- Real Madrid become the first football club to exceed €1 billion in revenue, driven by Santiago Bernabéu renovations.
- The revamped stadium doubled matchday revenue to €248 million, attracting major events like concerts and NFL games.
- Commercial revenue remains the largest source for top clubs, with English teams continuing to dominate the top rankings.
Real Madrid has become the first football club to exceed €1 billion in revenue for a single season, according to financial experts at Deloitte.
The club’s financial success was driven by the significant income generated from the newly renovated Santiago Bernabéu stadium.
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The top three clubs in Deloitte’s annual Football Money League remained unchanged, with Real Madrid leading at €1.05 billion ($1.09 billion), followed by Manchester City (€838 million) and Paris Saint-Germain (€806 million). The €208 million gap between Madrid and second-place City is the largest ever recorded by Deloitte.
The revamped Bernabéu contributed to a dramatic rise in matchday revenue, which doubled to €248 million in the 2023/24 season. Since 2018, Madrid has taken out loans exceeding €1 billion to fund the renovation, transforming the stadium into a major revenue generator. The upgraded venue now features a retractable pitch, expanded VIP areas, a metal roof, and shops.
The Bernabéu has also hosted high-profile events, such as concerts by pop star Taylor Swift and will soon host the NFL’s first game in Spain.
However, the stadium’s attempt to boost revenue through events has faced challenges, including complaints from residents about noise pollution, leading to a temporary halt on hosting concerts.
Deloitte’s Tim Bridge noted that clubs are increasingly valuing their stadiums as multi-purpose entertainment venues, broadening their commercial opportunities beyond just matchdays.
Despite a significant rise in matchday revenues, commercial income remained the top source of revenue for the clubs in the Money League, contributing 44% of total earnings. Broadcast revenue remained steady at €4.3 billion, with English clubs continuing to dominate, bolstered by Premier League TV revenues.
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Manchester United rose to fourth place with €771 million, benefiting from their return to the Champions League, ahead of Bayern Munich (€765 million).
Barcelona dropped to sixth, impacted by renovations at their Camp Nou stadium, which has temporarily relocated to the smaller Montjuic stadium.
Arsenal, Liverpool, Tottenham, and Chelsea completed the top 10, despite Chelsea, Tottenham, and Liverpool missing out on the Champions League last season.
