In a groundbreaking achievement, Liverpool has ascended to become the highest-earning club in the Premier League for the very first time, as revealed by a recent analysis from the financial consulting firm Deloitte. This milestone follows Liverpool's triumph in securing the English top-flight title last season, during which they amassed an impressive total of 836 million euros (approximately £702 million) in revenue—more than any other English football club.
In a notable shift, Manchester United has experienced a significant decline, reaching their lowest position ever in the 29th edition of the Deloitte Football Money League. Despite not clinching either the Champions League or La Liga titles last season, Real Madrid continues to lead the list with a staggering revenue of 1.2 billion euros (£1.01 billion).
Barcelona has also made a comeback, reclaiming a spot in the top three for the first time since the 2019-2020 season with earnings of 975 million euros (£819 million), even while competing away from their home ground due to renovations at the Nou Camp.
Bayern Munich secured the third position with a revenue of 861 million euros (£723 million), followed closely by Paris St-Germain, the Champions League winners, who came in fourth at 837 million euros (£703 million). Liverpool occupies the fifth spot, while Manchester City has fallen from second to sixth place, generating 829 million euros (£697 million).
Manchester United, having finished a disappointing 15th in the Premier League and losing to Tottenham in the Europa League final, tumbled from fourth to eighth with reported revenues of 793 million euros (£666 million). Historically, Manchester United has dominated the money league, topping it on ten occasions, with the last instance occurring in 2017. Their current financial outlook is further complicated by the absence of European competition this season, coupled with early exits from both the FA Cup and League Cup.
Tim Bridge, the lead partner of Deloitte's Sports Business Group, reflects on the changing landscape: "If you looked back 10 or 15 years ago, Manchester United was the undisputed leader in matchday revenue. They set the standard for commercial revenue, which others aspired to emulate. This, however, no longer seems to be the case."
Interestingly, England boasts six clubs within the top ten, with Arsenal claiming seventh place at 822 million euros (£690 million), followed by Tottenham in ninth with 673 million euros (£565 million), and Chelsea rounding out the top ten at 584 million euros (£491 million).
Additionally, three other English teams have broken into the top 20: Aston Villa at 14th with 450 million euros (£378 million), Newcastle United at 17th with 400 million euros (£335 million), and West Ham United in 20th with 276 million euros (£232 million).
Overall, the financial performance of the top 20 clubs has seen a remarkable increase of 11%, reaching a record total of 12.4 billion euros (£10.4 billion). This rise can largely be attributed to a surge in commercial revenues, which climbed to 5.3 billion euros (£4.5 billion) from 4.9 billion euros (£4.1 billion). This boost is driven by a strategic pivot among clubs towards maximizing stadium use and surrounding areas beyond matchdays, as well as increased sponsorship deals and improved retail performance.
Real Madrid's commercial income alone stood at 594 million euros (£499 million), a figure that would have positioned them in the top ten even without their overall revenue. The matchday segment continues to experience the fastest growth rate, seeing a 16% increase to 2.4 billion euros (£2 billion).
The expanded FIFA Club World Cup, held in the United States last summer, contributed to a 10% rise in broadcast revenues. Both Manchester City and Chelsea represented England in this prestigious tournament, resulting in a significant 17% increase in broadcast revenues for participating clubs.
Deloitte’s Bridge emphasizes the trend of clubs taking more control over their revenue-generating capabilities. However, he cautions against the increasing pressure on players due to an overloaded football calendar, noting that the players' union, Fifpro, is currently pursuing legal action against FIFA regarding this issue.
Bridge states, "On-field performance remains crucial for clubs aspiring to climb the ranks, with many benefitting from new opportunities offered by expanded European and international competitions. In the upcoming 2024-25 season, clubs featured in the Money League are projected to play more matches than in previous seasons, reflecting the growing number of tournaments and the competitive success of those clubs. While this presents a substantial opportunity for financial growth, it is essential to find a balance between revenue generation and ensuring the welfare of players amid escalating fixture demands."
When calculating these figures, Deloitte has converted amounts based on the average exchange rate over the 12 months leading up to each club's fiscal year-end, with one euro equating to £0.84.
