Manchester United have been at the top of the "Football Money League," a report released by the Deloitte accounting firm for eight years.

Real, who have not won a trophy in two seasons, increased their revenue by 17 percent to $328 million for the 2004-05 season.

United came in second place, earning $293 in the same period of time, while Italian outfits AC Milan (with $279 million) and Juventus (with $273 million) came in third and fourth respectively.

"Real Madrid's top spot represents a remarkable transformation in the club's revenue generating capacity.

"The club's annual revenue has doubled during the past five seasons, primarily driven by commercial revenue streams," the report said.

Premier League champions Chelsea earned $263 million to move to fifth place.

The Deloitte report also projected that Chelsea, Arsenal, AC Milan, Juventus and Barcelona to compete for the top three positions in the next few seasons.