​Premier League clubs posted losses of £948 million (€1.1 billion) before tax in the 2024/25 season, a gap roughly seven times larger than the £135 million (€158 million) shortfall recorded in the previous campaign, according to Deloitte’s 35th Annual Review of Football Finance published on Wednesday. The sharp deterioration in balance sheets occurred in a year when the clubs collectively generated more revenue than ever before. Deloitte notes that aggregate Premier League revenue rose 8% to a record £6.8 billion (€7.9 billion) in 2024/25, the highest among Europe’s big five leagues. For the first time, matchday income surpassed £1 billion (€1.1 billion), and commercial revenue grew by 13%. In 2025/26, Deloitte forecasts revenue to exceed £7 billion (€8.2 billion), supported by a new domestic broadcasting deal.
Despite record income in 2024/25, spending growth outpaced revenue growth. Deloitte attributes the surge in losses to heightened transfer spending and the lack of the one-off sale profits that had buoyed the previous season’s accounts. The Premier League’s clubs also recorded a modest rise in net debt, with aggregate net debt edging up to £3.6 billion (€4.2 billion). The losses occurred in a broader context of continued growth across European football. Revenue in European football surpassed €40 billion for the first time, increasing 6% to €40.2 billion in the first season of UEFA’s expanded club competitions, while the big five leagues together earned €21.6 billion. Yet, their combined pre-tax losses widened to €1.5 billion, and Deloitte warns that revenue growth may slow or even contract in the coming seasons.
“Football cannot rely on simply adding more content to deliver sustainable growth,” said Tim Bridge, lead partner in Deloitte’s Sports Business Group. He cautioned that a saturated fixture calendar risks sacrificing long-term prosperity for short-term gains. The question of whether football stocks represent a good investment has also been examined, with the Pelé Index offering insights on this front.
The financial picture looks bleaker further down the football pyramid. Championship clubs saw revenue fall 2% to £942 million (€1.1 billion), marking the first decline since the pandemic era, while pre-tax losses widened 12% to £355 million (€415 million). Only three of the 24 Championship clubs were profitable. Bridge highlighted the cumulative financial position and the worsening losses across all three divisions of the English Football League, underlining a growing reliance on external funding to maintain liquidity in the majority of cases.
Meanwhile, discussions about a fairer distribution of television money between the Premier League and the EFL have stalled since 2024, even as the newly established Independent Football Regulator possesses the authority to impose a settlement. The ongoing debate underscores the struggle to balance blockbuster broadcast deals with sustainable financing across the sport’s various tiers. In this environment, clubs and leagues face a complex mix of record revenues, rising costs, and cautious projections for future growth, all within an increasingly scrutinized regulatory and commercial framework.