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Europe's Top Leagues

In 2022/23, clubs in the ‘big five’ European leagues generated aggregate revenue of €19.6 billion, up €2.3 billion on the previous season.

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'Big five' leagues' overview and projections


2022/23 was the first full season since 2018/19 in which all of Europe’s ‘big five’ leagues operated under no COVID-19 restrictions.


All 'big five' European Leagues - the Premier League, Bundesliga, LaLiga, Serie A and Ligue 1 - saw aggregate matchday revenue improve, growing by €0.7 billion (35%) to €2.8 billion (average 14% of clubs’ total revenue) in the 2022/23 season. Bundesliga and Serie A clubs reported the largest increases after release from the pandemic stadia restrictions that had impacted part of the 2021/22 season.  

Aggregate commercial revenue of clubs grew by €1.2 billion (19%) to €7.6 billion, driven by new and improved sponsorship deals, utilisation of stadia beyond matchdays and Ligue 1 clubs’ receipt of central distributions from the league’s private equity deal. 

Aggregate broadcast revenue for clubs in the ‘big five’ leagues was €9.2 billion. Growth on the previous season (€8.9 billion) was minimal as 2022/23 was the second season for the broadcast rights cycles for Serie A, Bundesliga, Ligue 1 and for UEFA club competitions, and there were only relatively small increases in overall values for new deals commencing for Premier League and LaLiga.

The clubs’ aggregate wage costs were €13 billion. The substantial increase in aggregate revenue (€2.3 billion) exceeded clubs’ increased wage costs (up €0.7 billion), such that the average wages/revenue ratio fell across all of the ‘big five’ leagues. As a result, the ‘big five’ league clubs reported an aggregate operating profit (€0.5 billion) for the first time since 2018/19 (€1.4 billion). 

Clubs’ aggregate revenue across Europe’s ‘big five’ leagues is forecast to continue growing, reaching around €21 billion in 2024/25.

'Big five' European league clubs' revenue - 2022/23 (€m)

Europe's Top Leagues: Germany, Spain, Italy, France


Total revenue generated by Bundesliga clubs grew 22% to €3.8 billion, the largest percentage growth of the ‘big five’ leagues.


Matchday revenue in the Bundesliga nearly doubled from the previous season, amounting to €0.5 billion (94% increase), as COVID-19 restrictions were lifted and fans returned to stadia in full force. Bundesliga clubs had the highest average attendance among the ‘big five’ leagues, with an average of 42,966 spectators per match (stadium utilisation 92%).

Aggregate broadcast revenue for Bundesliga clubs grew by 10% to €1.5 billion in 2022/23. This growth was largely driven by the stronger performance of German clubs in the Champions League as four Bundesliga clubs reached the Round of 16 in the 2022/23 competition, in contrast to only one in 2021/22. 

In the 2022/23 season, commercial revenue increased 19% to reach €1.8 billion (2021/22: €1.5 billion). The attractiveness of the league and its clubs to sponsors was evidenced by new partnerships that contributed to this growth, including four new kit deals and three front-of-shirt sponsors for Bundesliga clubs. 

Despite a 14% increase in aggregate wage costs to €2.1 billion (average €118m), Bundesliga clubs maintained their longstanding tradition of recording the lowest wages/revenue ratio (55%) among the ‘big five’ leagues in 2022/23. This emphasis on financial sustainability helped the Bundesliga clubs report a healthy aggregate operating profit of €0.4 billion, and the improvement in operating results (before player trading) fed through into clubs’ aggregate pre-tax profits of €0.1 billion (2021/22: losses of €0.2 billion).

LaLiga clubs achieved a record high aggregate revenue of €3.5 billion in the 2022/23 season, averaging €177m per club.


Home to two of the world’s highest revenue generating football clubs – both Real Madrid and Barcelona had revenue in excess of €800m – who in various ways stand apart from the rest of Spanish football (average revenue of the other 18 LaLiga clubs was €106m).

