The total revenue generated by the top 20 Money League clubs in 2022/23 is a record €10.5 billion, a 14% increase over the previous year and pre-pandemic levels (€9.2bn – in both 2021/22 and 2018/19).
Clubs generated record matchday revenues of €1.9bn in 2022/23, driven by the high-level of fan demand for live sport as stadia once again opened at full capacity across continental Europe. Overall, 13 of the top 20 clubs reported record matchday revenue, with the rise largely attributable to clubs in the Bundesliga, Serie A, Ligue 1 and La Liga. A number of clubs competing in these leagues reported enhanced stadium utilisation relative to pre-pandemic levels, with Italian clubs AC Milan, FC Internazionale Milano and SSC Napoli all reporting double-digit increases over 2018/19 levels. With the pandemic behind us, the desire to experience live football in-stadia is at an all-time high. Many clubs are responding by focusing on delivering an enhanced fan experience, to fuel further growth.
Alongside record matchday revenue, Money League clubs also generated record commercial revenue, which totalled €4.4bn in 2022/23, a 16% growth over previous year. Commercial revenue represented the largest revenue income stream for Money League clubs for the first time since 2015/16 (excluding the COVID-19 impacted 2019/20 season). Notably, 17 of the top 20 clubs reported a year-on-year increase in commercial revenue, with growth largely attributable to the improved retail sales, revenue from non-matchday events and recovery of sponsorship income which had been impacted by the pandemic.
Money League clubs reported a comparatively modest increase in broadcast revenue (5%). The average broadcast revenue of featured Premier League clubs rose to €243m from €208m, driven by a c.30% increase in the value of the Premier League’s international broadcast rights. However, the growth in broadcast revenue across Money League clubs was limited, as the 2022/23 season fell within existing domestic broadcast cycles for the German, Italian, and French top leagues, while the start of the new domestic rights cycles in England and Spain were relatively flat compared to the previous cycles.
Broadcast revenue also received a boost as a result of club income derived from private equity firm CVC Capital Partner’s (“CVC”) investment into a commercial subsidiary of Ligue de Football Professional. This provided a cumulative uplift of c.€120m to Paris Saint-Germain and Olympique de Marseille. Reportedly, a similar investment opportunity is being considered by the Deutsche Fußball Liga, which represents the Bundesliga and 2. Bundesliga in Germany, as the league negotiates with prospective investors over a sale of a minority stake, up to 8%, of media and commercial revenue.
Overall, Money League clubs reported an average revenue of over €500m, with commercial and broadcast revenue contributing similar amounts of €222m (42%) and €213m (40%) respectively, followed by matchday revenue (€93m, 18%).
Club analysis
Real Madrid have eclipsed Manchester City to become the highest revenue generating football club in 2022/23 for the first time since 2017/18. Real Madrid reported record revenue of €831m, an increase of €118m over the last year. The club’s growth is largely attributable to strong retail performance and higher stadium attendance, following the easing of COVID-19 restrictions.
Despite a record-breaking season both on and off-pitch, Manchester City fall to second place in the 2024 ranking. The club reported its highest ever revenue for a season, €826m, driven by successful UEFA Champions League (“UCL”) and Premier League campaigns that bolstered both broadcast and commercial revenues by €50m and €26m respectively.
Paris Saint-Germain (€802m) broke into the top three for the first time in Money League history, finishing ahead of FC Barcelona (€800m) for a second consecutive year. The Parisian club reported a year-on-year increase of €148m, largely attributable to its share in the aforementioned CVC investment into the commercial subsidiary of Ligue de Football Professional, generating €83.5m for the club.
FC Barcelona were one of the biggest movers, rising to 4th from 7th. Its growth was underpinned by fans returning to stadia, record licensing and merchandising sales and rise in sponsorship revenues. Overall, this yielded a 61% and 45% increase in matchday and commercial revenue respectively.
Contrastingly, Liverpool reported the greatest fall in year-on-year rankings, moving from 3rd to 7th, and were one of three Money League clubs (alongside Atlético de Madrid and West Ham United) to report a decline in revenue in comparison to the previous season. This was due to a downturn in on-pitch results across both domestic and European competitions after the club reached three finals and finished 2nd in the league in 2021/22.
