Deloitte: How Liverpool FC Became England’s Top Revenue Club

Few sectors combine the grandeur, global recognition and financial heft that define modern sport. 

Worldwide, the industry is big business, generating substantial revenue through broadcasting rights, sponsorship, ticket sales, merchandising and betting. 

Within that ecosystem, major leagues such as the NFL, the English Premier League, the NBA and Formula One have developed from grass roots to highly commercial enterprises with valuations that rival large multinational companies. 

And while global corporate revenues routinely run into the tens of trillions of dollars each year, sport is catching fast. For context, PwC’s Sports Industry Outlook 2025 put the global sports market at a current valuation of US$600bn

Of the sports that make up this global outlook, football consistently stacks up as one of the largest and most lucrative, a result of its unparalleled worldwide reach, enormous sponsorship deals and vast club revenues. 

According to Deloitte’s Football Money League, an annual report profiling the highest revenue generating clubs in the world, the top 20 teams generated more than US$14bn.

Spanish club Real Madrid topped the list, with revenues close to US$1.4bn, while Liverpool FC emerged as the highest revenue-generating club for the first time. 

How football became big business

Deloitte finds that the cumulative revenue generated by Money League clubs grew by 11%, with matchday, broadcast and commercial revenues all reaching record levels. 

The growth, says Deloitte Sports Business Group’s Lead Partner Tim Bridge, demonstrates a significant shift in the way football clubs approach their business. 

“This year’s Money League showcases the evolving commercial landscape of elite football, with clubs continuing to take greater ownership of their revenue-generating capabilities. 

“It is no coincidence that the clubs in the top half of the ranking are those with the ability to focus on commercial revenue development, particularly as domestic broadcast rights plateau."

According to Tim, recent years have seen a “pivotal shift” in the global football business model, with the game further expanding its reach beyond the boundaries of game-related revenues. 

“There is an increased focus on maximising the impact of their brand and their stadium assets,” he says. “The presence of on-site breweries, hotels and restaurants is now commonplace and illustrates a strategic move to diversify income and create year-round entertainment destinations. 

“This innovative approach is broadening revenue streams significantly, allowing clubs to unlock opportunities far beyond the traditional matchday experience in a drive to secure more sustainable financial futures.”

According to Deloitte, this shift in approach has cemented commercial revenue as the largest (48%) source of income for football clubs, at US$61.bn. 

After this, clubs earned the most from their matchday and broadcasting revenues. 

Globally leading football clubs

Real Madrid reinforced its position at the summit of the Money League after posting close to $1.34bn in revenue in the 2024/25 season. 

Although matchday income fell by 6%, the club recorded a 23% increase in commercial revenue, driven by stronger merchandise sales and the addition of new commercial partners. 

On its own, says Deloitte, Real Madrid’s commercial revenue for 2024/25 would be sufficient to place the club inside the Money League’s top 10.

The Spanish club is followed by FC Barcelona (US$1.15 bn), Bayern Munich (US$1.01 bn), Paris Saint-Germain (US$983 m) and Liverpool (US$982m).

Liverpool have become the top-earning club in the English Premier League for the first time. 

The club was crowned Premier League champions for the 2024/season – its first league title since 2019 and its 20th top-flight crown overall. 

In doing so, the club generated US$982m, driven by a 34% increase in broadcast revenue after its return to the UEFA Champions League and a 7% increase in commercial revenue on the back of more non-matchday events. 

English clubs Manchester City, Arsenal and Manchester United followed Liverpool in the ranking. 

Women’s football moves from startup to established business

For the fourth consecutive year, Deloitte analysed the financial performance of the world’s leading women’s football clubs, profiling 15 of the highest revenue generators globally. 

It finds the women’s game growing fast, with average club revenues surpassing US$11.6m for the first time. 

Combined revenues reached US$184m, representing a 35% year-on-year increase.

Arsenal Women lead the rankings, overtaking FC Barcelona Femení at the top of the table for the first time, after reporting revenues of US$29.9m, up 43% on the previous season. 

Jennifer Haskel, Knowledge & Insights Lead in the Deloitte Sports Business Group, says: “Whilst growth has developed significantly in women’s football in recent years, the shift from the start up phase to the established phase requires consistent time, investment, and effort to develop the foundations in the right manner. 

“As further milestones are hit, including new and expanded competitions on the biggest stages, industry leaders must continue to innovate, while also protecting the wants and needs of fans and players to foster a more sustainable future for the game.”