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REVEALED: Biggest earning clubs from shirt and merchandise sales, with Spanish giants leading the way… but no room for Manchester City in the top 10 despite posting record revenues

Man City posted a record turnover - but were not among Europe's top shirts and merch clubs
  • UEFA has revealed the top ten clubs for making money from shirts and merch
  • Despite posting record revenues, Manchester City have missed out on the top 10
  • Should Man United be forced to pay more than £60m for Dan Ashworth? They’re wrecking Newcastle’s business – Listen to the It’s All Kicking Off podcast

The latest UEFA financial report has revealed the top ten European clubs to be making money from jersey and merchandise sales – but the Premier League champions Manchester City are not among them. 

Strong shirt sales can boost a club’s bottom line, which is vital for their financial security and future expenditure in the era of FFP, but some clubs benefit more than others.

Manchester City posted a Premier League record turnover of £712.8m in November 2023, the year when they also won the Treble, before adding the Club World Cup in December.

However, Pep Guardiola’s Citizens are absent from the top ten list of clubs who made the highest earnings from their merch sales, including those all-important shirts. 

Spanish giants Barcelona topped the list, making €179m (£153m) from jersey and merchandise sales, €24m more than their LaLiga rivals Real Madrid. 

Man City posted a record turnover – but were not among Europe’s top shirts and merch clubs 

Traditionally strong sellers, Barcelona were top of the list, ahead of LaLiga rivals Real Madrid

Traditionally strong sellers, Barcelona were top of the list, ahead of LaLiga rivals Real Madrid

Both the Spanish sides have been famously popular football shirts with fans, which has propelled them to the top of the list, whilst Bundesliga giants Bayern Munich were third on the list, making €147m. 

Top 10 European clubs for revenue from jersey and merchandise sales

1. Barcelona – €179m

2. Real Madrid – €155m

3. Bayern Munich – €147m

4. Liverpool – €132m

5. Manchester United – €130m

6. PSG – €97m

7. Arsenal – €89m

8. Chelsea – €87m

9. Juventus – €74m

10. Tottenham – €74m

(Data from the UEFA Financial Report)

Five Premier League sides made the top ten, the highest being Liverpool, who made €132m from their merch, €2m more than their northern neighbours Manchester United. 

PSG were sixth on the list, having sold €97m worth of shirts and other items during the period, ahead of London duo Arsenal on €89m and Chelsea on €87m.

Italian giants Juventus, and Premier League Tottenham, rounded out the top ten, making €74m each from their merchandise sales. 

Manchester City just missed out on the top 10, making €73m from their merchandise and shirt sales, putting them ahead of teams like Borussia Dortmund, AC Milan and Ajax in UEFA’s ranking. 

Traditionally well supported clubs Galatasaray, Leeds United, Celtic, Fenerbahce, Eintracht Frankfurt and Inter Milan round out the top 20. 

Manchester City’s record income of £712.8m, announced in late 2023, was up from £613m the previous year. 

It put them second globally for income, behind only Real Madrid.  

The Citizens almost doubled their profit in the same period from £41.7m to £80.4m, despite a large increase in player wages signing stars like Erling Haaland to their ranks.

At the time, Man City chairman Khaldoon Al Mubarak said: ‘Success today simply means further investment for tomorrow. Our financial health and on field success mean everyone connected to Manchester City can look forward to the future with excitement. 

‘Our collective achievements give me huge confidence that together we can accomplish even more in the years to come.’ 

Liverpool were the top Premier League side, ahead of Manchester United, Arsenal and Chelsea

Liverpool were the top Premier League side, ahead of Manchester United, Arsenal and Chelsea

Man City chairman Khaldoon Al Mubarak was proud after posting record revenues last year

Man City chairman Khaldoon Al Mubarak was proud after posting record revenues last year 

Earlier this week, a UEFA report revealed Tottenham make the most money per match of any club in the Premier League.

Financial expert Kieran Maguire said Spurs make €5.6m (£4.8m) every matchday when taking into account gate revenue and money spent by fans at games, while also deducting how much it costs clubs to host matches. 




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