来源：四大新鲜事儿
2025年1月23日，德勤宣布发布第28版的《欧洲足球俱乐部财富榜》（Deloitte Football Money League）（名单详见文末），盘点了全球收入最高的足球俱乐部。
据报告，2023/24赛季开启了一个新纪元，西班牙皇家马德里足球俱乐部成为首个单赛季收入突破10亿欧元的足球俱乐部。新近翻新扩建的伯纳乌球场助力皇家马德里球队在比赛日收入及商业收入上取得突破。
总体而言，2023-2024赛季财富排行榜上的俱乐部创造了112亿欧元的收入纪录，较2022-2023赛季增长6%，比赛日收入、商业收入和转播收入均创下历史新高。2023-2024赛季，财富排行榜上俱乐部的平均收入为5.6亿欧元，其中商业收入2.44亿欧元（占44%），转播收入2.13亿欧元（占38%），比赛日收入1.03亿欧元（占18%）。
各俱乐部球场容量的增加、门票均价的提高以及优质比赛日服务的推出，使得比赛日收入同比增长11%，这使其再次成为财富排行榜上俱乐部增长最快的收入来源。比赛日收入在该榜单统计历史上首次突破20亿欧元（达到21亿欧元），占总收入的18%，这是自2014-2015赛季（占比19%）以来的最高占比。
商业收入连续第二年成为财富排行榜上俱乐部最大的收入来源，达到49亿欧元，占总收入的44%。与上一年相比增长10%，这主要得益于非足球现场赛事的举办增加，零售业绩的改善以及赞助收入的增加。
在2023-2024赛季，几家足球俱乐部在其球场举办了重大体育赛事，从而提升了商业收入。例如，部分法国俱乐部受益于2023年橄榄球世界杯，德国俱乐部受益于2024年欧洲杯。认识到场馆创收的可靠性和潜在收益后，财富排行榜上有半数俱乐部计划在2025年进行球场重建，其中包括巴塞罗那足球俱乐部和曼城足球俱乐部（目前处于建设阶段），以及曼联（目前正在探索重建老特拉福德球场的可行方案）。
此外，八家财富排行榜上的俱乐部零售业绩表现更为强劲，凸显了它们利用品牌价值和体育成绩推动商业收入增长的能力，这或许意味着俱乐部在商品销售价值链上的掌控力比以往更强，这可能是足球俱乐部商业模式未来演变的一个信号。
相比之下，2023-2024赛季财富排行榜上俱乐部的转播营收累计43亿欧元，并未增长，因为“五大联赛”各联赛的国内转播周期与上一赛季相同。由于签订了至少到2027年的长期国内媒体转播权协议，“五大联赛”已经或即将进入一个转播营收相对稳定的时期。据报道，英超联赛从2025-2026赛季起，其国际媒体转播权价值将有所提升，主要得益于与中东和北非以及亚太地区达成的新协议。此外，11月英超联赛宣布计划成立内部媒体运营机构，这标志着其商业模式可能发生演变。该举措将于2026-2027赛季启动，负责国际媒体内容的制作与发行，有可能重塑英超联赛与转播合作伙伴之间的关系。
2023-2024赛季财富排行榜上前十名和后十名俱乐部的营收模式存在明显差异。对于排名前十的俱乐部，商业营收是主要收入来源，占俱乐部营收的48%。相比之下，排名11-20位的俱乐部，转播收入是关键营收驱动力，占俱乐部营收的47%。这两组俱乐部的比赛日收入均占各自总营收的18%。
不同收入来源占比的演变，体现出财务最为成功的俱乐部利用商业营收增长的趋势。在2009-2010赛季，排名1-10位和11-20位的俱乐部营收结构大体相同。比赛日收入在两组俱乐部总营收中分别占26%和23%，转播收入分别占43%和44%，商业收入分别占31%和33%。这表明，从历史上看，财富排行榜上俱乐部的商业模式较为相似，场上表现是财务成功的关键。然而，14年后的今天，对于排名11-20位的俱乐部来说似乎依旧如此，但排名1-10的俱乐部就不一样了。在2023-2024赛季，排名前十的俱乐部营收构成更倾向于商业营收，最终导致商业营收（排名1-10位的俱乐部占48%；排名11-20位的俱乐部占34%）和转播营收（排名1-10位的俱乐部占34%；排名11-20位的俱乐部占47%）在财富排行榜两端俱乐部中的重要性出现差异。
这表明，虽然部分财富排行榜上的俱乐部借助其全球知名度来推动俱乐部营收，尤其是赞助和零售方面，但仍有一些俱乐部，特别是排名靠后的俱乐部，依然依赖于场上成绩。自2016-2017赛季以来，财富排行榜前十中仅出现过11家不同的俱乐部，而后十位中则出现过18家不同的俱乐部。
俱乐部分析
皇家马德里在2023-2024赛季成为首家营收超过10亿欧元的足球俱乐部，位居2025年财富排行榜榜首。伯纳乌球场翻新工程的完成促使2023-2024赛季比赛日收入增长至2.48亿欧元，较上一年增长103%。这一增长主要得益于个人座位许可证的营销，带来了约7600万欧元的收入提升。此外，新贵宾席的销售以及自2023年12月起球场容量的增加也创造了收入。该俱乐部商业营收也增长了20%（从4.03亿欧元增至4.82亿欧元），这得益于商品销售的增加以及新的球衣赞助合同。
曼城依旧是英国营收最高的俱乐部，营收达8.38亿欧元。2023-2024赛季，财富排行榜前两名俱乐部之间的差距为2.08亿欧元，创下历史新高（此前的纪录是2018-2019赛季的8400万欧元）。
