Real Madrid have become the first football club to surpass €1 billion in revenue according to the 28th edition of the Deloitte Football Money League.
The annual study has revealed the 20 highest revenue-generating football clubs globally for the 2023/24 season, and the La Liga giants have established a new landmark. Manchester City’s tally of €838m made them the highest revenue-generating Premier League club but was still significantly short of Madrid’s record-setting mark.
The 20 clubs generated a record €11.2bn last term – a six per cent increase from the previous campaign. The figures include matchday, broadcast and commercial revenues.
The rise in revenue reflects football’s status as the world’s most popular sport – a point evidenced by a recent study into the most streamed sports events of 2024.
Deloitte Football Money League: Real Madrid and Manchester City Top the Standings
Breaking Records
Commercial income remained the largest revenue source for Money League clubs for the second year running at €4.9bn, accounting for 44% of total revenue.
Matchday revenue surpassed €2bn for the first time in the history of the study, while cumulative broadcast revenue remained steady at €4.3bn.
The top five leagues are in a period of stability with their broadcast deals, with longer-term domestic media rights boxed off until at least 2027. Tim Bridge, lead partner in the Deloitte Sports Business Group, said: “Money League clubs continue to break records with ongoing growth in commercial and matchday revenues.
“While on-pitch performance is critical for teams to reach the top echelons of the rankings, high-performing clubs are also able to diversify the way they generate revenue through unlocking innovative partnerships and developing the land and stadium space that they own or operate.”
Broadcast Revenue Crucial for Many Clubs
On-pitch success and broadcast revenue play a more significant role for the clubs ranked 11th to 20th in the Money League standings. Clubs such as Newcastle United (€372m) and Aston Villa (€310m) have increased their revenues through improved domestic performances which garnered higher broadcast distributions.
Participation in UEFA competitions also boosted their respective revenues, but Bridge says this presents challenges in terms of the additional workload on players.
“While commercial revenue dominates the income of the top ten Money League clubs, broadcast income remains crucial for teams in the second half of the rankings,” Bridge added. “As competitions expand and create more broadcast and matchday opportunities, these can further increase the earning potential for clubs. At a time where there is more demand than ever for a greater number of matchdays, this must be balanced with player welfare, as they ultimately bring the on-field success that can earn clubs many further rewards off-field.”
Women’s Game Generating Millions
The football gravy train also extends to the women’s game, where the top 15 revenue-generating clubs generated more than €100m for the first time.
The reported cumulative figure of €116.6m is actually on the conservative side, with PSG failing to provide information on their women’s team revenue to Deloitte.
Barcelona and Arsenal each generated €17.9m in revenue, while Chelsea (€13.4m), Manchester United (€10.7m) and Real Madrid (€10.5m) round off the top five.
