Women's Super League clubs' revenue

In the first season following the Lionesses’ EURO 2022 triumph, aggregate WSL club revenue was more than double the total generated in 2020/21.

The uplift in the 12 WSL clubs’ revenue can largely be attributed to the improvement in commercial and matchday revenue, increased distributions for English clubs playing in UEFA competitions, and an uptick of income from a club’s corporate group. 

The average revenue for WSL clubs was £4m in 2022/23, up from £2.7m in 2021/22. There remains significant disparity across the WSL, as the top four revenue-generating clubs composed 66% of the total revenue for the league. Whilst the revenue multiple between the WSL’s highest and lowest revenue-generating club has remained relatively similar (16x), in real terms the gap (£10.3m) increased by £3.9m. Some of these differences are due to different funding arrangements and consequential accounting treatment. 

Commercial revenue remained a major driver of growth, representing 35% of total revenue for WSL clubs, demonstrating the importance of sponsorship and commercial partners to the future financial growth of the league’s clubs.  

Matchday revenue received a boost in 2022/23 following the success of the Lionesses in the UEFA Women’s EURO 2022 and growing media profile of star players, as clubs across the league mobilised to increase the use of their main stadia and enhanced their matchday offerings attracting average attendance of 5,616 (up nearly 200% on previous season’s average of 1,923). 

Broadcast revenue of £7.2m represented 15% of the total revenue for WSL clubs. Year-on-year growth was limited due to the 2022/23 season taking place mid-cycle for both domestic WSL broadcast rights and UEFA Women’s Champions League (UWCL) rights.

Future outlook

The most recent 2023/24 season showcased the increasingly dedicated audience and demand for women’s football in England. 

Following an impressive showing by the Lionesses at the 2023 FIFA Women’s World Cup and more TV airtime and social media exposure for star players, matchday attendances continued an upward trajectory as clubs expanded use of main stadia and marketing activations. In the 2023/24 season, cumulative attendance surpassed one million for the first time across the WSL and Women’s Championship, showcasing the growing appetite for women’s football.  

At the club level, investment in women’s specific infrastructure looks to fuel future growth, encouraging a better fan and player experience. For example, Brighton & Hove Albion Women are planning to construct the first purpose-built stadium for an English women’s football club. Manchester City Women have also submitted plans for a stand-alone facility dedicated to the women’s first team.  

At the league level, the implementation of an independent company ahead of the 2024/25 season to govern the top-two tiers of the women’s game will aim to increase the game’s profile, standards and revenue. As part of the transition, the WSL and Women’s Championship clubs approved an interest free loan of £20m from the Premier League to NewCo to aid initial development. This new structure will provide dedicated strategy and resources for women’s football, aiming to unite and mobilise stakeholders to accelerate the growth of the league both on and off the pitch.