Women’s football is changing the way the game is viewed and the financial landscape surrounding it. The Women’s Super League (WSL) has seen a significant increase in revenue, with clubs generating £48m in the 2022-23 season, a rise of 50% on the previous season, according to Deloitte. This growth is attributed to various factors, including increased investment from investors and sponsors, as well as the takeover of the Women’s Professional Leagues Limited (WPLL) in running the WSL and Women’s Championship.
This week, a new £45m deal for Barclays to remain title sponsors of the league was agreed, doubling the previous deal. The growth in revenue has led to increased spending on player wages, but this also comes with a warning. Dr. Christina Philippou, a women’s football finance expert, notes, “We’re seeing profits continuously drop across clubs and more spending on predominantly player wages. That’s a good and bad thing.” While increased spending on player wages is beneficial for the game and players, it also results in higher costs for clubs.
The Financial Future of Women’s Football
The future of women’s football is filled with possibilities, but it’s also important to acknowledge the challenges and risks involved. As the sport continues to grow, there is an awareness of the risks and challenges ahead. For example, Reading F.C. Women dropped to the fifth tier from the Women’s Championship this season due to financial concerns. This serves as a reminder that despite the growth in revenue, clubs must be financially sustainable to ensure their survival.
Men’s clubs have woken up to the potential of women’s football, with 21 of the 23 clubs in the WSL and Women’s Championship affiliated with men’s sides. This affiliation provides financial backing and resources, allowing women’s teams to grow more quickly. However, there are also clubs that are forging their own path. Durham W.F.C. and London City Lionesses are independently owned and do not have the backing of a men’s side.
Multi-Club Ownership Models
Another option for women’s football clubs is the multi-club ownership model, which has been normalized in the men’s game. London City Lionesses owner Michele Kang has been revolutionary in the women’s game with her approach and investment. Kang’s model involves a women-only multi-club model, which also owns Washington Spirit and Lyon. This approach has received widespread praise and is seen as a game-changer for women’s football.
Mercury/13 Investment Group
Mercury/13, an investment group co-founded by entrepreneurs Victoire Cogevina Reynal and Mario Malave, has emerged with a focus on women’s football. The group has promised to invest more than £80m in clubs across Europe. They recently purchased FC Como Women in Italy’s Serie A Femminile, and investment in English women’s football is their “number one strategic priority.” Their model relies on commercializing clubs, building partnerships, and bringing in various sponsors.
The Impact of Men’s Football on Women’s Football
Men’s football clubs have a significant impact on women’s football, providing financial backing and resources. However, this also raises concerns that the women’s game could be too reliant on men’s football. Maggie Murphy, former chief executive officer of Lewes F.C. Women, notes, “If the men’s side of the club chooses to go a different way, or they have an ownership crisis or get relegated, the women’s team is still a dependent and will suffer as a result.”
There is also the risk that women’s teams could be subject to the same issues that men’s teams face, such as ownership crises or relegation. However, with the growth of women’s football, there is also an increased awareness of the importance of financial sustainability for clubs.
Challenges Ahead
Despite the growth and investment in women’s football, there are still challenges ahead. Clubs must ensure that they are financially sustainable to ensure their survival, and the reliance on men’s football raises concerns about the long-term sustainability of women’s teams.
A Bright Future
Despite the challenges ahead, there is optimism about the future of women’s football. Dr. Philippou notes, “There is a lot of potential… there’s better value for money investing in women’s sport at the moment compared to men’s sport.” With increased investment and growth in revenue, women’s football has the potential to become a major player in the sports industry.
As the sport continues to grow and evolve, it’s essential to acknowledge the challenges and risks involved. However, with the right investment and financial sustainability, women’s football can become a force to be reckoned with in the sports industry.
The time is right for investors to come in now and support women’s football. With the growth in revenue and investment, there is an increased awareness of the importance of financial sustainability for clubs. As Murphy notes, “Women’s football is not going away – it’s only going to grow.”