Commercial revenue now tops broadcast income for Europe's wealthiest football clubs
A new study shows that commercial earnings make up almost half of the operating revenue of Europe’s ten highest-earning clubs, overtaking broadcasting as the main income source.
Research by Football Benchmark and World Football Summit reveals that commercial streams now represent 49% of operating revenue for Europe’s ten richest clubs, surpassing broadcasting, which fell to 32% in 2024/25. Matchday receipts have also declined to 19% of total income. The top-ten clubs’ combined revenue rose from €2.7 billion in 2008/09 to €8.4 billion, tripling in size, yet the disparity with the rest of the continent’s clubs has grown.
Growth has been driven by digitalisation, global fan bases and new Champions League formats that favour larger clubs. While commercial income surged, broadcasting remains crucial for mid-size clubs, and matchday revenue has recovered post-pandemic. The study also notes that the valuation of Europe’s most valuable clubs has nearly tripled since 2016, underscoring a durable financial hierarchy.
Why it matters
The shift to commercial revenue reshapes football’s economic balance, affecting club competitiveness and fan experiences.
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