Premier League clubs recorded combined pre-tax losses of £948 million in the 2024-25 season, a staggering increase from £135 million the previous year, according to Deloitte’s annual review of football finance.
The sharp rise in losses—more than 600% year-on-year—comes despite top-flight sides generating £6.8 billion in revenue. Deloitte attributes the deficit to increased transfer spending and the absence of significant profits from one-off player sales. Net debt across the league also climbed, reaching £3.6 billion compared with £3.5 billion in 2023-24.
Championship struggles widen gap
The financial gulf between England’s top two tiers continues to grow. Championship clubs posted collective pre-tax losses of £355 million, up 12% from the previous season, with only three second-tier teams reporting a profit. Revenue in the Championship actually fell by 2% to £942 million, highlighting the stark contrast with the Premier League’s billions.
European growth masks sustainability concerns
Across Europe, the football market grew by 6% to €40.2 billion (£34.4 billion) in 2024-25, partly driven by UEFA’s newly expanded club competitions. However, Deloitte warns that this upward trend may not continue indefinitely.
Tim Bridge, lead partner in Deloitte’s Sports Business Group, cautioned that simply adding more fixtures to an already crowded calendar is unsustainable. “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.”
Bridge also noted growing competition from US sports moving into European markets and other entertainment sectors, urging industry leaders to “diversify business models” rather than pursue short-term gains.
Regulator may intervene on revenue sharing
The report highlights stalled negotiations over a “new deal” to redistribute television revenue more equitably between the Premier League and the English Football League. Talks have made no progress since 2024, though the Independent Football Regulator could intervene using “backstop” powers to impose a settlement if clubs fail to reach agreement.
With Deloitte expecting revenues to plateau and potentially decline in coming years, the pressure is mounting on English football to address its financial structure before regulatory intervention becomes unavoidable.