Flamengo Is the Solely Non-European in Deloitte’s High 30 Soccer

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



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