The governing body of soccer in Europe, UEFA, released its detailed financial report for 2023 on Tuesday (February). In it, UEFA disclosed the revenues of European heavyweights, sponsorship details, the total debt they were in, and revenues earned from merchandise and jersey sales, amongst other fascinating stats.

Last season’s Treble-winners, Manchester City, publicized a Premier League record turnover of £712.8 million ($900.4 million) in November. However, they could not crack the top 10 of UEFA’s list of clubs that made the most money from jersey and merchandise sales. The Cityzens have been winning big trophies and signing top players, but it is safe to say it will take a while for them to match the popularity of teams like Liverpool, Manchester United, and Arsenal.

Continue reading to meet the 10 teams that raked in the most money from jersey and merchandise sales in 2023:

#10 Tottenham Hotspur: €74 million ($80.1 million)

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In 10th place, we have Ange Postecoglou’s Tottenham Hotspur. The Lilywhites added €74 million ($80.1 million) to their coffers in 2023, owing to jersey and merchandise sales throughout the year. The Lilywhites, who finished in eighth place in the 2022-23 season, lost their marquee player, Harry Kane, over the summer. The England skipper’s departure must have had a massive impact on revenues generated from jersey sales.

Spurs may not completely bounce back from Kane’s exit, but they can boost their earnings by securing a Champions League spot for the 2024-25 season. They are currently fifth in the rankings, sitting only a couple of points behind fourth-placed Aston Villa.

#9 Juventus: €74 million ($80.1 million)

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Juventus were subjected to a disappointing 2022-23 season. The Old Lady finished in seventh place in Serie A rankings, failed to go deep in the Champions League, and crashed out of Coppa Italia. Despite their misfortunes, Juventus held their position as the most popular team in Italy, generating €74 million ($80.1 million) from jersey and merchandise sales.

The Bianconeri are set to return to the UEFA Champions League next season, with them sitting in second place in Serie A rankings at the moment. However, with Inter Milan nine points clear of them with a game in hand, a title charge looks highly unlikely for Juve.

#8 Chelsea: €87 million ($94.1 million)

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Chelsea generated an impressive €87 million ($94.1 million) in revenues from jersey and merchandise sales in 2023. The Pensioners raked in said earnings despite enduring an abysmal campaign in the 2022-23 season. They finished in 12th place in the Premier League rankings, having picked up 44 points from 38 games. They also failed to win any of the cup competitions they took part in.

Mauricio Pochettino’s Chelsea have fared a little better this season. They are 10th in the Premier League rankings, in the final of the Carabao Cup, and will face Leeds United in the Fifth Round of the FA Cup.

#7 Arsenal: €89 million ($96.3 million)

Martin Odegaard Has Scored 4 Goals In Premier League This Season

Premier League aspirants Arsenal are the seventh team in UEFA’s rankings, with the Gunners securing a sizable €89 million ($96.3 million) from selling jerseys and other merchandise in 2023. The north Londoners have quite a few popular names amongst their ranks, including Bukayo Saka, Martin Odegaard, and Declan Rice. According to sources, they could improve their roster by signing a top-tier striker in the summer transfer window.

Under Mikel Arteta, Arsenal nearly won the Premier League title last season, giving fans hope for a brighter future. They are in a great position (3rd in the rankings) to have a go at it once again this season, and it will shatter their club’s jersey and merchandise sales records if they finally achieve it.

#6 Paris Saint-Germain: €97 million ($104.9 million)

Kylian Mbappe Is PSG’s Poster Boy

Ligue 1 holders Paris Saint-Germain (PSG) raked in a respectable €97 million ($104.9 million) in jersey and merch revenues in 2023, comfortably emerging as the most popular club in France. Les Parisiens won the Ligue 1 title last season but fell flat in both the UEFA Champions League and Coupe de France.

PSG lost two of the most popular players in the world, Lionel Messi and Neymar, in the summer of 2023, which took a toll on their revenues. With Kylian Mbappe also nearing an exit, it will be fascinating to see how PSG fare in 2024.

#5 Manchester United: €130 million ($140.6 million)

Bruno Fernandes Is Manchester United’s Marquee Player

The most successful club in England, 20-time English champions Manchester United are currently the fifth-most popular outfit in Europe in jersey and merchandise sales. The Red Devils, who have not won the Premier League title since the 2012-13 season, earned €130 million ($140.6 million) from selling jerseys and merch in 2023. United’s biggest shirt-seller Cristiano Ronaldo left the club in November 2022, causing jersey sales to take a tumble.

Erik ten Hag led United to the Carabao Cup and a top-four finish in the Premier League last season, which fans saw as a step in the right direction. This year, Manchester United are struggling to make ends meet, which is likely to reflect on their balance sheet at the end of 2024.

#4 Liverpool: €132 million ($142.8 million)

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Having generated a whopping €132 million ($142.8 million) from jersey and merchandise sales, Liverpool have narrowly ousted bitter rivals Manchester United and emerged as the most popular club in England. The Reds failed to win any major accolades in the 2022-23 season and finished outside of a UEFA Champions League spot. Had they enjoyed a more fruitful campaign, their revenues would have certainly soared even higher.

The Reds are on their way to right last season’s wrongs this term. They are leading the Premier League race, are in the final of the Carabao Cup, have qualified for the Fifth Round of the FA Cup, and are favorites to go the distance in the UEFA Europa League.

#3 Bayern Munich: €147 million ($158.9 million)

Harry Kane Has Scored 25 Bundesliga Goals Already

Bundesliga giants Bayern Munich are by far the most popular club in Germany. The Bavarians, who have claimed the German top-flight titles in the last 10 seasons, earned €147 million ($158.9 million) from jersey and merchandise sales last year.

Although UEFA did not release the figures, Harry Kane, who joined Bayern from Tottenham Hotspur in the summer, must have been a major driving force behind jersey sales. The Englishman has been in the form of his life at Bayern, scoring 29 times and claiming eight assists in 30 appearances across competitions.

#2 Real Madrid: €155 million ($167.6 million)

Jude Bellingham Has Been One Of Real Madrid’s Best Players This Season

La Liga leaders Real Madrid generated €831 million ($898.8 million) in revenues at the end of the 2022-23 season, more than any other club in the world. According to UEFA, they did excellent in jersey and merchandise sales as well, earning €155 million ($167.6 million) from it in 2023. The fact that Los Blancos claimed the second spot despite failing to win La Liga or the UEFA Champions League in 2022-23 sheds light on their global reach.

Real Madrid already have some of the most sought-after players in the world, and they are expected to add Kylian Mbappe to their ranks in the summer. If the deal goes through, it will certainly boost their jersey and merchandise sales.

#1 Barcelona: €179 million ($193.6 million)

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Losing Lionel Messi in 2021 has had a massive impact on Barcelona’s revenues, but they are still comfortably the most popular club in Europe, at least in jersey and merchandise sales. According to UEFA, the Blaugrana made a handsome €179 million ($193.6 million) from selling shirts and merch in 2023, €24 million ($25.9 million) more than their arch-rivals Real Madrid.

The Catalans reclaimed the La Liga title at the end of the 2022-23 season, which must have had a positive impact on merchandise sales. With them struggling to live up to their expectations this season (3rd in La Liga), it will be interesting to see how much revenue they generate by the end of 2024.