alone enough to secure a top-10 placing in the overall rankings.
Barcelona climbed back into second place with revenues of €975 million, despite being forced to play the entire season away from the Camp Nou due to ongoing redevelopment works. Bayern Munich ranked third on €861 million, narrowly ahead of Paris Saint-Germain, whose figures were bolstered by winning the Champions League for the first time.
The remainder of the top 10 was dominated by Premier League clubs, led by Liverpool, who topped the English contingent for the first time. Expansion work at Anfield, a return to the Champions League and winning the Premier League title helped drive the Reds’ revenues up to €836 million.
Manchester City and Manchester United both slipped down the rankings. Pep Guardiola’s City fell from second to sixth following an early Champions League exit and a third-place Premier League finish after four consecutive titles. United dropped to eighth, behind Arsenal, after missing out on Champions League qualification and finishing 15th in the Premier League.
Collectively, Europe’s 20 highest-earning clubs reported an 11 percent rise in revenues to €12.4 billion.
“It is no coincidence that clubs in the top half of the ranking are those best able 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 increased emphasis on maximising the value of brands and stadium assets. The presence of on-site breweries, hotels and restaurants is now commonplace, illustrating a strategic move towards diversifying income and creating year-round entertainment destinations.”
The inaugural 32-team Club World Cup also had a notable impact, helping Bayern break into the top three for the first time since 2020/21. Benfica, ranked 19th, became the first club from outside Europe’s traditional “big five” leagues — England, Spain, Germany, Italy and France — to feature in the top 20 in four years.
In women’s football, Arsenal topped the revenue rankings for the first time after winning the Champions League. The Gunners generated €25.6 million, narrowly edging out London rivals Chelsea and Barcelona.
AFP
