Generating record revenue of €841m, Barcelona reach the top of the Money League for the first time, becoming the first club to break the €800m barrier. Overall, the 20 highest earning football clubs in the world generated a record €9.3bn (2018: €8.3bn) of combined revenue in 2018/19, an increase of 11% on the previous year.

1. Deloitte Football Money League 2020 | Top 20 clubs
Eye on the prize
Football Money League
Deloitte Sports Business Group
January 2020

2. Deloitte Football Money League 2020 | Top 20 clubs
FC Barcelona reach the top of the Money
League for the first time and become the
first club to break the €800m revenue
barrier. It is a Spanish one-two for the
second consecutive year; however, the
positions swap with Real Madrid dropping
to second place.

3. Deloitte Football Money League 2020 | Top 20 clubs
FC Barcelona1
FC
FC Barcelona top the Money League
for the first time, becoming only the
third club to hold the position since our
inaugural publication in respect of the
1996/97 season.
2018 Revenue
€690.4m
(£611.6m)
1,000
750
500
250
2017 20182015 2016
561
620
0
648
690
2 2 3 2
2019
841
1
46%
€383.5m
(£338m)
19%
€159.2m
(£140.4m)
35%
€298.1m
(£262.7m)
1
2
1
2019 Revenue
€840.8m
(£741.1m)
Annual revenue DFML position
Matchday
Broadcast
Commercial Note: Figures in circles
show top 20 ranking
per revenue stream.
Revenue 2015-2019 (€m) Revenue profile 2019 (€m)
Women’s footballAverage league
attendance
76,104
Player with most
Instagram followers
Lionel Messi
140.3m
Domestic league
position
Yes No
1
Twitter followers
31.6m (2)
Facebook likes
103.2m (2)
Instagram followers
81.7m (2)
YouTube subscribers
8.7m (1)
Note: Figures in brackets show top 20
ranking per social media account.

4. Deloitte Football Money League 2020 | Top 20 clubs
Real Madrid2
Real Madrid expect to break the €800m
revenue mark for the first time in the
club’s history in 2019/20.
FCB MA
1,000
750
500
250
2017 20182015 2016
577
620
0
675
751
47%
€354.6m
(£312.5m)
19%
€144.8m
(£127.7m)
34%
€257.9m
(£227.3m)
1 3 2 1
2019
757
2
2
6
4
Revenue 2015-2019 (€m) Revenue profile 2019 (€m)
Women’s footballAverage league
attendance
61,040
Player with most
Instagram followers
James Rodriguez
44.7m
Domestic league
position
Yes No
3
Twitter followers
33.5m (1)
Facebook likes
110.8m (1)
Instagram followers
82.4m (1)
YouTube subscribers
5.3m (2)
Annual revenue DFML position
Matchday
Broadcast
Commercial
2018 Revenue
€750.9m
(£665.2m)
2019 Revenue
€757.3m
(£667.5m)
Note: Figures in circles
show top 20 ranking
per revenue stream.
Note: Figures in brackets show top 20
ranking per social media account.

5. Deloitte Football Money League 2020 | Top 20 clubs
Manchester United3
United predict revenue of £560-580m in
2019/20, a result that would likely see the
club fall to its lowest ever Money League
position in next year’s edition.
MUMAD
1,000
750
500
250
2017 20182015 2016
520
689
0
676 666
3 1 1 3
2019
712
3
45%
€317.2m
(£279.6m)
17%
€120.6m
(£106.3m)
38%
€273.7m
(£241.2m)
3
5
5
Revenue 2015-2019 (€m) Revenue profile 2019 (€m)
Annual revenue DFML position
Matchday
Broadcast
Commercial
2018 Revenue
€665.8m
(£589.8m)
2019 Revenue
€711.5m
(£627.1m)
Note: Figures in circles
show top 20 ranking
per revenue stream.
Women’s footballAverage league
attendance
74,698
Player with most
Instagram followers
Paul Pogba
38.8m
Domestic league
position
Yes No
6
Twitter followers
20.8m (3)
Facebook likes
73.2m (3)
Instagram followers
33.2m (4)
YouTube subscribers
2.4m (4)
Note: Figures in brackets show top 20
ranking per social media account.

