Liverpool have been confirmed as the highest-earning club in the Premier League for the first time, according to the latest analysis from Deloitte, underlining the financial impact of on-field success and commercial growth.
The Reds, who won the Premier League title last season, generated €836m (£702m) in revenue, surpassing all other English clubs in the 29th edition of the Deloitte Football Money League.
At the top of the global rankings, Real Madrid retained first place with revenues of €1.2bn (£1.01bn), despite failing to win either the Champions League or La Liga last season. Barcelona climbed back into second place with €975m (£819m), marking their return to the top three for the first time since 2019-20, even while playing away from Camp Nou during stadium renovations.
Bayern Munich ranked third on €861m (£723m), followed by Champions League holders Paris Saint-Germain on €837m (£703m), with Liverpool completing the top five.
Among English clubs, Manchester City slipped from second to sixth after posting revenues of €829m (£697m). Manchester United endured a notable decline, dropping from fourth to eighth with €793m (£666m) following a difficult season on and off the pitch.
United, who finished 15th in the Premier League and lost the Europa League final to Tottenham, recorded their lowest-ever position in the Money League. The club has topped the rankings on 10 occasions, most recently in 2017, but faces further financial pressure this season after missing out on European competition and exiting both domestic cups early.
Deloitte Sports Business Group lead partner Tim Bridge highlighted the scale of the shift at Old Trafford. “Ten to fifteen years ago, Manchester United were the industry benchmark for matchday and commercial revenue,” he said. “I don’t think that remains the case today.”
England remain strongly represented, with six clubs in the top 10. Arsenal placed seventh with €822m (£690m), Tottenham Hotspur ninth on €673m (£565m), and Chelsea tenth with €584m (£491m). A further three English sides featured in the top 20: Aston Villa (14th, €450m), Newcastle United (17th, €400m) and West Ham United (20th, €276m).
Overall, the combined revenue of the top 20 clubs rose by 11% to a record €12.4bn (£10.4bn). Commercial income increased to €5.3bn (£4.5bn), driven by expanded use of stadiums on non-matchdays, stronger sponsorship deals and improved retail performance. Real Madrid alone generated €594m (£499m) in commercial revenue — enough to rank as a standalone club inside the top 10.
Matchday revenue continued to be the fastest-growing stream, rising 16% to €2.4bn (£2bn). Broadcast income also grew by 10%, boosted in part by the expanded FIFA Club World Cup held in the United States last summer. Participation in the tournament helped Manchester City and Chelsea record a 17% increase in broadcast revenue.
While the figures underline football’s expanding financial potential, Bridge warned that commercial growth must be balanced against sporting sustainability. With players’ union Fifpro taking legal action against FIFA over fixture congestion, he stressed the need to protect player welfare.
“Clubs are taking greater ownership of their revenue-generating capabilities,” Bridge said. “But while new and expanded competitions present significant financial opportunities, a balance must be struck between revenue optimisation, the quality of the on-field product and player welfare amid an increasingly crowded calendar.”
Deloitte noted that all revenues were calculated using the 12-month average exchange rate at each club’s financial year end, with €1 equal to £0.84.
