Key facts
- European football clubs' aggregate revenues exceeded €40bn in the 2024-25 season.
- Revenue growth was driven by the expansion of UEFA and FIFA club competitions.
- Premier League revenues increased by 8%, but pre-tax losses surged by 600%.
- Championship revenues declined by 2%, with wage costs consuming 96% of revenue.
- Women's Super League revenues grew by 39%, though the gap between top and other clubs widened.
Deloitte has issued a warning about future challenges for European football, despite aggregate revenues surpassing €40bn for the first time in the 2024-25 season. The firm attributed the 13% year-on-year revenue growth primarily to the expansion of UEFA and FIFA club competitions, including the 32-team Club World Cup.
However, Deloitte's Annual Review of Football Finance suggests that this growth trajectory is unsustainable and likely to slow. Tim Bridge, lead partner in Deloitte’s Sports Business Group, cautioned that relying on increased content alone risks prioritizing short-term gains over long-term prosperity and could weaken the on-pitch spectacle. He emphasized the need for diversified business models, collaboration among rights holders, and fit-for-purpose regulation.
The revenue remains concentrated in Europe's 'big five' leagues, with the Premier League alone accounting for approximately a fifth of the total. While Premier League revenues rose 8% to €8bn, pre-tax losses escalated by 600% to £948m due to increased transfer spending and fewer one-off sales. Collective net debt in the league also saw a slight increase to £3.6bn.
Outside the top tier, the situation is more concerning. Championship revenues fell 2% to £942m, marking the first decline since the pandemic. Pre-tax losses in the Championship rose 12% to £355m, with wage costs reaching a record £903m, equivalent to 96% of revenues. Bridge noted that external funding is now critical for liquidity across all three English Football League divisions.
In the Women's Super League, revenues grew by 39% to £90m in its first season after being separated from the Football Association. However, the gap in revenue share between the top four clubs and the rest of the league widened from 66% to 71%, indicating uneven progress.