Premier League Revenues Increase by 6.8%.

Matchday Finance
Jan 24
8 min read

While only Manchester City, Manchester United and Brighton have formally published their 2024/25 financial statements, the recently released Deloitte Money League offers an early indication of revenue and wage levels across the league’s leading clubs.

In addition, the Premier League has published its broadcast distribution figures for each club. When these are combined with Matchday Finance’s estimates for the remaining clubs, it provides a clear view of total revenue and wage levels across the Premier League for the 2024/25 season.

Note: This analysis includes both actual results and estimates, which may change when final figures are published; these estimates should not be relied upon.

Highlights:

Total revenue is expected to reach £6.78 billion, a 6.8% increase on £6.35 billion in the previous season.
Matchday revenue grows by 13%, driven by a 9% increase in paying attendance and a 5% rise in revenue per fan.
Premier League central distributions remain broadly flat, while UEFA revenues increase by 26% under the new league format, adding £84 million in broadcast income.
The Club World Cup contributes a further £63 million at the end of the season, with further income recorded in 2025/26 as the competition spanned the 2024/25 financial year-end.
Commercial revenue continues its upward trend, rising by over 11%.
Liverpool move ahead of Manchester City to top the revenue rankings, while Arsenal overtake Manchester United to claim third place.
Total wages are expected to increase to £4.3 billion, up from £4.05 billion, partly reflecting changes in the mix of clubs.
Wages among Money League clubs (top nine) rise by just 1.8% year-on-year to £2.74 billion.
Wages as a percentage of turnover remain unchanged at 63%.

Total Revenue

Liverpool surpassed Manchester City to record the highest turnover in the league, following their Championship season. This was supported by maximum Premier League distributions, a return to the Champions League, and the completion of the Anfield Road expansion.

Manchester City’s turnover declined after a less successful campaign, while the introduction of UEFA’s new competition formats boosted revenue for Arsenal and Aston Villa, as well as Tottenham and Chelsea through participation in the second- and third-tier tournaments. The new format increased both broadcast and matchday revenue by providing additional high-value fixtures.

Income from the FIFA Club World Cup also contributed to higher revenues for Chelsea and Manchester City, although only part of this windfall is reflected in the 2024/25 accounts, as the tournament spanned the financial year.

West Ham experienced the largest decline, following their exit from European competition.

The results show that clubs are continuing to grow income from existing assets, with matchday and commercial revenues increasing by 13% and 10% respectively. Meanwhile, broadcast revenue growth was driven by UEFA and FIFA Club World Cup payments, while domestic broadcast distributions remained flat.

Matchday Revenue

Matchday revenue saw an impressive 13% increase, rising from £909 million to £1,031 million. Around 2% of this growth was due to changes in the mix of clubs. The remainder was driven by six additional high-value UEFA fixtures, an improvement in revenue per fan (up 4.8% excluding relegated clubs), and a modest increase in average attendance (up 1% excluding relegated clubs).

Clubs continue to invest heavily in their facilities, with Liverpool, Fulham, Manchester City, and, for this season, Everton committing significant sums to stadium assets. Ticket prices are rising, although at a slower rate than the previous season, when revenue per fan for non-relegated clubs increased by 10%.

Despite challenges with their stadium and on-pitch performance, Manchester United continue to lead in matchday revenue, albeit narrowly. The club benefited from four additional European home fixtures, although revenue per fan remained flat. Arsenal appears to be closing the gap, having grown matchday revenue by 50% over the past two seasons, largely driven by strong Champions League runs.

Tottenham also benefited from seven Europa League home matches, while West Ham saw a decline in matchday revenue due to the absence of European competition.

With no European competition and early exits in both domestic cups, Manchester United are set to slip down the rankings this season, likely being overtaken by Arsenal and Tottenham.

With ongoing investment in facilities, clubs will continue to drive higher returns through enhanced corporate hospitality, ticket price increases, and by attracting more high-spending ‘tourist’ supporters—while carefully balancing these strategies to avoid alienating their loyal fanbase.

Broadcast Revenue

For the 2024/25 season, broadcast revenue came from Premier League central distributions, UEFA payments for participation in European tournaments, FIFA payments for the Club World Cup, and income generated through the clubs’ own media platforms.

Premier League

The 2024/25 season marked the final year of the previous broadcast cycle, which ran from 2022/23 to 2024/25, with combined domestic and international rights generating approximately £3.48 billion. International rights exceeded domestic rights in value.

Yearly distributions to Premier League clubs can vary slightly depending on factors such as allocations through the football pyramid (for example, parachute payments for relegated teams) and the Premier League’s own operating costs. For the 2024/25 season, total Premier League distributions amounted to £2.83 billion, representing 85% of total broadcast revenue, slightly down from £2.84 billion the previous season.

A significant portion of this distribution—67%, including the minimum merit payment—is shared equally among all clubs, meaning even the lowest-finishing team, Southampton, received £109 million. The remainder is distributed based on league position (merit payments) and the number of televised live matches (facility fees).

Club distributions for 2024/25, as published by the Premier League, are:

The new broadcast cycle begins this season, featuring a substantial increase in international broadcast rights. This is expected to raise the overall value of the rights from £3.48 billion to £3.8 billion. For further information read our blog Premier League Broadcast Deals 2025/26 to 2028/29.

UEFA Competitions

The 2024/25 season marks the first year of UEFA’s new league format, which involves more clubs, more matches, and consequently a larger broadcast revenue pool to distribute.

UEFA revenues are allocated through three main pillars: an equal participation share, prize money based on performance, and a value component determined by the size of the TV market (with the UK being the largest), along with a club coefficient reflecting results over the past five seasons. Approximately 75% of revenues are distributed to Champions League participants, 15% to the Europa League, and 10% to the Europa Conference League.