6. Deloitte Football Money League 2020 | Top 20 clubs
Bayern Munich4
Bayern is clearly the leading German
club in the Money League, and this was
highlighted on the pitch as the club won
the German Cup and Bundesliga double.
MUND BA
1,000
750
500
250
2017 20182015 2016
474
592
0
588
629
5 4 4 4
2019
660
4
54%
€356.5m
(£314.2m)
14%
€92.4m
(£81.4m)
32%
€211.2m
(£186.2m)
8
8
3
Revenue 2015-2019 (€m) Revenue profile 2019 (€m)
Annual revenue DFML position
Matchday
Broadcast
Commercial
2018 Revenue
€629.2m
(£557.4m)
2019 Revenue
€660.1m
(£581.8m)
Note: Figures in circles
show top 20 ranking
per revenue stream.
Women’s footballAverage league
attendance
75,865
Player with most
Instagram followers
Phillipe Coutinho
21.8m
Domestic league
position
Yes No
1
Twitter followers
4.8m (10)
Facebook likes
50m (4)
Instagram followers
19.6m (8)
YouTube subscribers
1.3m (10)
Note: Figures in brackets show top 20
ranking per social media account.

7. Deloitte Football Money League 2020 | Top 20 clubs
Paris Saint-Germain5
The 2018/19 season saw impressive
double-digit percentage growth across all
revenue streams for Paris Saint-Germain.
N PSBAY
1,000
750
500
250
2017 20182015 2016
481
521
0
486
542
57%
€363.4m
(£320.3m)
18%
€115.9m
(£102.2m)
25%
€156.6m
(£138m)
4 6 7 6
2019
636
5
4
15
2
Revenue 2015-2019 (€m) Revenue profile 2019 (€m)
Annual revenue DFML position
Matchday
Broadcast
Commercial
2018 Revenue
€541.7m
(£479.9m)
2019 Revenue
€635.9m
(£560.5m)
Note: Figures in circles
show top 20 ranking
per revenue stream.
Women’s footballAverage league
attendance
46,911
Player with most
Instagram followers
Neymar Jr
131.1m
Domestic league
position
Yes No
1
Twitter followers
7.5m (9)
Facebook likes
39.5m (7)
Instagram followers
26.7m (5)
YouTube subscribers
2.1m (7)
Note: Figures in brackets show top 20
ranking per social media account.

8. Deloitte Football Money League 2020 | Top 20 clubs
Manchester City6
The 2018/19 season was the club’s most
successful ever season on-pitch, becoming
the first English club to win the domestic
treble, delivering record revenue.
MPSG
1,000
750
500
250
2017 20182015 2016
463
525
0
528
568
6 5 5 5
2019
611
6
43%
€261m
(£230m)
10%
€62.4m
(£55m)
47%
€287.2m
(£253.2m)
11
3
6
Revenue 2015-2019 (€m) Revenue profile 2019 (€m)
Annual revenue DFML position
Matchday
Broadcast
Commercial
2018 Revenue
€568.4m
(£503.5m)
2019 Revenue
€610.6m
(£538.2m)
Note: Figures in circles
show top 20 ranking
per revenue stream.
Women’s footballAverage league
attendance
54,130
Player with most
Instagram followers
Gabriel Jesus
14.1m
Domestic league
position
Yes No
1
Twitter followers
7.5m (8)
Facebook likes
38.5m (8)
Instagram followers
16.9m (9)
YouTube subscribers
2.3m (6)
Note: Figures in brackets show top 20
ranking per social media account.

9. Deloitte Football Money League 2020 | Top 20 clubs
Liverpool7
Liverpool are expected to retain seventh
place in next year’s Money League,
particularly if the club captures its first
Premier League title and enjoys a run
to the latter stages of the Champions
League once again.
MCI LI
1,000
750
500
250
2017 20182015 2016
392 404
0
424
514
9 9 9 7
2019
605
7
35%
€210.9m
(£185.9m)
16%
€94.5m
(£83.3m)
49%
€299.3m
(£263.8m)
6
1
7
Revenue 2015-2019 (€m) Revenue profile 2019 (€m)
Annual revenue DFML position
Matchday
Broadcast
Commercial
2018 Revenue
€513.7m
(£455.1m)
2019 Revenue
€604.7m
(£533m)
Note: Figures in circles
show top 20 ranking
per revenue stream.
Women’s footballAverage league
attendance
53,053
Player with most
Instagram followers
Mohammed Salah
35.4m
Domestic league
position
Yes No
2
Twitter followers
13.4m (6)
Facebook likes
35.8m (10)
Instagram followers
22.7m (6)
YouTube subscribers
3.9m (3)
Note: Figures in brackets show top 20
ranking per social media account.

