Real Madrid have become the first football club to generate more than a billion euros (£845m) in revenue in a single year, topping a financial services company's league.
Winning both LaLiga and the Champions League last season, Deloitte said the Spanish club had overtaken Manchester City to reclaim top spot in its Football Money League.
Real Madrid also saw match day revenues increase in 2023/24 - after renovations to the Bernabeu Stadium - doubling to €248m (£209m).
The club also saw a 19% increase in commercial revenue from a new sleeve sponsorship from HP and increased merchandise sales - bringing in another €482m (£407m).
All in, Real Madrid recorded €1,045m (£883m) in revenue in the 2023/24 season, putting it well ahead of City which recorded €837m (£707m).
In third place was Paris St Germain, the only French side in the top ten, which recorded a revenue of around £680m.
Despite finishing seventh for their worst-ever season in the Premier League, Manchester United placed fourth at around £650m, ahead of Bayern Munich at £646m and Barcelona at £642m.
Arsenal were seventh with revenues of £605m, narrowly ahead of Liverpool at £603m. Tottenham Hotspur meanwhile placed ninth at £519m, and Chelsea rounded off the list with £460m in earnings.
Deloitte said taking part in UEFA competitions was vital for club revenues, noting that the Italian side Juventus fell from 11th to 16th in their rankings after being excluded from European fixtures over breaches of financial fair play rules.
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Tim Bridge, lead partner in the Deloitte Sports Business Group, added: "While commercial revenue dominates the income of the top 10 Money League clubs, broadcast income remains crucial for teams in the second half of the rankings.
"As competitions expand and create more broadcast and match day opportunities, these can further increase the earning potential for clubs."
(c) Sky News 2025: Real Madrid become first club to earn one billion euros in one year
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