Real Madrid has claimed the top spot in Deloitte's Football Money League for the 2024-25 season with revenues of £975 million, ahead of Barcelona. For the first time in the report's 29-year history, no English club ranks in the top four, with Liverpool placing fifth. The rankings highlight the growing dominance of commercial income across Europe's elite clubs.
The latest Deloitte Football Money League report reveals Real Madrid as football's highest revenue generator for the third consecutive year and 15th time in 21 seasons, amassing £975 million ($1.309 billion) in the 2024-25 season. Barcelona climbed to second place with revenues more than £150 million lower, boosted by £60 million from one-off sales of 30-year personal seat licences at the refurbished Camp Nou. Despite Liverpool's record-breaking £700 million-plus haul during their Premier League title charge, they finished fifth globally, trailing Paris Saint-Germain by less than £1 million. Manchester City and Arsenal hovered near the £700 million mark in sixth and seventh, respectively, while Manchester United slipped to eighth.
This marks the first occasion in the report's history without an English club in the top four, a shift attributed to stagnant growth at some Premier League sides. Commercial income dominated revenues for the third straight year, totaling £4.46 billion across the top 20 clubs, up from £4.2 billion. Real Madrid led with £499 million commercially, followed by Barcelona at £438 million, Bayern Munich at £388 million, Manchester City at £343 million, Manchester United at £333 million, PSG at £308 million, and Liverpool at £307 million.
Broadcast revenues remained substantial at £3.95 billion overall, with Real Madrid topping at £281 million, closely followed by Manchester City (£278 million), Arsenal, and Liverpool (both £269 million). Tim Bridge, lead partner in Deloitte's Sports Business Group, noted: “On-pitch performance remains a primary driver for clubs to progress to the upper echelons of the ranking, with many clubs benefitting from new and expanded European and international club tournaments.”
James Savage, a director in the group, emphasized: “The sight of no English clubs in the top four reemphasises the importance of on-pitch performance,” but pointed to the 'Big Six' occupying spots five to 10. Wage bills showed improvement in cost control, with the combined wages-to-revenue ratio dropping to 55.5 percent from 60 percent, driven by revenue growth while wages stayed static at £5.7 billion for 19 clubs. PSG maintained the highest wage bill in Europe, while Liverpool exceeded £400 million for the first time at £421 million, comprising 60 percent of their revenue.
The top 20 clubs collectively surpassed £10 billion in revenues for the first time, though caveats include one-off Club World Cup earnings not repeatable soon and losses at several sides, like Barcelona's £7 million pre-tax deficit.
