In terms of the different revenue sectors, the €11.2 billion was split between commercial income (€4.9 billion), broadcast revenue (€4.3 billion), and match day income (€2.1 billion).

This last sector came in at over €2 billion for the first time in the history of the Deloitte report, having grown by 11% year-on-year.

Commercial grew by 10%, while broadcast revenue was flat year-on-year. The ‘big five’ European leagues from where all the top 20 clubs come all remained in the same broadcast cycle as the previous season, meaning revenue in that sector did not change.

The other clubs in the top 10 were – in order – as follows: Barcelona (Spain), Arsenal (England), Liverpool (England), Tottenham Hotspur (England), and Chelsea (England).

Overall, nine clubs in the top 20 came from the English Premier League (EPL), three from the Spanish LaLiga, three from Italy’s Serie A, three from France’s Ligue 1, and two from the German Bundesliga.

New entrants were Aston Villa from the EPL and Olympique Lyonnais from Ligue 1.

In terms of Real Madrid’s income, there were substantial increases across the match day and commercial sectors, with the completion of renovation work to the club’s iconic Santiago Bernabeu stadium meaning match day attendance could return to normal levels. Thus, income in that sector doubled from the 2022-23 figures.

There was also a 19% year-on-year rise in commercial revenue.

Tim Bridge, lead partner for the Deloitte Sports Business Group, said: “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.”

He added: “While commercial revenue dominates the income of the top 10 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.”

In terms of which clubs rose and fell significantly in the rankings, Arsenal leapt from 10th to seventh, Atletico Madrid from 15th to 12th, and Newcastle from 17th to 15th. On the other side of the coin, Barcelona dropped from fourth to sixth and Juventus fell from 11th to 16th.

The average club in the 20-team ‘Money League’ generated €560 million in total revenue, split between commercial (€244 million), broadcast (€213 million), and match day (€103 million).

The 2023-24 Football Money League report also includes an analysis of the 15 highest-generating women’s soccer clubs in the main European leagues (excluding contributions from associated men’s teams).

For the first time, those 15 teams brought in cumulative revenues of over €100 million, with the total income of €116.6 million marking year-on-year growth of 35%.

For the third year in a row, Barcelona Femeni comes top of the revenue-generation table, with €17.9 million (up 26% from 2022-23).

Arsenal, Chelsea, and Manchester United, all from England’s Women’s Super League, come in second, third, and fourth, while Real Madrid Femenino make up the top five.

Of the 15 women’s clubs, eight are from the WSL, two each from Spain and the Frauen Bundesliga in Germany, while France, Portugal, and Norway all contribute one each.

Jennifer Haskel, a knowledge and insight lead in the Deloitte Sport Business Group, commented: “Women’s football clubs continue to drive growth and create new opportunities to engage fans by exploring their own ways to operate.

“Whether it is through new commercial deals, innovative matchday experiences in main club stadia, or new club structures, the growth seen amongst women’s clubs is a testament to the dedicated investment of owners, commercial partners, and governance stakeholders.”

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