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England’s football system is “under strain” in a climate of tension between commercial imperatives and the needs of supporters, according to a new report from Deloitte. The analysis also warns that uncertainty over the role and scope of an independent regulator is “unhelpful” to those wishing to join the rush of investors entering the sport.
The Annual Review of Football Finance painted an overall picture of a booming industry, pointing out that the European football market was worth a record £32.2bn in 2023-24. More than £16.9bn of that was generated by the “big five” leagues, with the Premier League alone recording revenues of £6.3bn. Deloitte cautioned, though, that those numbers do not tell the full tale of a game caught between its community roots and the requirement for continued growth. “There can be no doubt that the system in English football is under strain,” said Tim Bridge, lead partner at Deloitte sports business group, in the report’s foreword. “Repeated reports of fan unrest at ticket price and accessibility demonstrate the challenge in the modern era of balancing commercial growth with the historic essence of a football club’s role and position in society: as a community asset.”
A bill to create the independent football regulator went through its second reading in parliament last month. It could transform the game’s governance but Bridge cited the gap between Premier League and Championship finances as a problem that must be addressed. “It is clear that the way in which the game is governed and the regulation that underpins it needs to seek to drive value, fan engagement [both physical and digital] and competitive balance,” he said.
“The two most recent seasons underscore the challenge, as in each season, all three clubs promoted from the Championship were subsequently relegated after just one season in the Premier League. The financial implications of the ‘yo-yo effect’ on clubs, their spending, and overall competitiveness are major factors to address in order to continue attracting high levels of investment across the system.”
The hope is that the regulator can begin its work this autumn, although roadblocks include a likely inquiry into the government’s choice for its chair, David Kogan. Bridge pointed out that the uncertainty about its form rings alarm bells for investors. “The level of interest and the demand to engage with English football remains high and investors still see the opportunity, particularly when there is a strong community link or adjacent investment opportunities, but the lack of clarity over the future regulatory regime is now unhelpful,” he said.
He noted that other “big five” leagues – those of France, Germany, Italy and Spain – are monitoring the regulator’s possible effects, seeing it as a potential opportunity to close the financial chasm that has opened between England’s top flight and the rest. The Premier League’s aggregate revenue was almost double the £3.2bn recorded by La Liga, its nearest competitor.
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Premier League clubs’ aggregate operating profit grew to more than £500m in 2023-24, the report showed, but net debt was up 12% to £3.5bn. Revenues in the Championship soared by a notable 28% to £958m, but all of the division’s clubs recorded operating losses. “Long-term strategies must be established to ensure financial stability across the league,” Bridge said.
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