Europe's Top Leagues

Bundesliga: Business and finances in the 2024/25 season

2024/25 was a landmark year for Bundesliga clubs, with revenue surpassing €4 billion for the first time in league history.

Revenue of €4.3 billion represented a 12% increase on the prior season, driven primarily by growth in commercial and broadcast revenue.

Bundesliga clubs reported €1.9 billion of commercial revenue in 2024/25, marking the third consecutive season in which this was the primary component of aggregate revenue. The increase on the prior season consisted of a €128 million rise in sponsorship revenue and €81 million growth in arena revenue, including income from non-matchday events, hospitality, and rental agreements associated with hosting UEFA EURO 2024 matches.

Broadcast revenue increased 11% to €1.7 billion. Growth was driven by increased distributions to clubs from UEFA and FIFA, owing to a rise in both the number of Bundesliga clubs participating in UEFA competitions and the number of games under the expanded format, as well as participation by FC Bayern Munich and Borussia Dortmund in the 2025 FIFA Club World Cup.

Matchday revenue also benefited from the increase in UEFA club competition matches involving Bundesliga clubs, totaling €0.6 billion.

Bundesliga clubs recorded their highest-ever wage cost of €2.3 billion in 2024/25, an increase of 5% on 2023/24. However, because wage growth was outpaced by revenue growth, the average wages-to-revenue ratio fell from 58% in 2023/24 to 54% in 2024/25, the lowest among the ‘big five’. This, combined with careful management of other operating costs, enabled Bundesliga clubs to report their highest operating profit (€0.4 billion) in league history, up 155% on the prior season.

LaLiga: Business and finances in the 2024/25 season

LaLiga clubs reported €4.1 billion of revenue in 2024/25, a 9% increase on the prior season.

Growth was primarily driven by increases in commercial revenue, up €0.3 billion due to enhanced sponsorship and merchandising activity, and matchday revenue, up €0.1 billion following FC Barcelona’s return to a reduced-capacity Camp Nou for the 2024/25 season.

Revenue concentration among LaLiga clubs remains pronounced. Real Madrid and FC Barcelona together reported more than €2.1 billion of revenue, accounting for approximately 52% of clubs’ aggregate revenue (up from 48% in 2023/24).

Commercial revenue rose 22% to €1.6 billion. Key catalysts included FC Barcelona’s renewed kit manufacturing agreement with Nike and the first full year of commercial operations at Real Madrid’s redeveloped Bernabéu.

Matchday revenue increased by 22% to €0.8 billion. FC Barcelona provided over 70% of this uplift, driven by the revenue recognition, in a condensed period, of the sale of multi-year term Personal Seat Licenses for the newly rebuilt Camp Nou.

Broadcast revenue declined by 5% to €1.7 billion but remained the largest contributor to aggregate revenue. This decrease reflected a €0.1 billion reduction in UEFA distributions, with fewer Spanish clubs competing in UEFA competitions, and an absence of material uplift in LaLiga rights distributions, as is to be expected in the third year of a five-year domestic rights cycle.

LaLiga clubs’ wage costs increased by 2% to €2.5 billion in 2024/25. Wage inflation was, however, comfortably outpaced by revenue growth, which resulted in an improved wages-to-revenue ratio of 60%.

After returning to operating profitability for the first time in four years in 2023/24, LaLiga clubs reported a further improvement in their operating result in 2024/25 to €0.3 billion.

Serie A: Business and finances in the 2024/25 season

Serie A clubs generated €3 billion of revenue in 2024/25, a 4% increase on the prior season.

The ‘Strisciate’ clubs (Juventus, FC Internazionale Milano and AC Milan) accounted for 45% of total revenue, with their share increasing from the prior year (39%) due to improved performances in expanded UEFA competitions and additional distributions from participation in the 2025 FIFA Club World Cup.

Matchday revenue increased 3% to €0.5 billion, with the largest gains concentrated among those clubs that participated in the UEFA Champions League.

Despite 2024/25 marking the first year of a new, lower-value domestic broadcast rights agreement, broadcast revenue grew 1% to €1.5 billion, due to a slight improvement in international rights values and growth in distributions to clubs from UEFA and FIFA, tied to performance in their club competitions.

Commercial revenue increased by 8% to €1.0 billion. It was a game of two halves, with growth supported by new and renewed sponsorship agreements, including a new front-of-shirt sponsorship deal for FC Internazionale Milano, but constrained by Juventus’ lack of a shirt-front partner for much of the season.

Although wage costs grew 2% to €2.0 billion, the comparatively larger increase in revenue meant the average wages-to-revenue ratio improved slightly to 66%.

Growth in other operating costs, to €1.0 billion, meant operating profit declined to €9 million. Although a reduction on the previous season, this did mark the third consecutive year in which a positive collective operating result was recorded.

Serie A clubs maintained their more conservative recent approach to player trading to again reduce pre-tax losses, down 18% to €0.3 billion.

Ligue 1: Business and finances in the 2024/25 season

Ligue 1 clubs’ revenue fell to €2.2 billion in 2024/25, a 15% decrease from the prior season.

Marginal growth in matchday and broadcast revenue was not enough to offset a €0.4 billion reduction in commercial revenue, which in recent years had otherwise been bolstered by distributions to clubs, linked to CVC Capital Partners’ €1.5 billion investment into Ligue 1’s commercial subsidiary (LFP Media) in 2022.

A successful season on the pitch saw Paris Saint-Germain’s financial dominance in French football grow further. The club accounted for 39% of Ligue 1 clubs’ aggregate revenue in 2024/25.

Ligue 1 clubs’ matchday revenue increased 5% to €0.3 billion, primarily due to additional matches for four clubs participating in the new-format League Phase of the UEFA Champions League compared with two in the prior season’s Group Stage.

Broadcast revenue increased marginally to €0.7 billion, with improved distributions to clubs participating in UEFA competitions and Paris Saint-Germain’s success in the 2025 FIFA Club World Cup mitigating the impact of a reduction in distributions received from the LFP.

Ligue 1 clubs’ commercial revenue decreased 26% to €1.1 billion, with modest growth in sponsorship revenue (2%) not enough to offset a significant reduction in other commercial revenue (51%).

In response to declining revenues, many Ligue 1 clubs implemented cost control measures. While this did result in a reduction in wage costs, down 7% to €1.7 billion, it was insufficient to offset the overall fall in revenue. The average wages-to-revenue ratio therefore increased to 80% (2023/24: 73%) and, coupled with a marginal increase in other operating costs, meant operating losses more than doubled to €0.6 billion.