Liverpool Football Club has reached a historic milestone, becoming the top-earning Premier League club for the first time, according to Deloitte’s Football Money League for 2026. The Reds, who clinched the 2024-25 Premier League title, generated €836 million (£702 million) in revenue, surpassing all other English sides.
Manchester United’s Decline in the Deloitte Money League
Manchester United, once a consistent leader in the Money League, has seen a dramatic fall. For the first time in the history of the Deloitte rankings, the club dropped to its lowest-ever position, ranking 8th. This drop follows a disappointing 2024-25 season, where United finished 15th in the Premier League and lost to Tottenham in the Europa League final. United’s matchday revenue, which has traditionally been one of their strongest revenue streams, is also suffering due to their absence from European competition and early exits from domestic cup competitions.
Deloitte’s Tim Bridge, lead partner of the Sports Business Group, noted that Manchester United’s ability to generate matchday and commercial revenues was once the benchmark for the industry but no longer holds the same weight in today’s market.
Real Madrid and Barcelona Lead Globally
Although Liverpool claims the top spot among Premier League clubs, Real Madrid remains the global leader in revenue. The Spanish giants generated a staggering €1.2 billion (£1.01 billion) in the 2024-25 season, despite not winning either La Liga or the Champions League. Their commercial income was a significant driver, with €594 million (£499 million), which alone would have placed them in the top 10.
Barcelona made a strong comeback, securing second place globally with €975 million (£819 million) in revenue, marking their return to the top three for the first time since the 2019-20 season. Despite playing away from their Nou Camp stadium during renovations, the Catalan club’s commercial strategy remained robust.
Bayern Munich and Paris Saint-Germain
Bayern Munich secured third place with €861 million (£723 million), while Champions League winners Paris Saint-Germain followed closely in fourth with €837 million (£703 million). Liverpool, with €836 million (£702 million), rounded out the top five.
Manchester City experienced a decline, dropping from second place to sixth with €829 million (£697 million) in revenue, while Chelsea rounded out the top 10 with €584 million (£491 million).
The Rise of English Clubs in the Top 20
The Premier League continues to dominate the Money League with six clubs in the top 10. Arsenal, who finished 7th, generated €822 million (£690 million), while Tottenham followed closely in 9th with €673 million (£565 million). Other English clubs like Aston Villa, Newcastle United, and West Ham United also made it into the top 20.
The Financial Landscape of Football
Deloitte’s report highlights a record €12.4 billion (£10.4 billion) total revenue for the top 20 clubs, an 11% increase compared to the previous year. The growth in commercial revenue was a key contributor, rising to €5.3 billion (£4.5 billion) from €4.9 billion (£4.1 billion). This increase reflects the shift in clubs’ business models, with a focus on maximizing the use of stadiums and surrounding areas on non-matchdays, as well as increased sponsorship and retail revenues.
Broadcast revenue also saw a significant boost, up 10%, driven by the expanded FIFA Club World Cup in the United States, which included Manchester City and Chelsea, contributing to a 17% rise in broadcast revenues for participating clubs.
The Balance Between Revenue and Player Welfare
While the financial growth of football clubs is evident, Deloitte’s Bridge stressed the need for a balance between increasing revenue and safeguarding player welfare. As the number of games continues to rise, with the expansion of tournaments and increasing fixture schedules, there is a risk of overburdening players, which could affect the quality of the sport.
“On-pitch performance remains a primary driver for clubs to progress to the upper echelons of the ranking,” said Bridge. “While this presents substantial financial opportunity, we must ensure that the value of the on-field product is protected alongside player welfare.”
Liverpool’s success in becoming the top-earning Premier League club in the Deloitte Money League marks a new chapter in the club’s financial history. However, the rankings also show significant changes in the financial landscape of football, with traditional leaders like Manchester United experiencing a decline, and Spanish clubs like Real Madrid and Barcelona maintaining strong positions. As football continues to evolve financially, the debate over balancing profitability and player welfare will remain central to the conversation.
