Report: Top 20 football clubs generate €11.2bn revenue
January 23, 2025

The top 20 revenue generating clubs in world football made a record €11.2 billion in the 2023/24 season, according to the 28th edition of the Football Money League published by the Deloitte Sports Business Group. This marks a 6 per cent increase in cumulative revenues from the previous season, with Money League clubs reporting record matchday, broadcast and commercial revenues.
The average Money League club generated €560 million, comprised of €244 million (44 per cent) commercial revenue, €213 million (38 per cent) broadcast revenue, and €103 million (18 per cent) matchday revenue.
Real Madrid have become the first club to surpass €1 billion revenue in a single season, securing its position at the top of the Money League. They are followed by Manchester City (€838 million), Paris Saint-Germain (€806 million), Manchester United (€771 million) and Bayern Munich (€765 million).
Matchday revenue grew 11 per cent year-on-year, making it the fastest growing revenue stream for Money League clubs once again thanks to an increase in clubs’ stadium capacity, general ticket prices and premium matchday offerings. Matchday revenue surpassed €2 billion (hitting €2.1 billion) for the first time in the history of the publication, accounting for 18 per cent of total revenue, the highest share since 2014/15 (19 per cent).
At €4.9 billion, commercial remained the largest revenue source for Money League clubs for the second year running, accounting for 44 per cent of total revenue. The 10 per cent uplift over the previous year was largely driven by an increase in the hosting of non-football live events, improved retail performance and a rise in sponsorship revenues.
Meanwhile, there was no uplift in the cumulative broadcast revenue (€4.3 billion) reported by Money League clubs in 2023/24, as each of the ‘big five’ leagues remained in the same domestic broadcast cycle as the preceding season. The ’big five’ leagues have, or will be entering, a period of relatively stable broadcast revenues due to longer-term domestic media rights deals through to at least 2027.
Tim Bridge, lead partner in the Deloitte Sports Business Group, commented: “Money League clubs continue to break records with ongoing growth in commercial and matchday revenues. While on-pitch performance is critical for teams to reach the top echelons of the rankings, high performing clubs are also able to diversify the way they generate revenue through unlocking innovative partnerships and developing the land and stadium space that they own or operate. While commercial revenue dominates the income of the top ten Money League clubs, broadcast income remains crucial for teams in the second half of the rankings. As competitions expand and create more broadcast and matchday opportunities, these can further increase the earning potential for clubs. At a time where there is more demand than ever for a greater number of matchdays, this must be balanced with player welfare, as they ultimately bring the on-field success that can earn clubs many further rewards off-field.”
European clubs continue to score big
Real Madrid topped the Money League. The completion of renovations works to the Bernabéu Stadium saw matchday revenues double to €248 million in 2023/24. The club also reported a 19 per cent increase in commercial revenue (from €403 million to €482 million), boosted by increased merchandise and new sleeve sponsorship.
Manchester City remained in second place in the overall Money League – and the highest revenue generating English club (€838 million) – again beating its own revenue record for a season. However, the gap between the first and second placed Money League clubs has never been bigger (€208 million), with the previous record for a season set in 2018/19 (€84 million).
Elsewhere, Juventus saw its biggest drop in the rankings (€356 million) from 11th to 16th, the club’s lowest position in Money League history following an absence from European football in 2023/24. Sporting performance played a crucial role in many teams’ financial impetus, with clubs such as Arsenal (€717 million), Borussia Dortmund (€514 million), Newcastle (€372 million) and Aston Villa (€310 million) growing revenues through participation in UEFA competitions and improved domestic performances yielding higher broadcast distributions.
The clubs ranked 11th to 20th reinforce the impact of on-pitch success on financial performance. Eintracht Frankfurt (€245 million) dropped out of the top 20 in 2023/24 following a 34 per cent decline in broadcast revenue (16 per cent decrease in total revenue) as the club participated in the UEFA Europa Conference League versus the Champions League. This feat reiterates the role commercial revenue generation has played in enabling the likes of Liverpool (€715 million), Tottenham Hotspur (€615 million), and Chelsea (€546 million) to retain their position in the top 10 despite reduced broadcast income after missing out on Champions League participation.
Several clubs also identified the impact of infrastructure investments as a key driver of revenue. Liverpool and Olympique Lyonnais (€264 million) benefited from such projects, with higher attendances and non-matchday events boosting matchday and commercial revenue respectively. Meanwhile, Barcelona (€760 million) fell to 6th following a decrease of €40 million in revenue. This was driven by a €63 million fall in matchday revenue with matches being played at a smaller venue while the Spotify Camp Nou is redeveloped.
Tim Bridge, lead partner in the Deloitte Sports Business Group, added: “Club stadia are increasingly being valued as more than just matchday assets, with a number of clubs converting their grounds into multi-use entertainment venues that attract new visitors, sponsors, and retail opportunities. Football clubs are now realising the value of becoming far more than sporting brands, with media and entertainment becoming intertwined with the commercial potential that they have to offer.”