The official Deloitte Money League has been released for 2023 and it shows Liverpool have overtaken Manchester United for the first time.
The Red have moved up to third in the league, up four places from seventh in 2020/21.
Thanks to their run in the Champions League, they posted revenues of £594.3 million - up from £550.4m.
It is their highest position in the 26 years of Deloitte's annual study.
United, themselves, rose from fifth to fourth after boasting revenues of £558 million, up from £583 million.
But it was Manchester City who took the top spot with revenues of £619 million.
Real Madrid came in second.
But the table was dominated by Premier League clubs with 11 English sides in the top 20.
The Deloitte Money League top 20
The rankings from 21-30 were also revealed with Aston Villa, Brighton, Wolves, Crystal Palace and Southampton included.
That makes it 16 Premier League sides in the top 30.
Why do Premier League clubs make so much money?
Tim Bridge, lead partner in Deloitte’s Sports Business Group, questioned whether the rest of Europe can close the gap.
“For the first time, Premier League clubs fill the lion’s share of positions in Deloitte’s Football Money League," said Bridge. “The question now is whether other leagues can close the gap, likely by driving the value of future international media rights, or if the Premier League will be virtually untouchable, in revenue terms.
"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.
LIVERPOOL, ENGLAND - JANUARY 16: A general view of Liverpool's stadium after the Premier League match between Liverpool and Brentford at Anfield on January 16, 2022 in Liverpool, England. (Photo by Michael Regan/Getty Images)
"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."
Could all 20 Premier League clubs be included soon?
Sam Boor, director in Deloitte’s Sports Business Group, adds: “The Premier League’s financial superiority is unlikely to be challenged in the coming seasons.
"This is particularly apparent at a time when these clubs continue to attract international investment which often, in the best examples, encourages a focus on profitability, as well as on-pitch success.
“It’s now likely a case of not if, but when, all 20 Premier League clubs will appear in the Money League top 30.”
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