News & Views

Women’s Football in England: Growth, Structure and the Next Phase of Investment

The growth of women’s football in England is now becoming significantly more measurable rather than anecdotal. Attendance, audience and sponsorship activity have all moved materially over the past three seasons, underpinned by the visibility created by the heroics of the Lionesses. For club executives and investors, however, the central question is no longer whether the market is expanding and the growth prospects, but how that expansion can translate into sustainable value at club level.

That question cannot be answered by looking at individual clubs in isolation due to the disparity between large and small clubs and the economics of women’s football in England are increasingly shaped by what happens centrally — at league level — and how effectively that platform converts audience growth into distributed broadcast and commercial revenues.

Revenue Growth

Deloitte’s latest review shows WSL clubs generated £65 million in aggregate revenue in 2023/24, up 34% year-on-year, with average club revenue reaching £5.4 million. Commercial income accounts for 40% of the total, matchday income has risen to £12 million, and broadcast revenue to £10 million, or around 16% of league revenue.  Arsenal Women topped the list with revenue up 43% from the previous season.

The direction is positive across all three revenue streams. What matters more, however, is how that growth is distributed- the top four clubs account for roughly two-thirds of total revenue, while a number of clubs continue to rely on funding from wider ownership structures. Deloitte identified £17 million of group income across five clubs — a reminder that, despite progress, the league is not yet operating as a fully self-sustaining system at club level.

For boards and investors, that distinction is critical. The market is growing, but it remains uneven, and the underlying economics of individual clubs vary significantly depending on ownership, infrastructure and commercial capability.

The Central Platform Is Strengthening

Where the most meaningful change has occurred is at league level.

From the 2025/26 season, the WSL enters a new five-year broadcast cycle, with a substantial increase in matches shown and a more consistent media schedule. Alongside this, the league has attracted a deeper pool of global, blue chip commercial partners, including major domestic and international brands, reflecting increased confidence in the product and the buying power of its growing audience.

This points to a gradual shift in the economic model. Over time, centralised revenues — broadcast, sponsorship and licensing — are likely to play a larger role, providing a more stable foundation for clubs than has historically been the case.

For investors, this is the core of the thesis. The immediate opportunity is not that individual clubs generate strong standalone cashflows, but that the league itself develops into a more valuable commercial platform, with clubs positioned to benefit from that growth through central distributions and increased visibility.

That outcome, however, depends on execution. Audience growth must be sustained, production standards maintained, and competitive balance preserved. Central revenues will grow over time, but this is a process, not a quick win.

Governance

The creation of Women’s Professional Leagues Limited (WPLL) in 2024 is a significant step in that direction. Moving responsibility for the top two tiers away from the FA and into an independent entity provides a clearer structure for commercial development and long-term planning.

The support provided by the Premier League — including a £20 million interest-free loan — underlines both the opportunity and the current stage of development. The league is becoming more structured, but it is still being built.

For clubs, governance expectations are rising alongside that shift. Licensing standards are tightening, and expansion of the league to 14 teams from 2026/27 will bring further scrutiny around facilities, staffing and financial planning. The trajectory is towards a more formal, regulated environment, closer in character to the men’s professional game. Clubs will likely need to revisit and update their governance documents to align with such requirements.

Cost, Capital and Financial Discipline

Public data on cost remains less current than revenue, but the available evidence still points to a system operating within an investment phase. Deloitte’s most recent disclosed baseline showed wage costs absorbing a substantial proportion of revenue, with losses supported through ownership funding- largely based on the men’s teams- and wider group structures.

There is little to suggest that this dynamic has fully normalised yet. Revenue growth has been strong, but it has not yet removed the need for significant and consistent capital support — particularly outside the leading clubs.

For boards, the implication is not to restrain investment, but to apply discipline and assess whether partner optionality for investment can make sense. Growth should be funded against credible assumptions about revenue — including the pace at which central distributions are likely to develop — rather than against the broader narrative of market expansion.

