Real Madrid has claimed the top spot in the 27th edition of the Deloitte Football Money League, marking their first return to the pinnacle since the 2017-18 season. 

The annual global football club money ranking places emphasis on revenue and excluded operational costs. In the 2022-23 season, Real Madrid led with £723 million, closely trailed by Manchester City with £718.2 million.

Premier League clubs experienced a decline in the top 20, largely attributed to continental European clubs catching up in revenue generation after a slower recovery from COVID-19. 

Paris Saint-Germain entered the top three for the first time, replacing Liverpool, which suffered the largest fall from third to seventh place.

FC Barcelona climbed from seventh to fourth, driven by record licensing and merchandising revenues. Manchester United dropped to fifth place, and Bayern Munich secured the sixth spot. 

Tottenham and Chelsea switched positions compared to the previous year, with Spurs moving up to eighth, while Arsenal maintained the tenth position.

Deloitte reported that the top 20 clubs collectively earned £9 billion, reflecting a 14% increase from the previous season. Commercial revenue emerged as the primary income stream for the first time since the 2015-16 season, excluding the COVID-impacted 2019/20 season.

The top 20 clubs by revenue in the 2022/23 season, along with their previous season’s performance, are as follows:

1. Real Madrid: £723m (£604.4m)
2. Manchester City: £718.2m (£619.1m)
3. Paris Saint-Germain: £697.2m (£554.1m)
4. FC Barcelona: £695.8m (£540.4m)
5. Manchester United: £648.5m (£583.2m)
6. Bayern Munich: £647m (£553.5m)
7. Liverpool: £593.8m (£594.3m)
8. Tottenham Hotspur: £549.2m (£442.8m)
9. Chelsea: £512.5m (£481.3m)
10. Arsenal: £463.1m (£367.1m)
11. Juventus: £376m (£339.4m)
12. Borussia Dortmund: £365.3m (£302.4m)
13. FC Internazionale Milano: £329.5m (£261.2m)
14. Atlético de Madrid: £316.6m (£333.6m)
15. Eintracht Frankfurt: £255.3m (£176.3m)
16. Newcastle United: £250.3m (£179.7m)
17. West Ham United: £239.2m (£255.1m)
18. Napoli: £232.8m (£132.5m)
19. Olympique Marseille: £224.7m (£201.2m)

 

Commercial revenue took precedence, signifying a shift towards a more commercially focused business model in the football industry. 

Barcelona Femeni emerged as the top-earning women’s club globally, experiencing a 74% revenue increase to £11.6 million, while Manchester United Women secured the second position ahead of Real Madrid Women. Manchester City, Arsenal, and Chelsea occupied the fourth, fifth, and sixth positions, respectively.