London City Lionesses have assembled one of the most eye-catching squads in European women’s football this summer, recruiting global stars including two-time Ballon d’Or winner Alexia Putellas, Spain defender Mapi León, former England goalkeeper Mary Earps and France winger Kadidiatou Diani. Yet this ambitious recruitment drive has intensified scrutiny of how the club is navigating the Women’s Super League’s new financial regulations.
The Kent-based club, owned by American businesswoman Michele Kang, reported total revenue of just £902,000 for the 2024-25 campaign alongside an operating loss of £10.6 million—more than ten times their income. This disparity has prompted scepticism from rival clubs about how London City can afford such high-profile acquisitions within the WSL’s salary cap framework.
WSL’s “Dry Run” Year
The league introduced strict financial regulations designed to ensure sustainability. Clubs must now keep wage bills below 80 per cent of revenue plus either £4 million or an additional 25 per cent of revenue, whichever proves higher. Breaches risk severe sanctions, including point deductions of one point for every £100,000 of overspending, or ten points for exceeding the cap by £900,000 or more.
However, the 2025-26 season functions as a transitional period. League documentation confirms that financial penalties will not apply during this campaign, effectively making it a “dry run” for the new system. While clubs will face no punishment for overspending this term, the rules become enforceable from 2026-27 onwards.
Revenue Growth Imperative
This regulatory grace period explains London City’s aggressive strategy. The club has also secured Denmark’s Janni Thomsen from Utah Royals, Germany’s Nicole Anyomi from Eintracht Frankfurt, France’s Grace Geyoro, Spain’s Lucía Corrales and Australia’s Alanna Kennedy. With such an expanded wage bill, the club almost certainly exceeds the current cap based on existing revenue streams.
Having finished sixth in the WSL last season after winning promotion from the second tier in 2023, London City now faces a commercial race against time. The club must substantially increase revenues before September 2027, when documentation for the 2026-27 season must be submitted, or risk point deductions that could undermine their sporting progress.
Supporters view Kang’s investment as a bold statement of intent that could elevate the entire league’s profile, particularly through Putellas’s global appeal and Earps’s domestic recognition. Critics question long-term sustainability, noting that unlike many rivals, London City cannot rely on cross-subsidies from an affiliated men’s team.
The coming months will test whether star power can translate into commercial growth fast enough to satisfy the league’s new financial reality.