Manchester United replaced by Real Madrid as Europe’s biggest while Arsenal are fallers

Real Madrid have replaced Manchester United as the continent’s biggest earners. United had been top of the Deloitte Money League for the previous two years but Real and Barcelona have leapfrogged them as Europe's top two earners in the table. City, meanwhile, increased all revenues, closing the earnings gap on United in a single season from £128m in 2016-17 to £87m this time. Arsenal are the biggest fallers in the top 10 - dropping three places to ninth, their lowest position since 2004-05 after a bigger fall in revenue than any other club in the top 20. They were nearly £30m down. Liverpool's run to the Champions League final saw them record the largest revenue increase in the Money League's top 10 - a hike of £90.6m - and they now sit seventh. Chelsea, Everton, Newcastle United and West Ham United complete England's representation in this year's top 20. Deloitte Money League

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