Spanish giants, Real Madrid have become the first football club to exceed €1 billion in revenue during a single season, reinforcing their position as a leader in European football both competitively and financially.
According to Deloitte’s Football Money League report, the Spanish club generated €1.046 billion in the 2023-2024 season.
This impressive revenue growth was primarily fueled by the redevelopment of the Santiago Bernabeu Stadium, resulting in a doubling of match-day revenue to €248 million following the renovations.
Additionally, Real Madrid saw a 19% increase in commercial revenue, driven by new sponsorship agreements and enhanced merchandise sales. Their successful on-pitch performance—which included winning the Champions League, La Liga, and the Spanish Super Cup—has further solidified their reputation as a global powerhouse in football.
Assistant director at Deloitte’s Sports Business Group, Theo Ajadi remarked, “One billion euros in revenues is a landmark in club football. The redevelopment of Madrid’s stadium has played a crucial role in this growth.
“The licensing of some seating has significantly uplifted revenue, alongside increased merchandising and new sleeve sponsorships. Combined with their strong performance on the pitch, this has led to Madrid’s impressive financial achievements.”
Following Madrid, Manchester City ranked second with €838 million (£708 million) in revenue, and Paris Saint-Germain secured third place with €806 million (£681 million). Manchester United and Bayern Munich completed the top five with revenues of €771 million (£651 million) and €660 million (£557 million), respectively.
Notably, the revenue gap between Real Madrid and Manchester City is the largest ever recorded in Deloitte’s 28 years of compiling the annual list.
Overall, European football clubs enjoyed record collective revenues of €11.2 billion (£9.46 billion), reflecting a 6% increase from the previous season. The Premier League continued its financial supremacy, with nine clubs securing spots in the top 20.
Arsenal, Liverpool, and Tottenham Hotspur ranked seventh, eighth, and ninth, respectively, while Chelsea rounded out the top ten. Clubs like Newcastle, West Ham, and Aston Villa also made significant contributions, demonstrating the league’s unmatched broadcasting revenues.
Ajadi pointed out, “The Premier League maintains its dominance on the financial table, driven by the substantial media rights it generates. It remains the most-watched league among the top five leagues, which fuels the spending necessary for success in Europe.”