Deloitte Money League 2026: Real Madrid near €1.2bn revenue

January 22, 2026 • 0 • min read

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Deloitte Money League 2026: Real Madrid near €1.2bn revenue

Real Madrid have once again set the pace in world football finance, generating close to €1.2 billion in revenue during the 2024/25 season, as the Deloitte Football Money League confirmed the top 20 clubs broke the €12 billion barrier for the first time.

The 29th edition of Deloitte's annual report shows the business of elite football continues to expand rapidly, with commercial income now the primary growth engine, whilst matchday revenue reaches record highs and broadcast income rises on the back of expanded global competitions.

Deloitte Football Money League 2026 - Top 20 clubs ranking

Rank	Club	Revenue (2025)	Change on previous year
1	Real Madrid	€1,161m	+11%
2	Barcelona	€974.8m	+27%
3	Bayern Munich	€860.6m	+12%
4	Paris Saint-Germain	€837m	+4%
5	Liverpool	€836.1m	+17%
6	Manchester City	€829.3m	-1%
7	Arsenal	€821.7m	+15%
8	Manchester United	€793.1m	+3%
9	Tottenham	€672.6m	+9%
10	Chelsea	€584.1m	+7%
11	Inter Milan	€537.5m	+37%
12	Borussia Dortmund	€531.3m	+3%
13	Atlético Madrid	€454.5m	+11%
14	Aston Villa	€450.2m	+45%
15	AC Milan	€410.4m	+3%
16	Juventus	€401.7m	+13%
17	Newcastle United	€398.4m	+7%
18	VfB Stuttgart	€296.3m	+79%
19	Benfica	€283.4m	+27%
20	West Ham United	€276m	-14%

Source: Deloitte Football Money League 2026 (2024/25 season revenues).

Key takeaways

Top 20 clubs generated €12.4bn in 2024/25, up 11% year-on-year.
Real Madrid remained No.1 with €1,161m revenue - including €594m commercial revenue alone.
Barcelona returned to No.2, rising 27% to €974.8m, aided by new PSL income.
Commercial revenue hit €5.3bn, the biggest revenue stream for a third straight year.
Matchday revenue rose to €2.4bn (+16%), the fastest-growing stream proportionally.
Broadcast revenue reached €4.7bn (+10%), boosted by the expanded Club World Cup and UEFA competitions.

Source: Deloitte Football Money League, 2024/25 season.

Top 20 Money League clubs pass €12bn for the first time

The cumulative revenue of the top 20 clubs rose to €12.4 billion (2023/24: €11.2 billion) - a landmark for modern football business.

Deloitte notes that each of the three main categories increased to record levels: matchday (€2.4 billion), broadcast (€4.7 billion) and commercial (€5.3 billion).

Commercial revenue was the biggest standout as for the third consecutive year, it represented the largest share of total income - driven by improved retail performance, higher sponsorship value and new ways clubs are monetising their venues.

Real Madrid's commercial growth is redefining football finances

Madrid's 2024/25 results underline how elite clubs are increasingly building "non-football" business models around global fanbases.

The club generated €594 million in commercial income, powered by:

stronger merchandising performance
increased sponsorship revenue
wider brand monetisation globally

Remarkably, Deloitte highlights that Madrid's commercial revenue alone would place the club among the Money League's top ten earners.

Whilst matchday revenue decreased slightly due to lower PSL sales, Madrid's €233 million matchday total still stands as the second-highest ever recorded for a Money League club.

Barcelona back in the top two as PSL strategy pays off

Barcelona returned to the Money League podium for the first time since 2019/20, ranking 2nd with €974.8 million.

Even whilst continuing to play away from Spotify Camp Nou (with completion scheduled during 2025/26), the club grew overall revenue 27%, helped by the introduction of Personal Seat Licence arrangements - generating a one-off boost of roughly €70 million.

The move reflects a wider stadium-development trend in European football: clubs are increasingly pairing large-scale renovations with new premium and licensing products to protect cashflow during construction periods.

Liverpool become top-earning English club as City fall to sixth

For the first time in Money League history, Liverpool were the highest revenue generating English club, ranking 5th with €836.1 million.

