Big 5 European league revenue breaks €40bn, but Deloitte warns growth will slow

European football revenues topped €40 billion for the first time in the 2024/25 season, growing by 6% to €40.2 billion, up from €38 billion in 2023/24.

More than half of the revenue was accounted for by the big five European leagues who collectively generated €21.6 billion during 2024/25, a 6% increase on the €20.4 billion in 2023/24.

The revenue numbers are the headline findings in the 35th edition of Deloitte’s Annual Review of Football Finance, but come with a health warning from Deloitte who project that the growth of aggregate club revenue across Europe’s ‘big five’ leagues will 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,” Bridge continued.

English Premier League clubs again dominated as the highest revenue earners, generating £6.8 billion, more than 35% of LaLiga’s reported €4.1 billion.

This growth was partly driven by English club performances in UEFA’s expanded competitions. Deloitte reckons the Premier League figure will be more than £7 billion in 2025/26, with the start of an improved broadcast rights cycle, and three clubs reaching European finals.

Broadcast revenue is the biggest income line and saw a marginal year-on-year increase of 2% to £3.4 billion.

Commercial revenue grew by 13% to £2.4bn in the 2024/25 season with the league’s traditional ‘big six’ clubs (Man Utd, Man City, Arsenal, Liverpool, Chelsea and Spurs), accounting for 73%.

Combined matchday revenue for Premier League clubs rose by £133 million (15%) to goa over £1 billion for the first time, boosted by an increase in the number of clubs reaching the final stages of European competitions.

Transfer spending coupled with fewer sales saw Premier League clubs’ pre-tax losses leap from £135 million in 2023/24 to £948 million in 2024/25. At the close of the 2024/25 season, Premier League clubs’ net debt was £3.6 billion.

In LaLiga Real Madrid (€1.2 billion) and FC Barcelona (€975 million) accounted for about 52% of clubs’ aggregate revenue. 

Bundesligaclubs saw aggregate revenue grow 12% to surpass €4 billion for the first time, driven by improved commercial and broadcast revenue.

Serie A clubs’ aggregate revenue increased by 4% to €3 billion, with Juventus, Inter Milano and AC Milan accounting for 45% of total revenue.

In contrast, Ligue 1 clubs’ aggregate revenue fell 15% to €2.2 billion as commercial revenue dropped by €400 million.

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

“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,” said Bridge.

“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.”

EFL Championship revenues drop

Outside the Big 5 leagues the analysis finds English Championship clubs recorded aggregate revenue of £942 million in 2024/25, down 2% on the prior season, and the first season-on-season decline since the COVID pandemic.

Commercial revenue fell by 10% to £273 million.

Championship clubs’ pre-tax losses rose 12% to £355 million, with only three clubs reporting a pre-tax profit. Aggregate wage costs grew marginally to a record £903 million in 2024/25.

“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,” warned Bridge.

“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

Deloitte finds that the Women’s Super League (WSL) clubs’ combined revenue grew 39% to £90 million, all 12 clubs reported revenue exceeding £1 million in 2024/25.

Commercial revenue increased by £15 million to £41 million. Matchday revenue grew to £14 million, while broadcast revenue rose by 11% to £11 million.

The average revenue of WSL clubs rose to £7.5 million, with the top four revenue-generating clubs accounting for 71% of the total.

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.

“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,” continued Haskell.

“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.”