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Deloitte Football Money League - Real Madrid returns to the top of the Deloitte Football Money League, as matchday and commercial revenues surge across Europe

25 January 2024
  • The 27th edition of the Deloitte Football Money League reveals the 20 highest revenue generating football clubs globally for the 2022/23 season;
  • 2024 Money League clubs cumulatively reported record revenues of €10.5bn, an increase of 14% compared to the €9.2bn in 2021/22;
  • Revenue growth in the 2022/23 season was driven by record matchday and commercial revenues (€1.9bn and €4.4bn respectively), with commercial overtaking broadcast revenues;
  • Real Madrid return to the top of the Money League table for the first time since the 2017/18 season with record revenues of €831m, an increase of €118m over the last year;
  • Average revenues generated by 15 of the highest revenue generating women’s clubs in European football stood at €4.3m in the 2022/23, up 61% year-on-year;
  • FC Barcelona Femení remained at the summit of women’s football in Europe, with the club reporting €13.4m in revenue for the 2022/23 season - a year-on-year increase of 74%.

The 20 highest revenue generating clubs in world football earned a record-breaking €10.5bn in the 2022/23 season, according to the 27th edition of the Football Money League published by Deloitte’s Sports Business Group. This sum, a 14% increase over the previous year, comes as Money League clubs reported record commercial and matchday revenues of €4.4bn and €1.9bn.

Matchday revenues were driven by the high fan demand for live sport, as stadia once again opened at full capacity across continental Europe during the 2022/23 season.

Real Madrid returns to the top of the Money League (€831m total revenue), followed by Manchester City (€826m), Paris Saint-Germain (€802m), FC Barcelona (€800m) and Manchester United (€746m).

Commercial revenue represented the largest income stream for Money League clubs for the first time since the 2015/16 season (excluding the COVID-19 impacted 2019/20 season). Notably, 17 of the top 20 clubs reported a year-on-year increase in commercial revenue, with growth largely attributable to improved retail sales, revenue from non-matchday events and recovery of sponsorship income which had been impacted by the pandemic.

In contrast, broadcast revenues reported by Money League clubs increased by a modest 5%, with growth limited, in part, by the 2022/23 season falling within existing domestic broadcast cycles.

Overall, Money League clubs reported an average revenue of over €500m, with commercial and broadcast revenue contributing similar amounts of €222m (42%) and €213m (40%) respectively, followed by matchday revenue (€92m, 18%).

Tim Bridge, lead partner in Deloitte’s Sports Business Group, said: “Another record-breaking year for Money League clubs represents the ongoing financial might of the football industry. A high demand for live sport is pointing towards further growth for commercial and matchday revenues, in particular.

“As clubs appear to no longer be able to rely on exponential broadcast revenue growth, creating a more commercially focused business model will support them to achieve greater control over their financial stability. This may include developing new merchandise, or non-match day events such as concerts to create new commercial offerings.”

European clubs regain ground on Premier League

Real Madrid have knocked Manchester City off the top spot of the Money League to become the highest revenue generating football club in 2022/23. They return to the top for the first time since 2017/18 with reported record revenue of €831m, an increase of €118m over the previous year. The club’s growth is largely attributable to strong retail performance and higher stadium attendance.

Manchester City fall to second place in the 2024 ranking despite a record-breaking 2022/23 season both on and off the pitch. The club reported its highest ever revenue for a season, €826m, driven by successful UEFA Champions League and Premier League campaigns that bolstered both broadcast and commercial revenues by €50m and €26m respectively.

Elsewhere, Paris Saint-Germain broke into the top three for the first time in Money League history with revenues of €802m. FC Barcelona in fourth position (€800m) are one of the biggest movers in this year’s Money League, rising from 7th place as a result of club record licensing and merchandising revenues and fans returning to stadia.

Liverpool (€683m) reported the greatest fall in year-on-year rankings, moving from third to seventh due to a downturn in on-pitch results across both domestic and European competitions. Liverpool were one of three Money League clubs (alongside Atlético de Madrid and West Ham United) to report a decline in revenue.

While there were minimal changes year-on-year to the top 10, there have been notable changes between positions 11-20. Teams from continental Europe; Eintracht Frankfurt, SCC Napoli and Olympique de Marseille replace a trio of English clubs in Leicester City, Leeds United and Everton, demonstrating the influence of on-pitch performance on financial revenues. In the 2022/23 season, the number of Premier League clubs in the Money League has fallen to eight after at least 10 clubs featured in the past two years.

Bridge added: “In the coming seasons, European clubs may look to further diversify their revenues in order to gain control over a larger proportion of their total revenue. This will enable clubs to not only protect themselves from the variability of on-pitch performance, but also wider challenging macroeconomic conditions and changes to the football system. At a time when clubs face a greater degree of financial regulation, striking the right balance between securing the best on-pitch talent with sustaining a sound financial foundation through commercial activities will be key.”

