Leeds United entered the top 20 of the Deloitte Football Money League for the first time since 2002-03, the financial services firm’s 2023 report has revealed.

English clubs occupy more than half of the top 20 spots, with Manchester City remaining at the summit. The latest analysis of club revenues found 11 of the top 20 teams generating the most revenue during the 2021-22 season were from the Premier League.

A total of 16 clubs from England’s top flight were in the top 30 of the Money League, representing 80 per cent of the Premier League. The Whites featured in the top 30 last year but another season of Premier League TV revenue has helped to strengthen their financial position.

The total revenue of the top 20 clubs rose to £8.07m from £7.19m in the previous season. The increase was due to the return of supporters to matches following two seasons impacted by Covid-19 restrictions.

LEEDS, ENGLAND - DECEMBER 28: Leeds United Owner, Andrea Radrizzani speaks to Pep Guardiola, Manager of Manchester City ahead of the Premier League match between Leeds United and Manchester City at Elland Road on December 28, 2022 in Leeds, England. (Photo by Jan Kruger/Getty Images)

Unsurprisingly Man City topped the latest findings with revenue of £619.1million in 2021-22, according to the report, including a Premier League record of almost £330m in commercial revenue. Liverpool achieved their highest-ever position of third in the report’s 26-year history with recorded revenue of £594.3m.

The Reds were seventh in the previous Money League, but their 2021-22 performance which featured FA Cup and Carabao Cup wins, alongside a Champions League final appearance and a second-placed finish in the league took them above Manchester United for the first time.

Leeds were 18th for revenue generated in the latest survey, as Newcastle United were in 20th position following a successful takeover of the club which saw them secure an 11th-placed finish in the league. Compared to clubs in receipt of similar TV revenue, Leeds were pushed into the top 20 by greater commercial and matchday revenue.

Elsewhere, European champions Real Madrid remained second as La Liga rivals Barcelona dropped to seventh from fourth. With so many Premier League sides in the top 30, Tim Bridge, the head of Deloitte’s Sports Business Group, believes the number of clubs from England in future reports will only increase.

LEEDS, ENGLAND - JANUARY 18: A detailed view of the corner flag prior to the Emirates FA Cup Third Round Replay match between Leeds United and Cardiff City at Elland Road on January 18, 2023 in Leeds, England. (Photo by Michael Regan/Getty Images)

“The Premier League model is just so appealing to external markets. There is a danger that (the gap) isn’t bridgeable now for the other leagues,” he said.

“You really need one of those other leagues to take ‘first mover advantage’ around something like new technology or to embrace or embark on a new internationalisation strategy – is there a way for them to go maybe direct to consumer in certain markets via their own app, or via their own production capabilities, and engage with that market and the individuals within it in a way that enables them to leverage all the products and opportunities? It’s certainly a big, big challenge.”

Leeds’ ownership is currently split between Andrea Radrizzani, who owns 56 per cent of the club through Aser Ventures, and 49ers Enterprises who increased their minority to stake to 44 per cent in 2021.

Highest revenue-generating football clubs in 2021-22 Picture by PA Graphics.

Deloitte Money League Top 20

Man City

Real Madrid

Liverpool

Man United

PSG

Bayern Munich

FC Barcelona

Chelsea

Tottenham Hotspur

Arsenal

Juventus

Atletico Madrid

Borussia Dortmund

Inter Milan

West Ham

AC Milan

Leicester City

Leeds United

Everton

Newcastle

Staggering figures show Leeds United’s pull in more revenue than Everton, Newcastle United, Aston Villa, Ajax and several Premier League rivals