There were minimal changes year-on-year elsewhere in the top 10, with no club moving by more than one position. However, whilst the top 10 clubs have remained unchanged since 2021/22, there have been notable changes between positions 11-20, with Eintracht Frankfurt, SCC Napoli and Olympique de Marseille replacing a trio of Premier League clubs in Leicester City, Leeds United and Everton.
The make-up of the clubs ranking in positions 11 to 20 in the Money League demonstrates the seismic influence of on-pitch performance on financial revenues. For instance, Eintracht Frankfurt ranked 16th in this publication, compared to 22nd in 2021/22, by virtue of its progression to the UCL Round of 16 for the first time in its history.
Serie A clubs – AC Milan, FC Internazionale Milano and SSC Napoli – also reported significant revenue growth following strong on-pitch results, both domestically and in the UCL. SSC Napoli reported an 80% increase in broadcast revenues following their first Scudetto since 1989/90 and a strong UCL performance. Similarly, AC Milan and FC Internazionale Milano reported increases of 30% and 22% having reached the semi-finals and finals of the UCL for the first time since 2006/07 and 2009/10, respectively.
Women’s club analysis
FC Barcelona Femení have remained at the summit of women’s football in Europe, both on- and off-pitch. The club reported €13.4m in revenue for the 2022/23 season, a year-on-year increase of 74%. In 2023, the club won its second UEFA Women’s Champion’s League (“UWCL”) in three years and their fourth successive Liga F title. Another club who maintained their position was Manchester United Women (€8m), who ranked second, driven by a strong commercial performance (€6m). The club qualified for the UWCL for the first time following a second-place finish in the English FA Women’s Super League (“WSL”) in 2022/23. Rising to third, Real Madrid Femenino reported €7.4m in revenue, an increase of 416%. The club generated commercial revenue of €5.8m, with a third consecutive top-three finish in its domestic league.
Manchester City Women (€5.3m) is fourth on this list. The club generated a year-on-year revenue increase of 5%, one of only three clubs (alongside Paris Saint-Germain Féminine and Everton Women) in the top 15 to report less than double-digit revenue growth. The club became one of the first in women’s football to enter a stadium naming rights agreement with baby-care brand Joie, capitalising on the unique commercial appeal of women’s football and its ability to attract sponsors from industries not typically associated with football.
Arsenal Women complete the top five clubs with revenue of €5.3m, a 138% increase year-on-year, and achieved the highest matchday revenue amongst the 15 clubs (€3.1m, 58% of its total revenue). The club hosted three WSL games in 2022/23 at Emirates Stadium, each drawing attendances of over 40,000, and also drew 60,000 attendees for the UWCL semi-final against VfL Wolfsburg Frauen.
Several European clubs are recognising the demand for women’s football by hosting more matches in their main stadia, and driving an uptick in ticket prices. Chelsea Women (6th) reported revenues of €4.1m for 2022/23, an increase of 132% from the previous year, as the club secured their fourth successive WSL title. A third of the club’s revenue was derived from matchday sources, as the club hosted three of its five UWCL matches at Stamford Bridge, alongside the WSL London derby against Tottenham Hotspur. The club also demonstrated the importance of success in European competitions, as they reported the highest broadcast revenue among English clubs, with over 50% of broadcast income attributed to participation in the UWCL, in which they progressed to the semi-final.
What is clear is that there is no one size fits all revenue model when it comes to women’s football. As new opportunities arise, women’s clubs will need to continue challenging the template of the men’s game in order to grow.
At present, there is significant diversity in the way that clubs generate revenue, even within the same league. For instance, in 2022/23 Manchester United Women generated 74% of its revenue through commercial partnerships, while compatriots Arsenal Women earned 58% of revenue from matchday income. This variability is further accentuated, and in part driven, by the difference in broadcast revenue generated by each league. England’s WSL and Spain’s Liga F annual broadcast rights values were c.€8m in 2022/23, approximately eight times that of Italy’s Serie A Femminile (c.€1m), which became fully professional from the 2022/23 season.
In addition, it is important to acknowledge the revenue polarisation within the women’s game. The combined revenue of the five women’s clubs ranked in 11th to 15th position in the Money League (€7.3m) is just over half of FC Barcelona Femení’s total revenue, a similar distribution as in the previous year. As the game continues to grow, disparity will need to be considered to encourage greater financial and competitive balance across both domestic and European competitions.
