Real Madrid's revenue of £401m for the 2010/11 season means they remain top of the Deloitte European Money League for the seventh year in a row as football continues to defy the financial crisis.
Barcelona are second and Manchester United third, with Arsenal and Chelsea in fifth and sixth respectively. The top six remain the same for the fourth consecutive year.
The gap between United and the two Spanish clubs increased again despite United's revenue continuing to grow. This is largely due to the ability of Spanish teams to negotiate their own television rights and therefore claim a larger slice of TV revenue. Manchester United's early exit from this season's Champions League means the gap is likely to increase further when next year's list is published.
German side Schalke were the biggest climbers, leaping six places into tenth, however, Manchester City's participation in this year's Champions League, coupled with their huge Etihad sponsorship deal, means they will likely replace the German side the top 10 in 12 months time.
A total of six English clubs, the highest from any country, comprise the top 20, with a further five in the top 40 (Aston Villa, Newcastle United, Everton, West Ham United and Sunderland), further evidence that the Premier League is now Europe's top club competition.
In total, the top 20 clubs have achieved 3 per cent growth on the previous year's figures, more than double that of the countries represented in the list.
The report also highlights the extreme concentration of wealth amongst Europe's elite. In total, the combined revenues of the top 20 clubs on the list accounts for a quarter of the total revenues across the European football market (4.4 billion Euros), a staggering statistic which shows the disparity between those competing in European competitions and those who aren't.
Dan Jones, Partner in the Sports Business Group at Deloitte, commented:
Continued growth of the top 20 clubs during 2010/11 emphasises the strength of football's top clubs, especially in these tough economic times. Whilst revenue growth has slowed from 8% in 2009/10 to 3% in 2010/11, their large and loyal supporter bases, ability to drive strong broadcast audiences and continuing attraction to corporate partners has made them relatively resilient to the economic downturn.
Barca's shirt deal with the Qatar Foundation, will further boost the club's revenue in 2011/12. Nonetheless, Real Madrid will be confident it can remain at the top of the Money League next year. The two clubs' on-pitch performance, particularly in this season's Champions League, will have a big influence on the final outcome.