Real Madrid remain football’s top earners but Liverpool overtake Man Utd

Liverpool has surpassed Manchester United for the first time as the most financially successful club in the Premier League, although Real Madrid continues to lead in global football revenues for the 2024-25 season, according to an annual financial report.

 

In Deloitte’s Football Money League, released on Thursday, Real Madrid claimed the top spot with revenue of €1.16 billion ($1.36 billion), even without winning La Liga or the Champions League. The only club to surpass $1 billion in the last two seasons, Real Madrid experienced a substantial 23% increase in commercial revenue, reaching €594 million ($696.6 million) thanks to merchandise sales and corporate partnerships.

 

Barcelona, the reigning La Liga champions and longtime rivals of Real Madrid, ranked second with earnings of €975 million ($1.14 billion), marking their return to the top three after a five-year absence.

 

Bundesliga champions Bayern Munich secured third place with revenues of €861 million ($1.09 billion), followed closely by Champions League winners Paris St-Germain with €837 million ($981.5 million).

 

Liverpool secured fifth place on the global money list with €836 million ($980.4 million) from the season in which they won the Premier League, achieving the best performance by any English club in the 29-year history of the rankings.

 

Meanwhile, Manchester City slipped to sixth with revenues of €829 million ($721.3 million), trailed by current Premier League leaders Arsenal at €822 million ($1.1 billion).

 

Manchester United experienced a decline, dropping from fourth to eighth with revenues of €793 million ($929.7 million), their lowest position ever in the Money League, after finishing in a disappointing 15th place in the Premier League last season. Deloitte noted that United’s revenue outlook for the current season is likely to worsen due to their lack of participation in European competitions and early exits from domestic cup tournaments.

 

Tim Bridge, head of Deloitte’s Sports Business Group, remarked that a decade or more ago, Manchester United was a leader in matchday revenue generation and set the standard for commercial revenue, but that is no longer the case.

 

Six Premier League teams made it into the global top 10, with Tottenham in ninth place with €673 million ($789.1 million) and Chelsea in tenth with €584 million ($684.8 million).

 

Overall, the revenues of the top 20 clubs grew by 11% to a record €12.4 billion ($14.5 billion). Commercial income reached €5.3 billion ($6.2 billion), fueled by increased stadium use on non-matchdays, new sponsorship agreements, and enhanced retail operations.

 

Matchday revenue saw the most significant growth, rising by 16% to €2.4 billion ($2.8 billion), while broadcasting revenue increased by 10%, aided by the expanded FIFA Club World Cup hosted in the U.S. last year.

 

Deloitte also noted that the rise of certain clubs in the Saudi Pro League and Inter Miami in Major League Soccer could challenge the financial dominance of Europe’s top teams in the future.

 

The report indicated that squads filled with star players have significantly raised the global profiles of their clubs and leagues. Specifically, for MLS, leveraging this opportunity in the lead-up to the 2026 FIFA World Cup could be essential for attracting a new audience of football fans in the United States.