In the latest Deloitte financial rankings for 2022-23, Real Madrid claims the top position, surpassing Manchester City, with a reported revenue of €831 million ($905 million). This marks Real’s return to the top spot since the 2017-18 season, showing a significant increase of €118 million compared to the previous year.
Despite not winning La Liga and exiting the Champions League in the semi-finals, Real Madrid’s remarkable growth is attributed to robust retail performance, increased stadium attendance, and the recovery of sponsorship income after the easing of Covid-19 restrictions.
Manchester City, last season’s Premier League, Champions League, and FA Cup winners, drop to second place in the 2024 rankings. They reported their highest-ever revenue of €826 million, with a boost in broadcast and commercial revenues by €50 million and €26 million, respectively.
Paris Saint-Germain secures the third spot for the first time, boasting revenues of €802 million. Barcelona, in fourth position, witnessed a revenue increase to €800 million, climbing from seventh place. This growth is credited to record licensing and merchandising revenues and the return of fans to stadiums.
Commercial revenue becomes the primary income stream for ‘Money League’ clubs, marking a shift since the 2015-16 season, excluding the Covid-19 impacted 2019-20 season. Seventeen of the top 20 clubs report a year-on-year increase in commercial revenue, driven by improved retail sales, non-matchday events, and the recovery of sponsorship income affected by the pandemic.
Tim Bridge, lead partner in Deloitte’s Sports Business Group, notes the continuous financial strength of the football industry, emphasizing the importance of a commercially focused business model for clubs’ financial stability.
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Liverpool experienced the largest drop in the top 20, falling from third to seventh place, with a slight revenue decrease from €694.7 million to €694.2 million. Deloitte attributes this decline to on-field performance, as Liverpool finished fifth in the Premier League and exited the Champions League in the last 16.
Manchester United dropped one place to fifth despite an improved revenue figure. Tottenham rises to eighth, swapping places with Chelsea, partly due to revenue earned from hosting NFL games at their stadium. Arsenal maintains the tenth position in the rankings.
“A high demand for live sport is pointing towards further growth for commercial and matchday revenues, in particular.
“As clubs appear to no longer be able to rely on exponential broadcast revenue growth, creating a more commercially focused business model will support them to achieve greater control over their financial stability.”
Men’s team rankings
Note: Last year’s position in brackets, revenue in millions of euros and second figure is last year’s revenue.
1 (2) Real Madrid 831.4 euros (713.7 euros)
2 (1) Manchester City 825.9 (731)
3 (5) Paris Saint-Germain 801.8 (654.2)
4 (7) Barcelona 800.1 (638.2)
5 (4) Manchester United 745.8 (688.6)
6 (6) Bayern Munich 744.0 (653.6)
7 (3) Liverpool 682.9 (701.8)
8 (9) Tottenham Hotspur 631.5 (522.9)
9 (8) Chelsea 589.4 (568.3)
10 (10) Arsenal 532.6 (433.5)
11 (11) Juventus 432.4 (400.7)
12 (13) Borussia Dortmund 420.0 (357)
13 (16) AC Milan 385.3 (257.4)
14 (14) Inter Milan 378.9 (308.4)
15 (12) Atletico Madrid 364.1 (393.9)
16 (n/a) Eintracht Frankfurt 293.5 (208.3)
17 (20) Newcastle United 287.8 (212.2) 250.3 (179.7)
18 (15) West Ham United 275.1 (301.3) 239.2 (255.1)
19 (n/a) Napoli 267.7 (156.5) 232.8 (132.5)
20 (n/a) Marseille 258.4 (237.5) 224.7 (201.2).
Women’s club rankings
1 Barcelona 13.4 (11.6)
2 Manchester United 8.0 (7.0)
3 Real Madrid 7.4 (6.5)
4 Manchester City 5.3 (4.6)
5 Arsenal 5.3 (4.6)
