In a significant shift in the financial landscape of English football, Liverpool have emerged as the top-earning Premier League club, surpassing the long-standing dominance of Manchester United, according to the latest analysis from financial firm Deloitte.
The Reds’ remarkable on-field success, culminating in their 20th top-flight title in the 2024-25 season, has translated into impressive financial gains. Liverpool generated a staggering £702 million (836 million euros) in revenue, the highest among all English clubs.
Manchester United, once the undisputed financial powerhouse of the Premier League, have fallen to their lowest-ever position in the Deloitte Football Money League, which is now in its 29th edition. The Red Devils’ revenue dropped to £666 million (793 million euros), a significant decline from their previous dominance.
The top of the list, however, remains unchanged, with Real Madrid retaining the top spot with a revenue of £1.01 billion (1.2 billion euros), despite not winning the Champions League or La Liga last season. Barcelona, who played away from their iconic Nou Camp stadium due to renovations, have moved back into the top three, generating £819 million (975 million euros).
Bayern Munich, the reigning Champions League winners, occupy the third position with £723 million (861 million euros), while Paris Saint-Germain and Liverpool round out the top five.
Manchester City, who finished second in the previous edition, have dropped to sixth place with a revenue of £697 million (829 million euros). Tottenham Hotspur, on the other hand, have climbed to ninth position, generating £565 million (673 million euros).
The increase in overall revenue for the top 20 clubs, which now stands at a record £10.4 billion (12.4 billion euros), has been driven by a shift in clubs’ business models, focusing on the increased use of stadiums and surrounding areas for non-matchday activities, as well as improved sponsorship and retail performance.
However, the growth in revenue has also raised concerns about the balance between making money and protecting the value of the on-field product, as well as player welfare amid an ever-increasing fixture schedule. Deloitte’s Tim Bridge emphasised the need to strike a balance between revenue optimisation and safeguarding the integrity of the sport.
