Man City, Real Madrid & the 20 richest clubs in the world in 2023 - full list revealed

The Magpies are also a new entry on the list after they saw a 25 per cent increase in year-on-year revenue.

They have earned more in all three revenue segments with matchday (€33m) and commercial earnings leading the way.

Everton is the second Premier League club to post negative growth after Leicester City as their revenue fell from €218.1m to €213.7m.

Their broadcast revenue fell by €29m in the absence of any continental participation in 2021-22 and their mediocre showing in the Premier League further complicated matters.

Everton's wage/expense ratio stands at 96 per cent and needs immediate attention.

Leeds have improved significantly on their commercial revenue which has helped them post an increase of 17 per cent growth in total earnings.

Managing to stay afloat in the Premier League ensured that they continued to have a steady inflow of returns from television rights. Their matchday earnings also reached a record high of €28m which ensured a spot in the top 20 list.

Leicester City are one of the two Premier League clubs on this list who have seen a decline in revenue. From €255.5m it went down marginally to €252.2m in the 2021-22 season.

The Foxes' broadcast revenue took a hit by more than €30m, primarily because they were plying their trade in the Europa Conference League. However, earnings from other sources helped the club significantly make up for the loss.

The defending Serie A champions are a new entry in the list after their hugely successful 2021-22 campaign when they won the Scudetto.

Barring their matchday revenue, which has seen a €4m reduction, the club's broadcast and commercial revenues have surpassed pre-pandemic levels with the former seeing a €22m growth and the latter increasing by €41m.

If only Italy had recovered sooner from the perils of Covid-19 the matchday revenue would also have seen a major boost.

West Ham surpassed expectations when they reached the Europa League semi-finals in the 2021-22 season.

They were handsomely rewarded as their broadcast revenue soared to €193m from €144m in the pre-pandemic level. The Hammers also saw a healthy increase in both commercial (€59m) and matchday (€49m) revenues which have helped them beat the €300m revenue mark. It is an increase of 36 per cent from the previous year.

Like Juventus, Inter have also witnessed a fall in revenue. From €330.9m it has dropped to €308.4m which is a seven per cent decline.

Both their commercial revenue and broadcast revenue have gone down by €26m and €39m which is a major blow to their finances. The Nerazzurri also have a high wage-to-expense ratio (82 per cent) which needs to be addressed.

Borussia Dortmund have seen a six per cent growth in revenue which has mainly been fuelled by their commercial and matchday revenue which stands at €174m and €38m respectively.

Their journey in Europe was cut short at the round of 32 stage of the Europa League which is one of the reasons for their fall in broadcast revenue, down from €187m to €145m.

Atletico Madrid have seen an 18 per cent jump in year-on-year revenue which has helped them climb by one rung to the 12th spot.

After La Liga giants, Real Madrid and Barcelona, Atletico receive the third-highest pie of broadcast revenue which accounts for 57 per cent of their total revenue. However, their rankings might be affected in the next edition as they have been knocked out of European competitions this season which will adversely impact their television earnings.

Juventus are one of four clubs in the top 20 list to have registered negative growth. Their revenue has fallen by eight per cent as Italy were one of the worst affected countries by the Covid-19 pandemic.

The Turin giants had to play a significant portion of their season under crowd restrictions which impacted matchday revenue. Moreover, they finished fourth in their domestic league and exited the Champions League in the round of 16 which hampered their TV revenue.

Arsenal beat Juventus to make it into the top 10 in the list primarily by virtue of generating significant matchday revenue, which amounted to almost three times that of the Serie A outfit.

The Gunners have invested heavily in the Emirates Stadium which is now helping them reap the dividends.

However, Arsenal were not eligible to participate in any UEFA club competition in the 2021-22 season which hampered their broadcast revenue.

This is the first time since the pandemic Tottenham breached the €500m revenue mark which shows that the club is on the right track under the leadership of Daniel Levy.

