European Football revenues jump to €38bn

Article posted by Coliseum, June 23^rd, 2025

Image: Coliseum GSVA

Revenue from the European football market increased by 8% in 2023/24 to a record €38 billion, according to a new report from Deloitte.

Deloitte said the ‘big five’ European leagues – the Premier League, Bundesliga, LaLiga, Serie A, and Ligue 1– generated €20.4 billion in revenue, rising by 4% to surpass the €20 billion mark for the first time.

Premier League clubs again generated the highest revenue of Europe’s ‘big five’ leagues in the 2023/24 season, reporting aggregate revenue of £6.3 billion, a 4% increase on the previous season.

This growth was primarily driven by expansion of clubs’ commercial offerings which also led to clubs cumulatively generating more than £2 billion in commercial revenue for the first time.

Tim Bridge, lead partner in the Deloitte Sports Business Group, said: “A focus on stadia development and diversification of commercial revenues led to growth across the European football market in the 2023/24 season. However, clubs and leagues cannot afford to take their eye off the ball as new challenges, including an evolving regulatory landscape and changing fan behaviours, arise.

“The pressure is mounting for more clubs to drive additional revenue at the same time as managing rising costs. More so than ever, leaders and owners must recognise the great responsibility they have of managing these businesses, capturing the historic essence of a football club while honouring its unrivalled role as a community asset for generations to come.”

The Premier League’s traditional ‘big six’ clubs reported lower average revenue growth (3%) than amongst the rest of the League’s consistent clubs (11%). This is in part due to the displacement of some clubs from the European stage and the subsequent impact this has on all primary revenue streams.

Premier League

Premier League clubs’ combined matchday revenue surpassed £900 million for the first time, rising by £43 million (5%). Broadcast revenue saw a marginal 2% increase to £3.3 billion in the penultimate season of the league’s three-year rights cycle, despite UEFA distributions to Premier League clubs decreasing in line with on-pitch performance in European competitions.

Overall, Premier League clubs’ aggregate operating profit grew by 36% to over £0.5 billion, the highest since 2018/19, due to regulatory scrutiny and sanctions encouraging a better balance between costs and revenue.

Premier League clubs’ net debt reached £3.5 billion at the end of the 2023/24 season (up 12% from 2022/23), driven by funding of stadium and facilities expenditure, as well as the continued investment in men’s playing squads.

Deloitte said LaLiga clubs’ aggregate revenue increased 6% to €3.8 billion in 2023/24, with Real Madrid and Barcelona responsible for almost half (48%) of the total.

The financial impact of infrastructure investment was clear in 2023/24, with league-wide matchday revenue increasing by 28% (€149 million) to €0.7 billion. LaLiga clubs’ aggregate broadcast revenue increased 1% to €1.8 billion and remained the largest contributor to overall revenue (48%).

Serie A clubs generated aggregate revenue of €2.9 billion, a 2% increase on the prior season. This growth was supported by an uplift in commercial revenue (up 9% to €1.0 billion), largely driven by the league’s North American-owned clubs’ new sponsorship deals and increased merchandise sales.

Despite Ligue 1 contracting from 20 to 18 clubs at the start of the season, clubs’ aggregate revenue grew by 7% to €2.6 billion in 2023/24. This uplift was largely attributable to increased non-recurring distributions from CVC’s €1.5 billion investment into a commercial subsidiary of Ligue de Football Professional in 2022, which are recognised by Ligue 1 clubs as revenue, an accounting approach which differs to that seen in other countries. Therefore, aggregate commercial revenue (€1.6 billion) accounted for over 60% of Ligue 1 clubs’ total revenue.

Elsewhere, Bundesliga clubs generated €3.8 billion in total revenue, down 1% from the previous season. Commercial revenue (€1.7 billion) remained the largest contributor (46%) to Bundesliga clubs’ total revenue.

Overall, clubs in the ‘big five’ leagues reported an aggregate operating profit (€0.6 billion) for a second successive season, while the aggregate wages/revenue ratio fell from 66% to 64%, despite growth in wage costs in all of the ‘big five’ leagues, except LaLiga.

Women’s Super League

Deloitte’s analysis shows that Women’s Super League (WSL) clubs generated combined revenue of £65 million in 2023/24, an increase of 34% on the previous season (£48 million).

Driven by uplifts in commercial and matchday revenue, every WSL club achieved a double digit increase in total revenue, with all 12 WSL clubs reporting over £1 million in revenue for the first time. Average revenue for WSL clubs rose to £5.4 million in 2023/24 (up from £4.0 million in the previous season).

New forecasts from Deloitte suggest that WSL clubs’ total revenue will reach £100 million for the 2025/26 season.

Jennifer Haskel, knowledge and insight lead in the Deloitte Sports Business Group, said: “Through developing more robust fan engagement strategies, strong commercial deals and securing central distributions, WSL clubs unlocked a new phase of growth in the 2023/24 season. Plus, as the reporting and attribution of commercial revenue remains inconsistent between clubs, we may be scratching the surface on the value now being generated by the women’s game.

“The high-profile investment and innovative brand partnerships announced in recent months demonstrate the value gained when women’s teams are treated as distinct entities with a focus on driving specific initiatives tailored to the fans and commercial partners alike.

“This mindset must be maintained for the future growth of the women’s game, or we risk missing a generational opportunity in this sport.”

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