Cumulative revenue in the 2023/24 season for top women’s soccer clubs in key markets surpassed €100 million (US$103 million) for the first time, according to new analysis by Deloitte.
Confirmed:
- Cumulative revenue among 15 clubs hit €116.6 million (US$120.1 million), equating to 35 per cent year-on-year (YoY) growth when accounting for group income
- Barcelona top ranking having generated €17.9 million (US$18.4 million) in revenue, a 26 per cent increase from the 2022/23 season
- Arsenal second with revenue of €17.9 million and Chelsea third with €13.4 million (US$13.8 million)
- Manchester United and Real Madrid complete top five with revenue of €10.7 million (US$11 million) and €10.5 million (US$10.8 million), respectively
Context:
The women’s soccer ranking in the 2025 Deloitte Football Money League is focused on clubs competing in England, France, Germany, Italy, Spain, Portugal, Norway, Brazil and Japan, for which information was available to Deloitte. The revenue of women’s clubs in other key markets such as Australia, Sweden and USA was not made available to Deloitte and so is not included in its analysis.
This is the third consecutive year that Barcelona have been top amongst women’s clubs analysed by Deloitte. Arsenal’s showing was boosted by generating a 64 per cent and 48 per cent increase to matchday and commercial revenues respectively in 2023/24.
Among the top 15 clubs, commercial revenue accounted for 66 per cent of the overall total, which Deloitte said highlighted the increasing value of women’s soccer to new and existing commercial partners. Both broadcast and matchday revenues accounted for 17 per cent of the total.
Of the clubs included in Deloitte’s analysis, English sides continue to lead the way in terms of the commercialisation and professionalisation of the women’s game. Of the top 15 women’s clubs, eight were from the Women’s Super League (WSL).
All of the seven non-English clubs in the top 15 participated in the group stage of the Uefa Women’s Champions League, highlighting the importance of the competition for prize money and to drive broadcast revenue for teams.
Comment:
“The 35 per cent growth in revenues across the 2023/24 season is an impressive reflection of the growth of women’s football across some of its leading markets,” said Tim Bridge, lead partner for the Deloitte Sports Business Group.
“Investors and leaders are now looking beyond just revenues and increasing their focus towards the sustainability and growth of clubs. Commercial partners and broadcasters are now recognising the growing profile of the women’s game and increasing their investment, in turn attracting greater and more diverse audiences in new addressable markets.
“The expansion of the Uefa Women’s Champions League and the Fifa Club World Cup demonstrates the demand for more games and competition. Pairing this with developing existing competitions, the introduction of new governance, and further investment can supercharge the participation in, professionalisation, and popularity of the women’s game for the long-term.”
Jennifer Haskel, knowledge and insight lead in the Deloitte Sports Business Group, added: “Women’s football clubs continue to drive growth and create new opportunities to engage fans by exploring their own ways to operate.
“Whether it is through new commercial deals, innovative matchday experiences in main club stadia, or new club structures, the growth seen amongst women’s clubs is a testament to the dedicated investment of owners, commercial partners and governance stakeholders.
“It is clear that the women’s game is growing rapidly across metrics including and beyond revenue. While women’s clubs have traditionally been compared to, or expected to mirror, the structure and business of men’s clubs, we are seeing a fundamental shift in the recognition of opportunity that stems from embracing key differences. By doing so, the industry has an opportunity to set the future direction of the game, for its players and fans, but also to drive revenues and better the sport itself.”
Coming next:
According to Deloitte, the WSL’s new record title sponsorship extension with Barclays, which is reportedly worth in the region of UK£45 million (US$54.9 million) across three years, is expected to further entrench English clubs at the top end of European soccer.
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