Real Madrid Become First Football Club To Surpass €1bn In Revenue
Real Madrid have made history by becoming the first football club to surpass €1bn (£844m) in revenue during a single season, cementing its dominance in European football both on and off the pitch.
The Spanish giants generated €1.046bn (£883m) in the 2023-24 season, according to Deloitte’s Football Money League report. The club’s revenue surge was driven largely by the redevelopment of the Santiago Bernabeu Stadium, which saw match-day revenue double to €248m following the completion of renovations.
In addition, Real Madrid experienced a 19 per cent boost in commercial revenue through new sponsorship deals and increased merchandise sales. On the pitch, the team’s treble-winning campaign — including victories in the Champions League, La Liga, and the Spanish Super Cup — further underscored its status as a global powerhouse.
‘One billion euros in revenues is a landmark in club football,’ said Theo Ajadi, assistant director at Deloitte’s Sports Business Group. ‘The redevelopment of Madrid’s stadium has been the catalyst for the club’s growth.
‘They’ve licensed some seating, which has provided a significant uplift in revenue, and also increased merchandising and brought in new sleeve sponsorship. That, along with strong on-pitch performance, has led to Madrid’s strong financial performance.’
Trailing Madrid, Manchester City ranked second with €838m (£708m) in revenue, while Paris Saint-Germain came in third with €806m (£681m). Manchester United and Bayern Munich rounded out the top five, earning €771m (£651m) and €660m (£557m), respectively.
The current revenue gap between Real Madrid and Premier League giants Manchester City is the largest ever recorded in the 28 years Deloitte has compiled its annual list.
Across Europe, clubs collectively saw record revenues of €11.2bn (£9.46bn), a 6 per cent increase from the previous season. The Premier League continued its financial dominance, with nine of its clubs placing in the top 20.
Arsenal, Liverpool, and Tottenham Hotspur ranked seventh, eighth, and ninth, respectively, while Chelsea closed out the top 10. Clubs such as Newcastle, West Ham, and Aston Villa also featured prominently, reflecting the league’s unmatched broadcasting revenues.
‘The Premier League still dominates the money league table and that is driven by such a big gap between the media rights it is able to generate,’ said Ajadi. ‘It is the most-watched league of the big five leagues, and that drives spending to perform well in Europe.’
Meanwhile, the women’s game also reached new heights, with Barcelona topping the revenue list for a third consecutive year. The Catalan club generated €17.93m (£15m) in revenue, a 26 per cent increase from the previous season. Arsenal followed closely with €17.88m, while Chelsea, Manchester United, and Real Madrid rounded out the top five.
‘The women’s side of the game continues to grow from strength to strength, with revenue up 35 per cent this year among the top 15 clubs,’ added Ajadi. ‘We are seeing more clubs hosting games in their main stadiums and attracting new audiences, which provides significant growth potential.’
The report also noted a resurgence in match-day revenue, which accounted for 18 per cent of clubs’ total income — its highest share since the 2014-15 season. Clubs like Arsenal and Liverpool saw notable increases in match-day earnings, rising by £21m and £24m respectively.
Meanwhile, others, such as Tottenham, experienced a decline of £9m due to the lack of European football.
As European football clubs continue to recover from the financial impact of the pandemic, Real Madrid’s historic achievement underscores the importance of strategic investments and on-field success in driving sustainable growth.
