Deloitte's latest Football Money League has revealed that the combined revenues of the top 20 highest earning clubs has exceeded EUR4bn (£3.4bn) for the first time.

For the sixth consecutive year, Spanish club Real Madrid heads the list of highest earners as the sport continues to show "impressive resilience" to the downturn. The top six highest earning clubs has remained unchanged from last year's Football Money League, while England's Manchester City has climbed the highest; up nine places to 11th.

Other English clubs included in the list are Arsenal (5th), Chelsea (6th), Liverpool (down one to 8th) and Tottenham Hotspur (up three to 12th). Aston Villa are a new entry at 20th. Dan Jones, partner in Deloitte's Sports Business Group, said: "All bar three of the top 20 clubs achieved revenue growth during 2009-10 demonstrating the continued resilience of football's top clubs as the full impact of the global economic downturn took hold.

"The game's top clubs have proved themselves well-placed to meet these economic challenges given their large and loyal supporter bases, ability to drive broadcast audiences, and continuing attraction to corporate partners."