Deloitte have published their annual football clubs rich list, which is now in its 13th edition.
Real Madrid, who beat Spanish rivals Barcelona into second place, top the list for the fifth year running and become the first team in any sport to record annual revenues in excess of €400m.
Manchester United are the highest placed English Premiership Club but dropped to third place from second in 2007/8.
The Deloitte Football Money League – 2008/09 revenue
1 (2007-08 position: 1) Real Madrid €401.4m
2 (3) FC Barcelona €365.9m
3 (2) Manchester United €327.0m
4 (4) Bayern Munich €289.5m
5 (6) Arsenal €263.0m
6 (5) Chelsea €242.3m
7 (8) Liverpool €217.0m
8 (11) Juventus €203.2m
9 (10) Internazionale €196.5m
10 (7) AC Milan €196.5m
11 (15) Hamburger SV €146.7m
12 (9) AS Roma €146.4m
13 (12) Olympique Lyonnais €139.6m
14 (16) Olympique de Marseille €33.2m
15 (14) Tottenham Hotspur €132.7m
16 (13) Schalke 04 €124.5m
17 (n/a) Werder Bremen €114.7m
18 (20) Borussia Dortmund €103.5m
19 (n/a) Manchester City €102.2m
20 (17) Newcastle United €101.0m
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