Manchester City have climbed five places in Deloitte's list of the richest clubs in the world, with the Premier League champions rising to seventh in the table.
The top ten is made up of five clubs from England, including City, Liverpool (ninth), Arsenal (sixth), Chelsea (fifth) and Manchester United (third).
The Football Money League, published annually by Deloitte, ranks clubs based on their revenue last season, and overall the revenue of the top 20 clubs in the list rose 10% to €4.8 billion.
City's revenues increased by 51% from the previous season to €285.6 million, ensuring they climbed the table.
La Liga giants Real Madrid and Barcelona are top of the standings, with the former becoming the first club in sport to earn more than €500 million in a season.
Football's money league 2011-12
1. Real Madrid: Revenue: €512.6m
2. Barcelona: €483m
3. Man Utd: €395.9m
4. Bayern Munich: €368.4m
5. Chelsea: €322.6m
6. Arsenal: €290.3m
7. Man City: €285.6m
8. AC Milan: €256.9m
9. Liverpool: €233.2m
10. Juventus: €195.4m