Real Madrid
A veritable gold mine: the iconic sports stadium unleashing the power of income generation
Commercial revenues and particularly stadium exploitation mark the difference between super-elite clubs and the rest.
The world’s 20 richest soccer clubs generated €11.2 billion ($11.76 billion) in revenue during the 2023-24 season, a 6% increase over the previous year, according to Deloitte’s Football Money League 2025 report.
Once again, the largest source of income for these 20 clubs was commercial revenue, which grew by 10% to €4.9 billion, accounting for 44% of their total income. These raw figures highlight the increasing importance of innovative revenue streams, particularly the role of Real Madrid’s revamped Santiago Bernabéu Stadium as a cornerstone of the club’s long-term economic strength and competitiveness.
“There is a clear distinction in the revenue models of the 20 clubs analyzed in the Football Money League,” Deloitte explains. “For the top 10 clubs, commercial income is the dominant source, representing 48% of their revenue. In contrast, for clubs ranked 11th to 20th, broadcast rights drive their earnings, accounting for 47% of their revenue.”
This underscores the critical role of sponsorships, merchandise sales, and leveraging stadiums beyond matchdays in ensuring financial sustainability for the wealthiest clubs. This trend highlights the significance of the new Bernabéu and its ability to secure new sponsorship opportunities, both of which are vital for Real Madrid to remain at the forefront of both sports and management excellence.
During the 2023-24 season – the first in which the club could take full advantage of the new Bernabéu – Real Madrid’s commercial revenue surged by 20%, double the average growth rate, reaching €482 million ($506.27M). Matchday revenue also hit €248 million ($260.49M), with attendance consistently exceeding 70,000 spectators per game.
Deloitte notes that Real Madrid’s record-breaking income, surpassing $1 billion last season, “was underpinned by the renovated Bernabéu, which provides significant boosts to both matchday and commercial revenue.” The report also highlights a broader industry trend, projecting that by 2025, renovations will be underway at 300 sports venues worldwide. This reflects the sector’s focus on creating and diversifying revenue streams by maximizing stadium usage beyond matchdays.
Here’s the list of the top 10 football clubs by total revenue for the 2023/24 season:
1. Real Madrid: €1,045.5 million ($1,097.8 million)
2. Manchester City: €838.0 million ($879.9 million)
3. Paris Saint-Germain: €805.9 million ($846.2 million)
4. Manchester United: €770.6 million ($809.1 million)
5. Bayern Munich: €765.4 million ($803.7 million)
6. FC Barcelona: €760.3 million ($798.3 million)
7. Arsenal: €716.5 million ($752.3 million)
8. Liverpool: €715.0 million ($750.8 million)
9. Tottenham Hotspur: €615.0 million ($645.8 million)
10. Chelsea: €546.0 million ($573.3 million)
It’s important to note that these figures represent the total revenue generated by each club during the 2023/24 season. While matchday revenue contributes to this total, the figures above encompass all revenue streams, including commercial deals, broadcasting rights, and other income sources.
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