2004 20 top earning European clubs

1 (1) Man Utd £171.5m
2 (4) Real Madrid £156.3m
3 (3) AC Milan £147.2m
4 (10) Chelsea £143.7m
5 (2) Juventus £142.4m
6 (7) Arsenal £115m
7 (13) Barcelona £110.1m
8 (6) Inter Milan £110.3m
9 (5) Bayern Munich £110.1m
10 (8) Liverpool £92.3m
11 (10) Newcastle £90.5m
12 (11) Roma £72m
13 (18) Celtic £69m
14 (16) Tottenham £66.3m
15 (15) Lazio £65.8m
16 (-) Man City £61.9m
17 (14) Schalke £60.5m
18 (-) Marseille £58.3m
19 (-) Rangers £57.1m
20 (-) Aston Villa £55.9m

Source: BBC

Trends:

Chelsea hops from tenth place up to fourth. Both Spanish giants Real and Barca jump up.

There is only Bayern Munich and Schalke from Germany and they both lost ground, only Bayern is in the top 10 and clinging at that.

England own eight of the top twenty (almost half the Premiership), Italy have five, Spain, Scotland and Germany have two each and France has one team on the list.

European champions Porto do not even appear on the list, further testament to their achievement. Celtic are generating good revenue in their market.

See the source data with plenty of financial facts in this BBC article.