Real Madrid has supplanted Manchester United as the world's richest soccer club.
Madrid overtook the Red Devils for the first time at the top of the "Football Money League," according to an independent report released by accountancy firm Deloitte yesterday.
United had been ranked the world's richest club since the report began nine seasons ago. Deloitte says it only uses revenue as its ranking and not the wealth of individual club owners.
Real Madrid increased its revenue by 17 percent to 275.7 million euros (US$328 million) for the 2004-2005 season despite going a second straight year without a major trophy. United earned 246.4 million euros in the same period.
AC Milan was third with 234 million euros, followed by Italian champion Juventus with 229.4 million euros and English champion Chelsea with 220.8 million euros.
"The mainstay of Real's revenue growth is not match-day revenues, as we have seen in many of the UK clubs, or broadcasting revenue, as we have seen -- and continue to see -- in Italy, but strong progress in realizing their commercial potential," the report said.
Madrid's revenue doubled in four years despite increasingly poor performances. It was second in last year's Spanish league and was eliminated from the Champions League at the first knockout stage. Commercial revenue including sponsorship, merchandising and licensing contributed 45 percent of Madrid's total income.
Madrid made 51.8 million euros more in commercial revenue than Manchester United and 62 million euros more than FC Barcelona.
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