The Rising Revenue of Women's Super League (WSL) Clubs

According to Deloitte, WSL clubs’ total revenue is projected to climb from £20 million in 2020/21 to £68 million by 2024/25, a remarkable 35.8% growth. This surge highlights the rising popularity, increased investment, and growing commercial appeal of the women’s game.

One of the primary drivers behind this growth is the boost in commercial and matchday revenues, alongside higher UEFA distributions for English clubs and stronger contributions from clubs’ parent groups. The average revenue per WSL club grew from £2.7 million in 2021/22 to £4 million in 2022/23, emphasizing the momentum behind the women’s football industry.

However, financial disparity remains an issue. In 2022/23, the top four clubs — Arsenal (£11M), Chelsea (£8.8M), Manchester United (£7M), and Manchester City (£5M) — accounted for 66% of the league’s total revenue. The revenue gap between the highest and lowest-earning clubs widened to £10.3 million, reflecting differences in funding structures and accounting treatments across clubs.

Commercial revenue continues to be a cornerstone of growth, representing 35% of total revenues for WSL clubs. Major clubs like Manchester United (£5.2M), Manchester City (£3.6M), Liverpool (£3M), and Tottenham Hotspur (£1.7M) demonstrated strong commercial performance, each exceeding £1 million in commercial income.

One ongoing debate in the women’s football business landscape is around bundling vs. unbundling sponsorship deals. In the 2022/23 season, all 12 WSL clubs shared the same front-of-shirt sponsor as their affiliated men's teams — a trend that has increased from 8 clubs in 2020/21. While bundling can boost visibility and simplify partnerships, unbundling may allow women’s teams to forge independent commercial identities and command higher sponsorship values.

As WSL clubs continue to professionalize operations and improve financial transparency, the future of women’s football looks extremely bright. Further progress will rely on better financial disclosure, smarter commercial strategies, and sustained investment in women's sport.

For a deeper look into women's football finance trends, check out Deloitte’s Football Money League and FIFA’s Women’s Football Strategy.

Attendance Growth Driving More Investment

The surge in revenue aligns with the significant rise in average attendances across the WSL. Clubs like Arsenal nearly doubled their crowds, reaching an astonishing average of 29,999 in 2023/24 compared to 16,976 the year before. Clubs such as Manchester United and Chelsea also posted impressive gains, reflecting a broader trend of increasing fan engagement.

The average league-wide attendance improved notably, demonstrating that more fans are consistently supporting women’s matches. As the number of spectators grows, so too does the league’s commercial value, reinforcing the link between audience growth and financial investment in the women's game.

Shifting Investment Structures and Future Prospects

In a landmark move, Chelsea announced a new strategic growth plan in May 2024, repositioning Chelsea Women to sit alongside — rather than beneath — their men’s team within the club structure. This will bring dedicated resources, management, and commercial leadership to Chelsea Women, reflecting the growing trend toward professionalizing women’s football independently.

Additionally, all 12 WSL clubs will have Premier League counterparts in the 2024/25 season, raising questions about opportunities for direct external investment into women’s teams, rather than through their male equivalents. Standalone women’s football investments, common in global leagues, may soon become more widespread in England.

In terms of financial health, aggregate wage costs rose to £36 million in 2022/23 — a 45% increase from the prior season. Top clubs like Arsenal, Chelsea, and Manchester City again led in both revenue and wage expenditures, though profitability remains a challenge, with WSL clubs posting a £21 million pre-tax loss in 2022/23 and net debt rising to £51 million.

Accelerators and Investment Initiatives

Looking forward, programs like the Women’s Sport Investment Accelerator, launched in 2023 by the UK government and Deloitte, aim to stimulate further capital inflows into women’s sports. The inaugural year connected 20+ women's sports rightsholders with investors and experts, emphasizing topics like fan engagement and investment readiness.

In fact, according to Deloitte, 14% of global sports investment transactions in 2023 were women’s sport-only deals. This figure is expected to grow in 2024, with private equity, institutional investors, and high-net-worth individuals increasingly recognizing the immense growth potential of women’s sport.

The WSL's future looks incredibly promising, fueled by rising attendances, structural reforms, and targeted investment strategies designed to ensure women’s football not only catches up but thrives.

Sources & References

Deloitte. (2024). Annual Review of Football Finance 2024. https://www.deloitte.com/content/dam/assets-zone2/uk/en/docs/services/financial-advisory/2024/deloitte-uk-annual-review-of-football-finance.pdf 

FIFA. (2024). FIFA Women’s Football Strategy: 2024 – 2027. https://inside.fifa.com/womens-football/strategy