English soccer's Football Association (FA) governing body has unveiled increased profit and revenues for the 2023-24 financial year.
The FA, which revealed its financials for the 12 months up to July 31, 2024, earlier this week, brought in £551.2 million ($732.6 million) of income (up year-on-year from £481.8 million). Operating profit, meanwhile, came to £64.1 million, up significantly from the 2022-23 total of £39.4 million.
Go deeper with GlobalData
The amalgamated results come from three subsidiary companies – Football Association Limited, Wembley National Stadium Limited (the iconic London venue which is home to the FA and England men's games), and the National Football Centre Limited.
Of the various revenue sources, broadcast income rose year-on-year by £22.7 million to £232.3 million, while sponsorship and licensing also increased, by £11 million, to £99.3 million.
In terms of the FA's commercial activity during the 2023-24 season, sponsorship deals were struck with brands including Adobe (covering title sponsorship of the Women's FA Cup knockout competition), Chase, and E.ON.
Extensions with significant partners such as Emirates (title sponsor of the men's FA Cup) and Nike were also agreed.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataEvents turnover increased to £78.3 million (from £64.6 million), meanwhile, while income from the 'experiences by Wembley' sector rose to £33.5 million.
There was a substantial increase in the amount of England national team fixtures that took place at Wembley last year, after the FIFA World Cup in November and December of 2022 caused a downturn in 2022-23 Wembley matches. Indeed, the FA has said that of the £24.6 million increase in operating profit, £21.3 million of this came from 2023-24 fixture scheduling.
The London venue also hosted the UEFA Champions League final last year, as well as a wrestling event for the first time in over 30 years. However, in terms of concerts, there were six fewer than in the 2022-23 period.
Finally, grant funding rose by £7.1 million, to £27.9 million, "principally due to UEFA investment funding," while turnover categorized as 'other' increased to £59.4 million – this included prize money from the UEFA European Championship last year and from the FIFA Women's World Cup in 2023 (England lost in the finals of both tournaments).
The increase in revenue and profits meant that the FA was able to reinvest £169.3 million back into UK soccer during the 2023-24 campaign, up from £158.4 million in 2022-23.
Cost of sales, meanwhile, increased to £133.9 million, up year-on-year from £108.2 million.
Mark Bullingham, chief executive at the FA, said: "The 2023-24 campaign was the final year of our ‘Time For Change’ strategy, and I’m very proud that we’ve been able to successfully exceed many of the challenging targets that we set ourselves …
"As we enter our new and exciting 2024-28 strategic cycle, we do so in robust financial health, and with a clear and collective focus to inspire positive change through football."
Recently, England and the FA were unveiled as the sole valid bidder to host the FIFA 2035 Women's World Cup.
