Manchester United has fallen to its lowest-ever ranking in the Deloitte Football Money League, while their rivals Liverpool ascend to become England’s top-earning club for the first time.
Once the unrivaled leader in commercial revenue, having topped the league in 10 out of 29 editions, United now finds itself in eighth place in the 2026 rankings.
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This decline is primarily due to a significant decrease in broadcast revenue, which has dropped from 258 million euros (£224.7m) to 206 million euros (£179.4m) following their non-participation in the Champions League during the 2024-25 season.
The financial situation is expected to worsen, with the club projecting even lower matchday revenues this season as they are fully excluded from European competitions.
Tim Bridge, leader of Deloitte’s Sports Business Group, commented to the Press Association: “Clubs with strong football brands and market positions have the opportunity to expand their reach and enhance offerings for fans on matchdays and beyond, turning into a year-round engagement. Manchester United is only beginning this journey now, particularly with recent developments in stadium improvements.
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“If we look back 10 to 15 years, United’s matchday revenue was unparalleled, and their ability to generate commercial revenue set the standard for others. That is no longer the case.
“There is still potential for Manchester United. They remain one of the biggest global football club brands, which presents an opportunity to maximize that appeal, a feat achievable by only a handful of clubs.
“However, this requires appropriate facilities. As the industry evolves, clubs must evaluate how they engage with fans and the dynamics of that relationship.
“The discussions around the new stadium indicate that they are beginning to address these concerns. Although their timing in making these changes lags behind that of Real Madrid and Barcelona, the opportunity remains.”
Sir Jim Ratcliffe talking with CEO Omar Berrada (middle) and technical director Jason Wilcox (Jacob King/PA) (PA Wire)
United ranks as the fourth-placed English club in the 2026 Money League, trailing behind Liverpool, Manchester City, and Arsenal, while Real Madrid tops the list as the first team to surpass one billion euros in revenue—recording 1.161 billion euros or £1.01 billion.
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Liverpool holds fifth place following their return to the Champions League in the 2024-25 season and a seven percent rise in commercial revenue from non-matchday activities at Anfield.
For the first time, there is no English team in the Money League’s top four, with Real Madrid, Barcelona, Bayern Munich, and Paris St Germain all reaping benefits from their strong performances in the newly-expanded Champions League and the expanded FIFA Club World Cup in the summer.
Deloitte reported that participation in the Club World Cup has led to a 17 percent average increase in broadcast revenues for the ten Money League clubs involved.
Premier League teams could expect better outcomes in the 2027 Money League, which will reflect the new broadcast deal effective until 2029. However, Bridge noted that the most successful clubs will be those that align on-field achievements with off-field diversification.
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“The key to remaining in the top tier is to sustain both elements. In the past, it sufficed to focus on just one. Now, in 2026, we see that the top revenue-generating clubs are often those that extend beyond traditional football,” he said.
Manchester City’s sixth-place finish is their lowest since the Covid-19-impacted season of 2019-20.
Overall, nine Premier League clubs have made it into the Money League’s top 20, including Tottenham (ninth), Chelsea (tenth), Aston Villa (14th), Newcastle (17th), and West Ham (20th).