There have been various cases of ‘spin-outs’ from a club’s traditional corporate structure, to provide accelerated capital support for WSL clubs. An example of this is Chelsea Women, which underwent a landmark transaction in 2025 reportedly valuing the club at £200 million. The investment by tech entrepreneur Alexis Ohanian was facilitated by a prior ‘carve-out’ of the women’s team from the club’s broader corporate structure. Doing so aimed to increase independence, allowing for dedicated resources and leadership solely focussed on delivering results. The hive out is a theme which a number of other clubs have considered, but increased regulatory scrutiny over the nature of deals and what constitutes ‘fair market value’ will need to be carefully considered by club’s looking to achieve this pathway going forward.

External Capital: A More Structured Approach

Outside of individual club economics, the profile of investment entering the market has become more defined.

Mercury 13’s acquisition of a majority stake in Bristol City Women in 2025, within a stated $100 million multi-club strategy, reflects a deliberate attempt to build a portfolio of assets that can benefit collectively from league growth and operational development. The structure — majority control with retained minority ownership — provides both governance clarity and continuity.

Similarly, Michele Kang’s Kynisca platform, incorporating London City Lionesses, represents a move towards specialist ownership in women’s football. The focus is not simply on club ownership, but on building infrastructure — technology, performance, facilities and organisational capability — around the asset.

Both approaches reflect a shift away from passive investment towards structured platforms with defined strategic intent. Capital is being deployed on the basis that value will emerge through a combination of league growth, operational improvement and long-term positioning.

What This Means for Club Boards

For clubs, the practical implications are immediate.

The starting point is structural clarity- many women’s teams still sit within arrangements that have evolved over time rather than being deliberately designed. Whether a team remains integrated within a men’s club, is ring-fenced within a subsidiary, or moves towards a more independent structure will shape its ability to raise capital, define governance and establish value.

That structure needs to be supported by control — or at least certainty — over core assets. Facilities, stadium access, academies and commercial rights are often shared within organisations, but where those arrangements are informal, they create uncertainty. Investors will look for clarity, and in its absence, discount value accordingly.

Capital strategy also needs to be aligned with the reality of the market. Centralised league revenues are likely to become more important over time, but they are likely not yet sufficient to underpin the full cost base. Clubs will continue to rely on ownership funding or external capital in the medium term. The discipline lies in ensuring that investment decisions are grounded in realistic projections of how those revenue streams will develop.

Preparation is important- even where there is no immediate intention to raise capital, clubs should assume that they will need to engage with investors or partners on a more formal footing at some point- clean financial reporting, defined governance and clarity of ownership structure are increasingly expected rather than exceptional.

There is also a more subtle shift taking place commercially. While association with a men’s club has supported early growth, long-term value is likely to depend on a clearer articulation of the women’s team as an asset in its own right — with its own audience, partnerships and identity which is easier to execute for larger teams and more challenging for those outside of this cohort. That does not necessarily require separation, but it does require intent.

Conclusion

Women’s football in England has moved beyond its formative stage. Revenues are growing, governance is evolving, and institutional capital is entering with greater clarity of purpose.

At the same time, the system remains in development. Growth is uneven, cost structures are still stabilising, and a significant proportion of funding continues to come from ownership support rather than fully independent revenues.

The opportunity is therefore as much structural as it is commercial. Investors are backing the development of the league as a platform, and clubs that can position themselves effectively within that platform — through clear governance, disciplined capital deployment and a defined commercial identity — will be best placed to convert growth into long-term value.

At O’Connors, we advise clubs, investors and governing bodies on the structuring, funding, governance and commercialisation of sports assets. As the women’s game continues to evolve, the importance of having a trusted advisor as part of your off-field team will help enable opportunities maximise value and minimise risk. At O’Connors, we advise clubs, investors and governing bodies on the structuring, funding and governance of sports assets. As the women’s game continues to evolve, the focus is shifting from opportunity to execution — and from visibility to value.

For further information, please email Phil Bowers or call 0151 906 1000.