January 30 – With €232.6 million in match day revenues last season, Real Madrid lead a financial ranking of how much Europe’s leading clubs generate from match day activities at their home fixtures.
Real Madrid are followed by Manchester United FC (€190.7 million), Arsenal FC (€183.0 million), Paris Saint-Germain FC (€176.6 million), and FC Barcelona (€150.2 million), completing the top five.
Eight Premier League clubs are in the top 20 which also has Galatasaray, Celtic and Ajax ranked at 12th, 15th and 20th as the only three clubs outside Europe’s Big 5 leagues.
The ranking is part of a report by Football Benchmark that analyses match day performance through the current matchday revenue hierarchy, how match day revenues have evolved per club since pre-pandemic, and how efficiently these clubs are converting stadium capacity into revenue.
Real Madrid’s lead position reflects the impact of the revamped Santiago Bernabéu that has expanded the stadium’s commercial capabilities through upgraded premium areas, integrated retail units, and improved flexibility to host non-matchday events.
“These changes have pushed match day revenues to a new level and are expected to support further growth as the stadium is fully leveraged across both matchdays and non-match days,” says the report.
The share of match day to total operating revenue varies significantly between clubs. Manchester City recorded match day revenues as 11% of total revenue, compared to Celtic who generated €71.7 million from match day income last season – 42% of the club’s total operating revenue.
Aston Villa showed the strongest match day revenue growth among the top 20 European clubs, rising from €14.5 million in 2018/19 to €80 million last season (+453%, +€65.5 million). The club has progressed from competing in the English Championship in 2018/19 and reaching the UEFA Champions League quarter-finals in 2024/25.
Other strong growth profiles include Galatasaray SK, increasing from €26.6 million to €81.7 million (+207%), and Newcastle United FC, rising from €28.2 million to €68 million (+141%).
In contrast FC Barcelona recorded a decline from €174.9 million in 2018/19 to €150.2 million in 2024/25 (-14%, -€24.7 million). This reflects the impact of playing away from Camp Nou during the stadium redevelopment. In 2022/23, the final season before renovation works began, Barcelona generated €190.0 million in match day revenue.
Football Benchmark also introduce a new club revenue measurement – RevPEPAS (revenue per event per available seat) – which it says provides a different view of matchday performance by focusing on efficiency rather than scale. It is calculated by dividing total matchday revenue by the combined seating capacity across all competitive home fixtures played during the season.
Paris Saint-Germain recorded the highest RevPEPAS among the top 20 last season at €147.4 million.
“Across Europe, matchday performance is increasingly shaped by how effectively stadiums are monetised rather than by attendance alone,” concludes the report.
“In both large and smaller leagues, the importance of matchday has increased. Broadcasting revenues remain sensitive to sporting outcomes and commercial income is increasingly competitive, while matchday is anchored in a tangible asset where clubs retain meaningful influence over outcomes: the stadium.
“Match day performance is no longer driven only by attendance or the number of home games, but by strategic decisions around how the stadium is used, how match day products are structured, and how demand is priced… more and more clubs are viewing stadium redevelopment or new stadium projects not as optional upgrades, but as strategic levers to future-proof matchday revenues.”
To see the full report, click here. https://footballbenchmark.com/e/blog/28466/507241
Contact the writer of this story at moc.l1769766700labto1769766700ofdlr1769766700owedi1769766700sni@n1769766700osloh1769766700cin.l1769766700uap1769766700
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