Real Madrid recorded record revenues of €1.2 billion, leading the 20-club list with combined revenues of €12.4 billion, an 11 percent increase over the previous season. Barcelona finished second, followed by Bayern Munich in third and Paris Saint-Germain in fourth, marking the first time there was no English club in the Money League's top four, according to ESPN.
Manchester United dropped to eighth place, their lowest position in 29 editions of the Money League, and are now the fourth-placed English club behind Liverpool, Manchester City and Arsenal.
Liverpool became the English club with the highest income, occupying fifth place.
Deloitte's Sports Business Group Leader, Tim Bridge, said Manchester United's commercial opportunities were still wide open.
“United is still arguably the biggest global football club brand, and as such they have the opportunity to maximise that in a way that is only possible for a handful of clubs,” Bridge said.
However, Bridge believes the current situation is different from a decade ago. He said, "If you look at Manchester United's matchday revenue 10 or 15 years ago, they were the industry leader. Their ability to generate commercial revenue was the benchmark. I don't think that's the case now."
The Deloitte report noted that Manchester United's decline was driven by a drop in broadcast revenue from €258 million to €206 million, following their absence from the 2024–2025 Champions League. This situation was exacerbated by their absence from European competition this season.
Additionally, United are expected to record lower matchday revenue due to playing only 20 competitive matches at Old Trafford in the 2025–2026 season, having failed to progress further in domestic cup competitions.
