Los Blancos remain top of the pile, with their Catalan rivals climbing back up the list, but it's bad news for Manchester United and Manchester City.The 29th edition of the Deloitte Football Money League has been released and there is plenty of food for thought from a financial perspective as clubs move into 2026.With broadcast, commercial and matchday revenues taken into account, clubs generated a record €12.4 billion in 2025, with a growth of 11 per cent across the board.Here, GOAL breaks down the top 20, including the revenue detail and change on the previous year.Real Madrid lead the 2026 Deloitte Football Money League with a revenue of €1,161 million generated in 2025 - an increase of 11 per cent on their 2024 figure. Los Blancos are closely followed by their Clasico rivals Barcelona, who occupy second place with revenues of €974.8 million.Following Real and Barca in third place are German giants Bayern Munich, who earned €860.6 million in revenue in 2025. Paris Saint-Germain are in fourth spot, with Liverpool completing the top five.There has been considerable change from the 2025 list, with Manchester City dropping from second place to sixth, while Manchester United have dropped from fourth to eighth, meaning they sit below Liverpool and Arsenal for the first time in the history of the list.Getty ImagesWhile Premier League clubs can now mostly be found outside the top five, they still dominate the top 20, accounting for nearly half the clubs on the list. As well as Liverpool, Manchester City, Manchester United and Arsenal, the other English representatives are Chelsea, Tottenham, Aston Villa, Newcastle and West Ham.Atletico Madrid are the other Spanish representatives outside of the Clasico duo, while Borussia Dortmund and Stuttgart are Germany's other representatives alongside Bayern. Italy is represented by Inter, AC Milan and Juventus, while the remaining two teams come from France (PSG) and Portugal (Benfica).