Combined revenue of top 20 Deloitte Football Money League clubs passes €5bn

Revenue for the world’s 20 highest earning clubs reached €5.4bn last season, recording growth of over €400m (8%), according to the 17th edition of the Football Money League from Deloitte, the business advisory firm.

  • Total combined revenue for top 20 Money League clubs up 8% to €5.4bn;
  • Real Madrid top ranking for a record ninth consecutive year with revenue of €519m;
  • Bayern Munich overtake Manchester United to secure third place;
  • Paris Saint-Germain climb to fifth place with revenue of almost €400m;
  • Galatasaray and Fenerbahçe claim places in the top 20;
  • All clubs in top 30 now generate over €100m.

Revenue for the world’s 20 highest earning clubs reached €5.4bn last season, recording growth of over €400m (8%), according to the 17th edition of the Football Money League from Deloitte, the business advisory firm. 

Real Madrid top the Money League for the ninth consecutive year, beating Manchester United’s previous eight-year run, with total revenue of €518.9m.  This is underpinned by commercial revenue of €211.6m, up €7.8m (4%) in 2012/13, and broadcast revenue of €188.3m, up €5.7m (3%).  FC Barcelona hold onto second spot, whilst Bayern Munich’s treble winning season resulted in their overtaking of Manchester United for third place.

Dan Jones, Partner in the Sports Business Group at Deloitte, said: “Real Madrid remain firmly at the top of the Money League, even though the club experienced a trophyless end to the 2012/13 season.  Despite tough economic conditions, particularly within Spain, the club’s ability to generate substantial commercial revenue both domestically and internationally is central to their success.  This helped widen the gap to their nearest rivals in the Money League, FC Barcelona, to €36m.  Both Spanish clubs enjoy substantial revenue from individually negotiated broadcast deals, which is key in contributing to their overall revenue advantage over their European peers.

“The combined revenue of the top 20 clubs, almost all of which grew their revenue during 2012/13, increased by 8%, far outpacing the wider global economy.  This growth comes even before the new record Premier League and Bundesliga broadcast deals, which will impact on clubs’ revenues in next year’s Money League.

“In addition, all clubs in the top 30 generated revenue over €100m.  In our first edition of the Money League in 1996/97 only Manchester United topped this figure, and it wasn’t until 2007/08 that all of the top 20 clubs generated in excess of this amount.  This rate of revenue growth is a demonstration of the enduring appetite for the world’s most popular sport on the global stage.”

For the first time in the Money League, Manchester United find themselves outside the top three, pushed down to fourth by Bayern Munich.  The German club’s dominance at home and abroad in 2012/13 is reflected in their rise to third place with a €62.8m (17%) growth in revenue to €431.2m. 

Austin Houlihan, Senior Manager in the Sports Business Group at Deloitte, explained: “Bayern’s treble winning season contributed to further commercial revenue growth, up 18% to €237.1m.  The Bavarians’ Champions League win delivered over €55m in UEFA distributions, whilst the club continues to achieve virtually sold out home games at the Allianz Arena with matchday revenues of €3.4m per match. Further commercial growth is likely in 2013/14 through extensions to existing deals with Lufthansa and Coca-Cola and a renewed deal with shirt sponsor Deutsche Telekom.                                                     

“Whilst Manchester United drop one place in the Money League, a number of the club’s recent commercial deals will boost revenue in 2013/14, so this fall to fourth place may only be temporary.  These deals, combined with the impact of the improved three year Premier League broadcast deals from 2013/14, mean they are likely to get close to the €500m revenue mark in next year’s Money League.  Beyond 2013/14, consistent qualification for the Champions League is key in United challenging to regain top spot in the Money League, a position it last held in 2003/04.”

Of the other five English clubs in the top 20, the continued rise of Manchester City has seen them climb to sixth position.  The club’s commercial success put them above their Premier League rivals Chelsea (7th) and Arsenal (8th) for the first time in our table. 

Although Liverpool (12th) grew revenue strongly by 9%, the club was knocked out of the top 10 for the first time since 1999/2000.  As the Money League’s highest placed non-Champions League club, the Reds may well re-enter the top 10 next year thanks to the new Premier League broadcast deals.  The uplifts delivered by these deals will allow other English clubs such as Everton, Newcastle United, and West Ham United to challenge for top 20 positions next year.  Tottenham Hotspur maintained their 14th position despite an ultimately frustrating season on the pitch.

One of the major stories of this year’s Money League is the emergence of Paris Saint-Germain, who climb into the top five.  The club’s revenue has almost quadrupled to €398.8m since 2010/11, and includes commercial revenue of €254.7m – the highest ever single revenue source from a football club.

