Manchester United has hit a new low in the annual Deloitte Football Money League rankings, where Real Madrid has taken the top spot.
Real Madrid set a new record with €1.2 billion ($1.4 billion) in revenue, contributing to a collective €12.4 billion ($14.5 billion) for the top 20 clubs, also a record. This represents an 11 percent increase compared to the previous season.
Manchester United has dropped to eighth place in the rankings, with Liverpool becoming the highest-earning English club for the first time, finishing in fifth position. Barcelona rose to second from fifth, with Bayern Munich and Paris Saint-Germain holding third and fourth places, respectively.
Two new clubs joined the top 20 this year, with Bundesliga club Stuttgart ranking 18th with €296.3 million ($345 million) in revenue, while Portuguese side Benfica finished 19th with €283.4 million ($330 million). According to the Deloitte report, commercial revenue accounted for 43 percent of total income, while matchday revenue—growing at 16 percent year-over-year—comprises 19 percent of the total.
The remaining 38 percent comes from broadcasting rights, which increased by 10 percent. Clubs that participated in the Club World Cup last summer saw a 17 percent rise in their broadcast revenues.
Once hailed as a model of commercial success, Manchester United has led the Money League in 10 out of its 29 editions, most recently in 2017. This season, however, they fell to eighth due to a drop in broadcasting income, which declined from €258 million ($301 million) to €206 million ($240 million) after missing out on the Champions League in 2024-25.
The club is projected to earn even less from matchday revenue this season due to their complete absence from European tournaments. Additionally, their early exit from both domestic cups means they will only host 20 competitive matches at Old Trafford during the 2025-26 season.
Tim Bridge, the Sports Business Group Leader at Deloitte, remarked to the Press Association: “Clubs with strong brands and market positions can expand their reach and enhance the matchday experience. United seems to be at the start of this journey, particularly with their stadium development plans.” He added, “Historically, Manchester United was the leader in matchday revenue and commercial success. However, that is no longer the case. They retain the potential to leverage their brand on a global scale, but realizing this potential requires suitable facilities and a thoughtful approach to fan engagement.”
As of now, United ranks as the fourth English club in the Money League, behind Liverpool, Manchester City, and Arsenal, sitting at fifth, sixth, and seventh, respectively.
Liverpool’s return to the Champions League in 2024-25 helped them achieve a seven percent boost in commercial revenue tied to non-matchday events at Anfield.
This marks the first instance of no English club being in the top four of the Money League, with Real Madrid, Barcelona, Bayern Munich, and PSG all reaping the benefits of stronger performances in the newly expanded Champions League and FIFA Club World Cup.
Premier League teams are expected to perform better in the 2027 Money League, which will reflect the new broadcasting deal valid until 2029; however, Bridge explained that the most successful clubs will continue to blend on-field achievement with off-field diversification.
“It’s essential to maintain both aspects to stay in the top five,” he stated. “In 2026, clubs generating the highest revenues are those expanding beyond just football.”
Manchester City has seen its lowest ranking at sixth since the COVID-impacted 2019-20 season.
Overall, nine Premier League clubs made it into the top 20 Money League, with Tottenham (ninth), Chelsea (tenth), Aston Villa (14th), Newcastle (17th), and West Ham (20th) also included.
This report includes information from PA.