The Spanish side topped Deloitte’s Football Money League, published on Thursday, generating €1.16 billion ($1.36 billion) in revenue despite failing to win either La Liga or the Champions League during the season, News.Az reports, citing foreign media.
Real Madrid were the only club to surpass $1 billion in revenue across the past two seasons. Their strong performance in 2024–25 was driven by a substantial 23 percent increase in commercial income, which rose to €594 million ($696.6 million). Deloitte said the growth was largely fuelled by merchandise sales and expanded corporate partnerships.
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, 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.”
