Real Madrid is the only club to generate revenues of more than €400m with €438.6m (£372.3m) banked from broadcasting fees, match day takings and merchandise in 2009/10.
FC Barcelona is ranked second and is expected to top the €400m mark next year, thanks to its shirt sponsorship deal with the Qatar Sports Investment Agency.
Manchester City climbed the most places, up nine rungs to 11, despite not appearing in any European competition in 2009/10. Aston Villa has returned to the list after a five-year absence.
English clubs are waiting to see how a ruling by the advocate general at the European Court of Justice (ECJ) challenging BSkyB’s monopoly s on screening live Premier League games in UK pubs plays out.
The next step will be to see if the ECJ endorses the ruling. If the regulations governing sale of TV rights is changed so that they have to be in pan-European packages, it could affect the amount of money the clubs can demand.
The Top 10:
Real Madrid: €438.6m
FC Barcelona: €398.1m
Manchester United: €349.8m
Bayern Munich €274:.1m
AC Milan: €235.8m