Real Madrid has once again emerged as the undisputed leader in global football finance, topping the 2026 Deloitte Money League with a staggering €1.2 billion in revenue. However, the biggest shift in the latest rankings is not at the top but in England, where Liverpool has surpassed both Manchester United and Manchester City to become the highest-earning club in the Premier League for the first time.
The Rise of Liverpool
Liverpool’s ascent to fifth place globally represents a major milestone in the club’s financial history. Their jump to the top spot in England is driven by a combination of commercial savvy and sporting success. Significant increases in matchday revenue, bolstered by the expansion of the Anfield Road Stand, have been crucial. Additionally, Liverpool’s return to the UEFA Champions League and a lucrative kit deal have brought in millions, securing their place as England’s richest club.
Football finance expert Kieran Maguire emphasized that Liverpool’s success is not just about their on-field triumphs but their ability to harness the power of their global brand. “Liverpool has capitalized on its global fanbase and the iconic Anfield experience to leapfrog Manchester United,” said Maguire, who noted that United, traditionally the leader in commercial revenues, has now been overtaken.
Here are the top five clubs in the global Money League for the 2024/2025 season:
- 1. Real Madrid: €1.2 billion (KES 186bn) – Powered by the Santiago Bernabéu renovations.
- 2. FC Barcelona: €975 million (KES 151bn) – A strong recovery despite playing away from Camp Nou.
- 3. Bayern Munich: €861 million (KES 133bn) – Steady revenue from German efficiency.
- 4. Paris Saint-Germain: €837 million (KES 129bn) – Boosted by their first-ever Champions League title.
- 5. Liverpool FC: €836 million (KES 129bn) – The new financial powerhouse in England.
Manchester United’s Decline
For Manchester United, the news is less encouraging. The Red Devils have slipped to eighth place in the global rankings, their lowest-ever position in the 29-year history of the Deloitte Money League. Factors contributing to their decline include a lack of consistent Champions League participation and the aging Old Trafford infrastructure.
The downward trend of Manchester United reflects a broader shift in the football landscape, where investment in stadiums and consistent European competition are becoming critical for financial success. United’s fall underscores the importance of these factors, as clubs like Real Madrid, Barcelona, and Liverpool continue to reap the rewards of such investments.
The 2026 report also highlights the significant financial benefits that come with participation in the expanded Champions League, which allows clubs to earn more from broadcast rights and matchday revenue. For Arsenal, Chelsea, and Tottenham, European qualification is now a financial necessity, not just a sporting ambition.
“The days of relying solely on history are over,” said Deloitte’s Theo Adaji. “Stadium expansions like those at the Bernabéu and Anfield are now the primary growth drivers. If you’re not building, you’re shrinking.” As Liverpool’s financial strength continues to rise, Manchester United may find themselves facing tougher decisions in the transfer market, with the club potentially forced to sell players to fund new acquisitions.
