Real Madrid again top of Deloitte Money League after generating close to €1.2 billion last season

Real Madrid have topped Deloitte’s latest Football Money League after generating close to €1.2bn in revenue in the 2024/25 season. The 20 highest-earning clubs collectively recorded a new high of €12.4bn, up 11% on the previous year, with matchday, broadcast and commercial income all reaching record levels. Barcelona ranked second in Deloitte’s table, ahead of Bayern Munich in third and Paris Saint-Germain in fourth, in a top four that included no Premier League club for the first time in the Money League’s history.Liverpool were placed fifth, becoming the highest-ranked English club in the report, with revenues of €836m according to reporting of Deloitte’s figures. Manchester City were sixth, Arsenal seventh and Manchester United eighth, with Tottenham Hotspur ninth and Chelsea tenth. Deloitte said Real Madrid’s commercial revenue alone totalled €594m, a figure it noted would have been enough to place the club inside the Money League’s overall top 10 on its own.Tim Bridge, lead partner in the Deloitte Sports Business Group, said: “This year’s Money League showcases the evolving commercial landscape of elite football, with clubs continuing to take greater ownership of their revenue-generating capabilities. "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. “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."This innovative approach is broadening revenue streams significantly, allowing clubs to unlock opportunities far beyond the traditional matchday experience in a drive to secure more sustainable financial futures.” Across the top 20, Deloitte reported that matchday revenue rose 11% year-on-year to pass €2bn for the first time, reaching €2.1bn and accounting for 18% of total revenues. Commercial revenue remained the largest stream, rising 10% to €4.9bn and representing 44% of total revenues, with Deloitte citing factors including increased hosting of non-football live events, improved retail performance and higher sponsorship revenues. Bridge added: “On pitch performance remains a primary driver for clubs to progress to the upper echelons of the ranking, with many clubs benefitting from new and expanded European and international club tournaments."In the 2024/25 season, Money League clubs on average played more games than the season before, reflecting the growth of competitions and sporting performance of many in the ranking. "While this presents substantial financial opportunity, a balance must be struck between revenue optimisation and protecting both the value of the on-field product and player welfare amidst ever-increasing fixture schedules.”