Real Madrid have been named the highest-earning football club in the world after generating record revenues during the 2024/25 season, according to Deloitte’s latest Football Money League report.
For the third consecutive year, the Spanish giants occupy first place in Deloitte’s global rankings, posting revenues of €1.161 billion. The figure marks a new record and represents only the second time a football club has surpassed the €1 billion threshold in annual turnover.
Deloitte said the club’s commercial strength was central to its financial dominance. The report notes that “the club generated €594 million in commercial revenue, an increase of 23%, driven by the sale of merchandising and the incorporation of new sponsorships. In addition, the €233 million recorded in matchday revenue is set to be the second-highest figure ever generated by a Money League club”.
Barcelona climbed to second place with revenues of €974.8 million, ahead of Bayern Munich (€860.6 million) and Paris Saint-Germain (€837 million). Liverpool emerged as the highest-earning English club, ranking fifth with €836.1 million, narrowly ahead of Manchester City and Arsenal.
Manchester United, meanwhile, fell to eighth place, their lowest position in the history of the Deloitte Football Money League. Tottenham Hotspur and Chelsea completed the top 10, generating €672.6 million and €584.1 million respectively.
Across the top 20 clubs, combined revenues reached a record €12.4 billion, an 11 per cent increase on the previous season. Deloitte reported that Madrid alone generated close to €1.2 billion, underlining the widening financial gap between Europe’s elite clubs and the rest of the game.
The 2024/25 rankings also saw new entrants, with Bundesliga side Stuttgart placing 18th after earning €296.3 million, while Portuguese club Benfica finished 19th with revenues of €283.4 million.
Deloitte identified commercial income as the largest revenue stream, accounting for 43 per cent of total earnings across the Money League clubs. However, matchday revenue was the fastest-growing source, rising 16 per cent year on year and representing 19 per cent of overall income.
The findings further cement Real Madrid’s position as the most powerful financial force in world football, driven by commercial expansion, global brand strength and consistently high matchday returns.
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