Real Madrid remain the richest club in Europe, according to a UEFA report.
The La Liga club had the biggest revenue (€550m) and gate receipts (€121m) in 2014, as well as the biggest wage bill (€270m) and most expensive squad (€316m).
Manchester United made Europe's largest operating profit (€140m) while Tottenham Hotspur made the biggest net profit of €78m.
Combined club losses are down from €1.7bn to €485m after the introduction of Financial Fair Play.
"While we should remain cautious, it appears that the worst financial excesses of European football reported in 2010 and 2011 are potentially behind us," UEFA general secretary Gianni Infantino told reporters.
"This year's edition of the report highlights some notable improvements that have taken place in the last three years, coinciding with the introduction of financial fair play."
The report reveals that wages across Europe rose to more than €7bn for the first time, with clubs in England paying an average of €114m per year.
Jonathan McIntosh
