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9. Liverpool

233.2 million euros ($316.6 million)

Liverpool remains in the top ten, despite a relatively poor year on the pitch. Total revenue increased by just 3 percent, as the club's domestic cup participation managed to offset the financial hit caused by its complete absence from European competitions for the first time in over a decade. By winning the League Cup, and reaching the final of the FA Cup, the club managed to increase match day revenue by 11 percent to 55.9 million euros ($75.9 million) in 2011/12.

One positive for Liverpool is the way its new American owners FSG, who also own the Boston Red Sox, have been attempting to develop the club's international brand. A number of new sponsorship deals – most notably an agreement with Warrior Sports worth 25 million pounds ($15.6 million) per year – have contributed to a 4 percent increase in commercial revenue to almost 100 million euros ($135.7 million). Ultimately, though, the Anfield club must return to the Champions League, or risk sliding off the list.

Andrew Yates | AFP | Getty Images