The Political Economy of Football V2

The Deloitte Money League has received extensive coverage, but It is well worth picking out some highlights from the Swiss Ramble’s forensic analysis in which he identifies key trends in football finance.   Subscribe to his Substack page for much more detail – and insights. There are no fewer than six Premier League clubs in the Top 10, split between three from the North West of England (Liverpool 5th, Manchester City 6th and Manchester United 8th) and three from London (Arsenal 7th, Tottenham 9th and Chelsea 10th).    That’s pretty impressive, though it was also the first time in this report’s history that no English side featured in the top four, largely due to the positive impact of the FIFA Club World Cup on some continental clubs. In addition, we find three other English clubs in the bottom half of the Top 20: Aston Villa 14th, Newcastle United 17th and West Ham 20th.    The total number of English clubs in the Top 20 was unchanged at nine, but was...

Manchester United's defeat of Arsenal at the Emirates yesterday was something of a surprise (and a great game of football for the neutral).  However, it should not be assumed that United's problems are over after two wins or that Arsenal have now lost the title as some of their nervous fans fear.  {Dido is an Arsenal fan). Arsenal went into the game sitting at the top of both the Premier League and the Uefa Champions League tables, a rise underpinned by significant spending on players and years of settled ownership under US billionaire Stan Kroenke.  Manchester United have outspent Arsenal over the past five years, yet stability has eluded them: less than two years after taking control of club operations Sir Jim Ratcliffe’s Ineos has already sacked two managers. Both clubs have had to handle a bumpy period of transition following the departures of long-serving managers — Arsène Wenger at Arsenal and Manchester United’s Sir Alex Ferguson. But while United’s owners have la...

Chelsea are outliers in multiple ways.  Whether that’s having the youngest squad in the Premier League this season when weighted by minutes played, or their proactive transfer strategy, which has seen them already agree deals for four new young players to join next summer. Chelsea also are the only Premier League side without a front-of-shirt sponsor, and sources at the club who spoke  The Athletic  — all of who asked to remain anonymous to protect relationships — believe their unusual approach will pay off. The latest Football Money League report from Deloitte sheds more light on Chelsea’s revenues. Being one of only six Premier League clubs in the top 10 is a positive, and they have achieved that without a front-of-shirt sponsor. However, they are behind Liverpool, Manchester City, Arsenal, Manchester United and Tottenham. While a lack of front-of-shirt sponsorship is not the only reason for this, the gap would be smaller if they had one. Chelsea’s commercial reve...

Newcastle United face Aston Villa on Sunday as two teams who have come closest to breaking the dominance of the so-called ‘Big Six’. This term has been used to refer to Arsenal, Chelsea, Liverpool, Manchester City, Manchester United and Tottenham Hotspur, who have regularly finished in those places in the Premier League and therefore received the benefits of European football that come with it. Though some of those clubs have fallen down the division regularly in recent years, the financial aspect of their advantage largely remains.  Undoubtedly the single-biggest impediment to Newcastle’s growth has been financial regulations. The idea that they would become the “richest club in the world” was also a fallacy — yet even if they wanted to call upon the full resources of their mega-wealthy owners, they would be unable to do so. While Chelsea and Manchester City could keep spending following their respective takeovers in 2003 and 2008, Newcastle were forced to sell players again...

 In 2024/25, Real Madrid remained the only football club to generate over €1 billion in revenue, doing so for the second consecutive year. While the club reported a 6% decrease in matchday revenue, primarily driven by a reduction in revenue from the sale of Personal Seat Licenses, its €233m matchday revenue would still rank as the second highest ever generated by a Money League club. Additionally, the club reported a 23% increase in commercial revenue, driven by improved merchandise performance and new commercial partners. For the first time since 2019/20, FC Barcelona returned to the Deloitte Money League podium (2 nd ), generating €975m. Despite continuing to play matches away from the Spotify Camp Nou, which is due for completion during the 2025/26 season, the club reported a 27% growth in revenue compared to 2023/24. A key driver for this growth was the introduction of Personal Seat Licence arrangements, generating one-off c.€70m. Much like Real Madrid during the 2023/24 se...

The Deloitte Money League for 2026 has been published.  The cumulative revenue of the Money League clubs grew by 11%, rising to €12.4 billion (2023/24: €11.2 billion). Matchday (€2.4 billion), broadcast (€4.7 billion) and commercial (€5.3 billion) revenues all grew to record levels, as the latter became the first revenue stream to exceed €5 billion. For the third consecutive year, commercial revenue represented the most significant proportion of total revenue for Money League clubs, generating an average of €265m (2025: €244m). The key drivers for this included improved retail performance, increasing sponsorship revenue, as well as the use of stadia and surrounds on non-matchdays. The latter represents a significant shift in the business models of certain clubs to focus on greater utilisation of stadia assets through a diversified entertainment offering. On-site breweries, restaurants, hotels, and other offerings are therefore becoming more common, demonstrating the importance ...