• Liverpool overtakes domestic rivals to become No. 1 among English clubs; Manchester United hits lowest-ever ranking; Manchester City falls four places

• Benfica breaks into top 20 for 1st time since 2005/06 season

ISTANBUL

The world's top 20 highest-earning football clubs generated a record €12.4 billion ($14.5 billion) in the 2024/25 season, an 11% increase driven by soaring commercial and broadcast income, according to the Deloitte Football Money League report on Thursday.

Six of the top 10 teams were from the UK, two from Spain, one from France, and one from Germany.

Real Madrid retained the top spot by breaking its own record, becoming the first club to generate close to €1.2 billion, up from the €1 billion milestone set the previous year.

The Spanish team earned €594 million solely from commercial revenue through improved merchandising and sponsorship; a figure that alone would have placed it in the top 10 Money League clubs.

Total revenue across the Money League was split between commercial sources at €5.3 billion, broadcast rights at €4.7 billion, and matchday income at €2.4 billion.

Commercial revenue surpassed the €5 billion mark for the first time, cementing its status as the largest income stream for the third consecutive year.

Barcelona climbed to second place with €975 million in revenue, achieving a 27% growth rate despite playing home matches away from the Camp Nou due to ongoing renovations.

The Catalan club’s financial resurgence was bolstered by a one-off injection of approximately €70 million from the sale of "Personal Seat Licenses" connected to its stadium redevelopment.

Bayern Munich rounded out the top three with €861 million in revenue, benefiting significantly from increased broadcast payments tied to the expanded FIFA Club World Cup.

Paris Saint-Germain (PSG) held the fourth spot with €837 million, capitalizing on its first UEFA Champions League title and lucrative partnerships with global brands like Air Jordan.

Liverpool rose to fifth place with €836 million, overtaking domestic rivals to become the highest-revenue generating English club for the first time in the report's history.

Manchester City fell four places to sixth with €829 million, following a season where they finished third in the Premier League and exited the Champions League in the playoffs.

Arsenal held the seventh spot with €821.7 million, with an increase of 15% on a yearly basis.

Manchester United dropped to eighth place, their lowest-ever ranking in the league, as a €52 million decrease in broadcast revenue offset gains in other areas to total €793 million.

Tottenham was at the ninth placewith €672.6 million, and Chelsea was the 10th with €584.1 million.

Gulf, US leagues could shake up European dominance soon

Broadcast revenue grew by 10% overall, fueled by the expanded FIFA Club World Cup and a 22% increase in UEFA's distributable funds to €3.3 billion.

The expanded calendar raised player welfare concerns, as Money League clubs played an average of 57 competitive matches this season compared to 51 in the prior year.

Portugal's Benfica broke into the top 20 for the first time since the 2005/06 season, becoming the first entrant from outside the "big five" leagues in four years.

German club VfB Stuttgart returned to the list after more than a decade, posting a nearly 90% surge in matchday revenue thanks to Champions League participation and stadium upgrades.

Aside from PSG, no French clubs appeared in the top 20, largely due to a 20% drop in the value of Ligue 1’s domestic broadcast rights.

Serie A clubs faced similar headwinds with a 3% decline in domestic rights value, hindering their ability to keep pace with European peers.

The report highlighted a strategic shift toward utilizing stadiums on non-matchdays for entertainment, hotels, and dining to diversify income beyond on-pitch performance.

Deloitte noted that the financial rise of clubs in the Saudi Pro League and the US Major League Soccer could soon challenge the dominance of European teams in future rankings.