Commercial revenue widens gap in European football

Commercial and other income now accounts for almost half the operating revenue of Europe’s 10 highest-earning football clubs, according to a study that found the financial gap between the richest clubs and the rest has widened.

The report by Football Benchmark and World Football Summit found that commercial and other income made up 49% of the top 10 clubs’ operating revenue in 2024/25, up from 32% in 2008/09. Over the same period, the share from broadcasting, including UEFA distributions, fell from 42% to 32%, while stadium and matchday income dropped from 27% to 19%.

Those are declining shares of a much larger business, not evidence of falling receipts. The top 10 clubs’ combined operating revenue more than tripled, from €2.7 billion to €8.4 billion, over the 16 years covered by the comparison.

Commercial growth changes the balance

Commercial and other income overtook broadcasting as the top earners’ leading revenue source in the early 2010s. Until 2018/19, its rising share came largely at the expense of matchday income. The report says that phase coincided with the digitalisation and internationalisation of football through social media and new digital platforms.

Since the pandemic, broadcasting has lost more ground, falling from 38% of the top 10’s revenue in 2021/22 to 32% in 2024/25, while matchday income recovered. The report’s commercial category also includes other income, so its figures should not be read as sponsorship revenue alone.

Across Europe’s 700 top-division clubs, operating revenue rose from €11.6 billion in 2008/09 to €28.6 billion in 2023/24. The report estimates that it exceeded €30 billion for the first time in 2024/25.

More clubs grow, but the leaders pull away

In 2024/25, 33 clubs generated more than €200 million, compared with eight in 2008/09. The number earning more than €300 million rose from three to 17.

The distribution also shifted towards England. Premier League clubs produced 26% of European top-flight revenue in 2023/24, up from 21% in 2008/09. Six English clubs were among the 10 highest earners in 2024/25, compared with four at the start of the period; Italy’s representation fell from three clubs to none.

“The growth is not homogeneous. The richest clubs become richer at a faster pace than the others,” Football Benchmark director of advisory Antonio Di Cianni told Reuters.

What the divide means

Broadcasting remains particularly important for smaller and mid-sized clubs. Domestic broadcasting receipts across European top-flight football rose from €5.8 billion to €8.5 billion between 2014/15 and 2023/24, while UEFA distributions roughly doubled to €3.2 billion.

The study also points to how firmly the wealthiest clubs hold their positions. Football Benchmark put the combined enterprise value of Europe’s 32 most valuable clubs at €72.6 billion in 2026, nearly three times the 2016 figure. Yet only 11 clubs appeared among the 10 most valuable over that decade.