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New Delhi: For the first time in its 29-year history, no English club made it to the top four of the annual Deloitte Football Money League. Real Madrid yet again emerged as the biggest-earning club in world football while Liverpool, for the first time, earned the highest revenue in the  Premier League, according to the annual financial list, which published the data for the 2024-25 season on Thursday.

La Liga giants topped the list with 1.16 billion euros ($1.36 billion) of revenue despite not winning either league or European title.

The Spanish club is the only team to generate more than $1 billion in the past two seasons. The record La Liga champions benefited greatly from a massive 23 per cent rise in commercial revenue, propelled mainly by merchandise and corporate partners, to the tune of a whopping 594 million euros, as per the Deloitte figures.

Real’s fierce rivals and defending LaLiga champions, Barcelona, were second in the list with 975 million euros. The Blaugrana entered the top three for the first time in five years.

German giants and reigning Bundesliga champions Bayern Munich came in third with 861 million euros, just ahead of Champions League winners Paris St-Germain, who earned 837 million euros.

Liverpool’s fifth spot, with 836 million euros of earnings from the previous season, in which they won the Premier League title, was the most topmost performance of any Premier League club in the history of the rankings.

Meanwhile, Manchester City slipped to sixth with 829 million euros after a trophyless last season. The Cityzens were followed by this season’s league leaders, Arsenal, on 822 million.

Manchester United slumped to an all-time low in the global money league after a miserable 15th-placed finish in the Premier League last season. The English giants slipped from fourth to eighth in revenues with 793 million euros, to their lowest-ever position in the Deloitte list that they have summited 10 times in the past.

As per Deloitte, United’s position for the current season will worsen due to their absence from Europe and early exits from domestic Cup competitions (FA Cup and League Cup).

“If you went back 10 or 15 years, Manchester United’s matchday revenue was the industry leader,” remarked Tim Bridge, lead partner at Deloitte’s Sports Business Group.

Their ability to generate commercial revenue was the benchmark for the market. I don’t think that remains the case.”

As many as six Premier League sides made the top 10, with Tottenham Hotspur ninth on 673 million euros and Chelsea rounding off the top 10 on 584 million.