Spanish giants Real Madrid have made history by becoming the first club to surpass €1 billion ($1.04bn euros) in annual revenue, according to the latest Deloitte Football Money League report, released Thursday.

For the 2023-24 season, Real Madrid posted a remarkable €1,045,500,000 in income, solidifying their position as the top revenue-generating club in world football. This achievement comes on the back of a highly successful season in which they won both the UEFA Champions League and La Liga, further boosting their financial standing.

English champions Manchester City are in second place with €838 million in revenue, while French titleholders Paris Saint-Germain takes third with €806 million. Rounding out the top five are Manchester United (€771 million) and Bayern Munich (€765 million).

The English Premier League dominates the top 10, which also includes major clubs like Barcelona, Arsenal, Liverpool, Tottenham and Chelsea. In total, the 20 clubs included in Deloitte’s study generated a combined €11.2 billion in revenue, a 6% increase from the previous year, reflecting the growing commercial success of top-tier football.

A closer look at Real Madrid’s revenue breakdown reveals key drivers of their record income. The club earned €248 million in match day revenue, a significant jump of 100% from the previous year, largely driven by the continued redevelopment of the Santiago Bernabéu Stadium. This increase is unparalleled, with Paris Saint-Germain (PSG) in second place for match day income, generating €170 million.

In terms of broadcast revenue, Madrid secured €316 million, while their commercial revenue reached €482 million, up 19% from the previous year.