Real Madrid has become the first football club to surpass one billion euros in revenue in a single season, driven by earnings from the renovated Santiago Bernabeu stadium, as reported by financial analysts at Deloitte.

The rankings in Deloitte’s annual Football Money League remain unchanged, with Real Madrid leading at 1.05 billion euros ($1.09 billion), followed by Premier League champions Manchester City at 838 million euros and Paris Saint-Germain at 806 million euros.

The 208-million-euro difference between the top two clubs marks the largest gap ever recorded by Deloitte.

The extensive renovation of Real Madrid's home ground has resulted in matchday revenues doubling to 248 million euros for the 2023/24 season.

Since 2018, the club has secured loans exceeding one billion euros to upgrade the Bernabeu, aiming to transform it into a significant revenue generator.

The modernized stadium features a unique metal roof, retail spaces, enhanced VIP sections, and a retractable pitch.

Notable performances, including those by pop icon Taylor Swift, have taken place at the stadium since its reopening, and the NFL is set to host its inaugural game in Spain there later this year.

However, the club's efforts to maximize revenue from the Bernabeu, which accommodates around 80,000 spectators, have faced challenges due to noise complaints from local residents, leading to a temporary halt on concert events.

“Club stadia are increasingly being valued as more than just matchday assets, with a number of clubs converting their grounds into multi-use entertainment venues that attract new visitors, sponsors, and retail opportunities.” said Tim Bridge, lead partner in the Deloitte Sports Business Group.

“Football clubs are now realising the value of becoming far more than sporting brands, with media and entertainment becoming intertwined with the commercial potential that they have to offer.”

Despite an 11 percent increase in matchday revenue, commercial income remained the primary revenue source for the 20 clubs in the Money League for the second consecutive year, representing 44 percent of total revenue.

Broadcast revenue held steady at 4.3 billion euros, as the "Big Five" leagues—England, Spain, Italy, France, and Germany—continued in the same domestic broadcast cycle as the previous season.

English clubs maintained their dominance, bolstered by the Premier League's lucrative television deals, with six clubs in the top 10 and nine in the overall Money League.

Manchester United climbed to fourth place, benefiting from their return to the Champions League with revenues of 771 million euros, surpassing Bayern Munich, which reported 765 million euros.

Barcelona fell to sixth place due to ongoing renovation work at their Camp Nou stadium, which has necessitated a temporary move to the smaller Montjuic venue, originally used for the 1992 Olympics.

Arsenal, Liverpool, Tottenham, and Chelsea rounded out the top 10, despite the latter three clubs not qualifying for the Champions League last season.