Deloitte Football Money League 2026

After becoming the first football club to generate €1 billion during the 2023/24 season, Real Madrid again surpassed that record, generating close to €1.2 billion (2023/24: €1 billion) during the 2024/25 season to be the highest revenue generating club in world football. The club generated €594m in commercial revenue through increased merchandising and sponsorship, and in a quite staggering evolution of football club revenue, this alone would have been enough to place the club among the top ten Money League clubs this year.

The cumulative revenue of the Money League clubs grew by 11%, rising to €12.4 billion (2023/24: €11.2 billion). Matchday (€2.4 billion), broadcast (€4.7 billion) and commercial (€5.3 billion) revenues all grew to record levels, as the latter became the first revenue stream to exceed €5 billion.

For the third consecutive year, commercial revenue represented the most significant proportion of total revenue for Money League clubs, generating an average of €265m (2025: €244m). The key drivers for this included improved retail performance, increasing sponsorship revenue, as well as the use of stadia and surrounds on non-matchdays. The latter represents a significant shift in the business models of certain clubs to focus on greater utilisation of stadia assets through a diversified entertainment offering. On-site breweries, restaurants, hotels, and other offerings are therefore becoming more common, demonstrating the importance to clubs of broadening their revenue generating opportunities, highlighting that the brand and venues of football clubs continue to evolve, and now goes far beyond what just happens on the pitch.

Matchday revenue for Money League clubs hit record levels of €2.4 billion, and for the fourth year in a row represents the revenue stream with the highest proportional growth rate for Money League clubs (16%). Clubs’ increased efforts to improve matchday experiences, coupled with the use of other revenue drivers such as Personal Seat Licenses (‘PSL’), have been key in driving this growth.

Broadcast revenue grew by 10% in 2024/25 and remains a fundamental component of Money League clubs’ revenue, accounting for 38% of the €12.4 billion generated. The importance of broadcast revenue is again more evident for clubs ranked 11-20, for whom it represented almost half of total revenue (49%), compared to a third for those in the top 10, further emphasising that shift in approach from the higher revenue generating clubs in the last few years.

The primary driver of broadcast revenue growth among Money League clubs in 2024/25 was the impact of the expanded FIFA Club World Cup¹. Ten Money League clubs participated in last summer’s competition, resulting in a 17% uplift to these clubs’ broadcast revenues. Furthermore, the expansion of UEFA’s three primary men’s club competitions also contributed to the clubs’ revenue growth, as UEFA’s distributable funds for these competitions grew to €3.3 billion in 2024/25, up c.22% from €2.7 billion in 2023/24. The increase in the number of football matches played during the calendar poses some challenges regarding player welfare, and during the 2024/25 season Money League clubs played 57 competitive matches on average – with the same clubs playing 51 matches in 2023/24. There remains a need to strike a balance between competition innovation, player welfare, and fan interest.

In their domestic markets, both Serie A and Ligue 1 faced headwinds as they commenced new domestic broadcast rights agreements in 2024/25. Serie A’s new domestic deals for live and non-live coverage of league and cup competitions saw the total average rights value per season fall by c.3% excluding any potential revenue-share element, hindering clubs’ revenue growth. Meanwhile, the value of Ligue 1’s new domestic agreements for the 2024/25 season were c.20% lower than the previous cycle following a protracted tender process. The subsequent termination by mutual agreement of the DAZN deal, which included eight live matches per weekend, saw the league launch a direct-to-consumer offering at the start of the 2025/26 season. This will negatively impact French clubs’ broadcast revenues in the short-to-medium term but does see Ligue 1 become the first major European football league to adopt a D2C approach, and we will watch with interest to see whether, in the long-term, this represents a significant shift that others may seek to follow.

With plateauing domestic broadcast rights markets in Europe, the most significant trend observed has been the increasing importance of commercial revenue for clubs to grow their revenue away from on-pitch performance. Clubs and other key stakeholders require a strategic approach beyond increasing inventory to drive value, placing a greater onus on clubs to take initiative to own and develop unique revenue generating business models. Many clubs are increasingly recognising the power and impact of their brands and venues and the role they play within the ecosystem of the world’s most popular sport.

