Champions League holders Real slip to third after 11 years at the top, despite breaking the €600m revenue barrier for the first time. The Deloitte Football Money League measures a club's earnings from matchday revenue, broadcast rights and commercial sources, and ranks them on that basis. The study does not include player transfer fees.
Manchester City sit fifth with £392.6m in revenue and are the next Premier League team on the list, while Arsenal (£350.4m), Chelsea (£334.6m) and Liverpool (£302m) also crack the top ten. The Premier League has eight teams in the top 20 overall, equalling its own record total, with Tottenham (£209.2m), West Ham (£143.8m) and reigning champions Leicester City (£128.7m) also making the cut.
Tim Bridge, senior manager at Deloitte, said: "The Money League continues to demonstrate the Premier League's financial strength in depth. The appearance of Leicester City shows that on-pitch success gives any Premier League team a chance of a position in the top 20.
"With Leicester having already qualified for the round of 16 in this year's UEFA Champions League competition, we can expect to see them maintain their position in the top 20 and potentially climb a few places." Overall, the 20 highest-earning football clubs in the world generated £5.5bn of revenue in 2015/16, which is an increase of 12 per cent on the previous year.
