Leeds United, Newcastle United’s remarkable money-league position highlights importance of Premier League football for Sheffield United

But if they did, the Deloitte Football Money League would be a good place to start – with 11 of the top 20 revenue-generating clubs in world football being found in the English top league.

The English top flight's broadcast revenues remain the envy of the rest of the world, and the report found that 16 clubs - 80 per cent of the league - featured in the 2023 Money League's top 30.

Some of the clubs are obvious, including Manchester City – who generated £619.1million in 2021-22, according to the report and Liverpool (£594.3m). But it is Leeds United’s position in the top 20, for the first time since 2002/03, that offers perhaps the clearest indication of what could lie ahead for United if they reach the Premier League – and then manage to stay there.

Newcastle also entered the top 20 but the Deloitte report found that Leeds and Newcastle’s commercial and matchday revenue earnings helped push them above other English clubs – suggesting there are even bigger gains to be made on top of the remarkable sums from the Premier League's TV deals.

European champions Real Madrid remained second in the list, but their bitter rivals Barcelona dropped from fourth to seventh on the back of a 13 per cent fall in broadcast revenue.

The report found neither club's revenue has yet recovered to pre-pandemic levels, with both teams still committed to the idea of a European Super League.

The Premier League reported a significant increase in its international media rights value during its most recent rights sale process.

Tim Bridge, the head of Deloitte's Sports Business Group, told the PA news agency he could envisage a position in years to come where all 20 Premier League clubs occupied places in the top 30, and said the report was "a stark message" for the rest of Europe.

"The Premier League model is just so appealing to external markets. There is a danger that (the gap) isn't bridgeable now for the other leagues," he said.

"You really need one of those other leagues to take 'first mover advantage' around something like new technology or to embrace or embark on a new internationalisation strategy - is there a way for them to go maybe direct to consumer in certain markets via their own app, or via their own production capabilities, and engage with that market and the individuals within it in a way that enables them to leverage all the products and opportunities?

"It's certainly a big, big challenge."

The report comes at a time when a Government White Paper on an independent regulator for football is believed to be just weeks away, and amid discussion around a 'New Deal' between the football authorities on financial distribution and controls as well as the domestic calendar.

The English Football League is calling for a 25 per cent cut of pooled broadcast revenue with the Premier League.