Rich Clubs Get Richer as Financial Inequality Deepens in European Football

Europe’s wealthiest football clubs have built a commercial model that now generates nearly half of their total revenue, further strengthening their financial dominance and making it harder for other clubs to join the elite, according to a study by Football Benchmark and the World Football Summit.

A report highlights two major trends: commercial revenue has overtaken broadcasting as the leading income source for the highest-earning clubs, while the financial gap between Europe’s richest and less affluent clubs remains wide despite overall growth.

Commercial Revenue Takes the Lead

In the 2024/25 season, commercial and other revenue accounted for 49 per cent of the top 10 clubs’ operating income, up from 32 per cent in 2008/09. Broadcasting’s share fell from 42 per cent to 32 per cent, while matchday and stadium revenue declined from 27 per cent to 19 per cent.

These falling shares do not mean that the actual amounts earned decreased. The combined operating revenue of the top 10 clubs more than tripled over 16 years, rising from €2.7 billion to €8.4 billion.

Commercial revenue overtook broadcasting income in the early 2010s. Until the 2018/19 season, its growing share was driven largely by declining matchday income. The report attributes this shift to football’s digitalisation and international expansion through social media and emerging digital platforms.

After the pandemic, broadcasting’s share fell from 38 per cent in 2021/22 to 32 per cent in 2024/25, while matchday revenue recovered. The report cautions that commercial revenue includes income beyond sponsorship, so it should not be interpreted as sponsorship earnings alone.

Revenue Growth Has Not Reduced Inequality

The study draws on UEFA financial reports, the Deloitte Football Money League and Football Benchmark’s own database.

Combined operating revenue for around 700 top-division European clubs rose from €11.6 billion in 2008/09 to €28.6 billion in 2023/24. The report estimates that the figure exceeded €30 billion in 2024/25.

More clubs are now reaching revenue levels once achieved by only a few. In 2024/25, 33 clubs generated more than €200 million, compared with eight in 2008/09. The number earning over €300 million rose from three to 17.

Financial power has increasingly shifted towards England. Premier League clubs accounted for 26 per cent of the combined revenue of Europe’s leading leagues in 2023/24, up from 21 per cent in 2008/09.

Six of the 10 highest-earning clubs in 2024/25 were English, compared with four 16 years earlier. Italy’s representation in the top 10 fell from three clubs to none.

Wealth Concentration Continues

Antonio Di Ciani, director of consulting at Football Benchmark, said growth had not been evenly distributed, with wealthy clubs becoming richer much faster than their competitors.

He said their global fan bases had transformed them into major media powerhouses, making them more than just football clubs.

Di Ciani also believes the new Champions League format has widened the financial gap. Revenue from the competition has increased, while larger domestic clubs generally have better chances of qualifying.

The process can become self-reinforcing: higher revenue allows clubs to build stronger teams, which can deliver better results and generate further income.

Broadcasting Still Matters

Despite the rapid growth of commercial income, broadcasting remains crucial for small and medium-sized clubs.

Between 2014/15 and 2023/24, commercial and other revenue across Europe’s leading leagues grew by an average of 7 per cent annually, reaching €12.6 billion. Supported by multi-year contracts, it was the most stable revenue stream during the pandemic.

Domestic broadcasting revenue increased from €5.8 billion to €8.5 billion over the same period, while UEFA distributions nearly doubled to €3.2 billion.

Matchday revenue also recovered, rising from €500 million in 2020/21 to €4.4 billion in 2023/24, surpassing its pre-pandemic record.

Club Values Rise, but the Elite Remains Stable

Football Benchmark estimates that the combined enterprise value of Europe’s 32 most valuable clubs reached €72.6 billion in 2026, nearly three times the 2016 figure.

However, new entrants at the top remain rare. Over the past decade, only 11 different clubs have appeared in the ranking of the 10 most valuable teams.

The findings suggest that although European football’s financial landscape has expanded significantly, its centres of economic power have changed little.