UEFA has not published official distributions, but based on their allocation rules, estimated revenues for English clubs in 2024/25 are expected to reach £409 million, up £83 million from the 2023/24 season.

Arsenal are expected to receive the highest distribution after reaching the semi-finals, Manchester City benefit from a high UEFA club coefficient resulting in distributions comparable to Aston Villa, despite Villa reaching the quarter finals, with City exiting at the knockout phase.

UEFA distribution to English clubs will grow further this season, with six Champions League spots and, as of 23 January, five of the clubs occupy automatic qualification positions.

FIFA Club World Cup

Revenue for 2024/25 was boosted by the newly formatted and controversial FIFA Club World Cup. While opinions differ on the success of the tournament, it certainly provided a financial windfall for participating clubs.

Income from the tournament is distributed through two main pillars. The first is a participation pillar, under which European clubs receive a fee based on their sporting and commercial ranking, ranging from approximately USD 13 million to USD 38 million. The second is a performance pillar, which awards additional income as clubs advance through the tournament, with the winner receiving up to USD 100 million.

As the tournament spanned the financial year-end for England’s participating clubs, income will be split across financial years. Our estimates are:

The next Club World Cup is scheduled for 2029 however this season’s results will still include the portion of income from the tournament not already accounted for in 2024/25.

Other Broadcast Revenue

Other broadcast revenue includes income from clubs’ own media outlets, such as MUTV which generated close to £6 million. These are becoming increasingly important revenue streams for larger clubs as they expand across digital platforms.

Total Broadcast Revenue

Overall, broadcast revenue increased by 2.5%, rising to £3.37 billion from £3.29 billion the previous season. This growth was entirely driven by the higher UEFA distributions and the FIFA Club World Cup.

Although their performance fell short of exceptionally high standards, Manchester City still led the league in broadcast revenue, supported by income from the end-of-season Club World Cup. Liverpool’s return to the Champions League and Aston Villa’s qualification also boosted their revenues significantly. Manchester United experienced the largest decline, following a disappointing 15th-place league finish and participation in the Europa League rather than the Champions League as in the previous season.

Commercial Revenue

Commercial revenue comprises a range of income streams, including sponsorships (such as shirt and kit manufacturer deals and stadium naming rights), merchandising (apparel and other licensed products), international tours, non-matchday events such as concerts, and other commercial activities.

Premier League clubs continue to leverage their global brands and increasingly sophisticated facilities, particularly among the “big six”. For these clubs, commercial revenue rose by 4.4% to £1.73 billion in 2024/25. However, the gap between the big six and the rest of the league narrowed during the season, driven by strong growth at Newcastle and a decline at Chelsea, reducing the differential to £80 million. Aston Villa also recorded notable increases following their participation in the Champions League.

While still trailing rivals Tottenham, Arsenal continued to expand their commercial income, delivering an impressive 18% increase following a 30% rise in the previous season.

Across the league as a whole, commercial revenue is estimated at £2.37 billion, up 10% from £2.16 billion in the prior season.

In 2024/25, 11 clubs featured betting companies as their front of shirt sponsors. This has continued this season, with 11 companies again featuring gaming brands. From the 2026/27 season, however, Premier League clubs will be prohibited from displaying betting company names or logos on the front of shirts.

While the full impact on sponsorship revenue remains uncertain, the expectation is that this will result in a modest reduction in overall sponsorship income.

Salaries and Wages

The Money League provides an overview of salaries and wages for the top nine Premier League clubs. When combined with our estimates for the remaining clubs, we predict that total salaries and wages will increase to around £4.3 billion, up from £4.05 billion the previous year. This increase is partly due to the mix of clubs, as the promoted (and since relegated) clubs have higher staff costs than the clubs they replaced.

Looking at the nine clubs that made the top 20 in the Money League (of which only six finished in the top 10 in the Premier League), there was a small 1.8% increase in wages, reaching £2.74 billion. This accounts for 57% of total turnover. The wage-to-turnover ratio has been steadily decreasing over the last four seasons, suggesting that wages among the Premier League’s elite are being managed relatively well and are increasing at a lower rate than revenue.

Liverpool unsurprisingly recorded the largest increase following their Championship-winning season, while Aston Villa and Newcastle also posting significant rises.

Sir Jim Ratcliffe’s cost-efficiency programme is also having a noticeable impact at Manchester United, with a reduced headcount contributing to a £52 million decrease in salaries and wages.

Outlook

Commercially, the Premier League continues to go from strength to strength, aided in part by the new formats of UEFA competitions and the FIFA World Cup. Revenues are expected to grow again this season, supported by the new Premier League broadcasting deal and the sheer number of clubs competing in the Champions League.

Clubs continue to focus heavily on improving facilities, with Everton, Liverpool, Manchester City, Brighton, and Fulham expected to benefit this season.

While wages remain relatively stable and Profit and Sustainability regulations help keep spending in check, the overall financial health of the Premier League likely improved in 2024/25. However, only a few clubs are expected to return a profit; we estimate six clubs will report profits, with Bournemouth leading the way following significant player sales.

Overall league losses are projected to increase, mainly due to lower profits from player sales and the absence of last season’s one-off accounting adjustments at Chelsea, which had reduced losses by £199 million.

From a European perspective, the top English clubs remain behind the four heavyweights—Real Madrid, Barcelona, Bayern Munich, and PSG—in terms of revenue. Real Madrid lead by a wide margin, with commercial revenue 54% higher than England’s top club, Manchester City. This underscores the commercial impact of on-field success and world-class stadium infrastructure, while also highlighting the potential for top English clubs to continue expanding these revenue streams.