Top ranked women’s clubs across Europe average revenues of €4.3 million

This edition of the Money League includes analysis of 15 of the highest revenue generating women’s clubs in European football.*

FC Barcelona Femení remained at the summit of women’s football in Europe in the 2022/23 season, reporting €13.4m in revenue, a year-on-year increase of 74%.

Manchester United Women also retained their position in second place, with revenues of €8m, driven by a strong commercial performance (€6m). Meanwhile, Real Madrid Femenino rose to third place as it reported €7.4m in revenue, an increase of 416% over previous year.

Manchester City Women (€5.3m) take fourth position with a year-on-year revenue increase of 5%, one of only three clubs (alongside Paris Saint-Germain Féminine and Everton Women) in the top 15 to report less than double-digit revenue growth. Arsenal Women complete the top five with revenue of €5.3m, a 138% increase year-on-year. The club achieved the highest matchday revenue amongst the 15 clubs (€3.1m, 58% of its total revenue), having hosted three of the clubs’ WSL games in 2022/23 at Emirates Stadium, each drawing attendances of over 40,000.

Of the 15 women’s clubs included in Deloitte’s analysis, the average revenue stood at €4.3m, a 61% increase over their 2021/22 average (€2.6m).Within this, commercial revenue accounted for 58% of the 14 clubs’ total revenue, followed by matchday 22% and broadcast 20%. **

However, the findings highlight that there is significant diversity in the way that clubs generate revenue, even within the same league. Manchester United Women for instance generated 74% of its revenue through commercial partnerships, while Arsenal Women earned 58% of its revenue from matchday income.

Broadcast revenue across each league also varies greatly. England’s WSL and Spain’s Liga F had annual broadcast rights values of c.€8m in 2022/23, approximately eight times that of Italy’s Serie A Femminile (c.€1m), which became fully professional from the 2022/23 season.

Amy Clarke, women’s sport lead in Deloitte’s Sports Business Group, commented: “Significant levels of financial growth were recorded in the 2022/23 season across the top-tiers of European women’s football. A rise in the number of women's matches playing at clubs’ main stadia boosted matchday revenues, while increased viewership and individual partnerships helped to accelerate the commercialisation of the game.

“Women’s football is beginning to tell the tale of growth, but that growth is not confined by a single business model. Each club is exploring its own unique way to maximise revenues within the current structure of the game.

“Given that the women’s game within the mainstream is at a formative stage, there is a real opportunity to define the sport globally through innovative thinking across all aspects of the game, including player welfare, commercial relationships, governance and business models.”


Notes to Editors

The Money League ranking for women’s football includes 15 of the highest revenue generating women’s clubs in Europe for the financial year ending in 2023. It covers the 2022/23 season and excludes revenue contributions from associated men’s clubs. The ranking is focused on clubs competing in some of Europe’s key football leagues (England, France, Germany, Italy, Spain and Portugal), for which information was available to us. The revenue of women’s football clubs in other key markets such as Australia, Japan, Norway, Sweden and USA was not made available to us and so is not included in our analysis.

** Matchday, Broadcast and Commercial split excludes Paris Saint-Germain Féminine as the club did not provide a split of revenues.

Deloitte Football Money League - 2024

Women’s clubs

To review the full findings of the Deloitte Football Money League, please visit:

Basis of preparation

There are a number of metrics, both financial and non-financial, that can be used to compare clubs, including attendances, worldwide fan base, social media following and on-pitch performance. In the Money League we record clubs’ revenue generation from matchday, broadcast rights and commercial sources.

Revenue ranking for women’s football

The revenue ranking for women’s football covers 15 of the highest revenue generating women’s clubs in Europe for the financial year ending in 2023, covering the 2022/23 season. The revenue ranking is focussed on clubs in the women’s football leagues in Europe, including England, France, Germany, Italy, Spain and Portugal, for which information was available to us. The revenue of women’s football for clubs in other key markets around the world such as Australia, Japan, Norway, Sweden and USA was not made available to us. Therefore, it was not possible to include any such clubs that might otherwise have ranked in the top 15 for revenue generation for women’s football around the world.

The revenue ranking for women’s football excludes any revenue contributions from their associated men’s club.

Given the limited automatic qualification spots for the UEFA Women’s League, qualifying for the competition has been defined as entry into the Round 2 qualifiers.

Exchange rates

For the purpose of the international comparisons, unless otherwise stated, all figures for the financial year ending in 2023 have been translated at the average exchange rate for the year ending 30 June 2023 (€1 = GBP 0.87; €1 = BRL 5.4; €1 = USD 1.05).

About Deloitte’s Sports Business Group

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