Real Madrid has become the first football club to surpass a billion euros in revenue in a single season, largely due to the income generated by the revamped Santiago Bernabeu stadium, according to financial analysts at Deloitte.
In Deloitte’s annual Football Money League, Real Madrid leads with €1.05 billion ($1.09 billion) in revenue, followed by Premier League champions Manchester City (€838 million) and Paris Saint-Germain (€806 million). The €208 million gap between first and second place is the largest ever recorded by Deloitte.
The extensive renovation of the Bernabeu doubled matchday revenue to €248 million during the 2023/24 season. Since 2018, Madrid has taken out over €1 billion in loans to transform the stadium into a significant revenue-generating asset. The modernized venue now features an undulating metal roof, expanded VIP areas, shops, and a retractable pitch.
High-profile events, including a Taylor Swift concert and the NFL’s upcoming first game in Spain, have added to the Bernabeu's appeal. However, the club has faced complaints from local residents about noise pollution, leading to a temporary suspension of concerts at the venue.
“Club stadia are increasingly being valued as more than just matchday assets, with many clubs turning their grounds into multi-purpose entertainment hubs that attract new visitors, sponsors, and retail opportunities,” said Tim Bridge, lead partner in the Deloitte Sports Business Group. He noted that football clubs are evolving beyond their traditional sporting roles to integrate media and entertainment into their commercial strategies.
While matchday revenue rose by 11%, commercial revenue remained the largest income source for the top 20 clubs, accounting for 44% of their total revenue. Broadcast revenue remained steady at €4.3 billion, as the "Big Five" leagues (England, Spain, Italy, France, and Germany) stayed within the same domestic broadcast cycles as the previous season.
English clubs continued to dominate the Money League, driven by the Premier League's lucrative television deals. Six of the top 10 clubs and nine of the top 20 are from England.
Manchester United climbed to fourth place (€771 million), buoyed by their return to the Champions League, ahead of Bayern Munich (€765 million). Barcelona dropped to sixth as renovation work at the Camp Nou forced them to relocate to the smaller Montjuic Stadium, which hosted the 1992 Olympics.
Arsenal, Liverpool, Tottenham, and Chelsea completed the top 10, despite the latter three missing out on Champions League football last season.
