Manchester United have fallen to their lowest position in the Deloitte Football Money League, with Liverpool the highest-earning English club for the first time.
The Red Devils were once regarded as the blueprint for commercial success in football and have topped the Money League in 10 of its 29 editions, most recently in 2017.
However, United are down in eighth in the 2026 table, in part due to broadcast revenue dropping from €258m [£216.72m] to €206m [£172.9m] because of their absence from the Champions League in 2024-25.
The club are set to generate even less matchday revenue in the current season due to their total absence from European competition, and their failure to go past the first hurdle in either domestic cup means they will play only 20 competitive fixtures at Old Trafford in 2025-26.
"The clubs with the biggest football club brands and position in the market have an opportunity to broaden their reach and offer more to fans on a matchday, offer more to fans on a non-matchday, and become a more 365-days-a-year touch point," said Tim Bridge, the Sports Business Group Leader at Deloitte. "United are probably only just starting that journey now, because of the reported stadium development.
"If you went back 10 or 15 years, and you looked at Manchester United's matchday revenue it was the industry leader. If you looked at their ability to generate commercial revenue, it was the benchmark by which everybody then went to market and set their strategy. I don't think that remains the case.
"The opportunity remains for Manchester United. They are arguably still the biggest global football club brand, and therefore they have the opportunity to maximise that in a way that is only possible for a select few.
"But to do that requires fit-for-purpose facilities. As the industry evolves, clubs should ask themselves whether there is a need to rethink how they engage with fans and how that relationship works. With reports of the new stadium, it is clear they have started to do some of that, so it's very clear they're thinking in that way. Their timing of making that change is behind Real Madrid and Barcelona, but the opportunity remains."
United are the fourth-placed English club in the 2026 Money League behind Liverpool, Manchester City and Arsenal, with Real Madrid top as they became the first team to record revenue over €1bn - €1.161bn or £975.2m.
Liverpool sit fifth after their return to the Champions League in 2024-25 and a seven per cent increase in commercial revenue from non-matchday events at Anfield.
It is the first time there has not been an English team in the Money League top four, with Real, Barcelona, Bayern Munich and Paris Saint-Germain all benefiting from going deep in the newly expanded Champions League and the expanded FIFA Club World Cup in the summer.
Deloitte said that the Club World Cup had resulted in a 17 per cent average uplift in broadcast revenues for the 10 Money League clubs who had been involved.
Premier League teams may expect to fare better generally in the 2027 Money League, which will be the first to reflect the new broadcast deal which runs to 2029, but Bridge said the best-performing clubs would continue to be those who match on-field success with diversification off it.
"The trick to staying [in the top five] is maintaining both of those. It used to be you only had to maintain one of them. Now, in 2026, we're at a point where the highest revenue generating clubs are probably broader than football," he said.
Manchester City's sixth place was their lowest since the Covid-19-impacted season of 2019-20.
In all, nine Premier League clubs made it into the top 20 of the Money League, with Tottenham [ninth], Chelsea [10th], Aston Villa [14th], Newcastle [17th] and West Ham [20th].
Top-ranked women's football clubs generate over €150m for first time
For a fourth year, the Deloitte Football Money League profiles 15 of the top revenue generating women's clubs globally. In another record-breaking year, these clubs reported average revenues in excess of €10m [£8.4m] for the first time, with cumulative revenues of €158m [£132.72m], marking an increase of 35 per cent on last year's total.
Arsenal Women tops the list this year, dethroning FC Barcelona Femení for the first time, with revenues of €25.6m [£21.5m], an increase of 43 per cent from the previous season. Significant investment into fan data and activation helped garner attendances exceeding 35,000 on five separate occasions across the 2024/25 season.
Chelsea Women ranks in a close second [£21.3m] while generating the highest commercial revenue among the top 15 [£16m]. FC Barcelona Femení [£18.5m] completes the top three after another successful domestic season.
"While growth has developed significantly in women's football in recent years, the shift from the start up phase to the established phase requires consistent time, investment, and effort to develop the foundations in the right manner," said Jennifer Haskel, knowledge and insight lead in the Deloitte Sports Business Group.
"As further milestones are hit, including new and expanded competitions on the biggest stages, industry leaders must continue to innovate, while also protecting the wants and needs of fans and players to foster a more sustainable future for the game."