European football is generating more money than ever, but financial growth is not benefiting every club equally. The wealthiest teams are becoming increasingly successful at turning global popularity, sponsorship agreements, merchandise, and digital platforms into major sources of income.

A new study reveals how this shift is transforming the business of football while making the financial distance between elite clubs and smaller competitors even greater.

Commercial Income Takes the Lead

For Europe's 10 highest-revenue clubs, commercial and other income represented 49% of operating revenue in 2024/25. Sixteen years earlier, the figure was only 32%. During the same period, broadcasting's contribution declined from 42% to 32%, while matchday income fell from 27% to 19% as a share of total revenue.

However, these lower percentages do not mean clubs are receiving less money from television or stadium activities. Their overall businesses have expanded considerably, allowing commercial operations to become a larger part of the financial picture. The combined operating revenue of the top 10 clubs increased from €2.7 billion in 2008/09 to €8.4 billion in 2024/25. This represents more than three times their earlier total.

Commercial income includes several activities, such as sponsorship agreements, merchandise, partnerships, and other business operations. It is not limited to money earned from selling advertising space.

Global Audiences Create New Opportunities

One important reason behind the commercial expansion is the growing international reach of leading football clubs. Social media and digital platforms have made it easier for teams to connect with supporters beyond their home countries. Clubs can communicate directly with international audiences, promote products, develop partnerships, and build recognisable brands.

Antonio Di Cianni, director of advisory at Football Benchmark, explained to Reuters that leading clubs have benefited particularly from the growth of digital platforms and their ability to reach worldwide audiences. As a result, some major teams now operate as international entertainment brands as well as sporting organisations.

The Financial Divide Continues to Grow

Although European football's overall revenue has increased, the benefits have become concentrated among its wealthiest participants. Across approximately 700 top-division clubs, operating revenue rose from €11.6 billion in 2008/09 to €28.6 billion in 2023/24. The study estimates that the total exceeded €30 billion during 2024/25. More clubs are now reaching revenue levels that were once uncommon. In 2008/09, only eight clubs generated more than €200 million.

By 2024/25, that number had reached 33. However, the strongest financial growth remains concentrated among the leading teams. The report also highlights the growing influence of English football. Premier League clubs accounted for 26% of European top-flight revenue in 2023/24, compared with 21% in 2008/09. Six English clubs appeared among Europe's 10 highest earners in 2024/25, compared with four at the beginning of the period.

Competition Can Reinforce Financial Advantages

Financial strength can influence what happens on the pitch. Clubs with larger budgets generally have more resources available to recruit talented players, improve facilities, and maintain competitive squads. Strong performances can then attract additional supporters, sponsorship opportunities, and international attention. This creates a cycle in which financial resources can contribute to sporting success, while success provides further opportunities to increase income.

The expanded Champions League format has also contributed to the financial opportunities available to major clubs. According to the study, this competition experienced the strongest revenue growth among UEFA's club tournaments.

Broadcasting Still Matters

Despite the growing importance of commercial activities, television rights remain an essential source of income, particularly for smaller and medium-sized clubs. Between 2014/15 and 2023/24, domestic broadcasting revenue across European top-flight football increased from €5.8 billion to €8.5 billion. Distributions from UEFA competitions also roughly doubled, reaching €3.2 billion.

Matchday income has recovered as well. After falling to €500 million in 2020/21, it reached €4.4 billion in 2023/24, exceeding its previous pre-pandemic level. These figures demonstrate that football clubs continue to rely on several different income streams. The balance between them, however, varies considerably depending on a club's size and commercial reach.

Club Valuations Reach New Heights

The growing financial scale of European football is also reflected in club valuations. Football Benchmark estimates that the combined enterprise value of Europe's 32 most valuable clubs reached €72.6 billion in 2026. That is almost three times the combined figure recorded in 2016. Yet the group of leading clubs has remained relatively consistent. Only 11 clubs appeared among the 10 most valuable teams during that decade, illustrating how difficult it can be for newcomers to enter the financial elite.

European football's financial growth has created significant commercial opportunities, but it has not produced equal progress across the sport. Broadcasting and matchday income remain important, especially for teams outside the financial elite. The challenge for European football is ensuring that continued business growth does not make an already substantial financial divide even harder to overcome.