Accounting firm Deloitte produce an annual list of turnover in football and seven Premier League clubs were included in the top-20.
Manchester United, who saw their turnover up 21 per cent to £291million, is second on the list because of the strength of the Euro against Sterling.
“If the exchange rate value of the pound had not depreciated, there would have been nine, rather than seven English clubs in the top 20 and Manchester United would have topped the Money League ahead of Real Madrid,” said Dan Jones, partner in the Sports business group at Deloitte.
List in full:
1. Real Madrid, Spain, €365.8 million
2. Manchester United, England, €324.8 million.
3. Barcelona, Spain, €308.8 million.
4. Bayern Munich, Germany, €295.3 million.
5. Chelsea, England, €268.9 million.
6. Arsenal, England, €264.4 million.
7. Liverpool, England, €210.9 million.
8. AC Milan, Italy, €209.5 million.
9. AS Roma, Italy, €175.4 million.
10. Inter Milan, Italy, €172.9 million.
11. Juventus, Italy, €167.5 million.
12. Lyon, France, €155.7 million.
13. Schalke, Germany, €148.4 million.
14. Tottenham, England, €145 million.
15. Hamburg, Germany, 127.9 million.
16. Marseille, France, €126.8 million.
17. Newcastle, England, €125.6 million.
18. Stuttgart, Germany, €111.5 million.
19. Fenerbahce, Turkey, €111.3 million.
20. Manchester City, England, €104 million.
