The 27th edition of the Football Money League identifies the 20 football clubs that generated the highest revenues globally for the 2022/23 season
2024 Money League clubs recorded a record turnover of €10.5 billion, an increase of 14% compared to €9.2 billion in the 2021/22 season
Growth in the 2022/23 season was driven by record match and commercial revenues (€1.9 billion and €4.4 billion respectively), with commercial revenues exceeding those from television revenues
Real Madrid return to the top of the Money League table for the first time since the 2017/18 season with record revenues of €831 million and an increase of €118 million on the previous year
Average revenues generated by the 15 highest-earning women’s clubs in European football stood at €4.3 million in 2022/23, a 61% increase on the previous year
Barcelona Women remained at the top of women’s football in Europe, with the club recording €13.4 million in revenue for the 2022/23 season and a 74% increase on the previous year.
According to the 27th edition of the Football Money League, published by Deloitte’s Sports Business Group, the 20 clubs with the highest revenues in world football earned a record €10.5 billion in the 2022/23 season.
This sum, which represents an increase of 14% compared to the previous year, was achieved thanks to the record revenues recorded by Money League clubs at commercial and matchday level, of €4.4 billion and €1.9 billion respectively EUR. Match revenues have been driven by high fan demand for live sport, with stadiums open at maximum capacity across continental Europe during the 2022/23 season.
Real Madrid returns to the top of the Money League (831 million euros in total revenues), followed by Manchester City (826 million euros), Paris Saint-Germain (802 million euros), Barcelona (800 million euros) and Manchester United (746 million euros). Commercial revenues represented the largest revenue stream for Money League clubs for the first time since the 2015/16 season, excluding the 2019/20 season due to the impact of Covid 19.
Notably, 17 of the top 20 clubs reported an increase in commercial revenue compared to the previous year, with the growth largely attributable to improved retail sales, revenue from off-pitch events and the recovery of revenue from sponsorship who had been affected by the pandemic.
By contrast, Money League clubs’ reported broadcast rights revenues increased by a modest 5%, growth limited, in part, by the fact that the 2022/23 season falls under existing domestic broadcast agreements. Overall, Money League clubs recorded an average turnover of over €500 million, with commercial and television revenues contributing similarly, €222 million (42%) and €213 million (40%) respectively. ), followed by revenues from competitions (92 million euros, 18%).
Tim Bridge, partner in Deloitte’s Sports Business Group, said: “Another record year for Money League clubs representing the continued financial strength of the football industry. The high demand for live sport suggests a further growth in particular in commercial and matchday revenues. Since clubs appear to no longer be able to count on exponential growth in revenues from TV rights, the creation of a more commercially focused business model will allow them to obtain greater control over their financial stability. This may include the development of new merchandising or non-match events, such as concerts, to create new commercial offerings.”
European clubs catch up on the Premier League
Real Madrid have displaced Manchester City from top spot in the Money League to become the highest-earning club in 2022/23. Real Madrid return to the top for the first time since 2017/18 with record revenues of €831 million, an increase of €118 million on the previous year. The club’s growth is largely attributable to strong retail performance, increased stadium attendances and the recovery of sponsorship revenue following the easing of pandemic restrictions.
Manchester City drop to second place in the 2024 table despite a record-breaking 2022/23 season both on and off the pitch. The club recorded its highest ever revenue for a season of €826m, thanks to success in the Champions League and Premier League which boosted commercial and broadcast revenues by €50m and €26m respectively.
Paris Saint-Germain, on the other hand, entered the top 3 for the first time in the history of the Money League with revenues of 802 million euros. Barcelona, in fourth place (800 million euros), is one of the biggest players in this year’s Money League, rising from seventh place thanks to the club’s record licensing and merchandising revenues and the return of fans to stadiums. Liverpool (€683 million) recorded the biggest drop in the annual rankings, falling from third to seventh place due to a decline in on-field results in both domestic and European competitions. Liverpool were one of three Money League clubs (along with Atletico Madrid and West Ham) to see a drop in revenues.
