English top-flight football clubs recorded combined pre-tax losses of £948mn (€1.1bn) in the 2024/25 season, a dramatic surge from £135mn (€158mn) the year before, according to Deloitte’s 35th Annual Review of Football Finance. The figures, published on Wednesday, reveal a stark contrast: revenues climbed to an all-time high of £6.8bn (€7.9bn), yet spending grew even faster.
Deloitte attributed the widening deficit to elevated transfer spending and the absence of one-off sale profits that had flattered the previous season’s accounts. Aggregate net debt among Premier League clubs edged up to £3.6bn (€4.2bn).
Revenue Growth Masks Underlying Pressures
Premier League revenue rose 8% year-on-year, driven by a 13% increase in commercial income and matchday revenue surpassing £1bn (€1.1bn) for the first time. Deloitte projects total revenue will exceed £7bn (€8.2bn) in 2025/26, boosted by a new domestic broadcasting deal. However, the league’s financial health remains fragile as costs escalate.
Across Europe, the continent’s top five leagues collectively earned €21.6bn, with overall European football revenue passing €40bn for the first time—a 6% rise fueled by UEFA’s expanded club competitions. Yet combined pre-tax losses for the big five leagues widened to €1.5bn. Tim Bridge, lead partner at Deloitte’s Sports Business Group, warned: “Football cannot rely on simply adding more content to deliver sustainable growth.” He argued that a saturated fixture calendar risks trading long-term prosperity for short-term gain.
The financial strain is even more acute in the English Football League (EFL). Championship clubs saw revenue fall 2% to £942mn (€1.1bn)—the first drop since the pandemic—while pre-tax losses grew 12% to £355mn (€415mn). Only three of the 24 Championship clubs turned a profit. “The cumulative financial position and worsening club losses across all three EFL divisions underline a continuing trend, one where external funding is now critical to liquidity in the vast majority of cases,” Bridge said.
Talks between the Premier League and the EFL over a fairer distribution of television revenue have stalled since 2024, though the newly created Independent Football Regulator has the power to impose a settlement. The regulator’s role could reshape the financial landscape, particularly for clubs in the lower tiers.
For European football as a whole, the Deloitte report signals that revenue growth may slow or even reverse in coming seasons. The challenge for clubs, leagues, and governing bodies is to balance commercial expansion with financial sustainability—a tension that the Premier League’s latest accounts vividly illustrate.
