A Europe-wide panorama of football club finances: Revenue trends, expenditure patterns and regional disparities
Abstract
European football has evolved into a multi-billion-euro industry characterized by significant financial disparities between elite leagues and smaller leagues. While the “Big 5” leagues dominate revenue generation, mid-tier and microstate associations struggle with systemic inequalities. These imbalances threaten competitive integrity and long-term sustainability across European football. This study systematically analyzes European football clubs’ finances and examines revenue sources, expenditure patterns, and regional disparities between elite and smaller leagues. Methodologically, the study employs the UEFA European Club Finance and Investment Landscape report for 2023 as its primary data source, incorporating financial disclosures from over 700 top-division clubs across the 55 member associations. The approach combines quantitative analysis of revenue streams with expenditure trends. Key findings reveal record revenues of €26.8 billion in 2023, yet severe concentration among elite leagues. Expenditure patterns show unsustainable pressures. Wages remain the most significant expense, reaching the amount of €18 billion. Operating expenses grew 15% to €9.1 billion, with European football recording an overall operating loss of €300 million. However, beneath the surface lies a stark financial divide between nations and clubs. The vast financial disparities in European football stem from several structural imbalances. The “Big 5” leagues generate 73.5% of €26.8 billion revenue, while 34 smaller UEFA nations share just €1.2 billion.
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