Real Madrid Top Deloitte Money League as Clubs Generate Record €12.4bn

Real Madrid have once again cemented their status as world football’s financial powerhouse after finishing top of the latest Deloitte Football Money League, generating a record-breaking €1.2 billion in revenue.

The annual report revealed that the combined income of the top 20 clubs reached an unprecedented €12.4 billion, marking an 11 per cent increase on the previous season and the highest total in the history of the rankings.

Barcelona climbed to second place after rising from fifth last year, while Bayern Munich finished third and Paris Saint-Germain fourth. Liverpool were the highest-earning English club for the first time, securing fifth place, as Manchester United slipped to eighth in the standings.

Two clubs made their debut appearances in the top 20. Bundesliga side Stuttgart finished 18th after generating €296.3 million, while Portuguese giants Benfica placed 19th with revenues of €283.4 million.

According to Deloitte, commercial income remained the largest source of revenue, accounting for 43 per cent of the total. Matchday income, however, was the fastest-growing stream, increasing by 16 per cent year-on-year and representing 19 per cent of overall earnings. Broadcasting revenue contributed the remaining 38 per cent, rising by 10 per cent, with clubs involved in last summer’s expanded Club World Cup enjoying a 17 per cent boost in broadcast income.

Manchester United, once considered the benchmark for commercial success in football, have now fallen to eighth place in the 2026 rankings. The club has topped the Money League on 10 occasions, most recently in 2017, but has suffered financially due to on-field struggles.

United’s broadcasting revenue dropped significantly from €258 million to €206 million, largely due to their absence from the Champions League in the 2024–25 season. Their lack of European football in the current campaign is also expected to reduce matchday income further, with early exits from domestic competitions limiting them to just 20 competitive matches at Old Trafford during the 2025–26 season.

Speaking to the Press Association, Tim Bridge, Deloitte’s Sports Business Group Leader, highlighted the evolving demands on elite clubs.

“The clubs with the strongest brands have the opportunity to engage fans beyond matchdays and become a 365-days-a-year touchpoint,” Bridge said. “Manchester United are only just beginning that journey now, largely due to the reported stadium redevelopment plans.

“Ten or fifteen years ago, United led the industry in matchday and commercial revenue. That is no longer the case. However, the opportunity remains because they are still arguably the biggest global football brand. To maximise that potential, fit-for-purpose facilities are essential.”

United are now the fourth-highest ranked English club in the 2026 Money League, behind Liverpool, Manchester City and Arsenal, who sit fifth, sixth and seventh overall respectively.

Liverpool’s return to the Champions League in 2024–25 played a key role in their rise, contributing to a seven per cent increase in commercial revenue, driven largely by non-matchday events at Anfield.

For the first time in the Money League’s history, no English club finished inside the top four, with Real Madrid, Barcelona, Bayern Munich and Paris Saint-Germain all benefiting from deep runs in the expanded Champions League and the enlarged FIFA Club World Cup.

While Premier League clubs are expected to benefit from a new broadcast deal beginning in 2027, Bridge stressed that sustained success would depend on balancing on-pitch achievements with off-field diversification.

“The challenge now is maintaining both,” he said. “The highest revenue-generating clubs are increasingly broader than football alone.”

Manchester City’s sixth-place finish marked their lowest position since the Covid-19-affected 2019–20 season. Overall, nine Premier League clubs featured in the top 20, including Tottenham (ninth), Chelsea (10th), Aston Villa (14th), Newcastle United (17th) and West Ham United (20th).