Real Madrid has made history by becoming the first football club to surpass €1 billion in annual revenue, according to Deloitte’s latest Football Money League analysis. The Spanish giants reported revenues of €1.05 billion (£883 million) for the 2023-24 season, a campaign in which they celebrated both La Liga and Champions League triumphs.
The landmark achievement sees Real Madrid retain their position at the top of Deloitte’s Money League, with Manchester City in second place, generating £708 million in revenue. Paris Saint-Germain (£681m), Manchester United (£651m), and Bayern Munich (£646m) complete the top five.
Real Madrid’s financial success was bolstered significantly by increased matchday revenue, which doubled to £210 million compared to the previous year. This surge was largely attributed to the completion of renovations at the iconic Santiago Bernabéu Stadium, which now hosts larger crowds and additional revenue-generating events.
“Breaking the €1 billion revenue barrier is a remarkable milestone,” said Deloitte Sports Business Group lead partner Tim Bridge. “It underscores the immense global appeal of football’s biggest clubs and their ability to diversify revenue streams, particularly through commercial and matchday activities.”
While Real Madrid thrived, rivals Barcelona saw a dip in their financial performance, falling from fourth to sixth in the Money League rankings. A £53 million drop in matchday revenue—caused by playing home games at a smaller temporary venue during the redevelopment of Camp Nou—was a significant factor in the decline.
The study also highlighted broader financial trends in football, with commercial revenue continuing to lead as the largest income source, accounting for 44% of the total. Clubs collectively saw commercial revenue rise 10% to £4.14 billion, driven in part by hosting non-football events like concerts and exhibitions.
Deloitte’s findings reflect the growing financial power of Europe’s elite football clubs, with the Money League participants consistently breaking records year after year. For Real Madrid, this historic milestone solidifies their reputation as not just sporting giants but also a commercial powerhouse in the global football landscape.