Newly published financial accounts for the 2024-25 season have laid bare a deepening divide between the wealthiest and most modest clubs in the Women's Super League, with eight of the division's clubs releasing detailed figures that reveal contrasting fortunes both on and off the pitch.
Arsenal posted the healthiest overall picture, turning over £21.54m, up sharply from £15.26m the previous year, and edging into profit with a surplus of £22,000. Their matchday income of £5.9m dwarfed that of most rivals, underlining the pulling power of their Emirates Stadium fixtures. However, the accounts note the Gunners remain reliant on parent company KSE UK Inc for ongoing financial backing, with much of their revenue growth stemming from £11.9m in group income rather than pure commercial gains, alongside a Champions League-fuelled broadcast boost following their continental triumph.
Chelsea also recorded turnover in excess of £21m, nearly doubling their previous year's figure, but posted a heavier loss of £17.10m. That deficit was largely attributed to their £12.08m purchase of Kingsmeadow from the men's club, a deal reportedly linked to helping the men's side stay within Profitability and Sustainability Rules. Chelsea have since committed to hosting all league fixtures at Stamford Bridge in an effort to close the matchday revenue gap with Arsenal.
At the other end of the spectrum, Brighton's losses ballooned to £7.29m, up from £5.28m, despite modest revenue growth. The Seagulls' wage bill alone reached £5m against a turnover of just £1.34m. Chairman Tony Bloom has formally pledged continued financial support, including not recalling existing loans, as the club presses ahead with plans for an £80m dedicated women's stadium.
Everton's numbers painted a similarly stretched picture, with wages consuming 98% of revenue during what proved their final campaign at the compact Walton Hall Park before relocating to Goodison Park. That move has already paid dividends in attendance terms, with season totals rising from 21,512 to 53,334 fans.
Tottenham faced a comparable wage-to-revenue ratio of 98%, though their commercial income more than doubled to £3.39m. Their matchday revenue of £433,000, roughly a tenth of Arsenal's, remains an area for growth despite a fifth-placed league finish.
Among the more sustainably run outfits, Liverpool and Manchester United both returned to profitability, joining as the only two WSL clubs to post profits across the last eight years combined. Liverpool's wages stayed within the 50-60% range of revenue, while United, operating on roughly a third of Chelsea's wage bill, benefited from a club-record £850,000 sale of Melvine Malard to Chelsea.
Manchester City, fresh off a first league title in a decade, saw turnover climb to £10.62m while trimming their losses to £2.83m, aided by a lucrative contract renewal for top scorer Khadija Shaw and a return to Champions League football this season.
Elsewhere, relegated Crystal Palace and survivors Leicester City both posted significant losses of £1.99m and £4.80m respectively, while Aston Villa and West Ham United have not published full financial details. Villa's men's club accounts indicated £7.65m in expenditure on the women's side, placing them roughly mid-table.
London City Lionesses, who won last season's second-tier title under the ownership of Michele Kang, reported an eye-catching £10.6m operating loss against revenue of just £902,000, with spending expected to rise further following a high-profile recruitment push ahead of their second top-flight campaign. Newly promoted Birmingham City, by contrast, turned a modest profit of £141,000 on a £6.1m turnover, suggesting a more measured route into the WSL.
Based on reporting from The Guardian.