"Football cannot rely on simply adding more content to deliver sustainable growth." That line from Deloitte's annual football finance review should be pinned to the walls of every UEFA and FIFA boardroom. European football crossed €40 billion in revenue for the first time in 2024-25 — and the analysts are already warning the party may be over.
Total continental revenue reached €40.2 billion, up from €38 billion the previous year. The Big Five leagues — Premier League, Bundesliga, LaLiga, Serie A, and Ligue 1 — contributed €21.6 billion of that. By the numbers, it looks like a success story. But Deloitte's projection for 2025-26 and 2026-27 tells a different tale: aggregate club revenue is set to plateau or fall.
The Premier League is thriving — on paper
England's top flight remained Europe's richest division, with clubs generating £6.8 billion — an 8% rise that should push past the £7 billion mark next season. Ticket price increases, higher stadium capacity, and deeper European runs all contributed. So far, so good.
Except pre-tax losses exploded from £135 million to £948 million. That's not a rounding error — that's a £813 million swing in the wrong direction, driven by transfer splurges and the absence of profitable player sales that had kept 2023-24 looking cleaner than it was. Premier League clubs are earning more and losing more simultaneously, which makes the financial sustainability debate considerably thornier than the headline revenue figure suggests.
The Bundesliga had its strongest year in some time, breaking €4 billion with 12% growth. LaLiga hit €4.1 billion, though the Real Madrid and Barcelona dominance remains stark — those two clubs alone account for 52% of the division's total revenue. Serie A crept up 4% to €3 billion. Ligue 1 went the other way, dropping 15% to €2.2 billion after commercial revenue fell by €0.4 billion. That's a significant structural problem, not a blip.
Below the top flight, the numbers get uncomfortable
The Championship recorded its first revenue decline since COVID, with aggregate income falling 2% to £942 million. Pre-tax losses climbed 12% to £355 million. Only three clubs across the entire division turned a profit. Three.
Deloitte's Tim Bridge put it plainly: external funding is now critical to liquidity for the vast majority of EFL clubs. England's newly established Independent Football Regulator, created through the Football Governance Act, may eventually change that picture — but regulatory frameworks take time to bite, and the financial bleeding is happening now.
The Women's Super League was the one unambiguous bright spot, posting 39% revenue growth to £90 million. All 12 clubs cleared £1 million in income for the second consecutive season. The caveat: the gap between the highest- and lowest-earning WSL clubs stretched from 13 times to 16 times. Growth at the top doesn't automatically lift the bottom.
- European football total revenue: €40.2 billion (up from €38bn)
- Big Five leagues combined: €21.6 billion
- Premier League: £6.8 billion (+8%), but pre-tax losses of £948 million
- Bundesliga: €4 billion+ (+12%)
- LaLiga: €4.1 billion (Real Madrid and Barcelona = 52% of total)
- Serie A: €3 billion (+4%)
- Ligue 1: €2.2 billion (-15%)
- Championship: £942 million (-2%), losses of £355 million
- WSL: £90 million (+39%)
The broader warning from Deloitte is one the governing bodies have consistently ignored: a saturated calendar with more competitions and more matches risks weakening the product itself. If the spectacle suffers, so do the broadcast deals, the sponsorships, and ultimately the revenue figures everyone is currently celebrating. Anyone pricing futures on European competition formats might want to factor in that the economic model underpinning the expansion is already showing its limits.
