Press releases

Real Madrid become the first club to generate more than €750m and regain their place as the highest revenue generating club in world football, as Manchester United slip to third

24 January 2019

  • The 22nd edition of the Deloitte Football Money League ranks the top 20 clubs by revenue in world football with respect to the 2017/18 season;
  • Combined revenues of the top 20 grew 6% to €8.3bn, a new record;
  • Real Madrid return to top spot for a record twelfth time, and the first time since 2014/15, generating €750.9m (£665.2m) in revenue;
  • Manchester United slip to third with revenue of £590m, having been first last year;
  • Manchester City retain fifth position for the third consecutive year;
  • Liverpool have climbed two places to finish seventh with revenue of £455.1m, after impressive total revenue growth of £90.6m;
  • Everton rank 17th in the world by revenue, the club’s best ever Money League position.

The world’s top 20 revenue-generating football clubs include four from the North West, according to the 22nd edition of the Deloitte Football Money League: Manchester United (3rd), Manchester City (5th), Liverpool (7th) and Everton (17th).

United knocked off top spot but Premier League continues to dominate
Having generated record revenue of €750.9m (£665.2m), Real Madrid reclaim first place in the Deloitte Football Money League. Despite a return to Champions League football, Manchester United (£590m) drop to third place with the slowest rate of revenue growth (2%) of any club in the top five.

Manchester City (£503.5m) have consolidated their place in the top five, ranking fifth for a third consecutive year. The 2017/18 season saw City win the Premier League by the largest ever points margin and the club broke the £500m revenue barrier for the first time, with growth across all revenue streams.

Liverpool (£455.1m) rank seventh after their 2017/18 Champions League Final appearance contributed to impressive total revenue growth of £90.6m. Liverpool’s broadcast revenue alone, which increased £65.8m to £222.6m as a result of amounts received from UEFA, would be sufficient for a place in the top 15 of this year’s Money League.

Everton (£188.6m) climb three places to 17th this year, the club’s best ever position in the Money League. The return of European football had a positive impact on matchday and broadcast revenue, whilst a record shirt front sponsorship arrangement with SportPesa helped provide commercial growth to take the club to a new record level of revenue overall.

Dan Jones, partner in the Sports Business Group at Deloitte, comments: “European football remains a bull market, with annual revenue growth of almost €450 million in this year’s Football Money League. At the top, we have seen Real Madrid shatter records, becoming the first club to break the three-quarters of a billion euro mark and claim a record twelfth Money League title in the process.

“Manchester United slip to third place in this year’s Money League after two years in top position, despite a return to the Champions League in 2017/18 and overall revenue growth of 2%. Further revenue growth is expected in 2018/19 and a continuation of recent on pitch improvements will help in building a virtuous circle of football and commercial success.”

Sam Boor, senior manager in the Sports Business Group added: “Despite Manchester United’s two year reign at the top of the Money League coming to an end, the financial performance of North West clubs continues to impress. The region has the same number of clubs in the top 20 as the best performing country outside England (Italy: Juventus, Internazionale, AS Roma and AC Milan).

“With Liverpool and Manchester City currently occupying positions towards the top of the Premier League, and three of the four North-West Money League clubs through to the Round of 16 of this season’s UEFA Champions League, there is the potential for even further revenue growth next year.”


Note to editors

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

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 season have been translated at the average exchange rate for the year ending 30 June 2018 (£1 = €1.1289). 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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Please see for a detailed description of the legal structure of DTTL and its member firms.

Deloitte LLP is a subsidiary of Deloitte NWE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms.

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

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