Real Madrid has become the first football club to surpass €1 billion in annual revenue, according to Deloitte’s Money League report.
The Spanish giants, who topped the rankings, generated €1.05 billion (£883 million) during the 2023-24 season, a campaign in which they won both La Liga and the Champions League.
Manchester City retained second place with revenue of £708 million, following their historic fourth consecutive Premier League title and victories in the Club World Cup and European Super Cup.
Paris Saint-Germain (£681 million), Manchester United (£651 million), and Bayern Munich (£646 million) rounded out the top five.
Aston Villa made their debut in the top 20 after qualifying for European competition for the first time since 2011. Nine Premier League clubs, including Arsenal, Liverpool, Tottenham, Chelsea, Newcastle, and West Ham, secured spots in the top 20, while Lyon also entered the rankings. Napoli and Eintracht Frankfurt dropped out.
Brighton ranked 21st after making their Europa League debut, with Crystal Palace, Everton, Fulham, and Wolves positioned 26th to 29th. In total, five more Premier League clubs featured in the top 30.
Revenues for the top 20 clubs increased by 6% to a record £9.47 billion, driven by an 11% rise in matchday income to £1.77 billion. This growth was attributed to expanded stadium capacities, higher ticket prices, and enhanced hospitality offerings.
Real Madrid benefitted significantly from increased matchday revenue, earning £210 million—double the previous year—following renovations to the Santiago Bernabeu. In contrast, Barcelona slipped from fourth to sixth due to a £53 million drop in matchday revenue, as they temporarily played at a smaller venue during the Nou Camp’s redevelopment.
Commercial revenue, the largest source of income, rose by 10% to £4.14 billion, representing 44% of total revenue. This growth was supported by non-football events, such as concerts, hosted by various clubs.
“Money League clubs continue to break records with ongoing growth in commercial and matchday revenues,” said Tim Bridge, lead partner in the Deloitte sports business group.
Total broadcast revenue remained at £3.64bn because each of the big five leagues – the Premier League, Spain’s La Liga, German Bundesliga, France’s Ligue 1 and Italy’s Serie A – are in the same domestic broadcast cycle.
‘The women’s game is growing rapidly’
Deloitte’s analysis of 15 of the leading revenue-generating women’s clubs showed total revenue of more than 100m euros for the first time, rising by 35% to £98m.
Barcelona remain top for the third successive year, with revenue climbing 26% to £15.1m.
Arsenal move from fifth to second with £15.1m overall, including a 64% increase in matchday revenue to £4.3m, helped by hosting six Women’s Super League (WSL) games at Emirates Stadium.
Chelsea are third (£11.3m), Manchester United fourth (£9m) and Real Madrid fifth (£8.9m), with eight WSL clubs in the top 15.
Commercial revenue is the largest revenue source, accounting for 66% of revenue among the top 15 clubs, with broadcast and matchday revenues both 17%.
Matchday revenue was helped by a rise in attendances, pushing WSL and Women’s Championship cumulative attendance above one million for the first time.
With the exception of Spain’s Liga F, leagues in each of the big five European football markets have a title sponsor.
“It is clear that the women’s game is growing rapidly across metrics including and beyond revenue,” said Jennifer Haskel, knowledge and insight lead in Deloitte’s sports business group.
“While women’s clubs have traditionally been compared to, or expected to mirror, the structure and business of men’s clubs, we are seeing a fundamental shift in the recognition of opportunity that stems from embracing key differences.”