Liverpool have reached the top of the Premier League’s financial tree for the first time, overtaking every domestic rival after posting record revenues in the latest Deloitte Football Money League. It is a landmark moment for a club whose success on the pitch last season has now been matched by its commercial and operational strength off it.
The latest edition of the Money League confirms a wider reshaping of football’s financial elite. Traditional giants have slipped, others have surged, and the gap between sporting success and financial performance continues to narrow as clubs push harder to monetise every part of their operation.
Liverpool’s title triumph delivers financial breakthrough
Winning the Premier League last season proved transformational for Liverpool. The club generated revenues of €836m, the highest of any English side, driven by a potent mix of broadcast income, commercial growth and strong matchday performance at Anfield.
For years, Liverpool have hovered just behind the Premier League’s biggest earners. This time, success on the pitch aligned perfectly with off-field execution. Their title win unlocked increased broadcast revenues and strengthened their global commercial appeal, allowing the club to finally surpass long-established financial leaders in England.
This milestone underlines how elite performance remains the fastest route to financial acceleration. While commercial strategy matters more than ever, trophies still carry immense economic weight.
European giants still dominate the global picture
Despite the shake-up in England, European football’s financial summit remains familiar. Real Madrid once again sit top of the global rankings, becoming the first club to surpass €1bn in annual revenue after posting €1.2bn.
Remarkably, this was achieved without winning either the Champions League or La Liga last season. Their success reflects the scale of their commercial machine and the ongoing impact of the Santiago Bernabeu redevelopment, which has transformed the stadium into a year-round revenue generator.
Barcelona climbed back into the top three for the first time since the 2019–20 season, generating €975m despite playing away from Camp Nou during renovation works. The figures highlight the club’s enduring commercial pull even during a period of sporting and structural transition.
Bayern Munich placed third with €861m, followed closely by Paris St-Germain, whose Champions League triumph helped drive revenues of €837m.
Manchester City and Manchester United feel the squeeze
The latest rankings show a notable downturn for both Manchester clubs. Manchester City slipped from second to sixth with revenues of €829m, a drop influenced by relative changes elsewhere rather than outright decline. Even so, the figures underline how fine the margins are at the very top.
More striking is the continued slide of Manchester United, who fell to eighth place with revenues of €793m. It marks their lowest ever position in the history of the Money League, a stark contrast to their dominance of previous decades.
On the pitch, Manchester United endured a disastrous campaign, finishing 15th in the Premier League and losing the Europa League final to Tottenham Hotspur. Off the pitch, the consequences are severe. Without European football this season and early exits from both domestic cups, matchday and broadcast revenues are set to fall further.
As one Deloitte executive observed, “If you went back 10 or 15 years, Manchester United set the benchmark for matchday and commercial revenue. That is no longer the case.”
Premier League strength remains unmatched
Despite individual setbacks, the Premier League continues to dominate the global financial landscape. Six English clubs appear in the top 10, underlining the league’s unmatched commercial reach and broadcast power.
Arsenal finished seventh with revenues of €822m, while Tottenham Hotspur placed ninth on €673m. Chelsea completed the top 10 with €584m after a season of rebuilding both on and off the pitch.
Further down the list, three more English clubs made the top 20. Aston Villa ranked 14th with €450m, Newcastle United came 17th on €400m, and West Ham United secured 20th place with €276m.
This depth of representation reinforces the Premier League’s status as football’s most lucrative ecosystem, even as internal competition intensifies.
Commercial growth drives record-breaking revenues
Across the top 20 clubs, total revenue rose by 11 percent to a record €12.4bn. Commercial income was a major driver, increasing to €5.3bn as clubs became more sophisticated in how they monetise their brands.
The focus has shifted decisively towards maximising stadium use beyond matchdays, expanding sponsorship portfolios, and improving retail performance. Clubs are no longer content with relying solely on football fixtures to generate income.
Real Madrid’s commercial revenue alone reached €594m, a figure so large it would have ranked as a top-10 club by itself. That statistic captures the scale of the transformation underway at Europe’s biggest institutions.
Matchday and broadcast revenues continue to climb
Matchday income was the fastest-growing revenue stream once again, rising by 16 percent to €2.4bn. Full stadiums, premium hospitality and dynamic pricing models are helping clubs squeeze more value from every seat.
Broadcast revenue also increased by 10 percent, boosted in part by the expanded FIFA Club World Cup held in the United States. Manchester City and Chelsea, England’s representatives in the tournament, saw a notable uplift, with participating clubs enjoying a 17 percent rise in broadcast income.
These developments highlight how new competitions are reshaping the financial calendar, adding lucrative fixtures but also intensifying pressure on players and squads.
Balancing growth with player welfare
While the Money League figures point to growing financial power, they also raise concerns about sustainability. The expanding football calendar has prompted legal action from players’ union Fifpro against FIFA, reflecting mounting unease over workload and welfare.
Deloitte’s analysis suggests clubs are taking greater ownership of their revenue streams, but warns that unchecked expansion carries risks. “While this presents substantial financial opportunity, a balance must be struck between revenue optimisation and protecting the on-field product and player welfare,” one senior figure noted.
With top clubs now playing more matches each season than ever before, the challenge is clear. Football must continue to grow financially without eroding the quality and credibility that underpin its global appeal.
A new financial era takes shape
The latest Deloitte Football Money League confirms that football’s economic hierarchy is evolving. Liverpool’s ascent reflects the power of sustained sporting success combined with smart commercial execution, while the struggles of Manchester United show how quickly financial dominance can fade without results.
As revenues soar to new heights, the race is no longer just about spending power, but about balance, strategy and long-term vision. The clubs that thrive in the next decade will be those that can win, earn and protect their most valuable asset: the game itself.