The top 20 richest clubs in Europe broke the £5bn (€6.5bn) mark for the first time for their combined revenues, with English Premier League teams accounting for almost half the list, according to a new report.

Real Madrid topped Deloitte’s Football Money League for the 11th consecutive year with revenues of £439m (€577m) in 2014/15, compared to the £459.5m (€549.5m) it generated in 2013/14.

La Liga rival Barcelona was second in the table, leapfrogging Manchester United with 2014/15 revenues of £426.6m (€560.8m) compared to the latter’s £395.2m (€519.5m) – the first time all top three clubs passed the €500m mark. However, United was the highest placed of the nine Premier League clubs in the table.

“Despite the reduction in revenue year-on-year, the fact that Manchester United remains in the top three of the Money League demonstrates the underlying strength of the club’s business model,” said Deloitte senior manager Tim Bridge.

He added that with the club’s return to the Champions League this season “it would not be surprising” to see Manchester United top the league next year with “forecasting revenues of around £500m (€650m)”.

Neighbour Manchester City was sixth with a turnover of £352.6m (€463.5m), up on last year’s total of £348.3m (€463.5m). The 2013/14 Premier League champions headed up a cluster of Premier League teams - Arsenal (£331.3m, €435.5m), Chelsea (£319.5m, €420m) and Liverpool (£298.1m, €391.8m) – who were seventh, eighth and ninth respectively.

Bridge pointed to the “greatly improved domestic broadcast revenues” to demonstrate the growing strength of Premier League clubs despite “disappointing performances in Europe”. Traditionally mid-table teams such as Newcastle United, Everton and West Ham United have comparable revenues to Atletico Madrid, AS Roma and Inter Milan.

Arsenal topped the list for match-day revenue streams, taking home £101.7m (€132m) over the season, while Real Madrid (£154.1m, €199.9m) and Paris Saint-Germain (£228.9m, €297m) generated the most broadcasting revenue and commercial income respectively.

Paris Saint-Germain – the only Ligue 1 side in the top 20 – usurped Bayern Munich in the overall picture, taking fourth position with revenues of £365.8m (€480.8m), compared to the German giant’s £360.6m (€474m).

Champions League finalist Juventus was the highest placed Italian club, ranking 10th with £246.4m (€323.9m).

“We have seen a slowdown of growth from the top five clubs, with revenues growing by just 4 per cent year-on-year, compared to 11 per cent in the previous edition,” said Deloitte Sports Business Group partner Dan Jones. “It may be hard for new clubs to break into the top 10 in the short term, given the £33.4m (€43.3m) revenue gap between 10th and 11th place.”