Record €12.4bn Revenues Highlight Commercial Shift Among Top Football Clubs

The world’s richest football clubs generated record revenues of €12.4 billion in the 2024-25 season, underscoring a decisive shift away from reliance on domestic broadcast deals and toward commercial growth, stadium monetisation, and global brand expansion, according to the latest Deloitte Football Money League. The 29th edition of the annual report shows revenues among the top 20 clubs rising 11% year on year, with Real Madrid once again leading the way after becoming the first club to surpass €1 billion for a second consecutive season, generating €594 million from commercial income through increased merchandising and sponsorship.

Deloitte described the figures as reflecting “a quite staggering evolution of football club revenue,” noting that clubs are increasingly leveraging assets far beyond matchday performance. “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,” the analysis said. The success was attributed to “improved retail performance, increasing sponsorship revenue, as well as the use of stadia and surrounds on non-matchdays.” Across Europe, clubs are transforming stadiums into year-round entertainment hubs, with “on-site breweries, restaurants, hotels, and other offerings” becoming increasingly common. Many clubs are repositioning themselves as lifestyle and leisure brands, particularly in markets where broadcast growth has plateaued.

Matchday income rose 16% to €2.4 billion, marking its fourth consecutive year as the fastest-growing revenue stream, aided by premium ticketing and Personal Seat Licences (PSLs). PSLs grant a paid right to purchase a specific seat at a stadium for a set period, often decades, in addition to the ticket itself. Broadcast revenue, while still representing 38% of total income, grew more slowly and highlighted widening divergence between elite clubs and those lower in the rankings.

Real Madrid again led the Money League, generating close to €1.2 billion in revenue, including €594 million in commercial income alone, “enough to place the club among the top ten Money League clubs this year” even without other revenue streams. Barcelona returned to second place for the first time since 2019-20, generating €975 million despite continuing to play away from their home ground at Spotify Camp Nou. Deloitte highlighted a 27% revenue increase for Barcelona, driven in part by the introduction of PSLs linked to the stadium’s redevelopment, a model increasingly adopted across Europe. Bayern Munich rose to third with €861 million, aided by a broadcast boost from the expanded FIFA Club World Cup, while Paris Saint-Germain remained fourth at €837 million after winning their first Champions League title. Deloitte noted PSG’s success in “leverag[ing] its brand equity,” citing partnerships such as Air Jordan that embed the club in global popular culture.

Liverpool ranked fifth overall and became the highest-earning English club for the first time, generating €836 million. Deloitte attributed this to a 34% rise in broadcast revenue following the club’s return to the Champions League, along with higher commercial income linked to non-matchday use of Anfield. Manchester City slipped to sixth after a slight revenue decline, while Manchester United fell to eighth, their lowest position in Money League history, as weaker on-pitch performance reduced broadcast earnings despite higher matchday and commercial income.

France was represented by just one club in the top 20, PSG, reflecting structural challenges for Ligue 1. Deloitte noted that the league’s new domestic broadcast deal for 2024-25 was around 20% lower than the previous cycle after a prolonged tender process. The subsequent collapse of the DAZN agreement and the launch of Ligue 1’s direct-to-consumer streaming platform in 2025-26 is expected to weigh on revenues in the short to medium term. While Deloitte said this would “negatively impact French clubs’ broadcast revenues,” it also observed that Ligue 1 has become “the first major European football league to adopt a D2C approach.”

Alongside the men’s rankings, Deloitte published a separate list of the 15 highest-revenue women’s clubs, reflecting accelerating commercial interest in the women’s game across England, France, Spain, and Germany. Looking ahead, Deloitte suggested that rising investment in the Saudi Pro League and Major League Soccer, particularly Inter Miami, could challenge Europe’s dominance. With the 2026 World Cup approaching, MLS clubs could “unlock a new market of football fans in the United States.”

Since 2014-15, Money League club revenues have grown at a compound annual rate of 6%, with no immediate sign of slowing. However, Deloitte cautioned that long-term growth will depend on smarter commercial strategies, regulatory stability, and sustainable competition formats.

By fLEXI tEAM