Real Madrid remain the world's richest football club in terms of income, a new report has found.
The Spanish giants occupy the top spot for the second consecutive year of the Deloitte Football Money League.
The club increased its earnings by £15.8m to £202m in the 2005-06 season.
Barcelona moved up four places to second in the table after their Champions League victory gave a major boost to their income.
Real's success has been attributed to the clubs ability to generate revenue from commercial sources such as sponsorship, merchandising and licensing.
Dan Jones, partner at Deloitte's business sports group, said: "Spain reign in the Money League this year, with Real Madrid keeping their number one spot and Barcelona moving up to four places to number two.
"The two clubs have had contrasting strategies, with Real focussing on driving commercial revenue from recruiting its Galactico players and Barcelona having a more balanced revenue profile.
"With both the Spanish giants predicting revenues of over €300m (£198m) in 2006/07 we may well see the same two clubs at the top of the Money League in 2006/07."
Deloitte's report does not include the cost of transfer fees or player wages, and is based solely on day-to-day income from football business.
The top 20 consists entirely of European clubs, with British clubs making up nearly half of it.
The list also includes four Italian clubs, three from Germany and two from Spain.
Dan Jones, Deloitte: "Spain reign in the Money League this year, with Real Madrid keeping their number one spot and Barcelona moving up to four places to number two."
Disgraced Italian club Juventus jumped one place to third, while Manchester United slipped two positions to fourth.
Juventus, relegated in the summer over match-fixing allegations, increased its earnings by about 10 per cent to £173.7m in the 2005-06 season.
Manchester United, who had headed the first eight editions of the Deloitte Football Money League, saw its revenues rise from £166.4m to just £167.8m.
Deloitte's Paul Rawnsley said "Manchester United may be in fourth position this year, but with the completion of their stadium development we can expect them to move back up the list in 2006/07.
"It is also notable that United remain the most profitable club football operation in the world."
Other clubs in the top 10 included German champions Bayern Munich, Thierry Henry's Arsenal and Italian giants Inter Milan.
The total revenue of the top 20 clubs was over €3.3bn (£2.17bn) in 2005/06.
When the list was first compiled in 1997 the total income of the top 20 clubs was just £820m.
Jones added: "Football remains a growth sport, especially at the highest level.
"The continued high level of public and commercial interest is reflected by another year of strong growth.
"The global market has become increasingly important for more European clubs."
Top 10 rich list:
1) Real Madrid: £202m
2) Barcelona: £179.1m
3) Juventus: £173.7m
4) Manchester United: £167.8m
5) AC Milan: £165m
6) Chelsea: £152.8m
7) Inter Milan: £142.8m
8) Bayern Munich: £141.5m
9) Arsenal: £133m
10) Liverpool: £121.7m
Source: Deloitte
comments
What do you think? Give us your opinion on the comments page.