Real Madrid have once again underlined their financial dominance in world football, finishing the 2024–25 season as the highest-earning club on the planet, according to Deloitte’s latest Football Money League. The Spanish giants generated €1.16 billion in revenue, keeping them firmly at the top despite failing to win either LaLiga or the Champions League.
For football fans across the diaspora who closely follow the business side of the global game, the figures highlight how power, branding and commercial strength now rival trophies in shaping football’s elite. Real Madrid remain the only club to surpass the $1 billion revenue mark in each of the last two seasons, helped by a massive 23 per cent surge in commercial income. Merchandise sales and corporate partnerships pushed their commercial revenue alone to €594 million.
Barcelona, their historic rivals, climbed back into second place with revenues of €975 million, returning to the top three for the first time in five years after a period of financial turmoil. Bayern Munich followed in third with €861 million, while Champions League winners Paris Saint-Germain were close behind on €837 million.
Liverpool emerged as the standout English club, finishing fifth globally with €836 million in revenue. It marks the strongest performance by any Premier League side in the 29-year history of Deloitte’s rankings and reflects the club’s global pull, boosted by their title-winning Premier League campaign. For many supporters in the UK and abroad, Liverpool’s rise is further proof of how sporting success and global fan engagement translate into financial power.
Manchester City slipped to sixth with €829 million, while current Premier League leaders Arsenal were seventh on €822 million. However, the biggest talking point among English clubs was Manchester United’s continued decline. After finishing 15th in the league last season, United dropped from fourth to eighth in the revenue table with €793 million – their lowest-ever position in the Money League, which they have topped ten times in the past.
Deloitte warned that United’s financial outlook could worsen further this season due to their absence from European competitions and early exits from domestic cups. Tim Bridge, lead partner at Deloitte’s Sports Business Group, noted that while United once set the standard for matchday and commercial revenue, that reputation has faded over the past decade.
Overall, six Premier League clubs featured in the global top ten, with Tottenham ninth on €673 million and Chelsea tenth on €584 million, underlining the league’s continued commercial strength.
Across the top 20 clubs worldwide, total revenue rose by 11 per cent to a record €12.4 billion. Commercial income climbed to €5.3 billion, driven by stronger sponsorship deals, improved retail operations and expanded use of stadiums beyond matchdays. Matchday revenue saw the fastest growth, increasing by 16 per cent to €2.4 billion, while broadcast income rose 10 per cent, helped by the expanded FIFA Club World Cup held in the United States.
Looking ahead, Deloitte suggested that the growing influence of Saudi Pro League clubs and Major League Soccer side Inter Miami could begin to challenge Europe’s long-standing financial dominance. With star-studded squads raising global interest, the 2026 FIFA World Cup in the United States could be a turning point for MLS, opening up a new generation of football fans and commercial opportunities.
For the global football diaspora, the latest figures show a sport that is no longer just about results on the pitch, but about global reach, commercial innovation and who can capture the attention – and loyalty – of fans worldwide.
