The importance of matchday revenue for football clubs
The Covid-19 pandemic greatly affected the football market. The circumstances caused many leagues to suspend their seasons, while others were concluded behind closed doors. A loss for fans, who could not attend live matches. And for players, who could not enjoy a home advantage. By playing in empty (or limited capacity) stadiums, clubs’ matchday revenue diminished, or even nullified. At the same time, many of the costs surrounding matchdays remained. Some clubs could take the hit, others have had a much harder time managing its impact. A contributing factor being varying degrees of dependency on matchdays as a source of income.
So, how important really is matchday revenue for clubs? Why are there such differences? And has its importance changed over time?
How much do Big Five leagues’ clubs earn from matchdays?
How much matchday revenue clubs generate is determined by several factors. Including the league, club size, stadium capacity, ticket prices, and number of home games. Across the Big Five leagues there are clear differences in how much clubs generate from gate receipts and other matchday income. In 2022/23, Premier League clubs generated €997 million in matchday revenue.1 Which comes down to almost €50 million on average per club.
The English topflight clubs earned on average 67 percent more than their German counterparts (€29.8 million). With the Bundesliga consisting of only 18 teams, the clubs combined earned €536 million. Less than the €539 million La Liga’s 20 clubs generated together. Yet, on average, German clubs earned 10.5 percent more from matchdays (La Liga: €27.0 million).
More home games and higher prices
The Bundesliga, widely known for its great attendance figures, recorded an average attendance of 42,992 spectators across the 2022/23 season.2 Over 45 percent more than La Liga’s average attendance of 29,574. Yet, the revenue generated from matchdays was quite similar.
At the same time, the Bundesliga’s average attendance figure was, with 6.8 percent, also slightly higher than that of the Premier League (40,236). However, Premier League clubs earned on average far more. As the Premier League and La Liga both consist of 20 clubs, rather than the Bundesliga’s 18, there are 24 percent more league games in a season. With two more league games at home for each club, overall matchday revenue will thus be higher if all other factors are equal.
Another explanation could be found in ticket prices. More higher tier seating allows for higher ticket prices and if sold for more income. Generally, Bundesliga clubs are believed to offer more affordable tickets. While the reputation of Premier League and La Liga clubs is less favorable.
Comparing the ticket prices of Liverpool and Borussia Dortmund, this difference is not so pronounced though. The most expensive tickets (excluding concessions) are quite similar. With prices of around €75 for a matchday ticket and €1,100 for a seasonal ticket. The cheapest matchday ticket at Liverpool is around €11 (£9), while this is €18.50 for Dortmund fans. The German club has the cheaper seasonal tickets available though. Dortmund asks €299 for 21 home matches, while Liverpool’s cheapest seasonal tickets cost around €850. For Dortmund fans this pass secures one of over 24,000 standing places. Which makes up the famous Gelbe Wand at Signal Iduna Park. Their cheapest non-standing seasonal ticket is still below Anfield’s, with €584.
How much does matchday revenue contribute to total revenue?
The dependency on matchday income varies over time and between leagues and clubs. The Big Five leagues’ clubs generated 14.1 percent of their aggregate revenue (€19.6 billion) from matchdays in 2022/23.1 Five seasons prior, matchdays had a similar contribution (14.5 percent) to overall revenue, despite the clubs earning 20 percent less (€15.6 billion). In 2012/13, 19.1 percent of total revenue originated from matchdays. Five percent points more than a decade later.
Clubs’ matchday revenue was 47 percent higher in 2022/23 than in 2012/13. However, it increased at a smaller rate than overall revenue. Which also includes income from broadcasting and commercial sources. Between 2012/13 and 2017/18, broadcasting income increased the most with 80 percent. Caused by several leagues significantly improving on their previous broadcasting deals, not least the Premier League. Commercial income increased the most (46 percent) amongst the three income sources between 2017/18 and 2022/23.
Matchday revenue contributing similarly for four of the Big Five leagues
Despite Premier League clubs earning substantially more than the other leagues from matchday revenue, their relative income from matchdays aligns with three of the other Big Five leagues. In 2022/23, matchday revenue accounted for 14 percent of Premier League clubs’ total revenue. The same portion of income came from matchdays in Germany’s topflight. While it was 15 percent for both La Liga and Seria A clubs.
