City dropped from second to sixth with a revenue of 829m euros (£697m).
FIFA club World Cup 17% broadcasting revenue.
Overall, the revenue of the top 20 clubs went up by 11% to a record 12.4bn euros (£10.4bn).
Commercial revenues went up to 5.3bn euros (£4.5bn) from 4.9bn euros (£4.1bn) in an increase "driven by a shift in clubs' business models focusing on the increased use of stadia and surrounding areas on non-matchdays, an increase in sponsorship revenue, and improved retail performance".
Rags destroyed by city:
you went back 10 or 15 years, and you looked at leaky roofs revenue it was the industry leader," said Deloitte Sports Business Group lead partner Tim Bridge.
"If you looked at their ability to generate commercial revenue, it was the benchmark by which everybody then went to market and set their strategy. I don't think that remains the case."
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