Real Madrid claimed the top spot in the latest Deloitte Football Money League rankings, generating an unprecedented €1.2 billion ($1.4 billion) in revenue. Collectively, the top 20 teams achieved a staggering €12.4 billion ($14.5 billion) in revenue, also a record.
This €12.4 billion figure marks an 11% increase in total revenue compared to last season’s Money League.
Manchester United dropped to eighth place in the rankings, while Liverpool emerged as the highest-earning English club for the first time, finishing in fifth place. Barcelona ranked second, up from fifth, while Bayern Munich secured third place and Paris Saint-Germain rounded out the top five in fourth place.
This year saw the entry of two new teams into the top 20, with Bundesliga team Stuttgart debuting in 18th place with €296.3 million ($345 million) in revenue, and Portuguese club Benfica finishing 19th with €283.4 million ($330 million). According to the Deloitte report, commercial revenue emerged as the largest revenue source, making up 43% of the total, while the fastest-growing segment was matchday revenue, which experienced a 16% year-over-year increase and accounted for 19% of total revenue.
The remaining 38% came from broadcasting rights revenue, which grew by 10%. The ten clubs that participated in last summer’s Club World Cup enjoyed a 17% increase in their broadcast revenues.
Once seen as the model of commercial success in football, Manchester United has held the top position in the Money League in 10 of its 29 editions, with their last victory occurring in 2017.
However, they now find themselves in eighth position in 2026, partly due to a drop in broadcast revenue from €258 million ($301 million) to €206 million ($240 million) following their absence from the Champions League during the 2024-25 season.
This season, the club is likely to generate even less matchday revenue due to not participating in European competition, and an early exit from domestic cups narrows their schedule to just 20 competitive matches at Old Trafford in 2025-26.
Tim Bridge, the Sports Business Group Leader at Deloitte, commented: “Clubs with prominent football brands and positions in the market have the chance to expand their reach and enhance their offerings to fans on matchdays and beyond, creating a year-round connection. United is possibly just beginning this process, partly due to their planned stadium development.”
“Looking back 10 or 15 years ago, Manchester United was a leader in matchday revenue and the gold standard for generating commercial revenue. That is no longer the case.”
“The opportunity still exists for Manchester United. They remain one of the biggest global football brands, which positions them to leverage that status, but this requires suitable facilities. As the industry progresses, clubs should reevaluate how they connect with fans and nurture those relationships. Their recent stadium plans indicate that they are moving in this direction, but their timing lags behind that of Real Madrid and Barcelona, although opportunities remain.”
In the 2026 Money League, United ranks as the fourth English club, following Liverpool, Manchester City, and Arsenal, who occupy the fifth, sixth, and seventh positions overall, respectively.
Liverpool’s re-entry into the Champions League in the 2024-25 season contributed to a 7% rise in their commercial revenue from non-matchday events at Anfield.
This marks the first time that no English club has been in the Money League’s top four, with Madrid, Barcelona, Bayern, and PSG all benefitting from deeper runs in the revamped Champions League and the expanded FIFA Club World Cup last summer.
Premier League clubs are anticipated to perform better in the 2027 Money League, the first to reflect the new broadcast deal that runs through 2029, but Bridge noted that the clubs that thrive will be those who excel on the pitch while diversifying off it.
“The key to remaining in the top five is achieving success in both areas. Previously, it sufficed to maintain just one. Now, in 2026, we see that the highest revenue-generating clubs extend beyond football,” he stated.
Manchester City’s sixth position is their lowest since the Covid-19-affected 2019-20 season.
In total, nine Premier League clubs made it into the top 20 of the Money League, with Tottenham (ninth), Chelsea (10th), Aston Villa (14th), Newcastle (17th), and West Ham (20th) also represented.
Information from PA was included in this report.