Real Madrid is the world’s richest football club, for the fifth year running. The rich are indeed getting richer.

Despite the global economic recession, Madrid became the first team in any sport to report revenue of euro400 million (around R4 billion).

Guess the euro 250 million-odd they loaned to buy Kaka, Cristiano Ronaldo and Xabi Alonso, amongst others, is safe. Plus they raised euro 88 million from selling a few (mostly) Dutch stars. Not quite another Portsmouth in the making.

Deloitte’s annual Football Money League survey published this week is all about the business of soccer.

It’s no coincidence that the top 10 reads like a UEFA Champions League quarter final list: Real Madrid, FC Barcelona, Manchester United, Bayern Munich, Arsenal, Chelsea, Liverpool, Juventus, Internazionale, and AC Milan.

Because these clubs are successful in European campaigns and in domestic leagues, they attract more sponsors, a bigger slice of TV revenue in Europe, and the snowball gets bigger and even more unstoppable.

If these clubs have any real business savvy, which most have, revenues will keep growing, allowing them to buy better quality players, ensuring an improved chance at more success.

Alan Switzer, Director in the Sports Business Group, said: “Real Madrid and FC Barcelona have created a clear revenue gap between themselves and their European competitors, and look set to contest the top two positions in the Money League for the foreseeable future, particularly if the Pound doesn’t strengthen against the Euro. However, new improved Premier League broadcast contracts, and in particular strong growth in the value of the league’s international rights, will provide a revenue boost to English clubs from 2010/11.

Of course, UEFA is not a fan of the kinds of excess we’re seeing in some European clubs. The so-called Financial Fair Play rules could see Chelsea, Liverpool and Manchester City barred from European competitions from 2013, as none of these clubs are breaking even.

Manchester United is theoretically safe, even with a debt of around euro1 billion. It’s made a profit last year, largely thanks to the sale of Ronaldo. We’ll have to see how many more rabbits they can pull out of their hat.

There is renewed caution in England, as a report from UEFA shows that Premier League clubs are responsible for more than half of the total debts of European top-flight teams. English clubs owe euro4 billion, while teams in Spanish La Liga owe around a quarter of that.

No wonder the implosion at Portsmouth happened. Things are on a knife edge at the lower placed teams. West Ham co-owner David Gold spoke out again this week about the risk of more clubs being pushed into administration by heavy debt levels.

He reckons that clubs borrowing money beyond their means was “a form of cheating”.

“The Premier League’s a great league, but we’re seeing a chink in the armour. It’s possible that more will go. Portsmouth have gone, imagine if next year one or two more go. I’m concerned. I fear for the league if we do not act.”

The Premier League’s rush to plaster shut massive holes by forwarding Portsmouth £32 million so they are able to play out the season is even more worrying.

By the way, the remainder of the top 20 clubs in the Deloitte report are: Hamburg, AS Roma, Olympique Lyonnais, Olympique de Marseille, Tottenham Hotspur, Schalke 04, Werder Bremen, Borussia Dortmund, Manchester City, and Newcastle United.

Newcastle?! A side playing in the Championship! With 13 games to go, you’ve got to back them to come roaring back into the Premiership.