10. Deloitte Football Money League 2020 | Top 20 clubs
Tottenham Hotspur8
Broadcast revenue growth of £43.2m
(22%) was driven by the club’s progression
to the Champions League Final.
TOLIV
1,000
750
500
250
2017 20182015 2016
258 280
0
360
428
29%
€151.9m
(£133.9m)
18%
€92.5m
(£81.5m)
53%
€276.7m
(£243.9m)
12 12 11 10
2019
521
8
7
4
11
Revenue 2015-2019 (€m) Revenue profile 2019 (€m)
Annual revenue DFML position
Matchday
Broadcast
Commercial
2018 Revenue
€428.3m
(£379.4m)
2019 Revenue
€521.1m
(£459.3m)
Note: Figures in circles
show top 20 ranking
per revenue stream.
Women’s footballAverage league
attendance
56,586
Player with most
Instagram followers
Harry Kane
9.3m
Domestic league
position
Yes No
4
Twitter followers
4m (12)
Facebook likes
13.8m (13)
Instagram followers
6.9m (13)
YouTube subscribers
0.9m (11)
Note: Figures in brackets show top 20
ranking per social media account.

11. Deloitte Football Money League 2020 | Top 20 clubs
Chelsea9
2019/20 has seen the appointment of club
legend Frank Lampard as manager and a
return to Champions League football.
CHTOT
1,000
750
500
250
2017 20182015 2016
420 447
0
428
506 41%
€210.4m
(£185.4m)
15%
€75.6m
(£66.6m)
44%
€227.1m
(£200.2m)
8 8 8 8
2019
513
9
9
7
8
Revenue 2015-2019 (€m) Revenue profile 2019 (€m)
Annual revenue DFML position
Matchday
Broadcast
Commercial
2018 Revenue
€505.7m
(£448m)
2019 Revenue
€513.1m
(£452.2m)
Note: Figures in circles
show top 20 ranking
per revenue stream.
Women’s footballAverage league
attendance
40,445
Player with most
Instagram followers
Willian
9m
Domestic league
position
Yes No
3
Twitter followers
13.8m (5)
Facebook likes
48.2m (5)
Instagram followers
20.2m (7)
YouTube subscribers
1.6m (9)
Note: Figures in brackets show top 20
ranking per social media account.

12. Deloitte Football Money League 2020 | Top 20 clubs
Juventus10
The arrival of talismanic forward Cristiano
Ronaldo, who alone has more Instagram
followers than Real Madrid and Barcelona
combined, undoubtedly increased
Juventus’ commercial appeal.
CHE JU
1,000
750
500
250
2017 20182015 2016
324 339
0
406 395
10 10 10 11
2019
460
10
41%
€185.6m
(£163.6m)
14%
€65.6m
(£57.8m)
45%
€208.5m
(£183.8m)
10
11
9
Revenue 2015-2019 (€m) Revenue profile 2019 (€m)
Annual revenue DFML position
Matchday
Broadcast
Commercial
2018 Revenue
€394.5m
(£349.5m)
2019 Revenue
€459.7m
(£405.2m)
Note: Figures in circles
show top 20 ranking
per revenue stream.
Women’s footballAverage league
attendance
39,101
Player with most
Instagram followers
Cristiano Ronaldo
196.5m
Domestic league
position
Yes No
1
Twitter followers
7.7m (7)
Facebook likes
40.2m (6)
Instagram followers
35.5m (3)
YouTube subscribers
2.4m (5)
Note: Figures in brackets show top 20
ranking per social media account.

