Football Finance: How Global Sport Became Big Business

Not many industries offer the global recognition and financial scale that define modern sport.

Worldwide, the industry generates substantial revenue through broadcasting rights, sponsorship, ticket sales, merchandising and betting. 

Major leagues such as the NFL, the English Premier League, the NBA and Formula 1 have developed into highly commercial enterprises with valuations rivalling large multinational companies.

According to PwC's Sports Industry Outlook 2025, the global sports market holds a valuation of US$600bn. 

Of the sports that make up this global outlook, football consistently ranks as one of the largest and most lucrative, a result of its worldwide reach, substantial sponsorship deals and considerable club revenues.

Deloitte's latest iteration of its Football Money League, an annual report profiling the highest revenue generating clubs in the world, sets out just how large the business of football has become. 

It finds that the top 20 teams generated more than US$14bn. Spanish club Real Madrid topped the list, with revenues close to US$1.4bn, while Liverpool FC emerged as the highest revenue-generating club for the first time.

According to Deloitte, the cumulative revenue generated by Money League clubs grew by 11%, with matchday, broadcast and commercial revenues all reaching record levels.

The business of football

Deloitte Sports Business Group's Lead Partner Tim Bridge, says the growth signals a shift in the scale of business that football clubs are involved in.

"This year’s Money League showcases the evolving commercial landscape of elite football, with clubs continuing to take greater ownership of their revenue-generating capabilities," he says.

"It is no coincidence that the clubs in the top half of the ranking are those with the ability to focus on commercial revenue development, particularly as domestic broadcast rights plateau."

Tim explains that recent years have seen a "pivotal shift" in the global football business model, with the game growing significantly beyond the boundaries of more traditional game-related revenues.

"There is an increased focus on maximising the impact of their brand and their stadium assets," he says. "The presence of on-site breweries, hotels and restaurants is now commonplace and illustrates a strategic move to diversify income and create year-round entertainment destinations.

"This innovative approach is broadening revenue streams significantly, allowing clubs to unlock opportunities far beyond the traditional matchday experience in a drive to secure more sustainable financial futures."

Global financial growth

According to Deloitte, this evolution has positioned commercial revenue as the largest source of income for football clubs at 48%, totalling US$61bn.

Real Madrid reinforced its position at the summit of the Money League after posting close to US$1.34bn in revenue. Although matchday income fell by 6%, the club recorded a 23% increase in commercial revenue, driven by merchandise sales and new commercial partners.

The Spanish club is followed by FC Barcelona (US$1.15 bn), Bayern Munich (US$1.01 bn), Paris Saint-Germain (US$983 m) and Liverpool (US$982m).

Liverpool became the top-earning club in the English Premier League for the first time. 

The club generated US$982m, driven by a 34% increase in broadcast revenue after its return to the UEFA Champions League and a 7% increase in commercial revenue.

Women’s football on the rise

For the fourth consecutive year, Deloitte analysed the financial performance of the world's leading women's football clubs. 

The women's game is growing, it says, with average club revenues surpassing US$11.6m for the first time.

Combined revenues reached US$184m, representing a 35% year-on-year increase. 

Arsenal Women lead the rankings, overtaking FC Barcelona Femení at the top of the table for the first time, after reporting revenues of US$29.9m, up 43% on the previous season.

Jennifer Haskel, Knowledge and Insights Lead in the Deloitte Sports Business Group, says: "Whilst growth has developed significantly in women's football in recent years, the shift from the start up phase to the established phase requires consistent time, investment and effort to develop the foundations in the right manner.

"As further milestones are hit, including new and expanded competitions on the biggest stages, industry leaders must continue to innovate, while also protecting the wants and needs of fans and players to foster a more sustainable future for the game."