Real Madrid have retained their position at the summit of the Deloitte Football Money League, generating close to £1 billion in revenue during the 2024-25 season. The latest financial analysis reveals that a revamped and more lucrative UEFA Champions League has enabled several of Europe's elite clubs to surpass the earnings of their Premier League counterparts.
European Giants Outpace Premier League Clubs
According to the authoritative annual report published by Deloitte, Real Madrid achieved record-breaking revenue of €1.2 billion (£975 million), securing their place at the top of football's financial rankings. They were closely followed by LaLiga rivals Barcelona, who generated €975 million (£819 million), with German powerhouse Bayern Munich earning €861 million (£723 million) and Champions League winners Paris Saint-Germain amassing €837 million (£703 million).
Liverpool emerged as the highest-placed English club, finishing fifth with €836 million (£702 million), just ahead of Manchester City at €829 million (£696 million) and Arsenal at €822 million (£690 million). The remainder of the top ten was completed by Manchester United (€793 million/£666 million), Tottenham Hotspur (€673 million/£565 million), and Chelsea (€584 million/£491 million).
Champions League Overhaul Drives Revenue Growth
The 2024-25 season witnessed the most significant transformation of the Champions League in over three decades, introducing a new format that increased the number of matches and enhanced media and commercial rights agreements worth approximately €4.4 billion annually. Deloitte's analysis indicates that this structural change has substantially boosted the financial prospects of participating clubs.
Theo Adaji, a sports business expert at Deloitte, explained to City AM: "The Champions League as a whole, when you look at media rights in a new cycle, there was significant growth relative to some of the other markets where growth has plateaued. That's made the Champions League relatively more lucrative. The new format enables more games, so that has a matchday revenue impact as well."
Deloitte's report emphasises that successful on-pitch performance remained a crucial factor in determining clubs' positions within the Money League. Real Madrid and Bayern Munich both reached the quarter-finals of the Champions League, Barcelona progressed to the semi-finals, and Paris Saint-Germain ultimately claimed the trophy.
Stadium Investments and Future Prospects
Real Madrid and Barcelona have made substantial investments in upgrading their iconic stadiums, the Bernabeu and Camp Nou respectively. While Barcelona secured significant funds through the sale of seat licences, both Spanish giants are poised to reap considerable financial rewards in the coming years from enhanced matchday and hospitality revenues.
Adaji noted: "That might give both Barcelona and Madrid a chance to pull away from a matchday perspective." He added that all leading clubs are actively exploring ways to increase income from premium seating and corporate hospitality offerings.
Liverpool's position as the top English club is particularly noteworthy given their exit from the Champions League at the last-16 stage. Their financial success was bolstered by prize money from topping their group and subsequently winning the Premier League title.
However, the narrow margins separating Liverpool, Manchester City, and Arsenal suggest that the rankings could shift significantly in next year's edition, depending on domestic and European performances this season. Arsenal currently lead both the Premier League and their Champions League group, positioning them strongly for future financial gains.
Despite Chelsea's victory in FIFA's expanded Club World Cup, their absence from the Champions League contributed to their tenth-place finish in the Money League, highlighting the tournament's critical importance to club finances.
European football's leading institutions have long sought mechanisms to counterbalance the financial dominance provided by the Premier League's enormous media rights deals. The Champions League restructuring, alongside the previously proposed European Super League concept, represents concerted efforts to address this competitive and financial disparity.
