Manchester United has lost its position as the richest club in the world in the DeloitteFootball Money League 2004 - 2005. Manchester's revenue fell £6m to just over £166 million, however the Reds still generate more cash than any other from match day activities.

The Deloitte review only takes into account income from the core football business like: broadcast revenue, ticket sales and merchandising. The figures do not include player wages or transfer fees, for this reason Chelsea make 5th place despite suffering record losses for that year.

The full list is:

• 1 Real Madrid £186.2m
• 2 Man Utd £166.4m
• 3 AC Milan £158m
• 4 Juventus £154.9m
• 5 Chelsea £149.1m
• 6 Barcelona £140.4m
• 7 Bayern Munich £128m
• 8 Liverpool £122.4m
• 9 Inter Milan £119.7m
• 10 Arsenal £115.7m
• 11 Roma £89m
• 12 Newcastle £87.1m
• 13 Spurs £70.6m
• 14 Schalke £65.8m
• 15 Lyon £62.7m
• 16 Celtic £62.6m
• 17 Man City £60.9m
• 18 Everton £60m
• 19 Valencia £57.2m
• 20 Lazio £56.1m

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