Real Madrid grabs the top spot in the Deloitte Money League, surpassing Manchester City, the treble winners

In the 2022–23 season, Real achieved a record revenue of 831 million euros (£710 million), topping their Money League study.

With their FA Cup, Premier League, and Champions League treble victories helping them, City records revenue of €826 million (£705.6 million), but they fall to second place.

At a record 10.5 billion euros (£8.97 billion), the top 20 clubs’ revenues increased by 14%.

This includes 4.4 billion euros in record commercial revenue and 1.9 billion euros in matchday revenue.

With 17 of the top 20 clubs reporting a year-over-year increase, commercial revenue has surpassed broadcast revenue as the largest income stream for the first time since 2015–16, excluding the Covid-19 impacted 2019–20 season.

This indicates that clubs are looking into alternate revenue streams to become less dependent on broadcast deals. It is primarily due to retail sales, non-matchday events like concerts, and the recovery of sponsorship income that had been impacted by the pandemic.

The 2022–2023 season falling within the current domestic broadcast cycles was a major factor in the mere 5% increase in broadcast income to 4.2 billion euros.

The 20 clubs collectively brought in over 500 million euros in revenue on average.

Despite losing to Manchester City in the Champions League semi-final and placing second behind Barcelona in La Liga, Real Madrid is now at the top of the table for the first time since 2017–18. However, they did win the Copa del Rey, Uefa Super Cup, and Fifa Club World Cup.

The next three teams in order of value are Manchester United (€746m), Barcelona (€800m), and Paris Saint-Germain (€802m).

The biggest losers were Liverpool, who dropped from third to seventh place with €683 million (£583 million) in revenue after only finishing fifth in the Premier League and losing in the round of sixteen of the Champions League.

In addition to Newcastle and West Ham, who rank 17th and 18th, respectively, Tottenham, Chelsea, and Arsenal round out the top 10.

Everton, Leeds United, and Leicester City fall out of the top 20, bringing the total number of Premier League teams down to eight following at least ten appearances in the previous two years.

The only teams in the top 20 to report a decline in revenue were The Hammers, Liverpool, and Atletico Madrid.


The football industry’s continued financial might is demonstrated by another record-breaking year for Money League teams.

The ability of clubs to rely on exponential growth in broadcast revenue appears to have diminished, and developing a more commercially focused business model will help them regain more control over their financial stability.

With the goal of controlling a greater share of their overall income, European clubs may try to further diversify their sources of income in the upcoming seasons. This will help clubs guard against changes to the football system as well as more challenging macroeconomic conditions and fluctuations in on-pitch performance.

It will be crucial to strike the correct balance between keeping a stable financial base through commercial activity and attracting the best on-field talent at a time when clubs are subject to increased financial regulation.

Position (last year’s position)Club2022-23 revenue (£m)2021-22 revenue (£m)
1 (2)Madrid Real723 euros, or 831.4 million euros604.4 (€713.7 million)
2 (1)City of Manchester825.9 million euros (718.2)619.1 million euros (731 million euros)
3 (5)Paris Saint-Germain697.2 (€801.8 million)654.2 (million euros)
4 (7)Barcelona801.m euros, or 695.8540.4 (638.2 million euros)
5 (4)United Manchester648.5 (745.8 million euros)583.2 (688.6 million euros)
6 (6)Munich Bayern647 (744 million euros)€653.6 million, or 553.5,
7 (3)Liverpool593.8 (682.9 million euros)594.3 (€701.8 million)
8 (9)Tottenham549.2 (611.5 million euros)442.8 (€522.9 million)
9 (8)Chelsea512.5 euros (589.4)481.3 euros (568.3)
10 (10)Arsenal463.1 (€532.6 million)367.1 (€433.5 million)
11 (11)Juventus376 euros, or 432.4 million euros340.9 (400.7 million euros)
12 (13)Dortmund Borussia365.3 euros (420 million euros)302.4 (357 million euros)
13 (16)Milan AC335.1 million euros (385.3 million)218 (257.4 million euros)
14 (14)Milan Inter329.5(378.9 million euros)261.2 € (308.4 million)
15 (12)Real Madrid Atletico(316.66 million euros)333.6 million euros (393.9 million)
16 (n/a)Frankfurt’s Eintracht255.3 (€293.5 million)176.3 euros (208.3)
17 (20)Newcastle250.3(287.8 million euros)179.7 (€212.2 million)
18 (15)-West Ham239.2 (Meuros 275.1)255.1 (301.3 million euros)
19 (n/a)Napoli232.8 (267.7 million euros)132.5 euros (156.5 million)
20 (n/a)Marseille224.7 (258.4 million euros)201.2 (337.5 million euros)

Regarding non-British clubs For the year ending June 30, 2023, Deloitte has chosen an average exchange rate of €1 = GBP 0.87, €1 = BRL 5.4, and €1 = USD 1.05.