Football and business

Psg wins the Champions League and the billion revenue challenge

After the 1-1 draw in regulation time, the Parisians overcame Arsenal on penalties. At the Puskás Aréna they faced two clubs that have already reached the 900 million revenue mark

by Marco Bellinazzo

30 May 2026

Calcio - UEFA Champions League - Finale - Paris Saint-Germain vs Arsenal - Puskas Arena, Budapest, Ungheria - 30 maggio 2026 Vitinha, Fabian Ruiz e João Neves del Paris Saint-Germain festeggiano dopo aver vinto la UEFA Champions League REUTERS/Angelika Warmuth REUTERS

3' min read

Translated by AI

Versione italiana

3' min read

Translated by AI

Versione italiana

Paris Saint Germain wins the Champions League 2026. In Budapest in the final, the French beat Arsenal 4-3 on penalties, repeating last year's success after the 1:1 score in regulation time, with Kai Harvetz's goal for the Londoners after just six minutes and Usmane Dembelè's equaliser from the penalty spot in the 65th minute (5:4 is therefore the final result).
The final at the Puskás Aréna in Budapest between Paris Saint-Germain and Arsenal was also a confrontation between two very different economic management models, but with a still precarious balance between revenue growth and cost sustainability.

The turnover comparison

The comparison of the 2024/25 budgets is emblematic. On the revenue front, Arsenal surpasses PSG: some €903 million against the Parisian club's €837 million (but net of player trading for the French). The Gunners' supremacy is driven above all by television rights, amounting to 318.9 million against PSG's 243.2 million, testifying to the greater redistributive power of the Premier League compared to Ligue 1.

The comparison on the commercial side is more balanced: 386.6 million for PSG and 307.6 million for Arsenal, with the French continuing to monetise more effectively the global brand built during the Qatari era.

The most significant difference emerges, however, in the stadium component. Arsenal grosses 179.9 million from the matchday, more than twice as much as Psg's 78.2 million: a gap that reflects both the different capacity of the facilities and the maturity of the English model in enhancing the live experience.

Finale di Champions League: a Parigi Champs-Élysées barricati

Expenditure comparison

If on the revenue side the comparison is open, it is on the costs that the real distinction is measured. PSG remains on an outsized scale: 948.1 million in total against Arsenal's 881.6 million. The gap widens when looking at personnel costs: 535 million for the Parisians compared to 405.4 million for the Gunners. Amortisation and depreciation are also lower in London (around 218 million for the players) compared to almost 160 million in France, but in relation to overall turnover the weight remains high for both clubs.

The net result photographs two different phases of the economic cycle. PSG closes with a loss of 40.1 million, an improvement but part of a long-term trend that has produced almost a billion in the red since 2019. Arsenal, on the other hand, limited the loss to 1.6 million, approaching breakeven thanks to the combined effect of the Champions League and capital gains (95.5 million). In absolute value, the difference is marked and signals a greater ability of the Londoners to contain the deficit despite significant investments.

The Asset Comparison

The capital structure also shows discrepancies. PSG has a total debt of around 1.2 billion and a negative net financial position that is limited but sustained by the support of the ownership. Arsenal, although with a lower net worth (147.8 million against the French's 237.6 million), appears less exposed in terms of debt and closer to a medium-term balance.

Budapest thus becomes the crossroads between two models. On the one hand, a PSG that continues to leverage financial power and maximisation of commercial revenues, accepting structural losses as the price of sporting success. On the other, an Arsenal that, while remaining in the red, shows signs of convergence towards break-even through a more balanced growth of its business lines.

The challenge, then, was not just between two teams, but between two approaches to football-industry: expansive and capital intensive the Parisian one, progressively sustainable the London one. At stake was not only the Champions League, but an indirect indication of the future direction of the European economic model.