Real Madrid are football's biggest moneymaker for the 11th straight year, while Bayern Munich dropped to their lowest position in eight years.

Despite winning no trophies last season, Madrid's revenue of €577 million ($628m) in the 2014-15 season kept them top of the Football Money League compiled by accountancy firm Deloitte.

"The planned redevelopment of the Santiago Bernabeu will help to continue the growth in matchday income in the coming years," said Dan Jones, a partner in the Deloitte sports business division.

The revenue of the world's top 20 clubs, which are all in Europe and dominated by nine from the Premier League, grew 8 percent year-to-year to €6.6 billion ($7.2 billion).

European and Spanish champion Barcelona regained second place by generating €560.8m, displacing Manchester United which made £395.2m ($560m) while still struggling on the pitch in the post-Alex Ferguson era.

"Despite a reduction in revenue year-on-year, the fact that Manchester United remain in the top three of the Money League demonstrates the underlying strength of the club's business model," said Deloitte senior manager Tim Bridge, who added a United return to the top next year wouldn't be out of the question.

Javier Mascherano (C) shouts instructions to Ivan Rakitic (L) and Neymar da Silva Santos Junior (R) during the Spanish Copa del Rey (King's Cup) football match at the San Mames stadium in Bilbao on January 20, 2016. Photo: AFP

French champion Paris Saint-Germain climbed to fourth by generating €480.8m, followed by Bayern on €474m.

Also in the rankings, Arsenal have gone above Chelsea into seventh place, one behind Manchester City while Liverpool are the other Premier League club in the top 10, in ninth spot.

English clubs were also helped by a 10 percent strengthening of sterling against the euro.

Bridge added: "Despite disappointing performances by Premier League clubs in recent European competitions, they continue to lead the way in revenue terms. This is again testament to the phenomenal broadcast success of the English Premier League and the relative equality of its distributions, giving its non-Champions League clubs particularly a considerable competitive advantage internationally.

"With the new round of Premier League broadcast deals set to deliver greatly improved domestic broadcast revenues in 2016-17, we expect to see Premier League clubs cementing their places in the top 30 in the coming years, with potential for some of these to climb into the top 20."

The Deloitte Football Money League (2014-15 revenue in millions of euros):

1. Real Madrid (€577m), 2. Barcelona (€560.8m), 3. Man Utd (€519.5m), 4. Paris St Germain (€480.8m), 5. Bayern Munich (€474m), 6. Man City (€463.5m, 7. Arsenal (€435.5m), 8. Chelsea (€420m), 9. Liverpool (€391.8m) 10. Juventus (€323.9m).

11. Borussia Dortmund (€280.6m), 12. Tottenham (€257.5m), 13. Schalke (219.7m), 14. AC Milan (€199.1m), 15. Atletico Madrid (€187.1m), 16. Roma (€180.4m), 17. Newcastle (€169.3m), 18. Everton (€165.1m), 19. Inter Milan (€164.8m), 20. West Ham (€160.9m).

21. Galatasaray (€159.1m), 22. Southampton (€149.5m), 23. Aston Villa (€148.8m), 24. Leicester (€137.2m), 25. Sunderland (€132.9m), 26. Swansea (€132.8m) 27. Stoke (€130.9m), 28. Crystal Palace (€130.8m), 29. West Brom (€126.6m), 30. Napoli (€125.5m).

Wayne Rooney (L) celebrates scoring the opening goal during the English Premier League football match between Liverpool and Manchester United at Anfield in Liverpool, northwest England, on January 17, 2016. Photo: AFP