Liverpool have jumped ahead of rivals Manchester United in the Deloitte Football Money League table for the first time in the publication's 26-year history.
The Reds had a memorable 2023, lifting the FA Cup and Carabao Cup trophies. They were also just one win away from a seventh Champions League title, falling victim to Real Madrid in the final.
And their European adventure looks to have drastically contributed to their financial rewards. Deloitte have attributed Liverpool's rise to additional broadcast revenue generated by their run to the Champions League final, according to Sky Sports.
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They are also said to have experienced a significant increase in matchday revenue. In a tense finish to their Premier League campaign, Jurgen Klopp was just one win away from beating Pep Guardiola's Manchester City.
However, some fans considered their Champions League final defeat to be a failure, with the possibility of a historic quadruple on the cards.
Either way, their busy season saw them generate huge financial gains.
Liverpool rise up the rankings
The Reds move up four places to third, with an a revenue increase of almost 22 per cent, from £487.4m during the 2020-21 season, to £594.3m in 2021-22.
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Manchester United drop to fourth despite an 18 per cent increase from 2020-21 to £583.2m, while Paris Saint-Germain complete the top five with £554m.
Manchester City take top spot on the list, with a revenue of £619.1m. Whilst Champions League winners Real Madrid are in second place with a revenue of £604.5m.
However, Liverpool are several places lower in the Premier League table, where they sit in ninth. As a result, they may find it tough to maintain their top five financial status. And to make matters worse, they play Real Madrid next in the last-16 of the Champions League.
Now, in an interesting turn of events, both Liverpool and Manchester United have been put up for sale this season.
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Recent reports suggest that Liverpool's owners Fenway Sports Group are yet to receive any offers that would persuade them to sell the club, despite putting it on the market over two months ago.
Senior FSG officials have also trashed rumours that they are on the brink of selling the club to Qatari buyers, according to The Mail.
Meanwhile, Sir Jim Ratcliffe formally expressed his interest in buying his boyhood club Manchester United from the Glazer family, who have become increasingly unpopular with United fans.
A spokesman for Ratcliffe confirmed on Tuesday that his company Ineos is eager to purchase the club, stating: "We have formally put ourselves into the process."
Deloitte's Football Money League's top 20
1. Man City - £619.1m (8% increase)
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2. Real Madrid - £604.5m (7%)
3. Liverpool - £594.3m (22%)
4. Man United - £583.2m (18%
5. PSG - £554.0m (12%)
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6. Bayern Munich - £553.5m (2%)
7. Barcelona 540.5m (5%)
8. Chelsea - 481.3m (10%)
9. Tottenham - £442.8m (23%)
10. Arsenal - £367.1m (13%)
11. Juventus - £339.3m (-12%)
12. Atletico Madrid - £333.6m (13%)
13. Borussia Dortmund - £302.2m (1%
14. Inter Milan - £261.2m (-11%)
15. West Ham - £255.1m (30%)
16. AC Milan - £224.2m (17%)
17. Leicester City - £213.6m (-6%)
18. Leeds - £189.2m (12%)
19. Everton - £181m (-6%)
20. Newcastle - £179.8m (19%)
Topics: Liverpool, Manchester United, Premier League, Manchester City, Real Madrid, Paris Saint-Germain, Football, Jurgen Klopp