Deloitte has forecast “challenges ahead” for European football clubs despite collective revenues surpassing the €40bn (£34bn) mark for the first time. Expansion of the Champions League and Uefa’s other club competitions was the key driver as aggregate revenues grew 13 per cent year on year in the 2024-25 season, Deloitte
Frank Dalleres
Wednesday 08 July 2026 12:01 am | Updated: Tuesday 07 July 2026 4:23 pm
Deloitte has forecast “challenges ahead” for European football clubs despite collective revenues surpassing the €40bn (£34bn) mark for the first time.
Expansion of the Champions League and Uefa’s other club competitions was the key driver as aggregate revenues grew 13 per cent year on year in the 2024-25 season, Deloitte said.
Teams also benefited from Fifa’s first 32-team Club World Cup, which may expand even further to incorporate 48 teams for its next edition in 2029.
But in its Annual Review of Football Finance, published today, Deloitte warns that growth is set to slow and continuing with that approach is not sustainable.
“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,” said Tim Bridge, lead partner in Deloitte’s Sports Business Group.
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“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.
“European football has forged the dominant position on the world stage, but as US sports consider moves to the European market, and competition from other entertainment businesses intensifies, there are undoubtedly challenges ahead.
“Now is the time for leaders to concentrate on diversifying business models, while collaborating with others on a shared plan for the future. Strong leadership and innovation, underpinned by fit-for-purpose regulation are paramount.”
Premier League revenues up but losses increase
European football revenue remains concentrated in the hands of the five biggest leagues – in England, Spain, Germany, Italy and France – which generated more than half of the total.
The Premier League by itself accounted for around a fifth of all revenue, €8bn (£6.8bn), a figure that is projected to increase for the 2025-26 season just finished.
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Commercial revenue’s status as the key differentiator was underlined by the fact that England’s traditional Big Six – Arsenal, Chelsea, Liverpool, Manchester City, Manchester United and Tottenham Hotspur – generated 73 per cent of the league’s total £2.4bn commercial revenue.
Despite Premier League revenues rising by eight per cent, pre-tax losses jumped 600 per cent to £948m in 2024-25 due to transfer spending and fewer returns from one-off sales, while collective net debt increased slightly to £3.6bn.
Wages swallow 96 per cent of Championship revenue
Outside the top division the picture is starker, with Championship revenues falling two per cent to £942m in 24-25 – the first year-on-year decline since the Covid pandemic.
Pre-tax losses increased 12 per cent to £355m, with aggregate wage costs rising to a record £903m – equivalent to 96 per cent of revenues.
“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,” said Bridge.
WSL grows but mind the gap
Encouraging growth continued in the Women’s Super League, with revenues up 39 per cent to £90m in its first season after being carved out from the Football Association.
But competitiveness concerns continue, with the top four clubs – Arsenal, Chelsea, Manchester City and Manchester United – seeing their share of total revenue grow from 66 to 71 per cent.
“As investment continues across the WSL, expectations are firmly on clubs to grow their businesses, adapt operating models, and simultaneously engage fans and partners,” said Jennifer Haskel, knowledge and insight lead in the Deloitte Sports Business Group.
“There are countless signs of rising marketability in the women’s game, but this progress is uneven, with many clubs struggling to keep pace while the top tier teams widen the gap.”
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