多家俱乐部认为基础设施投资是营收的关键驱动力。例如，利物浦（收入7.15亿欧元）和里昂奥林匹克（收入2.64亿欧元）从这类项目中受益，较高的上座率和非比赛日活动分别提升了比赛日收入和商业收入。另外，巴塞罗那足球俱乐部营收从2022-2023赛季的8亿欧元降至2023-2024赛季的7.6亿欧元，减少了4000万欧元，排名降至第6位。营收下降是由于比赛在容量仅为诺坎普球场近一半的路易斯・康帕尼斯奥林匹克体育场举行，导致比赛日收入减少6300万欧元，而诺坎普球场目前正在重建中。不过，预计该俱乐部将于2025年搬回诺坎普球场（球场全部工程将在2026-2027赛季前完工），有望在未来几个赛季收获比赛日和商业收入增长带来的益处。
财富排行榜前十的俱乐部中有四家将零售和赞助视为2023-2024赛季的关键营收驱动力。近年来，通过品牌推广实现商业营收增长的能力，使托特纳姆热刺、利物浦等俱乐部得以保持在前十的排名，AC米兰尽管未能获得丰厚的欧冠转播收入，也凭借此能力保住了第13名的位置。里昂奥林匹克也成功将其品牌货币化，通过向里昂女足授予“里昂奥林匹克”品牌50年初始授权，获得了2700万欧元的一次性收入。
与往年一样，运动成绩也直接影响各俱乐部的收入。在2023-2024赛季，阿森纳（7.17亿欧元）、多特蒙德（5.14亿欧元）、纽卡斯尔（3.72亿欧元）和阿斯顿维拉（3.1亿欧元）等俱乐部通过参加欧洲足球协会联盟（UEFA）赛事以及在国内赛事中取得更好成绩，获得了更高的转播分成，从而实现营收增长。相比之下，尤文图斯（3.56亿欧元）在2023-2024赛季无缘欧洲赛事后，排名从第11位降至第16位，为其在财富排行榜历史上的最低排名。该俱乐部总营收下降了18%，其中转播收入下降了37%（5800万欧元）。
排名11-20位的俱乐部构成进一步凸显了场上成绩对财务表现的影响。例如，法兰克福（2.45亿欧元）在2023-2024赛季从欧冠联赛降至欧足联欧洲协会联赛后，转播收入下降了34%（总营收下降16%），从而跌出前20名。这一情况进一步突出了财富排行榜上俱乐部商业模式的差异，也再次表明商业营收能力在帮助利物浦、托特纳姆热刺和切尔西等俱乐部在错过欧冠参赛资格、转播收入减少的情况下，仍能保持在前10名中的作用。
未来展望
根据德勤分析，2025年全球有超过300个体育场馆项目（翻新或新建）正在进行中。虽然并非所有项目都与足球俱乐部相关，但这反映出整个行业越来越注重通过在比赛日之外利用体育场馆，来创造稳定且多元化的收入来源。除了增加场馆容量以满足过剩需求外，俱乐部还致力于打造更智能的娱乐场所，为球员、艺人、球迷以及更广泛的社区全年提供更好的体验。然而，体育场馆与足球俱乐部一样，被视为社区资产，因此在建设时必须考虑当地社区的需求和福祉。
此外，欧洲“五大联赛”的国内转播收入正进入一个稳定期，预计只有英超联赛和西甲联赛能通过国际转播权实现显著增长。因此，下一次实质性的增长可能来自于俱乐部通过在现有赛事中引入新赛制来增加比赛场次。
从财务角度来看，扩大规模的UEFA赛事将提高“五大联赛”之外欧洲俱乐部的营收能力，更多球队将获得联赛阶段参赛资格，从而进行更多比赛。根据德勤分析，排除淘汰赛之前比赛场次变化的影响，赢得欧冠冠军相比之前赛制可能带来约1500万欧元的营收增长。同样，国际足联俱乐部世界杯预计将为一些非欧洲俱乐部带来显著的营收提升，例如今年自1996-1997赛季以来首次进入财富排行榜前30名的弗拉门戈以及国际迈阿密。
然而，因为许多利益相关者都认识到工作量增加带来的影响，各俱乐部需要在营收优化与球员福祉之间取得平衡。像皇家马德里、曼城和弗拉门戈等参加2025年国际足联俱乐部世界杯的俱乐部，在2024-2025赛季可能分别进行68场、74场和87场比赛。
2024年10月，欧洲职业足球运动员协会（FIFProEurope）就国际比赛日程向欧盟提出正式投诉。如果这些问题得不到解决，一旦该协会投票决定在足球赛季举行罢工，就会存在财务风险。此外，管理球员工作量对于提供最佳的场上竞技水平以及满足球迷、转播商、赞助商和投资者所渴望的娱乐体验至关重要。如果无法解决这一关键挑战，从长远来看将损害这项运动在各方面的价值。
随着管理机构推出新赛事或对现有赛事进行赛制变革，运动成绩在推动俱乐部财务成功方面的相对重要性将日益增加。财富排行榜上表现最佳的俱乐部都利用历史和当前的场上成功，作为推动全球体育和娱乐品牌发展的催化剂。要想在排名上实现突破，排名靠后的俱乐部需要在场上表现上实现飞跃，同时培育一个能够跨越国界、在喧闹的球场和数字平台上都能引起国际观众共鸣的品牌和理念。
德勤2025年《欧洲足球俱乐部财富榜》名单如下：
原文如下：
Now in its 28th edition, the Deloitte Football Money League profiles the highest revenue generating football clubs in world football. The 2023/24 season unlocked a new frontier, as Real Madrid became the first football club to record €1 billion in revenue.
