According to a recent report by financial experts Deloitte, Real Madrid has become the first football club in history to surpass one billion euros in revenue during a single season. The landmark achievement, driven primarily by the redevelopment of the Santiago Bernabeu stadium, has solidified the club’s position at the top of Deloitte’s annual Football Money League.
Real Madrid’s total revenue for the 2023/24 season reached an impressive 1.05 billion euros ($1.09 billion), significantly outpacing second-placed Manchester City (838 million euros) and third-placed Paris Saint-Germain (806 million euros). The gap of 208 million euros between first and second place is the largest ever recorded by Deloitte.
The newly refurbished Santiago Bernabeu stadium has been a major factor in this financial success. The renovation, which began in 2018 and cost over a billion euros in loans, has transformed the stadium into a modern entertainment hub. Matchday revenues doubled to 248 million euros, largely thanks to the updated venue’s enhanced features, including a retractable pitch, expanded VIP areas, and new commercial facilities.
Additionally, the stadium’s undulating metal roof and multi-use spaces have attracted high-profile events, such as concerts by megastar Taylor Swift and the upcoming NFL game, the first to be held in Spain.
Despite the stadium’s contributions to the club’s revenue, there have been challenges. Complaints from local residents about noise pollution have led to a temporary pause in hosting concerts. However, Real Madrid’s efforts to leverage the Bernabeu as more than just a football venue align with a growing trend among football clubs.
Tim Bridge, lead partner in Deloitte’s Sports Business Group, noted, “Club stadia are increasingly being valued as more than just matchday assets, with a number of clubs converting their grounds into multi-use entertainment venues that attract new visitors, sponsors, and retail opportunities.”
The report also reveals broader trends in football finances. Commercial income remains the primary source of revenue for the 20 Money League clubs, accounting for 44 percent of total earnings.
Broadcast revenue remains steady at 4.3 billion euros, with English clubs dominating the list thanks to the Premier League’s lucrative television deals. Six of the top 10 clubs and nine of the top 20 are based in England, highlighting the league’s financial clout.
Manchester United climbed to fourth place with 771 million euros, benefiting from their return to the Champions League. Meanwhile, Barcelona fell to sixth place due to renovation work on their Camp Nou stadium, forcing them to play at the smaller Montjuic venue. Arsenal, Liverpool, Tottenham, and Chelsea rounded out the top 10, even though some missed out on Champions League action.
