Liverpool have become the top-earning Premier League club for the first time, according to analysis from financial firm Deloitte.

 

The Reds won the English top-flight title last season and generated 836m euros (£702m) in revenue – more than any other English side.

 

Manchester United fell to their lowest ever position in what is the 29th edition of the Deloitte Football Money League.

 

Real Madrid again top the list with 1.2bn euros (£1.01bn), despite not winning the Champions League or La Liga last season, as both Manchester clubs dropped down the list.

 

There are six Premier League clubs in the top 10 and 15 in the top 30, but for the first time there is no English team in the top four.

 

Barcelona were second, moving back into the top three for the first time since 2019-20 after generating 975m euros (£819m), despite playing away from their Nou Camp stadium last season as it was renovated.

 

Bayern Munich are third on 861m euros (£723m), Champions League winners Paris St-Germain fourth on 837m euros (£703m) and Liverpool fifth.

 

Overall, the revenue of the top 20 clubs went up by 11% to a record 12.4bn euros (£10.4bn).

 

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‘Premier League still dominant despite drop’

Manchester City dropped from second place to sixth with revenue of 829m euros (£697m), down 8.5m euros (£7.4m), as they failed to win a major trophy for the first time in eight years.

 

They failed to reach the last 16 in the Champions League and although they played in July’s Club World Cup, they exited at the last 16 stage.

 

The other English teams in the top 10 are Arsenal (822m euros, £690m) in seventh, Tottenham (673m euros, £565m) in ninth and Chelsea in 10th (584m euros (£491m).

 

Aston Villa (450m euros, £378m) are 14th, Newcastle United (400m euros, £335m) 17th and West Ham United (276m euros, £232m) 20th.

 

Brighton, Everton, Crystal Palace, Bournemouth, Wolves and Brentford round out the top 30.

 

The absence of a Premier League club in the top four of the Money League comes after they spent a record £3bn in the summer transfer window buoyed by the start of a record £6.7bn four-year domestic TV deal, and the extra revenue generated by newly expanded European club competitions.

 

“It shows the impact and importance of qualifying for the Champions League. PSG won it and they’re ahead of English clubs,” football finance expert Kieran Maguire told BBC Radio 5 live.

 

“For every £1 you get in the Uefa Conference League, you get £2 in the Europa League and £7 in the Champions League.

 

“If you look at [Real and Barca], they have expanded operations and are making more money through commercial activities in football than broadcast deals.

 

“But the Premier League overall is still dominant.

 

“The fact a club such as Brentford – no disrespect to them as they are a superbly run club – are bigger than anything in the MLS and South America shows just how successful overall the Premier League has been.”

 

Manchester United, who finished 15th in the Premier League and were beaten by Tottenham in the Europa League final, went from fourth to eighth with 793m euros (£666m), despite a 3% increase of 22.5m euros (£19.6m)

 

United have topped the money league on 10 occasions, most recently in 2017.

 

Their matchday revenue will also suffer this season as they are not involved in European competition and have been knocked out of the FA Cup and League Cup at the first hurdle.

 

“If you went back 10 or 15 years, and you looked at Manchester United’s matchday revenue it was the industry leader,” said Deloitte Sports Business Group lead partner Tim Bridge.

 

“If you looked at their ability to generate commercial revenue, it was the benchmark by which everybody then went to market and set their strategy. I don’t think that remains the case.”

 

Maguire says Liverpool’s rise can be attributed to the expansion of Anfield and hosting non-football events.

 

“It is a case of getting more people into the ground, getting more events at the ground, they have hosted concerts and get those fees.

 

“They have also expanded their megastore operations around the world which brings in those revenues.”

 

He added: “If you can get more money coming on on non-match days than that is a way to drive a club forward and Liverpool have been successful there.”

 

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What’s behind the increase?

Commercial revenues went up to 5.3bn euros (£4.5bn) from 4.9bn euros (£4.1bn) in an increase “driven by a shift in clubs’ business models focusing on the increased use of stadia and surrounding areas on non-matchdays, an increase in sponsorship revenue, and improved retail performance”.

 

Real Madrid’s commercial income was 594m euros (£499m), generated through increased merchandising and sponsorship, which alone would have put them in 10th spot.

 

Their £1.1bn renovated Bernabeu stadium helped them take 233m euros (£203m) in matchday revenue, the second highest ever generated by a club.

 

Barcelona have jumped to second from sixth, despite well-documented financial problems in recent years and having to comply with La Liga’s strict financial rules.

 

They have played their last two seasons at the Olympic Stadium while the Nou Camp was renovated but still generated a 27% growth in revenue, partly driven by fans buying Personal Seat Licence arrangements – the right to buy season tickets for a specific seat – generating about 70m euros as a one-off cash boost.

 

Matchday income was again the revenue stream that grew at the fastest rate, increasing 16% to 2.4bn euros (£2bn).

 

The expanded Fifa Club World Cup, which took place in the United States last summer, helped broadcast revenue go up by 10%.

 

Manchester City and Chelsea were England’s representatives and taking part resulted in a 17% rise in broadcast revenues for those that were in it.

 

That helped pushed Bayern up two places into third.

 

Balance needed between making money and protecting product

Deloitte’s Bridge believes the Money League figures show “clubs continuing to take greater ownership of their revenue-generating capabilities”.

 

However, with player’s union Fifpro taking legal action against Fifa over the increase in games in the football calendar, Bridge added that a balance needs to be struck between increased revenue and player welfare.

 

Last season, Uefa increased the number of teams in the group stage of their three European club competitions to 36, with clubs guaranteed to play at least eight matches

 

“On-pitch performance remains a primary driver for clubs to progress to the upper echelons of the ranking, with many clubs benefiting from new and expanded European and international club tournaments,” said Bridge.

 

“In the 2024-25 season, Money League clubs on average played more games than the season before, reflecting the growth of competitions and sporting performance of many in the ranking.

 

“While this presents substantial financial opportunity, a balance must be struck between revenue optimisation and protecting both the value of the on-field product and player welfare amidst ever-increasing fixture schedules.”

 

In working out its figures, Deloitte said that the amounts have been translated using the 12-month average exchange rate at the time of the clubs’ reported year end, with one euro equalling £0.84.

Clubs with highest revenue last season

Deloitte Football Money League

Use the column header buttons to sort columns by ascending or descending orderCurrently not sorted

Rank last year

2024-25 revenue

1. Real Madrid

1

€1161m (£975m)

2. Barcelona

6

€974.8m (£819m)

3. Bayern Munich

5

€860.6m (£723m)

4. Paris St-Germain

3

€837m (£703m)

5. Liverpool

8

€836.1m (£702m)

6. Man City

2

€829.3m (£697m)

7. Arsenal

7

€821.7m (£690m)

8. Man Utd

4

€793.1m (£666m)

9. Tottenham

9

€672.6m (£565m)

10. Chelsea

10

€584.1m (£491m)

11. Inter Milan

14

€537.5m (£452m)

12. Borussia Dortmund

11

€531.3m (£446m)

13. Atletico Madrid

12

€454.5m (£382m)

14. Aston Villa

18

€450.2m (£378m)

15. AC Milan

13

€410.4m (£345m)

16. Juventus

16

€401.7m (£337m)

17. Newcastle

15

€398.4m (£335m)

18. VfB Stuttgart

N/A

€296.3m (£249m)

19. Benfica

25

€283.4m £238m)

20. West Ham

17

€276m (£232m