Real Madrid have overtaken Manchester City to secure the top spot in the Deloitte Football Money League as the highest revenue-generating club in the 2022-23 season.
Commercial revenue has emerged as the primary income stream for teams.
Los Blancos, leading for the first time since the 2017-18 season, generated a total revenue of 831 million euros ($907.78 million), surpassing the Cityzens (826 million euros) and Paris Saint-Germain (802 million euros).
Barcelona moved up from seventh last year to fourth, generating 800 million euros, while Manchester United slipped one place to fifth with revenues of 746 million euros.
Real recorded an increase in revenue of 118 million euros over the previous year, with their 16% growth attributed to strong retail performance, higher stadium attendance, and the recovery of sponsorship income.
Despite losing the top spot, City reported their highest-ever revenue for a season, thanks to their treble-winning campaign, which boosted their broadcast and commercial revenues.
Commercial revenue became the largest income stream at clubs for the first time since 2015-16, excluding the COVID-19-impacted 2019-20 season, as broadcast revenue increased by a modest 5%.
"A high demand for live sport is pointing toward further growth for commercial and matchday revenues, in particular," said Tim Bridge, lead partner in Deloitte's Sports Business Group. "As clubs appear to no longer be able to rely on exponential broadcast revenue growth, creating a more commercially focused business model will support them to achieve greater control over their financial stability."
Liverpool, the biggest movers in last year's edition, rising from seventh to third, reported the greatest fall in year-on-year rankings this year as they returned to seventh, one of three clubs to report a decline in revenue.
Atletico Madrid and West Ham United are the other two clubs with a drop in revenue, and Premier League sides now make up eight of the top 20, down from 11 last year, with Leicester City, Leeds United, and Everton replaced by Eintracht Frankfurt, Napoli and Olympique Marseille.
The total revenue generated by Money League clubs in 2022-23 is a record 10.5 billion euros, a 14% increase over the previous year and topping pre-pandemic levels (9.2 billion euros in both 2021-22 and 2018-19).
Deloitte's Football Money League reported on revenues generated from women's teams for the second time, with Barcelona retaining the top spot, generating revenue of 13.4 million euros, an increase of 74% on last year.
Manchester United remain second with revenue of 8 million euros, followed by Real Madrid (7.4 million euros), City (5.3 million euros) and Arsenal (5.3 million euros).
"Significant levels of financial growth were recorded in the 2022-23 season across the top tiers of European women's football," said Amy Clarke, women's sport lead in Deloitte's Sports Business Group. "A rise in the number of women's matches playing at clubs' main stadia boosted matchday revenues, while increased viewership and individual partnerships helped to accelerate the commercialization of the game."
