In the 2023/24 season, Real Madrid was at the top of the 2025 Money League and became the first football club to generate €1 billion across a single season. This is one of the key findings of Deloitte Football Money League 2025, the report that profiles the most revenue-generating football clubs in the world, now in its 28th edition. The financial success of the Spanish club during the season was backed by the completion of renovation works to the Bernabéu Stadium, which catalyzed a 103 percent uplift of matchday revenues on the previous year. The club also posted a 20 percent increase in commercial revenues, boosted by increased merchandise sales and a new sleeve sponsorship.
Real Madrid generated €1,045.5 million in revenues in the 2023/24 season, followed in the top ten by Manchester City (€837.8m), Paris Saint-Germain or PSG (€805.9m), Manchester United (€770.6m), Bayern Munich (€765.4m), FC Barcelona (€760.3m), Arsenal (€716.5m), Liverpool (€714.7m), Tottenham Hotspur (€615m) and Chelsea (€545.5m).
Cumulatively, the Money League clubs in 2023/24 generated a record €11.2 billion in revenues, an increase of 6 percent from the 2022/23 season, driven by record matchday, commercial and broadcast revenues. Commercial revenues (€4.9bn) remained the largest revenue source for Money League clubs for the second consecutive year, accounting for 44 percent of total revenues. Commercial revenues increased by 10 percent over the previous season, largely driven by a rise in the hosting of non-football live events, improved retail performance and a rise in sponsorship revenues.
Matchday revenues, once again the fastest-growing revenue stream for Money League clubs, surpassed €2 billion (€2.1bn) for the first time in the history of the report. An increase in clubs’ stadium capacity, general ticket prices and premium matchday offerings caused matchday revenues to jump 11 percent year-on-year. In contrast, there was no uplift in cumulative broadcast revenues (€4.3bn) in 2023/24, as each of the “big five” leagues (referred to the association football markets of England, Spain, Germany, Italy and France) remained in the same domestic broadcast cycle as the preceding season, explains the report, with longer-term domestic media rights deals through to at least 2027. The Premier League will reportedly benefit from an increase in the value of its international media rights from 2025/26, thanks primarily to new agreements across the MENA and APAC regions.
Regarding the future outlook, Deloitte analysts stress that more than 300 sport stadium projects, including both renovations and new builds, are underway globally in 2025. The number reflects “an increased focus towards creating stable and diversified revenue streams through stadia utilised beyond matchdays,” explains Deloitte. The new stadia are intended as entertainment destinations at large, to deliver better experiences for players as well as artists, fans and the wider community. From a financial point of view, the expanded UEFA competitions, with more teams qualifying for the league phase, are expected to increase the revenue-generating capacity of European clubs outside of the “big five” leagues, adds Deloitte.
The Deloitte Football Money League was compiled by Tim Bridge, Kunal Sajdeh, Dhruv Garg, Matt Cunningham, Jennifer Haskel, Zoe Batchelor and Lizzie Tantam from the Deloitte Sports Business Group. In the Money League report, Deloitte records clubs’ revenue generation from matchday, broadcast rights and commercial sources. Revenues exclude player/coach transfer fees, VAT and other sales-related taxes. Information is derived from annual financial statements or statements provided directly by individual clubs. Since the women’s team is sometimes part of a separate corporate entity, the revenues generated by the women’s team, for certain clubs, may not be included in the revenues shown in club ranking, explains Deloitte.
