Liverpool, Manchester United and Manchester City have all slipped down the rankings in the latest Deloitte Football Money League as clubs from continental Europe gained ground.
Liverpool have had the biggest fall of any club in the top 20, from third place down to seventh, after Deloitte found their revenue had dropped slightly from £594.3million to £593.8m.
Deloitte attributed that fall to the Reds' on-field performance, with the club finishing fifth in the Premier League last season and bowing out in the Champions League last-16.
Manchester United dropped one place to fifth despite a healthier revenue figure than the season before, while treble winners City were leapfrogged by Real Madrid and now sit second, despite posting a record Premier League revenue figure in their most recent accounts.