Like matchday income, English clubs also earn significantly more broadcasting income than the others. With the league negotiating lucrative broadcasting rights deals by marketing and being considered the best league in the world. In 2022/23, Premier League clubs earned over twice as much as La Liga clubs (€3,717 vs €1,771). Yet, with 53 percent of total income, its contribution was in line with that of La Liga and Serie A (50 and 54 percent). Bundesliga clubs generated the largest portion of their income, 46 percent, from commercial sources. Despite similar matchday contributions.
The overall distribution of income generated from matchdays, broadcasting and commercial sources was thus quite similar for the Big Five leagues. Except for Ligue 1. The French topflight clubs earned just 11 percent from matchdays in 2022/23. Like the Bundesliga, their largest contributor were commercial deals. Which accounted for 60 percent.
Has the importance of matchday revenue changed over time?
How much matchday, broadcasting and commercial sources contribute to overall income has not changed significantly compared to 2017/18 for the different leagues. Back then, 14 percent of Premier League clubs’ income came from matchdays as well. Broadcasting accounted for slightly more (59 percent vs 53 percent). While commercial income contributed slightly more in 2022/23.
In 2017/18, a slightly higher percentage of income (17 percent) originated from matchdays for Bundesliga and La Liga clubs. Despite little change in absolute amounts. Serie A clubs generated a slightly larger portion of their income (15 percent) from matchdays in 2022/23 than five seasons prior. Largely due to matchday income growing by 69 percent, the most amongst the Big Five leagues and amongst their own three revenue sources (i.e. broadcasting and commercial).
Between these two seasons, however, the Covid-19 pandemic significantly impacted (matchday) revenue as many matches had to be played behind closed doors. Especially the 2020/21 season, in which the clubs across the Big Five leagues combined earned only €133 million from matchdays. Less than one percent of total revenue and just 4.8 percent of what the clubs generated in 2022/23. The 2019/20 and 2021/22 seasons were also impacted, albeit to a lesser extent. Generally, matchday revenue seems to have bounced back to pre-pandemic levels or even increased further.
Differences between the Premier League Top Six
Despite major differences between the leagues in amounts of revenue generated overall and from matchdays, the relative contribution of different sources is more aligned. Across the seasons (excluding the Covid-19 impacted seasons) this has not altered greatly either. However, within leagues there seem to be differences in both absolute and relative terms.
The Premier League’s so-called Top Six generated €678 million in matchday revenue in 2022/23. Which accounted for 16.9 percent of the Top Six’s total revenue. It also accounted for 68 percent of the matchday revenue generated by the whole league. In 2023/24, the Top Six earned a slightly higher percentage of their income from matchdays with 17.6 percent. While this was 16.3 percent before the pandemic in 2018/19.3
In 2023/24, Arsenal and Manchester United generated the most matchday revenue with €153 million and €152 million respectively. Which accounted for around a fifth of their total revenue. Old Trafford has the highest capacity and generally sets the highest attendance figures. Arsenal has a lower capacity at the Emirates stadium, but the Gunners offer quite a lot of hospitality seats. Which tend to generate more income.
Stadium capacity, sort seats, and number of home games
The same applies to city rivals Tottenham Hotspur at their new stadium. More seats and more expensive seats mean more gate receipts. At to that, the modern amenities making it one of the best stadiums and enticing fans to spend more during matchdays. Like Arsenal and United, their matchday income (€123 million) accounted for around 20 percent of their total revenue. Yet, it was €12 million less than the season prior (2022/23: €135 million). Likely caused by the number of home games decreasing by three to 21.
The least amongst the Top Six. During the final season at White Hart Lane, Tottenham generated with €57 million far less in matchday revenue. It accounted for 16 percent of total revenue. During Spurs’ last five seasons at White Hart Lane, matchday revenue contributed for 21 percent to total revenue.
