Top 10 highest-earning clubs 2024/25: Liverpool overtake Man City and Man United as England’s revenue leaders

According to the Deloitte Football Money League, Liverpool climbed three places to fifth overall with revenues of £702.3 million, ahead of Manchester City (£696.6m), Arsenal (£690.2m) and Manchester United (£666.2m). Last season, Manchester City ranked second, while Manchester United were fourth.

This marks Manchester United’s lowest position in the Money League. Once considered the blueprint for commercial success in football, United have topped the rankings in 10 of the league’s 29 editions, most recently in 2017. However, disappointing on-pitch results in recent seasons have led to a steady decline in revenue.

A key factor behind the drop has been broadcast income, which fell from £216.7m to £172.9m due to the club’s absence from the Champions League in the 2024/25 season. Their figures could decline further, with United again failing to qualify for the Champions League and exiting both domestic cup competitions at the first round.

Tim Bridge, Sports Business Group Leader at Deloitte, explained the reasons behind Manchester United’s decline: “The clubs with the biggest football club brands and position in the market have an opportunity to broaden their reach and offer more to fans on a matchday, offer more to fans on a non-matchday, and become a more 365-days-a-year touch point. United are probably only just starting that journey now, because of the reported stadium development.

“If you went back 10 or 15 years, and you looked at Manchester United's matchday revenue it was the industry leader. If you looked at their ability to generate commercial revenue, it was the benchmark by which everybody then went to market and set their strategy. I don't think that remains the case”.

Liverpool, meanwhile, topped the English clubs after returning to the Champions League, winning the Premier League, and boosting revenue through non-football activities, including concerts by global stars such as Taylor Swift, Dua Lipa and Bruce Springsteen.

Marco D’Elia, assistant director in the Deloitte Sport Business Group, said: “Liverpool’s strong performance was driven by on-pitch performance, Champions League revenues and a 7 per cent increase in their commercial revenues. That is driven by more focus on non-matchday events at Anfield, including concerts by Taylor Swift and corporate events. They also benefited from the challenges of other Premier League clubs, particularly Manchester City and Manchester United.”

Elsewhere in the top 10, Real Madrid remained top of the list with £975.2m in revenue. Barcelona climbed to second place with £818.8m, followed by Bayern Munich in third (£722.9m) and Paris Saint-Germain in fourth (£703.1m). Tottenham and Chelsea completed the top 10 with revenues of £565m and £490.6m respectively.

Top 10 highest-earning clubs 2024/25: 

1. Real Madrid - £975.2m

2. Barcelona - £818.8m

3. Bayern Munich - £722.9m

4. Paris Saint-Germain - £703.1m

5. Liverpool - £702.3m

6. Man City - £696.6m

7. Arsenal - £690.2m

8. Man United - £666.2m

9. Spurs - £565m

10. Chelsea - £490.6m