Real Madrid have earned the largest ever lead at the top of football’s earnings tree, according to Deloitte’s annual Football Money League, after a season of record revenue in the Spanish capital.
Record Revenue for Real Madrid
The Spanish and European champions took home $1.13 billion over the course of the 2023-24 season, one in which the completion of renovation to the Santiago Bernabeu doubled matchday revenue to around a quarter of a billion dollars. With commercial revenue also significantly increasing Madrid extended their earnings lead over Manchester City beyond $200 million. It is the largest gap between first and second in the near 30-year history of the Money League, according to Theo Ajadi, assistant director in the Deloitte Sports Business Group.
Top Five Clubs
Paris Saint-Germain remain in third while Manchester United and Bayern Munich have leapfrogged Barcelona into the top five. In a sign of the entrenchment of wealth at the elite of the European game, the makeup of the top 10 remains unchanged, though a season of Champions League football and improved commercial revenue was enough to push Arsenal above the remainder of the Premier League’s “Big Six” of Liverpool, Tottenham and Chelsea, in that order. Borussia Dortmund are the only other club in soccer to have earnings over half a billion dollars.
Real Madrid's Financial Milestone
Madrid became the first ever European football club to reach one billion euros in revenue when they published their financial report for the 2023-24 season in July. Barcelona had previously topped the billion dollar mark in 2017-18 but no club had ever hit the number in euros. Indeed the Dallas Cowboys are believed to be the only sports team to have posted higher revenue than Madrid.
Club Stadia as Entertainment Venues
Madrid’s revenue success speaks to the growing trend for football clubs using their stadia as year-round facilities beyond 25 or so home matches a season. Concerts, like Taylor Swift's shows at the Bernabeu, are becoming a significant source of income for clubs.
Women’s Team Aiding Arsenal’s Rise
Arsenal's women's team has become a revenue driver for the club, contributing significantly to their earnings. Hosting women's matches at top stadia is becoming more common and is attracting new fans and sponsors.
Barcelona's Future
Barcelona, currently out of the top five, has hope with the imminent completion of renovations to the Camp Nou. Their new stadium could help them close the revenue gap with Real Madrid.
