Liverpool, Manchester United and Manchester City have all slipped down the rankings in the latest Deloitte Football Money League as clubs from continental Europe gained ground.
Liverpool have had the biggest fall of any club in the top 20, from third place down to seventh, after Deloitte found their revenue had dropped slightly from £594.3million to £593.8m.
Deloitte attributed that fall to the Reds’ on-field performance, with the club finishing fifth in the Premier League last season and bowing out in the Champions League last 16.
Manchester United dropped one place to fifth despite a healthier revenue figure than the season before, while treble winners City were leapfrogged by Real Madrid and now sit second, despite posting a record Premier League revenue figure in their most recent accounts.
The Money League looks at revenue figures reported in clubs’ annual accounts for the 2022-23 season and does not look at operating costs.
Tottenham and Chelsea switched places compared to last year, with Spurs up one place to eighth, while Arsenal held on to 10th position.
Real led the way with revenue of £723m in 2022-23, demonstrating the club are doing well out of European football’s current ecosystem, despite their president Florentino Perez being arguably the most staunch advocate for a Super League.
Paris St Germain enter the top three for the first time, while Barcelona moved up three places to seventh with a revenue figure of £696m.
Tim Bridge, the lead partner in Deloitte’s Sports Business Group, told the PA news agency: “There is a point in time, a moment here, where you’ve got Real Madrid and Barcelona redeveloping their stadiums, they have made moves towards controlling much more of their operations, particularly merchandising and licensing, so those revenue figures are a result of direct changes they have made to their business model.
“When we look at the Premier League holistically we’re not 100 per cent certain the days of significant domestic growth in media rights is over, but what we can say is, without significant competition coming into that market, then single-figure percentage growth is the likely outcome in that domestic market. Therefore the focus is on what can be done in the international market.
“What has always underpinned the fact there have been 10 or 11 Premier League clubs in the Money League has been that the media rights growth has given them significant distributions. Other leagues have caught up and there has been a slight plateauing of Premier League rights.”
Deloitte said the top 20 clubs had earned 10.5billion euros (£9bn) collectively, a 14 per cent increase on the previous season.
Barcelona Femeni were the top-earning women’s club in the world, with revenue rising by 74 per cent to £11.6m.
Real Madrid and Germany midfielder Kroos to retire after Euro 2024
Real Madrid midfielder Toni Kroos will retire from football after representing Germany at Euro 2024.
The 34-year-old was thought likely to sign a new contract with Los Blancos, but he announced on Tuesday that he will hang up his boots after representing his country on home soil at the Euros.
Kroos has enjoyed a distinguished 10-year spell with Madrid, who he joined from Bayern Munich in 2014, winning LaLiga and the Champions League four times apiece with the Spanish giants.
He played a crucial role as Carlo Ancelotti's men regained their domestic title in 2023-24, but next week's Champions League final against Borussia Dortmund will be the final game of his club career before his Euros swansong.
He initially quit international football after the delayed Euro 2020 three years ago, only to agree to return to the fold under Julian Nagelsmann earlier this year.
In an open letter to Madrid's fans, Kroos wrote: "As I have always said, Real Madrid is and will be my last club.
"After 10 years, at the end of the season this chapter comes to an end. I will never forget this successful time! I would like to thank everyone that welcomed me with an open heart and trusted me.
"But especially I would like to thank you, dear Madridistas, for your affection and your love from the first day until the last one.
"At the same time this decision means that my career as an active footballer will end this summer after the Euro championship."
Kroos also issued a rallying cry as Madrid target a record-extending 15th European crown, adding: "I am happy and proud that in my mind I found the right timing for my decision and that I could choose it myself.
"My ambition was always to finish my career at the peak of my performance levels. From now on there is only one leading thought, la 15! Hala Madrid!"
Man City 'head and shoulders' above all teams in Premier League era, says James
Manchester City's current crop stand "head and shoulders" above all other teams in the Premier League era after winning four straight titles, says the club's former goalkeeper David James.
