The 29th edition of the Deloitte Football Money League is out and presents much relevant information that is worth analyzing. This annual publication, which displays the highest revenue generating football teams in the world, offers some lessons on what clubs and leagues should do in order to turn its popularity into excellence and profit.
Real Madrid appears as the football team with highest revenue during the 2024/25 season, having generated a record-breaking value close to €1.2 billion. Such is not a surprise – it is the most popular club in social media, amounting over 450M followers across major platforms, a global audience that obviously translates into capital gains. Some of these gains come, for instance, from pioneer initiatives like the digital membership system, which allows fans from all over the world to become official “madridistas”. Nevertheless, €594m of Real Madrid’s revenues throughout the last season corresponded to commercial revenue through increased merchandising and sponsorship.
In fact, commercial revenues currently constitute the highest revenue stream of Money League clubs, having achieved a cumulative value of over €5 billion in 2024/25. This highlights the relevance of adopting a business driven approach to football through methods such as diversification of stadium infrastructure, sponsorship deals and brand activation.
Deloitte’s report demonstrates that stadiums can have multiple capabilities that extend way beyond football. Many European stadiums became the venue of several restaurants, breweries and even hotels and are frequently used on non-matchdays for entertainment events, like concerts. Moreover, some clubs have been using the renovation of their stadiums as an opportunity to apply new income-generating strategies. It is the case of FC Barcelona – ranked second In Money League – which, following the redevelopment of Spotify Campo Nou, has implemented a Personal Seat Licence, that allows the purchase of VIP seats for use or commercialization. Germany’s VfB Stuttgart has reappeared in Money League’s top 20 after fifteen years, catalyzed by hospitality revenues following the renovation of the MHPArena, coupled with competing in the UCL.
Another thing teams are spotting as a reliable income source is the impact of their brands. Exclusive direct-to-consumer content is becoming increasingly popular – let’s remember Manchester City’s “All of Nothing” documentary series – but partnerships and retail are also being kept as significant options. Paris Saint Germain, for example, is leveraging its brand through partnerships with international brands like Air Jordan, securing its presence in diverse areas of popular culture. Liverpool FC, in turn, realized the power of its merchandise and now has 21 shops globally, being highly invested in retail operations.
Clubs who made it to last season’s Money League top 10 have accounted for an average of 48 percent of their total revenue in commercial revenue, while clubs ranked 11 to 20 relied more on broadcasting. Despite this, the financial importance of broadcasting should not be ruled out – broadcast revenues grew by 10 percent in 2024/25 and were crucial for placing some teams in the Money League.
One of the main factors that drove the increasing broadcasting revenues was the expansion of competitions. The expansion of UEFA’s three primary men’s football competition contributed to a 22 percent revenue growth from 2023/24 to 2024/25 (€2.7 billion to €3 billion), while the expansion of the FIFA Club World Cup allowed Portugal’s SL Benfica featuring in Money League for the first time since 2005/06. More generally, ten Money League teams participate in the Club World Club – something that would have not been possible before the expansion, as the tournament went from having 7 teams to having 32.
On a final note, it is important to mention that all the teams featured in the top 20 are from Europe, despite football being equally popular in other continents, mainly South America. We Are Innovation has spotted this issue and published a briefing paper exploring strategic possibilities for certain teams and leagues in the Americas – including River Plate’s opportunity to capitalize on its local popularity and Estadio Monumental’s technical advantage and the possibility of Copa Libertadores expanding to Liga MX and Major League Soccer teams, in order to increase viewership, competitiveness, quality and profit.
In the end, Deloitte’s Football Money League makes something clear – football’s financial hierarchy is increasingly shaped by experimenting new approaches and innovation beyond the pitch. Commercial assets are becoming fundamental for the survival of teams and broadcasting value is evolving, no longer driven solely by domestic leagues but by expanded competitions and global audiences. While Europe continues to dominate revenue generation, international interest in the sport far exceeds its current financial geography. Converting that worldwide popularity into sustainable excellence and profit remains one of football’s central challenges – and greatest opportunities.
* Beatriz Santos is the Chief Communications Officer (CCO) at We Are Innovation. She is based in Lisbon, Portugal. Beatriz started publishing articles through her University newspaper and eventually moved to national and international reach outlets, including the well known Portuguese outlets NOVO and Observador. Her professional career includes international communications experience with the ATREVIA agency and the European Parliament. She also has two published books and is an essential part of the Students For Liberty organization in Portugal. With a focus on positive change and global cooperation, Beatriz actively seeks partnerships across the globe to promote innovative initiatives.
Source: We Are Innovation
