Real Madrid's record €1bn in revenue tops Deloitte Money League

Real Madrid surpassed €1bn for the last financial year and topped the annual Deloitte Money League table once again. 

The La Liga giants became the first football team ever to break €1bn in revenue over the course of the 2023/24 financial year, with Manchester City coming in second with €838m, Paris Saint-Germain in third with €806m, Manchester United in fourth with €771m and Bayern Munich in fifth with €765m. 

Rounding out the rest of the top 10, FC Barcelona came in sixth (€760m), Arsenal seventh (€716m), Liverpool eighth (€714m), Tottenham ninth (€615m), and Chelsea tenth (€545m). Six out of the top 10 clubs were Premier League clubs, with a further three English clubs making it into the top 20. 

Deloitte revealed that the last financial year was one of the most lucrative in European football. The top 20 revenue generating clubs made a record €11.2bn cumulatively, marking a 6% increase from last season. 

Tim Bridge, Lead Partner in the Deloitte Sports Business Group, said: “Money League clubs continue to break records with ongoing growth in commercial and matchday revenues. 

“While on-pitch performance is critical for teams to reach the top echelons of the rankings, high performing clubs are also able to diversify the way they generate revenue through unlocking innovative partnerships and developing the land and stadium space that they own or operate.”

The average Money League club generated €560m, comprising €244m (44%) in  commercial revenue, €213m (38%) broadcast revenue, and €103m (18%) matchday revenue.

Matchday revenue grew 11% year-on-year, making it the fastest-growing revenue stream for Money League clubs due to an increase in clubs’ stadium capacity, general ticket prices and premium matchday offerings. 

Matchday revenue surpassed €2bn (€2.1bn) for the first time in the history of the publication, accounting for 18% of total revenue, the highest share since 2014/15 (19%). 

At €4.9bn, commercial remained the largest revenue source for Money League clubs for the second year running, accounting for 44% of total revenue. The 10% uplift over the previous year was largely driven by an increase in hosting non-football live events, improved retail performance and a rise in sponsorship revenues.

Despite broadcast rights deals surging in valuation over the past several years, cumulative broadcast revenue (€4.3bn) did not increase last year. This was largely due to all of the top five European leagues remaining in current broadcast deals.

“Club stadia are increasingly being valued as more than just matchday assets, with a number of clubs converting their grounds into multi-use entertainment venues that attract new visitors, sponsors, and retail opportunities,” concluded Bridge. 

“Football clubs are now realising the value of becoming far more than sporting brands, with media and entertainment becoming intertwined with the commercial potential that they have to offer.”