Women’s Super League Revenues Surge 34% to £65 Million in 2023/24

In a landmark development for women's football, the Women’s Super League (WSL) has reported a remarkable 34% increase in aggregate revenues for the 2023/24 season, reaching £65 million, up from £48 million in the previous season. This significant growth, detailed in the recent Deloitte Annual Review of Football Finance, marks a pivotal moment in the financial evolution of the league, reflecting the burgeoning popularity and commercial potential of women's football in England.

According to the Deloitte Sports Business Group's analysis, each of the 12 WSL clubs surpassed the £1 million revenue mark for the first time, with average revenues escalating to £5.4 million, a substantial rise from £4.0 million the previous year. The surge in revenues was primarily driven by a 53% increase in commercial income and a 73% boost in matchday revenue, which collectively underscore the league's expanding fan engagement and commercial strategies.

Jennifer Haskel, the knowledge and insights lead at Deloitte, emphasized the importance of robust fan engagement strategies and strong commercial partnerships in unlocking this new phase of growth. “As clubs develop distinct identities and tailored initiatives for their fans and partners, we may just be scratching the surface of the value generated by the women's game,” Haskel noted.

The report forecasts that WSL clubs could see total revenues reach £100 million by the 2025/26 season, buoyed by the upcoming UEFA Women’s EUROs and continued investment in the women’s game. However, while the league has witnessed substantial revenue growth, the disparity between the highest and lowest-earning clubs has also widened. The top four clubs – Arsenal (£15.3 million), Chelsea (£11.5 million), Manchester United (£9.2 million), and Manchester City (£6.6 million) – accounted for two-thirds of the total revenue, raising concerns about competitive balance within the league.

“Competitive balance is crucial for long-term growth,” stated Tim Bridge, lead partner in the Deloitte Sports Business Group. “If the gap between the highest and lowest-earning clubs continues to widen, it may diminish the competitive integrity of the league and impact fan interest.”

Despite the revenue increase, WSL clubs faced financial challenges, with total wage costs rising to £52 million and a combined pre-tax loss of £28 million. The average wage-to-revenue ratio also increased to 81%, up from 75% in the previous season. These figures highlight the ongoing financial pressures clubs face, even amidst growing revenues.

The 2023/24 season saw Manchester United and Chelsea leading in broadcast revenue, each reporting £1.7 million, thanks to their successful campaigns in both domestic and European competitions. Arsenal also reported significant matchday revenues, achieving £4.4 million and setting a new attendance record with an average of 29,999 spectators.

However, the overall average attendance across the league saw a decline of 10% in the 2024/25 season, attributed to diminished interest in domestic matches following the relegation of clubs that had previously drawn significant crowds.

In summary, while the financial landscape for the Women’s Super League is improving, balancing revenue distribution and maintaining competitive integrity will be vital as the league continues to evolve. The Deloitte Annual Review of Football Finance 2025, which will provide further insights into the financial dynamics of European football, is expected to be published on June 12, 2025. This ongoing analysis will be crucial as stakeholders navigate the complexities of growth in women’s football, ensuring the sport's sustainability and appeal to a growing fanbase.