The fifteenth edition of the Deloitte Football Money League was published this week, outlining the accounts of the top-earning European clubs.

The top 20 clubs in Europe generated combined revenues of €4.4b in the 2010-11 season, which equates to more than a quarter of the whole European football market. For the seventh year in a row, Real Madrid lead the money league with a €41m revenue growth to €480m. Despite a €53m revenue growth, Barcelona remain €29m behind their major rivals with €450m.

The highest placed English team was Manchester United in third with a £45m growth in revenues ensuring total revenues of €367m.

The commercial-revenue-only table (as opposed to match-day and broadcasting revenues) is headed by German team Bayern Munich with commercial revenues of €177.7m, €5.3m ahead of Real Madrid on €172.4m.

Despite heavy investment in players and wages, Manchester City are still outside the top 10 in revenue-terms in twelfth position, the sixth highest English team (behind Manchester United, Arsenal, Chelsea, Liverpool and Tottenham).

For the full report by Deloitte, see here: http://www.deloitte.com/view/en_GB/uk/industries/sportsbusinessgroup/sports/football/deloitte-football-money-league/9db981f2bd415310VgnVCM1000001a56f00aRCRD.htm