The Top 20 clubs generated a combined €8.2 billion in 2019/20, down 12% on the prior season (€9.3 billion), according to Deloitte’s Money League. The ranking is led (again) by Barcelona and Real Madrid: both Spanish teams had revenues of around €715 million last season.

Audit firm explains that €1.1 billion decrease observed last year was due to these factors:

  • a €937 million (23%) drop in broadcast revenue, primarily due to the deferral of broadcast revenues to the financial year ending in 2020 and broadcaster rebates related to the disrupted 2019/20 season;
  • a €257 million (17%) fall in matchday revenue as matches were first postponed and then either cancelled or resumed behind closed doors; and
  • offset by a €105 million (3%) increase in commercial revenue, reflecting the commencement of several major commercial arrangements across Money League clubs in 2019/20.

Barcelona keeps top spot

As the Covid-19 pandemic is still impacting football this season, Deloitte experts expect that biggest teams will have missed out on over €2 billion in revenue by the end of the 2020/21 season, including amounts foregone in respect of 2019/20. The longer-term outlook remains uncertain.

“There is no doubt that this is one of the most testing times the football industry has ever had to endure”, Dan Jones, partner in the Deloitte Sports Business Group and editor of the report, said in a statement. “The final size of the financial impact of the pandemic on football will depend, in no small part, on the timing and scale of fans’ return”.

Looking at the ranking, the Spanish Barcelona managed to retain its position as the top-earning football club in Europe, even as the pandemic cost it 15% of revenues. Sales at the Blaugrana dropped to dropped to €715.1 million in the 2019-2020 season from last year’s record €840.8 million.

Real Madrid was a very close second with revenue of 714.9 million euros, 6% down from last year.

After winning the UEFA Champions League, Bayern Munich secured a top three place for the first time since 2013/14. German champions generated €634.1 million of revenue.

Despite dropping out of the top three for the first time since 2012/13, largely due to the club’s absence from the Champions League, Manchester United (€580.4 million) remain in the top five.

On the other hand, Liverpool (€558.6 million) enter the top five for the first time since 2001/02. The club’s on-pitch success of the past few years continues to fuel financial success.

Top 20 Football Clubs by Revenue 2021

1. Barcelona (Spain) €715.1 million
2. Real Madrid (Spain) €714.9 million
3. Bayern Munich (Germany) €634.1 million
4. Manchester United (England) €508.4 million
5. Liverpool (England) €558.6 million
6. Manchester City (England) €549.6 million
7. PSG (France) €540.6 million
8. Chelsea (England) €469.7 million
9. Tottenham (England) €445.7 million
10. Juventus (Italy) €397.9 million
11. Arsenal (England) €388.0 million
12. Borussia Dortmund (Germany) €365.7 million
13. Atletico Madrid (Spain) €331.8 million
14. Inter Milan (Italy) €291.5 million
15. Zenit (Russia) €236.5 million
16. Schalke 04 (Germany) €222.8 million
17. Everton (England) €212.0 million
18. Olympique Lyon (France) €180.7 million
19. Napoli (Italy) €176.3 million
20. Eintracht Frankfurt €174.0 million