Deloitte study: Top women's football clubs surpass €150m in revenue for the first time

The 15 highest-earning women’s clubs reported combined revenues of €158m for the 2024/25 season, representing a 35 percent increase over the previous year. Average revenues exceeded €10m per club, another first for the sector.

Arsenal Women secured first place with €25.6m in revenue, a 43 percent jump from the prior season. The club leveraged data analytics to understand fan demographics and introduced tiered pricing to encourage repeat attendance, resulting in crowds exceeding 35,000 on five separate occasions. Arsenal generated €7m in matchday revenue, the highest among analyzed clubs.

Chelsea Women ranked second at €25.4m, powered by €19.1m in commercial revenue—the most of any club in the top 15. FC Barcelona Femení completed the top three at €22m following another successful domestic campaign.

The top three clubs captured 46 percent of total revenue among the 15 clubs analyzed. All three won major trophies during the 2024/25 season and averaged €24.3m in revenue—more than triple the €7m average of the remaining 12 clubs.

Commercial partnerships drive growth as broadcast deals lag

Commercial revenue remained the primary growth engine, comprising 72 percent of total revenue across the top 15 clubs. Brands continued expanding partnerships to reach engaged audiences and support athlete platforms.

Average matchday revenue increased 15 percent to €1.5m from €1.3m the previous season. However, attendance patterns proved mixed, with five Women’s Super League(WSL) clubs reporting declines following the record-breaking 2023/24 season.

Broadcast revenue declined 6 percent on average to €1.3m in 2024/25, now representing 13 percent of total revenue. Among the 13 clubs appearing in both this year’s and last year’s rankings, broadcast revenue rose a marginal 3 percent—reflecting the timing of domestic rights cycles, many of which have multiple seasons remaining before renewal.

Deloitte analysts noted the 6 percent decline in broadcast revenue is a reflection of the “wait-and-see” period in major domestic rights cycles, rather than a lack of interest, as several leagues are currently operating in the final years of existing multi-season contracts.

European competition boosts revenues

European and international tournaments enhanced revenue generation for several clubs. Manchester City Women, ranked fourth at €12.9m, saw revenues surge 63 percent after reaching the UEFA Women’s Champions League knockout stages for the first time since 2020/21.

FC Bayern Frauen, eighth at €7.2m, was among four top-15 clubs competing in the inaugural World Sevens Football tournament. The club reportedly received €2.3m in prize money from that event, demonstrating how innovative competitions can materially impact club finances at this stage of market development.

Jennifer Haskel, knowledge and insight lead in the Deloitte Sports Business Group, said commercial revenue growth reflects ongoing innovation and commercially focused mindsets in leading markets. The women’s game is carving its own path through new brand partnerships, ticketing strategies, and dedication to understanding evolving fanbases.

A meaningful gap is forming between top-ranked clubs and the rest, Haskel noted. Yet across the rankings, there is no one-size-fits-all blueprint for reaching and engaging fans or delivering on business objectives. While on-pitch success benefits clubs, expanding business operations can develop global brand value and provide funds for reinvestment to improve the overall product.

Haskel added that the shift from startup phase to established phase requires consistent time, investment, and effort to develop foundations properly. As further milestones are reached—including new and expanded competitions on major stages—industry leaders must continue innovating while protecting the wants and needs of fans and players to foster a sustainable future.