News
Real Madrid Overtake Man City To Top Money League
Real Madrid have overtaken Manchester City to become the highest revenue generating football club, according to analysis by Deloitte.
Real generated a record revenue of 831m euros (£710m) to top their Money League study from the 2022-23 season.
City drop to second despite a record revenue of €826m (£705.6m), helped by their FA Cup, Premier League and Champions League Treble success.
Revenues for the top 20 clubs rose by 14% to a record 10.5bn euros (£8.97bn).
That includes record commercial and matchday revenues of 4.4bn euros and 1.9bn euros respectively.
Commercial revenue has overtaken broadcast revenue as the largest income stream for the first time since 2015-16, excluding the Covid-19 impacted 2019-20 season, with 17 of the top 20 clubs reporting a year-on-year increase.
That is largely down to retail sales, non-matchday events such as concerts and the recovery of sponsorship income which had been impacted by the pandemic, suggesting clubs are exploring alternative sources of revenue to become less reliant on broadcast deals.
Broadcast income rose by just 5% to 4.2bn euros, largely due to the 2022/23 season falling within existing domestic broadcast cycles.
On average the 20 clubs had an average revenue of more than 500m euros.
Real Madrid top the table for the first time since 2017-18 despite losing to Manchester City in the Champions League semi-final and finishing second behind Barcelona in La Liga, though they did win the Copa del Rey, Uefa Super Cup and Fifa Club World Cup.
Paris Saint-Germain (€802m), Barcelona (€800m) and Manchester United (€746m) complete the top five.
Liverpool were the biggest fallers, dropping from third to seventh with revenues of €683m (£583m) after they could only finish fifth in the Premier League and were knocked out of the Champions League at the last-16 stage.
Tottenham, Chelsea and Arsenal also make the top 10, with Newcastle and West Ham 17th and 18th respectively.
Leicester City, Leeds United and Everton drop out of the top 20, meaning the number of Premier League clubs drops to eight after at least 10 clubs featured in the past two years.
The Hammers, Liverpool and Atletico Madrid were the only sides in the top 20 to report a drop in revenue.
Analysis
Tim Bridge, lead partner in Deloitte’s Sports Business Group
Another record-breaking year for Money League clubs represents the ongoing financial might of the football industry.
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.
In the coming seasons, European clubs may look to further diversify their revenues in order to gain control over a larger proportion of their total revenue. This will enable clubs to not only protect themselves from the variability of on-pitch performance, but also wider challenging macroeconomic conditions and changes to the football system.
At a time when clubs face a greater degree of financial regulation, striking the right balance between securing the best on-pitch talent with sustaining a sound financial foundation through commercial activities will be key.
| Position (last year’s position) | Club | 2022-23 revenue (£m) | 2021-22 revenue (£m) |
|---|---|---|---|
| 1 (2) | Real Madrid | 723 (831.4m euros) | 604.4 (713.7m euros) |
| 2 (1) | Manchester City | 718.2 (825.9m euros) | 619.1 (731m euros) |
| 3 (5) | Paris St-Germain | 697.2 (801.8m euros) | 554.1 (654.2m euros) |
| 4 (7) | Barcelona | 695.8 (800.1m euros) | 540.4 (638.2m euros) |
| 5 (4) | Manchester United | 648.5 (745.8m euros) | 583.2 (688.6m euros) |
| 6 (6) | Bayern Munich | 647 (744m euros) | 553.5 (653.6m euros) |
| 7 (3) | Liverpool | 593.8 (682.9m euros | 594.3 (701.8m euros) |
| 8 (9) | Tottenham | 549.2 (631.5m euros) | 442.8 (522.9m euros) |
| 9 (8) | Chelsea | 512.5 (589.4m euros) | 481.3 (568.3m euros) |
| 10 (10) | Arsenal | 463.1 (532.6m euros) | 367.1 (433.5m euros) |
| 11 (11) | Juventus | 376 (432.4m euros) | 339.4 (400.7m euros) |
| 12 (13) | Borussia Dortmund | 365.3 (420m euros) | 302.4 (357m euros) |
| 13 (16) | AC Milan | 335.1 (385.3m euros) | 218 (257.4m euros) |
| 14 (14) | Inter Milan | 329.5 (378.9m euros) | 261.2 (308.4m euros) |
| 15 (12) | Atletico Madrid | 316.6 (364.1m euros) | 333.6 (393.9m euros) |
| 16 (n/a) | Eintracht Frankfurt | 255.3 (293.5m euros) | 176.3 (208.3m euros) |
| 17 (20) | Newcastle | 250.3 (287.8m euros) | 179.7 (212.2m euros) |
| 18 (15) | West Ham | 239.2 (275.1m euros) | 255.1 (301.3m euros) |
| 19 (n/a) | Napoli | 232.8 (267.7m euros) | 132.5 (156.5m euros) |
| 20 (n/a) | Marseille | 224.7 (258.4m euros) | 201.2 (237.5m euros) |
| For non-British clubs Deloitte has used an average exchange rate for the year ending 30 June 2023 (€1 = GBP 0.87; €1 = BRL 5.4; €1 = USD 1.05). |
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Fitness meets cultural expression as GOOD SWEAT prepares to bring its CULTURE RUN experience to Lagos on Saturday, October 31, 2026.
Designed around the connection between physical wellness and cultural identity, CULTURE RUN offers participants an opportunity to embrace an active lifestyle while celebrating the richness of African culture. The event brings together fitness enthusiasts, culture lovers, and individuals looking for a refreshing way to connect through movement and shared experiences.
The run is scheduled to begin at 4:30 PM, setting the stage for an evening that extends beyond fitness. At 6:00 PM, participants can look forward to the CULTURE PARTY, the event’s post-run celebration.
Adding to the experience is a distinctive dress code that encourages attendees to wear their regular running kits with a touch of cultural wear. This creative blend of athletic apparel and traditional-inspired fashion gives participants an opportunity to express their individuality while celebrating their cultural roots.
The event will take place at Bistrot Samantha’s, located at 7/12 Rumen’s Road, Ikoyi, Lagos.
With its combination of fitness, fashion, culture, and social interaction, CULTURE RUN aims to create an experience that extends beyond the running track, bringing people together through a shared appreciation for wellness and cultural expression.
As Lagos continues to embrace lifestyle experiences that combine fitness with social engagement, CULTURE RUN offers an opportunity for participants to stay active, celebrate their heritage, and connect with like-minded individuals in a vibrant setting.
EVENT DETAILS
Event: CULTURE RUN
Presented by: GOOD SWEAT
Date: Saturday, October 31, 2026
Run Time: 4:30 PM
Post-Run Party: 6:00 PM
Dress Code: Running kit with a touch of cultural wear
Venue: Bistrot Samantha’s
Address: 7/12 Rumen’s Road, Ikoyi, Lagos, Nigeria
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