13. Deloitte Football Money League 2020 | Top 20 clubs
Arsenal11
Continued absence from the Champions
League means it is unlikely that Arsenal
will return to the top ten in next year’s
Money League.
AR
1,000
750
500
250
2017 20182015 2016
436 469
0
488
439
7 7 6 9
2019
446
11
28%
€125.8m
(£110.9m)
25%
€109.2m
(£96.2m)
47%
€210.6m
(£185.6m)
5
9
13
Revenue 2015-2019 (€m) Revenue profile 2019 (€m)
Annual revenue DFML position
Matchday
Broadcast
Commercial
2018 Revenue
€439.2m
(£389.1m)
2019 Revenue
€445.6m
(£392.7m)
Note: Figures in circles
show top 20 ranking
per revenue stream.
Women’s footballAverage league
attendance
59,897
Player with most
Instagram followers
Mesut Özil
21.6m
Domestic league
position
Yes No
5
Twitter followers
15.4m (4)
Facebook likes
37.7m (9)
Instagram followers
16.6m (10)
YouTube subscribers
1.6m (8)
Note: Figures in brackets show top 20
ranking per social media account.

14. Deloitte Football Money League 2020 | Top 20 clubs
Borussia Dortmund12
The club’s growth was driven by an
increase in broadcast revenue of €45m
(37%), with the club progressing to the
Champions League Round of 16.
ARS DO
1,000
750
500
250
2017 20182015 2016
281 284
0
333 317
11 11 12 12
2019
377
12
40%
€150.2m
(£132.4m)
16%
€59.6m
(£52.5m)
44%
€167.3m
(£147.5m)
12
12
12
Revenue 2015-2019 (€m) Revenue profile 2019 (€m)
Annual revenue DFML position
Matchday
Broadcast
Commercial
2018 Revenue
€317.2m
(£281m)
2019 Revenue
€377.1m
(£332.4m)
Note: Figures in circles
show top 20 ranking
per revenue stream.
Women’s footballAverage league
attendance
80,314
Player with most
Instagram followers
Mario Götze
8.6m
Domestic league
position
Yes No
2
Twitter followers
3.4m (13)
Facebook likes
15.1m (12)
Instagram followers
9m (11)
YouTube subscribers
0.5m (13)
Note: Figures in brackets show top 20
ranking per social media account.

15. Deloitte Football Money League 2020 | Top 20 clubs
Atlético de Madrid13
With the lack of significant new commercial
deals commencing in 2019/20, it is once
again progression in the Champions
League which is likely to be decisive in
determining Atlético’s place in next year’s
edition of the Money League.
DOR AT
1,000
750
500
250
2017 20182015 2016
177
229
0
273 304
16 13 13 13
2019
368
13
27%
€99.6m
(£87.8m)
16%
€58.6m
(£51.6m)
57%
€209.4m
(£184.6m)
13
10
15
Revenue 2015-2019 (€m) Revenue profile 2019 (€m)
Annual revenue DFML position
Matchday
Broadcast
Commercial
2018 Revenue
€304.4m
(£269.6m)
2019 Revenue
€367.6m
(£324m)
Note: Figures in circles
show top 20 ranking
per revenue stream.
Women’s footballAverage league
attendance
56,064
Player with most
Instagram followers
Álvaro Morata
10.6m
Domestic league
position
Yes No
2
Twitter followers
4.5m (11)
Facebook likes
13.7m (14)
Instagram followers
8.8m (12)
YouTube subscribers
0.2m (15)
Note: Figures in brackets show top 20
ranking per social media account.

16. Deloitte Football Money League 2020 | Top 20 clubs
FC Internazionale Milano14
Ticket sales from the club’s return to the
Champions League further contributed
to an overall increase in matchday
revenue of €15.6m (44%).
ATM IN
1,000
750
500
250
2017 20182015 2016
165 179
0
262 281
20 19 15 14
2019
365
14
42%
€154.5m
(£136.2m)
14%
€50.9m
(£44.8m)
44%
€159.2m
(£140.3m)
15
14
10
Revenue 2015-2019 (€m) Revenue profile 2019 (€m)
Annual revenue DFML position
Matchday
Broadcast
Commercial
2018 Revenue
€280.8m
(£248.7m)
2019 Revenue
€364.6m
(£321.3m)
Note: Figures in circles
show top 20 ranking
per revenue stream.
Women’s footballAverage league
attendance
61,419
Player with most
Instagram followers
Alexis Sánchez
10.3m
Domestic league
position
Yes No
4
Twitter followers
2.1m (14)
Facebook likes
19.8m (11)
Instagram followers
4.2m (14)
YouTube subscribers
0.6m (12)
Note: Figures in brackets show top 20
ranking per social media account.

