Losses of Premier League clubs jumped 600% to over €1bn

The rise was attributed by Deloitte to transfer spending and the absence of significant profits from one-off sales

Manchester United's Cameroonian midfielder  Bryan Mbeumo scores against Arsenal in the Premier League match at the Emirates Stadium in January. Deloitte’s Annual Review of Football Finance found losses among top-flight sides rose from £135m (€158m) in the 2023-24 season to £948m (€1.1bn) in 2024-25. Picture: Ben Stansall/AFP via Getty Images

The combined pre-tax losses of Premier League clubs climbed over 600% in the space of one year, according to a new report.

Deloitte’s Annual Review of Football Finance found losses among top-flight sides rose from £135m (€158m) in the 2023-24 season to £948m (€1.1bn) in 2024-25.

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 (€4.2bn) in 2024-25, compared to £3.5bn (€4.1bn) the season before, Deloitte found.

English Championship clubs’ pre-tax losses rose 12% to £355m (€415m), with only three clubs reporting a pre-tax profit in 2024-25.

Tim Bridge, the lead partner in the Deloitte Sports Business Group, said: “The cumulative financial position and worsening club losses across all three English Football League divisions underline a continuing trend; one where external funding is now critical to liquidity in the vast majority of cases.

“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 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 (€7.96bn) compared to £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 UK's 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.

European football market grows

Deloitte found the European football market grew 13% overall to €40.2bn in 2024-25 – the first season featuring Uefa's newly-expanded men’s club competitions.

However, 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 added: “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.

“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.”