Real Madrid remain the richest club in Europe as their squad has been confirmed the most expensive in Europe, at a cost of 316m Euros.

Although Manchester United are Europe’s top club with respect to operating profit (140m Euros), Spanish Giants Real Madrid have been named the richest in terms of 2014 revenue (550m Euros), gate receipts (121m Euros), biggest wage bill (270m Euros) and most expensive squad (316m Euros).

Tottenham Hotspur are the best net profit performers with 78m Euros. UEFA.com revealed that English clubs have the highest average wage bill, at 113.9m Euros, followed by Germany with 63.2m Euros.

UEFA blamed the Financial Fair Play rules on reduction in combined losses from 1.67bn Euros to 485m Euros.

“While we should remain cautious, it appears that the worst financial excesses of European football reported in 2010 and 2011 are potentially behind us,” said UEFA general secretary Gianni Infantino.

“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.”

Real Madrid faced the second most expensive squad, PSG (276m Euros), in the Champions League on Wednesday.