Los Blancos may be struggling on the pitch this season but can claim victory off it as they regained the top spot in Deloitte Football Money League 2019. Manchester United slipped to third with Barcelona making it the first Spanish one-two since 2014-15.

Dan Jones, head of Deloitte’s sports business group, said: “Real Madrid’s outstanding financial performance in 2017-18 is built on their long history of success on the pitch, most recently three consecutive Champions League titles. This has enabled the club to continue to drive commercial revenue as the appetite to partner with Europe’s most successful clubs remains stronger than ever.”

Bayern Munich and Manchester City completed the top five, retaining their positions from the past two years. Paris St-Germain, Liverpool, Chelsea, Arsenal, and Tottenham Hotspur occupied remaining places in the top 10. There’s no sign of football’s financial boom slowing down. The highest 20 clubs generated a combined total of $8.41 billion, a 6% increase from the last edition.

A record six English clubs are in this edition’s top 10, demonstrating the global power of the English Premier League. Despite this year’s dominance, Deloitte has warned that English clubs may struggle to keep their places next year after the Premier League failed to deliver a substantial increase in overall broadcast rights values.

It said English clubs will have to rely more heavily on their own ability to generate matchday revenue with Europe’s other leagues threatening to overtake them.