The importance of Champions League qualification has been underlined after Liverpool achieved a financial first ahead of Manchester United.
The Reds have moved up from seventh to third place in the latest Deloitte Football Money League, the annual independent profile of the highest revenue-generating clubs in the world. It is their highest position in the rankings since they were first introduced after the 1996/97 season.
Deloitte have calculated Liverpool as having earned €701.7m (£594.3m according to the exchange rate used in the report) during the 2021/22 campaign - an increase of 27% on the previous year's figure (€550.4m), which was for a campaign largely played behind closed doors due to the pandemic.
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The Reds' increased broadcast income from the run to the Champions League final allowed them to move ahead of United for the first time, their bitter North West rivals slipping to fourth with revenues of €688.6m. Manchester City remain top the list on €731m, with Real Madrid next with €713.8m. Liverpool's coffers were also bolstered by successes in the FA Cup and League Cup finals.
The breakdown of Liverpool's finances saw them take €112m in matchday revenue - one of only five clubs to break that €100m barrier - which represented 16% of the overall total. Commercial revenue made up €275m (39%) with the remainder broadcast income (45%). Wages reached an all-time high, although the ratio compared to revenue was down to 62% from 67% two years ago.
The report - which factors in revenue from matchday, broadcaster and commercial sources but excludes player transfer fees - comes at a time Liverpool owners Fenway Sports Group are actively seeking fresh investment into the club, with the sale of a minority stake becoming increasingly more likely than a complete takeover. Liverpool are valued in excess of £3bn.
For the first time, Deloitte has also factored in revenue generated by the women's team, which they calculated at €1.2m - a figure bettered by six other Premier League clubs in the top 20, United leading with €6m.
Revenue across the board was up significantly due to the return of supporters after two seasons affected by pandemic lockdowns, with five of the Premier League's traditional 'big six' reporting increases of 15% or more in revenue.
Liverpool were the biggest movers of those teams regularly near the top of the list, and among the clubs whose revenue has increased since levels before the pandemic in 2018/19. By contrast, Barcelona had one of the biggest falls in the rankings with a failure to qualify from the Champions League group stages contributing to a 13% drop in broadcast revenue.
It served to underline the financial importance of qualifying for Europe's elite club competition. With just over half the Premier League season remaining, Liverpool currently stand 10 points off the top four and the Champions League qualification places, albeit with a game in hand.
Deloitte Money League top 10
1. Man City - £619.1m total revenue in pounds
2. Real Madrid - £604.5m
3. Liverpool - £594.3m
4. Man United - £583.2m
5. PSG - £554m
6. Bayern Munich - £553.5m
7. Barcelona - £540.5m
8. Chelsea - £481.3m
9. Tottenham - £442.8m
10. Arsenal - £367.1m
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