Real Madrid’s money machine leaves European rivals in the dust

Real Madrid is once again the richest soccer club on the planet. According to Deloitte’s latest Football Money League report, the Spanish powerhouse finished the 2024-25 season as the world’s top revenue generator for a third consecutive year. The club brought in €1.161 billion, roughly $1.36 billion, widening the gap on its closest rivals. Barcelona followed with €974.8 million, about $1.14 billion.

The Deloitte study confirms what many around the sport already suspected. In financial terms, Real Madrid stands alone at the top of the global game.

A massive gap to the rest of Europe

Under president Florentino Pérez, Madrid increased its revenue by €115.5 million, about $135 million, compared to the previous season. That figure leaves the club nearly €200 million ($234 million) ahead of second place Barcelona and far clear of Europe’s wealthiest leagues.

Even the Premier League’s biggest brands trail well behind. Liverpool, the highest-ranked English club, finished fifth with €836.1 million, roughly $977.2 million. That puts them closer to the chasing pack than to Madrid’s record-setting total.

Madrid winning off the field, even without trophies

What makes the numbers more striking is that Madrid’s 2024-25 campaign did not include a major domestic or European title. On the field, it was a transitional year by the club’s historic standards. Off the field, it was a financial triumph.

Deloitte notes that soccer’s three main revenue streams all reached unprecedented levels. Real Madrid capitalized across the board, from the commercial use of the renovated Santiago Bernabéu to participation in the Club World Cup and another deep run in the Champions League.

The result is a club that continues to adapt faster and more effectively than its competitors to the modern soccer economy.

* Figures initially published in Euros and converted to dollars using current exchange rate.

What drives Real Madrid’s financial dominance

The key to Madrid’s financial edge is commercial income. According to Deloitte, that category grew by 23 percent year over year, fueled by stronger merchandise sales and new global partnerships.

In fact, Deloitte highlights that Madrid’s commercial revenue alone would be enough to place the club inside the Football Money League’s top 10. Chelsea currently holds the 10th spot with €584.1 million, about $682.7 million.

That commercial growth helped offset a 6 percent decline in matchday revenue, a drop linked to scheduling and stadium-related factors rather than demand.

Barcelona and Atlético remain in the top 20

Barcelona is the only club that comes close to Madrid, even if the gap remains substantial. After several years of financial turmoil, Barça climbed back into the top three of the Deloitte ranking, which is now in its 29th edition.

With €974.8 million ($1.14 billion) in revenue, Barcelona jumped four places despite not yet returning to full-time play at Camp Nou during the 2024-25 season. Deloitte attributes much of the €114.5 million ($133.8 million) increase to the sale of VIP seating.

“The club reported 27 percent revenue growth compared to 2023-24, driven primarily by the introduction of Permanent Seat Licenses as part of its stadium redevelopment,” Deloitte notes.

Atlético Madrid is the third Spanish club on the list, finishing 13th worldwide. The club increased revenue by €45 million, about $52.6 million, an 11 percent rise from the previous season. Participation in the Club World Cup also played a role in that growth.

Premier League giants unable to keep pace

English clubs continue to dominate transfer windows with eye-popping spending that often drives inflation across the market. Financially, however, they still lag behind Real Madrid’s ability to generate revenue.

Only Liverpool cracked the top five, finishing behind Bayern Munich at €860 million ($1.005 billion) and Paris Saint-Germain at €837 million ($978.3 million). The Premier League does lead the way in overall representation, with nine clubs in the top 20.

Still, several English teams lost ground year over year. Manchester City, for example, saw revenue fall from €837.8 million ($979.2 million) to €829.3 million ($969.3 million). A disappointing domestic campaign and an early Champions League exit proved costly, even for a club backed by vast resources.

For now, Deloitte’s numbers make one thing clear. When it comes to turning global appeal into hard cash, Real Madrid remains soccer’s undisputed heavyweight champion.

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