The latest Deloitte Football Money League report has landed, and while the numbers are larger than ever, the optics have shifted significantly for the English top flight.
For the first time in the report’s 29-year history, the Premier League—often touted as an untouchable financial juggernaut—has failed to place a single club in the global top four.
Instead, the traditional Spanish “Superpowers” have reclaimed the throne, proving that commercial prestige and historical brand power still carry immense weight in the post-broadcast era.
The Spanish Resurgence
Real Madrid continues to operate in a stratosphere of its own. For the 15th time in 21 seasons, Los Blancos topped the list, generating a staggering £975 million ($1.309bn) during the 2024-25 campaign.
Their arch-rivals, Barcelona, staged a remarkable climb from sixth to second, posting revenues of £819 million.
However, Deloitte is quick to point out that “High revenues don’t automatically equal profits.”
Barcelona serves as a cautionary tale; despite their silver-medal finish in income, they recorded a £7 million pre-tax deficit.
Their figures were also padded by £60 million in one-off sales of personal seat licenses at the renovated Camp Nou—revenue that Deloitte notes “can’t be repeated for three decades.”
The Commercial Shift
For decades, the Premier League’s dominance was fueled by astronomical domestic TV deals. But the tide is turning.
For the third consecutive year, commercial income has outpaced broadcast revenue as the primary growth engine for elite clubs.
Real Madrid led this sector with £499 million, followed by Barcelona at £438 million.
In contrast, even the wealthiest English clubs struggled to keep pace with the Spanish giants’ marketing machines.
Liverpool became only the second English club to break the £700 million revenue barrier, yet their record-breaking year was only enough to secure fifth place globally.
The English “Stagnation”
While the Premier League still dominates the top 20 by volume, individual growth at the very top has slowed.
Manchester United, once the undisputed kings of the Money League, tumbled to eighth place. As Chris Weatherspoon notes, United’s growth has been “glacial in recent years, allowing peers to overtake them.”
Stadium issues are also beginning to bite. While Arsenal saw a £50 million surge in matchday income over two seasons thanks to the Emirates, other giants are stalling.
Manchester City, Newcastle, and West Ham all saw matchday revenues dip, hampered by expansion delays or stadium uncertainty.
Chelsea, meanwhile, sits in a peculiar spot; despite their complex multi-club ownership model and the influx of cash from the expanded FIFA Club World Cup, their matchday takings remained only 10th overall.
Wages and the “Squad Cost” Era
Interestingly, the report suggests that elite clubs are finally beginning to rein in their spending. The combined wages-to-revenue ratio for the top clubs dropped to 55.5%. This shift is largely attributed to UEFA’s stringent new squad cost rules.
However, the outliers remain in England. Of the clubs that saw their wage-to-revenue ratio increase, all were Premier League teams.
Paris Saint-Germain remains the biggest spender on salaries, winning their first Champions League title with the most expensive squad in the world, even after slashing £120 million from their payroll.
Liverpool also joined the “£400m club,” seeing their wage bill hit £421 million during their title-winning season.
The “On-Pitch” Penalty
Ultimately, Deloitte’s lead partner Tim Bridge emphasizes that “On-pitch performance remains a primary driver for clubs to progress to the upper echelons of the ranking.”
The expanded Champions League and the FIFA Club World Cup provided massive windfalls for those successful enough to participate.
Aston Villa’s 42% revenue jump was almost entirely dependent on their European venture, highlighting a financial vulnerability should they fail to qualify consistently.
The 2024-25 report serves as a wake-up call for the Premier League. While the English top flight remains the wealthiest league collectively, the individual summits of European football are once again being occupied by the historical giants of Madrid, Barcelona, and Munich.
Revenue may be hitting record highs—surpassing £10 billion for the top 20 combined—but as the report concludes, high income remains “only part of the tale.”