Europe’s top 20 clubs generate record €11.2bn in revenue for 2023/24 season

January 23 – The top 20 revenue generating clubs in world football reported a record €11.2 billion in the 2023/24 season.

More than €7.5 billion of that figure was generated by the top 10 clubs, with six of the top 10 playing in the English Premier League.

The figures come from the 28th edition of the Football Money League published by the Deloitte Sports Business Group.

Deloitte report that the figures are a 6% increase in cumulative revenues from the previous season, with clubs reporting record matchday, broadcast and commercial revenues.

Top of the ranking is Real Madrid with revenue over €1 billion, the first time any club has broken the billion barrier – they were more than €200 million ahead of second ranked Manchester City (€838 million).

The average club generated €560 million, comprised of €244 million (44%) commercial revenue, €213 million (38%) broadcast revenue, and €103 million (18%) matchday revenue.

The figures match an analysis by Football Benchmark earlier this week that ranked clubs similarly. The big difference with the Deliotte Money League is the inclusion of Bayern Munich with revenue of €765m.

See: Revenue ranking sees Real Madrid break €1bn mark; Man City ahead of PSG and Man Utd

The fastest growing revenue stream across clubs was match day income, growing 11% as clubs increased stadium capacity, general ticket prices and premium matchday offerings. Collective matchday revenue  was €2.1 billion, 18% of total revenue, the highest share since 2014/15 (19%).

Commerical revenue was the highest revenue source at €4.9 billion – 44% of total revenue and 10 higher than last year. Cumulative broadcast revenue remained the same at €4.3 billion.

Tim Bridge, lead partner in the Deloitte Sports Business Group, said: “Money League clubs continue to break records with ongoing growth in commercial and matchday revenues. While on-pitch performance is critical for teams to reach the top echelons of the rankings, high performing clubs are also able to diversify the way they generate revenue through unlocking innovative partnerships and developing the land and stadium space that they own or operate.”

Real Madrid benefitted from completion of the Bernabéu Stadium renovation that saw matchday revenues double to €248 million in 2023/24. The club also reported a 19% increase in commercial revenue (from €403 million to €482 million).

Juventus saw its biggest drop in the rankings (€356 million) from 11th to 16th, the club’s lowest position in Money League history.

Deloitte highlight that sporting performance played a crucial role in many teams’ financial impetus, with clubs such as Arsenal (€717 million), Borussia Dortmund (€514 million), Newcastle (€372m million) and Aston Villa (€310 million) growing revenues through participation in UEFA competitions and improved domestic performances.

Investment in stadium infrastructure has been a key revenue driver with Liverpool and Olympique Lyonnais benefitting from higher attendances and non-matchday events boosting matchday and commercial revenue respectively. FC Barcelona (€760 million) fell to sixth in the ranking following a drop of €40 million in revenue due to a €63 million drop in matchday revenue while the Spotify Camp Nou is redeveloped.

“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. Football clubs are now realising the value of becoming far more than sporting brands, with media and entertainment becoming intertwined with the commercial potential that they have to offer,” said Bridge.

While Barca’s men’s team dropped revenue and position, their women’s team maintained their top position in the third edition of the women’s ranking. The top 15 women’s clubs reporting revenues of more than €100m for the first time.

See: Top European women’s clubs see revenue growth break €100m as sponsor and UEFA money grows

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