Liverpool has claimed the title of the highest-earning Premier League club for the first time, as reported by financial analysis firm Deloitte.
After winning the English top-flight title last season, the Reds generated €836 million (£702 million), outpacing all other English teams.
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Manchester United has experienced a significant decline, falling to their lowest rank in the 29th edition of the Deloitte Football Money League.
Real Madrid remains at the top of the list, generating €1.2 billion (£1.01 billion) despite not clinching the Champions League or La Liga titles last season, while both Manchester clubs have slipped down the rankings.
Barcelona secured second place with €975 million (£819 million) in revenue, marking their return to the top three for the first time since the 2019-20 season, despite playing away from their Nou Camp home due to renovations.
Bayern Munich ranks third with €861 million (£723 million), while Champions League winners Paris Saint-Germain are fourth with €837 million (£703 million), followed by Liverpool in fifth.
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Manchester City has dropped from second to sixth, reporting a revenue of €829 million (£697 million).
Manchester United, having finished 15th in the Premier League and lost to Tottenham in the Europa League final, slipped from fourth to eighth with a revenue of €793 million (£666 million).
Historically, United has topped the Money League on 10 occasions, most recently in 2017.
This season, their matchday revenue is expected to decline as they are not participating in European competitions and have exited both the FA Cup and League Cup at the earliest stages.
“If you look back 10 or 15 years, Manchester United was the leader in matchday revenue,” said Tim Bridge, lead partner of Deloitte’s Sports Business Group. “Their commercial revenue was the benchmark for how others strategized. That is no longer the case.”
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The top 10 includes six English clubs, with Arsenal in seventh place (€822 million, £690 million), Tottenham in ninth (€673 million, £565 million), and Chelsea in tenth (€584 million, £491 million).
Additionally, three other English clubs made it into the top 20: Aston Villa in 14th (€450 million, £378 million), Newcastle United in 17th (€400 million, £335 million), and West Ham United in 20th (€276 million, £232 million).
What’s Driving the Revenue Growth?
Overall, revenue for the top 20 clubs increased by 11%, reaching a record €12.4 billion (£10.4 billion).
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Commercial revenues have risen to €5.3 billion (£4.5 billion), up from €4.9 billion (£4.1 billion), driven by a shift in clubs’ business models, increased sponsorship revenue, and enhanced retail performance.
Real Madrid’s commercial earnings alone reached €594 million (£499 million), enough to place them 10th if considered independently.
Matchday income also saw the most significant growth, climbing 16% to €2.4 billion (£2 billion).
The expanded FIFA Club World Cup held in the United States last summer contributed to a 10% rise in broadcast revenue.
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Manchester City and Chelsea represented England in that tournament, resulting in a 17% increase in broadcast revenues for participating clubs.
Striking a Balance between Revenue and Player Welfare
Tim Bridge of Deloitte notes that the Money League data indicates clubs are taking more control over their revenue generation. However, with the players’ union Fifpro pursuing legal action against FIFA over the proliferation of matches in the football calendar, Bridge emphasizes the need for balance between revenue increase and player welfare.
“On-pitch performance continues to be a key factor for clubs aiming to ascend the rankings,” Bridge remarked, pointing out that many clubs are benefiting from new and expanded European and international competitions.
“In the 2024-25 season, Money League clubs played more games than in the previous season, reflecting the growth of competitions and improved performances,” he added. “While this presents substantial financial opportunities, it’s crucial to find a balance to protect the value of the on-field product and the welfare of the players amidst an ever-growing fixture schedule.”
In compiling these figures, Deloitte applied the 12-month average exchange rate around each club’s fiscal year-end, with 1 euro valued at £0.84.