Commercial income powers Europe’s richest clubs as financial divide widens

Across Europe's top football clubs, commercial income now makes up nearly half of their total revenue, according to a report by Football Benchmark and World Football Summit. This shift marks a significant change from the broadcasting-dominated income structure seen in the early 2000s. In 2023/24, commercial and other income accounted for 49% of the operating revenue of the 10 highest-earning clubs, up from just 32% in 2008/09.

Broadcasting income, including UEFA distributions, fell from 42% to 32%, while stadium and matchday income decreased from 27% to 19%. The combined operating revenue of these clubs more than tripled over the 16-year period, rising from €2.7 billion in 2008/09 to €8.4 billion in 2023/24. The commercial income surge came in two stages: first, in the early 2010s, driven by digitalization and internationalization, and later, after the pandemic, when broadcasting's share declined from 38% to 32%.

English Premier League clubs' revenue share increased from 21% to 26% during this period, with six English clubs making it to the top 10. The report highlights that while the overall industry grew, the richest clubs expanded their financial edge. Antonio Di Cianni, Football Benchmark's director of advisory, noted that these clubs have become powerful media entities, no longer mere football clubs.

The Champions League's revenue growth and the concentration of high-value players have fueled this trend, creating a cycle where increased revenue attracts better squads and results. Despite higher incomes, the financial hierarchy remains rigid, with only 11 clubs among the 10 most valuable between 2016 and 2026.