FIFA World Cup 2026: How the business of football has undergone a dramatic transformation

The business of football has undergone a dramatic transformation over the past five decades, with European club football now generating more than €38 billion annually as the sport shifts from a community-based model to a global commercial enterprise, according to a new report by Boston Consulting Group (BCG).

The report highlights how clubs have become increasingly dependent on global media rights and sponsorship revenues. Fifty years ago, around 80% of club income came from local ticket sales. Today, for some clubs, about 80% of revenue comes from broadcasting and sponsorship deals with international reach.

The concentration of wealth at the top of the game has also increased. Europe's 20 highest-revenue clubs now generate more than €11 billion a year, the largest concentration of football revenue in the sport's history.

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Broadcasting has been a key driver of this growth. The English Premier League's international television rights have expanded from around £500 million in 2010 to more than £2.2 billion annually, exceeding the value of its domestic broadcast deal.

While the world's 15 most valuable football clubs remain European, investment is accelerating elsewhere. Saudi Arabian clubs spent nearly $1 billion during a single player transfer window, while Major League Soccer in the United States now attracts average attendances of more than 21,000 spectators per match.

Women's football has also emerged as a significant commercial sector. The report estimates the global women's game is now worth around $800 million annually, while the average franchise valuation of teams in the US National Women's Soccer League has nearly tripled since 2023.

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Despite strong revenue growth, profitability remains uneven across the industry. Only about half of Europe's top-division clubs are profitable. During the 2022-23 season, Premier League clubs spent close to 90% of total league revenue on player wages and transfer fees, with player costs exceeding revenue at eight of the league's 20 clubs.

To improve financial sustainability, UEFA has introduced rules limiting spending on players to 70% of club revenue. Some leagues have also adopted elements of closed-league systems to provide more predictable revenues and encourage long-term investment. Under the current promotion and relegation structure, a club dropping from the Premier League to the Championship can lose more than two-thirds of its annual revenue.

However, there are growing concerns over player workload as football's commercial calendar continues to expand. The UEFA Champions League has increased from 32 to 36 teams, while this year's FIFA World Cup has expanded from 32 to 48 teams.

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More competitions have created larger audiences and higher revenues but have also increased the number of matches played. According to Maheta Molango, chief executive of the Professional Footballers' Association in England and Wales, players should ideally be limited to between 50 and 60 matches a season. However, many players at leading clubs now exceed 60 games in seasons featuring major international tournaments, with some playing more than 70 matches. The report notes that other sports, including the NBA, face similar challenges in balancing commercial growth with player welfare.