Real Madrid tops Deloitte’s 2024/25 football rich list with €1.2bn revenue; Liverpool leads English clubs amid Anfield expansion and Premier League win

Real Madrid has retained its position at the top of football’s revenue rankings, while Liverpool emerged as England’s highest-earning club, according to Deloitte’s Money League 2024/25 study.

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The Spanish giants generated nearly 1.2 billion euros ($1.4 billion) in revenue despite failing to secure a major trophy last season.

The ongoing refurbishment of Santiago Bernabeu into a multi-purpose venue contributed 594 million euros in commercial revenue alone, enough for a top-10 finish on its own.

Barcelona climbed back into second place with 975 million euros, despite playing the entire season away from the Camp Nou due to stadium redevelopment.

Bayern Munich ranked third with 861 million euros, narrowly ahead of Paris Saint-Germain, whose income was boosted by winning the Champions League for the first time.

Liverpool led English clubs for the first time, generating 836 million euros thanks to Anfield expansion, a return to the Champions League, and winning the Premier League.

In contrast, Manchester City fell to sixth following a third-place league finish and early European exit, while Manchester United slipped to eighth behind Arsenal.

The study found that the 20 top-earning clubs in Europe recorded an 11 per cent revenue increase, totaling 12.4 billion euros.

Tim Bridge, lead partner of Deloitte Sports Business Group, highlighted the shift towards commercial revenue and the strategic use of stadium assets, including on-site breweries, hotels, and restaurants.

The inaugural 32-team Club World Cup also influenced revenues, helping Bayern Munich enter the top three for the first time since 2020/21.

Benfica, ranked 19th, became the first club outside the “big five” leagues in four years to make the top 20.

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In women’s football, Arsenal topped the revenue list for the first time after winning the Champions League, earning 25.6 million euros and edging out Chelsea and Barcelona.