As per Deloitte’s analysis, Spanish giants Real Madrid have surpassed Manchester City to emerge as the football club with the highest revenue turnover.
In the 2022–23 season, Real achieved a record revenue of 831 million euros (£710 million), topping their Money League research. Even with a record revenue of 826 million euros (£705.6 million), Man City drop to second place, even with their FA Cup, Premier League, and Champions League treble victories.
The top 20 teams’ revenues increased by 14% to a record 10.5 billion euros (£8.97 billion). This comprises match-day and commercial revenues of 1.9 billion and 4.4 billion euros, respectively.
With the exception of the Covid-19-impacted 2019–20 season, commercial revenue has surpassed broadcast revenue as the major income stream for the first time since 2015–16. Of the top 20 clubs, 17 have seen an increase in revenue from the previous year.
Despite losing to Manchester City in the UEFA Champions League semi-final and finishing second behind Barcelona in the Spanish La Liga, Real Madrid is now at the top of the standings for the first time since 2017–18. However, they did win the Copa del Rey, UEFA Super Cup, and FIFA Club World Cup.
Paris Saint-Germain (€802m), Barcelona (€800m) and Manchester United (€746m) complete the top five.
Liverpool were the biggest fallers, after dropping from third to seventh with revenues of €683m (£583m). The Reds could only finish fifth in the Premier League and were knocked out of the UEFA Champions League at the last-16 stage.
London clubs, Tottenham, Chelsea and Arsenal also make the top 10, with Newcastle and West Ham 17th and 18th respectively.
