Arsenal have surged to the summit of women's football's financial rankings, overtaking rivals Chelsea to become Europe's top revenue-generating club for the first time.
The landmark achievement is revealed in Deloitte's annual Money League report, which charts the commercial health of the women's game. The north London side posted total revenues of €25.6m (£22.2m) for the 2022/23 season, narrowly edging out the previous leaders.
Emirates Move Fuels Financial Success
Arsenal's ascent was powered by a masterstroke in commercial strategy: moving all Women's Super League home fixtures to the Emirates Stadium. This bold decision generated a colossal €7m in matchday revenue, a figure nearly double that of any other club on the list.
The club has reaped the rewards of its ambition, attracting an average home attendance of just over 35,000 fans so far this season. This demonstrates a powerful and growing connection with their supporter base.
Commercial Powerhouses and a Dominant WSL
While Arsenal led on matchday income, Chelsea retained their crown as commercial kings. The Blues brought in a staggering €19.1m from partnerships, the highest commercial revenue in the top 15. However, their overall total was not enough to retain the number one spot.
The Deloitte list, now in its fourth year, highlights the growing financial muscle of the Women's Super League. For the first time, the average revenue of the 15 profiled clubs exceeded €10m. English clubs dominate the ranking, with Arsenal and Chelsea each generating more than twice the revenue of fellow 'big four' members Manchester City and Manchester United.
"As average revenues reach a new high, there is a meaningful gap forming between the top ranked clubs and the rest of the pack," said Jennifer Haskel, insight lead at Deloitte's Sports Business Group. She noted that commercial deals still account for nearly three-quarters of a women's team's income on average.
Global Picture and Future Growth
The report offers a selective global snapshot, as it does not include clubs from the USA's NWSL, Australia, or Sweden due to data availability. It does feature clubs from Brazil and Japan, with Sanfrecce Hiroshima Regina ranking 14th.
Despite the overall positive trend, the path to sustainable growth requires continued effort. Matchday revenues rose by 15% on average, yet five WSL clubs reported a drop in attendances. Haskel emphasised that the shift from a start-up phase to an established industry demands consistent time, investment, and strategic foundation-building.
The financial success of clubs like Arsenal and Chelsea underscores the rapid professionalisation and commercial potential of women's football, setting a new benchmark for the sport worldwide.
