European football revenue breaks €40 billion but growth is slowing, says Deloitte

Manchester United's Bruno Fernandes celebrates their victory at the English Premier League soccer match between Manchester United and Nottingham Forest in Manchester, England, Sunday, May 17, 2026. (AP Photo/Dave Thompson)

European football surpassed €40 billion (US$46 billion) in revenue for the first time in the 2024-25 season, but growth is showing signs of stalling, Deloitte said in its annual review of football finance.

Football across the continent generated €40.2 billion in the season that ended in mid-2025, up from €38 billion the previous year. The “Big Five” European leagues -- the Premier League, Bundesliga, LaLiga, Serie A, and Ligue 1 -- generated €21.6 billion of that amount.

But Deloitte’s analysts said cramming more matches into an already packed calendar may not be the answer, with aggregate club revenue set to plateau or even fall in 2025-26 and 2026-27.

“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,” Tim Bridge, lead partner in the Deloitte Sports Business Group, said.

“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 prioritizing short-term gain over long-term prosperity.”

Premier League generates highest revenue

The Premier League remained Europe’s highest-earning top division, with clubs generating £6.8 billion ($9.1 billion) in revenue -- an 8 per cent rise that is projected to push them past the £7 billion mark for 2025-26.

“Revenues were boosted by an increase in the number of clubs reaching the final stages of European competitions, rising ticket prices and increased stadia capacity,” Deloitte wrote.

However, the financial picture was mixed. Pre-tax losses ballooned from £135 million to £948 million, driven by heavy transfer spending and the absence of profitable player sales that had cushioned the previous year’s results.

Elsewhere in Europe’s top leagues, the Bundesliga broke €4 billion for the first time with 12 per cent growth, while LaLiga posted €4.1 billion in revenue - with Real Madrid and Barcelona accounting for 52 per cent of clubs’ aggregate revenue.

Serie A managed a modest 4 per cent increase to €3 billion, but Ligue 1 dropped 15 per cent to €2.2 billion as commercial revenue fell €0.4 billion.

Championship clubs see revenue decline

England’s second-tier Championship clubs recorded their first revenue decline since the COVID-19 pandemic.

Aggregate income fell 2 per cent to £942 million while pre-tax losses climbed 12 per cent to £355 million, with only three clubs managing to turn a profit.

“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,” Bridge said.

“Upcoming regulatory changes could support future improvements, but the focus must now shift to stronger commercialisation and sustainable growth, or a plan to bridge the gap to the Premier League.”

England has established the Independent Football Regulator through the Football Governance Act to strengthen the financial sustainability, governance and ownership oversight of professional clubs.

The Women’s Super League provided a clear contrast, posting 39 per cent revenue growth to £90 million, marking the second consecutive season in which all 12 clubs exceeded £1 million in income.

But the revenue gap between the highest- and lowest-earning WSL clubs stretched to 16 times from 13 times the previous year.

(US$1 = 0.8747 euros, 0.7474 pounds)

Reporting by Rohith Nair in Miami; Editing by Hugh Lawson.