The WSL is cashing in on the women's game, with two UK clubs surpassing €25 million in annual revenue for the first time, according to the Deloitte Football Money League report on the 2024/25 season that dropped this week.
Reigning UWCL champions Arsenal topped the list for the first time after taking in €25.6 million last season, followed closely by WSL title-holders Chelsea FC's €25.4 million.
Meanwhile, Perennial European contender FC Barcelona (€22 million) dropped to third after leading the group in 2023/24, outpacing WSL titans No. 4 Manchester City (€12.9 million) and No. 5 Manchester United (€12.8 million).
Due to a lack of revenue data, the yearly study did not include major women's leagues in the US, Sweden, or Australia, giving the rankings a European bent as the total sum crossed the €150 million mark for the first time — a 35% increase over the previous season's Top-15 Money League clubs.
Commercial income was the biggest revenue driver for many top clubs, with sponsorship deals and brand partnerships leading the charge.
Arsenal also benefitted from increased revenue on the men's side, allowing the women's team to up its investment while avoiding running at a loss.
How to watch the top Deloitte Football Money League clubs in action
Deloitte Football Money League leader Arsenal will take on No. 5 Man United while revenue runners-up Chelsea will face the WSL-leading Man City in the 2025/26 Women's League Cup semifinals on Wednesday.
The concurrent clashes will kick off at 2 PM ET, streaming live on YouTube.
WSL side Liverpool opened their 2025/26 League Cup campaign with an emotional 5-0 win over WSL2 club Sunderland on Wednesday, dedicating the shutout victory to former manager Matt Beard after the 47-year-old's sudden passing last Saturday.
The match marked the Reds' return to the pitch following the postponement of their Sunday regular-season game against Aston Villa due to Beard's passing.
"It's a good win for Matt. We played with a lot of emotion," Liverpool defender Jenna Clark said afterwards, calling Wednesday "a really emotional night and an emotional few days for everyone involved with the club."
"We have pulled through together as a team the best we could and you saw that on the pitch tonight," Clark added.
Beard won back-to-back WSL titles with Liverpool in 2013 and 2014, departing the Reds in 2015 for a two-year stint with the NWSL's Boston Breakers.
He made his return to Liverpool in 2021, lifting the club back into the top-flight WSL by earning promotion his first season back at the helm.
"Matt will leave a huge void in the women's game," USWNT head coach and former Chelsea boss Emma Hayes said in a statement earlier this week. "He was one of a kind, and his loss will be felt by all. My heart goes out to his family, but I want to take the time to acknowledge what a special man he really was."
How to watch Liverpool this weekend
Liverpool will continue their 2025/26 WSL campaign against Manchester United this Sunday, kicking off live at 7 AM ET on ESPN+.