The 2023/24 Women’s Super League (WSL) season saw unprecedented financial growth, with club revenues across the league jumping 34% year-on-year to reach a record £65 million, according to figures from Deloitte’s Sports Business Group.The uplift from £48 million in 2022/23 has largely been driven by increased commercial activity and stronger matchday income.
This marks a significant step forward for the women’s game, with each of the 12 WSL clubs generating over £1 million in revenue during the season in a historic first.
Deloitte’s analysts point to substantial gains in two key areas: commercial revenues were up by 53%, while matchday earnings rose by an even greater 73%, bringing in £12 million, up from £7 million the previous season. The average club revenue now stands at £5.4 million, compared to £4 million a year ago.
On the broadcast front, WSL clubs earned £10 million in 2023/24, a 40% rise from the previous year. Broadcast revenue now makes up 16% of clubs’ total income, thanks in large part to central league distributions from The Football Association and UEFA.
Looking ahead, Deloitte is forecasting that total WSL club revenue could hit £100 million by the 2025/26 season, following the UEFA Women’s EUROs.
Wage costs also continued to rise in 2023/24. WSL clubs’ combined wage bill climbed to £52 million, up 44% from £36 million the previous year, pushing the average club wage cost to £4.4 million. This resulted in a higher wage-to-revenue ratio across the league, which increased to 81%, up from 75% in 2022/23.
Jennifer Haskel, knowledge and insights lead at the Deloitte Sports Business Group, said: “Through developing more robust fan engagement strategies, strong commercial deals and securing central distributions, WSL clubs unlocked a new phase of growth in the 2023/24 season. Plus, as the reporting and attribution of commercial revenue remains inconsistent between clubs, we may be scratching the surface on the value now being generated by the women’s game.”
She added: “The high-profile investment and innovative brand partnerships announced in recent months demonstrate the value gained when women’s teams are treated as distinct entities with a focus on driving specific initiatives tailored to the fans and commercial partners alike. This mindset must be maintained for the future growth of the women’s game, or we risk missing a generational opportunity in this sport.”
Tim Bridge, lead partner in the Deloitte Sports Business Group, warned that disparities in club finances could pose a long-term challenge. “For long-term growth to take place, competitive balance is a key priority. With the gap widening between the highest and lowest-earning clubs within the league, there’s a risk that this will lessen the jeopardy on pitch and the attention of fans. Sealing investment and commercial deals across the league, alongside implementing cost control interventions, may counter this to promote long-term stability across the pyramid,” he said.
Bridge said: “Women’s football in England is evolving rapidly. While challenges remain, it is clear there is potential for a passionate and engaged fanbase to drive the game’s development. Continued growth of the WSL and the women’s game more widely will require dedicated investment and attention, as well as allocation of the right resources. Capitalising on major international tournaments is important at specific points in time, but sustainable growth hinges on the domestic league’s organic development.”
Deloitte’s full Annual Review of Football Finance 2025, which provides in-depth analysis of the business side of European professional football, including the WSL, is due to be released on 12 June 2025.
