Real Madrid has made history by becoming the first football club to generate over €1 billion in revenue in a single season, thanks largely to the revamped Santiago Bernabéu Stadium. According to Deloitte’s annual Football Money League, the Spanish giants earned €1.05 billion during the 2023/24 season, outpacing their nearest rival, Manchester City, by €208 million — the largest gap ever recorded by Deloitte.
The significant income boost was driven by the dramatic refurbishment of the Bernabéu, which doubled matchday revenue to €248 million. Renovations, funded by loans exceeding €1 billion since 2018, transformed the stadium into a multi-use entertainment venue featuring a retractable pitch, expanded VIP areas, shops, and a distinctive undulating metal roof. The venue has hosted high-profile events, including concerts by Taylor Swift and will welcome the NFL’s first game in Spain later this year.

However, the ambitious project has faced setbacks. Complaints about noise pollution from nearby residents led to the temporary suspension of concerts, affecting the club’s plans to maximize revenue.
Deloitte’s analysis highlighted the growing trend among top clubs to diversify revenue streams by leveraging their stadiums for non-sporting events. Tim Bridge, lead partner at Deloitte Sports Business Group, emphasised how football clubs are now blending sports, media, and entertainment to enhance their commercial appeal.
Despite Real Madrid’s success, English clubs continue to dominate the top tier of the Football Money League, supported by the Premier League’s lucrative broadcast deals. Six of the top 10 and nine of the top 20 clubs are from England. Manchester United climbed to fourth, fueled by a return to the Champions League, while Barcelona slipped to sixth due to reduced capacity at the temporary Montjuïc Stadium during Camp Nou renovations.
Paris Saint-Germain, Bayern Munich, Arsenal, Liverpool, Tottenham, and Chelsea complete the top 10, with Deloitte noting a steady growth in commercial revenue for the 20 Money League clubs, which accounted for 44% of their total income.