Other data made available to us by the 15 clubs (but not reported in this publication) shows that no clubs were profitable in 2022/23, a feat that is expected noting that clubs are presently in the growth phase. The women’s clubs’ average wages/revenue ratio stood at 106% (the comparative figure for the top 20 men’s clubs is 59%).
Women’s teams have typically received contributions from their associated men’s club to help bridge the funding shortfall, with the 15 clubs receiving average revenue contributions of €1.5m3. Continuous investment is required to drive further growth and financial sustainability in the women’s game.
Growing the game further
We predict that women’s elite sports will generate global revenues in excess of €1.1 billion in 20243. Football will be the most valuable women’s sport, with revenue of over €500m4 expected to be generated worldwide in 2024. As leagues and clubs continue to professionalise across Europe and further afield, we expect that growing viewership and sponsor interest will create opportunities for clubs to further strengthen matchday and commercial revenue. We expect that football clubs, and leagues globally, could account for as much c.26% of the total elite women’s sports market in 20243.
In 2023/24, more domestic league matches will be played in the main stadia than ever before. Arsenal Women is scheduled to play five WSL games at the Emirates Stadium, while Chelsea Women and Manchester United Women will play four and two matches at Stamford Bridge and Old Trafford, respectively. We expect that clubs will continue to host a significant number of European matches in their main stadia, especially through the knockout stages of the UWCL.
At the time of writing, Manchester City Women (Joie Stadium), Chelsea Women (Kingsmeadow), and Real Madrid Femenino (Alfredo Di Stefano Stadium) play in dedicated stadia for their women’s club, while Brighton & Hove Albion Women have announced plans for a purpose-built stadium for their women’s club. As women’s football matures, a growing number of clubs may consider dedicated stadia.
We also expect sponsors and partners to continue to express interest in entering agreements exclusively with women’s clubs. These deals offer commercial partners access to a broader demographic and an opportunity to potentially drive greater return on investment in comparison to the men’s game, given they often present a lower cost of entry. In recent years we have seen a number of such partnerships, including Arsenal Women with Stella McCartney, Chelsea Women with Lindahls and FC Barcelona Femení with Rilastil.
As the sport grows, and changes to competition formats and scheduling take effect, broadcast revenues are also predicted to increase. With audience interest, attendances and participation in women’s football at an all-time high in the UK, the WSL’s current negotiations with broadcast partners for its domestic rights from 2024/25 are expected to see a material uplift in value. Additionally, as the UWCL expands to an 18-team competition from 2025/26 along with the addition of a second-tier competition, more clubs will receive UEFA distributions.
Given that the women’s game within the mainstream is at a formative stage, there is a real opportunity to define the sport in a global context through imaginative thinking across all facets, including player welfare, commercial relationships, governance structures and business models. The establishment of the NewCo in England to operate the two professional divisions for women’s football could prove to be a watershed moment for the sport in its growth story.
Headlines from the 2024 report include:
*The top 20 Money League clubs cumulatively generated a record €10.5bn in revenue in 2022/23, an increase of 14% compared to the €9.2 billion reported in 2021/22.
*Real Madrid have returned to the top of the Money League table for the first time since the 2017/18 season, ranking as the highest revenue generating club in world football. The club reported record revenues of €831m, an increase of €118m over the last year.
*Overall, Money League clubs generated record matchday and commercial revenues in the 2022/23 season. And, for the first time since 2015/16 (excluding the COVID-19 impacted 2019/20 season), commercial revenue represented the largest income stream, with growth largely attributable to improved retail sales, revenue from non-matchday events and recovery in sponsorship revenues that had been impacted by the pandemic.
*Deloitte’s analysis shows that as clubs appear to no longer be able to rely on exponential broadcast revenue growth, activating a more commercially focussed business model may support their ambition to achieve greater control over their financial stability.
The report also analyses 15 of the highest revenue generating women’s clubs in European football, highlighting:
*Overall, average revenue generated by these women’s clubs in the 2022/23 season stood at €4.3m – a significant 61% year-on-year rise.
*FC Barcelona Femení have remained at the summit of women’s football in Europe, reporting revenues of €13.4m in 2022/23 season, an increase of 74% on 2021/22 earnings.
*Deloitte’s analysis shows that women’s football is beginning to tell the tale of growth, but that growth is not confined by a single business model. Each club is exploring its own unique way to maximise revenues and transform the game as a whole, within the current structure of the game.
