AC Milan, Italy

Ranking 2008: 8 (Ranking 2007: 6)

Revenues: €209.5 million ($268.6 million)

Revenue Sources: Commercial (23%), Game day (13%), Broadcasting (58%)

After winning the Champions League in 2007, AC Milan disappointed during the 2007-2008 season, finishing fifth in the Italian domestic league. That setback was offset by a new, two-year contract with Italian broadcaster Mediaset for live rights to domestic matches, which now constitutes the largest component of AC Milan's overall revenues. A growing concern is the club's small stadium--AC Milan only generates 13% of its take from game day sales.