Key drivers included:

34% broadcast growth, linked to Champions League participation
7% increase in commercial income, driven by more non-matchday events at Anfield

By contrast, Manchester City slipped to 6th (€829.3 million, -1%) after a slight downturn in broadcast income following a less dominant season on the pitch.

Meanwhile, Manchester United dropped to 8th, their lowest-ever ranking, due to a significant year-on-year decline in broadcast earnings despite stronger matchday and commercial performance.

Matchday revenue hits record €2.4bn as clubs monetise stadiums year-round

Money League matchday revenue reached €2.4 billion, rising 16% and maintaining the highest proportional growth rate for the fourth consecutive year.

Deloitte notes several key trends behind this surge:

clubs prioritising fan experience and premium hospitality
increased ticket yield and demand for high-end seats
rising use of PSLs as a revenue model

But the biggest structural shift is stadium utilisation.

Clubs are turning their venues into entertainment hubs with new additions such as:

on-site breweries
restaurants and bars
hotels
concerts and live events

This marks a clear evolution: clubs are now building income streams designed to perform strongly even when football is not being played.

Broadcast revenue rises 10% but domestic markets are plateauing

Broadcast revenue increased to €4.7 billion (+10%), remaining a central part of club finances and accounting for 38% of total Money League revenue.

Growth was driven by competition expansion:

The expanded FIFA Club World Cup, which saw ten Money League clubs participate, delivered a 17% uplift to their broadcast revenue
UEFA's expanded club competitions increased distributable funds to €3.3bn, up about 22% from the year before

However, Deloitte also highlights a growing risk: fixture congestion and welfare pressure.

In 2024/25, Money League clubs played 57 competitive matches on average, compared to 51 in 2023/24.

Serie A and Ligue 1 face new broadcast headwinds

Despite overall broadcast growth, certain domestic rights markets weakened:

Serie A rights fell around 3% on average per season (excluding revenue-share upside)
Ligue 1 rights dropped around 20%, after a prolonged tender process

Ligue 1's rights disruption went further because, after a DAZN deal ended by mutual agreement, the league launched a direct-to-consumer platform at the start of the 2025/26 season.

Deloitte expects this to negatively impact French clubs in the short-to-medium term, but suggests it could represent a meaningful long-term shift if the model proves successful.

New arrivals: Benfica return as Stuttgart post huge growth

Two notable clubs re-entered the Money League picture:

Benfica featured for the first time since 2005/06, becoming the first non "big five" entrant since 2020/21
VfB Stuttgart returned after more than a decade, posting a 79% revenue increase, driven by Champions League participation and improved hospitality income after renovations

The 2024/25 ranking also included only one French club, with both Olympique Marseille and Olympique Lyon missing out, reflecting Ligue 1's weaker broadcast outlook.

Future outlook: commercial innovation becomes the key battleground

Deloitte reports that since 2014/15, Money League revenue has grown at a 6% CAGR, and the trajectory remains upward, but the mechanisms are changing.

With domestic broadcast growth slowing, clubs must increasingly build and control their own commercial pathways, including:

global retail expansion
unique sponsorship activations
exclusive D2C content
stadium-based entertainment portfolios

Liverpool's strategy shows what's coming as the club have invested heavily in retail operations and now operate physical stores in 21 locations globally, signalling how clubs are chasing sustainable global fan monetisation.

FAQs: Deloitte Football Money League 2026

What is the Deloitte Football Money League?

The Deloitte Football Money League is an annual ranking of the world's highest revenue-generating football clubs, based on club financial results across matchday, broadcast and commercial income.

Which club earned the most revenue in 2024/25?

Madrid ranked No.1 after generating €1,161 million, remaining the only club to exceed €1 billion revenue for the second consecutive year.

Why is commercial revenue growing so quickly?

Clubs are earning more from sponsorship, global merchandising and retail, as well as monetising stadium venues year-round through restaurants, hotels, concerts and events.

What caused broadcast revenue growth in 2024/25?

The biggest drivers were the expanded FIFA Club World Cup and the expansion of UEFA's three primary men's club competitions, increasing overall distribution.

Why did Ligue 1 clubs drop out of the top 20?

Ligue 1's domestic broadcast rights value fell significantly in the latest cycle, and income linked to CVC Capital's investment into a commercial league subsidiary also ended.

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