Real Madrid is the first football club to achieve revenue of more than 1 billion euros in a single season, thanks to revenue from its revamped Santiago Bernabeu stadium, according to accounting firm Deloitte.
The ranking of the top clubs in Deloitte's annual Football Money League remains unchanged, with Madrid following with €1.05 billion ($1.09 billion), Premier League champions Manchester City ($872 million) and Paris Saint-Germain ($839 million) ) followed by.
The $216 million gap between first and second place is the largest gap ever recorded by Deloitte.
The dramatic renovation of Real Madrid's home stadium will double matchday revenue to $258 million in the 2023-24 season.
Since 2018, Real Madrid has issued loans totaling more than $1 billion to renovate the Santiago Bernabeu Stadium, aiming to turn it into a major source of revenue.
The state-of-the-art venue now features an undulating metal roof, shop, expanded VIP area and retractable pitches.
Pop superstar Taylor Swift is among the big names who have been performing at the stadium since it reopened, while the NFL's first game in Spain is also due to take place later this year Held here.
However, Madrid's goal of making extra cash from the Santiago Bernabeu stadium, which seats around 80,000 people, has been hit by residents' complaints about noise pollution, with the club temporarily suspending concerts.
"Club stadiums are increasingly viewed as more than just matchday assets, with many clubs transforming their grounds into multi-purpose entertainment venues to attract new visitors, sponsors and retail opportunities." said Ti, principal partner, Deloitte Sports Practice Tom Bridge said.
"Football clubs now realize that the value goes far beyond sports brands, with media and entertainment intertwined with the commercial potential they offer."
Despite an 11% increase in matchday revenue, commercial revenue remains the largest source of income for the 20 Fortune League clubs for the second year running, accounting for 44% of total revenue.
Broadcast revenue was stable at €4.4 billion ($4.6 billion), as the domestic broadcast cycle for the "big five" leagues (England, Spain, Italy, France and Germany) remained the same as last season.
English clubs continue to dominate, driven by Premier League television revenue, with six English clubs in the top 10 and nine of the 20 Fortune League clubs.
A return to the Champions League moves United to fourth ($802 million), ahead of Bayern Munich ($796 million).
Barcelona slipped to sixth place as renovations at Camp Nou forced the club to switch to the smaller Montjuic stadium, which hosted the 1992 Olympics.
Arsenal, Liverpool, Tottenham Hotspur and Chelsea round out the top ten, although the latter three missed out on the Champions League last season.
Barcelona topped the women's list for the third consecutive year with $18.6 million in revenue, a 26% increase from the 2022-23 season.
Arsenal Women ($17.9 million) are in second place, followed by Chelsea ($13.9 million), Manchester United ($11.1 million) and Real Madrid ($10.9 million).