European football revenue goes past US$45.7 billion but growth is slowing: Deloitte

[LONDON] European football surpassed 40 billion euros (US$45.7 billion) in revenue for the first time in the 2024-25 season, but growth is showing signs of stalling, Deloitte said in its annual review of football finance.

Football across the continent generated 40.2 billion euros in the season that ended in mid-2025, up from 38 billion euros the previous year. The “Big Five” European leagues – the Premier League, Bundesliga, LaLiga, Serie A, and Ligue 1 – generated 21.6 billion euros of that amount.

But Deloitte’s analysts said cramming more matches into an already packed calendar may not be the answer, with aggregate club revenue set to plateau or even fall in 2025-26 and 2026-27.

“The expansion of Uefa and Fifa competitions has delivered financial benefits across Europe’s ‘Big Five’ leagues, but football cannot rely on simply adding more content to deliver sustainable growth,” Tim Bridge, lead partner in the Deloitte Sports Business Group, said.

“An increasingly saturated market may not be good for players or fans, particularly if it weakens the on-pitch spectacle. This approach, without a collective mindset from all rightsholders, risks prioritising short-term gain over long-term prosperity.”

The Premier League remained Europe’s highest-earning top division, with clubs generating 6.8 billion pounds (US$9 billion) in revenue – an 8 per cent rise that is projected to push them past the 7 billion pounds mark for 2025-26.

“Revenues were boosted by an increase in the number of clubs reaching the final stages of European competitions, rising ticket prices and increased stadia capacity,” Deloitte wrote.

However, the financial picture was mixed. Pre-tax losses ballooned from 135 million pounds to 948 million pounds, driven by heavy transfer spending and the absence of profitable player sales that had cushioned the previous year’s results.

Elsewhere in Europe’s top leagues, the Bundesliga broke 4 billion euros for the first time with 12 per cent growth, while LaLiga posted 4.1 billion euros in revenue - with Real Madrid and Barcelona accounting for 52 per cent of clubs’ aggregate revenue.

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Serie A managed a modest 4 per cent increase to 3 billion euros, but Ligue 1 dropped 15 per cent to 2.2 billion euros.

England’s second-tier Championship clubs recorded their first revenue decline since the Covid pandemic.

Aggregate income fell 2 per cent to 942 million pounds while pre-tax losses climbed 12 per cent to 355 million pounds, with only three clubs managing to turn a profit.

“The cumulative financial position and worsening club losses across all three English Football League divisions underline a continuing trend; one where external funding is now critical to liquidity in the vast majority of cases,” Bridge said.

“Upcoming regulatory changes could support future improvements, but the focus must now shift to stronger commercialisation and sustainable growth, or a plan to bridge the gap to the Premier League.”

England has established the Independent Football Regulator through the Football Governance Act to strengthen the financial sustainability, governance and ownership oversight of professional clubs.

The Women’s Super League provided a clear contrast, posting 39 per cent revenue growth to 90 million pounds, marking the second consecutive season in which all 12 clubs exceeded 1 million pounds in income.

But the revenue gap between the highest- and lowest-earning WSL clubs stretched to 16 times from 13 times the previous year. REUTERS