The top 20 revenue generating clubs in world football made a record €11.2bn 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% 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 €560m, comprised of €244m (44%) commercial revenue, €213m (38%) broadcast revenue, and €103m (18%) matchday revenue.
Real Madrid have become the first club to surpass one billion Euros of revenue in a single season, securing its position at the top of the Money League. They are followed by Manchester City (€838m), Paris Saint-Germain (€806m), Manchester United (€771m) and Bayern Munich (€765m).
Matchday revenue grew 11% 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 €2bn (€2.1bn) for the first time in the history of the publication, accounting for 18% of total revenue, the highest share since 2014/15 (19%).
At €4.9bn, commercial remained the largest revenue source for Money League clubs for the second year running, accounting for 44% of total revenue. The 10% 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 (€4.3bn) 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, 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.
“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 became the first football club to generate over €1 billion in revenue during a single season in 2023/24, helping it secure its spot at the top of the Money League. The completion of renovations works to the Bernabéu Stadium saw matchday revenues double to €248m in 2023/24. The club also reported a 19% increase in commercial revenue (from €403m to €482m), 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 (€838m) – 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 (€208m), with the previous record for a season set in 2018/19 (€84m).
Elsewhere, Juventus saw its biggest drop in the rankings (€356m) 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 (€717m), Borussia Dortmund (€514m), Newcastle (€372m) and Aston Villa (€310m) 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 (€245m) dropped out of the top 20 in 2023/24 following a 34% decline in broadcast revenue (16% 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 (€715m), Tottenham Hotspur (€615m), and Chelsea (€546m) 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 (€264m) benefited from such projects, with higher attendances and non-matchday events boosting matchday and commercial revenue respectively. Meanwhile, FC Barcelona (€760m) fell to 6th following a decrease of €40m in revenue. This was driven by a €63m 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.”
Top ranked women’s football clubs generate record-breaking revenues
For a third year, the Deloitte Football Money League profiles 15 of the top revenue generating women’s clubs*, with these clubs reporting revenues of over €100m for the first time. The cumulative revenues of €116.6m in the 2023/24 season mark a 35% year-on-year growth when accounting for group income**.
For a third consecutive year, FC Barcelona Femení remains top amongst the clubs analysed, having generated €17.9m in revenue, a 26% increase from the 2022/23 season after accounting for group income. Arsenal Women ranks a close second with revenues of €17.9m, having generated a 64% and 48% increase to matchday and commercial revenues respectively in the 2023/24 season. The top five is completed by two other English clubs, Chelsea Women (€13.4m) and Manchester United Women (€10.7m), as well as Real Madrid Femenino (€10.5m).
Jennifer Haskel, knowledge and insight lead in the Deloitte Sports Business Group, said: “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.
“It is clear that the women’s game is growing rapidly across metrics including and beyond revenue. While women’s clubs have traditionally been compared to, or expected to mirror, the structure and business of men’s clubs, we are seeing a fundamental shift in the recognition of opportunity that stems from embracing key differences. By doing so, the industry has an opportunity to set the future direction of the game, for its players and fans, but also to drive revenues and better the sport itself.”
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Notes to Editors
Deloitte Football Money League 2025
