Real Madrid has retained its position as the world's largest revenue generating football club according to new figures published by the business advisory firm, Deloitte.

Deloitte's Football Money League 2009 revealed the Spanish club generated nearly 366m euro (£290m) of revenue during the 2007-08 season, which is a 4 per cent increase on the previous season. Manchester United, which won both the English Premier League and UEFA Champions League last season, is the second richest club in the world, generating nearly 325m euro (£257m), while Barcelona occupies third slot.

A total of seven English clubs have been included in the top 20 richest clubs, while Fenerbache has become the first Turkish club to enter the Football Money League. Dan Jones, partner in Deloitte's sports business group, said: "While Real Madrid's 4 per cent revenue growth is more modest than recent years, the club has now doubled its revenues since 2002.

"Manchester United's on-pitch success in winning the Premier League and the UEFA Champions League contributed to significantly increased revenue in 2007-08, although the depreciation of the pound against the euro means they remain in second position." Jones revealed that all bar two of the 20 clubs included in the Football Money League recorded a growth in revenue last season, and that nine English clubs, rather than just seven, would have featured had the pound not decreased in value against the euro.

Apart from Manchester United, the English clubs included in the Football Money League are Chelsea (5th), Arsenal (6th), Liverpool (7th), Tottenham Hotspur (14th), Newcastle United (17th) and Manchester City (20th).