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Riding high from their 2024-25 Premier League triumph, securing their 20th top-flight title, Liverpool have ascended to the top of the Premier League’s financial hierarchy.
Analysis from Deloitte reveals the Reds generated a league-leading 836 million euros (£702m) in revenue last season.
Manchester United, a perennial financial powerhouse, have slipped to their lowest position in the 29-year history of the Deloitte Football Money League.
Despite not clinching the Champions League or La Liga title, Real Madrid maintain their reign at the top with a staggering 1.2 billion euros (£1.01bn) in revenue, while both Manchester clubs experienced a decline in their rankings.
Barcelona rebounded to second place, reclaiming a spot in the top three for the first time since 2019-20, boasting 975 million euros (£819m) despite playing away from their Nou Camp home during renovations.
Bayern Munich secured third place with 861 million euros (£723m), followed by Champions League victors Paris St-Germain in fourth with 837 million euros (£703m), and Liverpool in fifth.
Dropping from second to sixth, Manchester City recorded a revenue of 829 million euros (£697m).
Manchester United, finishing 15th in the Premier League and falling to Tottenham in the Europa League final, slid from fourth to eighth with 793 million euros (£666m).
United have previously topped the Money League on 10 occasions, most recently in 2017.
Their matchday revenue is projected to suffer this season due to the absence of European competition and early exits from the FA Cup and League Cup.
“A decade or more ago, Manchester United led the way in matchday revenue,” noted Tim Bridge, lead partner at Deloitte Sports Business Group.
“Their commercial revenue generation set the benchmark for others. I don’t believe that’s still the case.”
Six English clubs feature in the top 10, with Arsenal (822m euros, £690m) in seventh, Tottenham (673m euros, £565m) in ninth, and Chelsea rounding out the top 10 with 584 million euros (£491m).
Three additional English teams made the top 20: Aston Villa (450m euros, £378m) in 14th, Newcastle United (400m euros, £335m) in 17th, and West Ham United (276m euros, £232m) in 20th.
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Collectively, the top 20 clubs experienced an 11% revenue surge, reaching a record 12.4 billion euros (£10.4bn).
Commercial revenues grew from 4.9 billion euros (£4.1bn) to 5.3 billion euros (£4.5bn), driven by clubs capitalizing on stadium usage beyond matchdays, increased sponsorship deals, and improved retail performance.
Real Madrid’s commercial income alone, at 594 million euros (£499m), would have secured them a spot in the top 10.
Matchday income experienced the most rapid growth, rising 16% to 2.4 billion euros (£2bn).
The expanded FIFA Club World Cup, held in the United States last summer, contributed to a 10% increase in broadcast revenue.
Participation in the tournament by Manchester City and Chelsea resulted in a 17% boost in broadcast revenues for those involved.
Deloitte’s Bridge suggests the Money League data illustrates clubs’ increasing control over revenue generation.
However, with Fifpro’s legal challenge against Fifa regarding the escalating number of games, Bridge emphasizes the need for a balance between revenue growth and player welfare.
“On-pitch performance remains a key factor for clubs aspiring to reach the top echelons, with many benefiting from the expansion of European and international club competitions,” Bridge stated.
“In the 2024-25 season, Money League clubs played more games on average than the previous season, reflecting the growth of competitions and strong sporting performances.”
“While substantial financial opportunities exist, it’s imperative to strike a balance between revenue optimization and safeguarding both the value of the on-field product and player well-being in the face of increasingly congested fixture schedules.”
Deloitte used the 12-month average exchange rate at the time of the clubs’ reported year end, with 1 euro equalling £0.84, to calculate its figures.
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