The annual Football Money League report, published by Deloitte, shows that Milan are still Italian football’s top earners.
Real Madrid are the game’s biggest cash generating force after they amassed revenue in excess of €500m in 2011-12. Barcelona are second, with Manchester United third.
Milan are eighth in the list, having dropped a place from the season before, despite a yearly increase in revenue from €234.8m to €256.9m.
Juventus, thanks to income of €194.5m last season, are tenth in the standings having benefitted from winning Serie A and moving into their own arena.
Inter have fallen four places to 12th, Napoli are up five to 15th while Roma have dropped four spots to 19th.
Top 20: 1 Real Madrid €512.6m, 2 Barcelona €483m, 3 Man Utd €395.9m, 4 Bayern Munich €368.4m, 5 Chelsea €322.6m, 6 Arsenal €290.3m, 7 Man City €285.6m, 8 Milan €256.9m, 9 Liverpool €233.2m, 10 Juventus €195.4m, 11 Borussia Dortmund €189.1m, 12 Inter €185.9m, 13 Spurs €178.2m, 14 Schalke €174.5m, 15 Napoli €148.4m, 16 Marseille €135.7m, 17 Lyon €131.9m, 18 Hamburg €121.1m, 19 Roma €115.9m, 20 Newcastle €115.3m.