City became the first team in English top-flight history to win four successive titles on Sunday, a 3-1 win over West Ham ensuring they pipped Arsenal by two points.
Huddersfield Town (1923-1926), Arsenal (1932-1935) and Liverpool (1981-1984) all won the old First Division three times in a row, while Manchester United achieved the feat twice in the Premier League era (1998-2001 and 2006-2009).
Pep Guardiola's men ended the campaign with a nine-match winning streak, while they are now unbeaten in their last 35 matches across all competitions (29 wins, six draws), the longest such run ever recorded by a Premier League team.
They have the chance to make more history on Saturday, as they can clinch unprecedented back-to-back league and FA Cup doubles against Manchester United.
For James, who spent two years with City between 2004 and 2006, Guardiola's champions have cemented their legacy as the Premier League's finest.
"They're up there. The fact they've broken the record means that no one's done better than them over that period," he told Stats Perform.
"From the moment they first won that Premier League title to now, they have been head and shoulders better than anyone else.
"It's thoroughly deserved and one of the funny things that I love is the way they celebrate. You would think after four in a row that it would be, ‘okay, lads, let's get back in and worry about the FA Cup on the weekend'. They celebrate like they haven't got another match!
"This is a group of players and staff who are all with each other, all behind each other, all enjoying all these moments.
"I can't think of a team who's had that much dominance over that period of time. They just keep breaking records, don't they?"
Over the last four seasons, City's total of 359 Premier League points are 49 more than anyone else, while they have averaged 2.4 points per game and won 73.7 per cent of their league matches.
While James does not feel City's class of 2023-24 have been quite as relentless as 2022-23's treble winners, he says they always seemed to be in control in the run-in.
"I think it's interesting when we look at the whole season, because I don't think there's been a spell where City have absolutely smashed teams," James said.
"I've followed a lot of the games this season where they've won but haven't been overly impressive, especially compared to last season.
"But in a way, I could detect from the beginning of the season there was something different about the way Pep was approaching it. I don't think it was all the guts and thunder of last season.
"They always had it under control and it was just like a Mo Farah finish, they put the afterburners on at the end."
Salah hints at Liverpool stay, pays tribute to Klopp
Mohamed Salah has hinted he will still be a Liverpool player next season while paying tribute to departed manager Jurgen Klopp.
Klopp's nine-year reign on Merseyside came to an end with Sunday's 2-0 win over Wolves, with Liverpool ending his final campaign at the helm third in the Premier League.
Arne Slot was subsequently confirmed as his successor on Monday, but doubts have been raised as to whether Salah would play under the Dutchman.
Salah's form dropped off alarmingly in the second half of the campaign and he became involved in a public bust-up with Klopp last month, heightening speculation that he could depart as he enters the final 12 months of his contract.
However, Salah seemed to rule out that prospect as he vowed to lead Liverpool to more silverware next term, after their efforts in 2023-24 only amounted to February's EFL Cup win.
"We know that trophies are what count and we will do everything possible to make that happen next season." Salah wrote in a post on X.
"Our fans deserve it and we will fight like hell."
Alongside an image of himself with Klopp, he wrote in a separate post: "It was great sharing all those trophies and experiences with you over the past seven years.
"I wish you the best of luck for the future and hope we meet again."
Salah scored 18 Premier League goals in 2023-24, making it the least prolific campaign of his seven-year stint at Anfield.
Fourteen of those goals came before he went to the Africa Cup of Nations with Egypt in January, where he sustained a hamstring injury that troubled him throughout the second half of the campaign.
Sunday's victory over Wolves represented Salah's 250th Premier League appearance for Liverpool.
His overall tally of 223 Premier League goal involvements for the Reds (155 goals, 68 assists) are the second-most by any player in their first 250 appearances for a club in the competition, with Thierry Henry managing 243 for Arsenal (171 goals, 72 assists).
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