Press releases

Real Madrid regain their place as the highest revenue generating club in world football as top 20 clubs combined generated almost $10bn for the first time

  • Deloitte Football Money League reveals the top 20 highest earning football clubs for the 2017/18 season, with combined revenues growing to $9.95bn, a new record;
  • Real Madrid return to top spot for a record twelfth time, and the first time since 2014/15, generating $895.5m in revenue;
  • FC Barcelona climb one place to second, making it a Spanish one-two at the top of the Money League, whilst Manchester United slip to third having been first last year;
  • Tottenham Hotspur make it into the top 10 for only the second time, having last appeared in 2006/07. A record six English clubs feature in the top 10;
  • The 22nd edition of the Deloitte Football Money League ranks the top 20 clubs by revenue in world football.

25 January, 2019 - The 20 highest earning football clubs in the world generated a record $9.95bn of combined revenue in 2017/18, according to the 22nd edition of the Football Money League from Deloitte’s Sports Business Group.

Topped by Real Madrid ($895.5m total revenue), FC Barcelona ($823.4m) and Manchester United ($794.3m) the three wealthiest clubs of this year’s Football Money League generated over €2.5bn of collective revenue. Revenue of more than $230m was required to secure a place in this year’s top 20.

Of the $9.95bn combined revenue for the top 20 Money League clubs, broadcast remains the largest individual income stream, comprising 43% of total revenue. However, a noticeable trend in this year’s edition has been the growth in commercial revenue for clubs at the top of the Money League, which now represents 40% of total revenue. The proportion from matchday revenue remains unchanged at 17%.

Reign in Spain: first Spanish one-two since 2014/15

Having generated record revenue of $895.5m, Real Madrid have returned to first place in the Money League for the first time since 2014/15, with the gap between first and second being the second-largest in Money League history (€60.5m) ($72.1m).

Dan Jones, partner in the Sports Business Group at Deloitte, comments: “European football remains a bull market, with combined annual revenue across the world’s top 20 largest clubs reaching almost $10bn after further growth in this year’s Football Money League. At the top, we have seen Real Madrid shatter records, generating revenue of almost $900m and claim record twelfth Money League title in the process.”

Los Blancos’ revenue increased by 11% year-on-year as they secured their third successive Champions League title. This was primarily due to commercial growth of 18% including an uplift in sponsorship, merchandising and exploitation of increasingly lucrative pre-season fixtures. At $424.8m (€356.2m), Real Madrid now have the highest commercial revenue of any football club globally, a testament to the international appeal of their brand.

Jones adds: “Real Madrid’s outstanding financial performance in 2017/18 is built on their long history of success on the pitch, most recently three consecutive Champions League titles. This has enabled the club to continue to drive commercial revenue as the appetite to partner with Europe’s most successful clubs remains stronger than ever.

“Most of our top 10 are through to the Round of 16 of the UEFA Champions League and forecasting further revenue growth, meaning their relative performances in UEFA’s flagship competition this season could have a noticeable impact on our rankings next year.”

Premier League dominates top 10

Despite Manchester United slipping from first to third overall, the English Premier League provided six teams in the top 10 this year, the most ever from one country. Tottenham Hotspur ($510.8m total revenue) re-enter the Money League top 10 for the first time since 2006/07, having capitalised on playing a full season at Wembley Stadium which has seen matchday revenue increase by 54%.

Manchester City ($677.9m) have consolidated their place in the top five, whilst Liverpool ($612.6m) rank seventh after their 2017/18 Champions League Final appearance contributed to impressive total revenue growth of 25%. Liverpool’s broadcast revenue alone, $299.6m as a result of amounts received from UEFA, would be sufficient for a place in the top 15 of this year’s Money League.

In addition, Chelsea ($603.1m) retain eighth place whilst Arsenal ($523.8m) slip to ninth, as absence from the Champions League for the first time since 1997/1998 saw rivals outperform them financially. Everton ($253.9m) and West Ham ($236m) both retain their places in the top 20, with the return of Newcastle United ($240.3m) to the Premier League in 2017/18 enabling them to secure 19th place.

Sam Boor, senior manager in the Sports Business Group at Deloitte, comments: “The substantial presence of Premier League clubs continues to be felt in this year’s Deloitte Football Money League. However, with the Premier League’s tender for the next cycle of domestic rights from 2019/20 complete and sale of overseas rights nearing conclusion, it is clear that Premier League clubs will be unable to rely on explosive growth in broadcast distributions as a source of future growth, as has been the case in recent years.

“As a result, we expect an even greater emphasis among these clubs on generating their own growth in the coming season, and in particular the optimisation of commercial revenue, which has been a key area for differentiating growth across most of Europe’s leading clubs in recent years.”

