On the other hand, Manchester United is on the downswing, with the English club reportedly at risk of losing its status as the Premier League's highest-earning club for the first time in next year's Money League standings.
Entering the top five - and pushing Manchester City out - was Paris St Germain, home to superstar Neymar - though once again the English Premier League's eye-watering television deals have put it in a dominant position - with eight clubs inside the top 20.
This would likely see them fall to their lowest ever Money League position in next year's edition and lose their position as the Premier League's highest revenue generating club for the first time in publication's history.
"The club's commercial operation generated 383.5mn euros of revenue, which is more than the total revenue of the 12th-placed club in this year's Money League".
The importance of European football was underscored by the fact that TV broadcast revenues make up 44% of clubs' income on average.
Liverpool (€604.7m) remained in seventh place, though victory in the Champions League and a runner-up finish in the Premier League last season sparked record revenue growth of 17 per cent, the second-highest growth in the top 20 (after Barcelona). Check out the top 20 richest clubs in Deloitte's list below.
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"That will certainly cover this period when Liverpool are having a significant period on the pitch, so we assume there's an opportunity of United shedding that top placement".
Deloitte suggests the competitive dynamics of the market might lead clubs to go further with OTT offers.
Napoli and Lyon are the only newcomers to the top 20.
"The impact of participation and performance in UEFA club competitions on revenue is evident in London and the northwest, with the rise of Liverpool, Manchester City and Spurs driven by reaching the Champions League knockout stages", said Sam Boor of Deloitte's Sports Business Group.
"If you think about where we were 10 years ago, the idea that City would overhaul United in financial terms would have seemed far-fetched".
Deloitte said a "primary factor" behind the Catalan club's earning power was their decision to bring merchandising and licensing activities in-house.
"With the club expecting further growth of 30 million euros in commercial revenues and total revenue of nearly 880mn euros in 2019-20, we expect them to retain the top spot in next year's edition".