English clubs continue to lead the charge in the commercialization and professionalisation of the women's game, according to research by Deloitte Football Money League.
Deloitte's Sports Business Group is a leading adviser to governments, investors, sports governing bodies and organizations and publishes the annual Premier League rankings for men's and women's football clubs. of ranking of women includes 15 of the highest revenue-generating clubs for the financial year ending 2024 and focuses on those competing in major football leagues across the globe.
The research notes that revenues for clubs in Australia, Sweden and the US were not made available and therefore not included in the analysis. The ranking also does not take into account the group's income, such as income attributable to club-wide commercial deals or any contributions from their male counterparts.
This year's analysis by Deloitte Football Money League profiles shows that revenues exceeded €100 million for the first time. English clubs continue to lead the way as eight of the top 15 women's clubs are from WSL.
The importance of UEFA Women's Champions League it was also highlighted in the research as the seven non-English clubs all took part in the group stage of the European competition. Matchday revenues were boosted by rising attendances in many leagues, which in turn translated into greater interest from commercial and broadcast partners.
Liga F giants Barcelona are the top-ranked club, generating €17.9 million in revenue, which is a 26% increase from the 2022/23 season. Arsenal then came a close second, also at €17.9m with their matchday revenue increasing by 64% and their advertising by 48% in the 2023/24 season.
The rest of the top five is completed by two other English clubs Chelsea (€13.4 million) and Manchester United (€10.7 million), followed by Real Madrid (€10.5 million). Other WSL clubs to make the top 15 include Manchester CityAston Villa, Liverpool, Tottenham and Everton.
Tim Bridge, principal partner for Deloitte Sports Business Group, said: “The 35% increase in revenue over the 2023/24 season is an impressive reflection of the growth of women's football in some of its key markets. Investors and managers are now looking beyond just revenue and increasing their focus towards the sustainability and growth of clubs.
“Commercial partners and broadcasters are now recognizing the growing profile of the women's game and increasing their investment, in turn attracting larger and more diverse audiences in new addressable markets.
“The expansion of the UEFA Women's Champions League and FIFA Club World Cup demonstrates the demand for more games and competition. Combining this with the development of existing competitions, the introduction of new governance and further investment could increase the participation, professionalisation and popularity of the women's game for a long time to come.”