Real Madrid have become the first club in any sport to generate more than 500 million euros in revenue in a single year, according to the business advisory firm Deloitte.
The company's Football Money League, published for the 16th time on Thursday, sees Spanish champions Madrid
retain their hold on first place ahead of perennial rivals Barcelona.
In an unchanged top six, Manchester United remain third, Bayern Munich fourth, European champions Chelsea fifth and Arsenal sixth, but English champions Manchester City soar five places to seventh.
AC Milan fall one place to eighth, with Liverpool remaining ninth and Italian champions Juventus rising three places to complete the top 10. Madrid's revenue rose by seven percent to 512.6 million euros in the 2011-2012 season.