17. Deloitte Football Money League 2020 | Top 20 clubs
Schalke 0415
The club has shown it has an eye on
the prize from enhancement of their
engagement with fans through digital
capabilities.
SCINT
1,000
750
500
250
2017 20182015 2016
225220
0
230 244
13 14 16 16
2019
325
15
34%
€110.1m
(£97m)
16%
€53.6m
(£47.3m)
50%
€161.1m
(£142m)
14
13
14
Revenue 2015-2019 (€m) Revenue profile 2019 (€m)
Annual revenue DFML position
Matchday
Broadcast
Commercial
2018 Revenue
€243.8m
(£216m)
2019 Revenue
€324.8m
(£286.3m)
Note: Figures in circles
show top 20 ranking
per revenue stream.
Women’s footballAverage league
attendance
60,650
Player with most
Instagram followers
Amine Harit
1m
Domestic league
position
Yes No
14
Twitter followers
0.7m (20)
Facebook likes
2.9m (19)
Instagram followers
0.8m (20)
YouTube subscribers
0.1m (19)
Note: Figures in brackets show top 20
ranking per social media account.

18. Deloitte Football Money League 2020 | Top 20 clubs
AS Roma16
Roma’s dynamic and creative approach
to social media engagement clearly
reflects a strategic approach with the club
attempting to engage consistently with
fans through its own content.
SCH RO
1,000
750
500
250
2017 20182015 2016
218
179
0
172
250
15 15 n/a 15
2019
231
16
24%
€54.7m
(£48.2m)
14%
€31.8m
(£28m)
62%
€144.5m
(£127.4m)
17
18
17
Revenue 2015-2019 (€m) Revenue profile 2019 (€m)
Annual revenue DFML position
Matchday
Broadcast
Commercial
2018 Revenue
€250m
(£221.5m)
2019 Revenue
€231m
(£203.6m)
Note: Figures in circles
show top 20 ranking
per revenue stream.
Women’s footballAverage league
attendance
39,370
Player with most
Instagram followers
Chris Smalling
2.4m
Domestic league
position
Yes No
6
Twitter followers
1.9m (16)
Facebook likes
9.6m (15)
Instagram followers
3m (15)
YouTube subscribers
0.3m (14)
Note: Figures in brackets show top 20
ranking per social media account.

19. Deloitte Football Money League 2020 | Top 20 clubs
Olympique Lyonnais17
Lyon has a clear vision of the future
potential of women’s football, with the
club completing the purchase of US
women’s team Reigns FC.
LYROM
1,000
750
500
250
2017 20182015 2016
96
160
0
198
164
26%
€57m
(£50.2m)
19%
€41.8m
(£36.9m)
55%
€122m
(£107.5m)
n/a n/a n/a n/a
2019
221
17
16
20
16
Revenue 2015-2019 (€m) Revenue profile 2019 (€m)
Annual revenue DFML position
Matchday
Broadcast
Commercial
2018 Revenue
€164.2m
(£145.5m)
2019 Revenue
€220.8m
(£194.6m)
Note: Figures in circles
show top 20 ranking
per revenue stream.
Women’s footballAverage league
attendance
49,079
Player with most
Instagram followers
Memphis Depay
8.5m
Domestic league
position
Yes No
3
Twitter followers
1.7m (17)
Facebook likes
3.6m (17)
Instagram followers
1.3m (18)
YouTube subscribers
0.1m (20)
Note: Figures in brackets show top 20
ranking per social media account.

