Real Madrid retained its position at the top of the Deloitte Football Money League, according to the latest report released on Thursday. The Spanish club generated nearly €1.2 billion ($1.4 billion) in revenue during the 2024/25 season—despite not winning a major trophy.
A key driver of this success is the transformation of the Santiago Bernabéu stadium into a multi-purpose entertainment venue. Madrid’s commercial revenue alone reached €594 million—enough to rank in the top 10 by itself.
Barcelona climbed back to second place with €975 million in revenue. This achievement came even though the club played its entire season away from Camp Nou due to ongoing redevelopment delays.
Bayern Munich secured third place with €861 million, narrowly ahead of Paris Saint-Germain. PSG’s income got a boost after they won the Champions League for the first time in their history.
The rest of the top 10 features mostly Premier League clubs. Notably, Liverpool outperformed all other English teams for the first time. Their revenue hit €836 million, thanks to Anfield’s expansion, a return to the Champions League, and a Premier League title win.
Manchester City dropped from second to sixth place. An early Champions League exit and a third-place league finish—after four straight titles—hurt their earnings.
Manchester United fell further, landing in eighth spot behind Arsenal. United missed the Champions League entirely and finished 15th in the Premier League, severely impacting their income.
Altogether, Europe’s top 20 clubs reported an 11% revenue increase, reaching €12.4 billion.
Tim Bridge, lead partner at Deloitte’s Sports Business Group, explained the trend: “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.”
He added that many clubs now treat their stadiums as year-round entertainment hubs. “The presence of on-site breweries, hotels, and restaurants is now commonplace,” he said. “This shows a strategic move to diversify income beyond matchday tickets.”
The inaugural 32-team FIFA Club World Cup also influenced the rankings. It helped push Bayern Munich into the top three for the first time since 2020/21. Meanwhile, Benfica entered the top 20 at 19th place—the first club from outside Europe’s “big five” leagues (England, Spain, Germany, Italy, France) to do so in four years.
In women’s football, Arsenal became the highest-earning team for the first time. Their €25.6 million in revenue came after winning the Women’s Champions League, edging out Chelsea and Barcelona.
As clubs increasingly rely on brand power and infrastructure, the Deloitte Football Money League highlights a new era where off-pitch strategy shapes financial success as much as on-pitch performance.
