The top 20 revenue generating clubs in world football generated over €12bn in revenue for the first time, according to the 29th edition of the Football Money League published by the Deloitte Sports Business Group. This record figure marks an 11% increase in cumulative revenues from the previous season as all three main revenue streams grew to record levels.
Real Madrid retained the top spot in the Money League, having generated close to €1.2bn during 2024/25. They are followed by FC Barcelona (€975m), Bayern Munich (€861m), Paris Saint-Germain (€837m), and Liverpool (€836m).
Commercial revenue (€5.3bn) remained the largest revenue source for Money League clubs for the third year running, accounting for 43% of total revenue in 2024/25. This was driven by a shift in clubs’ business models focusing on the increased use of stadia and surrounding areas on non-matchdays, an increase in sponsorship revenue, and improved retail performance. Commercial accounted for almost half (48%) of total revenue for top 10 Money League clubs, but just a third (32%) for clubs ranked 11th to 20th.
Matchday revenue remained the revenue stream that grew at the fastest rate, growing 16% year-on-year, generating €2.4bn for Money League clubs (accounting for 19% of total revenue). Improved matchday experiences, coupled with an increased use of other revenue drivers such as Personal Seat Licenses (PSL), contributed to this growth.
Broadcast revenue grew by 10%, accounting for 38% of total revenue. This increase was primarily driven by the impact of the expanded FIFA Club World Cup – 10 Money League clubs participated in last summer’s tournament, resulting in a 17% uplift in broadcast revenues for these clubs. Additionally, the expansion of UEFA’s three primary men’s club competitions also contributed to the clubs’ revenue growth.
While the revenue of clubs across the top 10 and those ranked 11th to 20th have grown significantly, with 60% and 84% increases respectively in the last 10 years, the factors driving their growth differ.
Tim Bridge, lead partner in the Deloitte Sports Business Group, said: “This year’s Money League showcases the evolving commercial landscape of elite football, with clubs continuing to take greater ownership of their revenue-generating capabilities. It is no coincidence that the clubs in the top half of the ranking are those with the ability to focus on commercial revenue development, particularly as domestic broadcast rights plateau.
“There is a pivotal shift in some club business models with an increased focus on maximising the impact of their brand and their stadium assets. The presence of on-site breweries, hotels and restaurants is now commonplace and illustrates a strategic move to diversify income and create year-round entertainment destinations. This innovative approach is broadening revenue streams significantly, allowing clubs to unlock opportunities far beyond the traditional matchday experience in a drive to secure more sustainable financial futures.”
Spanish giants make headway at the top
Real Madrid consolidated their place at the top of the Money League by generating close to €1.2bn in revenue in 2024/25. While the club reported a 6% decrease in matchday revenue, commercial revenue grew by 23%, boosted by improved merchandise sales and new commercial partners. The club’s 2024/25 commercial revenue alone would rank them in the top 10 of the Money League.
For the first time since 2019/20, FC Barcelona (second) returned to the Money League top three by generating €975m, despite continuing to play home matches away from the Spotify Camp Nou in 2024/25. The club reported a 27% growth in revenue compared to 2023/24 (when they placed sixth in the Money League), primarily driven by the introduction of PSLs in conjunction with its stadia redevelopment.
Successful on-pitch performance remained a key influence in where clubs finished in the Money League. For the first time in Money League history, Liverpool emerged as the highest revenue generating English club (€836m). This surge, up to fifth in the ranking, was driven by the club’s return to the UEFA Champions League (UCL), and a 7% increase in commercial revenue following additional non-matchday events at Anfield. Meanwhile, Manchester City (€829m) dropped four places to sixth due to a lower Premier League finish and an earlier UCL exit compared to the previous season.
Manchester United dropped from fourth to eighth in the Money League, with the club’s broadcast revenue falling from €258m to €206m largely due to a lack of Champions League football, coupled with a 15th place finish domestically.
Participation in the 2025 FIFA Club World Cup generated significant revenue for clubs in this year’s Money League. Bayern Munich (€861m) received a boost in broadcast revenue from its participation in the tournament, propelling the German club into the top three for the first time since 2020/21. Portuguese club SL Benfica (19th place, €283m), who also participated in the tournament, featured in the Money League for the first time since 2005/06, becoming the first non ‘big five’ league entrant since 2020/21.
For the first time since 2021/22, the rankings included only one French club, with Paris Saint-Germain (€837m, fourth place) being the sole Ligue 1 entrant, as the league faced challenges with its domestic broadcast deal for the 2024/25 season.
Bridge said: “On pitch performance remains a primary driver for clubs to progress to the upper echelons of the ranking, with many clubs benefitting from new and expanded European and international club tournaments. In the 2024/25 season, Money League clubs on average played more games than the season before, reflecting the growth of competitions and sporting performance of many in the ranking. While this presents substantial financial opportunity, a balance must be struck between revenue optimisation and protecting both the value of the on-field product and player welfare amidst ever-increasing fixture schedules.”
Top ranked women’s football clubs generate over €150m for first time
For a fourth year, the Deloitte Football Money League profiles 15 of the top revenue generating women’s clubs* globally. In another record-breaking year, these clubs reported average revenues in excess of €10m for the first time, with cumulative revenues of €158m, marking an increase of 35% on last year’s total.
Arsenal Women tops the list this year, dethroning FC Barcelona Femení for the first time, with revenues of €25.6m, an increase of 43% from the previous season. Significant investment into fan data and activation helped garner attendances exceeding 35,000 on five separate occasions across the 2024/25 season. Chelsea Women ranks in a close second (€25.4m), while generating the highest commercial revenue amongst the top 15 (€19.1m). FC Barcelona Femení (€22m) completes the top three after another successful domestic season.
Jennifer Haskel, knowledge and insight lead in the Deloitte Sports Business Group, said: “Whilst growth has developed significantly in women’s football in recent years, the shift from the start up phase to the established phase requires consistent time, investment, and effort to develop the foundations in the right manner. As further milestones are hit, including new and expanded competitions on the biggest stages, industry leaders must continue to innovate, while also protecting the wants and needs of fans and players to foster a more sustainable future for the game.”
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