Real Madrid remain at the pinnacle of football’s financial elite, generating nearly €1.2 billion ($1.4 billion) in revenue during the 2024/25 season, according to Deloitte’s Money League report released on Thursday. This marks the Spanish giants’ continued supremacy, even without securing a major trophy.
The ongoing refurbishment of the Santiago Bernabeu into a multi-purpose venue has paid dividends, with commercial revenue alone reaching €594 million—enough to place Madrid among the top 10 clubs globally.
Barcelona climbed back into second place with €975 million, despite playing the entire season away from a redeveloped Camp Nou. Bayern Munich took third spot (€861 million), narrowly ahead of Paris Saint-Germain, whose income received a boost after winning the Champions League for the first time.
The Premier League dominates the remainder of the top 10, with Liverpool leading the English contingent for the first time. Expansion at Anfield, a Premier League title, and a return to the Champions League lifted Liverpool’s revenue to €836 million.
Manchester City fell from second to sixth following an early Champions League exit and a third-place domestic finish, while Manchester United dropped to eighth after missing out on Europe’s elite competition and finishing 15th in the league.
Overall, Europe’s 20 top-earning clubs reported an 11% revenue increase, totaling €12.4 billion. Deloitte Sports Business Group lead partner Tim Bridge highlighted the growing importance of commercial revenue and stadium asset development. “On-site breweries, hotels, and restaurants are now commonplace, reflecting a shift toward year-round entertainment and diversified income streams,” Bridge said.
Other notable highlights include Bayern’s rise to the top three, helped by the inaugural 32-team Club World Cup, and Benfica’s appearance at 19th—the first club outside the traditional “big five” leagues in four years.
In women’s football, Arsenal became the highest-earning club for the first time after winning the Champions League, recording €25.6 million in revenue and edging out Chelsea and Barcelona.
