Deloitte's annual Money League list reported "revenues for the top 20 global football clubs have risen" another 8%, according to the FINANCIAL TIMES. The "commercial segment -- sponsorship and the like -- is shouldering most of the burden." An average of 41% of the total of €5.4B in revenues generated by the top 20 clubs was "derived from commercial sources." That compares with 35% two seasons before. Meanwhile the "former dependence on match day sales has diminished to only about a fifth of the top-line." For some clubs, "such as AC Milan, it represents just a tenth of revenues." Even broadcast fees "grow less important; their slice of the total fell back" from 42-37%. Historically, revenue growth has "been for naught." Football clubs around the world, "controlled by shrewd, experienced, wealthy businessmen, have found themselves outfoxed time and again by a bunch of teenagers (and, admittedly, their agents)." That may "slowly be changing." According to UEFA, "revenue growth is outpacing wage growth for the first time" since the organization started collecting data in '06 (FT, 1/24).