Deloitte report reveals club’s commercial empire drives earnings as global top-20 revenues hit €12.4 billion.
Real Madrid has reinforced its status as football’s financial powerhouse, leading Deloitte’s annual Football Money League with revenues soaring past €1.16 billion in the 2024/25 season. The report reveals a record-breaking €12.4 billion in combined revenue for the world’s top 20 clubs, driven by a strategic shift from traditional matchday income to commercial empires and stadiums used as all-year destinations.
The Spanish giants saw a dip in matchday income but a massive commercial surge to €594 million—a figure alone that would place a club in the top ten—fueled by merchandising and new sponsorships. Barcelona climbed to second (€975 million) by monetizing its future, selling personal seat licenses for its still-under-construction new stadium.
The Premier League story centered on a changing of the guard. Liverpool emerged as England’s highest-earning club for the first time (€836 million, 5th overall), buoyed by a league title, Champions League football, and innovative non-matchday use of Anfield. Meanwhile, Manchester City slipped to sixth (€829 million), and Manchester United’s absence from the Champions League contributed to a fall to eighth place (€793 million).
Across the board, clubs are behaving less like sports teams and more like global entertainment brands. “The presence of on-site breweries, hotels and restaurants is now commonplace,” said Tim Bridge of Deloitte’s Sports Business Group. This drive to create “year-round entertainment destinations” is broadening revenue streams far beyond the pitch.
In the women’s game, Arsenal Women led the financial ranking with €25.6 million in revenue, underscoring the sport’s rapid commercial growth. The overall picture is one of a sport leveraging its brand power like never before, with commercial income now the dominant financial force for a third consecutive year.
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