European game generated €38 billion in 2023-24 season, study shows

Manchester City's Norwegian striker Erling Haaland scoring their second goal from the penalty spot during the match against Fulham on May 25. PHOTO: AFP

UPDATED Jun 12, 2025, 11:25 AM

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LONDON – Europe's football market grew by 8 per cent in terms of revenue in the 2023-24 season to €38 billion with England's Premier League generating the most, Deloitte said in a study published on June 11.

In its Annual Review of Football Finance, Deloitte said the top five leagues – Premier League, German Bundesliga, Spanish La Liga, Italian Serie A and French Ligue 1 – generated €20.4 billion in revenue, an increase of 4 per cent.

Premier League clubs had the highest revenue of Europe's top leagues at £6.3 billion.

However, the traditional “Big Six” clubs in England’s top flight reported lower average revenue growth (3 per cent) than other clubs that were in the Premier League in both the 2023-24 and 2022-23 seasons (11 per cent).

The study said the growth was largely driven by expansion of clubs' commercial offerings, which also led to the teams cumulatively generating more than £2 billion in commercial revenue for the first time.

"A focus on stadia development and diversification of commercial revenues led to growth across the European football market in the 2023-24 season," said Tim Bridge, lead partner in Deloitte's Sports Business Group.

"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."

Fan protests have become a common sight at Premier League stadiums over rising ticket prices and the squeezing out of local supporters to make way for more tourists willing to spend more for a special matchday experience.

“There can be no doubt that the system in English football is under strain,” added Bridge.

“Repeated reports of fan unrest at ticket price and accessibility demonstrate the challenge in the modern era of balancing commercial growth with the historic essence of a football club’s role and position in society.”

There is also uncertainty over the implications of an incoming independent regulator for England’s top five leagues.

And for the past two seasons, all three promoted clubs from the Championship have been immediately relegated back to the second tier.

“The financial implications of the ‘yo-yo effect’ on clubs, their spending, and overall competitiveness are major factors to address in order to continue attracting high levels of investment across the system,” said Bridge.

Clubs in Europe’s “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 per cent to 64 per cent.

Clubs in England's Women's Super League (WSL) jointly generated revenue of £65 million in the 2023-24 season, a 34 per cent rise.

Each WSL club had a double-digit increase in revenue, while all 12 clubs reported over £1 million in revenue for the first time, with an average revenue of £5.4 million.

"Through developing more robust fan engagement strategies, strong commercial deals and securing central distributions, WSL clubs unlocked a new phase of growth," Deloitte Sports Business group's knowledge and insights lead Jennifer Haskel said.

"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." REUTERS

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