The 9th edition of the European Champions Report – Football Benchmark's annual publication – evaluates the business performance of domestic title-winners from six European leagues (FC Internazionale Milano, Manchester City FC, Paris Saint-Germain FC, PSV Eindhoven, Real Madrid CF and Sporting Clube de Portugal) during the 2023/24 season. 

This edition offers an analysis and comparison of key performance indicators among these champions, complemented by a preliminary assessment of overall industry trends that is largely based on the financial performance of other European clubs that have already published their financial statements as of December 2024.

Download the full report here.

Key conclusions from our report:

• The 2023/24 season was a historic milestone, as Real Madrid CF became the first football club to surpass EUR 1 billion in total operating revenues (achieving EUR 1,065m). Manchester City FC ranked second with EUR 838m, solidifying their dominance both on and off the pitch in the English Premier League over the past seasons. Paris Saint-Germain FC completed the top three among the champions with EUR 806m in operating revenues.
   

• FC Internazionale ranked as the fourth-highest champions club by operating revenues (EUR 399m). The Nerazzurri surpassed the domestic rivals of Juventus FC (EUR 359m) for the first time since the 2011/12 season.
   
• Real Madrid CF also excelled in terms of year-on-year growth, with a 28% increase in operating revenues, driven primarily by record-breaking matchday income of EUR 251m, boosted by their state-of-the-art stadium. However, PSV Eindhoven led in percentage growth, achieving a remarkable 51% increase, primarily because they reached the Round of 16 in the UEFA Champions League last season. By contrast, Sporting Clube de Portugal saw a 14% decline in operating revenues, which can be attributed to weaker international performance.
   
• On the cost side, four of the six analysed champions saw their staff costs increase. Manchester City FC were a notable exception, slightly reducing their personnel expenses, while FC Internazionale maintained stable their staff costs. Paris Saint-Germain FC led in total staff costs (EUR 668m), followed by Real Madrid CF (EUR 505m) and Manchester City FC (EUR 480m). When we consider other, “non-champion” clubs, it is notable to see that FC Barcelona, last season’s highest spender, reduced their staff costs by 26%, dropping to EUR 476m.
   
• Despite the significant improvements, Paris Saint-Germain FC and FC Internazionale are the only two champions recording a net loss, with EUR -60m and EUR -36m, respectively. However, these losses are far from those suffered by other European clubs, such as Juventus FC (EUR -199m), Manchester United (EUR -132m) and FC Barcelona (EUR -91m). On the positive side, Manchester City FC led with a net profit of EUR 86m, which marked them as profitable for a fourth consecutive year.
   
• In addition to their revenue dominance, Real Madrid CF also topped the squad market value ranking, with a valuation of EUR 1,364m according to Football Benchmark’s Player Valuation Tool as of January 2025. Interestingly, all champions included in the publication hold the most valuable squad in their domestic leagues.
   
• This year’s edition also puts the spotlight on youth talent development, evaluating metrics such as the number of academy graduates in the 2024/25 first team, revenue from academy player sales between 2019/20 and 2024/25 and the percentage of minutes played by Under-21 players from April 2023 to March 2024. Real Madrid CF and PSV Eindhoven stand out as the top-performing champions in these aspects. Both clubs excel in the volume of graduates, with the Spanish champions also leading in income generated from academy players and the Dutch side topping the ranking for the percentage of minutes played by young talents.