Houlihan commented: “PSG are the fastest climber in this year’s Money League, claiming the highest ever position for a French club.  They are the country’s sole representative in this year’s top 20.  We expect to see them become a mainstay in the top five in years to come, backed by their ambitious Qatari owners and strong commercial support.  The high-profile signing of David Beckham in the second half of the 2012/13 season only served to enhance the club’s worldwide profile.  Importantly, commercial success off the pitch is translating into improved on-pitch performance for the club, including winning their first Championnat title in 19 years.”

Galatasaray and Fenerbahçe’s appearance in the Money League, following successful campaigns in European competition, make it the first time since 2005/06 that two clubs from outside the ‘big five’ European countries appear in the top 20.

Houlihan noted: “Whilst clubs from the ‘big five’ leagues continue to dominate the Money League, Galatasaray and Fenerbahçe’s presence in the Money League, and Brazilian club Corinthians in the top 30, highlights the growing challenge of clubs from emerging markets. The growth of their respective economies, their populations’ passion for the game, and their developing football infrastructure all contribute to a strong revenue growth for the biggest clubs in these markets.  Galatasaray’s Türk Telekom Arena, which opened in 2011, is recognised as one of Europe’s best stadiums and demonstrates the importance of quality stadia for growing revenue.”

Notes to editors:

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

The Deloitte Football Money League – 2012/13 revenue

Position (prior

year position)


2012/13 Revenue (€m) (2011/12 Revenue)

2012/13 Revenue (£m) (2011/12 Revenue)

1 (1)

Real Madrid

518.9 (512.6)

444.7 (414.7)

2 (2)

FC Barcelona

482.6 (483)

413.6 (390.8)

3 (4)

Bayern Munich

431.2 (368.4)

369.6 (298.1)

4 (3)

Manchester United

423.8 (395.9)

363.2 (320.3)

5 (10)

Paris Saint-Germain

398.8 (220.5)

341.8 (178.4)

6 (7)

Manchester City

316.2 (285.6)

271 (231.1)

7 (5)


303.4 (322.6)

260 (261)

8 (6)


284.3 (290.3)

243.6 (234.9)

9 (13)


272.4 (195.4)

233.5 (158.1)

10 (8)

AC Milan

263.5 (256.9)

225.8 (207.9)

11 (12)

Borussia Dortmund

256.2 (196.7)

219.6 (159.2)

12 (9)


240.6 (233.2)

206.2 (188.7)

13 (15)

Schalke 04

198.2 (174.5)

169.9 (141.2)

14 (14)

Tottenham Hotspur

172 (178.2)

147.4 (144.2)

15 (11)


168.8 (200.6)

144.6 (162.3)

16 (19)


157.0 (129.7)

134.6 (104.9)

17 (20)

Hamburger SV

135.4 (121.1)

116 (98)

18 (new)


126.4 (103.2)

108.3 (83.5)

19 (new)

AS Roma

124.4 (115.9)

106.6 (93.8)

20 (new)

Atlético de Madrid

120.0 (107.9)

102.8 (87.3)

Source: Deloitte Football Money League 2014

This press release is based on the Deloitte Football Money League published in January 2014.  As explained more fully in the publication, the revenue figures are extracted from the annual financial statements of the company or group in respect of each club, or other direct sources, for the 2012/13 season.

There are many ways of examining the relative wealth or value of football clubs.  For the Deloitte Football Money League, revenue has been used as the most easily available and comparable measure of financial performance. 

Revenue excludes player transfer fees, VAT and other sales related taxes.  In a few cases we have made adjustments to total revenue figures to enable, in our view, a more meaningful comparison of the football business on a club-by-club basis. 

We have not performed any verification work or audited any of the information contained in the financial statements or other sources in respect of each club for the purpose of the publication.

For the purpose of the international comparisons, all figures for the 2012/13 season have been translated at 30 June 2013 exchange rates (£1 = €1.1668; €1 = TL2.508).  Comparative figures have been extracted from previous editions of the Deloitte Football Money League, or from relevant annual financial statements or other direct sources.

Later this year the Deloitte Annual Review of Football Finance will be published, providing a more detailed analysis of the English and European football finance landscape.

About the Sports Business Group at Deloitte
Over the last 20 years Deloitte has developed a unique focus on the business of sport. Our specialist Sports Business Group offers a multi-disciplined expert service with dedicated people and skills capable of adding significant value to the business of sport. Whether it is benchmarking or strategic business reviews, operational turnarounds, revenue enhancement strategies or stadium/venue development plans, business planning, market and demand analysis, acquisitions, due diligence, expert witness, audits or tax planning; we have worked with more clubs, leagues, governing bodies, stadia developers, event organisers, commercial partners, financiers and investors than any other adviser.

For further information on our services you can access our website at 

About Deloitte
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.

Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see for a detailed description of the legal structure of DTTL and its member firms.

The information contained in this press release is correct at the time of going to press.

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