Arsenal have overtaken Chelsea at the top of the women's football rich list, according to Deloitte's annual ranking of the highest revenue-generating clubs. The north London side reported revenues of €25.6m (£22.2m) for the 2023-24 season, narrowly edging Chelsea, thanks largely to matchday income of €7m – nearly double that of any other club. This was boosted by Arsenal playing all their home Women's Super League fixtures at the Emirates Stadium, attracting an average attendance of over 35,000 fans so far this season.
Chelsea, meanwhile, generated the highest commercial revenue of any club in the top 15, bringing in €19.1m through partnerships. However, Deloitte's list does not include any clubs from the American NWSL, Australia or Sweden due to unavailable data. Most European clubs were featured, along with sides from Brazil and Japan, with Sanfrecce Hiroshima Regina ranking 14th.
This is the fourth year Deloitte has profiled the world's leading women's clubs, and the first time average revenues exceeded €10m per club. WSL clubs dominate the list, with Arsenal and Chelsea each generating more than double the revenue of rivals Manchester City and Manchester United.
Jennifer Haskel, knowledge and insight lead in the Deloitte Sports Business Group, noted: 'As average revenues reach a new high, there is a meaningful gap forming between the top ranked clubs and the rest of the pack. However, what is clear across the ranking is that there is no one-size-fits-all blueprint for how to reach and engage fans, or how to deliver on a club's business objectives.'
Commercial revenue remains the key income stream for women's teams, accounting for nearly three-quarters of income on average, ahead of matchday and broadcast money. Matchday revenues rose by 15% on average, despite five WSL clubs reporting a season-on-season decrease in attendances. Haskel added: 'Whilst growth has developed significantly in women's football in recent years, the shift from the start-up phase to the established phase requires consistent time, investment, and effort to develop the foundations in the right manner.'
