Arsenal and Chelsea earned more WSL revenue in 2024-25 than the other clubs combined
Arsenal and Chelsea together generated more revenue in 2024-25 than the rest of the Women's Super League combined, according to a review of eight seasons of clubs' financial accounts published on 19 August 2026. The analysis shows the two London clubs are financially ahead of the rest of the division on both turnover and wage expenditure.
The review found the commonly used label “the big four” for Arsenal, Chelsea, Manchester City and Manchester United does not reflect recent finances, with Arsenal and Chelsea forming a distinct commercial lead despite all four sharing domestic success on the pitch since 2014. Across the accounts reviewed, WSL clubs collectively posted post-tax losses exceeding £111m from the 2017 winter-calendar switch onwards. Manchester United are an exception, recording a cumulative profit of £1.34m since relaunching their senior women’s team in summer 2018, while Chelsea have accumulated more than £36m of losses over the same period. Brighton and Hove Albion, Leicester City, Manchester City and Tottenham Hotspur also recorded eight-figure aggregate losses across those years, and United this summer signalled an intention to prioritise youth development as part of their strategy.
Wages and revenues have risen sharply across the league: average wages across the WSL quadrupled between 2019 and 2025, and Arsenal’s matchday receipts grew from about £45,000 per season nine years earlier to nearly £6m in 2024-25. Between 2023-24 and 2024-25 average wages for clubs with available data increased by 28.2%, while post-tax losses rose by more than 53% in the same period. A significant portion of that jump in reported losses was Chelsea’s acquisition of Kingsmeadow from their parent club for roughly £12m during 2024-25.
The scale of spending varies markedly: Chelsea’s total wage bill in 2024-25 was more than five times that of Everton, who finished eighth, and just under three times Manchester United’s, who finished third that season. Arsenal and Chelsea were the only clubs with wage bills above £10m, and both recorded turnover roughly double that of their Manchester rivals. The two clubs also made high-profile summer 2025 signings, with Arsenal paying over £1m to sign Canada winger Olivia Smith and Chelsea later signing Alyssa Thompson.
Agent payments have surged: Football Association figures show a 75% year-on-year increase in agents’ fees across the WSL, with Chelsea’s fees exceeding £1m last season. By comparison, West Ham spent £97,000 on agents and relegated Leicester spent less than a tenth of Chelsea’s total. Newly promoted London City Lionesses reported an operating loss of £10.6m in 2024-25 against revenue of £902,000, and their transfer activity over the past three windows has included the signing of former Ballon d’Or winner Alexia Putellas.
The financial pattern across the league has been one of rising income and rapidly rising expenditure, with many clubs reliant on owner funding to cover substantial losses. The review notes these trends while highlighting the disparity between the highest-spending clubs and those with more restrained financial footprints.
From 2026-27 the WSL is set to introduce points penalties for teams whose player wage bills exceed the threshold defined as “80% of your revenue plus up to £4m of owners’ contributions,” meaning club financial statements will be directly linked to on-field consequences in the coming season.