Los Blancos did not win any trophy last season, but they raked in a revenue of 577 million ($628m) in the 2014/2015 season to keep them top for the 11th straight year.
“The planned redevelopment of the Santiago Bernabeu will help to continue the growth in matchday income in the coming years,” Dan Jones, a partner in the Deloitte sports business division, said.
Barcelona generated €560.8m, to displace Manchester United who made £395.2m ($560m) from second place.
1. Real Madrid (€577m)
2. Barcelona (€560.8m)
3. Man Utd (€519.5m)
4. Paris St Germain (€480.8m)
5. Bayern Munich (€474m)
6. Man City (€463.5m
7. Arsenal (€435.5m)
8. Chelsea (€420m)
9. Liverpool (€391.8m)
10. Juventus (€323.9m).
11. Borussia Dortmund (€280.6m)
12. Tottenham (€257.5m)
13. Schalke (219.7m)
14. AC Milan (€199.1m)
15. Atletico Madrid (€187.1m)
16. Roma (€180.4m)
17. Newcastle (€169.3m)
18. Everton (€165.1m)
19. Inter Milan (€164.8m)
20. West Ham (€160.9m).
21. Galatasaray (€159.1m)
21. Galatasaray (€159.1m)
22. Southampton (€149.5m)
23. Aston Villa (€148.8m)
24. Leicester (€137.2m)
25. Sunderland (€132.9m)
26. Swansea (€132.8m)
27. Stoke (€130.9m)
28. Crystal Palace (€130.8m)
29. West Brom (€126.6m)
30. Napoli (€125.5m).
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