Manchester United have fallen to the bottom of the Deloitte Football League for money, and Liverpool are England’s top-earning club for the first time.
The Red Devils were once regarded as the paragon of commercial success in football and have topped the Money League in 10 of 29 editions, most recently in 2017.
however, United are eighth in the table for 2026, partly due to a drop in broadcasting revenue from €258m (£216.72m) to €206m (£172.9m) due to their absence from the 2024-25 Champions League.
The club are set to see even less matchday income this season due to their complete absence from European competition, and their failure to clear the first hurdle in any domestic cup means they will play just 20 competitive games at Old Trafford in 2025-26.
“Clubs with football’s biggest club brands and market position have the opportunity to extend their reach and offer more to fans on match day, offer more to fans on non-match day and become a point of contact more than 365 days a year,” said Tim Bridge, sports business group leader at Deloitte. “United are probably just starting that journey now, because of the reported stadium development.”
“If you go back 10 or 15 years, and you look at Manchester United’s matchday revenue, it was the industry leader. If you look at their ability to generate commercial revenue, that was the yardstick by which everyone then went into the market and set their strategy. I don’t think it still is.
“The opportunity remains for Manchester United. They are probably still the biggest football club brand in the world, and therefore have the opportunity to make the most of it in a way that only a select few can.”
“But to do that, you need facilities that are fit for purpose. As the industry evolves, clubs should ask themselves if there is a need to rethink how they communicate with the fans and how that relationship works. With the reports about the new stadium, it’s clear they’ve started to do some of that, so it’s very clear they’re thinking that way. Their time to make the opportunity and stay that change is behind Real.”
United is the fourth-placed English club in the Money League 2026, behind Liverpool, Manchester City and Arsenal, with Real Madrid at the top as they became the first team to record revenue of over €1bn – €1.161bn or £975.2m.
Liverpool they are in fifth place following their return to the Champions League in 2024-25 and a seven per cent increase in commercial revenue from non-match events at Anfield.
It is the first time there has not been an English team in the top four of the Money League, with Real, Barcelona, Bayern Munich and Paris Saint Germain all benefit from going deep into the newly expanded Champions League and expanded FIFA Club World Cup in the summer.
Deloitte said the Club World Cup resulted in an average increase of 17 per cent in broadcast revenue for the 10 Money League clubs involved.
Premier League teams can expect to do better overall in Money League 2027, which will be the first to reflect the new broadcasting deal that runs until 2029, but Bridge said the best-performing clubs will continue to be those that match success on the pitch with diversification.
“The trick to staying (in the top five) is maintaining both. You used to only have to maintain one of them. Now, in 2026, we’re at the point where the top-grossing clubs are probably wider than football,” he said.
Manchester City’s sixth place is their lowest finish since the 2019-20 season.
In total, nine Premier League clubs made it into the top 20 of the Money League, with Tottenham (ninth), Chelsea (10th), Aston Villa (14th), Newcastle (17.) i West Ham (20th).
The top-ranked women’s football clubs earn more than 150 million euros for the first time
For the fourth year, the Deloitte Football Money League presents the 15 highest-grossing women’s clubs globally. In another record year, these clubs reported average revenues of more than €10m (£8.4m) for the first time, with cumulative revenues of €158m (£132.72m), a 35 per cent increase on last year.
Arsenal Women topped the list this year, dethroning FC Barcelona Femeni for the first time, with revenue of €25.6m (£21.5m), a 43 per cent increase on the previous season. A significant investment in fan data and activation helped to attract more than 35,000 visitors on five separate occasions during the 2024/25 season.
Chelsea Woman it is in second place (£21.3m) while making the highest commercial income of the top 15 (£16m). FC Barcelona – Women (£18.5m) rounds out the top three after another successful domestic season.
“While growth has developed significantly in women’s soccer in recent years, moving from a seed stage to an established stage requires consistent time, investment and effort to develop the fundamentals in the right way,” said Jennifer Haskell, Knowledge and Insights Leader at Deloitte Sports Business Group.
“As further milestones are reached, including new and expanded competitions on the biggest stages, industry leaders must continue to innovate while protecting the wants and needs of fans and players to foster a more sustainable future for the game.”