We observe that clubs, especially those in the top 10 for whom commercial revenue accounted for 48% of total revenue (32% for clubs ranked 11^th to 20^th), continue to take greater ownership of their revenue-generating capabilities. This includes leveraging their brand equity to drive growth, whether through retail offerings, exclusive direct-to-consumer content, or more traditional partnerships. Across the last ten years, the average revenue generated by a top 10 Money League club has grown by 60% (2015/16: €523m, 2024/25: €837m), whilst clubs ranked 11^th to 20^th have experienced growth close to 84% (2015/16: €219m, 2024/25: €404m). In contrast to the typical business models of top 10 Money League clubs, those ranked 11^th to 20^th have relied on broadcast revenue as their primary growth lever in recent years. With a number of domestic broadcast markets plateauing, it is likely that, in the long term, we will see an increasing number of clubs adopt a more proactive approach to commercial revenue to drive further growth.

Club analysis

In 2024/25, Real Madrid remained the only football club to generate over €1 billion in revenue, doing so for the second consecutive year. While the club reported a 6% decrease in matchday revenue, primarily driven by a reduction in revenue from the sale of Personal Seat Licenses, its €233m matchday revenue would still rank as the second highest ever generated by a Money League club. Additionally, the club reported a 23% increase in commercial revenue, driven by improved merchandise performance and new commercial partners.

For the first time since 2019/20, FC Barcelona returned to the Money League podium (2^nd), generating €975m. Despite continuing to play matches away from the Spotify Camp Nou, which is due for completion during the 2025/26 season, the club reported a 27% growth in revenue compared to 2023/24. A key driver for this growth was the introduction of Personal Seat Licence arrangements, generating one-off c.€70m. Much like Real Madrid during the 2023/24 season, Barcelona introduced these licenses in conjunction with its stadia redevelopment, which points towards more European clubs exploring this option in conjunction with future major stadia development projects.

Bayern Munich (€861m) rounded off the top three, rising two places from last year on the back of an increase in broadcast revenue from its participation in the 2025 FIFA Club World Cup.

Paris Saint Germain (€837m) remained in the top five (4^th) for the fourth straight year on the back of a successful season on the pitch as they won their first UCL title. Additionally, the club continues to successfully leverage its brand equity to drive commercial growth, with partnerships with international brands like Air Jordan embedding the club’s presence in various areas of popular culture.

For the first time in Money League history, Liverpool ranked as the highest revenue generating English club (5^th), as the club reported total revenue of €836m, driven by a 34% increase in broadcast revenue following its return to the UCL and a 7% increase in commercial revenue on the back of more non-matchday events at Anfield.

Manchester City (€829m) fell four places from 2^nd to 6^th, owing to a marginal decrease in revenue compared to the 2023/24 season as the club finished 3^rd in the English Premier League, compared with winning the league in 2023/24, and were eliminated in the UCL playoffs compared with progressing to the Quarter Finals the previous season.

Local rivals, Manchester United slid four places to 8^th, their lowest ranking in Money League history, as the club reported total revenue of €793m for 2024/25 compared to €771m the prior year. While the club reported a combined increase of €75m through matchday and commercial revenues, there was a year-on-year decrease of €52m in broadcast revenue due to on-pitch results.

FIFA Club World Cup clubs have strong representation in this year’s Money League, with ten of this year’s clubs having participated. This includes SL Benfica, resulting in the Portuguese club featuring for the first time since 2005/06, being the first non ‘big five’ league entrant since 2020/21 (Zenit St. Petersburg).

Also reappearing in the Money League for the first time in over a decade (2009/10) is VfB Stuttgart, which reported an almost 90% increase in matchday revenue to €70m (2023/24: €37m). This was driven largely by competing in the UCL and from additional hospitality revenue following the renovation of the MHP Arena.

