Just five years ago, television rights were the primary source of revenue for football clubs, regardless of their size. However, over the past five years, this trend has shifted significantly, with commercial revenue (from sponsorships and merchandise sales) increasing by 39%, and ticketing revenue rising by 32%, compared to a modest 3% growth from television rights. According to UEFA's "Financial and Investment Context of Football Clubs" report for 2024, the figures reflect this new trend. European clubs saw a 7.2% increase in earnings from television rights, 11% from ticket sales, and 12% from commercial revenue.

Real Madrid led the financial rankings for the 2023/24 season, with a turnover of 1.073 billion euros, far ahead of its closest rivals: Manchester City (854 million euros), PSG (808 million euros), Manchester United (771 million euros), and Bayern Munich (764 million euros). Barcelona came in sixth with 764 million euros, and Atlético de Madrid ranked 12th with 408 million euros. A substantial portion of this income came from sponsorship deals, where shirt sponsorships and sports brand deals have grown in a highly competitive market. Just recently, Adidas outbid Nike to secure a sponsorship deal with Liverpool, which will now earn 71 million euros per year for five years—double what Nike had been paying.

It's no coincidence that nine of the top ten highest-grossing football clubs in Europe have the highest shirt sponsorship deals. Real Madrid tops this list, showcasing the club’s financial strength under the leadership of Florentino Pérez. The club's sponsorship agreements with Adidas (120 million euros), Fly Emirates (70 million euros), and HP (70 million euros) bring in a combined 260 million euros annually. The deal with HP to feature their logo on the club’s sleeve marked a significant shift in how this space is commercialized. To put this in perspective, Manchester United earns the most from sleeve sponsorships, with DXC Technology paying 25 million euros a year—nearly a third of what Real Madrid receives from HP.

The sponsorship amounts for the top European clubs are generally comparable. Manchester City receives 74 million euros per year from Etihad Airways, while Real Madrid (Fly Emirates), Manchester United (Snapdragon), Barcelona (Spotify), and PSG (Qatar Airways) each receive 70 million euros annually. Bayern Munich earns 60 million euros from Deutsche Telekom, and Arsenal and Liverpool receive 58.5 million euros each from Fly Emirates and Standard Chartered, respectively. Interestingly, in the upcoming Champions League quarterfinals, both Real Madrid and Arsenal will sport the same Fly Emirates logo on their jerseys.

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