Manchester United have dropped to their lowest position in the Deloitte Football Money League, with Liverpool the highest earning English club for the first time.
Once regarded as the blueprint for commercial success in football, the Red Devils have topped the Money League in 10 of its 29 editions, most recently in 2017.
However, United is down to eighth place in the 2026 table, partly due to broadcast revenue falling from €258m [£216.72m] to €206 million [£172.9m] due to their absence from the Champions League in 2024-25.
The club are set to generate even less matchday revenue this season due to their total absence from European competition, and their failure to get past the first hurdle in either domestic cup means they will play just 20 competitions at Old Trafford in 2025-26.
“The clubs with the biggest football club brands and position in the market have the opportunity to extend their reach and offer more to fans on a match day, offer more to fans on a non-match day and become a more 365-day-a-year touchpoint,” said Tim Bridge, Sports Business Group Leader at Deloitte. “United are probably only just starting that journey now because of the reported stadium development.
“If you went back 10 or 15 years and you looked at Manchester United’s matchday revenue, it was the industry leader. If you looked at their ability to generate commercial revenue, that was the benchmark that everyone then went to market and based their strategy on. I don’t think that will remain the case.
“The opportunity is still there for Manchester United. They are still arguably the biggest global football club brand and so they have the opportunity to maximize that in a way that is only possible for a select few.
“But to do that requires fit-for-purpose facilities. As the industry evolves, clubs should ask themselves if there is a need to rethink how they interact with fans and how that relationship works. With reports of 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 timing to stay this change and Barcelona is behind Real Madrid.”
United are the fourth-placed English club in the 2026 Money League after Liverpool, Manchester City and Arsenal, with Real Madrid peak as they became the first team to record revenues of over €1bn. – €1,161 billion or £975.2 million.
Liverpool sit fifth 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 Money League’s top four, with Real, Barcelona, ​​Bayern Munich and Paris Saint-Germain everyone benefits from going deep in the newly expanded Champions League and the expanded FIFA Club World Cup in the summer.
Deloitte said the Club World Cup had resulted in an average increase of 17 per cent in broadcasting revenue for the 10 Money League clubs that had been involved.
Premier League teams can expect to do better overall in the 2027 Money League, which will be the first to reflect the new broadcasting deal that runs until 2029, but Bridge said the best-performing clubs would continue to be those that match success on the pitch with diversification off it.
“The trick to stay [in the top five] maintains both of these. It used to be that you only had to maintain one of them. Now, in 2026, we’re at a point where the highest revenue generating clubs are probably wider than football,” he said.
Manchester City’s sixth place was their lowest since the Covid-19-affected 2019-20 season.
In total, nine Premier League clubs entered the top 20 of the Money League, with Tottenham [ninth], Chelsea [10th], Aston Villa [14th], Newcastle [17th] and West Ham [20th].
Top-ranked women’s football clubs generate over €150m. for the first time
For the fourth year, the Deloitte Football Money League profiles 15 of the biggest revenue-generating women’s clubs globally. In another record year, these clubs reported average revenues of over €10m [£8.4m] for the first time with a cumulative turnover of €158 million [£132.72m]which is an increase of 35 percent compared to last year’s total.
Arsenal women tops the list this year, displacing FC Barcelona Femenà for the first time with a turnover of €25.6 million. [£21.5m]an increase of 43 percent over the previous season. Significant investment in fan data and activation helped deliver attendances in excess of 35,000 on five separate occasions during the 2024/25 season.
Chelsea women is in a close second place [£21.3m] while generating the highest commercial revenue among the top 15 [£16m]. FC Barcelona Women [£18.5m] completes the top three after another successful domestic season.
“While growth has developed significantly in women’s soccer in recent years, the transition from the start-up phase to the established phase requires consistent time, investment and effort to develop the foundation in the right way,” said Jennifer Haskel, head of knowledge and insights 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 create a more sustainable future for the game.”