Manchester United have dropped out of the top three highest earning clubs in football's rich list for the first time, after being overtaken by European champions Bayern Munich.
Real Madrid and Barcelona continue to lead the way in the 2013 Deloitte Football Money League, published on Thursday, while Manchester City move up to sixth, climbing above both Chelsea and Arsenal.
The Premier League continues to consolidate its position as the dominant financial force in world football, with six teams in the top 20 (Manchester United, Manchester City, Arsenal, Chelsea, Tottenham and Liverpool), compared to four from Germany and Italy, three from Spain and one from France.
At the top of the list remain Real Madrid with a revenue of £444.7m, a growth of just over 1% but still leaving them £31.1m ahead of rivals Barcelona whose revenue stayed largely the same at £413.6m.
Madrid spent heavily in the summer, splashing out a world record fee on Gareth Bale, and also saw matchday revenues fall.
However, increases in commercial and broadcast revenue as well as prestigious pre-season and mid-season friendlies, which bring in significant revenue, have helped them stay top for a record ninth consecutive year.
Despite dropping down the list Manchester United increased their revenue by 13% to £363.2m, thanks in part to their title-winning success. However, an unfavourable exchange rate and Bayern Munich’s historic treble saw the German side move ahead with a total revenue of £369.6m, up 17%.
Although this is the first time United have dropped out of the top three, a recent raft of commercial deals means the club are predicted to regain third spot next year despite their current on-pitch struggles.
"Whilst Manchester United drop one place in the Money League, a number of the club's recent commercial deals will boost revenue in 2013-14, so this fall to fourth place may only be temporary," says Austin Houlihan, senior manager in the sports business group at Deloitte.
"Beyond 2013-14, consistent qualification for the Champions League is key in United challenging to regain top spot in the Money League, a position it last held in 2003-04."
Manchester City are the next English team on the list, in sixth, moving up one place with a revenue of £271m despite a trophyless season.
This rise moves them above Chelsea in seventh, who saw a small decline in revenues to £260m, and Arsenal in eighth who recorded a small (4%) increase to £243.6m.
City's revenue increase is largely down to its commercial activities, particularly their agreement with Etihad Airways, while the club also saw a rise in matchday revenue of 12% despite still offering the cheapest season ticket in the Premier League.
Liverpool, meanwhile, drop out of the top 10 for the first time but remain the highest placed club without Champions League football. The Reds grew revenue by £17.5m (9%) to £206.2m and are tipped to return to the top 10 next season thanks largely to new Premier League broadcast deals.
Tottenham are in 14th place on the list, showing a small (2%) increase in revenue of £3.2m to £147.4m. As well as the sale of Bale, the new Premier League deals will also help Spurs increase their revenues next season with the club expected to challenge for a place in the top 10 once their proposed new stadium is in place.
Elsewhere, the other big movers on the list are French giants Paris Saint-Germain, who have surged into the top five for the first time with record turnover of almost £341.8m, up a massive 81%.
The David Beckham effect was cited as one reason for the French side's success whilst lucrative long-term commercial agreements the club have in place could see them maintain their lofty position.
"PSG are the fastest climber in this year's Money League, claiming the highest ever position for a French club," said Houlihan.
"We expect to see them become a mainstay in the top five in years to come, backed by their ambitious Qatari owners and strong commercial support.
"The high-profile signing of David Beckham in the second half of the 2012-13 season only served to enhance the club's worldwide profile."
Elsewhere Galatasaray and Fenerbahce enter the top 20 for the first time while Corinthians make it into the top 30 showing that emerging markets are starting to make an impact.
TOP 10
CLUB
1. Real Madrid
2. Barcelona
3. Bayern Munich
4. Manchester Utd
5. Paris Saint-Germain
6. Manchester City
7. Chelsea
8. Arsenal
9. Juventus
10. AC Milan
12-13 REVENUE
£444.7m
£413.6m
£369.6m
£363.2m
£341.8m
£271m
£260m
£243.6m
£233.5m
£225.8m
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