Real Madrid remained the biggest-earning club in world football during the 2024-25 season while Liverpool for the first time generated the most revenues in the Premier League, according to an annual financial list published on Thursday.
The Spanish club topped Deloitte's Football Money League with €1.16 billion ($1.36 billion) of revenue despite not winning either LaLiga or the Champions League.
The only club to make more than $1 billion in the past two seasons, Real Madrid benefited in 2024-25 from a whopping 23 per cent rise in commercial revenue - driven by merchandise and corporate partners - to €594 million, the Deloitte figures showed.
Perennial rivals and reigning LaLiga champions Barcelona were the second highest earners with €975 million, back in the top three for the first time in five years.
Bundesliga champions Bayern Munich ranked third with 861 million euros, ahead of Champions League winners Paris St-Germain on €837 million.
Liverpool's fifth place in the global money list, with €836 million 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, followed by this season's Premier League leaders Arsenal on €822 million.
MANCHESTER UNITED'S SLIDE
Manchester United, who finished a lowly 15th in the Premier League last season, fell from fourth to eighth in revenues with €793 million - 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 and Chelsea 10th on €584 million.
Overall, revenue for the top 20 clubs rose 11 per cent to a record €12.4 billion. Commercial income increased to €5.3 billion, driven by expanded stadium usage on non-matchdays, rising sponsorship deals and improved retail operations.
Matchday revenue grew the fastest, up 16 per cent to €2.4 billion, while broadcast revenue rose 10 per cent, helped by the expanded FIFA Club World Cup in the United States last summer.
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."