European football revenues surpass €40bn for the first time but slowing growth leaves clubs at a crossroads

Boosted by expanded and restructured club competitions, the European football market grew by 6% in the 2024/25 season;

The ‘big five’ European leagues aggregate club revenues rose by 6% to €21.6bn;

Premier League clubs’ aggregate revenue hit £6.8bn, an 8% rise year-on-year, but pre-tax losses jumped considerably from £135m to £948m;

Aggregate revenues of Championship clubs decreased by 2% to £942m;

Women’s Super League clubs reported a 39% increase in aggregate revenue in 2024/25, to £90m.

Revenues generated by the European football market surpassed €40bn for the first time in the 2024/25 season, growing by 6% to €40.2bn (€38bn in 2023/24), according to the 35th Annual Review of Football Finance, published by the Deloitte Sports Business Group.

The ‘big five’ European leagues – the Premier League, Bundesliga, LaLiga, Serie A, and Ligue 1, generated revenues of €21.6bn during 2024/25, up from €20.4bn in 2023/24.

According to Deloitte analysis, growth of aggregate club revenue across Europe’s ‘big five’ leagues is projected to slow in the coming seasons, with some leagues experiencing a plateau or even reduction in 2025/26 and 2026/27.

Tim Bridge, lead partner in the Deloitte Sports Business Group, said: “The expansion of UEFA and FIFA competitions has delivered financial benefits across Europe’s ‘big five’ leagues, but football cannot rely on simply adding more content to deliver sustainable growth. An increasingly saturated market may not be good for players or fans, particularly if it weakens the on-pitch spectacle. This approach, without a collective mindset from all rightsholders, risks prioritising short-term gain over long-term prosperity.

“European football has forged the dominant position on the world stage, but as US sports consider moves to the European market, and competition from other entertainment businesses intensifies, there are undoubtedly challenges ahead. Now is the time for leaders to concentrate on diversifying business models, while collaborating with others on a shared plan for the future. Strong leadership and innovation, underpinned by fit-for-purpose regulation are paramount.”

Premier League sets the pace across Europe

Premier League clubs again generated the highest revenue of the ‘big five’ leagues in Europe during 2024/25, rising 8% to £6.8bn. This growth was partly driven by strong performances of some clubs in UEFA’s expanded and restructured competitions. This figure is expected to have exceeded £7bn in 2025/26, due to the start of an uplifted broadcast rights agreement, and three clubs reaching European finals.

Commercial revenue remained a key revenue stream for clubs in England’s top-flight, growing by 13% to £2.4bn in the 2024/25 season. The league’s traditional ‘big six’ clubs remained significant contributors to this total, accounting for almost three-quarters (73%) of clubs’ collective commercial revenue.

Combined matchday revenue for Premier League clubs rose by £133m (15%) in 2024/25, surpassing £1bn for the first time. Revenues were boosted by an increase in the number of clubs reaching the final stages of European competitions, rising ticket prices and increased stadia capacity. Meanwhile, broadcast revenue saw a marginal year-on-year increase of 2% to £3.4bn.

Premier League clubs’ pre-tax losses jumped heavily from £135m in 2023/24 to £948m in 2024/25. This was attributable to transfer spending and the absence of significant profits from one-off sales, which contributed to a more positive 2023/24 result. At the close of the 2024/25 season, Premier League clubs’ net debt was £3.6bn, up from £3.5bn in 2023/24.

The 2024/25 season was a landmark for Bundesliga clubs, with aggregate revenue growing 12% to surpass €4bn for the first time in the league’s history, driven by improvements in commercial and broadcast revenue.

LaLiga clubs reported €4.1bn of revenue for 2024/25, a 9% uplift on the prior season, driven by increases in commercial and matchday revenue. Real Madrid (€1.2bn) and FC Barcelona (€975m) accounted for approximately 52% of clubs’ aggregate revenue.

Serie A clubs’ aggregate revenue increased by 4% to €3bn during the 2024/25 season, with Juventus, FC Internazionale Milano and AC Milan accounting for 45% of total revenue. Matchday revenue increased 3% to €0.5bn, with the largest uplifts concentrated among those clubs that participated in the UEFA Champions League.

Ligue 1 clubs’ aggregate revenue fell to €2.2bn in 2024/25, a 15% decrease on the prior season’s €2.6bn total. Marginal growth in matchday and broadcast revenue was not enough to offset a €0.4bn reduction in commercial revenue.

Overall, Europe’s ‘big five’ leagues aggregate pre-tax losses grew by €0.8bn to €1.5bn in the 2024/25 season.

Championship revenues fall as losses continue to rise

Championship clubs recorded aggregate revenue of £942m in 2024/25, down 2% on the prior season, marking the first season-on-season decline in aggregate revenue since the COVID pandemic.

Commercial revenue fell by 10% to £273m, mainly due to the changing club mix.

Championship clubs’ pre-tax losses rose 12% to £355m, with only three clubs reporting a pre-tax profit, compared to four in 2023/24. Aggregate wage costs grew marginally to a record £903m in 2024/25, up 1% on 2023/24 (£894m). This marked the second consecutive season in which wage costs increased, following four seasons of reduction.

Bridge added: “The cumulative financial position and worsening club losses across all three English Football League divisions underline a continuing trend; one where external funding is now critical to liquidity in the vast majority of cases. Upcoming regulatory changes could support future improvements, but the focus must now shift to stronger commercialisation and sustainable growth, or a plan to bridge the gap to the Premier League to unlock the huge amount of value within football at all levels.”

Women’s Super League growth accelerates, but financial divergence widens

In 2024/25, Women’s Super League (WSL) clubs’ combined revenue grew 39% to £90m. For the second consecutive season, all 12 clubs reported revenue exceeding £1m.

Commercial revenue remained a key driver of growth across the league, increasing by £15m to £41m in 2024/25. Matchday revenue also grew to £14m in 2024/25, a 16% uplift from the previous season while broadcast revenue rose by 11% to £11m.

The average revenue of WSL clubs rose £2.1m to £7.5m, with the top four revenue-generating clubs accounting for 71% of the total, up from 66% in 2023/24. The gap between the highest and lowest-earning club in the WSL widened to 16x, up from 13x in 2023/24.

Jennifer Haskel, knowledge and insight lead in the Deloitte Sports Business Group, said: “As investment continues across the WSL, expectations are firmly on clubs to grow their businesses, adapt operating models, and simultaneously engage fans and partners. There are countless signs of rising marketability in the women's game, but this progress is uneven, with many clubs struggling to keep pace while the top tier teams widen the gap.

“This points to a critical juncture for the professional leagues. Revenues, visibility and commercial viability continue to grow, but the challenge remains to translate that momentum across the pyramid into a consistent and compelling fan experience. The next phase of growth will require collective investment from clubs, partners, and fans to heighten the competition between teams and lay the turf for sustainable growth.”

ENDS

Note to editors:

Exchange rate

For the purpose of the international analysis and comparisons we have converted the figures for 2024/25 into euros using the average exchange rate for the year ending 30 June 2025 (£1 = €1.19).

Wage costs

Wage costs cover all employees (including players, technical and administrative employees) and include wages, salaries, signing-on fees, bonuses, termination payments, social security contributions and other employee benefit expenses.

About the Sports Business Group at Deloitte

The Deloitte Sports Business Group is a leading advisor to governments, investors, sport governing bodies and organisations.

To date we have advised clients in over 40 countries, across more than 40 sports, providing knowledge and insight to enable transformational change, resolve significant challenges, enhance value, and fuel opportunities for growth.

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