Real Madrid remain the highest-earning football club in the world, generating €1.16 billion ($1.36 bn) in revenue during the 2024–25 season, according to Deloitte’s annual Football Money League. The Spanish giants posted a 23 percent increase in commercial income, boosted by merchandise sales and corporate partnerships, despite not winning La Liga or the Champions League.

Barcelona returned to the top three with €975 million ($1.14 bn), while Bundesliga champions Bayern Munich ranked third with €861 million ($1.09 bn). Champions League winners Paris Saint-Germain followed closely on €837 million ($981.5 m).

Liverpool reached a milestone by overtaking Manchester United as the Premier League’s highest earners, finishing fifth globally with €836 million ($980.4 m) in revenue during their Premier League-winning season — the strongest finish ever for an English club in the 29-year history of the Money League.

Manchester City (€829 million/$721.3 m) and Premier League leaders Arsenal (€822 million/$1.1 bn) followed, while Manchester United slipped from fourth to eighth on €793 million ($929.7 m), marking their lowest-ever ranking. Deloitte noted that United’s financial outlook is expected to worsen due to their absence from European competitions and early exits from domestic cup tournaments.

Six Premier League clubs made the global top 10, including Tottenham (€673 million/$789.1 m) and Chelsea (€584 million/$684.8 m). Overall, revenue for the top 20 clubs rose 11 percent to a record €12.4 billion ($14.5 bn), driven by commercial growth, increased matchday income, and rising broadcast revenues. Matchday revenue saw the fastest growth, up 16 percent to €2.4 billion ($2.8 bn), while broadcast income rose 10 percent, helped by the expanded FIFA Club World Cup in the United States last year.

Deloitte highlighted the rising financial influence of Saudi Pro League clubs and MLS side Inter Miami, which could challenge Europe’s traditional revenue dominance in the coming years. “Star-studded squads have boosted the global profile of these leagues,” the report noted. “For MLS, the 2026 FIFA World Cup could be key to unlocking a new market of football fans in the United States.”