22nd January 2026
January 22 – Real Madrid remain the financial benchmark in world football, finishing top of Deloitte’s latest Football Money League as the game’s biggest clubs pushed revenues to a new high.
The Money League table lays out the combined total of €12.4bn in revenue generated by the top 20 clubs across the 2024/25 season – an increase of 11% on the previous year. Deloitte point to three main income streams to explain the growth, but admit that commercial revenue once again did most of the heavy lifting.
Los Blancos led the table with revenues just over €1.16bn. While matchday income dipped slightly, commercial revenue jumped to €594m – a figure that alone would place the Spanish club inside the top 10. Merchandising and new sponsorship deals were the main drivers.
Barcelona climbed back to second with €975m, despite continuing to play away from the Camp Nou during redevelopment works. A sharp rise in revenue was driven by personal seat licence sales tied to the new stadium, underlining how its infrastructure project is being monetised long before it’s actually completed.
Bayern Munich (€861m) and Paris Saint-Germain (€837m) followed, but the headline story in England came from Liverpool. Ranked fifth on €836m, Liverpool emerged as the highest-earning English club for the first time. A Premier League title, a return to the Champions League and expanded non-matchday use of Anfield all fed into the rise.
Manchester City slipped to sixth (€829m), reflecting a less successful season domestically and in Europe. Arsenal held seventh (€822m), while Manchester United dropped four places to eighth. United’s revenues fell to €793m, with broadcast income taking a hit after a season outside the Champions League and a bottom-half league finish.
Across the top 20, commercial income reached €5.3bn and remained the biggest revenue stream for a third straight year. Matchday income grew fastest, up 16% to €2.4bn, as clubs squeezed more value out of stadium experiences, premium seating and year-round events. Broadcast revenue rose 10%, boosted by expanded UEFA competitions and the Club World Cup.
Benfica returned to the rankings at 19th, becoming the first non-big-five league club to feature since 2020/21. Ligue 1, meanwhile, was represented solely by PSG.
While the revenue of clubs across the top 10 and those ranked 11th to 20th have grown significantly, with 60% and 84% increases respectively in the last 10 years, the factors driving their growth differ.
Tim Bridge, lead partner in the Deloitte Sports Business Group, said: “This year’s Money League showcases the evolving commercial landscape of elite football, with clubs continuing to take greater ownership of their revenue-generating capabilities. It is no coincidence that the clubs in the top half of the ranking are those with the ability to focus on commercial revenue development, particularly as domestic broadcast rights plateau.
“There is a pivotal shift in some club business models with an increased focus on maximising the impact of their brand and their stadium assets. The presence of on-site breweries, hotels and restaurants is now commonplace and illustrates a strategic move to diversify income and create year-round entertainment destinations. This innovative approach is broadening revenue streams significantly, allowing clubs to unlock opportunities far beyond the traditional matchday experience in a drive to secure more sustainable financial futures.”
The report also tracked continued growth in the women’s game. Arsenal Women topped Deloitte’s women’s ranking with €25.6m in revenue, ahead of Chelsea Women and Barcelona Femení, as attendances and commercial backing continued to rise.
Jennifer Haskel, knowledge and insight lead in the Deloitte Sports Business Group, said: “Whilst growth has developed significantly in women’s football in recent years, the shift from the start up phase to the established phase requires consistent time, investment, and effort to develop the foundations in the right manner.
“As further milestones are hit, including new and expanded competitions on the biggest stages, industry leaders must continue to innovate, while also protecting the wants and needs of fans and players to foster a more sustainable future for the game.”
Contact the writer of this story, Harry Ewing, at [moc.l1769081066labto1769081066ofdlr1769081066owedi1769081066sni@g1769081066niwe.1769081066yrrah1769081066](javascript:;)