Real Madrid made history by becoming the first football club to exceed €1 billion (£844 million) in turnover in a single season, cementing its dominance in European football both on and off the pitch.
According to Deloitte's Football Money League report, the Spanish giants generated €1.046 billion (£883 million) in the 2023-2024 season. The club's revenue increase was largely driven by the redevelopment of the Santiago Bernabeu Stadium, with matchday revenues doubling to €248 million following the completion of renovations.
In addition, Real Madrid experienced a 19 percent increase in commercial revenue thanks to new sponsorship deals and increased merchandise sales. On the pitch, the team's treble-winning campaign – including victories in the Champions League, La Liga and the Spanish Super Cup – further underlined its status as a global powerhouse.
“One billion euros in turnover is a milestone in club football,” said Theo Ajadi, deputy director at Deloitte's Sports Business Group. 'The redevelopment of Madrid's stadium has been the catalyst for the club's growth.
“They have licensed a number of seats, which has generated a significant increase in revenue, as well as increased merchandising and new cover sponsorship. That, together with strong performances on the pitch, has led to Madrid's strong financial performance.'
After Madrid, Manchester City is in second place with a turnover of €838 million, while Paris Saint-Germain is third with €806 million. Manchester United and Bayern Munich completed the top five, earning €771 million (£651 million) and €660 million (£557 million) respectively.
The current revenue gap between Real Madrid and Premier League giants Manchester City is the widest ever recorded in the 28 years that Deloitte has compiled its annual list.
Across Europe, clubs collectively saw a record turnover of €11.2 billion (£9.46 billion), an increase of 6 percent on the previous season. The Premier League continued its financial dominance, with nine of its clubs ranking in the top twenty.
Arsenal, Liverpool and Tottenham Hotspur were ranked seventh, eighth and ninth respectively, while Chelsea rounded out the top 10. Clubs such as Newcastle, West Ham and Aston Villa also featured prominently, reflecting the league's unparalleled broadcast revenue.
“The Premier League still dominates the money rankings and that is caused by such a large gap between the media rights it can generate,” Ajadi said. 'It is the most watched competition of the big five, and that drives spending to perform well in Europe.'
Meanwhile, women's football also reached new heights, with Barcelona topping the revenue charts for the third year in a row. The Catalan club generated €17.93 million (£15 million) in revenue, a 26 percent increase on the previous season. Arsenal followed closely with €17.88 million, while Chelsea, Manchester United and Real Madrid completed the top five.
“The women's side of football continues to go from strength to strength, with revenues up 35 percent this year among the top 15 clubs,” Ajadi added. “We are seeing more and more clubs hosting matches in their main stadiums and attracting new audiences, offering significant growth potential.”
The report also noted a revival in matchday revenues, which accounted for 18 percent of clubs' total revenues – the highest share since the 2014-15 season. Clubs such as Arsenal and Liverpool saw significant increases in matchday profits, by £21 million and £24 million respectively. Meanwhile, others, such as Tottenham, saw a £9 million drop due to the lack of European football.
As European football clubs continue to recover from the financial impact of the pandemic, Real Madrid's historic performance underlines the importance of strategic investment and success on the pitch in driving sustainable growth.
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