Real Madrid have taken over from Manchester United at the top of the Deloitte Football Money League.
Champions League winners Madrid made record revenues of €750.9 million (£674.6m) in 2017-18 as United slipped to third place behind Madrid’s rivals Barcelona, who generated revenues of £648.3m. United made £676.3m.
Madrid’s victory over Liverpool in May brought them a third successive Champions League title, while Barcelona’s rise to second made it the first time two La Liga teams have occupied the top spots since 2014-15.
It is the 12th time in 22 editions of the list — which does not take club debts into account — that Madrid have ended up on top.
The top 10 includes six Premier League clubs, a new record, while the overall revenue of the top 20 clubs increased by six percent to reach a record £7.4 billion.
Premier League champions Manchester City, with £503.5m, maintain a place in the top five, with Liverpool (£455.1m) seventh after their Champions League run, Chelsea (£448m) eighth and Arsenal (£389.1m) down to ninth after missing out on a place in the Champions League.
Tottenham (£379.4m) return to the top 10 for the first time in more than a decade.
Meanwhile, Paris Saint-Germain are sixth after the arrival of world-record signing Neymar helped their revenues grow, with German champions Bayern Munich in fourth.