Spanish giants Real Madrid and Bayern Munich remain in the top two places in the latest Deloitte Money League, published on Thursday.

The top six places in the table remain unchanged with Real and Barca followed by Manchester United, Bayern Munich, Arsenal and Chelsea. Real have revenues of £373 million (€438.6m) compared with £338.6 million (€398.1m) at Barca and £297.5 million (€349.8m) at Old Trafford.

Real's revenues are up 9.3%, Barca by 8.8% and United 7%.

The financial study ranks clubs purely based upon the revenue they bring in rather than the wealth of their owners or profit and loss from 2009-10 accounts. The earning-power of the Premier League means seven of the 20 clubs are from England.

The big movers are Manchester City, who entered in 20th place a year ago but have now shot up to 11th with revenues of £152.8 million - up 49.5% on 12 months ago. They look certain to climb even further if they begin to enjoy the riches of the Champions League in future seasons.

AS Roma suffer the biggest drop, with the Serie A side falling six places to 18th with a 16% reduction in revenue. Liverpool fall one place to eighth with Spurs up three to 12th.

Vfb Stuttgart and Aston Villa are new clubs in this year's list.

Juventus (10th) get 65% of their revenue from broadcasting deals, compared to Bundesliga side Hamburg with 23% (10th).

Arsenal enjoy the largest matchday revenue of 42% as they reap the rewards of moving from Highbury to Emirates Stadium, with Juve bringing in just 8% from their Stadio Olimpico games.

Schalke are most reliant on commercial business as that brings in 57% of their revenue, with 20th place Aston Villa just 15%.

Deloitte Money League
1 (1) Real Madrid - €438.6m
2 (2) FC Barcelona - €398.1m
3 (3) Manchester United - €349.8m
4 (4) Bayern Munich - €323m
5 (5) Arsenal - €274.1m
6 (6) Chelsea - €255.9m
7 (10) AC Milan - €235.8m
8 (7) Liverpool - €225.3m
9 (9) Internazionale - €224.8m
10 (8) Juventus - €205m
11 (20) Manchester City - €152.8m
12 (15) Tottenham Hotspur - €146.3m
13 (11) Hamburg - €146.2m
14 (13) Lyon - €146.1m
15 (14) Marseille - €141.1m
16 (16) Schalke 04 - €139.8m
17 (18) Atlético Madrid - €124.5m
18 (12) AS Roma - €122.7m
19 (n/a) VfB Stuttgart - €114.8m
20 (n/a) Aston Villa - €109.4m
Last year in brackets