Revenue in the European soccer market increased by 8% in the 2023-24 season to a record €38 billion ($44 billion), with the ‘big five’ leagues accounting for over 50% of the total figure.
Global professional services firm Deloitte’s 2025 Annual Review of Football Finance report showed that the English Premier League, German Bundesliga, Italian Serie A, Spanish LaLiga, and French Ligue 1, contributed over €20 billion together (54%) for the first time.
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The five leagues generated a combined €20.4 billion in revenue, representing a 4% increase from the 2022-23 season.
Commercial revenue was the primary driver of revenue growth among the 96 clubs in the big five leagues.
The clubs reported €8 billion in aggregate commercial revenue, an increase of €500 million (6%). The commercial growth was primarily led by clubs in England and Italy, attributed to new sponsorship deals as well as the utilisation of stadia beyond matchdays.
Combined matchday revenue across the five leagues grew by €200 million to €3 billion, meanwhile, driven by the completion of stadia redevelopment, most notably Real Madrid and Liverpool. Additionally, several clubs increased matchday revenue through increased attendances and higher ticket prices.
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By GlobalDataBroadcast revenue contributed €9.4 billion to clubs, representing almost half of their 2023-24 revenue. This was a 1% year-on-year growth from 2022-23, the slowest seen across the three key major revenue streams for clubs for the second consecutive year.
The aggregate wages to revenue ratio also fell from 66% to 64% despite growth in wages in all of the big five leagues, (excluding LaLiga).
Deloitte’s report illustrated that a better balance between costs and revenues meant the clubs reported an aggregate operating profit (€600 million) for a second successive year following three seasons impacted by Covid-19.
The study also showed that the overall financial picture in European soccer has improved, with the implementation of financial sustainability regulations at both pan-European and national levels a key factor, as well as “a surge of player transfer receipts from the Saudi Pro League.”
Specificially, Premier League clubs had the highest revenue of Europe's top leagues at £6.3 billion ($8.5 billion), up from €6.1 billion in 2022-23.
However, the traditional 'big six' clubs in England's top flight (Arsenal, Chelsea, Liverpool, Manchester United, Manchester City, and Tottenham) reported lower average revenue growth (3%) than other clubs that were in the Premier League in both the 2023-24 and 2022-23 seasons (11%).
The study said the growth was largely driven by the expansion of clubs' commercial offerings, which also led to the teams cumulatively generating more than £2 billion in commercial revenue for the first time.
Total revenue generated by Bundesliga clubs, meanwhile, fell 1% to €3.8 billion (average €211 million per club).
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 €5 million. This drop 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 was reduced by 8%, from 42,992 to 39,506.
Commercial revenue remained the largest contributor to Bundesliga clubs’ total revenue at 46%, but decreased by 2% to €1.7 billion, again impacted by Schalke and Hertha’s relegations.
The commercial revenues in the Bundesliga remained second only to Premier League clubs among the big European leagues.
Bundesliga teams continued to return an aggregate operating profit of €200 million in the 2023-24 season.
In Spain, the revenue of LaLiga clubs increased by 6% to €3.8 billion in the 2023-24 season.
This 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 sides generated average revenue of €109 million (up 3%, or €3 million).
The financial impact of infrastructure investment was evident in 2023-24, with league-wide matchday revenues increasing by 28% (€149 million) to €700 million. The renovation of Real Madrid’s Bernabéu Stadium led to a doubling of that team’s matchday revenue (up €126 million) and contributed to a 19% rise in commercial income (up €78 million).
LaLiga clubs’ combined 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.
Overall, LaLiga sides reported a pre-tax loss of €200 million, compared with an aggregate pre-tax profit of €400 billion in 2022-23.
Moving to Italy, Serie A clubs generated €2.9 billion of revenue in 2023-24, averaging €145 million per club, a 2% increase on the previous season.
This small revenue growth came via increases in commercial and matchday revenues, offsetting a slight decline in broadcast revenue due to poor performances by Serie A clubs in UEFA competitions relative to the previous season.
Matchday revenue increased 2% to €400 million, as the average league attendance rose 5% to 30,916 from 29,537.
Broadcast income dropped by 2% to €1.5 billion, partially due to a lower level of distributions from UEFA, with no Italian club advancing beyond the round of 16 in the elite UEFA Champions League.
Commercial revenue went up by 9% to €1 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 posted an aggregate operating profit (€40 million) for the second consecutive year and reduced pre-tax losses to €300 million (down 22% from €400 million in 2022-23).
Lastly, the combined revenue of clubs in France’s Ligue 1 grew by 7% in 2023-24 to €2.6 billion, despite the league reducing from 20 to 18 clubs.
The uplift is largely attributable to increased distributions to clubs from private equity firm CVC’s €1.5 billion investment into LFP Media, a commercial subsidiary of the league, in 2022.
Commercial revenue (€1.6 billion) accounted for over 60% of Ligue 1 clubs’ turnover, increasing by €140 million (10%).
Matchday income increased 6% to €300 million, despite a marked reduction (74) in the number of matches following the league's contraction.
Broadcast revenue rose marginally to €700 million, due to improved performances in UEFA club competitions. 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.
Global streaming service DAZN recently terminated its five-year agreement with the league after just one season.
Ligue 1 clubs reduced their aggregate operating losses of €300 million to €2 million at the pre-tax level.
Across European soccer, Deloitte forecasts revenue in the market to further increase to €39.3 billion in 2024-25 and €43.1 billion in 2025-26.
Tim Bridge, lead partner in Deloitte's Sports Business Group, has said: “A focus on stadia development and diversification of commercial revenues led to growth across the European football market in the 2023-24 season.
“However, clubs and leagues cannot afford to take their eye off the ball as new challenges, including an evolving regulatory landscape and changing fan behaviours, arise. The pressure is mounting for more clubs to drive additional revenue at the same time as managing rising costs.
“More so than ever, leaders and owners must recognise the great responsibility they have of managing these businesses, capturing the historic essence of a football club while honouring its unrivalled role as a community asset for generations to come.”
