Real Madrid remain the top earner in world football but Liverpool leap in ranking, while Manchester United slide.
Liverpool have overtaken Manchester United for the first time as the Premier League’s biggest-financial earners, but Real Madrid remained top performers in world football during the 2024-25 season, according to an annual financial list.
The Spanish club topped Deloitte’s Football Money League, published on Thursday, with 1.16 billion euros ($1.36bn) of revenue despite not winning either La Liga or the Champions League. The only club to make more than $1bn in the past two seasons, Real Madrid benefitted in 2024-25 from a whopping 23 percent rise in commercial revenue – driven by merchandise and corporate partners – to 594 million euros ($696.6m), the Deloitte figures showed.
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Perennial rivals and reigning La Liga champions Barcelona were the second highest earners with 975 million euros ($1.14m), back in the top three for the first time in five years.
Bundesliga champions Bayern Munich ranked third with 861 million euros ($1.09bn), ahead of Champions League winners Paris St-Germain on 837 million euros ($981.5m).
Liverpool’s fifth place in the global money list, with 836 million euros ($980.4m) of revenues from the season they won the Premier League, was the strongest performance of any English club in the 29-year history of the rankings.
Manchester City dropped to sixth with 829 million euros ($721.3m), followed by this season’s Premier League leaders Arsenal on 822 million ($1.1bn).
Manchester United’s demise
Manchester United, who finished a lowly 15th in the Premier League last season, fell from fourth to eighth in revenues with 793 million euros ($929.7m) – their lowest-ever position in the Money League that they have topped 10 times in the past.
Deloitte noted that United’s revenue outlook for the current season will worsen due to their absence from European competition and early exits from the FA Cup and League Cup.
“If you went back 10 or 15 years, Manchester United’s matchday revenue was the industry leader,” said Tim Bridge, lead partner at Deloitte’s Sports Business Group.
“Their ability to generate commercial revenue was the benchmark for the market. I don’t think that remains the case.”
Six Premier League sides made the global top 10, with Tottenham ninth on 673 million euros ($789.1m) and Chelsea 10th on 584 million euros ($684.8m).
Overall, revenue for the top 20 clubs rose 11 percent to a record 12.4 billion euros ($14.5bn). Commercial income increased to 5.3 billion euros ($6.2bn), driven by expanded stadium usage on non-matchdays, rising sponsorship deals and improved retail operations.
Matchday revenue grew the fastest, up 16 percent to 2.4 billion euros ($2.8bn), while broadcast revenue rose 10 percent, helped by the expanded FIFA Club World Cup in the United States last year.
Deloitte said the rise of some Saudi Pro League clubs and Inter Miami from Major League Soccer could challenge the financial hegemony of Europe’s major sides in the future.
“Squads filled with star players have had a major impact on the global profile of clubs and both leagues,” it said.
“For the MLS in particular, capitalising on this opportunity following the 2026 FIFA World Cup could be the key to unlocking a new market of football fans in the United States.”
