Since the slowdown in the first two seasons during the coronavirus pandemic, business in European top-level football has been growing and growing. But from the 2025/26 season, which begins after the summer break, the consulting firm Deloitte expects only stagnation for the top five leagues. But only temporarily, as Stefan Ludwig, Head of the German Sports Business Group, emphasises.

The reason for the expected flat revenue curve is the renegotiation of media rights over the past two years. In Italy and France, revenues will shrink from the coming season onwards, while they will remain stable in Spain. In December 2024, the German Football League still achieved a 2% premium. England is the absolute leader. For the 6.5% higher media rights in future, however, there will also be 30% more matches to watch.

In the 2023/24 season, total revenue in European top-level football rose by an impressive 8% to 38 billion euros according to the 34th annual report now published by Deloitte (see chart). Income from the sale of players is not included. For the current season, which will end in the next few weeks with the Club World Cup, which is being played on a large scale for the first time, the company expects an increase of around 3.5%. „The reason for this is the expansion of the Uefa club competitions and the associated higher payouts,“ says Ludwig. A new mode means more matches in the Champions League and also in the Europa and Conference Leagues.

Deloitte attributes the increase in the previous season to the „increasing professionalisation of clubs and the associated commercial revenues“, among other things. This includes income from sponsors and from merchandising such as the sale of jerseys. In addition, some clubs have modernised their stadiums, which now offer more seats.

A trend that has been consolidating for some time has also been confirmed recently: The biggest five European leagues („Big Five“) once again accounted for more than half of the business. The 96 clubs in the top leagues in England, Germany, Spain, Italy and France saw a 4% increase in revenue, which was lower than the market as a whole. However, they exceeded the 20 billion euro mark for the first time.

Deloitte notes that in terms of finances, the gap in European football is widening. „The pressure on clubs is increasing,“ reports Ludwig. „They have to generate additional revenue and at the same time cope with rising costs in order to remain competitive.“

England's Premier League remains in the lead by a wide margin - thanks in part to the significantly more expensive media rights. The revenue of the 20 clubs there increased by 6% to 7.4 billion euros in 2023/24. At around 3.8 billion euros, the 18 clubs in the German Bundesliga are on a par with La Liga in Spain. The Bundesliga was the only one of the „Big Five“ to suffer a decline in revenue: by 1%.

Deloitte explains this primarily with the relegation of the clubs Schalke 04 and Hertha BSC in Berlin, both of which had high attendance figures, in the previous season. In 2023/24, the number of stadium visitors fell by an average of 8%. However, a turnaround is expected for this figure and matchday revenue next season: 1. FC Köln returns after one year in the second division, Hamburger SV after seven long years. Both attract significantly more spectators in their larger stadiums than the relegated teams Kiel and Bochum.

The combined operating profit of the clubs in Europe's top five leagues remained stable at around 600 million euros in 2023/24. Personnel costs rose in all countries with the exception of Spain, as Deloitte determined. However, the average personnel expense ratio fell from 66% to 64%. The reason for this is that turnover has increased more than personnel expenses.

Deloitte did not include transfer revenue in the study. However, the transfer of Florian Wirtz from Bayer Leverkusen to Liverpool FC, which has now been agreed, illustrates how the financial limits in top-level football are being pushed ever higher. Never before has a player left the Bundesliga for more money: Leverkusen wants a transfer fee of 150 million euros for Wirtz, including bonuses.