Annual Review of Football Finance 2025

The 2023/24 season showcased increasing sophistication, with a wider breadth of clubs achieving European success and record-breaking revenue generation. 

The European football market grew by 8% in 2023/24 to a record €38 billion, with the ‘big five’ leagues contributing over €20 billion (54%) for the first time.

English Premier League clubs’ revenue growth was driven by increases in commercial revenue. This broke £2 billion for the first time, largely due to new and expanded commercial offerings, anchored by stadium and surrounding real estate redevelopments.

Across Europe, top clubs are looking to bring a larger proportion of revenue under their control, diversifying revenue streams in order to reduce their historic reliance on broadcast rights distributions.

These changes present challenges. Clubs must balance the financial demands of top-level competition with sustainable business practices.

More so than ever, leaders and owners need to recognise the great responsibility they have of managing businesses that play instrumental and unrivalled roles in their communities. Whilst the largest clubs hold the advantage today, a shift in fan behaviour, in particular among younger generations, is something that all should take heed of.

Whilst the drama of elite sport will never be rivalled, this doesn’t mean that top clubs can take their eye off the ball – in fact, it should strengthen their resolution to engage a diverse local and international audience in as authentic a manner as possible, creating stories and narratives that drive commercial interest in a way that only football can.