An 8% decrease in aggregate broadcast revenue (largely attributed to weaker performance in the Champions League in 2022/23) was more than offset by improved matchday revenue (up €131m / 32%) and commercial revenue (up €274m / 29%). Notably, 67% of the €1.2 billion commercial revenue was reported by the top two clubs, who experienced 45% (€128m) and 27% (€85m) growth in commercial revenue respectively. 

In the 2022/23 season, LaLiga clubs’ wage costs increased 5% to €2.5 billion (average €125m) and the wages/revenue ratio slightly decreased to 70% (2021/22: 73%).

Despite most LaLiga clubs generating operating profits, the league as a whole experienced aggregate operating losses of €45m in 2022/23, skewed by Barcelona which reported an operating loss of €206m. 

Whilst aggregate operating losses remained relatively flat compared to 2021/22, aggregate pre-tax results significantly improved to profits of €0.4 billion (compared to losses of €0.1 billion in 2021/22). This was facilitated by a €0.3 billion improvement in the net result of player trading and €0.6 billion of exceptional credits (an 11% reduction on the previous year). The impact of these results was muted by the amortisation cost of acquired players, which outweighed profits from player sales, albeit by a narrower margin than the previous season.

Serie A clubs generated €2.9 billion of revenue in 2022/23, averaging €143m per club, a 22% increase on the previous season and a record high for the league.


Revenue increased across all three primary revenue streams, but it was improvements in matchday revenue that was the most significant driver of overall growth. 

The easing of COVID-19 restrictions brought with it fuller stadia, driving an 88% (€202m) increase in matchday revenue to €434m compared to 2021/22 (€231m). All 17 clubs that participated in Serie A in both the 2021/22 and 2022/23 seasons recorded an increase in matchday revenue, with Napoli recording the highest relative growth (€32m, 261%), due to the eagerness of fans to be part of the club’s first title-winning season since 1989/90, which was only the third in its history.

Broadcast revenue was again the largest contributor (54%) to the clubs’ total revenue, growing 15% (€194m) to €1.5 billion. This increase was largely due to Serie A clubs’ strong performance in UEFA club competitions, with three progressing to a Final, two to a Semi Final and one to a Quarter Final.

Commercial revenue of Serie A clubs reached €0.9 billion in 2022/23, up 14% (€109m) on the previous season.

Serie A was the only one of the ‘big five’ leagues to record a reduction (€61m) in wage costs to €1.9 billion (average €94m). This, coupled with increased revenue, meant Serie A clubs were on average able to significantly reduce their wages/revenue ratio in 2022/23 to 66% (2021/22: 83%). As a result of this better balance, Serie A clubs recorded an aggregate operating profit (€74m) for the first time since 2017/18.

Ligue 1 clubs’ aggregate revenue grew by 17% in 2022/23 to €2.4 billion, averaging €119m.


Despite a small reduction in broadcast revenue and muted growth in matchday and commercial revenue, Ligue 1 clubs’ aggregate revenue grew 17% (€352m) in 2022/23 to €2.4 billion (average €119m). This was due to income derived from private equity firm CVC’s investment into a commercial subsidiary of Ligue de Football Professional.

Ligue 1 clubs will reportedly receive €1.2 billion across the 2022/23, 2023/24 and 2024/25 seasons, with the amounts varying by clubs and by season, according to a pre-defined schedule. The second and third tranches of distributions are dependent on successful application by clubs outlining how funds will be invested across a set of agreed expenditure categories, designed to improve infrastructure, competitiveness and the international brand of the league.

This growth facilitated by CVC’s investment offsets a reduction in Ligue 1 clubs’ aggregate broadcast revenue, which fell 3% (€23m) from the previous season to €0.7 billion. This was the lowest broadcast revenue amongst the ‘big five’ leagues in 2022/23, some €0.8 billion behind Bundesliga’s €1.5 billion. The reduction can be attributed to clubs’ weaker performances in UEFA competitions compared to 2021/22.

Ligue 1 clubs’ aggregate wage costs of €1.8 billion (average €92m) grew by less than revenue, reducing the average wages/revenue ratio to 77%. However, Ligue 1 still had the highest wages/revenue ratio of the ‘big five’ leagues for the sixth consecutive season.

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