While year-over-year changes in the Top Ten were minimal, there were notable changes between positions 11-20. Teams from continental Europe, such as Eintracht Frankfurt, SCC Napoli and Olympique de Marseille, replace the trio of English clubs Leicester City, Leeds United and Everton, demonstrating the influence of on-field performance on financial revenues. In the 2022/23 season, the number of Premier League clubs in the Money League has fallen to eight, after at least 10 in the previous two years.
Bridge added: “In the coming seasons European clubs may look to further diversify their revenues to gain control over a greater share of their total revenues. This will allow clubs to protect themselves not only from variability in on-field performance, but also from more difficult macroeconomic conditions and changes in the football system. At a time when clubs face a greater degree of financial regulation, it will be crucial to find the right balance between securing the best talent on the pitch and supporting a solid financial base through commercial activities”.
The most important women’s clubs in Europe have an average turnover of 4.3 million euros
This edition of Money League includes analysis of 15 of the highest revenue-generating women’s clubs in European football*. Barcelona Women remained at the top of women’s football in Europe in the 2022/23 season, recording €13.4 million in revenues, a 74% increase on the previous year. Manchester United Women also maintained their position in second place, with revenues of €8 million, thanks to a strong commercial performance (€6 million). Meanwhile, Real Madrid Femenino rose to third place with a turnover of 7.4 million euros, an increase of 416% compared to the previous year.
Manchester City Women (5.3 million euros) comes in fourth place with a 5% increase in revenue compared to the previous year, one of only three clubs (along with Paris Saint-Germain Féminine and Everton Women) of the top 15 to record less than double-digit revenue growth. Arsenal Women complete the top five with a turnover of €5.3 million, an increase of 138% on the previous year. The club achieved the highest match revenue of the 15 clubs (€3.1 million, 58% of total revenue), having hosted three of its 2022/23 WSL matches at the Emirates Stadium, each of which recorded attendance exceeding 40,000 people.
Among the 15 women’s clubs included in Deloitte’s analysis, average revenues stood at €4.3 million, an increase of 61% compared to the 2021/22 average (€2.6 million) **. However, the findings highlight that there is considerable diversity in how clubs generate revenue, even within the same league. Manchester United Women, for example, generated 74% of its revenue through commercial partnerships, while Arsenal Women earned 58% of its revenue from match revenue. Broadcast revenues in each league also vary greatly. England’s WSL and Spain’s Liga F had an annual broadcast rights value of around €8m in 2022/23, around eight times that of Italy’s Serie A Women (around €1m), which became fully professional in starting from the 2022/23 season.
Amy Clarke, head of women’s sport in Deloitte’s Sports Business Group, commented: “The 2022/23 season saw significant levels of financial growth across all top tiers of European women’s football. The increase in the number of women’s matches played in club stadiums have boosted match revenues, while increased attendance and individual partnerships have helped accelerate the commercialization of the game. Women’s football is starting to tell a story of growth, but this growth is not limited by a unique business model. Each club is exploring their own way of maximizing revenue within the current structure of the game. Given that the women’s game within the mainstream is in a formative stage, there is a real opportunity to define sport globally through innovative thinking in all aspects of the game, including player welfare, commercial relationships, governance and business models.”
* The Money League table for women’s football includes the 15 highest revenue-generating women’s clubs in Europe for the financial year ending 2023. Covers the 2022/23 season and excludes revenue contributions from associated men’s clubs. The ranking focuses on clubs competing in some of the major European football leagues (England, France, Germany, Italy, Spain and Portugal), for which information is available. Revenues from women’s football clubs in other key markets such as Australia, Japan, Norway, Sweden and the United States were not made available and therefore were not included in our analysis.
** The breakdown into matches, broadcasts and advertising excludes Paris Saint-Germain Féminine as the club did not provide a revenue breakdown.