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Liverpool top English club in Money League

 In 2024/25, Real Madrid remained the only football club to generate over €1 billion in revenue, doing so for the second consecutive year. While the club reported a 6% decrease in matchday revenue, primarily driven by a reduction in revenue from the sale of Personal Seat Licenses, its €233m matchday revenue would still rank as the second highest ever generated by a Money League club. Additionally, the club reported a 23% increase in commercial revenue, driven by improved merchandise performance and new commercial partners.

For the first time since 2019/20, FC Barcelona returned to the Deloitte Money League podium (2nd), generating €975m. Despite continuing to play matches away from the Spotify Camp Nou, which is due for completion during the 2025/26 season, the club reported a 27% growth in revenue compared to 2023/24.

A key driver for this growth was the introduction of Personal Seat Licence arrangements, generating one-off c.€70m. Much like Real Madrid during the 2023/24 season, Barcelona introduced these licenses in conjunction with its stadia redevelopment, which points towards more European clubs exploring this option in conjunction with future major stadia development projects.

Bayern Munich (€861m) rounded off the top three, rising two places from last year on the back of an increase in broadcast revenue from its participation in the 2025 FIFA Club World Cup.

Paris Saint Germain (€837m) remained in the top five (4th) for the fourth straight year on the back of a successful season on the pitch as they won their first UCL title. Additionally, the club continues to successfully leverage its brand equity to drive commercial growth, with partnerships with international brands like Air Jordan embedding the club’s presence in various areas of popular culture.

For the first time in Money League history, Liverpool ranked as the highest revenue generating English club (5th), as the club reported total revenue of €836m, driven by a 34% increase in broadcast revenue following its return to the UCL and a 7% increase in commercial revenue on the back of more non-matchday events at Anfield.

Manchester City (€829m) fell four places from 2nd to 6th, owing to a marginal decrease in revenue compared to the 2023/24 season as the club finished 3rd in the English Premier League, compared with winning the league in 2023/24, and were eliminated in the UCL playoffs compared with progressing to the Quarter Finals the previous season.

Local rivals, Manchester United slid four places to 8th, their lowest ranking in Money League history, as the club reported total revenue of €793m for 2024/25 compared to €771m the prior year. While the club reported a combined increase of €75m through matchday and commercial revenues, there was a year-on-year decrease of €52m in broadcast revenue due to on-pitch results.

FIFA Club World Cup clubs have strong representation in this year’s Money League, with ten of this year’s clubs having participated. This includes SL Benfica, resulting in the Portuguese club featuring for the first time since 2005/06, being the first non ‘big five’ league entrant since 2020/21 (Zenit St. Petersburg).

Also reappearing in the Money League for the first time in over a decade (2009/10) is VfB Stuttgart, which reported an almost 90% increase in matchday revenue to €70m (2023/24: €37m). This was driven largely by competing in the UCL and from additional hospitality revenue following the renovation of the MHP Arena.

For the first time since 2021/22, the 2024/25 Money League rankings included only one French club, as neither Olympique de Marseille nor Olympique Lyonnais feature in this year’s top 20 rankings. Ligue 1’s less favourable domestic broadcast deal for the 2024/25 season, coupled with the cessation of income relating to CVC Capital’s investment into a commercial subsidiary of the league, were the significant drivers in neither featuring this year.

Whilst they have not featured in the Money League to date, the rise of some Saudi Pro League clubs, and Inter Miami from Major League Soccer, poses a commercial challenge to Europe’s leading clubs. Squads filled with star players have had a major impact on the global profile of clubs and both leagues. For the MLS in particular, capitalising on this opportunity following the 2026 FIFA World Cup could be the key to unlocking a new market of football fans in the United States. Before long, we may indeed see clubs from these leagues feature in the Money League as the world’s top revenue-generating clubs.

 

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