The Deloitte study

Serie A nears 3 billion in revenues, Premier is worth more than twice as much

Last year for the first time, Europe's five big leagues generated revenues of more than 20 billion euro

by Marco Bellinazzo

12 June 2025

3' min read

Key points

The Premier League
Bundesliga, Spanish La Liga and Ligue 1
The health of European football

3' min read

Serie A approached the 3 billion mark in total revenues in the 2023/24 season, with a +2% increase driven mainly by the good performance of commercial revenues (+9%), which grew to 1 billion, mainly thanks to US-owned clubs. From a financial perspective, according to the 34th Annual Review of Football Finance, published by Deloitte Sports Business Group, Serie A clubs have shown signs of stabilisation with wages up 4% (to €2 billion) and a wage to revenue ratio of 68%. For the second year in a row, Serie A also recorded a positive aggregate operating profit (EUR 40 million), while pre-tax losses decreased by 22% to EUR 300 million.

The Premier League

Also in the 2023/24 season, the Premier League clubs generated the highest revenues among Europe's top five leagues, recording an aggregate turnover of EUR 7.3 billion (£6.3 billion), an increase of +4% compared to the previous season. Again, growth was mainly driven by the commercial area, which led the clubs to cumulatively generate more than £2 billion in revenue.

TV rights revenue posted a marginal +2% increase to £3.3bn in the penultimate season of the league's three-year rights cycle, despite revenue apportioned by UEFA to Premier League clubs declining in line with on-field performance in European competitions. Overall, Premier League clubs' aggregate operating profit grew +36% to over £0.5bn, the highest figure since 2018/19, thanks to regulatory scrutiny and sanctions encouraging a better balance between costs and revenues.

The Premier League clubs' net debt reached £3.5 billion at the end of the 2023/24 season (an increase of +12% compared to 2022/23), due to the financing of stadium and facilities expenditure, as well as continued investment in the men's teams.

Bundesliga, Spanish La Liga and Ligue 1

The Bundesliga clubs, on the other hand, generated EUR 3.8 billion (3,797 million) in total revenues, down 1% from the previous season. Commercial revenues (EUR 1.7 billion) still represent the largest contribution (46%) to the total revenues of Bundesliga clubs.

The aggregate revenues of the Liga clubs increased by +6% to EUR 3.8 billion (EUR 3,764 million) in 2023/24, with Real Madrid and Barcelona absorbing almost half (48%) of the total. The financial impact of infrastructure investments was evident in 2023/24, with a +28% (€149m) increase in stadium revenues to €0.7bn. Aggregate revenues shared by Uefa to La Liga clubs increased by +1% to €1.8 billion and remained the largest contributor to overall revenues (48%).

Despite the Ligue 1 having shrunk from 20 to 18 clubs at the start of the season, aggregate club revenues grew by +7% to EUR 2.6 billion in 2023/24. This increase was largely attributed to the increase in non-recurring distributions from CVC's €1.5 billion investment in a commercial subsidiary of Ligue de Football Professional in 2022, which are recognised by Ligue 1 clubs as revenue, a different accounting approach than in other countries. Thus, aggregate commercial revenues (EUR 1.6 billion) accounted for more than 60 per cent of the total revenues of Ligue 1 clubs.

The health of European football

On the Old Continent, the football industry recorded a record turnover of EUR 38 billion in the 2023/24 season, a growth of +8% (EUR 35.3 billion in 2022/23). Europe's 'big five' leagues - Premier League, Bundesliga, La Liga, Serie A and Ligue 1 - generated revenues of 20.4 billion (+4%) and are expected to exceed 21 billion in 2024/25, before stabilising in the 2025/26 season, mainly due to the current uncertainty over the Ligue 1 TV rights deal from the 2025/26 season onwards.

Overall, clubs in Europe's five big leagues recorded an aggregate operating profit (EUR 0.6 billion) for the second consecutive season, while the aggregate wage/revenue ratio fell from 66% to 64%, despite rising wage costs in all five big leagues, with the exception of La Liga.

"The focus on stadium development and commercial revenue diversification," pointed out Tim Bridge, Partner in Deloitte's Sports Business Group, "has led to growth in the European football market in the 2023/24 season. However, clubs and leagues cannot afford to lose sight of new challenges, including the evolving regulatory landscape and changing fan behaviour. The pressure is increasing for clubs because they need to be able to obtain additional revenues and at the same time manage rising costs. More than ever, managers and owners need to recognise the great responsibility they have in managing these activities, capturing the historical essence of a football club while honouring the future for the next generation'.