Real Madrid are the first football club to top a billion euros in revenue during a single season, fueled by income generated by the revamped Santiago Bernabeu stadium, according to financial experts Deloitte.
The order of the clubs at the top of Deloitte's annual Football Money League stayed the same, with Madrid at 1.05 billion euros ($1.09 billion) followed by Premier League champions Manchester City at 838 million euros and Paris Saint-Germain with 806 million euros.
The 208 million euro gap between the first and second is the biggest Deloitte has ever recorded.
The dramatic refurbishment of the home of Real Madrid doubled matchday revenues to 248 million euros in the 2023/24 campaign.
Since 2018, Madrid have taken out loans totaling more than a billion euros to renovate the Bernabeu and turn it into a major source of revenue.
The state-of-the-art venue now boasts an undulating metal roof, shops, expanded VIP areas and a retractable pitch.
Pop megastar Taylor Swift is among the big names who have performed at the stadium since it reopened, while the NFL's first game in Spain will take place there later this year.
However, Madrid's aim of using the Bernabeu, which has a capacity of about 80,000, to generate extra cash has been hit by complaints over noise pollution from residents, with the club temporarily suspending the hosting of concerts.
"Club stadia are increasingly being valued as more than just matchday assets, with a number of clubs converting their grounds into multi-use entertainment venues that attract new visitors, sponsors and retail opportunities," said Tim Bridge, lead partner in the Deloitte Sports Business Group.
"Football clubs are now realizing the value of becoming far more than sporting brands, with media and entertainment becoming intertwined with the commercial potential that they have to offer."
Despite an 11% rise in matchday revenue, commercial remained the biggest revenue source for the 20 Money League clubs for the second year running, accounting for 44% of total revenue.
Broadcast revenue was stable at 4.3 billion euros as each of the "Big Five" leagues – England, Spain, Italy, France and Germany – remained in the same domestic broadcast cycle as the preceding season.
English clubs continue to dominate, fueled by the Premier League's television revenues, with six of the top 10 and nine among the 20 Money League clubs.
Manchester United rose to fourth on the back of a return to the Champions League with 771 million euros, ahead of Bayern Munich's 765 million euros.
Barcelona slipped to sixth as renovation work on their Camp Nou stadium has forced the Catalan giants to switch to the smaller Montjuic, which hosted the 1992 Olympics.
Arsenal, Liverpool, Tottenham and Chelsea complete the top 10 even though the latter three clubs missed out on the Champions League last season.
