United, Chelsea and Arsenal in top five of money league

Three Premier League clubs appeared in the top five of the Deloitte Football Money League for the first time last year.

Real Madrid were the world's largest revenue-generating club for the third successive season but Manchester United climbed two places to second. Chelsea were up two to fourth and Arsenal, buoyed up by their new stadium, climbed four places to fifth.

Barcelona, in third, complete the top five based on financial information, not including transfer fees, for the 2006/07 season.

"This is the first time that any country has had three clubs in the top five of the Money League," said Dan Jones, partner in the Sports Business Group at Deloitte. "Arsenal's move to the Emirates Stadium has transformed their revenues whilst Chelsea's revenue increase sees them return to the top five."

Real Madrid and Manchester United became the first clubs to generate more than €300 million in a season. Real enjoyed a 20 per cent increase to take their total revenue to €351 million, while United's revenue grew even more quickly to reach €315 million.

The top 20 clubs' collective revenues grew by 11 per cent to €3.7 billion in 2006/07, the highest rate of growth since 2002/03.

They now generate more than three times the combined revenues of the clubs in the first Money League in 1996/97.

The global top 20 is populated entirely by European clubs.

Six English clubs feature in this year's Money League, along with four clubs from Germany and Italy, three Spanish clubs, two French clubs and one from Scotland.