Commercial revenue away from the pitch more important for top clubs

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 to clubs of broadening their revenue generating opportunities, highlighting that the brand and venues of football clubs continue to evolve, and now goes far beyond what just happens on the pitch.

Matchday revenue for Money League clubs hit record levels of €2.4 billion, and for the fourth year in a row represents the revenue stream with the highest proportional growth rate for Money League clubs (16%). Clubs’ increased efforts to improve matchday experiences, coupled with the use of other revenue drivers such as Personal Seat Licenses (‘PSL’), have been key in driving this growth.

Broadcast revenue grew by 10% in 2024/25 and remains a fundamental component of Money League clubs’ revenue, accounting for 38% of the €12.4 billion generated. The importance of broadcast revenue is again more evident for clubs ranked 11-20, for whom it represented almost half of total revenue (49%), compared to a third for those in the top 10, further emphasising that shift in approach from the higher revenue generating clubs in the last few years.

Impact of Club World Cup

The primary driver of broadcast revenue growth among Money League clubs in 2024/25 was the impact of the expanded FIFA Club World Cup¹. Ten Money League clubs participated in last summer’s competition, resulting in a 17% uplift to these clubs’ broadcast revenues. Furthermore, the expansion of UEFA’s three primary men’s club competitions also contributed to the clubs’ revenue growth, as UEFA’s distributable funds for these competitions grew to €3.3 billion in 2024/25, up c.22% from €2.7 billion in 2023/24.

 he increase in the number of football matches played during the calendar poses some challenges regarding player welfare, and during the 2024/25 season Money League clubs played 57 competitive matches on average – with the same clubs playing 51 matches in 2023/24. There remains a need to strike a balance between competition innovation, player welfare, and fan interest.

Serie A and La Liga

In their domestic markets, both Serie A and Ligue 1 faced headwinds as they commenced new domestic broadcast rights agreements in 2024/25. Serie A’s new domestic deals for live and non-live coverage of league and cup competitions saw the total average rights value per season fall by c.3% excluding any potential revenue-share element, hindering clubs’ revenue growth.

Meanwhile, the value of Ligue 1’s new domestic agreements for the 2024/25 season were c.20% lower than the previous cycle following a protracted tender process. The subsequent termination by mutual agreement of the DAZN deal, which included eight live matches per weekend, saw the league launch a direct-to-consumer offering at the start of the 2025/26 season. This will negatively impact

French clubs’ broadcast revenues in the short-to-medium term but does see Ligue 1 become the first major European football league to adopt a D2C approach, and we will watch with interest to see whether, in the long-term, this represents a significant shift that others may seek to follow.

With plateauing domestic broadcast rights markets in Europe, the most significant trend observed has been the increasing importance of commercial revenue for clubs to grow their revenue away from on-pitch performance. Clubs and other key stakeholders require a strategic approach beyond increasing inventory to drive value, placing a greater onus on clubs to take initiative to own and develop unique revenue generating business models. Many clubs are increasingly recognising the power and impact of their brands and venues and the role they play within the ecosystem of the world’s most popular sport.

Deloitte observe that clubs, especially those in the top 10 for whom commercial revenue accounted for 48% of total revenue (32% for clubs ranked 11^th to 20^th), continue to take greater ownership of their revenue-generating capabilities. This includes leveraging their brand equity to drive growth, whether through retail offerings, exclusive direct-to-consumer content, or more traditional partnerships. Across the last ten years, the average revenue generated by a top 10 Money League club has grown by 60% (2015/16: €523m, 2024/25: €837m), whilst clubs ranked 11^th to 20^th have experienced growth close to 84% (2015/16: €219m, 2024/25: €404m).

 In contrast to the typical business models of top 10 Money League clubs, those ranked 11^th to 20^th have relied on broadcast revenue as their primary growth lever in recent years. With a number of domestic broadcast markets plateauing, it is likely that, in the long term, we will see an increasing number of clubs adopt a more proactive approach to commercial revenue to drive further growth.