Serie A: Revenues up to 2.9 billion in the 2023/24 season but the Premier League plays another sport - The numbers compared

The European football market recorded a record turnover of €38 billion in the 2023/24 season, with an increase of +8% (€35.3 billion in 2022/23), according to the 34th Annual Review of Football Finance, published by Deloitte Sports Business Group.

The “big five” European leagues – Premier League, Bundesliga, La Liga, Serie A and Ligue 1 – generated revenues of €20.4 billion, up 4%, surpassing the €20 billion threshold for the first time.

According to Deloitte's analysis, aggregate club revenues in Europe's top five leagues are expected to exceed €21 billion in 2024/25, before levelling off in the 2025/26 season, largely due to the ongoing uncertainty over Ligue 1's TV rights deal from the 2025/26 season.

Serie A clubs generated aggregate revenues of €2.9 billion, up 2% on the previous season. This growth was supported by an increase in commercial revenues (+9% to €1 billion), largely formed by new sponsorship deals with North American-owned clubs and increased merchandising sales.

Premier League clubs have once again generated the highest revenues of Europe's top five leagues in the 2023/24 season, recording an aggregate revenue of £6.3 billion, an increase of +4% on the previous season. This growth has been driven primarily by the expansion of the clubs' commercial offering, which has seen the club cumulatively generate more than £2 billion in commercial revenues for the first time.

The Premier League’s Big Six clubs (Arsenal, Chelsea, Liverpool, Manchester City, Manchester United and Tottenham) have seen lower average revenue growth (+3%) than the rest of the League’s clubs (+11%). This is partly due to the exit of some clubs from the European landscape and the resulting impact on all primary revenue streams.

Premier League clubs’ combined revenues have surpassed £900m for the first time (£909m), up £43m (or 5%). Media revenues increased marginally by 2% to £3.3bn in the penultimate season of the league’s three-year rights cycle, despite UEFA’s distribution of revenues to Premier League clubs falling in line with on-field performance in European competitions. Overall, combined operating profit for Premier League clubs has risen by 36% to over £0.5bn, the highest since 2018/19, as regulatory scrutiny and sanctions have encouraged a better balance between costs and revenues.

Premier League clubs’ net debt reached £3.5bn at the end of the 2023/24 season (up 12% on 2022/23), driven by the funding of stadium and facilities spending, as well as continued investment in the men’s teams.

La Liga clubs’ aggregate revenues increased by +6% to €3.8bn in 2023/24, with Real Madrid and Barcelona accounting for almost half (48%) of the total. The financial impact of infrastructure investments was evident in 2023/24, with stadium revenues increasing by +28% (€149m) to €0.7bn. UEFA’s aggregate revenues shared by La Liga clubs increased by +1% to €1.8bn and remained the largest contributor to overall revenues (48%).

Despite Ligue 1 shrinking from 20 to 18 clubs at the start of the season, aggregate club revenues grew by +7% to €2.6bn in 2023/24. This increase was largely attributed to increased non-recurring distributions from CVC’s €1.5bn investment in a commercial subsidiary of the Ligue de Football Professional in 2022, which are recognised by Ligue 1 clubs as revenue, a different accounting approach to that adopted in other countries. As a result, aggregate commercial revenues (€1.6bn) represented over 60% of total Ligue 1 club revenues.

Bundesliga clubs generated €3.8 billion in total revenue, down 1% from the previous season. Commercial revenue (€1.7 billion) still represents the largest contribution (46%) to total revenue for Bundesliga clubs.

Overall, clubs in Europe's big five leagues posted an aggregate profit (€0.6 billion) for the second consecutive season , while the aggregate wage-to-revenue ratio fell from 66% to 64%, despite rising operating wage costs in all of the big five leagues except La Liga.

“The focus on stadium development and commercial revenue diversification,” says Tim Bridge, Partner in Deloitte’s Sports Business Group, “has led to growth in the European football market in the 2023/24 season. However, clubs and leagues cannot afford to lose sight of new challenges, including the evolving regulatory landscape and changing fan behavior.”

“The pressure is on for clubs to generate additional revenues while managing rising costs,” Bridge added . “More than ever, rights holders and owners must recognise the huge responsibility they have to manage these assets, capturing the historic essence of a football club whilst simultaneously honouring the future for new generations.”

Women's Super League records +34% increase in revenues

Deloitte analysis shows that Women's Super League (WSL) clubs generated a combined revenue of £65m in 2023/24, an increase of +34% on the previous season (£48m).

Thanks to increased commercial and matchday revenues, all WSL clubs have seen double-digit increases in total revenues, with all 12 WSL clubs recording revenues above £1 million for the first time. The average WSL club revenue has risen to £5.4 million in 2023/24 (up from £4.0 million the previous season). According to new forecasts from Deloitte, total WSL club revenues will reach £100 million in the 2025/26 season.