Deloitte warns football growth is slowing after €40bn milestone
European football revenue passed €40bn for the first time in 2024/25, but Deloitte has warned that slowing growth, rising losses and saturated competition calendars are creating pressure on clubs to diversify revenue models.
European football revenue exceeded €40bn for the first time in 2024/25, but Deloitte has warned that clubs face slowing growth, rising losses and a need to reduce reliance on expanded competitions.The European football market grew 6% to €40.2bn, up from €38bn in the previous season, according to Deloitte’s 35th Annual Review of Football Finance.Tim Bridge, lead partner in the Deloitte Sports Business Group, said: “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.“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 prioritising short-term gain over long-term prosperity.”The big five European leagues generated combined revenue of €21.6bn in 2024/25, up from €20.4bn.Deloitte expects growth across those leagues to slow in the coming seasons, with some competitions projected to plateau or decline in 2025/26 and 2026/27.The warning comes despite UEFA and FIFA competition expansion delivering additional fixtures, broadcast inventory and commercial opportunities for leading clubs.Deloitte said football now faces greater competition from US sports seeking growth in Europe and from other entertainment businesses competing for fan attention and consumer spending.Bridge said: “European football has forged the dominant position on the world stage, but as US sports consider moves to the European market, and competition from other entertainment businesses intensifies, there are undoubtedly challenges ahead.“Now is the time for leaders to concentrate on diversifying business models, while collaborating with others on a shared plan for the future.“Strong leadership and innovation, underpinned by fit-for-purpose regulation are paramount.”The Premier League remained Europe’s dominant domestic competition by revenue, with clubs generating £6.8bn in 2024/25, an 8% year-on-year increase.Deloitte expects Premier League revenue to have exceeded £7bn in 2025/26, supported by a new broadcast rights cycle and strong English club performance in European competitions.Commercial revenue was a major driver for English top-flight clubs, rising 13% to £2.4bn.The league’s traditional big six clubs accounted for 73% of Premier League commercial revenue, underlining the concentration of brand and sponsorship value among the largest teams.Matchday revenue across the Premier League rose 15% to more than £1bn for the first time.That increase was driven by European runs, higher ticket prices and increased stadium capacity, reflecting the growing importance of venue development and premium inventory.Broadcast revenue rose only 2% to £3.4bn, showing why clubs are increasingly seeking growth through commercial operations, hospitality, events and real estate-linked stadium projects.Despite the revenue record, Premier League pre-tax losses rose sharply from £135m in 2023/24 to £948m in 2024/25.Deloitte attributed the increase to transfer spending and the absence of significant one-off sale profits, which had supported the previous year’s results.Premier League clubs’ net debt also edged up from £3.5bn to £3.6bn.The wider big five leagues also remained loss-making, with aggregate pre-tax losses increasing by €0.8bn to €1.5bn.Bundesliga clubs recorded a landmark season, with aggregate revenue rising 12% and passing €4bn for the first time.LaLiga clubs generated €4.1bn, up 9%, with Real Madrid and Barcelona accounting for about 52% of total league revenue.Serie A revenue rose 4% to €3bn, supported by matchday growth among clubs competing in the UEFA Champions League.Ligue 1 revenue fell 15% to €2.2bn, with limited matchday and broadcast growth unable to offset a €0.4bn reduction in commercial revenue.The Championship moved in the opposite direction from the Premier League, with aggregate revenue down 2% to £942m.Championship pre-tax losses rose 12% to £355m, while wage costs increased to a record £903m.Bridge said: “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.“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 to unlock the huge amount of value within football at all levels.”The Women’s Super League continued to grow quickly, with aggregate club revenue increasing 39% to £90m in 2024/25.Commercial revenue in the WSL rose to £41m, matchday income increased to £14m and broadcast revenue reached £11m.All 12 WSL clubs reported revenue above £1m for the second consecutive season, but Deloitte said financial divergence had widened.The top four revenue-generating clubs accounted for 71% of league revenue, up from 66%, while the gap between the highest and lowest-earning clubs increased from 13 times to 16 times.Jennifer Haskel, knowledge and insight lead in the Deloitte Sports Business Group, said: “As investment continues across the WSL, expectations are firmly on clubs to grow their businesses, adapt operating models, and simultaneously engage fans and partners.“There are countless signs of rising marketability in the women's game, but this progress is uneven, with many clubs struggling to keep pace while the top tier teams widen the gap.”The review places European football’s record revenue alongside clear pressure on cost control, liquidity, stadium monetisation and commercial diversification across men’s and women’s competitions.