Most Profitable Football Clubs in Europe [Top 10]

We live in a time where multi-million pound transfers and eye-watering high wages have become normal in modern football. However, it is these same incredible feats that have instigated the downfall of some of the greatest football clubs in European history.

Although many top European clubs have found themselves in substantial debt during the past few years, several teams have managed to stay profitable whilst competing in the most prestigious leagues across the globe.

Why Are Football Clubs in Debt?

Many football clubs are in debt as they spend more than they make. The COVID-19 crisis has certainly played a key factor over the past few years, with UEFA reporting an estimated 7.2 billion euros loss in revenue between football clubs in Europe from 2019-2021.

Covid prevented supporters from attending live games, severely halting the club’s revenue streams. Barcelona reportedly earned a staggering €300 million per season from ticket and merchandise sales, therefore a large portion of that income was lost due to covid.

Poor player transfer decisions and a decrease in revenue have led to many falling into debt, with Barcelona in particular owing up to 1.35 billion euros.

Despite this loss over the past two years, club spending has continued to grow with £815 spent by Premier League clubs alone in the Januar 2023 transfer window (a record-breaking figure for the winter transfer session).

Top European clubs have continued to increase their spending whilst losing revenue, a strategy that was unsustainable over the last few years.

Clubs like French giants PSG and Premier League champions Manchester City have succeeded over the past decade thanks to world-record spending. PSG still hold the record for purchasing the top two most expensive players in the world, Neymar for €222 million and Kylian Mbappe for €145 million.

With all this high-level spending it is easy to understand why PSG, one of the wealthiest clubs in the world, announced a debt of €70 million at the end of 2020. However, not every club has fallen into this pit of financial difficulties thanks to smart transfer decisions and committed investments from owners.

Do Any Football Clubs Make a Profit?

In European football, only 10 teams recorded a profit of £1 million or more during the period from 2019 to 2021. With over 1000 professional clubs in Europe, this means that less than 1% were significantly profitable.

Chelsea, Liverpool, Newcastle and Norwich were the only Premier League clubs able to profit; Aston Villa and Burnley broke even despite the drop in revenue thanks to player sales and injections of cash from their owners.

Although the Dutch Eredivisie does not generate as much commercial and broadcasting revenue for its clubs compared to the top five European leagues, Ajax and AZ Alkmaar are remarkably still in the top ten for most profitable sides in Europe.

European competitions such as the Europa League and Champions League have benefited many sides financially. SportingNews reported that all 32 clubs that reach the group stage of the Champions League receive a share of the £2.44 billion generated from the competition’s revenue.

Clubs such as Napoli, Villarreal and Atalanta have been able to develop greatly from this added income as they have also remained profitable over the past few years.

Most Profitable Football Clubs in Europe [Top 5]

According to a study from Forbes, the most profitable football club in Europe (and the world for that matter) is Tottenham Hotspur with a net profit of 325 million pounds over the last three years.

Despite the Covid-19 pandemic, the Spurs have did well to keep their finances afloat. Even better, they managed to make profits thanks to their newly-established stadium which gave them a significant boost in matchday income.

Moreover, the North Londoners haven’t been indulged in frenzy spending sprees like some of their Premier League counterparts. While Daniel Levy’s cautious strategy may have hindered the club’s fortunes on the pitch, it proved to be prosperous from an economic standpoint.

The rest of the Top Five is predominated by English clubs, with Man City, Man United and Liverpool all joining the Spurs.

European Football Clubs with the Highest Revenue [Top 10]

In the table below, we’ll reveal the Top 10 European clubs with the highest annual revenue registered in the 2021/22 campaign. This numbers are based on a study from Deloitte.

# European ClubRevenue (Annual)
1Man City£955 million
2Chelsea£604.5 million
3Real Madrid £594.3 million
4Liverpool£583.2 million
5Paris Saint-Germain£554 million
6Bayern Munich£553.5 million
7Barcelona£540.5 million
8Chelsea£481.3 million
9Tottenham Hotspur£442.8 million
10Arsenal£367.1 million
Based on the 2021/22 campaign

Most Profitable European Football Clubs [Top 5]

In this section, we’ll reveal the five European clubs that landed on Forbes‘ list of the 25 most profitable sports teams in the world. This list is based on the total operating income generated in the last three years.

#European ClubNet Profit (2020-2023) 
1Tottenham Hotspur£325 million
2Manchester United£316 million
3Manchester City£258 million
4Liverpool£231 million
5Bayern Munich£184 million
Last updated: 21/6/2023

How Can More Football Clubs Make More? 

Top European sides see a significant amount generated through European competitions such as the Europa and Champions League, with 2021 Champions League winners, Chelsea, earning a staggering £23.18 million

Commercial selling has always been an effective tool for increasing profit margins at football clubs with sponsorship and merchandise income largely making up net profit margins.

It is estimated that Manchester United sell an average of 1.7 million football kits yearly, generating an incredible revenue stream roughly around £80-90 million per year.

A good example of high-volume merchandise selling would be that of PSG, as they were able to make  €23.7 million through online sales of Lionel Messi’s club shirt on the first day. Due to the player’s status and the use of online retail, the club sold 150,000 tops in the first seven minutes of its release.


Although Europe’s top football clubs have been able to generate billions in revenue in modern football, their method of overspending on player transfers, whilst losing revenue during the COVID-19 pandemic, has left many struggling with financial debt.

Despite the loss in revenue for many clubs, teams such as Norwich, Villarreal and Ajax have been able to sell their top players to help make them profitable whilst attempting to sign cheaper replacements for the future.

With the world beginning to galvanise after the chaos of covid, top European clubs will likely continue to spend big as matchday and commercial revenue will return to help maximise their profit margins.

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James Worthington

James is a sports writer from Leicestershire with a strong interest in football, boxing, and rugby union. He has considerable experience in the sports media industry, having worked with numerous professional sports clubs in the UK and the Netherlands. See James' portfolio

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