English football losses hit £948m as Deloitte warns of growth plateau
A 600% surge in Premier League losses to £948m exposes an unsustainable financial model across English football just as the broader European market nears a revenue plateau.
Premier League clubs recorded combined pre-tax losses of £948m in the 2024-25 season, a 600% increase from the £135m deficit posted the previous year. The losses were driven by heavy transfer spending and a lack of major one-off player sales, according to Deloitte’s annual review of football finance.
The financial deterioration comes despite the English top flight generating £6.8bn in revenue. Net debt across the Premier League edged up to £3.6bn from £3.5bn, signalling that even the richest football division in the world is operating beyond its sustainable means.
The financial chasm between the top two tiers is widening, with Championship losses rising 12% to £355m. Only three second-tier clubs turned a pre-tax profit, while their collective revenue fell 2% to £942m, leaving English football’s lower levels heavily dependent on a stalled "new deal" for television revenue redistribution that the Independent Football Regulator may have to impose using its "backstop" powers.
European market nearing its limits
These domestic pressures unfold against a backdrop of slowing growth across the continent. The overall European football market grew 6% to €40.2bn in 2024-25, boosted by Uefa’s newly expanded men’s club competitions. However, Deloitte now expects revenue to plateau and potentially fall in the coming years.
Tim Bridge, the lead partner in the Deloitte Sports Business Group, warned that expanding the calendar is not a viable path forward. "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," he said. "An increasingly saturated market may not be good for players or fans, particularly if it weakens the on-pitch spectacle."
European football holds a dominant global position, but faces mounting competition from US sports leagues eyeing the continent and rival entertainment sectors. Bridge urged leaders to diversify their business models, warning that the current approach "risks prioritising short-term gain over long-term prosperity." Without fit-for-purpose regulation and a collective strategy, the industry's financial fragility could be exposed.
