Real Madrid becomes the first football club to surpass €1 billion in revenue.
Real Madrid experienced another remarkable season last year, claiming the Champions League, La Liga, and the Spanish Super Cup titles.
Finances
Real Madrid becomes the first football club to generate over €1 billion in revenue
- Manchester City ranks second with £708m in earnings
- Top 20 clubs collectively generated £9.46bn last year
Real Madrid has officially become the first football club to exceed €1 billion (£844m) in revenue, achieving this milestone during the 2023-24 season. According to Deloitte’s latest Football Money League report, the club earned €1.046bn (£883m), significantly outpacing their European competitors.
The surge in revenue was driven by match-day earnings doubling to €248m following the completion of renovations at the Santiago Bernabéu, alongside a 19% increase in commercial revenue. Their exceptional on-field success also contributed to their financial dominance.
Manchester City secured second place with €838m (£708m) in revenue, followed by Paris Saint-Germain (€806m/£681m) and Manchester United (€771m/£651m). The revenue gap between the first- and second-ranked clubs is now the widest in the 28 years of Deloitte’s rankings.
“A billion euros in revenue marks a significant milestone in club football,” noted Theo Ajadi, assistant director of Deloitte’s Sports Business Group. “The redevelopment of Madrid’s stadium has been instrumental in their growth. Licensing certain seating areas, increased merchandising, new sleeve sponsorships, and strong on-pitch performances have all contributed to the club’s exceptional financial performance.”
Deloitte revealed that the top 20 revenue-generating football clubs achieved a record €11.2bn (£9.46bn) in the 2023-24 season, reflecting a 6% increase in cumulative revenues compared to the previous year.
Bayern Munich secured fifth place in the rankings, while Barcelona dropped to sixth due to playing away from the Camp Nou during its redevelopment.
Premier League clubs dominated the top 20, with nine teams represented. Arsenal ranked seventh, Liverpool eighth, Spurs ninth, and Chelsea 10th. Newcastle, West Ham, and Aston Villa occupied 15th, 17th, and 18th places, respectively.
“The Premier League continues to dominate the money league, driven by the significant gap in media rights revenue compared to other leagues,” explained Theo Ajadi. “It remains the most-watched league among Europe’s top five, enabling its clubs to spend competitively and perform well on the European stage.”
Match-day revenue accounted for 18% of clubs’ total income, its highest share since the 2014-15 season. Arsenal and Liverpool saw notable increases in match-day revenue, rising by £21m and £24m, respectively. In contrast, Manchester City and Manchester United experienced only modest gains of £4m and £840,000, while Spurs saw a £9m decline during a season without European football.
On the women’s side, Barcelona retained their position as the top club for a third consecutive year, generating €17.93m (£15m) in revenue, a 26% increase from 2022-23. Arsenal followed closely with €17.88m, while Chelsea, Manchester United, and Real Madrid rounded out the top five.
“The women’s game continues to grow impressively, with revenues among the top 15 clubs rising by 35% this year,” noted Ajadi. “Hosting more matches at main stadiums and attracting new audiences, many of whom aren’t as engaged with the men’s game, presents significant revenue opportunities for the future.”