The 2023/24 season created football history, as Real Madrid became the first football club to generate €1 billion across a single season. The club’s financial success during the season was underpinned by the newly renovated and expanded Bernabéu Stadium, which delivered significant uplifts to matchday and commercial revenue over the previous season.
Cumulatively, the Money League clubs in 2023/24 generated a record €11.2 billion, an increase of 6% over the 2022/23 season, with record matchday, commercial and broadcast revenues. In 2023/24, the average Money League club generated €560m, comprised of €244m (44%) commercial revenue, €213m (38%) broadcast revenue, and €103m (18%) matchday revenue.
A rise in clubs’ stadium capacity, general ticket prices and premium matchday offerings caused matchday revenues to grow 11% year-on-year, making it the fastest growing revenue stream for Money League clubs once again. Matchday revenue surpassed €2 billion (€2.1 billion) for the first time in the history of the publication, accounting for 18% of total revenue, the highest share since 2014/15 - 19%.
At €4.9 billion, commercial remained the largest revenue source for Money League clubs for the second year running, accounting for 44% of total revenue. The 10% uplift over the previous year was largely driven by an increase in the hosting of non-football live events, improved retail performance and a rise in sponsorship revenues.
During the 2023/24 season, several football clubs hosted major sporting events in their stadia, boosting commercial revenues. For instance, select French clubs benefitted from the 2023 Rugby World Cup and German clubs from the 2024 UEFA EUROs. Recognition of the reliability and potential upside from venue-generated income has led to half of the Money League clubs pursuing stadia redevelopment in 2025, including FC Barcelona and Manchester City (presently in the construction phase) and Manchester United (currently exploring available options to redevelop Old Trafford).
Additionally, eight Money League clubs reported stronger retail performance, highlighting their ability to leverage brand value and sporting success to drive commercial revenue and likely a move towards clubs controlling more of the value chain from the sale of merchandising than ever before – perhaps a sign of how the business model of football clubs is evolving for the future.
