Continental European clubs are growing their revenue at a faster rate, according to the Deloitte annual rankings, but this is primarily due to a slower recovery from the COVID-19 disruption.
For the first time since 2017–18, Real Madrid topped the 27th Deloitte Football Money League, while Premier League teams in the top 20 fell short in the 2022–2023 campaign.
The study, which only considers revenue and ignores operating expenses, mostly gave continental European clubs credit for catching up after a slower COVID recovery.
Real led the way with £723 million in revenue in 2022–2023; City came in second with £718.2 million.
Liverpool dropped from third to seventh place, the greatest decline of any club in the top 20.
Due to the club’s Champions League last-round exit and fifth-place finish in the Premier League, Deloitte discovered that their revenue had decreased marginally from £594.3 million to £593.8 million.
Paris Saint-Germain moved up to the top three, replacing the Reds for the first time.
