(Reuters) – Spanish champions Real Madrid remained the highest earning football club in the world in 2011-12, according to the annual Football Money League compiled by business services group Deloitte.

Following is the top 20: (All figures in millions of euros)

Team Earnings

1. Real Madrid (Spain) 512.6

2. Barcelona (Spain) 483

3. Manchester United (England) 395.9

4. Bayern Munich (Germany) 368.4

5. Chelsea (England) 322.6

6. Arsenal (England) 290.3

7. Manchester City (England) 285.6

8. AC Milan (Italy) 256.9

9. Liverpool (England) 233.2

10. Juventus (Italy) 195.4

11. Borussia Dortmund (Germany) 189.1

12. Inter Milan (Italy) 185.9

13. Tottenham Hotspur (England) 178.2

14. Schalke 04 (Germany) 174.5

15. Napoli (Italy) 148.4

16. Olympique Marseille (France) 135.7

17. Olympique Lyon (France) 131.9

18. Hamburg SV (Germany) 121.1

19. AS Roma (Italy) 115.9

20. Newcastle United (England) 115.3

(Writing by Keith Weir)

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