Record revenues of €12.4bn underline how elite clubs are increasingly relying on commercial income, brand power and stadium redevelopment.
The richest football clubs in the world generated record revenues of €12.4 billion in the 2024-25 season, underlining a decisive shift away from reliance on domestic broadcast deals and towards commercial growth, stadium monetisation and global brand expansion, according to the latest Deloitte Football Money League.
The 29th edition of the annual report shows revenues among the top 20 clubs rising 11% year on year, with Real Madrid again setting the pace after becoming the first club to surpass €1 billion for a second consecutive season, with €594 million generated from commercial revenue through increased merchandising and sponsorship.
Deloitte said the figures reflect “a quite staggering evolution of football club revenue,” as clubs increasingly leverage assets far beyond matchday performance.
"Matchday (€2.4 billion), broadcast (€4.7 billion) and commercial (€5.3 billion) revenues all grew to record levels, as the latter became the first revenue stream to exceed €5 billion," the Deloitte analysis said.
The success is attributed to “improved retail performance, increasing sponsorship revenue, as well as the use of stadia and surrounds on non-matchdays”.
Across Europe, clubs are transforming stadiums into year-round entertainment hubs, with “on-site breweries, restaurants, hotels, and other offerings” becoming increasingly common.
The clubs are repositioning themselves as lifestyle and leisure brands, particularly in markets where broadcast growth has plateaued.
Matchday income rose 16% to €2.4 billion, its fourth consecutive year as the fastest-growing revenue stream, helped by premium ticketing and Personal Seat Licences (PSLs).
PSLSs are essentially a paid right to buy a specific seat at a stadium for a set period of time, often decades, on top of the ticket itself.
Broadcast revenue, while still accounting for 38% of total income, grew at a slower pace and showed increasing divergence between elite clubs and those lower down the rankings.
Real Madrid leads, Liverpool top English challengers
Real Madrid generated close to €1.2 billion in revenue, including €594 million in commercial income alone, “enough to place the club among the top ten Money League clubs this year” even without other revenue streams.
Barcelona returned to second place for the first time since 2019-20, generating €975 million despite continuing to play away from their home ground at Spotify Camp Nou.
Deloitte highlighted a 27% revenue increase, driven partly by the introduction of PSLs linked to the stadium’s redevelopment — a model increasingly being explored across Europe.
Bayern Munich rose to third following with a revenue of €861 million and a broadcast boost from the expanded FIFA Club World Cup, while Paris Saint-Germain remained fourth at €837 million after winning their first Champions League title.
Deloitte noted PSG’s success in “leverag[ing] its brand equity,” pointing to partnerships such as Air Jordan that embed the club in global popular culture.
Liverpool ranked fifth overall and became the highest-earning English club for the first time, generating €836 million.
Deloitte said this was driven by a 34% rise in broadcast revenue following their return to the Champions League and higher commercial income linked to non-matchday use of Anfield.
Manchester City slipped to sixth after a marginal revenue decline, while Manchester United fell to eighth, their lowest position in Money League history, despite higher matchday and commercial income, as weaker on-pitch results reduced broadcast earnings.
Ligue 1 under pressure as broadcast model fractures
France was represented by just one club in the top 20, PSG, highlighting mounting structural challenges for Ligue 1. Deloitte pointed to the league’s new domestic broadcast deal for 2024-25, which was around 20% lower than the previous cycle after a prolonged tender process.
The subsequent collapse of the DAZN agreement and the launch of Ligue 1’s direct-to-consumer streaming platform in 2025-26 is expected to weigh on revenues in the short to medium term.
While Deloitte said this would “negatively impact French clubs’ broadcast revenues”, it also noted that Ligue 1 has become “the first major European football league to adopt a D2C approach”.
Women’s clubs and the next frontier
Alongside the men’s rankings, Deloitte published a separate list of the 15 highest-revenue women’s clubs, reflecting accelerating commercial interest in the women’s game across England, France, Spain and Germany.
Looking ahead, Deloitte said rising investment in the Saudi Pro League and Major League Soccer, particularly Inter Miami, could soon challenge Europe’s dominance.
With the 2026 World Cup approaching, Deloitte suggested MLS clubs could “unlock a new market of football fans in the United States”.
Since 2014-15, Money League club revenues have grown at a compound annual rate of 6%, with no immediate sign of slowing.
However, Deloitte warned that long-term growth will depend on smarter commercial strategies, regulatory stability and sustainable competition formats.