Spurs have witnessed a 29 per cent increase in year-on-year revenue thanks to a massive jump in matchday and commercial earnings. They could have achieved a higher share of broadcast revenue only if they were not playing in the third tier of European competition, the Europa Conference League. Even in that competition, they had a group stage exit which adversely affected their television earnings.

Chelsea changed hands after a glorious 19 years under Roman Abramovich with the Todd Boehly-Clearlake Capital consortium completing the purchase with £2.5bn ($3.2bn) ending up being the sale price of the club.

The Blues's broadcast revenue took a hit after they were knocked out by Real Madrid in the quarter-final of the Champions League. However, the club saw significant growth in commercial and matchday revenue which sees them maintain their position on the list.

Barcelona seem to have been worst hit by the pandemic as their revenue is still down by €203m from the 2018-19 season. The Catalan giants had the sharpest fall in the rankings with the club dropping from fourth on the list to seventh.

Broadcast revenue declined by 13 per cent while their commercial revenue (at €7m) was significantly outpaced by other clubs.

Barca's sponsorship deal with Spotify did help stabilise the ship a bit but was not enough to keep them within the top five. However, the economic levers activated by the club, including the sale of both 49.9% of its ‘Barça Licensing and Merchandising’ company and 25% of its domestic La Liga rights over a 25-year period, did not impact revenue in 2021-22 and will only be reflected in the next editions of the survey.

Bayern Munich have slipped from the third spot to sixth on the list, despite a seven per cent increase in year-on-year revenue.

The Bavarian giants are yet to breach pre-pandemic level revenue numbers which indicates that the club is still reeling under the economic burden imposed by Covid-19.

Bayern hae also failed to keep pace with the recovery rate of the Premier League clubs as their broadcast revenue has gone south by €48m from the previous year.

Paris Saint-Germain (PSG) seems to have recovered from the after-effects of the Covid-19 pandemic since they outperformed their pre-pandemic levels by €18m.

With spectators coming back to the stadium in full measure in 2022 the French champions also enjoyed a manifold increase in matchday revenue. However, an early exit from the Champions League saw their broadcast revenue plunge by €63m.

PSG's wage/revenue ratio is a cause of concern as it stands at 111 per cent. Having superstars like Lionel Messi, Neymar Jr. and Kylian Mbappe on the books is taking a toll.

Manchester United climbed by one spot in the rankings after registering a 23 per cent growth in their total revenue in 2022.

Although their commercial revenue and matchday revenue grew by €47m and €118m respectively they were adversely affected by their below-average on-pitch performance which took a toll on the broadcast revenue.

The Red Devils finished sixth in the Premier League and were ousted in the round of 16 in the Champions League which saw their television revenue drop €34m.

Liverpool broke the €700m revenue mark to leave behind traditional powerhouses like Manchester United and Barcelona.

The Reds registered an increase of more than €100m in matchday revenue and a jump of a further €37m in matchday revenue which helped them see a spike of 27 per cent in total revenue.

Jurgen Klopp's side finished as runners-up in both the Premier League and the Champions League which ensured that they were receiving a healthy share of the broadcast revenue until the very end of the season.

Real Madrid are yet to recover from the after-effects of the Covid-19 pandemic with the club's revenue still short by €43m from 2018-19. If Los Blancos had hit their pre-pandemic numbers, they would have topped the Money League in 2021-22.

Nonetheless, the Spanish giants saw a jump in revenue of 11 per cent from 2021. This was completely driven by an increase in matchday revenue which sprung to €88m from just €9m.

Los Blancos emerged triumphant in both La Liga and UEFA Champions League which further helped their cause.

Manchester City retained their position at the top of the Money League after seeing a 13 per cent jump in revenue from €644.9m to €731m.

Their growth has been driven by an increase in commercial revenue, up by €65m to €373m in 2021-22, which is a new Premier League record.

The Manchester club's global reach is expanding with each passing season as their dominance of English football under Pep Guardiola continues. They are the defending Premier League champions and also reached the last four of the Champions League which helped fuel their revenue generation.