Manchester United remain the highest-ranked Premier League team in the Football Money League - despite seeing revenues drop by £118.1million in 2019-20.
United's revenues are down 19 percent, to £509million, leaving them behind Barcelona, Real Madrid and Bayern Munich.
According to forecasts from Deloitte, the coronavirus pandemic is due to end up costing Europe's 20 biggest clubs around £1.8billion (€2bn).
The finance firm’s annual money league shows that the top 20 revenue-generating clubs lost around £975million (€1.1bn) during the 2019-20 season.
That was due to factors including the lack of spectators and effects on broadcast income, which accounted for a staggering £830m of the deficit.
There are also issues of deferred prize money for many clubs, some of which will be made up in the 2020-21 accounts.
But the ongoing effects of the virus see the drop in revenue projected to reach £1.8bn (€2bn) between the 20 clubs.
While United dropped to fourth, Liverpool moved up into the top five, moving ahead of Manchester City and Paris Saint-Germain.
City remained sixth while PSG dropped from fifth to seventh, losing a major chunk of revenue amid French football's ongoing TV crisis.
Chelsea and Tottenham make the top 10 - which remained the same as last year - while Arsenal are 11th and Everton sit 17th.
The Toffees were one of only two clubs in the top 20, along with newcomers Zenit St Petersburg, to actually post improved revenues compared to 12 months previously.
At the top, Real Madrid closed within £100,000 of eternal rivals Barcelona, who suffered a 15 per cent drop in revenue to £627.1m
Tim Bridge of Deloitte’s Sports Business Group said: “We usually release our money league and talk about the growth in revenue but of course football is not immune to the Covid-19 pandemic.
“The revenue that’s been missed out on is driven by the lack of fans in the stadium, the lack of interaction on a matchday – fans spending in the club shop and buying food and drink – and there is an element that relates to revenue that broadcasters have either clawed back (or deferred) to next year.
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“There is an element of the 19-20 season being played in the 20-21 financial year, so there’s a rollover of a certain element of revenue, but for this season the matchday revenue is the most significant hit for the clubs.
“The commercial revenue has so far held up.
"I think many people were concerned that in the short term there would be an immediate shock from sponsors pulling out or unable to pay their bills but at the moment these biggest clubs have been able to hold up their commercial value.”
Full Top 20
*2019/20 revenue (£)
1. Barcelona: £627.1m
2. Real Madrid: £627m
3. Bayern Munich: £556.1m
4. Manchester United: £509m
5. Liverpool: £489.9m
6. Manchester City: £481.6m
7. Paris Saint-Germain: £474.1m
8. Chelsea: £411.9m
9. Tottenham: £390.9m
10. Juventus: £349m
11. Arsenal: £340.3m
12. Borussia Dortmund £320.7m
13. Atletico Madrid: £291m
14. Inter Milan: £255.6m
15. Zenit St Petersburg: £207.4m
16. Schalke 04: £195.4m
17. Everton: £185.9m
18. Lyon: £158.5m
19. Napoli: £154.6m
20. Eintracht Frankfurt: £152.6m
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