European football revenue tops €40bn but Deloitte warns of slowing growth and rising losses
European club football generated €40.2 billion in 2024-25, a first, but Deloitte's annual review warns that fixture saturation and mounting losses threaten long-term sustainability.
Revenue milestone
European football surpassed €40 billion in revenue for the first time in the 2024-25 season, according to Deloitte's 35th Annual Review of Football Finance. The total of €40.2 billion was up from €38 billion the previous year, though growth estimates varied: Reuters and The Guardian reported a 6% rise, while the New York Times and Irish Examiner cited 13% growth. The 'Big Five' leagues (Premier League, Bundesliga, LaLiga, Serie A, Ligue 1) accounted for €21.6 billion of that sum.
Premier League dominance and losses
The Premier League remained Europe's highest-earning division, with clubs generating £6.8 billion (€8.1 billion) in revenue, an 8% increase driven by European competition runs, higher ticket prices, and expanded stadium capacity. Deloitte expects that figure to surpass £7 billion in 2025-26. However, pre-tax losses ballooned from £135 million to £948 million, a 600% jump, attributed to heavy transfer spending and a lack of profitable player sales. Net debt edged up to £3.6 billion.
- Premier League
- 8.1 €bn
- LaLiga
- 4.1 €bn
- Bundesliga
- 4 €bn
- Serie A
- 3 €bn
- Ligue 1
- 2.2 €bn
Mixed picture across Europe
Germany's Bundesliga broke €4 billion for the first time with 12% growth, while Spain's LaLiga posted €4.1 billion, with Real Madrid and Barcelona contributing 52% of that total. Italy's Serie A managed a modest 4% increase to €3 billion. France's Ligue 1 saw a 15% drop to €2.2 billion, as commercial revenue fell by €0.4 billion. England's second-tier Championship recorded its first revenue decline since the pandemic, down 2% to £942 million, with pre-tax losses rising 12% to £355 million and only three clubs reporting a profit.
Warnings on sustainability
Tim Bridge, lead partner in Deloitte's Sports Business Group, cautioned that adding more fixtures to an already crowded calendar is not a sustainable growth strategy.
The report calls for a shared plan to maintain European football's dominance amid competition from US sports and other entertainment businesses.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.
Future projections and regulatory pressure
Deloitte projects total European football revenue could rise to €44 billion in 2025-26 and €45.7 billion in 2026-27, but warns that club-level revenue may plateau or even fall. Bridge stressed the need for stronger commercialisation and sustainable growth, noting that stalled talks over a more equitable TV revenue split between the Premier League and the English Football League could be advanced by the UK's Independent Football Regulator, which has backstop powers to impose a settlement.
- 2024-25
- 40.2 €bn
- 2025-26
- 44 €bn
- 2026-27
- 45.7 €bn
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.
