The revenue equation of a football club is in the process of changing. Commercial stream is gradually emerging to become the most important contributor to the overall club revenue. Apart from Premier League where broadcast revenue growth is unmatched, the clubs from other top tier leagues are feeling the pinch of plateauing media rights value leading to its dwindling contribution.
As per data from UEFA’s Benchmarking Reports, the share of commercial stream amongst the 700+ top-tier clubs has increased from 33% in FY22 to 34% in FY24 while that of the broadcast revenue has slid from 33% in FY22 to 30% in FY24. With commercial revenue, the fact that most assets, be it sponsorship or scope of licensing arrangements. are controlled by the club makes it the prime growth focus area.
Media rights will still matter, only the structure of sales will change. Leagues will go all out to maximize the value. However, it is the commercial revenue that is expected to continue as clubs deal with the uncertainty and strain on media rights income. Exploring new industrial sectors for a variety of partnerships, newer markets adding the merchandising and licensing possibilities, shifting from the traditional mode as rapid digitization will drive the commercial revenue growth in the future.
In this blog, we will look at the growing value and the changing nature of commercial revenue stream.
Top-Tier European Clubs
Post pandemic period, from 2021, the aggregate commercial income generated by 700+ top-tier clubs across Europe has been growing at a healthy CAGR of 9.5%, as per UEFA European Club Financing and Licensing Reports. In FY24, the aggregate commercial revenue generated is €9.7bn and is expected to grow by 10% in FY25, crossing €10bn mark to reach approximate €10.7bn.
A similar growth story of commercial income is seen across the top 20 highest revenue generating clubs as per data from Deloitte Football Money League. Post pandemic, commercial revenue across these 20 clubs has increased 39% in four seasons, reaching €5.3bn in 24/25 overtaking the aggregate broadcast income since 22/23.
Commercial Stream Has A New Meaning
The 2026 UEFA Benchmark Report states that in 2025, commercial growth of European top-tier clubs is actually driven by the stadium and merchandising operations which increased by 10% whereas a small decrease in main sponsor revenues has been witnessed.
In case of Premier League clubs, commercial revenue displayed a robust 10% y-o-y growth in 24/25 with the aggregate value reaching £2.4bn out of which while sponsorship accounts for more than 50% of commercial income, it is the other portion which has been driving growth. Clubs have begun investing to drive growth like expansion of premium seating and new fan zones, retail, merchandising etc.
For the big six clubs, retail and merchandising alone accounts for nearly 37% of the commercial revenue, as per data from UEFA Benchmarking Report.The retail and merchandising share seems even more prominent for Real Madrid, FC Barcelona and Bayern Munich (as given below)
This marks a structural shift from revenue garnered by traditional sponsorships. Some factors which might act as a catalyst for the shift can be:
- Sponsorships are now defined by relevance, cultural impact and reach, not just visibility. Put the emphasis on controlling betting & gambling brands as partners like in Premier League, sponsorships are on the verge of shifting from old-fashioned vanity to new methods and valuation.
- Evolving nature of younger fans who view football clubs as lifestyle brands blurring the boundaries between football, fashion and entertainment. Fashion marketplace Depop, reported a 100% increase in searches for “football shirt” in the first half of the year, driven not by matchday needs but by demand from fashion-conscious consumers. The modern football shirt is as likely to be found on the runway or at a music festival as it is in the stadium.
Another area defining commercial revenue is income from non-matchday events. Typically match-days amount to less than 10% of the year when it can be monetized. For the balance 90% time it somewhat lies idle. Tottenham Hotspur lead the discussion on converting matchdays into a year-round business through concerts and NFL fixtures. The playbook is being followed by Santiago Bernabeu, Camp Nou in future and many others.
Non-matchday revenue is substantial if utilised and managed properly, but that also involves significant investments to begin with.
Some Thought Pointers
The term commercial incorporates a vast array of opportunities for the football clubs to explore and generate more revenue scopes. It is time to get out of the traditional sponsorship and licensing model and evaluate new methods. A few thought pointers could be:
- Utilizing Digital Assets: Clubs with global appeal and fan base along with an established infrastructure should segregate and utilize digital assets in their own way. A digital only content partnership for social media involving content for YouTube and short videos for TikTok / Instagram Reels and so on.
- Shared Revenue Model: For clubs with limited fan base can look at a shared-revenue model. Only a handful of local brands can find the commercial appeal of such clubs and instead of approaching each brand separately, they can instead look at a shared-revenue model for some of the brands who are looking at a value-led sponsorship push through football clubs might be a win-win for all stakeholders. This, of course, needs a strategic approach from all stakeholders.
- Stadium naming rights: Another example of underutilized asset. Amongst 730+ European top tier league clubs, there is a visible lack of efforts towards utilizing stadium naming rights as revenue source. Except for Bundesliga, where 78% of the clubs have stadium naming rights partner, the rest of the ‘big five’ leagues have about 22% – 30% of the clubs who have secured naming rights partnership.
In Conclusion
Commercial performance is now a core differentiating factor making a club stronger and help them increase their growth substantially. The need of the hour is to revisit existing strategies and plan, implement and review an objective led marketing plan to develop the club’s commercial aspect.
Clubs with low commercial revenues will have to improvise and shake themselves to get out of their comfort zone and reach newer territories and turn themselves into a strong commercial property giving value to sponsor-partners. The growth in commercial revenue for the big five leagues is a testament to their consistent marketability and fan-retention strength. As the leagues grow and continue to increase their global presence, undoubtedly, the commercial revenue will continue to grow. As mentioned, this revenue stream is completely under a club’s control with their innovation capacity being the only limiting factor.
We expect to see a continued growth.
