Source: The Conversation – UK – By Christina Philippou, Associate Professor in Accounting and Sport Finance, University of Portsmouth
Aside from victory and sporting glory, the players in the women’s Euro 2025 football tournament are playing for more money than ever before. The prize fund of €41 million (£35 million), to be shared among the 16 participating sides, is more than double what it was last time around.
It’s still a long way off from the prize money on offer to the men’s equivalent tournament (€331 million), but is a clear indication of the continuing rise of interest and investment in women’s football, particularly within England.
The English team’s hosting and victory of the 2022 women’s Euros were rightly credited with providing a massive boost to the game three years ago. But interest in women’s club football was already on the rise, with an almost sixfold increase in revenue between 2011 (the first season of the Women’s Super League (WSL)) and 2019.
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Other numbers are encouraging too. Generally, match-day attendances have seen a dramatic rise including for the sport’s second tier (now named WSL2).
Broadcasting income for WSL was up 40% in 2023-24 compared to the previous season. And a new five-year deal with Sky Sports and the BBC, worth £65 million, is worth almost double the previous arrangement.
However, there’s room for improvement.
Research suggests that well-considered scheduling (weekend games are best) can have a marked effect on attendances (as does weather and pricing). And stadium capacity matters too, partly because more people can attend but also because a larger (often iconic) stadium tends to act as an attraction in itself.
For example, Arsenal’s women’s side saw average crowds of just under 29,000 in 2024-25 compared to a WSL average of 6,662. They have the highest revenue from match-day income, with nine games being played at the Emirates stadium last season and all WSL games scheduled to be played there in the next.
Facilities within the stadiums are another concern, as they were traditionally built for mostly male spectators, so do not cater as well to the more female and family demographic of women’s football.
This means, for example, that there are often not enough women’s toilets available, while refreshment options may be geared towards drinkers rather than children. Even the gates seem designed for a steady entry trickle of fans over an hour rather than a mass turnout of time-pressured families arriving just before kick-off.
Some good news on this front is that Brighton and Hove Albion FC are now building a stadium specifically for use by their women’s team, due to be in use by 2027. And Everton have decided to repurpose Goodison Park for use by its women’s side following the men’s move to a new stadium.
Commercial break
But aside from people actually watching the matches, the biggest chunk of income for women’s teams comes from commercial enterprises. And while affiliated teams (those linked to a men’s side) can benefit from sharing a brand, there are also a large number of commercial partners emerging specifically in the women’s game.
Companies selling makeup, baby products, sports bras and period pants are all involved in the business side of women’s football. More will probably follow.
But while commercial and competition success stories are something to celebrate, women’s football still faces challenges. One of the big ones is to do with building a legacy – the idea that just hosting a major tournament should not be the end goal, but something which ensures lasting change and development.
Building a legacy is not straightforward, but after England’s success in Euro 2022, the side used their platform to ensure change on issues including access to football for girls in schools and availability of kit.
As for the club game, attitudes to building a legacy by offering financial support to women’s teams are mixed. Some clubs view the women’s team as different (in terms of marketing, say) but integrated as part of the club (in terms of ticketing and sharing of resources). Others seem to consider a women’s side as good PR or community outreach rather than a genuine commercial opportunity.
In the last couple of years, we have seen both Reading and Blackburn women’s teams withdraw from the WSL2, while Wolves failed to apply for license to the league.
All of those teams mentioned worries over costs. And most women’s teams do lose money.
But men’s teams tend to lose money too, with the majority not only making losses but also being technically insolvent (meaning owners need to pump money in to keep clubs going).
The difference is that women’s football is essentially in a start-up phase, with lots of commercial, broadcasting and match-day potential, as showcased by annual revenue growth rates. In contrast, the men’s football market is a mature one that has been professional for decades, and shows much lower annual revenue growth.
Euro 2025 then, needs to play its part in keeping up momentum. It needs to keep the crowds, the commercial partners, the broadcasters and fans on board and committed.
For while women’s football is connected to men’s football, it is a different business. And celebrating that difference could do the women’s game a world of economic good.
Christina Philippou does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. Euro 2025: women’s football has exploded – here’s how it can grow even more – https://theconversation.com/euro-2025-womens-football-has-exploded-heres-how-it-can-grow-even-more-257864