In contrast, there was no uplift in the broadcast revenue (€4.3 billion) cumulatively reported by Money League clubs in 2023/24, as each of the ‘big five’ leagues remained in the same domestic broadcast cycle as the preceding season. The ‘big five’ leagues have or will be entering, a period of relatively stable broadcast revenues due to longer-term domestic media rights deals through to at least 2027. The Premier League will reportedly benefit from an uplift in the value of its international media rights from 2025/26, primarily through new agreements across the MENA and APAC regions. Furthermore, in November the Premier League announced plans to establish an in-house media operation, signalling a potential evolution to its business model. Launching in 2026/27, this initiative will be responsible for the production and distribution of international media, potentially reshaping the league’s relationship with broadcast partners.
There is a clear distinction in revenue generation models between the two halves of the 2023/24 Money League. For clubs ranked in the top 10, commercial revenue is the dominant income source, accounting for 48% of club revenues. Contrastingly, broadcast is the key revenue driver for clubs ranked 11-20, representing 47% of club revenues. Both sets of clubs respectively generated 18% of their total revenue from matchday.
The trend for the most financially successful clubs to leverage the growth in commercial revenue is illustrated by the evolution of the split between the different revenue streams. In 2009/10, the revenue profile of the clubs ranked 1-10 and 11-20 was largely the same. Matchday accounted for 26% and 23% of total revenues across each group respectively, broadcast 43% and 44%, and commercial 31% and 33%. This indicates that, historically, business models of Money League clubs were relatively similar, with on-pitch performance driving financial success. While, 14 years on, this seemingly remains the case for clubs ranked 11-20, the same can’t be said for clubs ranked 1-10. In 2023/24, the top 10 clubs’ revenue composition was more heavily skewed towards commercial revenue, ultimately driving differences in the significance of this (1-10; 48%; 11-20: 34%) and broadcast (1-10: 34%; 11-20: 47%) for clubs at either end of the Money League.
This indicates that while several Money League clubs leverage their global profile to drive club revenues, notably sponsorship and retail, several clubs, particularly those in the lower half of the Money League, are still reliant on on-pitch success. Since the 2016/17 season, while only 11 clubs have featured in the top-10 of the Money League, 18 different clubs featured in the bottom half.
Club analysis
Real Madrid became the first football club to generate over €1 billion in revenue during the 2023/24 season and are at the top of the 2025 Money League. The completion of renovations works to the Bernabéu Stadium catalysed the growth of matchday revenues to €248m in 2023/24, a 103% uplift on the previous year. The increase was realised predominantly on account of the marketing of Personal Seat Licenses1, which provided an uplift of c.€76m, as well as the sale of new VIP seats and the increased capacity of the stadium from December 2023. The club also reported a 20% increase in commercial revenue (from €403m to €482m), boosted by increased merchandise and new sleeve sponsorship.
Manchester City remained the highest revenue generating English club, with revenue of €838m. The gap between the top-two Money League clubs in 2023/24 was €208m, the highest on record (previous record: €84m in 2018/19).
Several clubs identified the impact of infrastructure investments as a key driver of revenue. For instance, Liverpool (€715m) and Olympique Lyonnais (€264m) benefited from such projects, with higher attendances and non-matchday events boosting matchday and commercial revenue respectively. Elsewhere, FC Barcelona fell to 6th following a decrease of €40m in revenue, from €800m in 2022/23 to €760m in 2023/24. The decline was driven by a €63m fall in matchday revenue due to matches being played at the Estadi Olímpic Lluís Companys, a stadium with nearly half the capacity of Spotify Camp Nou that is currently under redevelopment. However, with the club expected to return to the Spotify Camp Nou in 2025 (with the full stadium works to be completed before the 2026/27 season), it will expect to reap the benefits of enhanced matchday and commercial revenues in upcoming seasons.
Four of the top-10 Money League clubs identified retail and sponsorship as key revenue drivers in 2023/24. The ability to generate incremental commercial revenue in recent years through brand activation has enabled the likes of Tottenham Hotspur and Liverpool to maintain their top-10 status, and AC Milan to retain 13th place despite missing out on lucrative UEFA Champions League broadcast income. Olympique Lyonnais also successfully monetised its brand, generating a €27m lump-sum royalty as compensation for granting of an initial 50-year license for the ‘Olympique Lyonnais’ brands to OL Féminin.
