Real Madrid have topped the league table of the world’s 20 richest football clubs for the 11th year in a row, according to Deloitte.
Its Football Money League, based on season 2014-15, also said the combined revenues of the 20 clubs had risen 8% to €6.6bn, a new record.
Real’s arch-rivals Barcelona rose two places to second on the list, pushing Manchester United down to third.
Paris Saint-Germain and Bayern Munich completed the top five.
The list only looks at revenues accrued and does not take into account club debts.
All the 20 clubs represented are from the “big five” European leagues, with Italy contributing four clubs, Germany three, Spain three and France one.
Real Madrid saw revenues of €577m.
The club saw revenue growth of €27.5m, including an increase of €22.7m in commercial revenues from the previous season.
DELOITTE FOOTBALL MONEY LEAGUE
•1. Real Madrid: €577m
•2. Barcelona: €560.8m
•3. Man Utd: €519.5m
•4. Paris Saint Germain; €480.8m
•5. Bayern Munich: €474m
•6. Manchester City: €463.5m
•7. Arsenal: €435.5m
•8. Chelsea: €420m
•9. Liverpool: €391.8m
•10. Juventus: €323.9m