European football revenue hit record €38bn in 2023-24 season
The growth of the European football industry continues to show little sign of slowing after collective revenues for the 2023-24 season climbed to a record €38billion (£32.2bn, $43.6bn).
Deloitte, the leading accounting firm, has published its 34th Annual Review of Football Finance today and reported an eight per cent increase in turnover across the continent.
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The so-called big five leagues — the top divisions from England, Spain, Italy, Germany, and France — still contribute the greatest figures, with their aggregate revenues found to have topped €20bn for the first time last season. Over a third of that sum continues to come from the Premier League's 20 clubs, who reported growth of four per cent on the previous campaign.
Germany's Bundesliga was the only major European league to see a downturn in revenues, falling one per cent year on year to €3.8bn. That allowed La Liga's combined wealth to almost draw level as the closest competitor to the Premier League, with aggregate revenues enjoying a six per cent uplift in 2023-24.
European football's aggregate revenues, with figures including domestic leagues and national associations, have grown consistently since the turn of the century and are forecast by Deloitte to continue in the next two years. They estimate revenues will have climbed to €39.3bn in the season that is just finishing, before heading north again to €43.1bn in 2025-26.
Amid those positive projections, though, are warning signs. Deloitte's report sees small growth for the big five leagues in 2024-25, before revenues then plateau next season.
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That is predominantly down to the deep uncertainty over Ligue 1's broadcast rights, but projects largely flatlining numbers for Serie A and Bundesliga. Those forecasts suggest that the Premier League's place as market leader will only grow.
Last season saw commercial revenues of the top 20 English clubs go beyond the £2bn mark for the first time, with matchday revenues climbing to £909m.
Broadcast revenues (coming in at £3.3bn with earnings from European competitions) alone are more than any other top European league turns over in total. Premier League clubs are assured of that figure growing again next season as a new and improved domestic broadcast cycle begins in 2025-26. Deloitte forecasts the Premier League's aggregate revenues to touch almost £7bn next season.
Other patterns point to a more pragmatic approach on the continent. Clubs in the big five leagues were found to have reported an operating profit of €600m in 2023-24. Wages as a percentage of revenue also fell from 66 to 64, suggesting that lavish spending has been tempered.
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'The pressure is mounting for more clubs to drive additional revenue at the same time as managing rising costs,' Tim Bridge, lead partner in the Deloitte Sports Business Group, said in a statement accompanying the report.
'More 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.'
Deloitte's report found Championship clubs had recorded revenues just shy of £1bn, but found wages had climbed significantly to £892m. That ensured 93 per cent of turnover from the 24 Championship clubs in 2023-24 was spent on wages, with 11 of the 24 clubs committing more on salaries than they generated.
League Two's aggregate revenues climbed significantly to £160m, but 17 per cent of that inflated sum came from Wrexham, as they passed through the division in 2023-24 en route to League One.
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The greatest growth witnessed, though, came in the Women's Super League. Deloitte's report found that £65m had been generated, 34 per cent up on the previous season.
All 12 WSL clubs reported income of over £1m for the first time, and forecasts estimate that total revenues for the top-flight of the English women's game will reach £100m in 2025-26.
This article originally appeared in The Athletic.
Premier League, Champions League, International Football, La Liga, Bundesliga, Serie A, UK Women's Football, Europa League
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