Barcelona topped the 2018/2019 earnings table with €840.8 million, a record €83.5 million ahead of Real (€757.3 million), while Manchester United, the highest-placed British club in third, earned €711.5 million for 2018-19.

Reigning German champions Bayern Munich were fourth on €660.1 million.

Consulting firm Deloitte suggest United’s grip on the number one status among English clubs is under serious threat next year from Premier League champions Manchester City and Champions League holders Liverpool.

Barcelona leading the pack is down to bringing merchandising and licensing activities in-house, according to Deloitte.

“Barca are a clear example of a club adapting to changing market conditions, reducing the reliance on broadcast revenue and focusing on growing revenues within its control,” Dan Jones, partner in the Sports Business Group at Deloitte, told the Press Association news agency.

“The club’s commercial operation generated €383.5m of revenue, which is more than the total revenue of the 12th-placed club in this year’s Money League.

“With the club expecting further growth of €30 million in commercial revenues and total revenue of almost €880m in 2019-20, we expect them to retain the top spot in next year’s edition.”