Commercial revenue is now the largest source of income for the ten richest football clubs in Europe, and the financial gap between the elite and the rest continues to widen. This is according to the study “The Evolution of Club Revenue in European Football“ by Football Benchmark and World Football Summit.
The share of sponsorships, sales of equipment, licensing and other commercial activities at the top 10 clubs has increased from 32% of operating income in the 2008/09 season to 49% in 2024/25. Over the same period, TV and other media rights revenue has decreased as a share from 42% to 32%, while match and stadium revenue – from 27% to 19%.
TV rights no longer the leading driver
Commercial revenue overtook broadcasting revenue for the top ten clubs as early as 2018/19. For the wider group of around 700 clubs in Europe’s top divisions, the same reversal occurred in 2022/23 – roughly a decade later.
In absolute terms, commercial revenue for European clubs increased from €6.9 billion in 2014/15 to €12.6 billion in 2023/24. Revenue from UEFA distributions grew faster than domestic TV rights – respectively 2.1 times versus 1.5 times for the same period.
“It is no coincidence that clubs in the top half of the ranking are the ones who can focus on developing commercial revenues, especially at a time when domestic television rights are reaching a plateau“, commented Tim Bridge, leading partner in the sports group of “Deloitte“.
Premier League increases its lead
The total revenue of clubs in Europe's top divisions has grown from €11.6 billion in 2008/09 to €28.6 billion in 2023/24 - a growth of 146%. For the 2024/25 season, the amount is expected to have exceeded €30 billion.
The largest share of the growth is concentrated in England. Premier League clubs have increased their share of total revenue of European top-flight clubs from 21% in 2008/09 to 26% in 2023/24. The top ten clubs with the highest revenue have increased their total revenue by approximately three times by 2024/25.
UEFA data for the past decade shows a similar picture. The share of the top 25 clubs with the highest revenue has only increased from 44% to 45%, but European football's governing body notes: “absolute differences continue to widen“.
Financial concentration is also visible on the pitch
Between the 2014/15 and 2025/26 seasons, clubs in the top five leagues – England, Spain, Germany, Italy and France – have provided all 12 finalists and 47 of the 48 semi-finalists in the Champions League. The only exception is Ajax, which reached the semi-finals in 2018/19.
Financial concentration is also reflected in club valuations. The combined value of the 32 most valuable European teams has grown from €26.3 billion in 2016 to a record €72.6 billion in 2026. The study says the growth is being driven by higher revenues, rising squad values and greater investor interest in football as an asset class.
Sources: reuters.com, worldfootballsummit.com, spobis.com