Arsenal & Chelsea overtake Barcelona in women's money league

Arsenal generated the most revenue of any women's football club in 2025, according to analysis by Deloitte.

The 2025 Champions League winners moved from second to first with revenue of £21.5m - an increase of 43% on 2024.

Treble winners Chelsea also cashed in on a successful year to be placed just behind Arsenal with revenue of £21.3m, and pushing last year's leaders Barcelona into third.

In total, the top 15 clubs generated a record £132.8m - up 35.5% on the previous 12 months.

English clubs dominate for a second consecutive year, with eight Women's Super League sides in the top 15.

However, after a record-breaking 2023-24, the study notes five teams reported a season-on-season drop in attendance.

Arsenal's memorable win over Barcelona in the Champions League final is only one of the reasons 2025 was a profitable year for the club.

The Gunners have invested in understanding their fanbase and were the most well-attended team in the Women's Super League - topping 35,000 on five separate occasions.

They have also introduced tiered pricing to encourage repeat attendance - helping them achieve the highest matchday revenue across all 15 clubs.

WSL rivals Chelsea had the biggest increase in revenue, though - up 90% on 2024. That was powered mostly by generating £16m in commercial revenue alone - more than any other side analysed.

Similarly, while Barcelona did lose that European final, they still completed a domestic treble in Spain.

Deloitte's knowledge and insight lead, Jennifer Haskel, said the increasing revenue in the women's game was down to both creativity and how clubs are meeting the needs of their emerging fanbases.

"The women's game is beginning to carve its own path with new and expanded brand partnerships, new ticketing strategies, and dedication to truly understanding the evolving fanbase," she said.

"The topline growth reflects the innovation and commercially focused mindset in some of the game's leading markets."

While Deloitte's figures show strong numbers for the most successful clubs, Haskel did note less impressive growth for the clubs lower down the list.

The eight WSL clubs from last season remain in the top 15, but all bar Manchester City experienced slower growth than both Arsenal and Chelsea in 2025.

Indeed, the revenue produced by the top three clubs alone make up 46% of the entire 15, with Everton actually making less than they managed in 2024.

"As average revenues reach a new high, there is a meaningful gap forming between the top ranked clubs and the rest of the pack," Haskel said.

Similarly, while the fact 13 of the top 15 clubs from 2024 feature in this list demonstrates the teams are performing well to maintain their position, could it also hint at a lack of competition beyond those at the pinnacle of the women's game?

The biggest riser in the list is European powerhouse Bayern Munich, whose revenue doubled from £3m in 2024 to £6m in 2025.

Part of their success can be attributed to winning the inaugural World Sevens Football tournament last May, where they competed alongside Manchester City, Manchester United and Paris St-Germain - a new inclusion on this year's list.

Haskel said such tournaments are vital innovations in the push to further grow the women's game as revenues from commercial ventures make up almost three quarters of all growth figures (72%).

"The shift from start-up phase to established phase in women's football requires consistent time, investment and effort," she said.

"As further milestones are hit, including new and expanded competitions on the biggest stages, industry leaders must continue to innovate."