Liverpool earned 18 percent of their income from matchdays (€132 million). Much like the 17 percent Chelsea earned from matchdays. However, Chelsea generated 30 percent less matchday revenue. They played a similar number of home games (28 vs 29), despite the Blues having failed to qualify for European competitions. The main differentiating factor likely being stadium capacity, with Stamford Bridge’s capacity being 32 percent smaller (around 20,000 seats).
City earns relatively less from matchdays
Manchester City seems to be the outlier amongst the Top Six with only 11 percent of their revenue originating from matchdays in 2023/24. They did generate the most revenue amongst the Top Six and the second most amongst Europe’s elite. In matchday revenue they are slightly lagging, however. In 2023/24, City earned €88 million from gate receipts and other matchday sales. Five million euros less than Chelsea and 58 percent of what Arsenal generated.
City’s stadium capacity contributes to this, as it is the second lowest amongst the Top Six. The club is in the process of increasing capacity by 6,000 seats to over 60,000. Costing around £300 million, the upgrades will include 800 hospitality seats, a fan zone, hotel and museum.
Matchday revenue has increased over the years (excluding Covid-19 impacted seasons). In 2012/13, City earned €46 million from matchdays. Which has increased by 91 percent to €88 million in 2023/24. During that time, overall revenue increased by 164 percent. Thus, far outperforming matchday income. Broadcast income was 3.3 times as much, but this is a league wide phenomenon where the club has relatively little influence over.
Commercial income increased by 142 percent. With €407 million in 2023/24, it was the most amongst the Top Six. It was also €47 million more than second ranked United, widely perceived as a very, if not the most, successful commercial club. City’s commercial deals and their high value are questioned by many in the football industry though, given their owners’ possible ties with sponsorship partners.
With relative higher commercial and lower matchday income than their rivals, it explains why matchday revenue contributes relatively less. Yet, matchday revenue never contributed more than 15 percent to City’s overall revenue since 2012/13. By increasing capacity and creating more hospitality suits and other amenities at the Etihad Stadium, matchday revenue has the potential to increase in the coming seasons. It could then contribute more to overall revenue, just as is the case for their Top Six rivals.
Newcastle, Villa and Real
The Top Six earns significantly more, especially in matchday and commercial revenue, than the other Premier League clubs. In 2023/24, Newcastle United and Aston Villa earned €68 million and €52 million in matchday revenue respectively. Which accounted for 18 and 17 percent of their overall revenue. So, while there were differences in absolute values, these clubs’ relative dependency on matchday revenue did not differ much from the Top Six.
The highest revenue generating club in 2023/24, Real Madrid, earned with 24 percent more of their income from matchdays. The 15-time Champions League winner has recently renovated their stadium. With the temporary reduction in capacity lowering matchday income in recent years. Luckily for them it coincided with the pandemic, and so its effects were smaller as they already expected and budgeted for less income. Before the renovation, Real earned significantly less from matchdays. It still contributed for 19 to 23 percent to their total income.
Are clubs from lower tiers more dependent on matchday revenue?
Matchday revenue tends to decrease for clubs the lower they act in the football pyramid. Championship clubs generated £152 million in matchday revenue (£6.3 million per club) in 2022/23.1 17 percent higher than the season prior (£130 million). In 2018/19, before the pandemic, they earned £166 million from matchdays.
With 24 clubs, Championship clubs play 23 league games at home during a season. Four more than Premier League clubs. Yet, Premier League clubs generated on average 6.8 as much as Championship clubs from matchdays. While matchday revenue accounted for 14 percent of total revenue for Premier League clubs, this was 20 percent for Championship clubs in 2022/23. Parachute payments to relegated sides as part of broadcast income skew revenue in the Championship though. Would this be excluded, matchday revenue would have accounted for 28 percent of total revenue during the 2022/23 season.
