The combined pre-tax losses of Premier League clubs climbed from £135m in the 2023-24 season to £948m in 2024-25, according to Deloitte’s annual review of football finance.
This rise was attributed by Deloitte to transfer spending and the absence of significant profits from one-off sales. Net debt of Premier League clubs was up to £3.6bn in 2024-25, compared to £3.5bn the season before, Deloitte found.
Championship clubs’ pre-tax losses rose 12% to £355m, with only three clubs reporting a pre-tax profit in 2024-25. The Deloitte report highlighted the vast gap in revenue between the English top flight and the second tier, with Premier League sides raking in £6.8bn compared with £942m in the Championship, which represented a 2% decline in revenue compared to the previous season for second-tier clubs.
Discussions over a “new deal” to create a more equitable split of television revenue between the Premier League and the EFL have stalled since 2024, though the Independent Football Regulator may have a role in speeding things along as it has “backstop” powers to impose a settlement if a deal cannot be agreed.
Deloitte found the European football market grew 6% overall to €40.2bn (£34.4bn) in 2024-25 – the first season featuring Uefa’s newly expanded men’s club competitions.
Tim Bridge, the lead partner in the Deloitte Sports Business Group, said: “Upcoming regulatory changes could support future improvements, but the focus must now shift to stronger commercialisation and sustainable growth, or a plan to bridge the gap to the Premier League to unlock the huge amount of value within football at all levels.”
The financial services firm expects revenue to plateau and potentially fall in the years ahead, and Bridge warned that simply adding more fixtures to an already crowded calendar cannot be the answer.
Bridge said: “The expansion of Uefa and Fifa competitions has delivered financial benefits across Europe’s ‘big five’ leagues, but football cannot rely on simply adding more content to deliver sustainable growth. An increasingly saturated market may not be good for players or fans, particularly if it weakens the on-pitch spectacle. This approach, without a collective mindset from all rights-holders, risks prioritising short-term gain over long-term prosperity.
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“European football has forged the dominant position on the world stage, but as US sports consider moves to the European market, and competition from other entertainment businesses intensifies, there are undoubtedly challenges ahead.
“Now is the time for leaders to concentrate on diversifying business models, while collaborating with others on a shared plan for the future. Strong leadership and innovation, underpinned by fit-for-purpose regulation are paramount.”
