UEFA recently published the latest edition of The European Club Finance and Investment Landscape, its annual report analysing the financial performance of clubs across Europe. The publication provides one of the most comprehensive overviews of the financial state of the game, drawing on financial data submitted by more than 700 clubs across UEFA’s member associations.
This article reviews some of the key findings from the report and highlights several of the trends shaping the financial landscape of European club football. The analysis primarily draws on financial year 2024 data, based on actual financial submissions from 725 top-division clubs, supplemented by estimates for the remaining clubs.
Where relevant, we have also incorporated additional Football Benchmark analysis to provide further context around the financial dynamics currently shaping the European game.
European club operating revenues continue to grow, approaching €30 billion
Revenue growth in European club football has remained consistent over the past decade, with aggregate operating revenues increasing by around 80% during this period. Following a strong post-pandemic recovery, revenues increased by more than 12% in both 2022 and 2023. Growth moderated slightly in 2024, when total revenues rose by 6.7%, but early estimates (based on figures from clubs that already submitted financial results for 2025) suggest that expansion may accelerate again in 2025, approaching the 10% mark.
Based on these projections, total operating revenues are expected to exceed €30 billion in 2025. Looking at the longer-term trajectory of the industry, revenues first surpassed €10 billion in 2007 and €20 billion in 2017, highlighting the accelerating pace of financial growth across European club football.
Beyond the overall expansion, the composition of club revenues has also evolved, with different income streams contributing unevenly to the growth over the past decade.
Within clubs’ operating revenue streams, UEFA club competition income recorded the strongest relative growth over the past decade, rising by 153%. “Other” revenues, which typically include subsidies, owner support, and exceptional items, increased by 112%, commercial revenues by 82%, and gate receipts by 75%, while broadcasting revenues grew by 59%.
Looking at more recent trends, however, commercial activity has emerged as a key driver of recent revenue expansion. Commercial revenues across European clubs have increased by more than 43% over the past three years, with 17 of the top 20 leagues reporting year-on-year growth of around 9%. In aggregate, commercial revenues are expected to reach €10 billion in the coming year.
Matchday revenues are also showing strong momentum. Based on early 2025 data, matchday income is expected to increase significantly and has already surpassed pre-pandemic levels across much of the European game. Between 2023 and 2024, 18 of the top 20 leagues reported year-on-year growth in matchday revenues, with hospitality and premium seating being the major drivers.
At the same time, broadcasting revenues have now entered a more mature phase across several markets. Eight of the top 20 leagues reported year-on-year declines in broadcasting income, although some leagues, such as Poland, Croatia and the Netherlands, still recorded growth of more than 10%.
Revenue distribution across the continent remains highly concentrated. English clubs alone increased their revenues by approximately €3.5 billion over the past decade, more than the combined growth generated by the 49 leagues outside the “Big Five”, which together added €3.4 billion. Over the same period, the other “Big Five” leagues collectively generated €5.9 billion in additional revenues.
Further reiterating the income curve of the industry, across the top 20 leagues overall, 16 reported revenue growth between 2023 and 2024, while around 80% of the top 25 European clubs recorded record revenues in the financial year 2024.
Cost base expansion reflects increasing operational complexity
While revenues continue to grow across European club football, clubs are also experiencing sustained increases in their operating cost base.
One of the most notable developments in recent years has been the expansion of non-player wage costs. As clubs increasingly invest in the human resources required to operate modern businesses, staffing levels have grown significantly. By the end of 2024, European clubs employed approximately 94,000 full-time equivalent staff, representing a 33% increase since 2019.
Between 2021 and 2024, non-player wage costs increased by 42%. Early 2025 data also highlights diverging trends within these staff categories. While wages for technical staff have remained broadly stable, increasing by just 1%, salaries for commercial and administrative staff rose by 14%, reflecting the growing emphasis on off-pitch revenue generation.
Despite the overall expansion of wage bills, clubs appear to be exercising greater control over their largest cost item. Total wages increased by 3.5%, with player wages rising by a more modest 1.8%. In absolute terms, player wages across European clubs now total approximately €13.5 billion, representing a player wage-to-revenue ratio of around 47%.
At the same time, non-wage operating costs have also continued to increase. These costs, which include operational expenses such as stadium operations, logistics, marketing, and administrative expenditure, reached approximately €10 billion across European clubs and now account for around 36% of total revenues, the highest share recorded in the past 15 years.
In several leagues, these operating costs now absorb close to half of club revenues. As a result, the ability to control wage levels and generate transfer profits remains a critical factor in maintaining financial sustainability across the European football ecosystem.
Gradual recovery in operating profitability but structural losses persist
Despite continued cost pressures, the latest financial data suggests that European clubs are gradually returning to operating profitability. After four consecutive years of operating losses, clubs are projected to return to break-even results in 2025, excluding non-recurring items. Nevertheless, profitability remains well below the peak recorded in 2017, when European clubs collectively generated operating profits of €1.4 billion.
Structural differences between league models remain evident. Leagues that act as net importers of talent, including England, Germany, Spain, Italy and Russia, tend to report operating profits, supported by stronger domestic revenue generation. By contrast, leagues focused on player development more frequently record operating losses, which are often offset by transfer income generated through player trading.
Once transfer activity and financing costs are taken into account, the overall financial picture remains more challenging. European clubs are forecast to report aggregate pre-tax losses of approximately €1.1 billion in 2025, only slightly lower than the losses recorded in 2023. Rising operating costs, non-player wage growth and finance costs continue to absorb a large share of the additional revenues generated across the industry.
Nevertheless, the distribution of financial performance across clubs is gradually improving. In 2024, 53% of top-division clubs reported profits before tax, representing an increase of eight percentage points compared to the previous year. Early 2025 data suggests that the proportion of profitable clubs may continue to rise.
Balancing growth and sustainability
European club football continues to demonstrate strong financial momentum, with total revenues projected to surpass the €30 billion milestone in 2025. This sustained growth reflects the increasing commercialisation of the game, the expansion of UEFA club competitions, and the continued development of matchday and partnership-driven revenue streams across many markets.
At the same time, the financial dynamics underpinning this growth remain complex. Rising operating costs, expanding club workforces, and increasing non-wage operating expenses mean that revenue growth does not automatically translate into stronger profitability. While clubs are gradually returning to operating break-even, aggregate pre-tax losses remain significant, highlighting the continued importance of disciplined financial management across the industry.
Structural differences between leagues also remain pronounced. The financial gap between Europe’s largest leagues and the rest continues to widen in absolute terms, reinforcing the growing polarisation of the European football economy.
Beyond the income statement, the investment landscape surrounding European football continues to evolve. It remains an attractive asset class for investors, with more than half of European clubs now privately owned. Multi-club ownership structures are also continuing to expand, with 345 clubs currently part of such networks, as investors increasingly pursue opportunities across multiple markets.
At the same time, record levels of capital injections and infrastructure investment underline continued investor interest in the sector. As the financial landscape evolves, clubs will increasingly be judged on their ability to translate revenue growth into sustainable operating performance.
At Football Benchmark, these dynamics are at the core of our work supporting clubs, leagues, and investors across the global game. Through our Club Finance & Operations Platform, we provide one of the most comprehensive datasets on club financial performance, enabling stakeholders to analyse industry trends and benchmark their operations against peers across Europe and beyond. Combined with our advisory expertise in financial strategy, we support clubs and investors in navigating an increasingly complex financial landscape and building long-term, sustainable business models.
