Real Madrid overtake Manchester City for top spot in football's Money League

Real Madrid have overtaken Manchester City and topped the Deloitte Football Money League as the world's highest revenue-generating club in the 2022 to 2023 season, with commercial revenue taking over as the largest income stream for teams.

The Spanish club, leaders for the first time since the 2017 to 2018 season, generated total revenue of 831 million euros (S$1.2 billion), followed by City (826 million euros) and Paris St Germain (802 million euros).

Barcelona moved from seventh last year up to fourth, generating 800 million euros while Manchester United slipped one place to fifth as they made 746 million euros.

Real recorded an increase in revenue of 118 million euros over the previous year, their 16 per cent growth attributed to strong retail performance, higher stadium attendance and recovery of sponsorship income.

Despite City losing the top spot, which they had held for the last two years, the club reported its highest ever revenue for a season, thanks to their treble-winning campaign which bolstered their broadcast and commercial revenues.

Commercial revenue was the largest income stream at clubs for the first time since 2015 to 2016, excluding the Covid-19 impacted 2019 to 2020 season, as broadcast revenue increased by a modest five per cent.

"A high demand for live sport is pointing towards further growth for commercial and matchday revenues, in particular," said Tim Bridge, lead partner in Deloitte's Sports Business Group.

"As clubs appear to no longer be able to rely on exponential broadcast revenue growth, creating a more commercially focused business model will support them to achieve greater control over their financial stability."

Liverpool, the biggest movers in last year's edition, rising from seventh to third, reported the greatest fall in year-on-year rankings this year as they returned to seventh, one of three clubs to report a decline in revenue.

Atletico Madrid and West Ham United are the other two clubs with a drop in revenue, and Premier League sides now make up eight of the top 20, down from 11 last year, with Leicester City, Leeds United and Everton replaced by Eintracht Frankfurt, Napoli and Olympique Marseille.

The total revenue generated by Money League clubs in 2022 to 2023 is a record 10.5 billion euros, a 14 per cent increase over the previous year and topping pre-pandemic levels (9.2 billion euros in both 2021 to 2022 and 2018 to 2019).

Women's football

Deloitte's Football Money League reported on revenues generated from women's teams for the second time, with Barcelona retaining the top spot generating revenue of 13.4 million euros, an increase of 74 per cent on last year.

Manchester United remain second with revenue of eight million euros followed by Real Madrid (7.4 million euros), City (5.3 million euros) and Arsenal (5.3 million euros).

"Significant levels of financial growth were recorded in the 2022 to 2023 season across the top-tiers of European women's football," said Amy Clarke, women's sport lead in Deloitte's Sports Business Group.

"A rise in the number of women's matches playing at clubs' main stadia boosted matchday revenues, while increased viewership and individual partnerships helped to accelerate the commercialisation of the game."

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