Spanish football tops earnings table Spain's top football clubs have earned more than their English rivals for the fifth year running, according to research for Deloitte. Growing VIP hospitality and bumper TV revenues helped Real Madrid become the first football club to make more than €500m in annual sales, as the club reported €512.6m in revenues for the 2011/12 season, an increase of 7 per cent year-on-year. Champions Real were followed by Barcelona, who reported €483m for the period, up from €450m the season before, while Manchester United was the most lucrative English Premier League club with €395.9m in takings, a rise from €367m. Dan Jones, a Deloitte partner, said that the richest clubs had bypassed the economic downturn, by and large. "Whilst eight of the top 20 clubs experienced a drop in revenue, in most cases this was due to less successful on-pitch performances in European club competitions, rather than wider recessionary impacts," he said. Combined, the 20 clubs contribute over one-quarter of the total revenues of the European football market [and] can be expected to generate over €5bn between them in 2012/13. Despite Spanish dominance, English Premier League clubs make up half of the world's 10 richest clubs by sales. Paul Rawnsley, director of Deloitte's sports business group, said that proportion could increase when new TV rights are negotiated. When the new TV deal kicks in next season there will be a step change in revenues for English clubs. Then the EPL could account for up to half of the top 20 clubs," said Mr Rawnsley. The money generated from the world's most-watched football division is projected to top £3bn after the League's broadcasting rights are agreed. Premier League revenues have grown on average 15 per cent year-on year for the past 20 years, according to Deloitte, although wage bills have ballooned by an average of 17 per cent year-on-year during that period. Wage inflation is the main reason why it emerged last May that operating profits among Germany's leading football clubs had grown substantially more than those of their English rivals, in spite of lower revenue growth and the global dominance of the Premier League in broadcast income. Germany's Bundesliga increased revenues for the 2011/12 season by 7.2 per cent to €2bn.