Real Madrid have once again underlined their financial dominance by topping Deloitte’s Football Money League for the 2024-25 season, becoming the first club in history to generate more than €1 billion in annual revenue.
The Spanish giants posted revenues of almost €1.2bn despite failing to win either La Liga or the Champions League, highlighting the growing importance of commercial strategy over on-field success alone. Central to Madrid’s financial strength has been the transformation of the Santiago Bernabéu into a multi-purpose, year-round entertainment venue.
Real Madrid’s commercial income reached €594m- a figure that on its own would have secured a place in the Money League’s top 10.
Barcelona climbed back into second place with revenues of €975m, despite spending the entire season playing away from the Camp Nou while redevelopment work continued. Bayern Munich ranked third on €861m, benefiting from deep runs in European competitions and the expanded FIFA Club World Cup. Paris Saint-Germain finished fourth with €837m, boosted by their first-ever Champions League triumph.
Liverpool emerged as the standout English club, ranking fifth overall with revenues of €836m and becoming the Premier League’s highest earners for the first time. The Reds’ financial leap was driven by their domestic title win, a return to the Champions League, and a seven per cent increase in commercial income linked to non-matchday events at Anfield.
The report painted a less flattering picture for Manchester United, who fell to eighth- their lowest position in the Money League’s 29-year history. United’s absence from the Champions League saw broadcast revenue drop sharply, while early exits from domestic cup competitions and no European football next season are expected to further damage matchday income. Once the benchmark for commercial success, United now trail Liverpool, Manchester City and Arsenal among English clubs.
Manchester City slipped from second to sixth with revenues of €829m, while Arsenal ranked seventh (€822m). Tottenham Hotspur and Chelsea completed the top 10, meaning six Premier League clubs still featured among the world’s 10 highest earners. In total, nine English sides made the top 20.
Overall, the 20 highest-earning clubs generated a record €12.4bn in revenue, an 11 per cent increase year on year. Matchday income rose fastest at 16 per cent, while broadcast revenue increased by 10 per cent, helped by the expanded Champions League and the new-format Club World Cup, which delivered an average 17 per cent uplift for participating clubs.
Deloitte said the figures underline a fundamental shift in football’s business model. With domestic broadcast deals plateauing, the most successful clubs are those maximising their global brands and stadium assets. Modern venues increasingly function as entertainment hubs, hosting concerts, hotels, restaurants and events throughout the year.
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“The highest-revenue clubs are now broader than football,” said Tim Bridge, Deloitte’s Sports Business Group leader. “Staying at the top requires both sporting success and commercial diversification.”
The report also highlighted growth in the women’s game, with Arsenal becoming the highest-earning women’s team for the first time after winning the Women’s Champions League.
As football economics continue to evolve, the Money League makes clear that trophies alone no longer guarantee financial supremacy — strategic investment, infrastructure and brand power now matter more than ever.
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The 20 highest revenue-generating men’s football clubs globally for the 2024/25 season:
| 1 | 0 | R. Madrid | £195.3m | £281.3m | £498.6m | £975.2m |
|---|---|---|---|---|---|---|
| 2 | 4 | Barcelona | £176.1m | £204m | £438.7m | £818.8m |
| 3 | 2 | B. Munich | £123.6m | £211.6m | £387.7m | £722.9m |
| 4 | −1 | PSG | £148.3m | £246.3m | £308.4m | £703.1m |
| 5 | 3 | Liverpool | £125.8m | £269.4m | £307.2m | £702.3m |
| 6 | −4 | Man City | £75m | £278.5m | £343.1m | £696.6m |
| 7 | 0 | Arsenal | £153.8m | £272.7m | £263.8m | £690.2m |
| 8 | −4 | Man Utd | £160.2m | £172.9m | £333.1m | £666.2m |
| 9 | 0 | Spurs | £126.4m | £161.6m | £276.9m | £565m |
| 10 | 0 | Chelsea | £86.7m | £203.1m | £200.8m | £490.6m |
| 11 | 3 | Inter | £90.7m | £232.7m | £128.1m | £451.5m |
| 12 | −1 | Dortmund | £79.7m | £190.8m | £175.7m | £446.3m |
| 13 | −1 | Atletico | £67.1m | £183.6m | £131m | £381.8m |
| 14 | 4 | Aston Villa | £67.4m | £240.8m | £70m | £378.2m |
| 15 | −2 | AC Milan | £73.1m | £135.2m | £136.5m | £344.7m |
| 16 | 0 | Juventus | £54.2m | £149m | £134.2m | £337.4m |
| 17 | −2 | Newcastle | £56.8m | £160.9m | £116.9m | £334.7m |
| 18 | N/A | Stuttgart | £59m | £101.2m | £88.7m | £248.9m |
| 19 | 6 | Benfica | £52.8m | £124.7m | £60.6m | £238.1m |
| 20 | −3 | West Ham | £39.6m | £132.3m | £60m | £231.8m |
