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Manchester City have been knocked off their financial perch by Real Madrid in the annual Deloitte Football Money League, despite winning the treble last season, the Guardian reports.

There was another surprise in the report, which found that the revenue of the top 20 richest men’s clubs rose by 14% to £9bn last season, as Tottenham overtook Chelsea to become the richest club in London.

Elsewhere the brakes have been put on the extent of Premier League domination, with only eight English clubs making the top 20 compared with 11 in 2021-22.

Liverpool’s poor performances on the pitch led to them dropping from third to seventh, the biggest fall of any club in the top 20, after their revenue dropped from £594.3m to £593.8m. Manchester United (£649m) slipped one place to fifth, while Tottenham (£549m) moved up to eighth ahead of Chelsea (£513m) in ninth and Arsenal (£463m) in 10th. Leicester City, Leeds United and Everton dropped out of the top 20 and were replaced by Eintracht Frankfurt, Napoli and Marseille.

Madrid returned to top spot after increasing their revenues by £119m to £723m off the back of sellout crowds, strong retail performances and increased sponsorship income.

City also performed strongly and made a record £718m in revenues during the 2021-22 season. Bridgeindicated that they were held back slightly by their 53,400-seat stadium.

Barcelona were the top-earning women’s club in Deloitte’s rankings, which focuses on European teams outside of Scandinavia, with £11.6m in revenue.

Manchester United were second with £7m, although that figure includes revenues from a combined kit sponsorship deal with the men’s team. Manchester City (£4.6m), Chelsea (£3.5m) and Tottenham (£2.3m) made the top 10. Of the top 15 women’s clubs in Deloitte’s analysis, the average revenue stood at £3.68m, a 61% increase.