Barcelona have overtaken El Clasico rivals Real Madrid to top the Deloitte Money League for the first time.
The Catalan giants comfortably topped the table with an annual revenue of €840.8m - an increase of 21.7% - for the 2018-19 season, with Madrid in second place with €757.3m, an increase of 0.9%.
The Blaugrana are the first club to surpass €800m in a year for revenue, which is largely attributed to the club adapting a new operating model.
The club have brought all their licensing and merchandising in-house, meaning they have total control over the brand and a range of revenue streams, instead of relying on third parties.
Manchester United finished in third with revenues of €711.5m but Deloitte said the traditional financial powerhouse of English football was at risk of losing its crown for the first time, to Abu Dhabi-owned Manchester City or even Liverpool.
City reported revenues of €610.5m, with Liverpool not far behind as England’s third most lucrative club on €604.7m.
Atletico Madrid are the next Spanish club on the list, their €367.6m revenue ranking 13th in the overall list.