Real Madrid has made history by becoming the first football club to generate over 1 billion euros in annual revenue, according to Deloitte's latest Money League study. The Spanish giants achieved revenues of 1.05 billion euros (£883m) during the 2023-24 season, a period marked by their victories in La Liga and the Champions League.
Manchester City maintains its position as the second-highest earning club with revenue of £708m, following their unprecedented fourth consecutive Premier League title and victories in both the Club World Cup and European Super Cup. The top five is rounded out by Paris St-Germain (£681m), Manchester United (£651m), and Bayern Munich (£646m).
The Premier League's financial dominance continues to be evident, with nine clubs securing positions in the top 20. Aston Villa has made a notable entry following their first European campaign since 2011, while Arsenal, Liverpool, Tottenham, Chelsea, Newcastle, and West Ham have maintained their positions. The English league's influence extends beyond the top 20, with five additional clubs - Brighton, Crystal Palace, Everton, Fulham, and Wolves - all ranking within the top 30.
The financial landscape of top-tier football shows remarkable growth, with the top 20 clubs collectively generating record revenues of £9.47bn, marking a 6% increase. Matchday revenue emerged as the fastest-growing stream, rising 11% to £1.77bn, driven by expanded stadium capacities, increased ticket prices, and premium hospitality offerings. Real Madrid particularly benefited from this trend, doubling their matchday revenue to £210m following renovations to their Bernabeu Stadium.
Commercial revenue remains the dominant source of income, accounting for 44% of total revenue at £4.14bn, boosted by non-football events such as concerts. Tim Bridge, lead partner in Deloitte's sports business group, noted that "Money League clubs continue to break records with ongoing growth in commercial and matchday revenues."
In the women's game, significant progress is being made, with the top 15 clubs collectively generating over 100m euros for the first time - a 35% increase to £98m. Barcelona leads this sector for the third consecutive year with £15.1m in revenue, followed by Arsenal at £15.1m and Chelsea at £11.3m. The women's game is showing robust growth across multiple metrics, with commercial revenue representing 66% of income among the top 15 clubs.
Jennifer Haskel from Deloitte's sports business group emphasized the evolving nature of women's football, stating, "While women's clubs have traditionally been compared to, or expected to mirror, the structure and business of men's clubs, we are seeing a fundamental shift in the recognition of opportunity that stems from embracing key differences." This development is further evidenced by record attendance figures, with WSL and Women's Championship cumulative attendance exceeding one million for the first time.