For the first time since 2021/22, the 2024/25 Money League rankings included only one French club, as neither Olympique de Marseille nor Olympique Lyonnais feature in this year’s top 20 rankings. Ligue 1’s less favourable domestic broadcast deal for the 2024/25 season, coupled with the cessation of income relating to CVC Capital’s investment into a commercial subsidiary of the league, were the significant drivers in neither featuring this year.

Whilst they have not featured in the Money League to date, the rise of some Saudi Pro League clubs, and Inter Miami from Major League Soccer, poses a commercial challenge to Europe’s leading clubs. Squads filled with star players have had a major impact on the global profile of clubs and both leagues. For the MLS in particular, capitalising on this opportunity following the 2026 FIFA World Cup could be the key to unlocking a new market of football fans in the United States. Before long, we may indeed see clubs from these leagues feature in the Money League as the world’s top revenue-generating clubs.

Future outlook

Since the 2014/15 season, Money League clubs’ revenues have grown at a CAGR of 6%, and show no signs of slowing down. However, the drivers of this growth have changed over time and will do so in the future as the global footballing landscape continues to evolve.

While taking greater control of their ‘revenue-generating destiny’ is by no means a new concept to leading clubs, it is becoming more prominent in the current landscape. As football and popular culture continue to converge, capitalising on international brand equity through investment in strategic commercial initiatives that cater to all fans will be key in driving revenue for clubs. Liverpool, as an example, has invested heavily in its retail operations and now has physical stores in 21 locations globally. The global football fan expects to be catered for, and clubs will increasingly be required to better understand their key consumer groups and how they behave.

Clubs will be required to commit resource and invest to drive these revenue generating activities. Additionally, regulatory changes such as the decision by the Premier League and its member clubs to introduce a new financial regulatory system featuring a squad-cost approach from 2026/27, akin to UEFA’s squad cost rule which applies to clubs competing in UEFA competition, could provide these clubs with further incentives to do so.

Furthermore, in the wake of stagnating domestic broadcast markets and a lack of real clarity around where future growth may be driven from, it is not only clubs that should contemplate revenue diversification, with leagues also considering how to strategically drive value. In recent years, this has typically been from increasing the volume of content and rights available to broadcasters, whether through the sale of previously unsold rights or the expansion of competitions. However, competitions can only expand so far and with player welfare issues to consider, this tactic is not a sustainable way of driving value in the long term.

Across the ‘big five’ leagues’ most recent domestic rights tenders, where values have generally plateaued, incumbent broadcasters have in most cases retained rights. Whilst this could reflect long-standing, strong relationships that stabilise revenue, it can also point towards possible market stagnation. To drive competitive tension in the market, rightsholders need to consider strategically designed approaches to incentivise higher valuations and must better understand the true value of their live and non-live inventory and the requirements of the broadcaster landscape, especially the incentives of potential new entrants in the live sports market.

The prospect of growing value internationally is another strategic route to consider for rightsholders, with initiatives to build awareness of their products becoming more prominent. Recently, both Serie A and LaLiga cancelled plans to host a competitive fixture in Australia and the USA, respectively, as an attempt to further promote their products on a global scale. It remains to be seen if value will be derived from such initiatives, but it demonstrates ambition for international growth.

¹For Money League 2026, monies earned during the financial year ending in 2025, covering the 2024/25 season have been included as revenue for clubs participating in the 2025 FIFA Club World Cup. Some clubs earned prize money during the financial year ending 2026, and this is not reflected in the revenues for financial year ending in 2025 as reported in this publication.

Closing notes

The Deloitte Football Money League was compiled by Tim Bridge, Dhruv Garg, Matt Cunningham, Zoe Batchelor, Aidan Proctor, and Andy Haywood from the Deloitte Sports Business Group. As always, we would like to thank Henry Wong and others inside and outside of Deloitte’s international network who have made this publication possible. We particularly thank those clubs which have taken the time to help us with the provision of information and associated explanations, and we hope that you enjoy this edition of the publication.