Real Madrid has been hailed the world’s richest football club for the sixth year running.

Deloitte’s Football Money League revealed that the combined revenues of the 20 richest football clubs has reached £3.8bn for the first time ever.

Barcelona took second place in the list, while Manchester United came third.

Arsenal, Chelsea and Liverpool were fifth, sixth and eighth respectively.

English teams accounted for seven of the top 20 in Deloitte’s table, including Manchester City, which came 11th, Tottenham Hotspur (12th) and Aston Villa (20th).

German teams account for four clubs, Italy four, Spain three and France two.

The report said it expected the economic downturn to affect the clubs during the 2009-10 season.

“We continued to assert that the game’s top clubs would be well placed to meet these challenges given their large and loyal supporter bases, ability to drive broadcast audiences and continuing attraction to corporate partners,” the report says.

“This was more than borne out by clubs’ revenue performance in 2009-10.”

Real had a disappointing season, coming second in La Liga and being knocked out of the Champions League.

But the club saw increased revenues from match day monies, broadcasting and commercial deals.