Bundesliga: Business and finances in the 2023/24 season

Bundesliga clubs generated €3.8 billion in total revenue (average €211m), a 1% decline from the previous season.

Revenue split among the 18 Bundesliga clubs remained consistent across the three primary revenue streams: matchday (14%), broadcast (40%), and commercial (46%).  

Broadcast revenue marginally increased by 1% to €1.5 billion, as mid-rights cycle domestic distributions to clubs and distributions to Bundesliga clubs from UEFA competitions remained relatively stable. 

Matchday revenue declined 2% from the previous season to €0.5 billion. This decline was driven by the relegation of Schalke and Hertha Berlin, who had recorded the third (61,113) and fourth (53,652) highest average attendance in Germany in the 2022/23 season, respectively. Thus, average attendance in the Bundesliga reduced 8% from 42,992 to 39,506. 

Commercial revenue remained the largest contributor to Bundesliga clubs’ total revenue at 46%, but decreased 2% to €1.7 billion, again impacted by club mix due to the relegation of Schalke and Hertha Berlin following the 2022/23 season. Bundesliga clubs’ commercial revenues remained strong and second only to English Premier League clubs, with a stronger emphasis on domestic companies as sponsors operating in Europe's largest economy.

Bundesliga clubs’ wage costs increased by 3% to €2.2 billion (average €121m), which led to a slight increase in the wages/revenue ratio to 58% (up from 55%). Despite this, Bundesliga clubs maintained the lowest aggregate wages/revenue ratio among the ‘big five’ European leagues, facilitated by historic financial and ownership rules in the German model. This approach enabled Bundesliga clubs to continue to return an aggregate operating profit, at €0.2 billion in the 2023/24 season. 

LaLiga: Business and finances in the 2023/24 season

LaLiga clubs’ revenues increased 6% to €3.8 billion in 2023/24. 

Growth was driven by the 2023/24 LaLiga and UEFA Champions League winners, Real Madrid, becoming the first European club to generate over €1 billion of revenue in a single season. Barcelona also remained a key contributor, with the two clubs collectively responsible for almost half (48%) of LaLiga clubs’ aggregate revenue. The remaining 18 LaLiga clubs generated average revenue of €109m (up 3%, €3m).

The financial impact of strategic infrastructure investment was clear in 2023/24, with league-wide matchday revenues increasing by 28% (€149m) to €0.7 billion. The extensive renovation of the Bernabéu Stadium led to a doubling of Real Madrid’s matchday revenue (up €126m), and contributed to a 19% rise in commercial revenue (up €78m). 

LaLiga clubs’ aggregate broadcast revenue increased 1% to €1.8 billion and remained the largest contributor to overall revenue (48%). With the league in its second year of a five-year domestic rights cycle and in the absence of any significant new international rights agreements, this moderate improvement was derived from the performance of LaLiga clubs in UEFA club competitions. 

LaLiga clubs’ wage costs reduced €65m to €2.4 billion, in part due to cost control measures at FC Barcelona. The league’s Economic Control regulations have catalysed an improvement of the wages/revenue ratio of to 64% for LaLiga clubs (down from 70%), and a return to aggregate operating profitability (€66m) for the first time in four years.  

Overall, LaLiga clubs reported a pre-tax loss of €0.2 billion, compared with an aggregate pre-tax profit of €0.4 billion in 2022/23. 

Serie A: Business and finances in the 2023/24 season

Serie A clubs generated €2.9 billion of revenue in 2023/24, averaging €145m, a 2% increase on the prior season.

This marginal revenue growth was supported by increases in commercial and matchday revenues, offsetting a slight decline in broadcast revenue resulting from an overall ebb in Serie A clubs’ performance in UEFA competitions relative to the previous season.  

Matchday revenue increased 2% to €0.4 billion , as the average league attendance rose 5% to 30,916 from 29,537.  

Broadcast revenue decreased 2% to €1.5 billion, partially due to lower level of distributions from UEFA given overall weaker on-pitch performance by Italian clubs in the UEFA Champions League.

Commercial revenue increased 9% to €1.0 billion (2022/23: €0.9 billion), with heavy influence from North American-owned Serie A clubs’ new sponsorship deals and increased merchandise sales. The five Italian clubs under such ownership reported an average increase of commercial revenue of 26%, whilst the other consistent clubs increased commercial revenue by 7% on average. 

Serie A clubs’ total wage costs increased by 4% to €2.0 billion (average €98m). Despite this, their aggregate wages/revenue ratio remained fairly constant at 68% (2022/23: 66%), enabling Serie A clubs to return an aggregate operating profit (€40m) for the second consecutive year and, together with more conservative player transfer spending over recent years, facilitated a more stable financial situation and outlook with reduced pre-tax losses of €0.3 billion (down 22% from €0.4 billion in 2022/23). 

Ligue 1: Business and finances in the 2023/24 season

Ligue 1 clubs’ aggregate revenue grew by 7% to €2.6 billion in 2023/24, despite Ligue 1 reducing from 20 to 18 clubs.

The uplift is largely attributable to increased non-recurring distributions to clubs derived from private equity firm CVC’s €1.5bn investment into a commercial subsidiary of Ligue de Football Professional in 2022. This growth was complemented by increases across commercial, matchday and broadcast revenue streams, boosted by increased non-matchday events and improved performance of Ligue 1 clubs in UEFA competitions. 

Commercial revenue (€1.6 billion) accounted for over 60% of Ligue 1 clubs’ total revenue, increasing by €140m (10%) in 2023/24. This increase is largely attributable to OGC Nice (up €66m), Olympique Lyonnais (up €59m) and Olympique Marseille (up €45m), and their respective recognition of monies derived from CVC’s investment.

The commercial revenue of these clubs, amongst others, was also buoyed by non-matchday events. Olympique Lyonnais, one of only two clubs to own their stadium in Ligue 1, reported €44m in events revenue (up €27m).

Meanwhile, Ligue 1 clubs’ matchday revenue increased 6% to €0.3 billion, despite a marked reduction (74) in the number of matches following the league's contraction.

Ligue 1 clubs’ broadcast revenue rose marginally to €0.7 billion, owing to improved performances in UEFA club competitions in 2023/24. However, instability in the market since the 2023/24 season means that, from 2025/26, Ligue 1 clubs will receive significantly reduced broadcast distributions from the league until a domestic broadcast solution can be found.

A relatively stable aggregate wage bill, combined with revenue growth, reduced Ligue 1 clubs’ wages/revenue ratio from 77% to 73%, a five-year low. Meanwhile, aggregate operating losses of €0.3 billion were reduced to €0.2 billion at the pre-tax level.