Arsenal and Chelsea top women’s money league in 2025, according to analysis by Deloitte.
The 2025 Women's Champions League winners moved from second to first, with revenue of £21.5 million, up 43% from 2024.
Treble winners Chelsea also cashed in on a successful trophy-filled season, just behind Arsenal, with £21.3 million.
This meant that last year's leaders, Barcelona, were pushed into third, unsurprisingly, after the club's financial issues had now affected the women's side.
In total, the top 15 clubs generated a record £132.8 million, up 35.5% on the previous 12 months.
As usual, English clubs dominate the list for the second consecutive year with eight WSL sides in the top 15.
But after a record-breaking 2023-24, five teams have seen a season-on-season drop in attendance.
It was not just Arsenal's win against Barcelona in the Champions League final that made 2025 their most profitable year to date.
But it's because the club invested in understanding their fanbase, played more games at the Emirates, and were well attended in the WSL. topping 35,000 in five separate fixtures. This was also supported by tiered pricing, which encouraged repeat attendance and helped them achieve the highest matchday revenue across all 15 clubs.
Also, research from the club shows an overlap in support between the men's and women's teams of 25%.
Arsenal are the best-supported club in the WSL and have been for a while. This season, they have conducted workshops with supporters on improving matchday experiences. There have been 11 of their events, with eight Arsenal players attending.
Their London rivals, Chelsea, however, saw the most significant revenue increase. It increased by 90% in 2024. This was generated by £16 million in commercial revenue alone, more than any other segment.
While Barcelona lost the European final, they did like Chelsea completed the domestic treble in Spain.
It has been described as the reason for the revenue increase: both creativity and how clubs are meeting the needs of their emerging fanbase.
The eight WSL clubs from last season remain in the top 15, but all but Manchester City grew more slowly than Arsenal and Chelsea in 2025.
Indeed, the revenue generated by the top three clubs alone accounts for 46% of the total, with Everton earning less than they did in 2024.
The fact that 13 of the top 15 clubs from 2024 feature on this list demonstrates that the teams are performing well and maintaining their positions. Could it also indicate a lack of competition beyond the top players in 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.
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