Key Points
- Flamengo is the only non-European club in Deloitte’s latest top-30 revenue ranking, placing 29th.
- Deloitte focuses on recurring income, not player sales, giving a cleaner view of sustainable strength.
- The gap to Europe’s giants is huge, but Flamengo’s model is starting to narrow it.
Flamengo has done something no other club outside Europe managed this year: it made Deloitte’s Football Money League top 30. The Rio de Janeiro powerhouse ranked 29th.
Deloitte estimated €202.7 million for 2024/25, up from €198.2 million in the prior edition. The detail behind the headline is what makes it meaningful.
Deloitte counts three revenue streams: matchday income, broadcasting, and commercial activity. It excludes transfer fees, which can distort finances and reward short-term trading.
That is why a club’s position is often read as a proxy for repeatable business power. At the top of the list, Europe’s scale looks like a different industry.
Flamengo Is the Only Non-European in Deloitte’s Top 30 Football Earners. (Photo Internet reproduction)
Real Madrid led with €1.161 billion, followed by Barcelona on €974.8 million and Bayern Munich on €860.6 million. Deloitte reported that the top 20 clubs together generated €12.4 billion, underscoring how concentrated football’s money has become.
Flamengo’s presence in that company reflects Brazil’s biggest advantage in the sport: audience. A large fan base helps sell sponsorship, memberships, merchandise, and premium matchday demand.
It also rewards steady administration, clear budgeting, and a focus on dependable cash flows. Still, the ranking highlights structural barriers for Latin America.
European clubs benefit from richer media markets, deeper sponsorship pools, and UEFA-linked competition income. Many have stadium ecosystems that generate revenue beyond matchdays.
For Flamengo, the message is clear: growth must come from brand scale. Stadium control and calendar stability can lift matchday and commercial income.
Online posts shared Deloitte’s table. Many framed Flamengo as the “lone outsider,” sparking debate about football’s power map.
Deloitte noted that new challengers could enter future editions, including Saudi clubs and Inter Miami. Commercial income is now the biggest stream at the top level. That trend will reward brands that can grow without relying on one-off windfalls.
Top 30 football clubs by annual revenue (EUR)
Rank
Club
Revenue (billion)
1
Real Madrid
€1.161 billion
2
Barcelona
€974.8 million
3
Bayern Munich
€860.6 million
4
Paris Saint-Germain
€837 million
5
Liverpool
€836.1 million
6
Manchester City
€829.3 million
7
Arsenal
€821.7 million
8
Manchester United
€793.1 million
9
Tottenham
€672.6 million
10
Chelsea
€584.1 million
11
Inter Milan
€537.5 million
12
Borussia Dortmund
€531.3 million
13
Atlético de Madrid
€454.5 million
14
Aston Villa
€450.2 million
15
Milan
€410.4 million
16
Juventus
€401.7 million
17
Newcastle
€398.4 million
18
Stuttgart
€296.3 million
19
Benfica
€283.4 million
20
West Ham
€276 million
21
Eintracht Frankfurt
€269.9 million
22
Brighton
€238.7 million
23
Everton
€234 million
24
Crystal Palace
€232.5 million
25
Bournemouth
€218.5 million
26
Roma
€216.3 million
27
Wolverhampton
€206.3 million
28
Brentford
€206 million
29
Flamengo
€202.7 million
30
Olympique de Marseille
€188.7 million