European giants benefit from transfer market

Paris Saint-Germain have reversed two consecutive years of decline in this year’s Money League, improving one place to finish in sixth. The marquee signings of Neymar Jr. and Kylian Mbappé in the summer of 2017 had a noticeable positive impact on PSG’s revenue, with the club achieving a total of $646m, as demand to watch some of the world’s best players translated into improved matchday and commercial revenue.

Bayern Munich rank fourth, making it 11 consecutive editions in the top five. Internazionale move up one place to 14th after another year of commercial revenue growth and improvement on-pitch, whilst AS Roma and AC Milan return to the top 20 thanks to performances in UEFA competition. Performance in the Champions League was also key for Beşiktas (26th), who achieve their highest ever Money League position, and Sevilla (27th).

Boor adds: “Our research has identified how the potential for a marquee global star player to provide a competitive advantage off-pitch is perhaps gaining in importance as an element for clubs to consider when devising their transfer policy. We have already seen evidence of how signing such players can have a positive financial impact, and next year it will be interesting to see if the signing of Cristiano Ronaldo in the summer of 2018 brings similar on and off-pitch benefits for Juventus, having slipped out of the top 10 for the first time since 2011/12.”

Press contact
Nadine El Hassan
Middle East Public Relations
Deloitte & Touche (M.E.)
Tel: +961 (0) 1 748444
Fax: +961 (0) 1 748999


Click here for the Arabic version

Notes to editors:

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


(last year’s position)


2017/18 Revenue ($m) (2016/17 Revenue)

2017/18 Revenue (€m) (2016/17 Revenue)

2017/18 Revenue (£m) (2016/17 Revenue)

Home currency % growth / (reduction)

1 (2)

Real Madrid

895.5 (735.3)

750.9 (674.6)

665.2 (579.7)


2 (3)

FC Barcelona

823.4 (706.7)

690.4 (648.3)

611.6 (557.1)


3 (1)

Manchester United

794.3 (737.2)

666 (676.3)

590 (581.2)


4 (4)

Bayern Munich

750.4 (640.7)

629.2 (587.8)

557.4 (505.1)


5 (5)

Manchester City

677.9 (575.2)

568.4 (527.7)

503.5 (453.5)


6 (7)

Paris Saint-Germain

646 (530)

541.7 (486.2)

479.9 (417.8)


7 (9)


612.6 (462.4)

513.7 (424.2)

455.1 (364.5)


8 (8)


603.1 (466.5)

505.7 (428.0)

448 (367.8)


9 (6)


523.8 (531.5)

439.2 (487.6)

389.1 (419)


10 (11)

Tottenham Hotspur

510.8 (391.9)

428.3 (359.5)

379.4 (308.9)


11 (10)


471 (442.2)

394.9 (405.7)

349.8 (348.6)


12 (12)

Borussia Dortmund

378.3 (362.5)

317.2 (332.6)

281 (285.8)


13 (13)

Atlético de Madrid

363 (297)

304.4 (272.5)

269.6 (234.2)


14 (15)


334.9 (285.7)

280.8 (262.1)

248.7 (225.2)


15 (n/a)

AS Roma

298.2 (187.3)

250 (171.8)

221.5 (147.6)


16 (16)

Schalke 04

290.8 (250.9)

243.8 (230.2)

216 (197.8)


17 (20)


253.9 (217.1)

212.9 (199.2)

188.6 (171.2)


18 (n/a)

AC Milan

247.7 (209)

207.7 (191.7)

184 (164.7)


19 (n/a)


240.3 (108.7)

201.5 (99.7)

178.5 (85.7)


20 (17)

West Ham United

236 (232.5)

197.9 (213.3)

175.3 (183.3)



This press release is based on the Deloitte Football Money League published in January 2019. 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 2017/18 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, unless otherwise stated, all figures for the 2017/18 and 2016/17 seasons have been translated at the average exchange rate for the year ending 30 June 2018 ($1 = £0.7429; $1 = €0.8385) and year ending 30 June 2017 ($1 = £0.7885; $1 = €0.9174), respectively. 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

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DME provides audit and assurance, tax, consulting, financial advisory and risk advisory services through 25 offices in 14 countries with more than 3,300 partners, directors and staff. It has also received numerous awards in the last few years which include, Middle East Best Continuity and Resilience provider (2016), World Tax Awards (2017), Best Advisory and Consultancy Firm (2016), the Middle East Training & Development Excellence Award by the Institute of Chartered Accountants in England and Wales (ICAEW), as well as the best CSR integrated organization.

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

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