Akin to previous years, sporting performance played a crucial role in providing financial impetus. In the 2023/24 season, this led clubs such as Arsenal (€717m), Borussia Dortmund (€514m), Newcastle (€372m) and Aston Villa (€310m) to grow revenues through participation in UEFA competitions and improved domestic performances yielding higher broadcast distributions. Contrastingly, Juventus (€356m) fell from 11th to 16th, the club’s lowest ranking in Money League history, following an absence from European football in 2023/24. The club reported an 18% decrease in overall revenue, following a 37% (€58m) fall in broadcast revenue.
The make-up of the clubs ranked 11th-20th reinforce the impact of on-pitch success on financial performance. For example, Eintracht Frankfurt (€245m) dropped out of the top-20 in 2023/24 following a 34% decline in broadcast revenue (16% decrease in total revenue) as the club participated in the UEFA Europa Conference League versus the Champions League. This feat further underscores the distinction in business models between clubs in the Money League and reiterates the role commercial revenue generating ability has played in enabling the likes of Liverpool, Tottenham Hotspur, and Chelsea to retain their position in the top-10 despite reduced broadcast income after missing out on Champions League participation.
Future outlook
According to Deloitte analysis, over 300 sport stadium projects (renovations or new builds) are underway globally in 2025. While not all these projects relate to football clubs, it is reflective of an increased industry-wide focus towards creating stable and diversified revenue streams through stadia utilised beyond matchdays. In addition to increasing capacity to service excess demand, clubs are focused on building smarter entertainment destinations that deliver better experiences for players, artists, fans, and the wider community throughout the year. However, stadiums, much like the broader football club, are viewed as community assets and thus it is essential that they are built with the needs and welfare of the local community in mind.
Additionally, the ‘big five’ European leagues are entering a period of stability in domestic broadcast income, and only the Premier League and LaLiga are expected to deliver significant uplifts through international rights. Therefore, the next material uplift could come from an increase in the number of matches played by clubs via the introduction of new formats to existing competitions. This can be expected on account of changes made to UEFA club competitions from 2024/25, and the expanded FIFA Club World Cup between June and July 2025.
In financial terms, the expanded UEFA competitions will increase the revenue generating capacity of European clubs outside of the ‘big five’ leagues, with more teams qualifying for the league phase, where they will play more matches. Per Deloitte analysis, excluding the impact of changes to the number of pre-knock out matches, winning the Champions League could result in revenue uplifts of c.€15m over the previous format (UEFA Europa League: c.€8m and UEFA Europa Conference League: c.€3m). Similarly, the FIFA Club World Cup is expected to provide a significant uplift to some non-European clubs such as Flamengo, who this year ranked in the top 30 of the Money League for the first time since 1996/97 and Inter Miami.
However, there is a need to balance revenue optimisation with player welfare as many stakeholders acknowledge the impact of increased workloads. Clubs such as Real Madrid, Manchester City and Flamengo who are participating in the FIFA Club World Cup in 2025 could have potentially played in 68, 74, and 87 matches respectively during the 2024/25 season2.
In October 2024, FIFPro Europe filed a formal complaint to the European Union over the international match calendar. Should the challenges not be resolved, there exists a financial risk if the union votes to implement a strike during the football season. In addition, the need to manage workload is critical to providing the best on-pitch quality and the entertainment that fans, broadcasters, sponsors, and investors all crave. The inability to resolve this key challenge will damage the value of the sport in all senses in the long-term.
As governing bodies introduce new competitions or implement format changes to existing competitions, the relative importance of sporting performances in driving financial success for clubs will increase. The top performing Money League clubs have all used historical and current on-pitch success as a catalyst to spark the growth of global sport and entertainment brands. A shake-up in the rankings will require clubs further down the ladder to take the leap in on-pitch performance, while nurturing a brand and ethos that transcends borders to resonate with international audiences both in roaring stadiums and across digital platforms.
Closing notes
The Deloitte Football Money League was compiled by Tim Bridge, Kunal Sajdeh, Dhruv Garg, Matt Cunningham, Jennifer Haskel, Zoe Batchelor, and Lizzie Tantam from the Deloitte Sports Business Group. As always, we would like to thank Henry Wong and others inside and outside of Deloitte’s international network who have made this publication possible. We particularly thank those clubs which have taken the time to help us with the provision of information and associated explanations, and we hope that you enjoy this edition of the publication.
1 Holders of Personal Seat Licenses are entitled to buy season tickets each year for a certain seat during a period of 30 years.
2 Includes four matches for the FIFA Club World scheduled to take place prior to 1 July 2025.
（转自：四大新鲜事儿）
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