20. Deloitte Football Money League 2020 | Top 20 clubs
West Ham United18
The new sleeve sponsorship deal
with Basset Gold should further
boost the Hammers’ commercial
revenue in 2019/20.
LYO WHM
1,000
750
500
250
2017 20182015 2016
192
161
0
213 198
n/a 18 17 20
2019
216
18
19%
€41.1m
(£36.2m)
14%
€30.8m
(£27.1m)
67%
€144.5m
(£127.4m)
18
18
20
Revenue 2015-2019 (€m) Revenue profile 2019 (€m)
Annual revenue DFML position
Matchday
Broadcast
Commercial
2018 Revenue
€197.9m
(£175.3m)
2019 Revenue
€216.4m
(£190.7m)
Note: Figures in circles
show top 20 ranking
per revenue stream.
Women’s footballAverage league
attendance
58,349
Player with most
Instagram followers
Jack Wilshere
2m
Domestic league
position
Yes No
10
Twitter followers
1.6m (18)
Facebook likes
2.3m (20)
Instagram followers
1m (19)
YouTube subscribers
0.1m (18)
Note: Figures in brackets show top 20
ranking per social media account.

21. Deloitte Football Money League 2020 | Top 20 clubs
Of all Money League clubs, Everton
are most reliant on broadcast revenue,
accounting for 71% of the club’s overall
revenue.
EVWHU
Everton19
1,000
750
500
250
2017 20182015 2016
163165
0
199 213
19 n/a 20 17
2019
213
19
21%
€44.7m
(£39.4m)
8%
€16.6m
(£14.6m)
71%
€151.7m
(£133.7m)
19
16
19
Revenue 2015-2019 (€m) Revenue profile 2019 (€m)
Annual revenue DFML position
Matchday
Broadcast
Commercial
2018 Revenue
€212.9m
(£188.6m)
2019 Revenue
€213m
(£187.7m)
Note: Figures in circles
show top 20 ranking
per revenue stream.
Women’s footballAverage league
attendance
39,362
Player with most
Instagram followers
Yerry Mina
3.4m
Domestic league
position
Yes No
8
Twitter followers
2m (15)
Facebook likes
3.2m (18)
Instagram followers
1.5m (17)
YouTube subscribers
0.2m (16)
Note: Figures in brackets show top 20
ranking per social media account.

22. Deloitte Football Money League 2020 | Top 20 clubs
SSC Napoli20
SSC Napoli are a new entrant in this year’s
edition of the Money League, reclaiming
a top 20 spot after missing out in the
previous edition.
NAEVEU
1,000
750
500
250
2017 20182015 2016
125 144
0
201 183
22%
€46.4m
(£40.9m)
8%
€15.9m
(£14m)
70%
€145.1m
(£127.9m)
n/a n/a 19 n/a
2019
207
20
20
17
18
Revenue 2015-2019 (€m) Revenue profile 2019 (€m)
Annual revenue DFML position
Matchday
Broadcast
Commercial
2018 Revenue
€182.8m
(£161.9m)
2019 Revenue
€207.4m
(£182.8m)
Note: Figures in circles
show top 20 ranking
per revenue stream.
Women’s footballAverage league
attendance
29,003
Player with most
Instagram followers
David Ospina
3.9m
Domestic league
position
Yes No
2
Twitter followers
1.6m (19)
Facebook likes
4.4m (16)
Instagram followers
2m (16)
YouTube subscribers
0.2m (17)
Note: Figures in brackets show top 20
ranking per social media account.

23. Deloitte Football Money League 2020 | Top 20 clubs
This publication has been written in general terms and we recommend that
you obtain professional advice before acting or refraining from action on any
of the contents of this publication. Deloitte LLP accepts no liability for any loss
occasioned to any person acting or refraining from action as a result of any
material in this publication.
Deloitte LLP is a limited liability partnership registered in England and Wales with
registered number OC303675 and its registered office at 1 New Street Square,
London EC4A 3HQ, United Kingdom.
Deloitte LLP is the United Kingdom affiliate of Deloitte NSE LLP, a member firm
of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee
(“DTTL”). DTTL and each of its member firms are legally separate and independent
entities. DTTL and Deloitte NSE LLP do not provide services to clients.
Please see www.deloitte.com/about to learn more about our global network of
member firms.
© 2020 Deloitte LLP. All rights reserved.
Graphic design: www.heliographic.co.uk