Ask Onix
Liverpool top Premier League revenue rankings for first time
Liverpool have claimed the highest revenue among English clubs for the first time, generating €836 million (£702 million) in the 2024-25 season after winning the Premier League title, according to Deloitte's latest Football Money League report.
Premier League dominance persists despite top-four absence
While Liverpool led English clubs, no Premier League team broke into the top four globally for the first time in the report's 29-year history. Real Madrid retained the top spot with €1.2 billion (£1.01 billion), followed by Barcelona (€975 million, £819 million) and Bayern Munich (€861 million, £723 million). Paris Saint-Germain, last season's Champions League winners, ranked fourth with €837 million (£703 million).
Six English clubs featured in the top 10, with 15 in the top 30 overall. Arsenal (€822 million, £690 million), Tottenham (€673 million, £565 million), and Chelsea (€584 million, £491 million) also secured top-10 positions. Aston Villa, Newcastle United, and West Ham United ranked 14th, 17th, and 20th respectively.
Manchester United's revenue decline marks historic low
Manchester United recorded their lowest-ever position in the rankings, dropping to eighth with €793 million (£666 million) despite a 3% revenue increase. The club, which finished 15th in the Premier League and lost the Europa League final to Tottenham, last topped the Money League in 2017. Their matchday revenue is expected to dip further this season after early exits from domestic cups and no European competition.
"If you looked at Manchester United's matchday revenue 10 or 15 years ago, it was the industry leader. Their commercial revenue set the benchmark. That's no longer the case."
Tim Bridge, Deloitte Sports Business Group
Commercial growth drives record revenues
The combined revenue of the top 20 clubs rose 11% to a record €12.4 billion (£10.4 billion), fueled by expanded stadium usage, sponsorship deals, and retail performance. Commercial revenues alone reached €5.3 billion (£4.5 billion), up from €4.9 billion (£4.1 billion). Real Madrid's commercial income (€594 million, £499 million) would have ranked 10th overall.
Matchday revenue grew fastest, increasing 16% to €2.4 billion (£2 billion), while broadcast revenue rose 10%, boosted by the expanded FIFA Club World Cup in the U.S. Manchester City and Chelsea's participation in the tournament contributed to a 17% rise in broadcast earnings for qualifying clubs.
Liverpool's success tied to stadium expansion and events
Liverpool's revenue surge was attributed to Anfield's expansion and hosting non-football events, including concerts. The club also expanded its global retail operations, including megastores worldwide.
"Liverpool have been successful in driving revenue on non-matchdays. Hosting concerts and expanding their megastore operations have played a key role."
Kieran Maguire, football finance expert
Champions League qualification remains critical
Experts highlighted the financial impact of European competition. PSG's Champions League victory propelled them ahead of English clubs, with UEFA's revenue distribution favoring the tournament (€7 for every €1 in the Conference League).
Deloitte's Tim Bridge noted that clubs are increasingly controlling their revenue streams but warned of the need to balance financial growth with player welfare amid expanding fixture schedules. UEFA's new 36-team group stage, guaranteeing eight matches per club, has intensified concerns over workload.
"On-pitch performance drives financial success, but a balance must be struck between revenue optimization and protecting player welfare."
Tim Bridge, Deloitte
Methodology
Deloitte's figures use 12-month average exchange rates at clubs' year-end, with €1 equating to £0.84.
