The financial landscape of women’s football is changing. As more money flows into the sport, investors and sponsors are beginning to take notice.
With new leadership at the helm of English women’s football’s top tiers, we ask: what is the financial future of the sport? Can women’s football truly become big business?
How Financially Healthy is the Game?
Women’s Super League (WSL) clubs generated £48m in revenue in the 2022-23 season—a significant increase of 50% compared to the previous season. A new £45m deal for Barclays to remain title sponsors of the league has recently been agreed upon. This amount is double the previous deal and the first to be signed by Women’s Professional Leagues Limited (WPLL), which now oversees the WSL and Women’s Championship.
However, this is still an industry in its early growth stages. Dr Christina Philippou, a finance expert in women’s football, explains: “We’re seeing profits continuously drop across clubs and more spending on predominantly player wages. That’s a good and bad thing.” Essentially, while increased spending showcases the growth, it also means costs are rising faster than revenues.
Philippou adds that start-up projects in women’s football tend to make losses initially, which is normal but not self-sustaining. An example of financial instability is former WSL club Reading, which fell to the fifth tier from the Women’s Championship due to financial issues.
What are the Different Types of Ownership?
Men’s clubs worldwide are increasingly recognising the potential of women’s football, and their women’s teams are starting to dominate the sport. Out of the 23 clubs in the WSL and Women’s Championship, only two are not affiliated with men’s sides. Clubs like Arsenal, Tottenham, and Manchester United own both men’s and women’s teams.
There are independent clubs attempting to make their mark as well. Durham WFC and London City Lionesses are independently owned and lack the backing of a men’s team. London City Lionesses are part of a women’s-only multi-club model, owned by American businesswoman Michele Kang.
What are the Pros and Cons of Different Types of Ownership?
One reason for soaring revenues in the WSL is the support and resources provided by men’s football to its women’s clubs. For instance, Arsenal Women’s team frequently plays home matches at Emirates Stadium and benefits from the same marketing resources as its men’s team.
However, this progress comes with its challenges. Despite overall growth, there is still a significant resource gap across the league. Reading’s financial demise has stirred concerns about the women’s game being too intertwined with men’s football.
Maggie Murphy, former CEO of Lewes FC, states: “If the men’s side of the club chooses to go a different way, or they have an ownership crisis or get relegated, the women’s team will suffer as a result.” Multi-club ownership provides another avenue similar to the men’s game. Michele Kang’s ownership of London City Lionesses has brought much-needed innovation.
Can Women’s Football Stand on Its Own Two Feet?
There is optimism for the sport’s future, but it is tempered with a recognition of the risks and challenges ahead. “There is a lot of potential,” says Philippou. “There’s better value for money investing in women’s sport at the moment compared to men’s sport.”
However, this growth needs to be sustainable to ensure women’s football matures into a stable league. Murphy adds: “I think women’s football is often held to higher standards than men’s football. It’s essential to recognise that the sport needs significant investment to develop further.”
The long-term sustainability of women’s football lies in building a robust ecosystem that can weather financial uncertainties. While it’s not easy, the prospects for women’s football remain promising if the investment continues and the management steers the sport through these early growth phases.
Women’s football finds itself at a critical juncture, balancing growth opportunities with inherent financial risks.
To become big business, the sport will need sustained investment and strategic management to ensure long-term stability.