Dropping a further three tiers down the English football pyramid and matchday revenue reduces even more. At the same time, its importance as a source of income for clubs increases. 2022/23 National League champion Wrexham for example, generated £3.12 million in matchday revenue. Almost £2.84 million from matchday admissions and over £284,000 from commercial matchday sources. It accounted for 30 percent of their total revenue that season.4
For Southend United, 27 percent of their income came from matchday related sales (almost £803,000).5 While Chesterfield FC, coming close to promotion, was even more ‘dependent’ on matchday revenue in 2022/23. The £2.08 million the club earned from gates and season tickets accounted for 46 percent of their total revenue.6
Revenue and matchday revenue for selected National League clubs in 2022/234,5,6
| Club | Matchday revenue | Total revenue | Matchday/total revenue |
|---|---|---|---|
| Wrexham | £3.12m | £10.48m | 30% |
| Southend United | £0.80m | £2.93m | 27% |
| Chesterfield | £2.08m | £4.58m | 46% |
Non-Big Five topflight league
Topflight leagues outside the Big Five leagues also seem more dependent on matchday revenue. Which is the case for the Eredivisie, currently considered Europe’s sixth league based on UEFA coefficients.
The Eredivisie Top Five – Ajax, AZ, Feyenoord, PSV, and Twente – earned on average €27.4 million in matchday revenue in 2022/23.7 Which ranks the selection of clubs ahead of the Spanish, Italian, and French leagues. However, just as there is a great disparity in Eredivisie clubs’ quality, there are also great differences in how much clubs earn (from matchdays). Even amongst these five clubs the differences in matchday revenue differ greatly. Ajax, for example, earned €55.6 million from matchdays. Feyenoord earned €39.4 million, the second most. Yet, 29 percent less than their rivals from Amsterdam. PSV and AZ earned €18.3 and €16 million respectively, while Twente earned €7.8 million.
AZ earned twice as much as Twente, despite their stadium having around two third of the Grolsch Veste’s capacity. AZ did play four more matches in front of their own fans than Twente (27 versus 23).
Matchday revenue accounted for 28 percent of the Eredivisie Top Five’s aggregate income in 2022/23. Major differences were present here as well though. While matchday revenue accounted for only 18 percent of PSV’s total income, it was 40 percent for Feyenoord.
These Eredivisie clubs are on average more ‘dependent’ on matchday revenue than Premier League and Championship clubs. Which is mostly due to broadcasting income being significantly lower. The Eredivisie Top Five combined earned 25 percent of their income from broadcasting revenue, while this was 53 percent for the Premier League and Championship.
Matchday revenue important or fans?
So generally, smaller clubs in smaller leagues or lower tiers are more reliant on matchday revenue than elite clubs. Apart from typically having less stadium capacity, demand is often such that ticket prices are lower as well. Both affecting overall matchday revenue.
Clubs at all levels aim to increase revenue though. As more income should allow for more spending, including investing in players who could bring on-field success. Yet, aiming for an increase in matchday revenue is a double-edged sword. It can be achieved through stadium expansion, which is often difficult and costly to achieve. Or by earning more per fan, which is often accomplished by increasing prices.
And many clubs do the latter. Before the 2024/25 season, 19 out of 20 Premier League clubs increased ticket prices. With price hikes of five to six percent not uncommon. No doubt with the idea to increase overall revenue. It resulted in the Football Supporters’ Association launching the campaign “Stop exploiting fans”.
It is not the first time that ticket prices and the opposing interests of fans and club owners have resulted in fierce debate. Clubs’ commercial and financial interests do not only cause fans to constantly have to pay more for seeing their team play. It also affects their planning as fixtures can be changed quite last minute if broadcasters desire so.
In Spain fixture scheduling has led to much debate in recent years as well. La Liga wants to schedule matches during nine different time slots, including Monday night, for broadcasting reasons. In 2019, numerous fan protests led to the Spanish FA opposing Monday night games. With games on Friday night also not ideal for Spanish fans to attend. The dispute resulted in the first three matchdays of the 2019/20 season having no Friday and Monday matches. Yet, commercial interests have beaten fans’ interests since. In 2024/25, La Liga once again offers its broadcasters Monday and Friday Night Football.
Clubs and leagues believe fans will keep coming and spending regardless. With demand as large as it is, they are likely right. But what if they are not? Covid-19 showed the impact of no, or less, matchday attendance. With all clubs, but especially smaller ones, being heavily impacted given how much matchdays contribute to their overall income.
At the end of the day, fans are at the heart of football. Not having their interests at heart, by pricing them out of affordable tickets, will ultimately be unfavorable for the whole football market.
